Document:

Exhibit

Exhibit 10.1
EXECUTION VERSION

_______________________________________

TOWNSEND HOLDINGS LLC

THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
_______________________________________

Dated as of January 14, 2016

THE COMPANY INTERESTS REPRESENTED BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS.  SUCH INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

	
				
	TABLE OF CONTENTS

	ARTICLE I CERTAIN DEFINITIONS
	1
	

	Section 1.1
	Certain Capitalized Terms
	1
	

	Section 1.2
	Index of Defined Terms
	11
	

	ARTICLE II ORGANIZATIONAL MATTERS
	12
	

	Section 2.1
	Formation
	12
	

	Section 2.2
	The Certificate, Etc.
	13
	

	Section 2.3
	Name
	13
	

	Section 2.4
	Purpose
	13
	

	Section 2.5
	Powers of the Company
	13
	

	Section 2.6
	Foreign Qualification
	14
	

	Section 2.7
	Principal Office; Registered Office
	15
	

	Section 2.8
	Term
	15
	

	Section 2.9
	No State-Law Partnership
	15
	

	Section 2.10
	Records and Accounting
	15
	

	Section 2.11
	Fiscal Year
	15
	

	ARTICLE III UNITS AND UNITHOLDERS
	16
	

	Section 3.1
	Classes of Units
	16
	

	Section 3.2
	Unit Ledger
	16
	

	Section 3.3
	Initial Units
	17
	

	Section 3.4
	Issuance of Additional Units and Interests
	17
	

	Section 3.5
	Capital Incentive Units
	19
	

	Section 3.6
	Voting; Unitholder Meetings
	22
	

	Section 3.7
	Representations and Warranties of Unitholders
	23
	

	Section 3.8
	Limitation of Liability; Duties
	23
	

	Section 3.9
	Lack of Authority
	24
	

	Section 3.10
	Title to Company Assets
	24
	

	Section 3.11
	No Right of Partition
	24
	

	Section 3.12
	Investment Opportunities and Conflicts of Interest
	24
	

	Section 3.13
	Transactions Between the Company and the Unitholders
	25
	

	Section 3.14
	Withdrawal and Resignation of Unitholders
	26
	

	Section 3.15
	Loans From Unitholders
	26
	

	Section 3.16
	Transmission of Communications
	26
	

	Section 3.17
	Conversion of Capital Incentive Units
	26
	

	ARTICLE IV DISTRIBUTIONS
	26
	

	Section 4.1
	Distributions Generally
	26
	

	Section 4.2
	Tax Distributions
	29
	

	Section 4.3
	Intentionally Omitted.
	30
	

	Section 4.4
	Persons Receiving Distributions
	30
	

	Section 4.5
	Certain Repurchases and Redemptions
	30
	

	ARTICLE V BOARD OF MANAGERS; OFFICERS
	31
	

	Section 5.1
	Management by the Board of Managers
	31
	

	Section 5.2
	Composition and Election of the Board of Managers
	32
	

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	Section 5.3
	Board Meetings and Actions by Written Consent
	35
	

	Section 5.4
	Committees; Delegation of Authority and Duties
	37
	

	Section 5.5
	Officers
	37
	

	Section 5.6
	Company Funds
	38
	

	ARTICLE VI EXCULPATION AND INDEMNIFICATION
	38
	

	Section 6.1
	Exculpation
	38
	

	Section 6.2
	Right to Indemnification
	38
	

	Section 6.3
	Advance Payment
	39
	

	Section 6.4
	Indemnification of Employees and Agents
	39
	

	Section 6.5
	Appearance as a Witness
	40
	

	Section 6.6
	Nonexclusivity of Rights
	40
	

	Section 6.7
	Insurance
	40
	

	Section 6.8
	Limitation
	41
	

	Section 6.9
	Third Party Beneficiaries
	41
	

	Section 6.10
	Savings Clause
	41
	

	ARTICLE VII CERTAIN TAX AND ACCOUNTING MATTERS
	41
	

	Section 7.1
	Partnership for Tax Purposes
	41
	

	Section 7.2
	Capital Accounts
	41
	

	Section 7.3
	Negative Capital Accounts
	42
	

	Section 7.4
	Transfer of Capital Accounts
	43
	

	Section 7.5
	Allocations
	43
	

	Section 7.6
	Special Allocations
	43
	

	Section 7.7
	Tax Allocations
	45
	

	Section 7.8
	Payments Attributable to a Unitholder
	45
	

	Section 7.9
	Tax Returns
	46
	

	Section 7.10
	Tax Information
	46
	

	Section 7.11
	Tax Elections
	46
	

	Section 7.12
	Tax Matters Partner
	46
	

	Section 7.13
	Code Section 83 Safe Harbor Election; Code Section 83(b) Election
	46
	

	ARTICLE VIII TRANSFER OF COMPANY INTERESTS
	47
	

	Section 8.1
	Transfers by Unitholders
	47
	

	Section 8.2
	Effect of Assignment
	48
	

	Section 8.3
	Participation Rights
	49
	

	Section 8.4
	Sale of the Company
	50
	

	Section 8.5
	Repurchase Rights
	52
	

	Section 8.6
	Restriction on Transfer
	55
	

	Section 8.7
	Transfer Fees and Expenses
	55
	

	Section 8.8
	Void Transfers
	55
	

	ARTICLE IX ADMISSION OF UNITHOLDERS
	56
	

	Section 9.1
	Substituted Unitholders
	56
	

	Section 9.2
	Additional Unitholders
	56
	

	Section 9.3
	Optionholders
	56
	

	ARTICLE X DISSOLUTION AND LIQUIDATION
	56
	

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	Section 10.1
	Dissolution
	56
	

	Section 10.2
	Liquidation and Termination
	57
	

	Section 10.3
	Cancellation of Certificate
	58
	

	Section 10.4
	Reasonable Time for Winding Up
	58
	

	Section 10.5
	Return of Capital
	58
	

	ARTICLE XI VALUATION
	58
	

	Section 11.1
	Determination
	58
	

	Section 11.2
	Fair Market Value
	59
	

	ARTICLE XII CHANGE IN BUSINESS FORM; MERGER
	60
	

	Section 12.1
	Incorporation of the Company
	60
	

	Section 12.2
	Conversion to Limited Partnership
	61
	

	Section 12.3
	Merger Generally
	61
	

	ARTICLE XIII CERTAIN COVENANTS
	61
	

	Section 13.1
	Financial Statements and Other Information
	61
	

	Section 13.2
	Inspection Rights
	63
	

	Section 13.3
	Covenant Conditions
	63
	

	Section 13.4
	Internal Controls and Cooperation
	63
	

	Section 13.5
	Closing Distribution
	64
	

	ARTICLE XIV GENERAL PROVISIONS
	64
	

	Section 14.1
	Power of Attorney
	64
	

	Section 14.2
	Amendments
	64
	

	Section 14.3
	Remedies
	66
	

	Section 14.4
	Successors and Assigns
	66
	

	Section 14.5
	Severability
	66
	

	Section 14.6
	Opt-in to Article 8 of the Uniform Commercial Code
	66
	

	Section 14.7
	Notice to Unitholder of Provisions
	66
	

	Section 14.8
	Counterparts
	66
	

	Section 14.9
	Consent to Jurisdiction
	66
	

	Section 14.10
	Descriptive Headings; Interpretation
	67
	

	Section 14.11
	Applicable Law
	67
	

	Section 14.12
	MUTUAL WAIVER OF JURY TRIAL
	67
	

	Section 14.13
	Addresses and Notices
	68
	

	Section 14.14
	Creditors
	68
	

	Section 14.15
	No Waiver
	68
	

	Section 14.16
	Further Action
	68
	

	Section 14.17
	Right of Offset
	68
	

	Section 14.18
	Entire Agreement
	69
	

	Section 14.19
	Electronic Delivery
	69
	

	Section 14.20
	Survival
	69
	

	Section 14.21
	Certain Acknowledgments
	69
	

	Section 14.22
	Exercise of Rights Granted to the Investors and their Affiliates
	70
	

iii

TOWNSEND HOLDINGS LLC 
THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, dated as of January 14, 2016 and effective as of the Closing, is entered into by and among Townsend Holdings LLC, a Delaware limited liability company (the "Company"), the Unitholders and, solely with respect to its obligations under Section 8.5, NorthStar Asset Management Group Inc.  As used herein “as of the date hereof” shall mean as of the date of the Closing.
This Agreement amends and restates effective as of the Closing in its entirety the Company's Second Amended and Restated Limited Liability Company Agreement, dated October 15, 2015, by and among the Company and its Unitholders (and as further amended or modified from time to time in accordance with the terms thereof, the "Prior LLC Agreement").
As of the date hereof, Thunder Investor T-II, LLC constitutes the holder of the Required Interest.
Pursuant to Section 14.2 of the Prior LLC Agreement, the Company and Thunder Investor T-II, LLC desire to amend the Prior LLC Agreement as set forth herein effective as of the Closing for the purpose of changing the terms of the Prior LLC Agreement as set forth herein and reaffirming the other terms and provisions of the Prior LLC Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLE I 
CERTAIN DEFINITIONS
Section 1.1    Certain Capitalized Terms.  Capitalized terms used but not otherwise defined herein shall have the following meanings:
"Additional Unitholder" means a Person that is admitted to the Company as a Unitholder pursuant to Section 9.2.
"Adjusted Capital Account Deficit" means with respect to any Capital Account as of the end of any Taxable Year, the amount by which the balance in such Capital Account is less than zero.  For this purpose, such Person's Capital Account balance shall be
(i)    reduced for any items described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6), and
(ii)    increased for any amount such Person is obligated to contribute or is treated as being obligated to contribute to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i) (relating to Minimum Gain).

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"Affiliate" of any particular Person means (i) any other Person controlling, controlled by, or under common control with such particular Person, where "control" means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, by contract, or otherwise, and (ii) if such Person is a partnership, any partner thereof.
"Affiliated Institution" means, with respect to any Indemnified Person, any corporation, limited liability company, investment fund, institutional investor or other financial intermediary with which such Unitholder, Manager, Officer or other Person is Affiliated or of which such Indemnified Person is a member, partner or employee.
"Agreement" means this Third Amended and Restated Limited Liability Company Agreement, as amended or modified from time to time in accordance with the terms hereof.
"Board" means the board of managers of the Company, which shall have the power and authority described in this Agreement (as amended from time to time), including the power and authority described in Article V.
"Book Value" means, with respect to any Company property, the Company's adjusted basis for federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(d)-(g), except that in the case of any property contributed to the Company, the Book Value of such property shall initially equal the Fair Market Value of such property.
"Business" means the businesses of the Company and its Subsidiaries.
“Call Price” means:  (i) if the Employee Unitholder’s employment was terminated for any reason other than a termination by the Company or its Subsidiaries for Cause, then the Put Price for such Unit on the applicable Redemption Date; and (ii) if the Employee Unitholder’s employment was terminated by the Company for Cause, then an amount equal to the lesser of (A) the Put Price for such Unit and (B) the Employee Unitholder’s Capital Contributions in respect of such Unit (which, for the avoidance of doubt, may be $0), in each case as of the applicable Redemption Date.
"Capital Account" means the capital account maintained for a Unitholder pursuant to Section 7.2.
"Capital Contributions" means any cash, cash equivalents, promissory obligations, or the Fair Market Value of other property that a Unitholder contributes or is deemed to have contributed to the Company with respect to any Unit pursuant to Section 3.3 or Section 3.4 (with it being understood that if the adjusted basis of any Company property is different from its fair market value at the time of contribution, such Capital Contribution shall be valued at the fair market value of such property).
“Cause” means (i) the conviction of (or plea of nolo contendere to) a felony or a crime involving moral turpitude, the commission of any act of fraud with respect to or the 

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commission of any act of dishonesty that is materially inimical to the best interests of the Company or any of its Subsidiaries or any of their clients, vendors or employees, (ii) repeated substantial failure, continuing after notice that specifically identifies the failure(s), to perform duties of the office held by the Employee Unitholder as reasonably directed by the Person to whom the Employee Unitholder reports (other than as a result of the Employee Unitholder’s Disability),  (iii) an act or omission in reckless disregard of a duty to the Company or its Subsidiaries or the consequences thereof or willful misconduct by the Employee Unitholder in performance of his duties, in either case that materially injures the Company or any of its Subsidiaries, (iv) any material breach by the Employee Unitholder of any non-competition, non-solicitation, confidentiality or non-disparagement covenants in any agreement between the Employee Unitholder and the Company or any of its Subsidiaries, which breach has not been cured (to the extent capable of being cured) within 30 days after notice of such breach is given to the Employee Unitholder and/or (v) a violation in any material respect of any written material policies or standards regarding employment practices (including nondiscrimination and sexual harassment policies) as approved by the Company from time to time, which violation materially injures the Company or any of its Subsidiaries.
"Certificate" means the Company's Certificate of Formation as filed with the Secretary of State of the State of Delaware.
“Closing” has the meaning specified in the Securities Purchase Agreement.
"Code" means the United States Internal Revenue Code of 1986, as amended. Such term shall, at the Board's discretion, be deemed to include any future amendments to the Code and any corresponding provisions of succeeding Code provisions (whether or not such amendments and corresponding provisions are mandatory or discretionary; provided, however, that if they are discretionary, the term "Code" shall not include them if including them would have a material adverse effect on any Unitholder).
“Company Equity Value” means the product of (i) the Company’s trailing twelve month EBITDA as of the most recently completed quarter for which the Company has issued and finalized financials, and (ii) fourteen (14).  Subject to Section 8.5(d), the Company Equity Value will be determined by the Board in its good faith judgment.  
"Company Interest" means the interest of a Unitholder in Profits, Losses, and Distributions.
"Delaware Act" means the Delaware Limited Liability Company Act, 6 Del. L. § 18-101, et seq., as it may be amended from time to time, and any successor to the Delaware Act.
“Designated Put Schedule” means, (A) with respect to an Employee Unitholder other than Kevin Lynch, (i) 10% of the Employee Unitholder’s Initial Units may be put back to the Company on or after December 31, 2016, (ii) 10% of the Employee Unitholder’s Initial Units may be put back to the Company on or after December 31, 2017, (iii) 15% of the Employee Unitholder’s Initial Units may be put back to the Company on or after December 31, 2018, (iv) 25% of the Employee Unitholder’s Initial Units may be put back to the Company on or after December 31, 2019 and (v) 40% of the Employee Unitholder’s Initial Units may be put back to the Company on 

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or after December 31, 2020; or (B) with respect to Kevin Lynch, 50% of the Employee Unitholder’s Initial Units may be put back to the Company on or after the first anniversary of the Closing and 100% of the Employee Unitholder’s Initial Units may be put back to the Company on or after the second anniversary of the Closing; provided that, in each case, the repurchase rights in Section 8.5(b)(i) may not be exercised after December 31, 2025; provided further that the repurchase rights in Section 8.5(b)(i) may only be exercised with respect to Initial Units that have vested in accordance with the terms and conditions set forth in the Employee Equity Agreement or other agreement pursuant to which such Initial Units were issued (to the extent the applicable agreement provides for vesting). For the avoidance of doubt, an Employee Unitholder’s rights to put back the Employee Unitholder’s Initial Units in (A)(i) – (A)(v) are cumulative.  Initial Units of an Employee Unitholder that, at any given time, are outstanding and eligible to be put back to the Company in accordance with the Designated Put Schedule and the terms of this Agreement are “Eligible Units”.  Any outstanding Initial Units of an Employee Unitholder that, at any given time, are not eligible to be so put back to the Company are “Non-Eligible Units”.
“Disability” means the disability of an Employee Unitholder caused by any physical or mental injury, illness or incapacity as a result of which the Employee Unitholder is unable to effectively perform the essential functions of the Employee Unitholder’s duties for a continuous period of more than 120 days or for any 180 days (whether or not continuous) within a 365 day period.
"Distribution" means each distribution made by the Company to a Unitholder with respect to such Person's Units, whether in cash, property or securities of the Company and whether by liquidating distribution, or otherwise; provided that any recapitalization or exchange or conversion of securities of the Company, any redemption or repurchase and any subdivision (by Unit split or otherwise) or combination (by reverse Unit split or otherwise) of any outstanding Units shall not be deemed a Distribution.
“EBITDA” means, for any particular period, the Company’s earnings before interest, taxes, depreciation and amortization during such period plus management fees received by Investor and its Affiliates from Company clients to whom Investor and its Affiliates provide services and for which the Company provided material support to Investor and its Affiliates in obtaining the management fees and (without duplication) management fees received by Investor and its Affiliates with respect to services provided by the Company, in each case, as determined in good faith by the Investor; provided that EBITDA shall not include any amounts related to performance-related fees (such as performance fees, promotes and similar fees). Subject to Section 8.5(d), EBITDA will be determined by the Board in its good faith judgment.
"Employee Equity Agreement" means any agreement for the sale of equity securities by the Company to any employee or other service provider of the Company or any of its Subsidiaries, or any designee of any such employee or service provider approved by the Company (including any executive securities purchase agreement, senior management agreement or any other agreement that is designated as a "Employee Equity Agreement" and approved by the Board), entered into from time to time by the Company or any Subsidiary of the Company and an executive or other service provider of the Company or any Subsidiary of the Company, or any designee of any such 

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executive or service provider approved by the Company, as the same may be amended or modified from time to time pursuant in accordance with its terms.
“Employee Unitholder” means each of Terrance Ahern, Adam Calman, Robert Davies, Kevin Lynch, Anthony Frammartino, Christopher Lennon, Micolyn Magee, Joseph Olszak, Martin Rosenberg, Rob Kochis, Mike Golubic, John Koch, John Schaefer, Damien Smith, Jennifer Young, Jay Long and Stephen Burns Jr.; provided that, to the extent that any of the foregoing individuals holds Units through Sinclair, then Sinclair shall be deemed an Employee Unitholder with respect to such Units for purposes of Section 8.5.  The number of Units held by Sinclair that are attributable to any Employee Unitholder at any time shall be determined by Sinclair.  For the avoidance of doubt, neither Jay Long nor Stephen Burns Jr. is a Unitholder of the Company, and neither has any rights under this Agreement except for the provisions in Section 8.5 as those provisions apply to Units that he holds through Sinclair.
"Equity Plan" means The Townsend Holdings 2011 Equity Plan, as amended or modified from time to time in accordance with the terms thereof.
"Equity Securities" means (i) Units or other equity interests in the Company or a corporate successor (including other classes or groups thereof having such relative rights, powers, and duties as may from time to time be established by the Board, including rights, powers, and/or duties senior to existing classes and groups of Units and other equity interests in the Company), (ii) obligations, evidences of indebtedness, or other securities or interests convertible or exchangeable into Units or other equity interests in the Company or a corporate successor, and (iii) warrants, options, or other rights to purchase or otherwise acquire Units or other equity interests in the Company or a corporate successor.
"Event of Withdrawal" means the death, retirement, resignation, expulsion, bankruptcy or dissolution of a Unitholder or the occurrence of any other event that terminates the continued membership of a Unitholder in the Company.
"Fair Market Value" means, with respect to any asset or equity interest, its fair market value determined according to Article XI.
"Family Group" means an individual's spouse and descendants (whether natural or adopted), and any trust, family limited partnership, limited liability company or other entity wholly-owned, directly or indirectly, by such individual or such individual's spouse and/or descendants that is and remains solely for the benefit of such individual and/or such individual's spouse and/or descendants and any retirement plan for such individual; provided that if such individual is a party to an Employee Equity Agreement in the capacity of an executive and such agreement defines the term "Family Group," then "Family Group" for such Person for purposes of the Capital Incentive Units subject to such Employee Equity Agreement shall have the meaning given to such term in such Employee Equity Agreement.
"Fiscal Quarter" means each calendar quarter ending March 31, June 30, September 30, and December 31.
"Fiscal Year" means the Company's annual accounting period established pursuant to Section 2.11.

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"Governmental Entity" means the government of the United States of America or any other nation, any state or other political subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government or any agency or department or subdivision of any governmental authority, including the United States federal government or any state or local government.
“Initial Units” means, with respect to an Employee Unitholder, the Class B Units and, if applicable, Capital Incentive Units held by such Employee Unitholder as of the Closing.
"Institutional Holder" means (a) the Investors and any other Unitholder that is designated by the Investors as an Institutional Holder, (b) Sinclair, (c) Terrance Ahern and Kevin Lynch and their respective Family Groups, and (d) any other Unitholder that the Board determines should be designated as an Institutional Holder, provided that any such Person designated as an Institutional Holder pursuant to this clause (d) may not be (i) a Management Unitholder or an Affiliate or member of the Family Group of a Management Unitholder, (ii) a current or former employee of Sinclair or the Company or any of its Subsidiaries or (iii) a current or former Sinclair Stockholder.
"Investor" means, collectively, Thunder Investor T-II, LLC, a Delaware limited liability company, and any Affiliate of NorthStar Asset Management Group Inc. that at any time holds Units, executes a counterpart to this Agreement or otherwise agrees to be bound by this Agreement.
"Liens" means any mortgage, pledge, security interest, encumbrance, lien, or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), any sale of receivables with recourse against the Company, any Subsidiary or any Affiliate thereof, any filing or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar statute other than to reflect ownership by a third party of property leased to the Company, any Subsidiary or any Affiliate under a lease which is not in the nature of a conditional sale or title retention agreement, or any subordination arrangement in favor of another Person (other than any subordination arising in the ordinary course of business).
"Losses" means items of Company loss and deduction determined according to Section 7.2.
"Manager" means a current member of the Board, who, for purposes of the Delaware Act, will be deemed a "manager" (as defined in the Delaware Act) but will be subject to the rights, obligations, limitations and duties set forth in this Agreement.
"Management Unitholder" means any holder of Class B Units and/or Capital Incentive Units (other than Sinclair, the Company, any Investor or Terrance Ahern, Kevin Lynch or any of their respective Family Groups).
"Minimum Gain" means the partnership minimum gain determined pursuant to Treasury Regulation Section 1.704-2(d).

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"Net Loss" means, with respect to a Taxable Year, the excess, if any, of Losses for such Taxable Year over Profits for such Taxable Year (excluding Losses and Profits specially allocated pursuant to Section 7.6 and Section 7.7 and Section 10.2(c)).
"Net Profit" means, with respect to a Taxable Year, the excess, if any, of Profits for such Taxable Year over Losses for such Taxable Year (excluding Profits and Losses specially allocated pursuant to Section 7.6 and Section 7.7 and Section 10.2(c)).
"New Securities" means any Equity Securities of the Company; provided that the term "New Securities" shall not include Equity Securities of the Company (i) issued as a result of any unit split, unit dividend, capital reorganization, recapitalization or reclassification of equity securities in which Units owned by a Unitholder (other than an Investor) receive the same treatment with respect to their Units as Units of the same class owned by an Investor; (ii) issued upon exercise or conversion of any rights, options or warrants to acquire any Equity Securities that were outstanding on the date hereof or that were previously issued in accordance with the terms of Section 3.4 hereof; (iii) issued in a transaction contemplated by Article XII; (iv) issued in connection with the making of loans or an investment in debt securities, provided that lenders or investors that are not Affiliates of the Investors are participating in such loans or investments on substantially the same or better terms as the Investors; or (v) issued in connection with an Approved Sale.
"Officers" means each person designated as an officer of the Company to whom authority and duties have been delegated pursuant to Section 5.5, subject to any resolution of the Board appointing such person as an officer or relating to such appointment.
"Permitted Sinclair Transfer" means any Transfer of Class B Units by a Permitted Sinclair Transferor to a Permitted Sinclair Transferee, to the extent that, after giving effect to such Permitted Sinclair Transfer, (i) such Permitted Sinclair Transferor has not Transferred Units pursuant to Permitted Sinclair Transfers in excess of the Permitted Sinclair Transfer Cap and (ii) such Permitted Sinclair Transferee has not acquired Units pursuant to Permitted Sinclair Transfers made on or prior to such date in excess of the Permitted Sinclair Transfer Cap.
"Permitted Sinclair Transfer Cap" means, as of any date of determination, a number of Class B Units equal to one percent (1%) of the aggregate Residual Units issued and outstanding as of such date; provided that Transfers pursuant to the Equity Plan will be excluded in calculating the Permitted Sinclair Transfer Cap.
"Permitted Sinclair Transferee" means any employee of the Company or any of its Subsidiaries as of the date of any applicable Permitted Sinclair Transfer.
"Permitted Sinclair Transferor" means Sinclair and any Sinclair Stockholder as of the date of any applicable Permitted Sinclair Transfer.
"Person" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, any other business entity, or a Governmental Entity.

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"Profits" means items of Company income and gain determined according to Section 7.2.
“Put Price” has the meaning set forth in Section 8.5(d).
“Redemption Date” means the date on which Units are repurchased in accordance with Section 8.5 as determined by the Company in its sole discretion, which shall be no later than the last day of the next Fiscal Quarter after which such redemption notice is delivered.
"Required Interest" means, at any particular time, a majority of the Class B Units then outstanding.
"Residual Unitholder" means a holder of Residual Units.
"Residual Units" mean the Class B Units and the Capital Incentive Units.
"Sale of the Company" means any transaction or series of related transactions pursuant to which any Person or group of related Persons (other than the Investors and their Affiliates) in the aggregate acquire(s) (i) equity securities of the Company possessing the voting power (other than voting rights accruing only in the event of a default or breach) to elect Board members which, in the aggregate, control a majority of the votes on the Board (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company's equity securities, securityholder or voting agreement, proxy, power of attorney or otherwise) or (ii) all or substantially all of the Company's assets determined on a consolidated basis; provided that any sale of the common equity securities of the Company (or a successor thereto) pursuant to an effective registration statement under the Securities Act filed with the Securities and Exchange Commission shall not constitute a Sale of the Company.
"Securities Act" means the Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any successor to such statute, rules, or regulations.  Any reference herein to a specific section, rule, or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law.
 “Securities Purchase Agreement” means the Securities Purchase Agreement, dated as of October 15, 2015, by and among Townsend Holdings LLC, NorthStar Asset Management Group Inc., Sinclair, GTCR Partners X/B LP, GTCR Fund X/C LP, the individuals listed on Schedule A thereof, Townsend Acquisition LLC, and GTCR/AAM Blocker Corp., including all exhibits and schedules attached thereto.
"Sinclair" means Sinclair Group, Inc. (f/k/a The Townsend Group, Inc.).
"Sinclair Stockholder" means any holder of equity securities of Sinclair.
"Specified Person" means any Institutional Holder and any Affiliate thereof (other than the Company and its Subsidiaries) and each of their respective managers, directors, officers, stockholders, partners, members, employees, representatives, and agents (including any of their representatives serving on the Board or on the board of directors or board of managers of the 

8

Company's Subsidiaries or as an officer of the Company or any of its Subsidiaries).  Unless otherwise determined by the holders of the Required Interest, no current or former employee of the Company or its Subsidiaries (other than an Institutional Holder) may be a Specified Person.
"Subsidiary" means, with respect to any Person, any corporation, limited liability company, partnership, association, or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association, or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof.  For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association, or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association, or other business entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership, association, or other business entity.  For purposes hereof, references to a "Subsidiary" of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term "Subsidiary" refers to a Subsidiary of the Company.
"Substituted Unitholder" means a Person that is admitted as a Unitholder to the Company pursuant to Section 9.1.
"Tax" or "Taxes" means any federal, state, local, or foreign income, gross receipts, franchise, estimated, alternative minimum, add-on minimum, sales, use, transfer, registration, value added, excise, natural resources, severance, stamp, occupation, premium, windfall profit, environmental, customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll, license, employee, or other withholding, or other tax, of any kind whatsoever, including any interest, penalties, or additions to tax or additional amounts in respect of the foregoing. 
"Taxable Year" means the taxable period required by Section 706 of the Code and the Treasury Regulations promulgated thereunder.
“Termination Date” means the effective date of the Employee Unitholder’s separation from service with the Company and its Subsidiaries.
"Transaction Documents" means this Agreement and any side agreements related to this Agreement and all other agreements, instruments, certificates and other documents entered into or delivered by any Unitholder in connection with the transactions contemplated hereby or by the Securities Purchase Agreement.
"Transfer" means any sale, transfer, assignment, pledge, mortgage, exchange, hypothecation, grant of a security interest or other direct or indirect disposition or encumbrance of an interest (including by operation of law) or the acts thereof, but explicitly excluding conversions 

9

or exchanges of one class of Unit to or for another class of Unit.  The terms "Transferee," "Transferred," and other forms of the word "Transfer" shall have correlative meanings.  For the avoidance of doubt, no sale, transfer, assignment, pledge, mortgage, exchange, hypothecation, grant of a security interest or other direct or indirect disposition or encumbrance of an interest (including by operation of law) in Thunder Investor T-II, LLC or any of its Affiliates (other than the Company and its Subsidiaries) shall constitute a Transfer for purposes of this Agreement.
"Transfer Actions" means, with respect to each Unitholder that participates in a Transfer of Units pursuant to Section 8.3 (each, a "Tag-Along Transfer") or a Transfer of Units pursuant to an Approved Sale, all such actions as may be necessary, reasonably desirable or otherwise requested by the Investors in order to expeditiously consummate each Tag-Along Transfer or Approved Sale pursuant to Section 8.3 or Section 8.4 and any related transactions (including any auction or competitive bid process in connection with or preceding such Transfer), including (a) executing, acknowledging and delivering transfer agreements, sale agreements, escrow agreements, consents, assignments, releases, waivers, and any other documents or instruments which in each case are no more burdensome than those executed by the Investors or any of their Affiliates (provided that Management Unitholders and Sinclair Stockholders may be required to execute customary non-competition and non-solicitation agreements and confidentiality agreements that are not executed by the Investors or any of their Affiliates, in each case, with terms that will expire no later than the second anniversary of such Transfer and containing provisions no more onerous to such Management Unitholder or Sinclair Stockholder than those in existence as of the date hereof or immediately prior to the time of such Tag-Along Transfer or Approved Sale); (b) furnishing information and copies of documents; (c) filing applications, reports, returns, filings and other documents or instruments with governmental authorities; (d) otherwise cooperating with the Investors, the prospective transferee(s) and their respective representatives and counsel; and (e) being liable for such Unitholder's pro rata share (based on the sale proceeds of Units sold) of any purchase price adjustments, indemnification or other obligations that the sellers of Units, other equity interests or assets are required to provide in connection with the Approved Sale, such that proceeds will be distributed as if they had been distributed after giving effect to such adjustments, indemnification and other obligations (other than any such obligations that relate solely to a particular Unitholder, such as indemnification with respect to representations and warranties given by a Unitholder regarding such Unitholder's title to and ownership of securities, in respect of which only such Unitholder will be liable).  Notwithstanding the foregoing, each Unitholder that participates in a Transfer of Units pursuant to an Approved Sale shall not be obligated to make any representations and warranties with respect to any other Unitholder's title to and ownership of the applicable Units, authorization, execution and delivery of relevant documents, or enforceability of such documents against such other Unitholder.  In addition, the liability for indemnification, if any, of each Unitholder and for the inaccuracy of any representations and warranties made by the Company in connection with an Approved Sale will be several and not joint with any other Person, and will be pro rata based on the consideration received by all Unitholders.
"Treasury Regulations" means the income tax regulations promulgated under the Code and effective as of the date hereof.  Such term shall, at the Board's discretion, be deemed to include any future amendments to such regulations and any corresponding provisions of succeeding regulations (whether or not such amendments and corresponding provisions are mandatory or 

10

discretionary; provided, however, that if they are discretionary, the term "Treasury Regulations" shall not include them if including them would have a material adverse effect on any Unitholder).
"Unit" means a Company Interest of a Unitholder representing a fractional part of the Company Interests of all Unitholders and shall include "Class B Units" and "Capital Incentive Units"; provided that (i) any class or group of Units (including the Class B Units and Capital Incentive Units) issued shall have the relative rights, powers and obligations set forth in this Agreement, and the Company Interest represented by such class or group of Units shall be determined in accordance with such relative rights, powers and obligations set forth in this Agreement, and (ii) "Unit" shall also include any equity securities issued or issuable directly or indirectly with respect to Units by way of unit dividend or unit split or in connection with a combination of units, recapitalization, merger, consolidation or other reorganization.
"Unitholder" means any owner of one or more Units as reflected on the Company's books and records, and any person admitted to the Company as an Additional Unitholder or Substituted Unitholder, but in each case only for so long as such person is shown on the Company's books and records as the owner of one or more Units. For purposes of the Delaware Act, the Unitholders shall constitute the "members" (as defined in the Delaware Act) of the Company.

Section 1.2    Index of Defined Terms.
	
					
	Additional Securities
	17
	 
	Distribution
	4

	Additional Unitholder
	1
	 
	EBITDA
	4

	Adjusted Capital Account Deficit
	1
	 
	Employee Unitholder
	5

	Affiliate
	2
	 
	Equity Plan
	5

	Affiliated Institution
	2
	 
	Equity Securities
	5

	Agreement
	2
	 
	Estimated Tax Liability
	29

	Approved Sale
	50
	 
	Event of Withdrawal
	5

	Board
	2
	 
	Excess Operating Cash
	27

	Book Value
	2
	 
	Executive Manager
	32

	Business
	2
	 
	Fair Market Value
	5, 59

	Call Price
	2
	 
	Family Group
	5

	Capital Account
	2
	 
	Fiscal Quarter
	5

	Capital Contributions
	2
	 
	Fiscal Year
	6, 15

	Capital Incentive Units
	11
	 
	GAAP
	62

	Certificate
	3
	 
	Governmental Entity
	6

	Class B Units
	11
	 
	Grossed-Up Amount
	28

	Closing
	3
	 
	Indemnified Person
	38

	Code
	3
	 
	Initial Units
	6

	Company
	1
	 
	Institutional Holder
	6

	Company Equity Value
	3
	 
	Investor
	6

	Company Interest
	3
	 
	Investor Manager
	32

	Delaware Act
	3
	 
	Investor Manager Minimum Percentage
	32

	Designated Put Schedule
	3
	 
	Investor Managers
	32

11

	
					
	Investor Votes
	35
	 
	Residual Unitholder
	8

	IPO
	19
	 
	Residual Units
	8

	Issuance Closing
	18
	 
	Sale of the Company
	8

	Issuance Notice
	18
	 
	Securities Act
	8

	Liens
	6
	 
	Seller Representative
	51

	Losses
	6
	 
	Senior Management Agreement
	4

	Management Unitholder
	6
	 
	Sinclair
	8

	Manager
	6
	 
	Sinclair Manager Minimum Percentage
	32

	Minimum Gain
	6
	 
	Sinclair Managers
	32

	Net Loss
	7
	 
	Sinclair Stockholder
	8

	Net Profit
	7
	 
	Specified Person
	8

	New Securities
	7
	 
	Subject Unitholders
	65

	Non-Indemnifiable Matters
	39
	 
	Subsidiary
	9

	Notice
	46
	 
	Substituted Unitholder
	9

	NSAM Stock
	53
	 
	Tag-Along Notice
	49

	Officers
	7
	 
	Tag-Along Transfer
	10

	Other Business
	24
	 
	Tag-Along Unitholders
	49

	Participating Capital Incentive Unit
	28
	 
	Tax
	9

	Participating Residual Unit
	28
	 
	Tax Distribution
	29

	Participation Threshold
	20
	 
	Tax Distribution Conditions
	29

	Permitted Sinclair Transfer
	7
	 
	Tax Matters Partner
	46

	Permitted Sinclair Transfer 1% Cap
	7
	 
	Taxable Year
	9

	Permitted Sinclair Transferee
	7
	 
	Taxes
	9

	Permitted Sinclair Transferor
	7
	 
	Termination Date
	9

	Permitted Transferee
	48
	 
	Transaction Documents
	9

	Person
	7
	 
	Transfer
	9

	Pro Rata Allotment
	18
	 
	Transfer Actions
	10

	Proceeding
	39
	 
	Transferee
	10

	Profits
	8
	 
	Transferred
	10

	Put Price
	8
	 
	Transferring Investor
	49

	Qualified Holder
	18
	 
	Treasury Regulations
	10

	Redemption Date
	8
	 
	Unit
	11

	Regulatory Allocations
	44
	 
	Unit Ledger
	16

	Required Interest
	8
	 
	Unitholder
	11

ARTICLE II 
ORGANIZATIONAL MATTERS
Section 2.1    Formation.  The Company has been organized as a Delaware limited liability company by the filing of the Certificate with the Secretary of State of the State of Delaware under and pursuant to the Delaware Act and shall be continued in accordance with this Agreement. The rights and liabilities of the Unitholders shall be determined pursuant to the Delaware Act and this Agreement.  To the extent that the rights or obligations of any Unitholders are different by reason of any provision of this Agreement than they would be in the absence of such provision, this 

12

Agreement, to the extent not prohibited by the Delaware Act, shall control over the Delaware Act.  This Agreement shall constitute the "limited liability company agreement" for purposes of the Delaware Act.
Section 2.2    The Certificate, Etc.  The Certificate was filed with the Secretary of State of the State of Delaware on August 22, 2011.  The Unitholders hereby agree to execute, file and record all such other certificates and documents, including amendments to the Certificate, and to do such other acts as may be appropriate to comply with all requirements for the formation, continuation and operation of a limited liability company, the ownership of property, and the conduct of business under the laws of the State of Delaware and any other jurisdiction in which the Company may own property or conduct business.
Section 2.3    Name.  The name of the Company shall be "Townsend Holdings LLC".  The Board in its discretion may change the name of the Company at any time and from time to time.  Notification of any such change shall be given to all Unitholders.  The Company's business may be conducted under its name and/or any other name or names deemed advisable by the Board.
Section 2.4    Purpose.  The purpose and business of the Company shall be to engage in any lawful act or activity which may be conducted by a limited liability company formed pursuant to the Delaware Act and to engage in all activities necessary or incidental to the foregoing.  Notwithstanding anything herein to the contrary, nothing set forth herein shall be construed as authorizing the Company to possess any purpose or power, or to do any act or thing, forbidden by law to a limited liability company organized under the laws of the State of Delaware.
Section 2.5    Powers of the Company.  Subject to the provisions of this Agreement and the agreements contemplated hereby, the Company shall have the power and authority to take any and all actions necessary, appropriate, proper, advisable, convenient or incidental to or for the furtherance of the purposes set forth in Section 2.4, including the power:
(a)    to conduct its business, carry on its operations and have and exercise the powers granted to a limited liability company by the Delaware Act in any state, territory, district or possession of the United States, or in any foreign country that may be necessary, convenient or incidental to the accomplishment of the purpose of the Company;
(b)    to acquire by purchase, lease, contribution of property or otherwise, own, hold, operate, maintain, finance, refinance, improve, lease, sell, convey, mortgage, transfer, demolish or dispose of any real or personal property that may be necessary, convenient or incidental to the accomplishment of the purpose of the Company;
(c)    to enter into, perform and carry out contracts of any kind, including contracts with any Unitholder or any Affiliate thereof, or any agent of the Company necessary to, in connection with, convenient to or incidental to the accomplishment of the purpose of the Company;
(d)    to purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose of, and otherwise use 

13

and deal in and with, shares or other interests in or obligations of domestic or foreign corporations, associations, general or limited partnerships (including the power to be admitted as a partner thereof and to exercise the rights and perform the duties created thereby), trusts, limited liability companies (including the power to be admitted as a member or holder of units or appointed as a manager thereof and to exercise the rights and perform the duties created thereby) or individuals or direct or indirect obligations of the United States or of any government, state, territory, governmental district or municipality or of any instrumentality of any of them; 
(e)    to lend money for any proper purpose, to invest and reinvest its funds and to take and hold real and personal property for the payment of funds so loaned or invested;
(f)    to sue and be sued, complain and defend, and participate in administrative or other proceedings in its name;
(g)    to appoint employees and agents of the Company and define their duties and fix their compensation;
(h)    to indemnify any Person in accordance with the Delaware Act and to obtain any and all types of insurance;
(i)    to cease its activities and cancel its Certificate;
(j)    to negotiate, enter into, renegotiate, extend, renew, terminate, modify, amend, waive, execute, acknowledge or take any other action with respect to any lease, contract or security agreement in respect of any assets of the Company;
(k)    to borrow money and issue evidences of indebtedness and guaranty indebtedness (whether of the Company or any of its Subsidiaries), and to secure the same by a mortgage, pledge or other lien on the assets of the Company;
(l)    to pay, collect, compromise, litigate, arbitrate or otherwise adjust or settle any and all other claims or demands of or against the Company or to hold such proceeds against the payment of contingent liabilities; and
(m)    to make, execute, acknowledge and file any and all documents or instruments necessary, convenient or incidental to the accomplishment of the purpose of the Company.
Section 2.6    Foreign Qualification.  Prior to the Company's conducting business in any jurisdiction other than Delaware, the Company shall comply, to the extent procedures are available and those matters are reasonably within the control of the Company, with all requirements necessary to qualify the Company as a foreign limited liability company in that jurisdiction.  At the request of the Board or any Officer, each Unitholder shall execute, acknowledge, swear to and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue and terminate the Company as a foreign limited liability company in all such jurisdictions in which the Company may conduct business.

14

Section 2.7    Principal Office; Registered Office.  The principal office of the Company shall be located at such place as the Board may from time to time designate, and all business and activities of the Company shall be deemed to have occurred at its principal office.  The Company may maintain offices at such other place or places as the Board deems advisable.  Notification of a change in the Company's principal office shall be given to all Unitholders.  The registered office of the Company required by the Delaware Act to be maintained in the State of Delaware shall be the office of the initial registered agent named in the Certificate or such other office (which need not be a place of business of the Company) as the Board may designate from time to time in the manner provided by law.  The registered agent of the Company in the State of Delaware shall be the initial registered agent named in the Certificate or such other Person or Persons as the Board may designate from time to time in the manner provided by law.
Section 2.8    Term.  The term of the Company commenced upon the filing of the Certificate in accordance with the Delaware Act and shall continue in existence until termination and dissolution thereof in accordance with the provisions of Article X.
Section 2.9    No State-Law Partnership.  The Unitholders intend that the Company not be a partnership (including a limited partnership) or joint venture, and that no Unitholder be a partner or joint venturer of any other Unitholder by virtue of this Agreement (except for tax purposes as set forth in Section 7.1), and neither this Agreement nor any other document entered into by the Company or any Unitholder relating to the subject matter hereof shall be construed to suggest otherwise.  
Section 2.10    Records and Accounting.  The Company shall keep, or cause to be kept, appropriate books and records with respect to the Company's business, including all books and records necessary to provide any information, lists, and copies of documents required to be provided pursuant to Section 7.10 or pursuant to applicable laws.  The Unit Ledger for the Company and any unit certificates held by the Company, and the stock or unit ledgers and equity certificates for each of its Subsidiaries, shall be maintained at the Company’s offices in Cleveland, Ohio or at such other place as directed by the holders of the Required Interest in writing from time to time hereafter; provided that the Investor shall be provided a copy of such documents and materials and shall be provided a copy of any additions or changes to such documents or materials (e.g., a change in the Unit Ledger) within 5 business days of such additions or changes.  All matters concerning (i) the determination of the relative amount of allocations and distributions among the Unitholders pursuant to Article IV and Article VII and (ii) accounting procedures and determinations, and other determinations not specifically and expressly provided for by the terms of this Agreement, shall be determined by the Board.  Notwithstanding the other provisions of this Agreement, Section 18-305(a) of the Delaware Act shall not apply to the Company and no Unitholder shall have any rights thereunder.
Section 2.11    Fiscal Year.  The fiscal year (the "Fiscal Year") of the Company shall constitute the 12-month period ending on December 31 of each calendar year, or such other annual accounting period as may be established by the Board.

15

ARTICLE III 
UNITS AND UNITHOLDERS
Section 3.1    Classes of Units.
(a)    Units Generally.  Each Unitholder's interest in the Company, including such Unitholder's interest in Profits, Losses and Distributions of the Company and the right to vote on certain matters as provided in this Agreement, shall be represented by the Units owned by such Unitholder.  The ownership of Units shall entitle each Unitholder to allocations of Profits and Losses and other items and distributions of cash and other property as set forth in Article IV and Article VII hereof.  A Substituted Unitholder that acquires Units from another Unitholder in a Transfer permitted by this Agreement shall be deemed to have made the Capital Contributions in respect of such Units that the predecessor Unitholder made or was deemed to have made.  Any reference in this Agreement to a Capital Contribution of, or Distribution to, a Substituted Unitholder shall include any Capital Contributions or Distributions previously made by or to the former Unitholder on account of the interest of such former Unitholder transferred to such Substituted Unitholder.  The Board may in its discretion issue certificates to the Unitholders representing the Units held by each Unitholder.
(b)    Authorized Units.  Subject to Section 3.4, the total Units which the Company has authority to issue shall be determined by the Board from time to time (which determination the Board shall cause to be reflected as an amendment or supplement to the Unit Ledger) and shall consist of 2,000,000 Class B Units and 150,000 Capital Incentive Units.  The Company may issue fractional Units.  
(c)    Rights of Unvested Units.  A Unitholder holding a Capital Incentive Unit shall not have any rights hereunder (including the right to receive Distributions (other than Tax Distributions)) in respect of such Unit until such time as such Unit is vested in accordance with the terms and conditions set forth in the Employee Equity Agreement or other agreement pursuant to which such Unit was issued (to the extent the applicable agreement provides for vesting), but all such unvested Units shall be deemed to be outstanding for all other purposes hereunder and such Unitholder shall be subject to the obligations and restrictions applicable to the holders of such Units hereunder.  For the avoidance of doubt, subject to Section 8.1(d), any Class B Units that are issued or Transferred to any Management Unitholder pursuant to the terms of the Equity Plan that are subject to vesting shall be entitled to receive all Distributions in respect of such Units pursuant to the terms of this Agreement.
Section 3.2    Unit Ledger. The Company shall create and maintain a ledger (the "Unit Ledger") setting forth at least: (i) the name of each Unitholder, (ii) the number of Units of each class of Units held by each such Unitholder, (iii) if any Units of a class held by a Unitholder have a Participation Threshold applicable to such Units, such Participation Threshold, (iv) if any Units of a class held by a Unitholder have been designated as Special Capital Incentive Units, such designation and the Special Capital Incentive Unit Base Amount, and (v) the amount of the Capital Contribution made for each class of Units held by such Unitholder.  Upon any change in the number or ownership of outstanding Units (whether upon an issuance of Units, a transfer of Units, a 

16

cancellation of Units or otherwise), the Company shall amend and update the Unit Ledger.  Absent manifest error, the ownership interests recorded on the Unit Ledger shall be conclusive record of the Units that have been issued and are outstanding.  A true and correct copy of the Unit Ledger, as of the date hereof, shall be attached as Annex A upon the Closing, which shall reflect the conversion contemplated by Section 3.17.
Section 3.3    Initial Units.  Each Person acquiring Units on or prior to the date hereof pursuant to a written agreement between the Company and such Person is hereby or has previously been admitted to the Company as a Unitholder and the Capital Contribution made in respect of the Units acquired on or prior to the date hereof by such Unitholder shall be recorded in the Unit Ledger and such Unitholder's initial Capital Account balance shall be equal to the aggregate amount of such Unitholders Capital Contributions on the date on which such Unitholder acquired his or its applicable Units.  The Company and each Unitholder shall file all tax returns, including any schedules thereto, in a manner consistent with such initial Capital Accounts.
Section 3.4    Issuance of Additional Units and Interests.
(a)    Issuance of Additional Securities.  Subject to compliance with the provisions of this Section 3.4, the Board shall have the right to cause the Company to issue or sell to any Person (including Unitholders and Affiliates) any of the following (which for purposes of this Agreement shall be "Additional Securities"):  (i) additional Units or other interests in the Company (including other classes or series thereof having different rights and/or preferences), (ii) obligations, evidences of indebtedness, or other securities or interests convertible or exchangeable into Units or other interests in the Company, and (iii) warrants, options, or other rights to purchase or otherwise acquire Units or other interests in the Company.  Subject to the provisions of this Agreement, the Board shall determine the terms and conditions governing the issuance of such Additional Securities, including the number and designation of such Additional Securities, the preference (with respect to distributions, liquidations, or otherwise) over any other Units and any required or deemed contributions in connection therewith and shall have the power to amend this Agreement to reflect such additional issuances and to make any such other amendments as it deems necessary or desirable (in its discretion) to reflect such additional issuances (including amending this Agreement to increase the authorized number of Units or other Equity Securities of any class or series, to create and authorize a new class or series of Units or other Equity Securities and to add the terms of such new class or series of Units or other Equity Securities including economic and governance rights which may be different from, senior to or more favorable than the other existing Units or other Equity Securities), in each case without the approval or consent of any other Person.  The issuance of Additional Securities may, among other things, dilute the interests of existing holders of Units.  Subject to Section 3.4(b), with respect to each class of Equity Securities, such dilution shall be borne ratably by the holders of such class of Equity Securities. Any Person who acquires Units that are Additional Securities may be admitted to the Company as a Unitholder pursuant to the terms of Section 9.2 hereof.
(b)    Preemptive Rights.  

17

(i)    If, after the date hereof, the Company authorizes the issuance or sale of any New Securities to any Investor, the Company shall, as provided in this Section 3.4, offer to sell to each holder of the outstanding Residual Units who (x) is an "accredited investor" as defined under Rule 501 of Regulation D of the Securities Act, (y) is not an Investor and (z) has participated in each prior issuance of New Securities pursuant to this Section 3.4(b) (a "Qualified Holder") such Qualified Holder's Pro Rata Allotment of such New Securities.  Each Qualified Holder shall be entitled to purchase all or any portion of such Qualified Holder's Pro Rata Allotment of such New Securities on economic terms that are at least as favorable as the economic terms for such New Securities that are to be offered to the Investors; provided that if the Investors acquiring the New Securities are also required to purchase other securities of the Company, the Qualified Holders exercising their rights pursuant to this Section 3.4 shall also be required to purchase the same strip of securities (on at least as favorable economic terms and conditions) that the Investors are required to purchase.  For purposes of this Agreement, a Qualified Holder's "Pro Rata Allotment" shall mean the quotient determined by dividing (i) the number of Class B Units and Capital Incentive Units held by such Qualified Holder at such time, by (ii) the aggregate number of Class B Units and Capital Incentive Units then issued and outstanding at such time.
(ii)    At least 20 days prior to any issuance by the Company of any New Securities to any Investor, the Company shall give written notice (the "Issuance Notice") to each Qualified Holder specifying in reasonable detail the total amount of New Securities to be issued, the purchase price thereof, the terms of the New Security, the other material terms and conditions of the issuance and such Qualified Holder's Pro Rata Allotment of the New Securities.  In order to exercise such holder's purchase rights hereunder, each Qualified Holder must, within 15 days after the Issuance Notice has been given, give written notice to the Company describing such holder's election to purchase all or any portion of the amount of New Securities available for purchase by such Qualified Holder.  If after sending an Issuance Notice the Company elects not to proceed with the issuance or sale contemplated thereby, any elections made by the Qualified Holders to participate in such offering shall be deemed rescinded.
(iii)    The Company shall sell, and each Qualified Holder electing to participate in such issuance shall purchase, the amount of New Securities determined pursuant to this Section 3.4 elected to be purchased by him or it at the Company headquarters' office either, at the option of the Company, on the later of (i) the 20th day after the Issuance Notice (or if such 20th day is not a business day, then on the next succeeding business day) or (ii) simultaneously with (and, if specified by the Company, as a part of) the closing of, the issuance of New Securities to the participating Investors (the "Issuance Closing").  At the Issuance Closing, each participating Qualified Holder will pay the purchase price payable for the New Securities purchased by him or it hereunder in cash by wire transfer of immediately available funds to an account designated by the Company and will make customary 

18

investment representations to the Company to the extent such investment representations are made by the Investors.
(iv)    Notwithstanding anything to the contrary herein, in lieu of offering any New Securities to the Qualified Holders at the time such New Securities are offered to the Investors, the Company may comply with the provisions of this Section 3.4 by making an offer to sell to the Qualified Holders such New Securities reasonably promptly after a sale to the Investors is effected.  In such event, for all purposes of this Section 3.4, the portion of such New Securities that each Qualified Holder shall be entitled to purchase hereunder shall be determined by taking into consideration the actual amount of New Securities sold to the Investors so as to achieve the same economic effect as if such offer would have been made prior to such sale.
(v)    The provisions of Sections 3.4(b) will terminate upon the earlier of (A) consummation of an Approved Sale and (B) an initial sale of Equity Securities pursuant to an effective registration statement under the Securities Act filed with the Securities and Exchange Commission (an "IPO").
Section 3.5    Capital Incentive Units.
(a)    Capital Incentive Units Generally. Without limiting any other rights of the Company, the Company may, subject to the approval of the Board, issue Units to existing or new employees, officers, directors, consultants or other service providers of the Company or any of its Subsidiaries, or a designee of any such employee or service provider approved by the Company, pursuant to an Employee Equity Agreement approved by the Board, which agreement shall contain such provisions as the Board shall determine.  In the Board's discretion, the terms of any Capital Incentive Units issued pursuant to this Section 3.5 may include limitations on the Distribution entitlements of such Capital Incentive Units imposed in order to cause such Capital Incentive Units to qualify as "profits interests" within the meaning of Internal Revenue Service Revenue Procedures 93-27 and 2001-43, Internal Revenue Service Notice 2005-43, or any future Internal Revenue Service guidance, including, as set forth in Section 3.5(c) below, by establishing a threshold amount of cumulative Distributions that must be made with respect to each Unit of one or more specified classes of Units outstanding immediately prior to the issuance of such Capital Incentive Units before such Capital Incentive Units may receive any Distributions.  
(b)    Rule 701 Plan.  This Section 3.5 together with the Employee Equity Agreements pursuant to which the Residual Units are issued to Management Unitholders are intended to qualify as a compensatory benefit plan within the meaning of Rule 701 of the Securities Act (and any similarly applicable state "blue-sky" securities laws) and the issuance of Residual Units to Management Unitholders pursuant hereto is intended to qualify for the exemption from registration under the Securities Act provided by Rule 701 (and any similarly applicable state "blue-sky" securities laws); provided that the foregoing shall not restrict or limit the Company's ability to issue any Residual Units to Management Unitholders pursuant to any other exemption from registration under the Securities Act available to the Company.  The Company may make the Residual Units issued to Management Unitholders 

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and any issuance thereof and any applicable Employee Equity Agreement subject to the terms and conditions of any other equity incentive plan consistent with the terms of this Agreement, as may have been adopted by the Company.
(c)    Participation Thresholds.  On the date of each grant of Capital Incentive Units to a Management Unitholder who is, or as a result of such grant becomes, a holder of Capital Incentive Units pursuant to a grant made under an Employee Equity Agreement, the Board shall establish an initial "Participation Threshold" amount with respect to each Capital Incentive Unit granted on such date.  The Participation Threshold with respect to a Capital Incentive Unit shall be equal to (or, to the extent provided in such Management Unitholder's Employee Equity Agreement, greater than) the Fair Market Value of a Class B Unit on the date of grant of such Capital Incentive Unit.  The Board may designate a series number for each subset of Capital Incentive Units consisting of Capital Incentive Units having the same Participation Threshold, which Participation Threshold differs from the Participation Thresholds of all Capital Incentive Units not included in such subset.  If the Board elects to so designate Capital Incentive Units, then the first Capital Incentive Units issued on or after the date hereof shall be designated "Series 1 Capital Incentive Units".  Each Capital Incentive Unit's Participation Threshold shall be adjusted after the grant of such Capital Incentive Unit in the following manner:
(i)    in the event of any Distribution made pursuant to Section 4.1(b) or Section 4.2 (but in the latter case, only with respect to the portion of any Tax Distribution made in respect of taxable income allocated to each Class B Unit by virtue of the applicability of Section 4.1(b)), the Participation Threshold of each Capital Incentive Unit outstanding at the time of such Distribution shall be reduced (but not below zero) by the amount that each Class B Unit receives in such Distribution less the amount that such Capital Incentive Unit is entitled to receive in such Distribution, if any (with such reduction occurring immediately after the determination of the portion of such Distribution, if any, that such Capital Incentive Unit receives).  For this purpose, Distributions shall include Tax Distributions made pursuant to Section 4.2 only (A) to the extent such Tax Distributions are made as a result of the recognition of the built-in gain in any asset that existed at the time the relevant Capital Incentive Unit was issued or (B) to the extent that the relevant Capital Incentive Unit is not also entitled to a Tax Distribution with respect to the item or tier of taxable income giving rise to the Tax Distribution.  For this purpose, the Tax Distribution that arises from the recognition of the built-in gain in an asset may be bifurcated between the Tax Distribution that relates to the built-in gain that existed at the time the relevant Capital Incentive Unit was issued and the Tax Distribution that relates to any additional gain in the asset that accrued since the time the relevant Capital Incentive Unit was issued.  In order to preserve the economic results intended by this Agreement, the Board may determine whether any Tax Distribution (or portion of any Tax Distribution) not described in clauses (A) or (B) of this Section 3.5(c)(i) should reduce the Participation Threshold of a Capital Incentive Unit.  For purposes of applying the adjustments of this Section 3.5(c)(i), any Distribution made under Section 4.1(b) shall be treated as a separate Distribution occurring prior to any 

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Distributions under Section 4.2, and the adjustments to a Participation Threshold made pursuant to this Section 3.5(c)(i) relating to the Distribution under Section 4.1(b) shall be made before the allocation of any Distributions under Section 4.2 is determined.  The Board may also apply Section 4.2 by breaking a single Distribution into two or more Distributions treated as separate Distributions occurring in order (and if such an approach is taken, the adjustments to Participation Thresholds pursuant to this Section 3.5(c)(i) shall be made after each separate Distribution and before the next Distribution).  Notwithstanding the immediately preceding sentences of this Section 3.5(c)(i), to the extent determined by the Board, all Tax Distributions shall be treated as Distributions that reduce the Participation Thresholds of the Capital Incentive Units pursuant to the first sentence of this Section 3.5(c)(i);
(ii)    in the event of any Capital Contribution made with respect to outstanding Class B Units outstanding at the time of the grant of such Capital Incentive Unit, the Participation Threshold of each Capital Incentive Unit outstanding at the time of such Capital Contribution shall be increased by the amount contributed with respect to each Class B Unit;
(iii)    if the Company at any time subdivides (by any Unit split or otherwise) the Residual Units into a greater number of Units, the Participation Threshold of each Capital Incentive Unit outstanding immediately prior to such subdivision shall be proportionately reduced, and if the Company at any time combines (by reverse Unit split or otherwise) the Residual Units into a smaller number of Units, the Participation Threshold of each Capital Incentive Unit outstanding immediately prior to such combination shall be proportionately increased; and
(iv)    no adjustment to any Participation Threshold shall be made in connection with (x) any redemption or repurchase by the Company or any Unitholder of any Units or Equity Securities or (y) any Capital Contribution by any Unitholder in exchange for newly issued Units or Equity Securities.
The Participation Thresholds of each Residual Unitholder's Capital Incentive Units shall be set forth in the Unit Ledger, and the Company shall update the Unit Ledger from time to time as necessary to reflect any adjustments to the Participation Thresholds of outstanding Capital Incentive Units required pursuant to this Section 3.5.
(d)    Amendment of this Section.  Notwithstanding anything in this Section 3.5 to the contrary, the Board shall have the power to amend the provisions of this Section 3.5 and Section 4.1 to achieve the economic results intended by this Agreement, including that (i) each Class B  Unit has identical entitlement to distributions (other than any differences related to vesting) under Section 4.1  as each other Class B Unit (ii) any Capital Incentive Units that are granted to executives of, or other service providers to, the Company, or a designee of any such executive or other service provider approved by the Company, in exchange for services provided or to be provided to the Company or any Subsidiary thereof are intended to be profits interests when issued for United States federal income tax purposes.

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Section 3.6    Voting; Unitholder Meetings.
(a)    No Voting Rights.  As set forth in Section 5.1 of this Agreement, the Board shall have the sole authority and right to manage the business and affairs of the Company and to make all decisions and take all actions for the Company, except for those matters that by the express terms of this Agreement require the affirmative vote, consent or approval of the Required Interest or as set forth in Section 14.2 (the "Board Governance Exceptions").  In furtherance of the foregoing, and except as set forth in Section 14.2, no Unitholder shall have any voting, consent or approval rights under this Agreement or the Delaware Act, including with respect to any matters to be decided by the Company or any other governance matters, and each Unitholder, by its acceptance thereof, expressly waives any consent, approval or voting rights (except to the extent relating to any Board Governance Exception) or other rights to participate in the governance of the Company, whether such rights may be provided under the Delaware Act (including under §§ 18‐209(b), 18‐213(b), 18‐216(b), 18‐301(b)(1), 18‐302(a), 18‐304, 18‐704(a), 18‐801(a), 18‐803(a) or 18‐806 thereof) or otherwise. 
(b)    Action by the Required Interest.  The Required Interest may give its approval or consent to any Board Governance Exception by (a) action at a meeting called by the Board or Unitholders holding the Required Interest  (so long as (1) the Company and each Unitholder holding Class B Units are given at least 24 hours notice of such a meeting, and (2) Unitholders holding the Required Interest are present at such meeting in person or by proxy)  or (b) written consent (so long as such written consent (1) is signed and dated by Unitholders holding the Required Interest, and (2) a copy of such written consent is promptly delivered to the Company and to Unitholders holding Class B Units).  Unitholders with the right to approve or consent to any Board Governance Exception described in Section 14.2 of this Agreement may give such approval or consent by (a) action at a meeting called by the Board (so long as (1) the Company and each such Unitholder are given at least 24 hours notice of such meeting, and (2) Unitholders holding a sufficient number of Units to give such approval or consent under Section 14.2 are present at such meeting in person or by proxy) or (b) written consent (so long as such written consent (1) is signed and dated by such Unitholders, and (2) a copy of such written consent is promptly delivered to the Company and to all other Unitholders).  At any meeting of Unitholders, Unitholders may participate by telephone or similar communications technology allowing all Persons participating in such meeting to speak and hear one another, and participation in any such meeting shall constitute attendance and presence in person at such meeting, except where a Person participates for the sole and express purpose of objecting to the transaction of any business on the ground that the meeting was not called or convened in accordance with the terms of this Agreement.  Any electronic transmission by a Unitholder approving or consenting to a Board Governance Exception shall be deemed to be a signed and dated written consent by such Unitholder for purposes of this Section 3.6(b).

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(c)    Filings.  If any action by Unitholders is taken by written consent, any certificate or documents filed with the Secretary of State of Delaware as a result of the taking of the action shall state, in lieu of any statement required by the Delaware Act concerning any vote of Unitholders, that written consent has been given in accordance with the provisions of the Delaware Act and that any written notice required by the Delaware Act has been given.
Section 3.7    Representations and Warranties of Unitholders.  Each Unitholder hereby represents and warrants to the Company and acknowledges that:  (i) such Unitholder has knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of an investment in the Company and making an informed investment decision with respect thereto; (ii) such Unitholder has reviewed and evaluated all information necessary to assess the merits and risks of his, her or its investment in the Company and has had answered to such Unitholder's satisfaction any and all questions regarding such information; (iii) such Unitholder is able to bear the economic and financial risk of an investment in the Company for an indefinite period of time; (iv) such Unitholder is acquiring interests in the Company for investment only and not with a view to, or for resale in connection with, any distribution to the public or public offering thereof; (v) the interests in the Company have not been registered under the securities laws of any jurisdiction and cannot be disposed of unless they are subsequently registered and/or qualified under applicable securities laws (or an exemption for registration or qualification is available for such disposition) and the provisions of this Agreement have been complied with; (vi) to the extent applicable, the execution, delivery and performance of this Agreement have been duly authorized by such Unitholder and do not require such Unitholder to obtain any consent or approval that has not been obtained and do not contravene or result in a default under any provision of any law or regulation applicable to such Unitholder or other governing documents or any agreement or instrument to which such Unitholder is a party or by which such Unitholder is bound; (vii) the determination of such Unitholder to purchase interests in the Company has been made by such Unitholder independent of any other Unitholder and independent of any statements or opinions as to the advisability of such purchase, which may have been made or given by any other Unitholder or by any agent or employee of any other Unitholder; (viii) no other Unitholder has acted as an agent of such Unitholder in connection with making its investment hereunder and that no other Unitholder shall be acting as an agent of such Unitholder in connection with monitoring its investment hereunder; (ix) the interests in the Company were not offered to such Unitholder by means of general solicitation or general advertising; and (x) this Agreement is valid, binding and enforceable against such Unitholder in accordance with its terms.
Section 3.8    Limitation of Liability; Duties.  Each Unitholder shall be liable only to make such Unitholder's Capital Contribution to the Company and the other payments expressly provided herein.  Except as otherwise provided by applicable law, the debts, obligations, and liabilities of the Company, whether arising in contract, tort, or otherwise, shall be solely the debts, obligations, and liabilities of the Company, and no Unitholder shall be obligated personally for any such debt, obligation, or liability of the Company solely by reason of being a Unitholder of the Company; provided that a Unitholder shall be required to return to the Company any Distribution made to it in clear and manifest accounting or similar error.  The immediately preceding sentence shall constitute a compromise to which all Unitholders have consented within the meaning of the Delaware Act.  Notwithstanding anything contained herein to the contrary, the failure of the 

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Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Unitholders for liabilities of the Company.  Except as set forth in Section 3.12 and Section 7.8, no Unitholder in its capacity as such shall have any duty (including fiduciary duty), or any liability for breach of duty (including fiduciary duty), to the Company, any other Unitholder, or any Manager; provided that the foregoing shall not limit or eliminate liability for any act or omission that constitutes a bad faith violation of any applicable implied contractual covenant of good faith and fair dealing.
Section 3.9    Lack of Authority.  No Unitholder in his, her, or its capacity as such (other than the members of the Board acting as the Board or an authorized Officer of the Company) has the authority or power to act for or on behalf of the Company in any manner, to do any act that would be (or could be construed as) binding on the Company or to make any expenditures on behalf of the Company, and the Unitholders hereby consent to the exercise by the Board of the powers conferred on it by law and this Agreement.  Without limiting the foregoing, neither the lending of money to the Company by a Unitholder or any Affiliate thereof nor the service by a Unitholder or its designee on the Board shall be deemed to constitute participation in control of the Company or affect, impair or eliminate the limitations on the liability of a Unitholder under this Agreement.
Section 3.10    Title to Company Assets.  Company assets shall be deemed to be owned by the Company as an entity, and no Unitholder, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof.  Legal title to any or all Company assets may be held in the name of the Company or one or more nominees, as the Board may determine.  All Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such Company assets is held.
Section 3.11    No Right of Partition.  No Unitholder shall have the right to seek or obtain partition by court decree or operation of law of any Company property, or the right to own or use particular or individual assets of the Company.
Section 3.12    Investment Opportunities and Conflicts of Interest.
(a)    Each Unitholder (other than any Institutional Holder) shall, and shall cause each of such Unitholder's Affiliates to, bring all investment or business opportunities to the Company of which such Unitholder becomes aware and which are, or are reasonably likely to be, (i) within the scope or investment objectives related to the Business or (ii) are otherwise competitive with the Business, and shall not pursue or consummate (directly or indirectly) any such opportunities (all of which shall remain the exclusive property of the Company) other than through the Company.
(b)    The Unitholders at any time and from time to time may engage in and own interests in other business ventures of any and every type and description, independently or with others (including ones in competition with the Company) (an "Other Business") with no obligation (except as provided in Section 3.12(a)) to (i) refrain from pursuing or engaging in such Other Business, (ii) offer to any Person the right to participate in such Other Business or (iii) notify any Person thereof.  Except as provided in Section 3.12(a), Specified Persons 

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may direct any investment or business opportunities to any other Person regardless of the capacity (e.g., in the capacity of a Manager) in which such investment or business opportunities are presented to a Specified Person.  Except as provided in Section 3.12(a), none of the Company, any of its Subsidiaries or the other Unitholders will have or acquire or be entitled to any interest, expectancy or participation (the foregoing being hereby renounced and waived to the fullest extent permitted from time to time under applicable law) in any investment or business opportunity as a result of the involvement therein of any Unitholders.  The involvement of any of the Unitholders in any investment or business opportunity will not constitute a conflict of interest, breach of any duty (including any fiduciary duty), or breach of this Agreement by such Persons with respect to the Company or any of its Subsidiaries or the other Unitholders.
(c)    This Section 3.12 shall not in any way affect, limit or modify any liabilities, obligations, duties or responsibilities of any Person under any Employee Equity Agreement, employment agreement, consulting agreement, confidentiality agreement, noncompete agreement, nonsolicit agreement or any similar agreement with the Company or any of its Subsidiaries.  No amendment or repeal of this Section 3.12 shall apply to or have any effect on the liability or alleged liability of any Officer, Manager or Unitholder of the Company for or with respect to any opportunities of which such Officer, Manager or Unitholder becomes aware prior to such amendment or repeal.
Section 3.13    Transactions Between the Company and the Unitholders.  Notwithstanding that it may constitute a conflict of interest, subject to the Employee Equity Agreements, the Unitholders or their Affiliates may engage in any transaction (including the purchase, sale, lease or exchange of any property or rendering of any service or the establishment of any salary, other compensation or other terms of employment) with the Company so long as such transaction is approved by the Board; provided that, without the prior written consent of the Sinclair Manager or the holders of a majority of the Class B Units held by disinterested Unitholders, the Company shall not enter into or amend any agreement, transaction, commitment or arrangement with any of the Investors or any of their respective Affiliates, other than transactions entered into after the date hereof on terms no less favorable to the Company and its Subsidiaries than those that would be obtained on an arm's-length basis and for which there is a reasonable business purpose.  Notwithstanding the foregoing, the restrictions set forth in this Section 3.13 shall not apply to (i) the Transaction Documents (which will be subject to the amendment standards set forth therein) and the transactions contemplated therein, (ii) an Approved Sale pursuant to Section 8.4 of this Agreement or (iii) agreements, transactions, commitments and arrangements entered into in connection with the issuance of Additional Securities pursuant to and in accordance with Section 3.4, provided that any agreements, transactions, commitments and arrangements entered into in connection with an issuance in which Sinclair is not entitled to participate as a result of its failure to be a Qualified Holder pursuant to Section 3.4(b)(i)(z) must be on terms no less favorable to the Company and its Subsidiaries than those that would be obtained on an arm's-length basis or on terms and conditions consistent in all material respects with any prior issuance and at a price per Unit equal to Fair Market Value.

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Section 3.14    Withdrawal and Resignation of Unitholders.  No Person shall be entitled to withdraw any part of such Person's Capital Contributions or Capital Account or to receive any Distribution from the Company, except as expressly provided herein.  No Unitholder shall have the power or right to withdraw or otherwise resign or be expelled from the Company prior to the dissolution and winding up of the Company pursuant to Article X, except (i) simultaneous with the Transfer of all of a Unitholder's Units in a Transfer permitted by this Agreement and, if such Transfer is to a person or entity that is not a Unitholder, the admission of such person or entity as a Unitholder pursuant to Section 9.1 or (ii) as otherwise expressly permitted by this Agreement or any of the other agreements contemplated hereby.  Notwithstanding that payment on account of a withdrawal may be made after the effective time of such withdrawal, any completely withdrawing Unitholder will not be considered a Unitholder for any purpose after the effective time of such complete withdrawal, and, in the case of a partial withdrawal, such Unitholder's Capital Account (and corresponding voting and other rights) shall be reduced for all other purposes hereunder upon the effective time of such partial withdrawal.
Section 3.15    Loans From Unitholders.  Loans by Unitholders to the Company shall not be considered Capital Contributions.  If any Unitholder shall loan funds to the Company, the making of such loans shall not result in any increase in the amount of the Capital Account of such Unitholder.  The amount of any such loans shall be a debt of the Company to such Unitholder and shall be payable or collectible in accordance with the terms and conditions upon which such loans are made.
Section 3.16    Transmission of Communications.  Each Person that owns or controls Units on behalf of, or for the benefit of, another Person or Persons shall be responsible for conveying any report, notice, or other communication received from the Company or the Board to such other Person or Persons.
Section 3.17    Conversion of Capital Incentive Units. Notwithstanding any other provision in this Agreement, subject to and effective as of the Closing and without any other action of any Person, each issued and outstanding Capital Incentive Unit shall be converted into an amount (less than one (1)) of a Class B Unit, in each case, on the basis and using the methodologies set forth in the Allocation Methodology Schedule in the Securities Purchase Agreement.  
ARTICLE IV 
DISTRIBUTIONS
Section 4.1    Distributions Generally.
(a)    Excess Operating Cash Distributions.  Except as otherwise set forth in this Article IV, and subject to the provisions of Section 18-607 of the Delaware Act, at any time or from time to time as determined by the Board and, in any event, within 10 days after the end of each Fiscal Quarter, the Company shall make Distributions of the Company's Excess Operating Cash, in the amount determined by the Board in its sole discretion and to the extent not prohibited under any agreement to which the Company or any Subsidiary is a party.  All Distributions of Excess Operating Cash shall be distributed ratably among holders of the Class B Units, based on the number of Class B Units held by each such holder.  

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In the event that the Company is restricted from making a Distribution of all or any portion of its Excess Operating Cash that would otherwise be Distributed pursuant to this Section 4.1(a) for any reason, the Company shall use its reasonable best efforts to distribute such Excess Operating Cash to the Unitholders pursuant to this Section 4.1(a) as soon as practicable.
(b)    Other Distributions.  Except as otherwise set forth in this Article IV, and subject to the provisions of Section 18-607 of the Delaware Act, all Distributions (including any Distribution made pursuant to Section 10.2(a)), other than Tax Distributions (which are addressed separately in Section 4.2) and Distributions of Excess Operating Cash (which are addressed separately in Section 4.1(a)), shall be distributed as follows: with respect to each Class B Unit, an amount equal to the amount determined by dividing the Grossed-Up Amount by the number of Participating Residual Units, and, with respect to each Participating Capital Incentive Unit, an amount equal to the excess, if any, of (i) the amount determined by dividing the Grossed-Up Amount by the number of Participating Residual Units over (ii) the Participation Threshold with respect to such Participating Capital Incentive Unit.
(c)    Special Capital Incentive Unit Special Distribution.  Notwithstanding anything to the contrary in Section 4.1(a) or Section 4.1(b), from and after the Special Capital Incentive Unit Distribution Trigger Date, the Company shall distribute to the Special Management Unitholders (ratably among such Special Management Unitholders based upon the number of outstanding Special Capital Incentive Units held by each such Special Management Unitholder immediately prior to such Distribution) an aggregate amount in property and cash equal to the Special Capital Incentive Unit Excess (the "Special Capital Incentive Unit Special Distribution") prior to making any additional Distributions contemplated by Section 4.1(a) or Section 4.1(b).  The Special Capital Incentive Unit Special Distribution shall not be treated as an advance of any amounts to which the Special Management Unitholders are otherwise entitled under Section 4.1(a) or Section 4.1(b).  For the avoidance of doubt, any amounts remaining to be distributed following the full distribution of the Special Capital Incentive Unit Excess, if any, pursuant to this Section 4.1(c), shall be distributed as set forth in Section 4.1(a) or Section 4.1(b), as applicable.
(d)    Definitions.  
(i)    "Excess Operating Cash" means, as of the last day of each Fiscal Quarter, the excess, if any, of (a) the sum of, without duplication, (i) the net taxable income of the Company and its Subsidiaries for such Fiscal Quarter (plus any amounts described in Sections 705(a)(1)(B) (tax-exempt income) and less 705(a)(2)(B) (non-deductible, non-capitalized expenses) of the Code), (ii) the amount of all non-cash deductions included in determining such net taxable income, and (iii) the aggregate amount deducted in any previous Fiscal Quarter from Excess Operating Cash under (i), (ii) and (iii) of clause (b) hereof, to the extent such amount is reversed in the current Fiscal Quarter over (b) the sum, without duplication, of (i) the amount of all non-cash income included in determining such net taxable income, (ii) the aggregate amount paid or reserved by the Company and its Subsidiaries during such 

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Fiscal Quarter with respect to capital expenditures, debt service and other legal or contractual obligations (including any co-investment obligations of the Company or any of its Subsidiaries), to the extent not deducted in calculating net taxable income, (iii) increases in working capital for such Fiscal Quarter, (iv) the aggregate amount paid or reserved by the Company with respect to Tax Distributions, and (v) (without duplication of amounts distributed under Section 4.2) the aggregate amount of any non-cash gains realized in connection with any disposition of property by the Company and its Subsidiaries during such Fiscal Quarter, to the extent included in determining such net taxable income.  For the avoidance of doubt, Excess Operating Cash shall not include any proceeds received by the Company with respect to the disposition of any asset to the extent that such asset, as of November 11, 2011, included any unrealized appreciation.
(ii)    "Grossed-Up Amount" means, with respect to any Distribution pursuant to Section 4.1(b), the sum of (a) the aggregate amount being distributed in such Distribution, and (b) the aggregate amount of the Participation Thresholds of all Participating Capital Incentive Units.
(iii)    "Participating Capital Incentive Unit" means, with respect to any Distribution pursuant to Section 4.1(b), a Capital Incentive Unit that has a Participation Threshold that is less than the amount determined by dividing (a) the sum of (i) the aggregate amount of such Distribution and (ii) the aggregate amount of the Participation Thresholds of all outstanding Capital Incentive Units that have a Participation Threshold that is less than or equal to that of the Capital Incentive Unit for which such determination is being made, by (b) the sum of (i) the number of outstanding Class B Units and (ii) the number of outstanding Capital Incentive Units that have a Participation Threshold that is less than or equal to that of the Capital Incentive Unit for which such determination is being made. 
(iv)    "Participating Residual Unit" means, with respect to any Distribution pursuant to Section 4.1(b), each Class B Unit and each Participating Capital Incentive Unit.
(v)    "Special Capital Incentive Unit" means any Capital Incentive Unit held by a Management Unitholder which is designated as such in an Employee Equity Agreement and as set forth on the Unit Ledger.
(vi)    "Special Capital Incentive Unit Base Amount" means, with respect to any Special Capital Incentive Unit, the amount designated as such in the applicable Employee Equity Agreement and as set forth on the Unit Ledger.

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(vii)    "Special Capital Incentive Unit Distribution Trigger Date" means the first date on which Distributions are made to the Special Management Unitholders pursuant to Section 4.1(b)(iii), with respect to any Special Capital Incentive Units that are Participating Capital Incentive Units.
(viii)    "Special Capital Incentive Unit Excess" means an amount equal to (x) the initial Participation Threshold for a Special Capital Incentive Unit, minus the Special Capital Incentive Unit Base Amount for such Special Capital Incentive Unit (if such difference is positive), multiplied by (y) the number of Special Capital Incentive Units held by Special Management Unitholders.
(ix)    "Special Management Unitholder" means any Management Unitholder holding Special Capital Incentive Units.
(e)    Distributions with respect to Certain Units.  For the avoidance of doubt, (i) no portion of any Distribution shall be made with respect to any Unit that has not been issued and (ii) the right of each Unitholder to receive Distributions with respect to any Capital Incentive Units held by such Unitholder shall be subject to Section 3.1(c).  
Section 4.2    Tax Distributions.  Notwithstanding any other provision herein to the contrary, so long as the Company is treated as a partnership for federal income tax purposes, the Company shall use its reasonable best efforts to distribute to the Unitholders within 15 days after the end of each Fiscal Quarter of the Company, subject to the provisions of Section 18-607 of the Delaware Act and the Tax Distribution Conditions, all as determined by the Board, an aggregate amount of cash (a "Tax Distribution") in respect of such Fiscal Quarter which in the good faith estimation of the Board equals the Estimated Tax Liability.  For purposes of this Agreement, "Tax Distribution Conditions" means, with respect to each Tax Distribution, that such Tax Distribution would not impair the liquidity of the Company with respect to working capital, capital expenditures, debt service, reserves or otherwise and would not be prohibited under any credit facility to which the Company or any Subsidiary is a party.  For purposes of this Agreement, "Estimated Tax Liability" means the product of (a) the aggregate amount of all taxable income allocable to the Unitholders in respect of such Fiscal Quarter determined without regard to adjustments under Section 743(b) of the Code (provided that in no event shall such calculation include any taxable income for any period prior to the effective date of Prior LLC Agreement or any tax liability relating thereto), multiplied by (b) the combined maximum U.S. federal, state, and local income tax rate to be applied with respect to such taxable income (calculated by using the highest maximum combined marginal U.S. federal, state and local income tax rates in any jurisdiction in the United States) for such Fiscal Quarter (making an appropriate adjustment for any rate changes that take place during such period).  Each Tax Distribution shall be distributed on a pro rata basis among the Unitholders according to the amounts allocated to, or otherwise included in taxable income by, each class of Units pursuant to the preceding sentence without regard to adjustments under section 743(b) of the Code.  The Board shall be entitled to adjust subsequent Tax Distributions up or down to reflect any variation between its prior estimation of quarterly Tax Distributions and the Tax Distributions that would have been computed under this Section 4.2 based on subsequent information.  In the event that due to the Tax Distribution Conditions the funds available for any Tax Distribution to be made hereunder 

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are insufficient to pay the full amount of the Tax Distribution that would otherwise be required under this Section 4.2, the Company shall use its reasonable best efforts to distribute to the Unitholders the amount of funds that are available after application of the Tax Distribution Conditions on a pro rata basis (according to the amounts that would have been distributed to each Unitholder pursuant to this Section 4.2 if available funds (after application of the Tax Distribution Conditions) existed in a sufficient amount to make such Distribution in full).  At any time thereafter when additional funds of the Company are available for Distribution after application of the Tax Distribution Conditions, the Company shall use its reasonable best efforts to immediately distribute such funds to the Unitholders on a pro rata basis (according to the amounts that would have been distributed to each Unitholder pursuant to this Section 4.2 if available funds (after application of the Tax Distribution Conditions) would have existed in a sufficient amount to make such Tax Distribution in full).  Each Tax Distribution pursuant to this Section 4.2 shall be treated as an advance to such Unitholder of amounts to which they are otherwise entitled under, and shall reduce the amount of any other Distributions to such Unitholder pursuant to, Section 4.1.  For the avoidance of doubt, a Distribution shall only be deemed to be a Tax Distribution if and to the extent the amount of such Distribution is less than or equal to the Estimated Tax Liability for the applicable Fiscal Quarter, after giving effect to all prior Tax Distributions made during the applicable Fiscal Quarter.
Section 4.3    Intentionally Omitted.  
Section 4.4    Persons Receiving Distributions.  Each Distribution shall be made to the Persons shown on the Company's books and records as Unitholders as of the date of such Distribution; provided, however, that any transferor and transferee of Units may mutually agree as to which of them should receive payment of any Distribution under this Article IV.  In the event that restrictions on transfer or change in beneficial ownership of Units set forth herein or in any applicable Employee Equity Agreement have been breached, the Company may withhold distributions in respect of the affected Units until such breach has been cured.  Reserves Against Distributions.  The Board shall have the right to withhold from Distributions payable to any Unitholder under this Agreement amounts sufficient to pay and discharge any reasonably anticipated contingent liabilities of the Company.  Any amounts remaining after payment and discharge of any such contingent liabilities of the Company will be paid to the Unitholders form whom the Distributions were withheld.  
Section 4.5    Certain Repurchases and Redemptions.  Notwithstanding anything to the contrary in this Agreement or in any Employee Equity Agreement, the Company may, at its option, exercise its repurchase or redemption rights, if any, and fulfill its repurchase or redemption obligations, if any, to a holder of Units pursuant to this Agreement or any Employee Equity Agreement, in whole or in part, by transferring to such holder securities issued by a Subsidiary of the Company with a value equal to the redemption or repurchase price of the Units of such holder to be redeemed or repurchased; provided that following such transfer the Subsidiary that issued the transferred securities shall promptly redeem or repurchase such securities from such holder for an amount of cash equal to the aggregate redemption or repurchase price of the Units of such holder to be redeemed or repurchased.  The Company and the holder agree to treat any such transfer as a distribution of securities of the Subsidiary under Code Section 732.

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ARTICLE V 
BOARD OF MANAGERS; OFFICERS
Section 5.1    Management by the Board of Managers.
(a)    Authority of Board of Managers.
(i)    Except with respect to the Board Governance Exceptions, and subject to the provisions of Section 5.1(a)(ii), (A) the powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, the Board (including with respect to the matters contemplated by §§ 18‐209, 18‐213, 18‐216, 18‐301, 18‐302, 18‐304, 18‐704, 18‐801, 18‐803 and 18‐806 of the Delaware Act) and (B) the Board shall make all decisions and take all actions for the Company not otherwise provided for in this Agreement, including the following:
(A)    entering into, making and performing contracts, agreements and other undertakings binding the Company that may be necessary, appropriate or advisable in furtherance of the purposes of the Company and making all decisions and waivers thereunder;
(B)    maintaining the assets of the Company in good order;
(C)    collecting sums due the Company;
(D)    opening and maintaining bank and investment accounts and arrangements, drawing checks and other orders for the payment of money and designating individuals with authority to sign or give instructions with respect to those accounts and arrangements;
(E)    to the extent that funds of the Company are available therefor, paying debts and obligations of the Company;
(F)    acquiring or disposing of assets and the timing thereof, capital expenditures and the timing thereof, opening new or closing existing offices, developing new businesses or divisions, service offerings and pricing, subcontracting authority and facilities management;
(G)    hiring and employing executives, Officers, supervisors and other personnel;
(H)    selecting, removing and changing the authority and responsibility of lawyers, accountants and other advisers and consultants;
(I)    entering into guaranties on behalf of the Company's Subsidiaries;
(J)    obtaining insurance for the Company;

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(K)    determining distributions of cash and other property of the Company as provided in Article IV; and
(L)    establishing reserves for commitments and obligations (contingent or otherwise) of the Company.
(ii)    The Board may act (A) by resolutions adopted at a meeting and by written consents pursuant to Section 5.3, (B) by delegating power and authority to committees pursuant to Section 5.4, and (C) by delegating power and authority to any Officer pursuant to Section 5.5(a).
(iii)    Each Unitholder acknowledges and agrees that no Manager shall, solely as a result of being a Manager but subject to any Employee Equity Agreement to which such Manager is a party, be bound to devote all of his business time to the affairs of the Company, and that he and his Affiliates do and will continue to engage for their own account and for the accounts of others in other business ventures.
(b)    No Management by Unitholders.  The Unitholders shall not manage or control the business and affairs of the Company, except with respect to the Board Governance Exceptions.
Section 5.2    Composition and Election of the Board of Managers.
(a)    Number and Designation.  The number of Managers on the Board shall be the number serving pursuant to clauses (i) through (iv) below.  The Board shall at all times be comprised of the following persons:
(i)    for so long as the Investors and their Affiliates hold, directly or indirectly, a number of Class B Units equal to 50% or more of the Class B Units owned by the Investors as of the date hereof (the  "Investor Manager Minimum Percentage"), up to three (3) representatives designated by the Investors (each, an "Investor Manager" and, collectively, the "Investor Managers");  provided that, for the avoidance of doubt, the Investors shall be permitted to collectively designate the Investor Managers or to determine that one or more of the Investor Managers will be designated by any specific Investor (by providing written notice of such determination to the Company); 
(ii)    the Company's chief executive officer (the "Executive Manager"); and
(iii)    for so long as Sinclair and Terrance Ahern and his Family Group, collectively, hold a number of Class B Units equal to 50% or more of the Class B Units owned by Sinclair and Terrance Ahern and his Family Group as of the date hereof (after the consummation of the transactions contemplated by the Securities Purchase Agreement) (the  "Sinclair Manager Minimum Percentage"), one representative designated by Terrance Ahern (the "Sinclair Manager"). For the 

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avoidance of doubt, for purposes of determining the number of Class B Units held by Sinclair and Terrance Ahern and his Family Group as of the date hereof, any Class B Units indirectly owned by shareholders of Sinclair other than Ahern and any Transfer of Units to Management Holders contemplated by the Equity Plan (whether previously made or to be made in the future) shall be excluded.
(b)    Term.  Members of the Board shall serve from their designation in accordance with the terms hereof until their resignation, death or removal in accordance with the terms hereof.  Members of the Board need not be Unitholders and need not be residents of the State of Delaware.  A person shall become a Manager (other than the Executive Manager) and member of the Board effective upon receipt by the Company at its principal place of business of a written notice addressed to the Board (or at such later time or upon the happening of some other event specified in such notice) of such person's designation from the person or persons entitled to designate such manager pursuant to Section 5.2(a) above; provided that the persons specifically named in Section 5.2(a) above shall be members of the Board commencing on the date hereof without further action.  The Company's chief executive officer shall become the Executive Manager and a member of the Board on the date of his or her appointment as chief executive officer. A member of the Board may resign as such by delivering his, her or its written resignation to the Company at the Company's principal office addressed to the Board.  Such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some other event.
(c)    Removal.  If the Executive Manager ceases to be the Company's chief executive officer for any reason, such Executive Manager shall, at such time, be automatically removed from the Board and each committee thereof and from the board of directors or board of managers of each of the Company's Subsidiaries and any committees thereof.  For so long as the Investors and their Affiliates hold, directly or indirectly, the Investor Manager Minimum Percentage, the removal from the Board or any of its committees (with or without cause) of any Investor Manager shall be upon (and only upon) the written request of the Investor(s) that appointed such Investor Manager.  In the event that the Investors and their Affiliates no longer hold, directly or indirectly, the Investor Manager Minimum Percentage, (i) the Investors shall designate one (1) Investor Manager then serving on the Board for removal pursuant to Section 5.2(b) and (ii) thereafter (x) the Investors shall be entitled to designate up to two (2) Investor Managers, and (y) the holders of the Required Interest shall be entitled to designate one (1) Manager.  For so long as Sinclair and Terrance Ahern and his Family Group hold, directly or indirectly, the Sinclair Manager Minimum Percentage, removal from the Board or any of its committees (with or without cause) of any Sinclair Manager shall be upon the written request of Sinclair or Terrance Ahern. In the event that Sinclair and Terrance Ahern and his Family Group no longer hold, directly or indirectly, the Sinclair Manager Minimum Percentage, the Sinclair Manager shall be automatically removed from the Board and each committee thereof and from the board of directors or board of managers of each of the Company's Subsidiaries and any committees thereof.
(d)    Vacancies.  In the event that any designee under Section 5.2(a) (other than the Executive Manager) for any reason ceases to serve as a member of the Board, (i) the 

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resulting vacancy on the Board shall be filled by a Person that is designated by the person or persons originally entitled to designate such Manager pursuant to Section 5.2(a) above (provided that, if any party fails to designate a person to fill a vacancy on the Board pursuant to the terms of this Section 5.2(d), such vacant managership shall remain vacant until such managership is filled pursuant to this Section 5.2(d)), and (ii) such designee shall be removed promptly after such time from each committee of the Board.  In the event that the Executive Manager for any reason ceases to serve as a member of the Board (including as a result of ceasing to be the Company's chief executive officer), the Executive Manager managership shall remain vacant until the Company's chief executive officer is next appointed by the Board. In the event that any Sinclair Manager for any reason ceases to serve as a member of the Board (other than as a result the termination of the right to appoint a Sinclair Manager), such Sinclair Manager managership shall remain vacant until a replacement is designated by Sinclair or Terrance Ahern.
(e)    Reimbursement.  The Company shall pay all reimbursable out-of-pocket costs and expenses incurred by each member of the Board incurred in the course of their service hereunder, including in connection with attending regular and special meetings of the Board, any board of managers or board of directors of each of the Company's Subsidiaries and/or any of their respective committees.
(f)    Compensation of Managers.  Except as approved by the holders of the Required Interest, Managers shall receive no compensation for serving in such capacity.
(g)    Reliance by Third Parties.  Any Person dealing with the Company, other than a Unitholder, may rely on the authority of the Board (or any Officer authorized by the Board) in taking any action in the name of the Company without inquiry into the provisions of this Agreement or compliance herewith, regardless of whether that action actually is taken in accordance with the provisions of this Agreement.  Every agreement, instrument or document executed by the Board (or any Officer authorized by the Board) in the name of the Company with respect to any business or property of the Company shall be conclusive evidence in favor of any Person relying thereon or claiming thereunder that (i) at the time of the execution or delivery thereof, this Agreement was in full force and effect, (ii) such agreement, instrument or document was duly executed according to this Agreement and is binding upon the Company and (iii) the Board or such Officer was duly authorized and empowered to execute and deliver such agreement, instrument or document for and on behalf of the Company.
(h)    Subsidiary Board of Managers or Board of Directors.  The Company shall at all times, unless otherwise determined by the Board in its discretion, cause the board of managers or board of directors of each of the Company's Subsidiaries to be comprised of the same persons who are then Managers of the Board pursuant to Section 5.2(a) above.  The voting rights on the board of managers or board of directors of each of the Company's Subsidiaries of the Investor Managers serving on any such boards shall be commensurate with the voting rights of the Investor Managers with respect to the Board.
(i)    Certain Duties.  Notwithstanding anything in this Agreement to the contrary, no Manager, in his capacity as such, shall have any duty (including fiduciary duty), or any 

34

liability for a breach of duty (including fiduciary duty), to the Company, any Unitholder, or any other Manager; provided that the foregoing shall not limit or eliminate liability for any act or omission that constitutes a bad faith violation of any applicable implied contractual covenant of good faith and fair dealing.
Section 5.3    Board Meetings and Actions by Written Consent.
(a)    Quorum; Voting.  At least one Investor Manager and one Sinclair Manager must be present (including for purposes of actions taken pursuant to Section 5.3(g)) in order to constitute a quorum for the transaction of business of the Board, and except as otherwise provided in this Agreement, the act of the Managers that have a majority of the total votes present at a meeting of the Board at which a quorum is present shall be the act of the Board; provided that in the event a quorum does not exist for any two duly called consecutive meetings because of the absence of all of the Sinclair Managers who are then serving as Managers, a quorum shall exist for the immediately succeeding duly called meeting if at least one Investor Manager is present thereat, notwithstanding the absence of the Sinclair Manager(s).  Once a quorum is present to commence a meeting of the Board, such quorum shall be broken as soon as the Managers required by the previous sentence (including the proviso thereto) no longer remain present at such meeting and no further business may be transacted at such meeting until such time as a quorum shall again be present.  If a quorum shall not be present during a meeting of the Board, the Managers present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.  A Manager who is present at a meeting of the Board at which action on any matter is taken shall be presumed to have assented to the action unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as secretary of the meeting before the adjournment thereof or shall deliver such dissent to the Company immediately after the adjournment of the meeting.  Such right to dissent shall not apply to a Manager who voted in favor of such action.  At each meeting of the Board, the Investor Managers present at such meeting shall collectively have a number of votes (the "Investor Votes") on all matters to be voted on by the Board equal to the greater of (i) the number of Investor Managers present at such meeting and (ii) the sum of one plus the number of Managers present at such meeting that are not Investor Managers (with each such Investor Manager entitled to cast his proportionate share of the total Investor Votes). The Executive Manager and each Sinclair Manager shall have one vote on all matters voted on by the Board.
(b)    Place; Attendance.  Meetings of the Board may be held at such place or places as shall be determined from time to time by resolution of the Board.  At all meetings of the Board, business shall be transacted in such order as shall from time to time be determined by resolution of the Board.  Attendance of a Manager at a meeting shall constitute a waiver of notice of such meeting, except where a Manager attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.
(c)    Meeting In Connection With Unitholder Meeting.  In connection with any meeting of Unitholders, the Managers may, if a quorum is present, hold a meeting for the 

35

transaction of business immediately after and at the same place as such meeting of the Unitholders.  Notice of such meeting at such time and place shall not be required.
(d)    Time, Place and Notice.  Regular meetings of the Board shall be held at such times and places as shall be designated from time to time by resolution of the Board.  Notice of such meetings shall not be required.
(e)    Special Meetings.  Special meetings of the Board may be called by any Investor Manager or the Executive Manager on at least 48 hours' notice to each other Manager; provided that in urgent and/or emergency circumstances (as reasonably determined by any Investor Manager), a special meeting of the Board may be called by any Investor Manager on any amount of prior notice to each other Manager.  Such notice need not state the purpose or purposes of, nor the business to be transacted at, such meeting, except as may otherwise be required by law or provided for in this Agreement.
(f)    Other Board Meetings.  Without limiting the foregoing, there shall be meetings of the Board from time to time as requested by the holders of the Required Interest on at least 48 hours' notice to each Manager; provided that in urgent and/or emergency circumstances (as reasonably determined by the holders of the Required Interest), a meeting of the Board may be called by the holders of the Required Interest on any amount of prior notice to each Manager.
(g)    Action by Written Consent or Telephone Conference.  Any action permitted or required by the Delaware Act, the Certificate or this Agreement to be taken at a meeting of the Board or any committee designated by the Board may be taken without a meeting, without notice and without a vote if a consent in writing, setting forth the action to be taken, is signed by the Managers or members of such committee, as the case may be, that have at least the number of votes required to take such action at a meeting of the Board if all Managers were present at such Meeting; provided that, unless such action is being taken in urgent and/or emergency circumstances (as reasonably determined by any Investor Manager), at least 24 hours' prior notice of such action shall be provided to each Manager.  Such consent shall have the same force and effect as a vote at a meeting and may be stated as such in any document or instrument filed with the Secretary of State of Delaware, and the execution of such consent shall constitute attendance or presence in person at a meeting of the Board or any such committee, as the case may be.  Subject to the requirements of the Delaware Act, the Certificate or this Agreement for notice of meetings, unless otherwise restricted by the Certificate, the Managers or members of any committee designated by the Board may participate in and hold a meeting of the Board or any committee, as the case may be, by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in such meeting shall constitute attendance and presence in person at such meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

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Section 5.4    Committees; Delegation of Authority and Duties.
(a)    Committees; Generally.  The Board may, from time to time, designate one or more committees, each of which shall include at least two (2) Investor Managers and one (1) Sinclair Manager.  Any such committee, to the extent provided in the enabling resolution or in the Certificate or this Agreement, shall have and may exercise all of the authority of the Board.  At every meeting of any such committee, the presence of a majority of all the members thereof, at least one Investor Manager and the Sinclair Manager shall constitute a quorum, and except as otherwise provided in this Agreement, the act of the Managers holding a majority of the total votes present at a meeting of such committee at which a quorum is present shall be the act of such committee; provided that in the event a quorum does not exist for any two duly called consecutive meetings because of the absence of the Sinclair Manager, a quorum shall exist for the immediately succeeding duly called meeting if at least one Investor Manager is present thereat, notwithstanding the absence of the Sinclair Manager.  Once a quorum is present to commence a meeting of such committee, such quorum shall be broken as soon as the Persons required by the previous sentence (including the proviso thereto) no longer remain present at such meeting and no further business may be transacted at such meeting until such time as a quorum shall again be present.  The voting rights of the Investor Managers with respect to any such committee shall be commensurate with the voting rights of the Investor Managers with respect to the Board, and the procedures for calling a meeting of a committee will be the same as the procedures for calling a meeting of the Board. The Board may dissolve any committee at any time, unless otherwise provided in the Certificate or this Agreement.
(b)    Delegation; Generally.  The Board may, from time to time, delegate to one or more Persons (including any Manager or Officer) such authority and duties as the Board may deem advisable in addition to those powers and duties set forth in Section 5.1(a) hereof.  The Board also may assign titles (including chairman, chief executive officer, president, vice president, secretary, assistant secretary, treasurer and assistant treasurer) to any Manager, Unitholder or other individual and may delegate to such Manager, Unitholder or other individual certain authority and duties.  Any number of titles may be held by the same Manager, Unitholder or other individual.  Any delegation pursuant to this Section 5.4(b) may be revoked at any time by the Board.
Section 5.5    Officers.
(a)    Officers.  The management of the business and affairs of the Company by the Officers and the exercising of their powers shall be conducted under the supervision of and subject to the approval of the Board.
(b)    Designation and Appointment.  The Board may (but need not), from time to time, designate and appoint one or more persons as an Officer of the Company.  No Officer need be a resident of the State of Delaware, a Unitholder or a Manager.  Any Officers so designated shall have such authority and perform such duties as the Board may, from time to time, delegate to them.  The Board may assign titles to particular Officers.  Unless the Board otherwise decides, if the title is one commonly used for officers of a business 

37

corporation formed, the assignment of such title shall constitute the delegation to such Officer of the authority and duties that are normally associated with that office, subject to (i) any specific delegation of authority and duties made to such Officer by the Board pursuant to the third sentence of this Section 5.5(b) or (ii) any delegation of authority and duties made to one or more Officers pursuant to the terms of Section 5.4(b).  Each Officer shall hold office until such Officer's successor shall be duly designated and qualified or until such Officer's death or until such Officer shall resign or shall have been removed in the manner hereinafter provided.  Any number of offices may be held by the same individual.  The salaries or other compensation, if any, of the Officers and agents of the Company shall be fixed from time to time by the Board.
(c)    Resignation; Removal; Vacancies.  Any Officer (subject to any contract rights available to the Company, if applicable) may resign as such at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or if no time be specified, at the time of its receipt by the Board.  The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation.  Any Officer may be removed as such, either with or without cause, by the Board in its discretion at any time or by the holders of the Required Interest in their discretion at any time; provided, however, that any such removal shall be without prejudice to the contract rights, if any, of the individual so removed.  Designation of an Officer shall not of itself create contract rights.  Any vacancy occurring in any office of the Company may be filled by the Board and shall remain vacant until filled by the Board.
(d)    Duties of Officers.  The Officers, in the performance of their duties as such, shall owe to the Company and the Unitholders duties of loyalty and due care of the type owed by the officers of a corporation to such corporation and its stockholders under the laws of the State of Delaware. 
Section 5.6    Company Funds.  No Manager or Officer may commingle the Company's funds with the funds of any Unitholder, Manager or Officer. 
ARTICLE VI 
EXCULPATION AND INDEMNIFICATION 
Section 6.1    Exculpation.  No Officer or Manager shall be liable to any other Officer, Manager, the Company or to any Unitholder for any loss suffered by the Company or any Unitholder unless such loss is caused by such Person's willful misconduct or intentional and material breach of this Agreement.  The Officers and Managers shall not be liable for any errors in judgment or for any acts or omissions that do not constitute willful misconduct or intentional and material breach of this Agreement.  Any Officer or Manager may consult with counsel and accountants in respect of Company affairs, and provided such Person acts in good faith reliance upon the advice or opinion of such counsel or accountants, such Person shall not be liable for any loss suffered by the Company or any Unitholder in reliance thereon.
Section 6.2    Right to Indemnification.  Subject to the limitations and conditions as provided in this Article VI, each Person (an "Indemnified Person") who was or is made a party or 

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is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative (hereinafter a "Proceeding"), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact that he or she, or a Person of whom he or she is the legal representative, is or was a Unitholder, Manager or Officer, or while a Unitholder, Manager or Officer is or was serving at the request of the Company as a manager, director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, shall be indemnified by the Company to the fullest extent permitted by the Delaware Act, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment) against judgments, penalties (including excise and similar taxes and punitive damages), fines, settlements and reasonable expenses (including attorneys' fees) actually incurred by such Indemnified Person in connection with such Proceeding, and indemnification under this Article VI shall continue as to a Person who has ceased to serve in the capacity which initially entitled such Indemnified Person to indemnity hereunder; provided that no Indemnified Person shall be indemnified for any judgments, penalties (including excise and similar taxes and punitive damages), fines, settlements or reasonable expenses (including attorneys' fees) actually incurred by such Indemnified Person that are attributable to (i) such Indemnified Person's or its Affiliates' (the term "Affiliates" excluding, for purposes hereof, the Company's and its Subsidiaries') willful misconduct or intentional breach of this Agreement as determined by a final judgment, order or decree of an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to which the time for appeal therefrom has expired and no appeal has been perfected), or (ii) economic losses or tax obligations incurred by an Indemnified Person as a result of owning Units (the matters described in clauses (i) and (ii), collectively, the "Non-Indemnifiable Matters").  For purposes of this Section 6.2, "intentional breach" shall mean a material breach that is a consequence of an act undertaken by the breaching party with the actual knowledge that the taking of such act would, or would be reasonably expected to, cause a breach of this Agreement.  The rights granted pursuant to this Article VI shall be deemed contract rights, and no amendment, modification or repeal of this Article VI shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings arising prior to any amendment, modification or repeal.  It is expressly acknowledged that the indemnification provided in this Article VI could involve indemnification for negligence or under theories of strict liability.
Section 6.3    Advance Payment.  Unless otherwise determined by the Board in cases involving matters or allegations that if confirmed by a final judgment, order or decree of an arbitrator or a court of competent jurisdiction would constitute Non-Indemnifiable Matters, the reasonable expenses incurred by a Person of the type entitled to be indemnified under Section 6.2 who was, is or is threatened to be made a named defendant or respondent in a Proceeding shall be paid by the Company in advance of the final disposition of the Proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Company.
Section 6.4    Indemnification of Employees and Agents.  The Company, by adoption of a resolution of the Board, may indemnify and advance expenses to an employee or agent of the 

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Company to the same extent and subject to the same conditions under which it may indemnify and advance expenses to Persons who are not or were not Managers or Officers but who are or were serving at the request of the Company as a manager, director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise against any liability asserted against him and incurred by him in such a capacity or arising out of his status as such a Person to the same extent that it may indemnify and advance expenses to Managers and Officers under this Article VI.
Section 6.5    Appearance as a Witness.  Notwithstanding any other provision of this Article VI, the Company shall pay or reimburse reasonable out-of-pocket expenses incurred by a Manager or Officer in connection with his appearance as a witness or other participation in a Proceeding at a time when he is not a named defendant or respondent in the Proceeding.
Section 6.6    Nonexclusivity of Rights.  The right to indemnification and the advancement and payment of expenses conferred in this Article VI shall not be exclusive of any other right which an Indemnified Person may have or hereafter acquire under any law (common or statutory), provision of the Certificate or this Agreement, agreement, vote of Unitholders or disinterested Managers or otherwise.  Without limiting the foregoing, the Company and each Unitholder hereby acknowledges that one or more of the Indemnified Persons may have certain rights to indemnification, advancement of expenses and/or insurance provided by an Affiliated Institution.  The Company and each Unitholder hereby agrees that, with respect to any such Indemnified Person, the Company (i) is, relative to each Affiliated Institution, the indemnitor of first resort (i.e., its obligations to the applicable Indemnified Person under this Agreement are primary and any duplicative, overlapping or corresponding obligations of an Affiliated Institution are secondary), (ii) shall be required to make all advances and other payments under this Agreement, and shall be fully liable therefor, without regard to any rights any such Indemnified Person may have against his or her Affiliated Institution, and (iii) irrevocably waives, relinquishes and releases any such Affiliated Institution from any and all claims against such Affiliated Institution for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by an Affiliated Institution on behalf of any Indemnified Person with respect to any claim for which such Indemnified Person has sought indemnification from the Company shall affect the foregoing and any such Affiliated Institution shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of any such applicable Indemnified Person against the Company.  The Company and each Unitholder agrees that each Affiliated Institution is an express third party beneficiary of the terms of this Section 6.6.
Section 6.7    Insurance.  The Company may purchase and maintain insurance, or cause its Subsidiaries to purchase and maintain insurance, at its or their expense, to protect itself and any Person who is or was serving as a Manager, Officer or agent of the Company or is or was serving at the request of the Company as a manager, director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited ability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise against any expense, liability or loss, whether or not the Company would have the power to indemnify such Person against such expense, liability or loss under this Article VI.

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Section 6.8    Limitation.  Notwithstanding anything contained herein to the contrary (including in this Article VI), any indemnity by the Company relating to the matters covered in this Article VI shall be provided out of and to the extent of the Company's assets only, and no Unitholder shall have personal liability on account thereof or shall be required to make additional Capital Contributions to help satisfy such indemnity of the Company.
Section 6.9    Third Party Beneficiaries.  Notwithstanding anything in this Agreement to the contrary, each of the Managers, Officers or other Persons indemnified pursuant to this Article VI are intended third party beneficiaries of this Article VI and shall be entitled to enforce such provision (as it may be in effect from time to time).
Section 6.10    Savings Clause.  If this Article VI or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Manager, Officer or any other Person indemnified pursuant to this Article VI as to costs, charges and expenses (including attorneys' fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil, criminal, administrative or investigative to the full extent permitted by any applicable portion of this Article VI that shall not have been invalidated and to the fullest extent permitted by applicable law.
ARTICLE VII 
CERTAIN TAX AND ACCOUNTING MATTERS
Section 7.1    Partnership for Tax Purposes. Subject to Article XII, the Unitholders intend that the Company shall be treated as a partnership for federal and, to the extent applicable, state and local income tax purposes, and that each Unitholder and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment.  Without the consent of the holders of the Required Interest, the Company shall not make an election to be treated as a corporation for federal income tax purposes pursuant to Treasury Regulation 301.7701-3 (or any successor regulation or provision) or, to the extent applicable, state or local income tax purposes.
Section 7.2    Capital Accounts.
(a)    The Company shall maintain a separate Capital Account for each Unitholder according to the rules of Treasury Regulation Section 1.704-1(b)(2)(iv).  For this purpose, the Company may (in the discretion of the Board), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of Company property. Without limiting the foregoing, each Unitholder's Capital Account shall be adjusted:
(i)    by adding any additional Capital Contributions made by such Unitholder in consideration for the issuance of Units;
(ii)    by deducting any amounts paid to such Unitholder in connection with the redemption or other repurchase by the Company of Units;

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(iii)    by adding any Profits allocated to such Unitholder and subtracting any Losses allocated to such Unitholder; and
(iv)    by deducting any distributions paid in cash or other assets to such Unitholder by the Company.
(b)    For purposes of computing the amount of any item of Company income, gain, loss, or deduction to be allocated pursuant to this Article VII and to be reflected in the Capital Accounts, the determination, recognition, and classification of any such item shall be the same as its determination, recognition, and classification for federal income tax purposes (including any method of depreciation, cost recovery, or amortization used for this purpose); provided that:
(i)    The computation of all items of income, gain, loss, and deduction shall include those items described in Code Section 705(a)(1)(B) or Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or are not deductible for federal income tax purposes.
(ii)    If the Book Value of any Company property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property.
(iii)    Items of income, gain, loss, or deduction attributable to the disposition of Company property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property.
(iv)    Items of depreciation, amortization, and other cost recovery deductions with respect to Company property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property's Book Value in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g).
(v)    To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury Regulation Section  1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis).
Section 7.3    Negative Capital Accounts.  No Unitholder shall be required to pay to any other Unitholder or the Company any deficit or negative balance which may exist from time to time in such Unitholder's Capital Account (including upon and after dissolution of the Company).

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Section 7.4    Transfer of Capital Accounts.  If a Unitholder transfers an interest in the Company to a new or existing Unitholder, the transferee Unitholder shall succeed to that portion of the transferor's Capital Account that is attributable to the transferred interest.  Any reference in this Agreement to a Capital Contribution of, or Distribution to, a Unitholder that has succeeded any other Unitholder shall include any Capital Contributions or Distributions previously made by or to the former Unitholder on account of the interest of such former Unitholder transferred to such successor Unitholder.
Section 7.5    Allocations.  Except as otherwise provided in Section 7.6, Net Profit or Net Loss for any Taxable Year shall be allocated among the Unitholders in such a manner that, as of the end of such Taxable Year, the sum of (i) the Capital Account of each Unitholder, (ii) such Unitholder's share of Minimum Gain (as determined according to Treasury Regulation Section 1.704-2(g)), and (iii) such Unitholder's partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(2)) shall be equal to the respective net amounts, positive or negative, which would be distributed to them, determined as if the Company were to (i) liquidate the assets of the Company for an amount equal to their Book Value, and (ii) distribute the proceeds of liquidation pursuant to Section 10.2 (provided that, for purposes of such determination only, all outstanding Residual Units shall be deemed to be fully vested for purposes of calculating the amount of such proceeds distributed to each Unitholder pursuant to Section 4.1). 
Section 7.6    Special Allocations.
(a)    Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i).  If there is a net decrease during a Taxable Year in partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Unitholders in the amounts and of such character as determined according to, and subject to the exceptions contained in, Treasury Regulation Section 1.704-2(i)(4).  This Section 7.6(a) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted in a manner consistent therewith.
(b)    Nonrecourse deductions shall be allocated to the holders of Residual Units (ratably among such Unitholders based upon the number of Residual Units held by each such Unitholder).  If there is a net decrease in Minimum Gain during any Taxable Year, each Unitholder shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to, and subject to the exceptions contained in, Treasury Regulation Section 1.704-2(f).  This Section 7.6(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent therewith.
(c)    If any Unitholder that unexpectedly receives an adjustment, allocation, or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after 

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the application of Section 7.6(a) and Section 7.6(b) but before the application of any other provision of this Article VII, then Profits for such Taxable Year shall be allocated to such Unitholder in proportion to, and to the extent of, such Adjusted Capital Account Deficit.  This Section 7.6(c) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith.
(d)    Profits and Losses shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k), and (m).
(e)    The allocations set forth in Section 7.6(a)-(d) (the "Regulatory Allocations") are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations.  The Regulatory Allocations may not be consistent with the manner in which the Unitholders intend to allocate Profit and Loss of the Company or make Company distributions.  Accordingly, notwithstanding the other provisions of this Article VII, but subject to the Regulatory Allocations, income, gain, deduction, and loss shall be reallocated among the Unitholders so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Unitholders to be in the amounts (or as close thereto as possible) they would have been if Profit and Loss (and such other items of income, gain, deduction, and loss) had been allocated without reference to the Regulatory Allocations.  In general, the Unitholders anticipate that this will be accomplished by specially allocating other Profit and Loss (and such other items of income, gain, deduction, and loss) among the Unitholders so that the net amount of the Regulatory Allocations and such special allocations to each such Unitholder is zero. In addition, if in any Taxable Year there is a decrease in partners Minimum Gain, or in partner nonrecourse debt Minimum Gain, and application of the Minimum Gain chargeback requirements set forth in Section 7.6(a) or Section 7.6(b) would cause a distortion in the economic arrangement among the Unitholders, the Unitholders may, if they do not expect that the Company will have sufficient other income or gain to correct such distortion, request the Internal Revenue Service to waive either or both of such Minimum Gain chargeback requirements.  If such request is granted, this Agreement shall be applied in such instance as if it did not contain such Minimum Gain chargeback requirement.
(f)    The Unitholders acknowledge that allocations analogous to those described in Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(c) result from the allocations of Profits and Losses provided for in this Agreement.  For the avoidance of doubt, the Company is entitled to make such allocations and, once required by applicable final or temporary guidance, allocations of Profits and Losses will be made in accordance with Proposed Treasury Regulation 1.704-1(b)(4)(xii)(c) or any successor provision or guidance.
(g)    With respect to a one-time transfer by either of Terrance Ahern and Kevin Lynch of Class B Units to up to two current employees of the Company (such amount not to exceed in the aggregate 0.5% of the total Class B Units of the Company), deductions 

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recognized by the Company as a direct result of such transfer shall be specially allocated to Terrance Ahern or Kevin Lynch, or their Family Group, as applicable.
Section 7.7    Tax Allocations. 
(a)    The income, gains, losses, deductions, and credits of the Company will be allocated, for federal, state, and local income tax purposes, among the Unitholders in accordance with the allocation of such income, gains, losses, deductions, and credits among the Unitholders for computing their Capital Accounts; except that, if any such allocation is not permitted by the Code or other applicable law, then the Company's subsequent income, gains, losses, deductions, and credits will be allocated among the Unitholders so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.
(b)    Items of Company taxable income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall be allocated among the Unitholders in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value.
(c)    If the Book Value of any Company asset is adjusted pursuant to the requirements of Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f) subsequent allocations of items of taxable income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value in the same manner as under Code Section 704(c).
(d)    Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Unitholders according to their interests in such items as determined by the Board taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii).
(e)    Allocations pursuant to this Section 7.7 are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Unitholder's Capital Account or Unit of Profits, Losses, Distributions, or other Company items pursuant to any provision of this Agreement.
(f)    The Tax Matters Partner may, but shall not be obligated to, elect to adjust the basis of the assets of the Company for federal income tax purposes in accordance with Code Section 754.
Section 7.8    Payments Attributable to a Unitholder.  If the Company is required by law to make any Tax payment that is specifically attributable to a Unitholder or a Unitholder's status as such (including any federal, state, local or foreign withholding, personal property, personal property replacement, unincorporated business or other taxes), then such Unitholder shall indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses).  The Company may pursue and enforce all rights and remedies it may have against each Unitholder under this Section 7.8, including instituting a lawsuit to collect such indemnification and contribution 

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with interest calculated at a rate equal to 10% per annum, compounded as of the last day of each year (but not in excess of the highest rate per annum permitted by law) and shall be entitled to deduct and offset any amounts owed to the Company by a Unitholder hereunder from amounts otherwise payable or distributed to such member.  The obligations hereunder shall survive the winding up or dissolution of the Company.
Section 7.9    Tax Returns.  The Company shall prepare all necessary federal and state income tax returns, including making the elections described in Section 7.11.  Such tax returns and elections shall be provided to the Tax Matters Partner in draft form at least fifteen (15) business days prior to the expected filing date.  The Company shall file such tax returns, after reflecting any comments made by the Tax Matters Partner.  Each Unitholder shall furnish to the Company all pertinent information in its possession relating to Company operations that is necessary to enable the Company's income tax returns to be prepared and filed.
Section 7.10    Tax Information.  The Company shall use reasonable best efforts to deliver or cause to be delivered, within 60 days after the end of each Taxable Year, to each Person who was a Unitholder at any time during such Taxable Year all information regarding the Company necessary for the preparation of such Person's United States federal and state income tax returns.
Section 7.11    Tax Elections.  The Company shall make any election the Company may deem appropriate.  For the avoidance of doubt, any such election shall require the written consent of the Tax Matters Partner.
Section 7.12    Tax Matters Partner. Thunder Investor T-II, LLC (or an Affiliate so designated by Thunder Investor T-II, LLC and permissible under Section 6231 of the Code and the Treasury Regulations promulgated thereunder) shall be the "tax matters partner" of the Company pursuant to Section 6231(a)(7) of the Code and any comparable provision of state or local tax law (the "Tax Matters Partner").  
Section 7.13    Code Section 83 Safe Harbor Election; Code Section 83(b) Election.
(a)    By executing this Agreement, each Unitholder authorizes and directs the Company to elect to have the "Safe Harbor" described in the proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43 (the "Notice") apply to any interest in the Company transferred to a service provider by the Company on or after the effective date of such Revenue Procedure in connection with services provided to the Company.  For purposes of making such Safe Harbor election, the Tax Matters Partner is hereby designated as the "partner who has responsibility for federal income tax reporting" by the Company and, accordingly, execution of such Safe Harbor election by the Tax Matters Partner constitutes execution of a "Safe Harbor Election" in accordance with Section 3.03(1) of the Notice.  The Company and each Unitholder hereby agrees to comply with all requirements of the Safe Harbor described in the Notice, including the requirement that each Unitholder shall prepare and file all federal income tax returns reporting the income tax effects of each interest in the Company issued by the Company covered by the Safe Harbor in a manner consistent with the requirements of the Notice.

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(b)    The Company and any Unitholder may pursue any and all rights and remedies it may have to enforce the obligations of the Company and the Unitholders (as applicable) under Section 7.13(a), including seeking specific performance and/or immediate injunctive or other equitable relief from any court of competent jurisdiction (without the necessity of showing actual money damages, or posting any bond or other security) in order to enforce or prevent any violation of the provisions of Section 7.13(a).  A Unitholder's obligations to comply with the requirements of this Section 7.13 shall survive such Unitholder's ceasing to be a Unitholder of the Company and/or the termination, dissolution, liquidation and winding up of the Company, and, for purposes of this Section 7.13, the Company shall be treated as continuing in existence.  
(c)    Each Unitholder authorizes the Tax Matters Partner to amend Section 7.13(a) and Section 7.13(b) to the extent necessary to achieve substantially the same tax treatment with respect to any interest in the Company transferred to a service provider by the Company in connection with services provided to the Company as set forth in Section 4 of the Notice (e.g., to reflect changes from the rules set forth in the Notice in subsequent Internal Revenue Service guidance), provided that such amendment is not materially adverse to such Unitholder (as compared with the after-tax consequences that would result if the provisions of the Notice applied to all interests in the Company transferred to a service provider by the Company in connection with services provided to the Company).
(d)    Except as otherwise determined by the Board, any Unitholder who receives Residual Units that are subject to a substantial risk of forfeiture within the meaning of Section 83 of the Code shall make a timely and effective election under Section 83(b) of the Code with respect to such Units if such Residual Units are Capital Incentive Units and/or if such election would be deemed to be made pursuant to Internal Revenue Service Revenue Procedures 93-27 and 2001-43; provided that, for the avoidance of doubt, such election shall be at the option of the Unitholder in all other cases.  The Company and all Unitholders will (A) treat the Units for which such election has been made as outstanding for tax purposes, (B) treat any Unitholder who has made any such election as a member of the Company for U.S. federal income tax purposes with respect to such Units and (C) file all tax returns and reports consistently with the foregoing (except for non-U.S. federal returns or reports for which a different tax treatment is required by applicable law), and neither the Company nor any of its Unitholders will deduct any amount (as wages, compensation or otherwise) for the fair market value of such Units for U.S. federal income tax purposes.
ARTICLE VIII 
TRANSFER OF COMPANY INTERESTS
Section 8.1    Transfers by Unitholders.
(a)    No Unitholder shall Transfer any interest in any Units except in compliance with this Article VIII.  Except for Transfers made in compliance with this Agreement and the Employee Equity Agreements (to the extent applicable to such Units), no Unitholder shall Transfer, or offer or agree to Transfer, all or any part of any interest in such Person's Units without the prior written consent of the Board, which consent may be withheld in the 

47

Board's discretion. With the Board's consent, a Unitholder may Transfer all or any part of such Person's Units, subject to compliance with this Agreement (including Section 8.1(c)) and any other agreement binding upon the Unitholders which restricts the Transfer of Units (including the Employee Equity Agreements).  Notwithstanding the foregoing, the Investors may Transfer Units without the approval of the Board (but subject to any other restrictions on Transfer applicable to them set forth in this Agreement).
(b)    The restrictions set forth in Section 8.1(a) shall not apply to (i) any Transfer of Units by any Unitholder to or among his or her Family Group, (ii) any Transfer of Units by any Unitholder that is an Investor to or among their respective Affiliates, (iii) any Transfer of Units in connection with a Permitted Sinclair Transfer, (iv) any Transfer of Units by any Unitholder other than an Investor to the Company or its Subsidiaries or an Investor, (v) an Approved Sale, (vi) any Transfer of Units by Sinclair to its shareholders, (vii) any Transfer of Units to the Company or (viii) any Transfer of Units in accordance with Section 8.3; provided that the restrictions contained in this Agreement will continue to be applicable to the Units after any Transfer pursuant to clauses (i) through (iii) above.  Upon the Transfer of Units pursuant to clause (i) or (ii) of the previous sentence, the transferees will deliver a written notice to the Company, which notice will disclose in reasonable detail the identity of such transferee.  A transferee permitted pursuant to clauses (i) through (iii) above who receives a transfer of Units in accordance with this Agreement shall be referred to herein as a "Permitted Transferee."  Notwithstanding the foregoing, no party hereto shall avoid the provisions of this Agreement by (x) making one or more transfers to one or more Permitted Transferees and then disposing of all or any portion of such party's interest in any such Permitted Transferee or (y) by allowing the Transfer of any securities of any entity holding (directly or indirectly) Units; provided that the foregoing does not prohibit Sinclair, Terrance Ahern or Sinclair’s shareholders from Transferring securities of Sinclair or Terrance Ahern to Sinclair or a Person (A) who would be a Permitted Transferee if the Transfer involved Units or (B) pursuant to the Equity Plan.
(c)    Except as otherwise approved in writing by the Board, each transferee of Units or other interest in the Company shall, as a condition precedent to such Transfer, execute a counterpart to this Agreement pursuant to which such transferee shall agree to be bound by the provisions of this Agreement.
Section 8.2    Effect of Assignment.
(a)    Any Unitholder who shall assign any Units or other interest in the Company shall cease to be a Unitholder of the Company with respect to such Units or other interest and shall no longer have any rights or privileges of a Unitholder with respect to such Units or other interest.
(b)    Any Person who acquires in any manner whatsoever any Units or other interest in the Company, irrespective of whether such Person has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the acceptance of the benefits of the acquisition thereof to have agreed to be subject to and bound by all of the terms and conditions of this Agreement that any predecessor in such Units or other 

48

interest in the Company of such Person was subject to or by which such predecessor was bound.
Section 8.3    Participation Rights.
(a)    Except pursuant to a Transfer pursuant to Article XII or a Transfer to Permitted Transferees in accordance with Section 8.1(b), at least 15 days prior to any Transfer of Units by one or more of the Investors (each a "Transferring Investor"), such Transferring Investor(s) shall deliver a written notice (the "Tag-Along Notice") to the Company and the other holders of Class B Units and Capital Incentive Units (as determined as of immediately prior to the date of such notice) (the "Tag-Along Unitholders") specifying in reasonable detail the identity of the prospective transferee(s) and the terms and conditions of the Transfer, including the proposed date of the Transfer (if known), the proposed purchase price and, to the extent available, accompanied by a copy of any form of agreement to be executed in connection therewith.  The Tag-Along Unitholders may elect to participate in the contemplated Transfer by delivering written notice to each of the Transferring Investors within 10 days after delivery of the Tag-Along Notice.  If any Tag-Along Unitholders have elected to participate in such Transfer, the Transferring Investor(s) and such Tag-Along Unitholders will each be entitled to sell in the contemplated Transfer, for the same form and amount of consideration per Unit and on the same terms, such Unitholder's Pro Rata Portion of the number of Units to be sold in the contemplated Transfer.  Such Transfer shall be on terms and conditions substantially similar in all material respects to the terms and conditions set forth in the applicable Tag-Along Notice.  Notwithstanding the foregoing, if the Transferring Investor(s) intends to Transfer Units of more than one class or series, each of the Tag-Along Unitholders electing to participate must participate in all such Transfers (to the extent such Tag-Along Unitholders hold such other class or series). For purposes of this Agreement, "Pro Rata Portion" means, with respect to each Unit to be Transferred pursuant to this Section 8.3, the amount such Unit would have received in a liquidating distribution pursuant to Section 10.2, based upon a total equity value of the Company implied by the price to be paid by the purchaser of the Units in the applicable Transfer, in each case as determined by the Board.
(b)    The Transferring Investor(s) will use reasonable best efforts to obtain the agreement of the prospective transferee(s) to the participation of the Tag-Along Unitholders in any contemplated Transfer, and the Transferring Investor(s) will not transfer any of its Units to the prospective transferee(s) unless (A) the prospective transferee(s) agrees to allow the participation of the Tag-Along Unitholders on the same terms and conditions, including the form and amount of consideration per Unit, as the Transferring Investor(s) or (B) the Transferring Investor(s) agrees to purchase the number of Units from the Tag-Along Unitholders that the Tag-Along Unitholders would have been entitled to sell pursuant to Section 8.3(a) for the same form and amount of consideration per Unit to be paid to the Transferring Investor(s) by the prospective transferee(s) (in which case the Transferring Investor(s) shall be entitled to sell such additional number of Units to the prospective transferee(s)) for the consideration per Unit to be paid to the Transferring Investor(s) by the prospective transferee(s).  Each Unitholder participating in a Transfer pursuant to this Section 

49

8.3 will bear its pro rata share (based on the sale proceeds of Units to be sold) of the reasonable out-of-pocket costs of such Transfer to the extent such costs are incurred for the benefit of all Unitholders participating in such Transfer and are not otherwise paid by the Company or the acquiring party.  Costs incurred by Unitholders on their own behalf will not be considered costs of the transaction hereunder. Notwithstanding the foregoing, the Tag-Along Unitholder(s) shall not be obligated to pay directly any costs prior to consummation of the Transfer. Each Unitholder participating in such Transfer shall take, and Sinclair shall cause the Sinclair Stockholders to take, all Transfer Actions in furtherance of or in connection with the consummation of such Transfer as requested by the Transferring Investor(s).
(c)    None of the following shall constitute Units for any purpose under this Section 8.3: (i) Units issuable upon the exercise of employee options (or similar equity-like incentive shares or units) which have not vested or are otherwise not exercisable; (ii) Units issuable upon the exercise of vested employee options (or similar equity-like incentive shares or units) whose per share or per unit exercise price is more than the price to be paid for such share or unit in such Transfer; (iii) Units whose per Unit Participation Threshold is more than the price to be paid for such Unit in such Transfer, including Capital Incentive Units; and (iv) Units that are subject to vesting (i.e., to the extent subject to possible repurchase by the Company at less than fair market value other than as a result of the circumstances of a Unitholder's termination).
(d)    In the event that any Transferring Investor consummates a Transfer of its Units in violation of this Section 8.3, such Transferring Investor, at the option of each Tag-Along Unitholder, shall purchase the number of Units from such Tag-Along Unitholder that such Tag-Along Unitholder would have been entitled to sell pursuant to Section 8.3(a) for the same form and amount of consideration per Unit received by the Transferring Investor(s) from the prospective transferee(s).
(e)    The provisions of this Section 8.3 will terminate upon the earlier to occur of (i) the consummation of a Sale of the Company and (ii) an IPO.
Section 8.4    Sale of the Company.
(a)    If the holders of the Required Interest approve a Sale of the Company (an "Approved Sale"), each Unitholder, after receipt of the notice contemplated hereby, shall (to the extent applicable) vote for, consent to and raise no objections against such Approved Sale.  If the Approved Sale is structured as a (i) merger or consolidation, each Unitholder shall (to the extent applicable) waive any dissenters' rights, appraisal rights or similar rights in connection with such merger or consolidation, or (ii) sale of equity securities, each Unitholder shall agree to sell all of his, her or its Units or rights to acquire Units on the terms and conditions approved by the holders of the Required Interest, subject to the definition of Transfer Actions.  The consideration to be received by each Unitholder shall be the same form and amount of consideration per Unit to be received by the holders of the Required Interest.  If any Unitholder (including a Unitholder that is part of the Required Interest) other than a Management Unitholder is given an option as to the form and amount of consideration to be received, the same option shall be given to all Unitholders.  To exercise the rights set 

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forth herein, the holders of the Required Interest must deliver a written notice to the Board no later than 20 days prior to the consummation of such Approved Sale. Such notice shall specify in reasonable detail the identity of the prospective purchaser, the proposed closing date (if known), the proposed purchase price and, to the extent available, be accompanied by a copy of any agreement to be executed in connection therewith. Each Unitholder shall take, and Sinclair shall cause the Sinclair Stockholders to take, all Transfer Actions in furtherance of or in connection with the consummation of the Approved Sale as requested by the holders of the Required Interest or the Board including entering into agreements to effectuate the provisions of Section 8.4(d) hereof.  
(b)    If either the Board or the holders of the Required Interest enter into a negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities and Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other reorganization), the Unitholders (other than any holder who is an "accredited investor" under Rule 501) will, at the request of the Board or the holders of the Required Interest, appoint a purchaser representative (as such term is defined in Rule 501) reasonably acceptable to the holders of the Required Interest.  If any such Unitholder appoints a purchaser representative designated by the holders of the Required Interest, the Company will pay the fees of such purchaser representative, but, if any such Unitholder declines to appoint the purchaser representative designated by the holders of the Required Interest, such holder shall appoint another purchaser representative and be responsible for the fees of the purchaser representative so appointed.
(c)    Each Unitholder will bear its pro rata share (based on the sale proceeds of Units to be sold) of the reasonable costs of such Approved Sale to the extent such costs are incurred for the benefit of all Unitholders and are not otherwise paid by the Company or the acquiring party.  Costs incurred by Unitholders on their own behalf will not be considered costs of the transaction hereunder. Notwithstanding the foregoing, no Unitholder shall be obligated to pay directly any costs prior to consummation of the Approved Sale.
(d)    In connection with each Approved Sale, unless otherwise determined by the Investors, subject to the terms and conditions of this Agreement, each Unitholder irrevocably constitutes and appoints, and will constitute and appoint, an Investor or any Affiliate of the Investors, in each case, designated by the Investors (the "Seller Representative") as his, her or its representative, agent and attorney-in-fact with full power of substitution to act and to do any and all things and execute any and all documents on behalf of such Unitholder that may be necessary, convenient or appropriate to facilitate the consummation of the Approved Sale in accordance with this Agreement, the administration of and carrying out of the terms of agreements governing such Approved Sale (including giving or agreeing to, on behalf of all or any of the Unitholders, any and all consents, waivers, amendments or modifications deemed by the Seller Representative, in its sole and absolute discretion, to be necessary or appropriate under the terms of any agreements entered into in connection with such Approved Sale, subject to the terms and conditions of this Agreement).  This appointment of the Seller Representative is coupled with an interest and shall not be revocable by any Unitholder in 

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any manner or for any reason.  This power of attorney shall not be affected by the death, illness, dissolution, disability, incapacity or other inability to act of the principal pursuant to any applicable law.  The Seller Representative shall not be liable to any Unitholder in its capacity as the Seller Representative for any liability of a Unitholder or for any error of judgment, or any act done or step taken or omitted by it that it believed to be in good faith or for any mistake in fact or law, or for anything which it may do or refrain from doing in connection with the agreements related to such Approved Sale.  The Unitholders shall severally, but not jointly, pro rata in accordance with, and not in excess of, their respective proceeds from such Approved Sale, indemnify and hold harmless, the Seller Representative from any and all losses, liabilities and expenses (including the reasonable fees and expenses of counsel) arising out of or related to the Seller Representative's service as the Seller Representative, unless attributable to the fraud, gross negligence or willful misconduct of the Seller Representative.  The provisions governing the Seller Representative set forth in the definitive agreements governing any Approved Sale shall contain the terms and conditions set forth in this Section 8.4(d) and such other terms and provisions approved by the holders of the Required Interest.
Section 8.5    Repurchase Rights.  
(a)    Company Repurchase Rights.  In the event that an Employee Unitholder terminates employment with, or ceases to provide services to, the Company and its Subsidiaries for any reason, then the Company shall have the right, but not the obligation, to repurchase at any time after the Termination Date all or any portion (as determined by the Company) of the Residual Units held by such Employee Unitholder and any Permitted Transferees of the Employee Unitholder at a price per Unit equal to the Call Price on the applicable Redemption Date.  The Company shall exercise its repurchase right under this Section 8.5(a) by delivering to the Employee Unitholder and/or the Permitted Transferees of the Employee Unitholder, as applicable, a written notice of such exercise, which notice shall set forth (i) the number of Class B Units and/or Capital Incentive Units to be repurchased, (ii) the Call Price(s) for the repurchased Units and (iii) the Redemption Date.  
(b)    Employee Unitholder Repurchase Rights.  
(i)    Regular Repurchase Rights.  Each Employee Unitholder shall have the right, but not the obligation, to require the Company to purchase the Employee Unitholder’s Initial Units in accordance with the Designated Put Schedule at a price per Initial Unit equal to the Put Price on the applicable Redemption Date. The Employee Unitholder shall exercise its repurchase right under this Section 8.5(b)(i) by delivering to the Company a written notice of such exercise on December 31 or June 30 of any calendar year (but no later than December 31, 2025), which notice shall set forth the number of Class B Units and/or Capital Incentive Units to be repurchased.

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(ii)    NSAM Change of Control Repurchase Rights.  Each Employee Unitholder shall have the right, but not the obligation, to require the Company to purchase any Eligible Units and up to 50% of any Non-Eligible Units of the Employee Unitholder (whether or not such Initial Units are vested) in connection with an “NSAM Change of Control” (as defined in the NorthStar Asset Management Group Inc. 2014 Omnibus Stock Incentive Plan (it being understood that notwithstanding anything to the contrary, no transaction with an affiliate of NSAM shall be deemed an “NSAM Change of Control”)) at a price per Initial Unit equal to the Put Price on the date of the Change of Control.  The Employee Unitholder shall exercise its repurchase right under this Section 8.5(b)(ii) by delivering to the Company a written notice of such exercise on (or effective as of), or within ten business days following the Change of Control, which notice shall set forth the number of Class B Units and/or Capital Incentive Units to be repurchased; provided that (i) the “Redemption Date” in such case shall mean the date on which Units are repurchased following such a notice, as determined by the Company in its sole discretion, but shall be no later than 30 days after such redemption notice is delivered; and (ii) the proviso in Section 8.5(c)(i) shall not apply.  For purposes of this Section 8.5(b)(ii), “affiliate” means (i) current Affiliates, (ii) any current or future entities or vehicles managed or advised by NSAM and its subsidiaries and (iii) the current officers and directors of NSAM.
(c)    Closing of Repurchase Right. 
(i)    The closing of the purchase by the Company of Units pursuant to this Section 8.5 shall take place at the principal office of the Company on the Redemption Date; provided, however, that the Redemption Date may be extended by the Board to the extent the Board determines in its good faith sole discretion that (A) the Company or any of its Subsidiaries is prohibited from consummating the purchase (or distributing the funds necessary to consummate the purchase) due to their respective contractual obligations (after the Company has used commercially reasonable efforts to obtain the waiver of such obligations) or (B) the purchase would impair the ability of the Company, its Subsidiaries and NorthStar Asset Management Group Inc., taken as a whole, to operate as a going concern.
(ii)    The Company may deliver cash or, with the consent of NorthStar Asset Management Group Inc., shares of NorthStar Asset Management Group Inc. (or any successor thereto) common stock (collectively, “NSAM Stock”) or a combination thereof as payment of the Call Price or Put Price, as applicable; provided that NSAM Stock may only be delivered as payment of the Call Price or Put Price if (A) the NSAM Stock is traded on the New York Stock Exchange or NASDAQ Stock Market and (B) NorthStar Asset Management Group Inc. (or any successor thereto) has a market capitalization in excess of $500 million on the Redemption Date.  In the event that the Company determines to deliver shares of NSAM Stock in accordance with this Section 8.5(d), the value of the NSAM Stock will be equal to the volume-weighted average price of NSAM Stock on the New York Stock 

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Exchange or NASDAQ over the ten trading days immediately preceding the Redemption Date.
(iii)    At the closing of the purchase by the Company of Units pursuant to this Section 8.5, (A) the Company shall pay the Employee Unitholder and/or his or her Permitted Transferees, as applicable, the aggregate Call Price or Put Price for such Units by wire transfer of immediately available funds or delivery of NSAM Stock (which may be by book entry), as applicable, and (B) the Employee Unitholder and/or his or her Permitted Transferees, as applicable, shall execute and deliver to the Company such transfer documents as the Company may reasonably require. As a condition to the payment of the Call Price or Put Price for redeemed Units, the Company may require the Employee Unitholder or Permitted Transferee to represent and warrant to the Company that: (w) such Person has full right, title and interest in and to such Units; (x) such Person has all necessary power and authority and has taken all necessary action to sell such Units as contemplated; (y) such Units are free and clear of any and all liens or encumbrances and there is no adverse claim with respect to such Units and (z) for a purchase by the Company of Units pursuant to Section 8.5(b), such Person does not have any claims or causes of action pending or threatened against the Company or any of its Affiliates.
(d)    Determination of Put Price.  The “Put Price” means the value of a Unit determined by making a calculation reflecting the cash distributions which would be made to the Unitholders in accordance with this Agreement in respect of such Unit if the Company were deemed to have received the Company Equity Value in cash and then distributed the same to the Unitholders in accordance with the terms of this Agreement incident to the liquidation of the Company (after payment to creditors of all indebtedness for borrowed money, excluding payments to creditors who hold evidence of indebtedness for borrowed money, the payment of which is already reflected in the calculation of the Company Equity Value) and assuming that all of the convertible debt and other convertible securities were repaid or converted (whichever yields more cash to the holders of such convertible securities), with appropriate adjustments to reflect the amounts payable to Unitholders assuming any exercisable options for Units have been exercised.  The determination of the value of the Unit as provided in this Section 8.5(d), shall be made by the Board in its good faith judgment.  If the Employee Unitholder disagrees with such determination, the Employee Unitholder shall deliver to the Board a written notice of objection (a "Value Objection") within ten days after receipt of notice of the Board's determination.  Upon receipt of the Employee Unitholder’s Value Objection, the Board and the Employee Unitholder will negotiate in good faith to agree on the value of a Unit determined in accordance with this Section 8.5(d).  If such agreement is not reached within 30 days after the delivery of the Value Objection, the value of a Unit determined in accordance with this Section 8.5(d) shall be determined by an accountant jointly selected by the Board and the Employee Unitholder, which accountant shall submit to the Board and the Employee Unitholder a report within 30 days of its engagement setting forth such determination.  If the parties are unable to agree on an accountant within 45 days after delivery of the Value Objection, then, within seven days, each party shall submit the names of four nationally recognized accounting firms, and 

54

each party shall be entitled to strike two names from the other party's list of firms, and the accountant shall be selected by lot from the remaining four accounting firms.  If the Employee Unitholder does not comply with its obligations in this Section 8.5(d) regarding the selection and appointment of the accountant, the Employee Unitholder shall be deemed to have agreed to the Board's determination of the value of the Unit as provided in this Section 8.5(d) notwithstanding his or her disagreement therewith.  The expenses of such accountant shall be borne by the Employee Unitholder unless the accountant's valuation is more than 5% greater than the amount determined by the Board, in which case the expenses of the accountant shall be borne by the Company.  The determination of such accountant, or if the Employee does not deliver a written Value Objection to the Board within 10 days after receipt of notice of the Board’s determination, the Board’s determination as to the value of a Unit determined in accordance with this Section 8.5(d) shall be final and binding upon all parties.
(e)    Repurchase Right or Obligation.  Subject to Section 8.5(c)(i), NorthStar Asset Management Group Inc. shall cause the Company to perform its obligations under this Section 8.5, and if the Company does not or cannot perform such obligations (other than an inability that results in an extension of the Redemption Date pursuant to Section 8.5(c)(i)), NorthStar Asset Management Group Inc. will perform such obligations. The Company may assign to Investor its right, or Investor may assume the Company’s obligation, to purchase all or any portion of the Units subject to call or put rights under this Section 8.5 and Investor may exercise the rights of the Company under this Section 8.5 in the same manner in which the Company may exercise such rights.
(f)    Termination of Repurchase Rights.  The provisions of this Section 8.5 will terminate upon an IPO.
Section 8.6    Restriction on Transfer.  In order to permit the Company to qualify for the benefit of a "safe harbor" under Code Section 7704, notwithstanding anything to the contrary in this Agreement, no Transfer of any Unit or economic interest shall be permitted or recognized by the Company or the Board (within the meaning of Treasury Regulation Section 1.7704-1(d)) if and to the extent that such Transfer would cause the Company to have more than 100 partners (within the meaning of Treasury Regulation Section 1.7704-1(h), including the look-through rule in Treasury Regulation Section 1.7704-1(h)(3)). Further, no Transfer of any Unit or economic interest shall be permitted if such Transfer would create, in the Board's discretion, a risk that the Company would be treated as a publicly traded partnership within the meaning of Section 7704 of the Code.
Section 8.7    Transfer Fees and Expenses.  Except as otherwise provided in this Article VIII, the transferor and transferee of any Units or other interest in the Company shall be jointly and severally obligated to reimburse the Company for all reasonable expenses (including attorneys' fees and expenses) of any Transfer or proposed Transfer, whether or not consummated.
Section 8.8    Void Transfers.  Any Transfer by any Unitholder of any Units or other interest in the Company in contravention of this Agreement (including the failure of the transferee to execute a counterpart in accordance with Section 8.1(c)) or which would cause the Company to not be treated as a partnership for U.S. federal income tax purposes shall be void and ineffectual 

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and shall not bind or be recognized by the Company or any other party.  No purported assignee shall have any right to any profits, losses or distributions of the Company.
ARTICLE IX 
ADMISSION OF UNITHOLDERS
Section 9.1    Substituted Unitholders.  In connection with the Transfer of a Company Interest of a Unitholder permitted under the terms of this Agreement and the other Transaction Documents, the transferee shall become a Substituted Unitholder on the effective date of such Transfer, which effective date shall not be earlier than the date of compliance with or waiver of the conditions to such Transfer (unless one of the conditions to such Transfer is that Board or Unitholder consent is required for the admission of such transferee, in which case such consent must first be obtained), including executing counterparts of, and becoming a party to, this Agreement and all other agreements, instruments, certificates and other documents entered into or delivered by any Unitholder in connection with the transactions contemplated hereby to which the transferor Unitholder was a party, and such admission shall be shown on the books and records of the Company.
Section 9.2    Additional Unitholders.  A Person may be admitted to the Company as an Additional Unitholder only as contemplated under, and in compliance with, the terms of this Agreement, including furnishing to the Board (a) a letter of acceptance, in form satisfactory to the Board, of all the terms and conditions of this Agreement, including the power of attorney granted in Section 14.1, and (b) such other documents or instruments as may be necessary or appropriate to effect such Person's admission as a Unitholder (including counterparts or joinders to all applicable Transaction Documents).  Such admission shall become effective on the date on which the Board determines in its discretion that such conditions have been satisfied and when any such admission is shown on the books and records of the Company.  
Section 9.3    Optionholders.  Except as set forth in this Agreement, no Person that holds securities (including options, warrants, or rights) exercisable, exchangeable, or convertible into Units shall have any rights with respect to such Units until such Person is actually issued Units upon such exercise, exchange, or conversion and, if such Person is not then a Unitholder, is admitted as a Unitholder pursuant to Section 9.2.
ARTICLE X 
DISSOLUTION AND LIQUIDATION
Section 10.1    Dissolution.  The Company shall not be dissolved by the admission of Additional Unitholders or Substituted Unitholders, or by the death, retirement, expulsion, bankruptcy or dissolution of a Unitholder.  The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following:
(a)    at any time by the approval of the Board or the holders of the Required Interest; or
(b)    the entry of a decree of judicial dissolution or an administrative dissolution of the Company under Section 18-802 of the Delaware Act.

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Except as otherwise set forth in this Article X, the Company is intended to have perpetual existence.  An Event of Withdrawal shall not cause a dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement.
Section 10.2    Liquidation and Termination.  
(a)    On dissolution of the Company, the Board shall act as liquidator or may appoint one or more representatives or Unitholders as liquidator.  The liquidator shall proceed diligently to wind up the affairs of the Company, sell all or any portion of the Company assets for cash or cash equivalents as they deem appropriate, and make final distributions as provided herein and in the Delaware Act.  The costs of liquidation shall be borne as a Company expense.  Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of the Board.  The liquidator shall pay, satisfy, or discharge from Company funds all of the debts, liabilities, and obligations of the Company (including all expenses incurred in liquidation) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine) and shall promptly distribute the remaining assets to the holders of Units in accordance with Section 4.1 (if applicable), as if the Company's Taxable Year closed immediately prior to such distribution, and then in accordance with Section 4.1(b).  
(b)    Any non-cash assets will first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with Section 7.5 and Section 7.6.  After taking into account such allocations, it is anticipated that each Unitholder's Capital Account will be equal to the amount to be distributed to such Unitholder pursuant to this Section 10.2.
(c)    If any Unitholder's Capital Account is not equal to the amount to be distributed to such Unitholder pursuant to this Section 10.2, Profits and Losses for the Taxable Year in which the Company is dissolved shall be allocated among the Unitholders in such a manner as to cause, to the extent possible, each Unitholder's Capital Account to be equal to the amount to be distributed to such Unitholder pursuant to this Section 10.2.  In making the distributions pursuant to this Section 10.2, the liquidator shall allocate each type of asset (i.e., cash, cash equivalents, securities, etc.) among the Unitholders ratably based upon the aggregate amounts to be distributed with respect to the Units held by each such Unitholder.  Any such distributions in kind shall be subject to (x) such conditions relating to the disposition and management of such assets as the liquidator deems reasonable and equitable and (y) the terms and conditions of any agreement governing such assets (or the operation thereof or the holders thereof) at such time.
(d)    The distribution of cash and/or property to a Unitholder in accordance with the provisions of this Section 10.2 constitutes a complete return to the Unitholder of its Capital Contributions and a complete distribution to the Unitholder of its interest in the Company and all the Company's property and constitutes a compromise to which all Unitholders have consented within the meaning of the Delaware Act.  To the extent that a 

57

Unitholder returns funds to the Company, it has no claim against any other Unitholder for those funds.
Section 10.3    Cancellation of Certificate.  On completion of the distribution of Company assets as provided herein, the Company shall be terminated (and the Company shall not be terminated prior to such time), and the Board (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with the Secretary of State of the State of Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled, and take such other actions as may be necessary to terminate the Company.  The Company shall be deemed to continue in existence for all purposes of this Agreement until it is terminated pursuant to this Section 10.3.
Section 10.4    Reasonable Time for Winding Up.  A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 10.2 in order to minimize any losses otherwise attendant upon such winding up.
Section 10.5    Return of Capital.  The liquidator shall not be personally liable for the return of Capital Contributions or any portion thereof to the Unitholders (it being understood that any such return shall be made solely from Company assets).
ARTICLE XI 
VALUATION
Section 11.1    Determination.  Subject to Section 11.2(a), the Fair Market Value of the assets of the Company or of a Company Interest will be determined by the Board (or, if pursuant to Section 10.2, the liquidator) in its good faith judgment in such manner as its deems reasonable and using all factors, information and data deemed to be pertinent.  If Sinclair and Terrance Ahern and his Family Group collectively hold a number of Class B Units equal to 50% or more of the Class B Units owned by Sinclair as of the date hereof (after the consummation of the transactions contemplated by the Securities Purchase Agreement), and Sinclair (or Terrance Ahern) reasonably disagrees with such determination, Sinclair (or Terrance Ahern) shall deliver to the Board a written notice of objection (a "FMV Objection") within ten days after receipt of notice of the Board's determination.  For the avoidance of doubt, for purposes of determining the number of Class B Units held by Sinclair, Terrance Ahern and his Family Group as of the date hereof (after the consummation of the transactions contemplated by the Securities Purchase Agreement), any Class B Units indirectly owned by shareholders of Sinclair other than Ahern and any Transfer of Units to Management Holders contemplated by the Equity Plan (whether previously made or to be made in the future) shall be excluded.  Upon receipt of Sinclair's (or Terrance Ahern's) written notice of objection, the Board and Sinclair (or Terrance Ahern) will negotiate in good faith to agree on such Fair Market Value.  If such agreement is not reached within 30 days after the delivery of the FMV Objection, Fair Market Value shall be determined by an appraiser jointly selected by the Board and Sinclair (or Terrance Ahern), which appraiser shall submit to the Board and Sinclair (and Terrance Ahern) a report within 30 days of its engagement setting forth such determination.  If the parties are unable to agree on an appraiser within 45 days after delivery of the FMV Objection, within seven days, each party shall submit the names of four nationally recognized firms that are engaged 

58

in the business of valuing non‐public securities, and each party shall be entitled to strike two names from the other party's list of firms, and the appraiser shall be selected by lot from the remaining four appraisal firms.  If Sinclair (or Terrance Ahern) does not comply with its obligations in this Section 11.1 regarding the selection and appointment of the appraiser, Sinclair and Terrance Ahern shall be deemed to have agreed to the Board's determination of Fair Market Value notwithstanding his disagreement therewith.  The expenses of such appraiser shall be borne by Sinclair unless the appraiser's valuation is more than 5% greater than the amount determined by the Board, in which case the expenses of the appraiser shall be borne by the Company.  The determination of such appraiser as to Fair Market Value shall be final and binding upon all parties.
Section 11.2    Fair Market Value. 
(a)    "Fair Market Value" of (i) a specific Company asset will mean the amount which the Company would receive in an orderly all-cash sale of such asset (free and clear of all Liens and after payment of all liabilities secured only by such asset) in an arms-length transaction with an unaffiliated third party consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any transfer taxes payable in connection with such sale); and (ii) the Company will mean the amount which the Company would receive in an orderly all-cash sale of all of its assets and businesses as a going concern (free and clear of all Liens and after payment of indebtedness for borrowed money) in an arms-length transaction with an unaffiliated third party consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (assuming that all of the proceeds from such sale were paid directly to the Company other than an amount of such proceeds necessary to pay transfer taxes payable in connection with such sale, which amount will not be received or deemed received by the Company). 
(b)    After a determination of the Fair Market Value of the Company is made as provided above, the Fair Market Value of a Unit will be determined by making a calculation reflecting the cash distributions which would be made to the Unitholders in accordance with this Agreement in respect of such Unit if the Company were deemed to have received such Fair Market Value in cash and then distributed the same to the Unitholders in accordance with the terms of this Agreement incident to the liquidation of the Company (after payment to all of the Company's creditors from such cash receipts other than payments to creditors who hold evidence of indebtedness for borrowed money, the payment of which is already reflected in the calculation of the Fair Market Value of the Company) and assuming that all of the convertible debt and other convertible securities were repaid or converted (whichever yields more cash to the holders of such convertible securities) and all options to acquire Units (whether or not currently exercisable) that have an exercise price below the Fair Market Value of such Units were exercised and the exercise price therefor paid.
(c)    Except as otherwise provided herein or in any agreement, document or instrument contemplated hereby, any amount to be paid under this Agreement by reference to the Fair Market Value shall be paid in full in cash, and any Unit being transferred in exchange therefor will be transferred free and clear of all Liens.

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ARTICLE XII 
CHANGE IN BUSINESS FORM; MERGER
Section 12.1    Incorporation of the Company.
(a)    The Board may, (x) in order to facilitate a Sale of the Company or an IPO, or (y) in order to avoid cancellation of debt income (or any similar tax liability) being allocated to any of the Unitholders, cause the Company to incorporate its business, or any portion thereof, including by (i) the transfer of all of the assets of the Company, subject to the Company's liabilities, or the transfer of any portion of such assets and liabilities, to one or more corporations in exchange for shares of such corporation(s) and the subsequent distribution of such shares, at such time as the Board may determine, to the Unitholders on a pro rata basis, (ii) conversion of the Company into a corporation pursuant to §18-216 of the Delaware Act (or any successor section thereto), (iii) Transfer by each Unitholder of Units held by such Unitholder to one or more corporations in exchange for shares of such corporation(s) (including by merger of the Company into a corporation) or (iv) causing a corporation to be admitted as a member of the Company, with such corporation purchasing interests in the Company from the Company or the Unitholders (as determined by the Board) and, in connection therewith, each Unitholder agrees to the Transfer of its Units in accordance with the terms of exchange as provided by the Board and further agrees that as of the effective date of such exchange any Unit outstanding thereafter which shall not have been tendered for exchange shall represent only the right to receive a certificate representing the number of shares of such corporation(s) as provided in the terms of such exchange.
(b)    In connection with any such reorganization or exchange as provided above in this Article XII, the Board may determine what securities or other property the Units of each class will be converted to or exchanged for in such reorganization or exchange; provided that, each Unitholder of a particular class of Units shall receive the same form of securities and/or other property and the same amount of securities and/or other property per Unit of such class (except as necessary, in the case of Capital Incentive Units to give effect to the applicable Participation Threshold of each such Unit, as determined by the Board) and if any holders of a class of Units are given an option as to the form and amount of securities to be received, each holder of such class of Units shall be given the same option.  Notwithstanding the foregoing, the Board may determine that, with respect to the Residual Units, each holder of Residual Units shall receive the same form of securities and/or other property as each other Residual Unitholder, in an amount equal to the Fair Market Value of the Residual Units held by such Residual Unitholder.  In connection with any such transaction as provided above, if any holder of Capital Incentive Units would not be entitled to receive any portion of such Distribution as a result of the Participation Threshold applicable to such Units, then such Capital Incentive Units shall, unless otherwise determined by the Board, be cancelled in such transaction for no consideration.  
(c)    The Company shall pay any and all organizational, legal and accounting expenses and filing fees incurred in connection with such incorporation transaction, including any fees related to a filing under the Hart-Scott-Rodino Anti-Trust Improvements 

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Act of 1976, as amended, if applicable.  It is the intent of the Unitholders that the conversion of the Company into corporate form and the conversion or reorganization of any of the Company's operating divisions, whether currently existing or existing in the future, into corporate form are part of the Unitholders' original investment decision with respect to the Units of the Unitholders.  In connection with any such reorganization or change, no Unitholder shall have the right or power to veto, vote for or against, amend, modify or delay any such reorganization or exchange.  Further, each Unitholder shall execute and deliver, and Sinclair shall cause each Sinclair Stockholder to execute and deliver, any documents and instruments and perform any additional acts that may be necessary or appropriate, as determined by the Board, to effectuate and perform any such reorganization or change (including in the case of any Management Unitholder or a Sinclair Stockholder, executing an agreement with the successor entity providing for the continued vesting of, and repurchase rights respecting, any equity securities issued in respect of unvested Units in form and substance similar to the provisions and restrictions with respect to vesting and repurchase rights set forth in any Employee Equity Agreement or similar agreement, as the case may be).
Section 12.2    Conversion to Limited Partnership. The Board may at any time effect a conversion of the Company into a limited partnership pursuant to §18-216 of the Delaware Act (or any successor section thereto) provided that no Person that is a Unitholder immediately prior to such conversion shall be a general partner of such limited partnership without such Person's prior written consent which may be granted or withheld in such Person's sole discretion. It is the intent of the Unitholders that the possibility of a conversion of the Company into a limited partnership is part of the Unitholders' original investment decision with respect to their respective Units. No Unitholder shall have the right or power to veto, vote for or against, amend, modify or delay any such conversion. Further, each Unitholder shall execute and deliver any documents and instruments and perform any additional acts that may be necessary or appropriate, as determined by the Board, to effectuate and perform any such conversion.
Section 12.3    Merger Generally.  Subject to the provisions of this Agreement, the Company may, with the approval of the Board and the holders of the Required Interest and without the need for any further act, vote or approval of any Unitholder or class or group of Unitholders, merge with, or consolidate into, another limited liability company (organized under the laws of Delaware or any other state), a corporation (organized under the laws of Delaware or any other state) or other business entity (as defined in Section 18-209(a) of the Delaware Act), regardless of whether the Company or such other entity is the survivor.  If a merger is used as a means of effecting the intent of Section 12.1(a) of this Agreement, then the provisions of that Section shall instead apply to such transaction.  Section 18-210 of the Delaware Act (entitled "Contractual Appraisal Rights") shall not apply or be incorporated into this Agreement and the Unitholders hereby waive any rights under such section of the Delaware Act. 
ARTICLE XIII 
CERTAIN COVENANTS
Section 13.1    Financial Statements and Other Information.  

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The Company shall deliver (i) items (a) – (f) below to each Investor and (ii) items (a) – (d) below to each Management Unitholder who is then an employee of the Company or one of its Subsidiaries and to each holder of at least 4% of the Residual Units then outstanding:
(a)    as soon as available but in any event within 15 days after the end of each monthly accounting period in each fiscal year (except for monthly periods ending in March, June, September or December, in which case, within 10 days after the end of such monthly accounting period), (1) unaudited consolidated statements of income and cash flows of the Company and its Subsidiaries for such monthly period and for the period from the beginning of the fiscal year to the end of such month, (2) consolidated balance sheets of the Company and its Subsidiaries as of the end of such monthly period, (3) an equity statement for the Company and its Subsidiaries as of the end of such monthly period (in each case of (1) through (3), prepared in accordance with United States generally accepted accounting principles, consistently applied ("GAAP"), subject to the absence of footnote disclosures, normal year-end adjustments and such other departures from GAAP as the Board may authorize) and (4) the Excess Operating Cash for such period;
(b)    as soon as available but in any event within 20 days after the end of each quarterly accounting period in each fiscal year, (1) unaudited consolidating and consolidated statements of income and cash flows of the Company and its Subsidiaries for such quarterly period and for the period from the beginning of the fiscal year to the end of such quarter, (2) consolidating and consolidated balance sheets of the Company and its Subsidiaries as of the end of such quarterly period, setting forth in each case comparisons to the quarterly budget and to the preceding fiscal quarter, (3) an equity statement for the Company and its Subsidiaries as of the end of such quarterly period (in each case of (1) through (3) prepared in accordance with GAAP, subject to the absence of footnote disclosures, normal year-end adjustments and such other departures from GAAP as the Board may authorize) and (4) the Excess Operating Cash for such period; 
(c)    as soon as available but in any event within 60 days after the end of each fiscal year, (1) consolidating and consolidated statements of income and cash flows of the Company and its Subsidiaries for such fiscal year, (2) consolidating and consolidated balance sheets of the Company and its Subsidiaries as of the end of such fiscal year, setting forth in each case comparisons to the annual budget and to the preceding fiscal year, (3) an equity statement for the Company and its Subsidiaries as of the end of such monthly period (in each case of (1) through (3) prepared in accordance with GAAP and accompanied by (A) with respect to the consolidated portions of such statements (except with respect to budget data), an opinion of an independent accounting firm of recognized national standing acceptable to the Required Interest and (B) a copy of such accounting firm's annual management letter to the Board) and (4) the Excess Operating Cash for such period; 
(d)    accompanying the financial statements referred to in clauses (a) through (c) above, a management discussion and analysis of financial conditions and results of operations in a form reasonably satisfactory to the Required Interest;

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(e)    by November 15 in each fiscal year, the annual budget, including assumptions on revenues and expenses, for earnings before interest, taxes, depreciation and amortization for the next fiscal year; and
(f)    upon request by an Investor, such other supporting documentation and information (including, but not limited to, general ledger entries, trial balances, bank statements and reconciliations, significant contracts, accounting memoranda, lists of related party transactions, account receivable and other balance sheet activity reconciliations, aged receivables and payables reports, revenue related schedules, depreciation and amortization schedules, straight line schedules, carried interest and earn-out schedules, loan covenant computations and any other significant documentation supporting financial statement amounts).
Section 13.2    Inspection Rights.  The Company shall permit (i) each Investor, (ii) each Management Unitholder who is then an employee of the Company or one of its Subsidiaries and (iii) each holder of at least 4% of the Residual Units then outstanding, upon reasonable notice and during normal business hours and at such other times as any such Unitholder may reasonably request, to: (a) visit and inspect any of the properties of the Company and its Subsidiaries; (b) examine the company and financial records of the Company and its Subsidiaries and make copies thereof or extracts therefrom; and (c) discuss the affairs, finances and accounts of any such entities with the Board, officers, key employees and independent accountants of the Company and its Subsidiaries; provided that (i) such rights shall only be available in connection with such Person's evaluation of their investment in the Company (and not for purposes of or in connection with any existing or contemplated litigation matters against or involving the Company and/or its Subsidiaries), (ii) such requesting Person shall be obligated to reimburse the Company for the Company's and its Subsidiaries' costs and expenses incurred in connection with their compliance with this Section 13.2, and (iii) the Company's and its Subsidiaries' obligations under this Section 13.2 will be suspended during any periods where compliance herewith would be materially disruptive to their respective businesses.  The presentation of an executed copy of this Agreement by any Investor or any such Unitholder to the Company's independent accountants shall constitute the Company's permission to its independent accountants to participate in discussions with such Persons.
Section 13.3    Covenant Conditions.  The holders of the Required Interest and one Sinclair Manager shall be permitted to waive (in whole or in part, and before or after the fact) any obligations of the Company and/or its Subsidiaries under Section 13.1 and/or Section 13.2, and any such waiver shall be binding on all of the Unitholders in all respects.  The rights of any Unitholder under Section 13.1 and Section 13.2 shall automatically cease upon such Unitholder's (a) breach of any restrictive covenant contained in any agreement entered into with the Company or any of its Subsidiaries, and/or (b) failure to hold any information contemplated by or obtained pursuant to Section 13.1 and Section 13.2 strictly confidential (including in accordance with any confidentiality provision(s) included in agreements such Unitholder has entered into with the Company or any of its Subsidiaries). 
Section 13.4    Internal Controls and Cooperation. The Company acknowledges that the Investor’s ultimate parent is a public company, listed on the New York Stock Exchange and subject 

63

to the applicable rules and regulations of the U.S. Securities and Exchange Commission.  The Company shall maintain an effective system of internal controls as approved by the Board of Managers. The Company will instruct its auditors to complete a SSAE 16 Type 2 review as of December 31 of each calendar year, and provide a copy of the results to the Investor by January 31 of the following calendar year, as reasonably requested by the Investor. Upon request, the Company shall (i) afford the Investors and the Investor’s auditors and other representatives access to its books and records, personnel and other information in the possession or under the control of the Company in connection with the Investor’s compliance with internal or external financial reporting, tax and other similar obligations of Investor and its Affiliates.
Section 13.5    Closing Distribution.  Following the Closing, the Company shall make a Distribution in cash equal to, in the aggregate:  (X) the amount of Cash as of the Closing (as Cash is defined in the Securities Purchase Agreement) minus (Y) five million dollars ($5,000,000).  Each Unitholder agrees and consents to the foregoing Distribution; provided, however, that settlement of such Distribution shall occur (i) with respect to Investor, immediately following the Closing; and (ii) with respect to the other Unitholders, immediately following the settlement of all Class B Unit purchases pursuant the Class B Unit Purchase and Sale Agreements, dated January 29, 2016, between certain Unitholders and the Investor.
ARTICLE XIV 
GENERAL PROVISIONS
Section 14.1    Power of Attorney.
(a)    Each Unitholder hereby constitutes and appoints each member of the Board and the liquidator, with full power of substitution, as his true and lawful agent and attorney-in-fact, with full power and authority in his or its name, place and stead, to execute, swear to, acknowledge, deliver, file, and record in the appropriate public offices (i) this Agreement, all certificates, and other instruments and all amendments (in the manner set forth herein) thereof in accordance with the terms hereof which the Board deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in the State of Delaware and in all other jurisdictions in which the Company may conduct business or own property; (ii) all conveyances and other instruments or documents which the Board deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a certificate of cancellation; and (iii) all instruments relating to the admission, withdrawal, or substitution of any Unitholder pursuant to Article III and Article IX.
(b)    The foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency, or termination of any Unitholder and the Transfer of all or any portion of his or its Company Interest and shall extend to such Unitholder's heirs, successors, assigns, and personal representatives.
Section 14.2    Amendments.

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(a)    Subject to Section 14.2(b) and Section 14.2(c), any provision of this Agreement may be amended or modified if, but only, if such amendment or modification is in writing and is approved in writing by the holders of the Required Interest.
(b)    Notwithstanding Section 14.2(a) but subject to Section 14.2(c), if an amendment or modification of this Agreement:
(i)    would alter or change the special rights hereunder of a Unitholder or group of Unitholders specifically granted such special rights by name, such amendment or modification shall not be effective against such Unitholder or group of Unitholders (as the case may be) without the prior written consent of such Unitholder or, in the case of a group of Unitholders, the holders of at least a majority of the Units held by such group of Unitholders; 
(ii)    would alter or change the powers, preferences or special rights hereunder of the holders of a class of Units (holders of such class, the "Subject Unitholders") so as to affect them adversely and differently than the holders of any other class of Units, such amendment or modification shall not be effective against the Subject Unitholders without the prior written consent of the holders of at least a majority of such class of Units held by the Subject Unitholders;
(iii)    (A) would alter or change the priority of Distributions with respect to any class of Units so as to affect any Unitholder (solely in such Unitholder's capacity as a holder of such class of Units) adversely and differently than other Unitholders of the same class of Units, (B) would alter or change any limitation on liability of any Unitholder set forth herein and/or (C) would require any Unitholder to make Capital Contributions in excess of the Capital Contributions made on or prior to the date hereof, then, in the case of each of clause (A) through clause (C) of this Section 14.2(b)(iii), such amendment or modification shall not be effective against such Unitholder without such Unitholder's prior written consent; 
(iv)    would alter or change Section 3.13, Section 4.2, Section 12.1(a) or Section 13.1 in way that is adverse to any Unitholders, such amendment or modification shall not be effective against such Unitholders without the prior written consent of the holders of at least a majority of the Units held by such Unitholders (excluding the Investors); or
(v)    would alter or change any of the provisions of Section 14.2(b)(i) through Section 14.2(b)(iv), such amendment or modification shall not be effective with respect to any such subsection without the approval required by such subsection for amendments or modifications to which it applies, and no amendment to or modification of this Section 14.2(b)(v) shall be effective against any Unitholder without such Unitholder's prior written consent.
(c)    The provisions of Section 14.2(a) and Section 14.2(b) shall not apply to any amendments or modifications otherwise expressly permitted by Sections 3.1(b), 3.2, 3.4, 

65

3.5(d) and 7.13 of this Agreement. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
Section 14.3    Remedies.  Each Unitholder and the Company shall have all rights and remedies set forth in this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any law.  Any Person having any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law.
Section 14.4    Successors and Assigns.  All covenants and agreements contained in this Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, legal representatives, and permitted assigns, whether so expressed or not.
Section 14.5    Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained herein.
Section 14.6    Opt-in to Article 8 of the Uniform Commercial Code.  The Unitholders hereby agree that the Units shall be securities governed by Article 8 of the Uniform Commercial Code of the State of Delaware (and the Uniform Commercial Code of any other applicable jurisdiction).
Section 14.7    Notice to Unitholder of Provisions.  By executing this Agreement, each Unitholder acknowledges that it has actual notice of (a) all of the provisions hereof (including the restrictions on the transfer set forth herein), and (b) all of the provisions of the Certificate.
Section 14.8    Counterparts.  This Agreement may be executed in multiple counterparts with the same effect as if all signing parties had signed the same document.  All counterparts shall be construed together and constitute the same instrument.
Section 14.9    Consent to Jurisdiction.  Each Unitholder irrevocably submits to the nonexclusive jurisdiction of the United States District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby.  Each Unitholder further agrees that service of any process, summons, notice or document by United States certified or registered mail to such Unitholder's respective address set forth in the Company's books and records or such other address or to the attention of such other person as the recipient party has specified by prior written 

66

notice to the sending party shall be effective service of process in any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence.  Each Unitholder irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum.
Section 14.10    Descriptive Headings; Interpretation.  The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement.  Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine, or neuter forms, and the singular form of nouns, pronouns, and verbs shall include the plural and vice versa.  The use of the word "including" in this Agreement shall be by way of example rather than by limitation.  Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof.  Without limiting the generality of the immediately preceding sentence, no amendment or other modification to any agreement, document, or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless such Person has consented in writing to such amendment or modification.  Wherever required by the context, references to a Fiscal Year or Taxable Year shall refer to a portion thereof.  The use of the words "or," "either," and "any" shall not be exclusive.  The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.  Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict.  Whenever in this Agreement or any other agreement contemplated herein the Board (or any committee thereof) is permitted or required to take any action or to make a decision or determination, the Board (or such committee) or any Manager shall take such action or make such decision or determination in its sole discretion, unless another standard is expressly set forth herein or therein, and shall be entitled to consider such interests and factors as the Board (or such Committee) or such Manager desires.
Section 14.11    Applicable Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.  
Section 14.12    MUTUAL WAIVER OF JURY TRIAL.  BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED 

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BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT (INCLUDING THE COMPANY) HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER.
Section 14.13    Addresses and Notices.  All notices, demands, or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) telecopied to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied before 5:00 p.m. New York time on a business day, and otherwise on the next business day, or (c) one business day after being sent to the recipient by reputable overnight courier service (charges prepaid).  Such notices, demands, and other communications shall be sent to the address for such recipient set forth in the Company's books and records, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.  Any notice to the Board or the Company shall be deemed given if received by the Board at the principal office of the Company designated pursuant to Section 2.7.
Section 14.14    Creditors.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in Company Profits, Losses, Distributions, capital, or property other than as a secured creditor.  Notwithstanding anything to the contrary herein, no Unitholder, Manager or Officer shall have any duty (including fiduciary duty), or any liability for breach of duty (including fiduciary duty), to any creditor of the Company.
Section 14.15    No Waiver.  No failure by any party to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement, or condition.
Section 14.16    Further Action.  The parties shall execute and deliver all documents, provide all information, and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement.
Section 14.17    Right of Offset.  Whenever the Company is to pay any sum to any Unitholder or any Affiliate or related person thereof, any amounts that such Unitholder or such Affiliate or related person owes to the Company or any of its Subsidiaries may be deducted from that sum before payment.

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Section 14.18    Entire Agreement.  The Prior LLC Agreement is amended, restated and superseded in its entirety by this Agreement, effective as of the Closing.  This Agreement, those documents expressly referred to herein, the other documents of even date herewith, and the other Transaction Documents embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements, or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way, including the Prior LLC Agreement.
Section 14.19    Electronic Delivery.  This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a photographic, photostatic, facsimile, portable document format (.pdf), or similar reproduction of such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties.  No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.
Section 14.20    Survival. Section 3.8, Section 6.1, Section 6.2, Section 6.3 and Section 7.8 shall survive and continue in full force in accordance with its terms notwithstanding any termination of this Agreement or the dissolution of the Company.
Section 14.21    Certain Acknowledgments.  Upon execution and delivery of a counterpart to this Agreement or a joinder to this Agreement, each Unitholder shall be deemed to acknowledge to the Investors as follows: (a) the determination of such Unitholder to acquire Units in connection with this Agreement or any other agreement has been made by such Unitholder independent of any other Unitholder and independent of any statements or opinions as to the advisability of such purchase or as to the properties, business, prospects or condition (financial or otherwise) of the Company and its Subsidiaries which may have been made or given by any other Unitholder or by any agent or employee of any other Unitholder, (b) no other Unitholder has acted as an agent of such Unitholder in connection with making its investment hereunder and that no other Unitholder shall be acting as an agent of such Unitholder in connection with monitoring its investment hereunder, (c) the Investors have retained Sullivan & Cromwell LLP in connection with the transactions contemplated hereby and expect to retain Sullivan & Cromwell LLP as legal counsel in connection with the management and operation of the investment in the Company and its Subsidiaries, (d) Sullivan & Cromwell LLP is not representing and will not represent any other Unitholder in connection with the transaction contemplated hereby or any dispute which may arise between the Investors, on the one hand, and any other Unitholder, on the other hand, (e) such Unitholder will, if it wishes counsel on the transactions contemplated hereby, retain its own independent counsel, and (f) Sullivan & Cromwell LLP may represent the Investors (or any of their Affiliates) in connection with any and all matters contemplated hereby (including any dispute 

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between the Investors, on the one hand, and any other Unitholder or the Company, on the other hand,) and the Company and such Unitholder waives any conflict of interest in connection with such representation by Sullivan & Cromwell LLP.
Section 14.22    Exercise of Rights Granted to the Investors and their Affiliates.  Each Unitholder recognizes, acknowledges and agrees that (a) the Investors have substantial financial interests in the Company to preserve, (b) each Investor may exercise any of its rights under this Agreement or any other agreement between the Company or any of its Subsidiaries and such Investor in its sole discretion, without taking into account any interest of the Company, its Subsidiaries, any other Unitholder or any other Person and (c) the exercise by such Investor of any of its rights as a Unitholder (including under this Agreement) shall not be deemed to constitute a lack of good faith, a breach of fiduciary duties or unfair dealing.
*          *          *          *          *

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IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Third Amended and Restated Limited Liability Company Agreement as of the date first above written.
	
		
	TOWNSEND HOLDINGS LLC

	 

	By:
	/s/ Terrance R. Ahern

	 
	Name: Terrance R. Ahern

	 
	Title: Chief Executive Officer

	
		
	THUNDER INVESTOR T-II, LLC

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel and Secretary

	
		
	SINCLAIR GROUP, INC.

	 

	By:
	/s/ Terrance R. Ahern

	 
	Name: Terrance R. Ahern

	 
	Title: Chief Executive Officer

Signature Page to Third Amended and Restated Limited Liability Company Agreement

	
	
	TERRANCE R. AHERN

	

By:  /s/ Terrance R. Ahern   

	 

	KEVIN W. LYNCH

	

By:  /s/ Kevin W. Lynch

	 

	ANTHONY D. FRAMMARTINO

	

By:  /s/ Anthony D. Frammartino     

	 

	MICOLYN M. MAGEE

	

By:  /s/ Micolyn M. Magee      

	 

	JOSEPH P. OLSZAK

	

By:  /s/ Joseph P. Olszak

	 

	MARTIN J. ROSENBERG

	

By:  /s/ Martin J. Rosenberg      

	 

	ROB M. KOCHIS

	

By:  /s/ Rob M. Kochis      

	 

	MICHAEL J. GOLUBIC

	

By:  /s/ Michael J. Golubic      

	 

	JOHN P. KOCH

	

By:  /s/ John P. Koch      

	 

Signature Page to Third Amended and Restated Limited Liability Company Agreement

	
	
	ADAM CALMAN

	

By:  /s/ Adam Calman

	 

	ROBERT DAVIES

	

By:  /s/ Robert Davies       

	 

	CHRISTOPHER LENNON

	

By:  /s/ Christopher Lennon      

	 

	JENNIFER YOUNG

	

By:  /s/ Jennifer Young      

	 

Signature Page to Third Amended and Restated Limited Liability Company Agreement

	
				
	Solely with respect to its obligations under Section 8.5:

	 
	 
	 

	 
	 
	NORTHSTAR ASSET MANAGEMENT GROUP INC.

	 
	 
	 

	 
	 
	By:
	/s/ Ronald J. Lieberman

	 
	 
	 
	Name: Ronald J. Lieberman

	 
	 
	 
	Title: Executive Vice President, General Counsel and Secretary

Signature Page to Third Amended and Restated Limited Liability Company Agreement

[ANNEX A – UNIT LEDGER]Exhibit

Exhibit 10.2
EXECUTION VERSION

 	
					
	 
	 
	 
	 
	 

TERM LOAN CREDIT AGREEMENT
dated as of
January 29, 2016, 
among
NORTHSTAR ASSET MANAGEMENT GROUP INC., 
as Parent,
NSAM LP, 
as Borrower,
The Lenders Party Hereto
and
MORGAN STANLEY SENIOR FUNDING, INC., 
as Administrative Agent 

_______________________________

MORGAN STANLEY SENIOR FUNDING, INC., 
as Sole Lead Arranger and Bookrunner

 	
					
	 
	 
	 
	 
	 

        

TABLE OF CONTENTS

	
				
	 
	 
	Page
	

	ARTICLE I

	DEFINITIONS

	Section 1.01
	Defined Terms
	1
	

	Section 1.02
	Classification of Loans and Borrowings
	40
	

	Section 1.03
	Terms Generally
	40
	

	Section 1.04
	Accounting Terms; GAAP
	40
	

	Section 1.05
	Effectuation of Transactions
	41
	

	ARTICLE II

	THE CREDITS

	Section 2.01
	Commitments
	41
	

	Section 2.02
	Loans and Borrowings
	41
	

	Section 2.03
	Requests for Borrowings
	42
	

	Section 2.04
	[Reserved]
	42
	

	Section 2.05
	[Reserved]
	42
	

	Section 2.06
	Funding of Borrowings
	42
	

	Section 2.07
	Interest Elections
	43
	

	Section 2.08
	Termination and Reduction of Commitments
	44
	

	Section 2.09
	Repayment of Loans; Evidence of Debt
	44
	

	Section 2.10
	Amortization of Loans
	45
	

	Section 2.11
	Prepayment of Loans
	45
	

	Section 2.12
	Fees
	48
	

	Section 2.13
	Interest
	49
	

	Section 2.14
	Alternate Rate of Interest
	49
	

	Section 2.15
	Increased Costs
	50
	

	Section 2.16
	Break Funding Payments
	51
	

	Section 2.17
	Taxes
	51
	

	Section 2.18
	Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	54
	

	Section 2.19
	Mitigation Obligations; Replacement of Lenders
	55
	

	Section 2.20
	Defaulting Lenders
	56
	

	Section 2.21
	Illegality
	57
	

	Section 2.22
	Additional Commitments
	57
	

	Section 2.23
	Extended Loans
	59
	

	Section 2.24
	Refinancing Loans
	61
	

	Section 2.25
	Discounted Prepayment Offers
	62
	

	 
	 
	 

	 
	 
	 

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	Page
	

	ARTICLE III

	REPRESENTATIONS AND WARRANTIES

	Section 3.01
	Organization; Powers
	65
	

	Section 3.02
	Authorization; Enforceability
	66
	

	Section 3.03
	Governmental Approvals; No Conflicts
	66
	

	Section 3.04
	Financial Condition; No Material Adverse Effect
	66
	

	Section 3.05
	Properties
	67
	

	Section 3.06
	Litigation and Environmental Matters
	67
	

	Section 3.07
	Compliance with Laws and Agreements
	68
	

	Section 3.08
	Investment Company Status
	68
	

	Section 3.09
	Taxes
	68
	

	Section 3.10
	ERISA; Labor Matters
	68
	

	Section 3.11
	Disclosure
	69
	

	Section 3.12
	Subsidiaries
	69
	

	Section 3.13
	Intellectual Property; Licenses, Etc.
	69
	

	Section 3.14
	Solvency
	69
	

	Section 3.15
	Senior Indebtedness
	70
	

	Section 3.16
	Federal Reserve Regulations
	70
	

	Section 3.17
	Use of Proceeds
	70
	

	Section 3.18
	No Conflict with Sanctions Laws
	70
	

	Section 3.19
	No Unlawful Contributions or Other Payments
	71
	

	Section 3.20
	Anti-Money Laundering Laws
	71
	

	Section 3.21
	Perfection, Etc.
	71
	

	Section 3.22
	Membership in FINRA; Registration; Etc.
	71
	

	ARTICLE IV

	CONDITIONS

	Section 4.01
	Closing Date
	72
	

	Section 4.02
	Each Credit Event After the Closing Date
	74
	

	ARTICLE V

	AFFIRMATIVE COVENANTS

	Section 5.01
	Financial Statements and Other Information
	75
	

	Section 5.02
	Notices of Material Events
	77
	

	Section 5.03
	Information Regarding Collateral
	78
	

	Section 5.04
	Existence; Conduct of Business
	78
	

	Section 5.05
	Payment of Taxes, Etc.
	78
	

	Section 5.06
	Maintenance of Properties
	79
	

	Section 5.07
	Insurance
	78
	

	Section 5.08
	Books and Records; Inspection and Audit Rights
	79
	

	Section 5.09
	Compliance with Laws
	80
	

	Section 5.10
	Use of Proceeds
	80
	

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	Page
	

	Section 5.11
	Additional Subsidiaries
	80
	

	Section 5.12
	Further Assurances
	81
	

	Section 5.13
	Designation of Subsidiaries
	81
	

	Section 5.14
	Environmental Laws
	82
	

	Section 5.15
	Compliance with Anti-Corruption Laws, Sanctions, Etc.
	82
	

	Section 5.16
	ERISA
	82
	

	Section 5.17
	Certain Post-Closing Obligations
	82
	

	Section 5.18
	Maintenance of Ratings
	82
	

	ARTICLE VI

	NEGATIVE COVENANTS

	Section 6.01
	Indebtedness
	82
	

	Section 6.02
	Liens
	85
	

	Section 6.03
	Fundamental Changes
	87
	

	Section 6.04
	Investments, Loans, Advances, Guarantees and Acquisitions
	88
	

	Section 6.05
	Asset Sales
	89
	

	Section 6.06
	Sale and Leaseback Transactions
	91
	

	Section 6.07
	Restricted Payments
	91
	

	Section 6.08
	Payments on or Amendment of Junior Indebtedness
	92
	

	Section 6.09
	Transactions with Affiliates
	93
	

	Section 6.10
	Restrictive Agreements
	93
	

	Section 6.11
	Change in Fiscal Year
	93
	

	Section 6.12
	Changes in Nature of Business
	94
	

	Section 6.13
	Financial Covenant
	94
	

	ARTICLE VII

	EVENTS OF DEFAULT

	Section 7.01
	Events of Default
	94
	

	Section 7.02
	Application of Proceeds
	96
	

	ARTICLE VIII

	ADMINISTRATIVE AGENT

	Section 8.01
	Appointment and Authorization of Agents
	97
	

	Section 8.02
	Rights as a Lender
	98
	

	Section 8.03
	Exculpatory Provisions
	98
	

	Section 8.04
	Reliance by Administrative Agent
	99
	

	Section 8.05
	Delegation of Duties
	99
	

	Section 8.06
	Indemnification
	99
	

	Section 8.07
	Resignation of Administrative Agent
	100
	

	Section 8.08
	Non-Reliance on Agents and Other Lenders
	100
	

	Section 8.09
	Administrative Agent May File Proofs of Claim
	101
	

	Section 8.10
	Withholding Taxes
	101
	

	Section 8.11
	Binding Effect
	101
	

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	Page
	

	Section 8.12
	Additional Secured Parties
	102
	

	Section 8.13
	Secured Cash Management Obligations and Secured Swap Obligations
	102
	

	ARTICLE IX

	MISCELLANEOUS

	Section 9.01
	Notices
	103
	

	Section 9.02
	Waivers; Amendments
	104
	

	Section 9.03
	Expenses; Indemnity; Damage Waiver
	107
	

	Section 9.04
	Successors and Assigns
	108
	

	Section 9.05
	Survival
	111
	

	Section 9.06
	Counterparts; Integration; Effectiveness
	112
	

	Section 9.07
	Severability
	112
	

	Section 9.08
	Right of Setoff
	112
	

	Section 9.09
	Governing Law; Jurisdiction; Consent to Service of Process
	113
	

	Section 9.10
	WAIVER OF JURY TRIAL
	113
	

	Section 9.11
	Headings
	113
	

	Section 9.12
	Confidentiality
	113
	

	Section 9.13
	USA PATRIOT Act
	115
	

	Section 9.14
	Judgment Currency
	115
	

	Section 9.15
	Release of Liens and Guarantees
	115
	

	Section 9.16
	No Advisory or Fiduciary Responsibility
	117
	

	Section 9.17
	Interest Rate Limitation
	117
	

	Section 9.18
	Form of Execution
	118
	

-iv-
        

SCHEDULES:
		
	Schedule 1.01(a)
	—    Broker-Dealer Subsidiaries

		
	Schedule 1.01(b)
	—    Introducing Broker Subsidiaries

		
	Schedule 1.01(c) 
	—    Membership; Licenses

		
	Schedule 2.01
	—    Commitments

		
	Schedule 3.22
	—    Membership in FINRA

		
	Schedule 5.17
	—    Certain Post-Closing Obligations

		
	Schedule 6.01
	—    Existing Indebtedness

		
	Schedule 6.02
	—    Existing Liens

		
	Schedule 6.04
	—    Existing Investments

		
	Schedule 6.09
	—    Existing Affiliate Transactions

		
	Schedule 9.01
	—    Notices

EXHIBITS:
		
	Exhibit A
	—    Form of Assignment and Assumption

		
	Exhibit B
	—    Form of Guarantee Agreement

		
	Exhibit C-1
	—    Form of Perfection Certificate

		
	Exhibit C-2
	—    Form of Perfection Certificate Supplement

		
	Exhibit C-3
	—    Form of Quarterly Certificate

		
	Exhibit D
	—    Form of Collateral Agreement

		
	Exhibit E
	—    Form of Note

		
	Exhibit F
	—    Form of Solvency Certificate

		
	Exhibit G
	—    Form of Opinion of Clifford Chance LLP

		
	Exhibit H-1
	—    Form of Borrower Closing Certificate

		
	Exhibit H-2
	—    Form of Parent Closing Certificate

		
	Exhibit H-3
	—    Form of Subsidiary Loan Party Closing Certificate

		
	Exhibit I-1
	—    Discounted Prepayment Solicitation and Offer

		
	Exhibit I-2
	—    Discounted Prepayment Offer Form

		
	Exhibit J-1
	—    Form of Tax Status Certificate 1

		
	Exhibit J-2
	—    Form of Tax Status Certificate 2

		
	Exhibit J-3
	—    Form of Tax Status Certificate 3

		
	Exhibit J-4
	—    Form of Tax Status Certificate 4

		
	Exhibit K-1
	—    Form of Borrowing Request

		
	Exhibit K-2
	—    Form of Continuation and Conversion Request

		
	Exhibit L
	—    Form of Prepayment Notice 

-v-
        

TERM LOAN CREDIT AGREEMENT dated as of January 29, 2016 (as may be further amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), among NSAM LP, a Delaware limited partnership (the “Borrower”), NORTHSTAR ASSET MANAGEMENT GROUP INC., a Delaware corporation (“Parent”), the LENDERS party hereto and Morgan Stanley Senior Funding, Inc., as Administrative Agent.  All capitalized terms used herein and defined in Section 1.01 are used herein as therein defined.
The parties hereto agree as follows:
PRELIMINARY STATEMENTS
Pursuant to the Acquisition Agreement, the Borrower will acquire (the “Acquisition”) from the Sellers approximately 85% of the issued and outstanding equity interests of Townsend Holdings LLC, a Delaware limited liability company (the “Target”).
Parent and the Borrower have requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit to the Borrower in the form of Loans on the Closing Date in the aggregate principal amount of $500,000,000 pursuant to this Agreement.  The proceeds of the Loans will be used (i) to fund the consideration for the Acquisition, (ii) fund the Refinancings, (iii) to pay Transaction Costs and (iv) the remainder, for general corporate purposes.
The Lenders have indicated their willingness to lend on the terms and subject to the conditions set forth herein.  In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:
ARTICLE I 
DEFINITIONS
Section 1.01    Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“ABR” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.
“Acquired Business” means the Target and its Subsidiaries.
“Acquired Business Material Adverse Effect” means any change, effect, event, occurrence, state of facts or development that, individually or in the aggregate, is, or would reasonably be expected to be, material and adverse to the assets or liabilities, condition (financial or otherwise), results of operations or business of the Acquired Business and its Subsidiaries taken as a whole; provided, however, that none of the following shall be deemed in themselves, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, an Acquired Business Material Adverse Effect: any change, effect, event, occurrence, state of facts or development resulting from (i) the announcement or pendency of the transactions contemplated by the Acquisition Agreement; (ii) conditions affecting the industry in which the Acquired Business and its Subsidiaries participate, the U.S. economy as a whole or the financial or capital markets in general (including currency fluctuations) or the markets in which the Acquired Business and its Subsidiaries operate; (iii) compliance with the terms of, or the taking of any action expressly required by, the Acquisition Agreement; (iv) any change in, or proposed or potential change in, applicable Laws or the interpretation thereof by 

        

Governmental Entities; (v) actions required to be taken under applicable Laws, contracts or agreements; (vi) any change in GAAP or other accounting requirements or principles or the interpretation thereof; (vii) the failure of the Acquired Business or its Subsidiaries to meet or achieve the results set forth in any projection or forecast (provided, that this clause (vii) shall not prevent a determination that any change or effect underlying such failure to meet projections or forecasts has resulted in an Acquired Business Material Adverse Effect (to the extent such change or effect is not otherwise excluded from this definition of Acquired Business Material Adverse Effect)); (viii) the commencement, continuation or escalation of a war, cyber attack, material armed hostilities or other material international or national calamity or act of terrorism; or (ix) the effect of any action taken by the Parent or its Affiliates with respect to the transactions contemplated by the Acquisition Agreement; provided that, in the case of clauses (ii), (iv), (v) and (viii) above, if such change, effect, event, occurrence, state of facts or development disproportionately affects the Acquired Business and its Subsidiaries as compared to other Persons or businesses that operate in the asset management business, then the disproportionate aspect of such change, effect, event, occurrence, state of facts or development may be taken into account in determining whether an Acquired Business Material Adverse Effect has or will occur.  The terms “Laws” and “Governmental Entities” as used in this definition have the meanings given to them in the Acquisition Agreement.
“Acquired Business Representations” means the representations made by or with respect to the Acquired Business in the Acquisition Agreement as are material to the interests of the Lenders or the Lead Arranger, but only to the extent that Parent or any of its Affiliates has the right not to consummate the Acquisition, or to terminate the obligations of Parent or such Affiliate (or otherwise not have an obligation to close), under the Acquisition Agreement as a result of a failure of such representations in the Acquisition Agreement to be true and correct.
“Acquisition” has the meaning assigned to such term in the preliminary statements hereto.
“Acquisition Agreement” means the Securities Purchase Agreement dated as of October 15, 2015, among Target, Parent and the Sellers including all schedules, exhibits and annexes thereto.
“Acquisition Pro Forma Financial Statements” has the meaning assigned to such term in Section 3.04(d).
“Additional Commitments” has the meaning assigned to such term in Section 2.22.
“Additional Commitments Effective Date” has the meaning assigned to such term in Section 2.22(b).
“Additional Credit Extension Amendment” means an amendment to this Agreement (which may, at the option of the Administrative Agent in consultation with the Borrower, be in the form of an amendment and restatement of this Agreement) providing for any Additional Commitments pursuant to Section 2.22, Extended Loans pursuant to Section 2.23 and/or Refinancing Loans pursuant to Section 2.24, which shall be consistent with the applicable provisions of this Agreement and otherwise reasonably satisfactory to the parties thereto.  Each Additional Credit Extension Amendment shall be executed by the Administrative Agent, the Loan Parties and the other parties specified in the applicable Section of this Agreement (but not any other Lender not specified in the applicable Section of this Agreement), but shall not effect any amendments that would require the consent of each affected Lender or all Lenders pursuant to the proviso in Section 9.02(b).  Any Additional Credit Extension Amendment may include conditions for delivery of opinions of counsel and other documentation consistent with the conditions in Section 4.01 and certificates confirming satisfaction of conditions consistent with Section 4.02, all to the extent 

-2-
        

reasonably requested by the Administrative Agent or the other parties to such Additional Credit Extension Amendment.
“Additional Lender” means, at any time, any bank or other financial institution selected by the Borrower that agrees to provide any portion of (a) any Additional Loans in accordance with Section 2.22, (b) any Extended Loans in accordance with Section 2.23 or (c) any Refinancing Loans pursuant to Section 2.24, in each case pursuant to an Additional Credit Extension Amendment; provided that each Additional Lender (other than any Person that is a Lender, an Affiliate of a Lender or an Approved Fund of a Lender at such time) shall be subject to the approval of the Administrative Agent (such approval not to be unreasonably withheld or delayed).
“Additional Loans” means loans made pursuant to Additional Commitments. 
“Adjusted LIBO Rate” means with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum equal to (i) the LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate.  Notwithstanding the foregoing, the Adjusted LIBO Rate will be deemed to be 0.75% per annum if the Adjusted LIBO Rate calculated pursuant to the foregoing provisions would otherwise be less than 0.75% per annum.
“Administrative Agent” means Morgan Stanley Senior Funding, Inc., in its capacity as administrative agent and collateral agent hereunder and under the other Loan Documents, and its successors in such capacity as provided in Article VIII.
“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent.
“Affiliate” means, with respect to a specified Person, another Person that directly or indirectly Controls or is Controlled by or is under common Control with the Person specified.
“Agent Parties” has the meaning assigned to such term in Section 9.01(c).
“Agreement” has the meaning assigned to such term in the Preamble hereto.
“All-in-Yield” means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, original issue discount, upfront fees, an Adjusted LIBO Rate or Alternate Base Rate floor or otherwise; provided that OID and upfront fees shall be equated to interest rate assuming a 4-year life to maturity or, if shorter, the actual length to maturity of such Indebtedness; and provided, further, that the “All-in-Yield” shall not include customary arrangement fees, structuring fees, commitment fees, underwriting fees and similar fees payable to the Lead Arranger or the arranger of any new or replacement loans.
“Alternate Base Rate” means, for any day, a rate per annum 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% and (c) the Adjusted LIBO Rate determined on such date (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in dollars with a maturity of one month plus 100 basis points; provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate determined on such day at approximately 11 a.m. (London time) by reference to the ICE LIBOR (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making a LIBO Rate available) for deposits in dollars (as set forth by any service selected by the Administrative Agent that has been nominated by the Intercontinental Exchange Benchmark 

-3-
        

Administration Ltd. (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making a LIBO Rate available) as an authorized vendor for the purpose of displaying such rates).  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, respectively.  Notwithstanding the foregoing, the Alternate Base Rate will be deemed to be 1.75% per annum if the Alternate Base Rate calculated pursuant to the foregoing provisions would otherwise be less than 1.75% per annum.
“Anti-Corruption Laws” has the meaning assigned to such term in Section 3.19.
“Anti-Money Laundering Laws” has the meaning assigned to such term in Section 3.20.
“Applicable Account” means, with respect to any payment to be made to the Administrative Agent hereunder, the account specified by the Administrative Agent from time to time for the purpose of receiving payments of such type.
“Applicable Existing Loans” has the meaning assigned to such term in Section 2.23(a).
“Applicable Group” means (i) Parent and its Subsidiaries on a consolidated basis and (ii) the Borrower and its Subsidiaries on a consolidated basis. 
“Applicable Lender” means, at any time (as the context may require), with respect to Loans of any Class, the Lenders of such Class.
“Applicable Rate” means, for any day, (1) 2.875% per annum, in the case of an ABR Loan, or (2) 3.875% per annum, in the case of a Eurocurrency Loan. 
“Approved Bank” has the meaning assigned to such term in clause (c) of the definition of the term “Permitted Investments.”
“Approved Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or investing in commercial loans and similar extensions of credit in the ordinary course of its activities and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Assignment and Assumption” means 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), substantially in the form of Exhibit A or any other form reasonably approved by the Administrative Agent.
“Audited Financial Statements” means (i) the audited consolidated balance sheet of Parent and its Subsidiaries as of December 31, 2014 and the related consolidated statements of operations, equity and cash flows of Parent and its Subsidiaries, including the notes thereto for the year ended December 31, 2014 and (ii) the audited consolidated balance sheets of the Acquired Business as of December 31, 2014 and 2013 and the related consolidated statements of income, comprehensive income, members’ equity and cash flows of the Acquired Business, including the notes thereto, for the years ended December 31, 2014, 2013 and 2012.
“Available Amount” means, on any date of determination, the sum of (a) the Initial Restricted Payment Amount plus (b) the cumulative amount of Excess Cash Flow for the fiscal year ending 

-4-
        

December 31, 2016 and each fiscal year thereafter minus, for each such fiscal year, the ECF Percentage of Excess Cash Flow plus (c) the net proceeds received by Parent after the Closing Date and on or prior to such date from the issuance and sale of Qualified Equity Interests (other than to any Subsidiary of Parent) plus (d) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by Parent or any Restricted Subsidiary in respect of any Investments made pursuant to Section 6.04(g)(ii) after the Closing Date plus (e) any Declined Amounts minus (f) the aggregate amount of the Available Amount previously utilized pursuant to Sections 6.04(g)(ii), 6.07(d)(ii) and 6.08(a)(iv)(y).
“Bankruptcy Code” means Title 11 of the United State Code, as amended.
“Board of Directors” means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person or any committee thereof duly authorized to act on behalf of such board, (b) in the case of any limited liability company, the board of managers or managing member of such Person, as applicable, (c) in the case of any partnership, the board of directors or board of managers of the general partner of such Person and (d) in any other case, the functional equivalent of the foregoing.
“Board of Governors” means the Board of Governors of the Federal Reserve System of the United States of America.
“Borrower” has the meaning assigned to such term in the Preamble hereto.
“Borrower Materials” has the meaning assigned to such term in Section 5.01.
“Borrowing” means Loans of the same Class and Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect.
“Borrowing Minimum” means (a) in the case of a Eurocurrency Borrowing, $1,000,000 and (b) in the case of an ABR Borrowing, $500,000.
“Borrowing Multiple” means (a) in the case of a Eurocurrency Borrowing, $100,000 and (b) in the case of an ABR Borrowing, $100,000.
“Borrowing Request” means a written request by the Borrower for a Borrowing substantially in the form of Exhibit K-1 or Exhibit K-2 delivered in accordance with Section 2.03.
“Broker-Dealer Licenses and Memberships” means (a) the memberships of each Broker-Dealer Subsidiary with NSCC, DTC and FINRA, (b) the other memberships of each Broker-Dealer Subsidiary listed on Schedule 1.01(c) and (c) the licenses with Governmental Authorities of each Broker-Dealer Subsidiary listed on Schedule 1.01(c).
“Broker-Dealer Registrations” means the registrations of each Broker-Dealer Subsidiary with the SEC and all other Governmental Authorities which require registration and have jurisdiction over such Broker-Dealer Subsidiary.
“Broker-Dealer Subsidiary” means (i) the Restricted Subsidiaries of the Borrower listed on Schedule 1.01(a) and any other Restricted Subsidiary of the Borrower that becomes, or has applied to become, a broker-dealer registered under the Securities Exchange Act of 1934 or associated persons thereof, as defined therein, after the Closing Date and (ii) the Restricted Subsidiaries of the Borrower listed on Schedule 1.01(b) and any other Restricted Subsidiary of the Borrower that is, or has applied to 

-5-
        

become, an introducing broker that is required to register under the Commodity Exchange Act after the Closing Date.
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that when used in connection with a Eurocurrency 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 Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.  For purposes of Section 6.02, a Capital Lease Obligation shall be deemed to be secured by a Lien on the property being leased and such property shall be deemed to be owned by the lessee.
“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.
“Cash Management Obligations” means obligations of Parent or any Subsidiary in respect of any overdraft and related liabilities arising from treasury, depositary and cash management services or any automated clearing house transfer of funds.
“Casualty Event” means any event that gives rise to the receipt by Parent or any Restricted Subsidiary of any property or casualty insurance proceeds or any proceeds from a taking or condemnation.
“CFC” means a “controlled foreign corporation” within the meaning of Section 957 of the Code.
“CFC Holdco” means any Domestic Subsidiary that has no material assets other than Equity Interests in one or more Foreign Subsidiaries that are CFCs.
“CFTC” means the U.S. Commodity Futures Trading Commission, any successor thereto and any analogous Governmental Authority.
“Change in Control” means (a) the failure of Parent to own, directly or indirectly through its Wholly Owned Subsidiaries, beneficially and of record, Equity Interests representing all of the general partnership interests of the Borrower and at least 85% of the limited partnership interests of the Borrower, (b) any Person or group (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Closing Date) having beneficial ownership (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, as in effect on the Closing Date, except that a Person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of Equity Interests representing 35% or more of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in Parent or (c) the occupation of a majority of the seats (other than vacant seats) on the Board of Directors of Parent by Persons who were neither nominated, designated or approved by the Board of Directors of Parent nor appointed by directors so nominated, designated or approved.

-6-
        

“Change in Law” means (a) the adoption of any rule, regulation, treaty or other law after the Closing Date, (b) any change in any rule, regulation, treaty or other law or in the administration, interpretation or application thereof by any Governmental Authority after the Closing Date or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, regulations, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued.
“Class” means (i) with respect to any Commitment, its character as an Initial Commitment, Additional Commitment (which may be part of an existing Class of Commitments), Extended Commitment (whether established by way of new Commitments or by way of conversion or extension of existing Commitments or Loans) designated as a “Class” in an Additional Credit Extension Amendment and (ii) with respect to any Loans, its character as an Initial Loan, Additional Loan, Extended Loan or Refinancing Loan (whether or not pursuant to a new Commitment or by way of conversion or extension of existing Loans) designated as a “Class” in an Additional Credit Extension Amendment.  Commitments or Loans that have different maturity dates, pricing (other than upfront fees) or other terms shall be designated separate Classes.
“Clearing Prepayment Price” has the meaning assigned to such term in Section 2.25(b)(ii).
“Clearing Prepayment Price Notice” has the meaning assigned to such term in Section 2.25(b)(iii).
“Closing Date” means January 29, 2016.
“Code” means the Internal Revenue Code of 1986, as amended.
“Collateral” means any and all assets, whether real or personal, tangible or intangible, on which Liens are purported to be granted pursuant to the Security Documents as security for the Secured Obligations.
“Collateral Agreement” means the Collateral Agreement among Parent, the Borrower, each other Loan Party and the Administrative Agent, substantially in the form of Exhibit D.
“Collateral and Guarantee Requirement” means, at any time, the requirement that:
(a)    the Administrative Agent shall have received from (i) Parent and each of the Restricted Subsidiaries (other than any Excluded Subsidiary) either (x) a counterpart of the Guarantee Agreement duly executed and delivered on behalf of such Person or (y) in the case of any Person that becomes a Loan Party after the Closing Date (including by ceasing to be an Excluded Subsidiary), a supplement to the Guarantee Agreement, in the form specified therein, duly executed and delivered on behalf of such Person and (ii) Parent, the Borrower and each Subsidiary Loan Party either (x) a counterpart of the Collateral Agreement duly executed and delivered on behalf of such Person or (y) in the case of any Person that becomes a Subsidiary Loan Party after the Closing Date (including by ceasing to be an Excluded Subsidiary), a supplement to the Collateral Agreement, in the form specified therein, duly executed and 

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delivered on behalf of such Person, in each case under this clause (a) together with, in the case of any such Loan Documents executed and delivered after the Closing Date, to the extent reasonably requested by the Administrative Agent, documents and opinions of the type referred to in Sections 4.01(b) and 4.01(c);
(b)    all outstanding Equity Interests of the Borrower owned by or on behalf of any Loan Party, and all outstanding Equity Interests of each Restricted Subsidiary (other than any Equity Interests constituting Excluded Assets) owned by or on behalf of any Loan Party, shall have been pledged pursuant to the Collateral Agreement, and the Administrative Agent shall have received certificates, if any, or other instruments representing all such Equity Interests (if certificated), together with undated stock powers or other instruments of transfer with respect thereto endorsed in blank;
(c)    if any Indebtedness for borrowed money (including in respect of cash management arrangements) of Parent or any Subsidiary in a principal amount of $5,000,000 or more is owing by such obligor to any Loan Party, such Indebtedness shall have been pledged pursuant to the Collateral Agreement, and the Administrative Agent shall have received all such promissory notes, together with undated instruments of transfer with respect thereto endorsed in blank;
(d)    (i) except to the extent otherwise provided hereunder, including subject to Liens permitted by Section 6.02, or under any Security Document, the Secured Obligations shall have been secured by a perfected first-priority security interest (to the extent such security interest may be perfected by delivering certificated securities, promissory notes or instruments, filing financing statements under the Uniform Commercial Code or making any necessary filings with respect to the security interest with the United States Patent and Trademark Office or United States Copyright Office or to the extent required in the Collateral Agreement (or any other Security Document) or by Mortgages referred to in clause (f) below) in the Collateral of Parent, Borrower and each Subsidiary Loan Party, in each case, with the priority required by the Security Documents and subject to exceptions and limitations otherwise set forth in this Agreement and (ii) all certificates, agreements, documents and instruments, including Uniform Commercial Code financing statements, required by the Security Documents, Requirements of Law and as reasonably requested by the Administrative Agent to be filed, delivered, registered or recorded to create the Liens intended to be created by the Security Documents and perfect such Liens to the extent required by, and with the priority required by, the Security Documents and the other provisions of the term “Collateral and Guarantee Requirement,” shall have been filed, registered or recorded or delivered to the Administrative Agent for filing, registration or recording;
(e)    the Administrative Agent shall have received certificates of insurance in form and substance reasonably satisfactory to the Administrative Agent evidencing the existence of insurance to be maintained by Parent and its Subsidiaries pursuant to Section 5.07, and the Administrative Agent shall be designated as additional insured and, with respect to property insurance and casualty insurance, lender’s loss payee or mortgagee as its interest may appear thereunder, or solely as additional insured, as the case may be, thereunder (provided that if such endorsement as additional insured cannot be delivered by the Closing Date, the Administrative Agent may consent to such endorsement being delivered at such later date as it deems appropriate in the circumstances); and

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(f)    the Administrative Agent shall have received (i) counterparts of a Mortgage with respect to each Mortgaged Property duly executed and delivered by the record owner of such Mortgaged Property, (ii) an ALTA survey or, if acceptable to the title insurance company to issue the title coverage described in clause (iii) without any survey exception, including all survey-related endorsements, an existing survey with a “no-change” affidavit, (iii) a policy or policies of title insurance in the amount equal to the fair market value of such Mortgaged Property and fixtures, as determined by the Borrower in its reasonable discretion, issued by a nationally recognized title insurance company reasonably acceptable to the Administrative Agent and insuring the Lien of each such Mortgage as a first priority Lien on the Mortgaged Property described therein, free of any other Liens except Permitted Encumbrances, together with such endorsements as the Administrative Agent may reasonably request (it being agreed that the Administrative Agent shall accept zoning reports from a nationally recognized zoning company in lieu of zoning endorsements to such title insurance policies), (iv) such affidavits, certificates, information (including financial data) and instruments of indemnification as shall be reasonably required to induce the title company to issue the title policy/ies and endorsements contemplated above and which are reasonably requested by such title company, (v) a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating to such Mortgaged Property), (vi) if any Mortgaged Property is located in an area determined by the Federal Emergency Management Agency to have special flood hazards, evidence of such flood insurance as may be required under applicable law, including Regulation H of the Board of Governors and the other Flood Insurance Laws and as required under Section 5.07, and (vii) such legal opinions as the Administrative Agent may reasonably request with respect to any such Mortgage or Mortgaged Property, in each case, in form and substance reasonably satisfactory to the Administrative Agent.
Notwithstanding the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, (a) the foregoing provisions of this definition shall not require the creation or perfection of pledges of or security interests in, or the obtaining of title insurance, legal opinions or other deliverables with respect to, particular assets of the Loan Parties, or the provision of Guarantees by any Subsidiary, if, and for so long as the Borrower reasonably determines (and the Administrative Agent agrees in writing) that the cost of creating or perfecting such pledges or security interests in such assets, or obtaining such title insurance, legal opinions or other deliverables in respect of such assets, or providing such Guarantees, shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (b) Liens required to be granted from time to time pursuant to the term “Collateral and Guarantee Requirement” shall be subject to exceptions and limitations set forth in the Security Documents, (c) in no event shall control agreements be required with respect to deposit accounts, commodities accounts or securities accounts, (d) in no event shall any Loan Party be required to complete any filings or other action with respect to the perfection of security interests in any jurisdiction outside of the United States, (e) in no event shall any Loan Party be required to make any fixture filings other than in connection with a Mortgage required to be delivered hereunder, (f) in no event shall any Loan Party be required to deliver any instruments or certificated securities, other than instruments evidencing Indebtedness to the extent that the face amount of any such instrument exceeds $5,000,000 and certificated securities constituting Equity Interests in direct or indirect Subsidiaries of Parent (other than Immaterial Subsidiaries), (g) no landlord, mortgagee and bailee waivers shall be required, (h) no notice shall be required to be sent to account debtors or other contractual third parties prior to an Event of Default, (i) no foreign-law governed security documents shall be required and (j) in no event shall the Collateral include any Excluded Assets.  The Administrative Agent may grant extensions of time for the 

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creation and perfection of security interests in or the obtaining of title insurance, legal opinions or other deliverables with respect to particular assets or the provision of any Guarantee by any Subsidiary (including extensions beyond the Closing Date or in connection with assets acquired, or Subsidiaries formed or acquired, after the Closing Date) where it determines that such action cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required to be accomplished by this Agreement or the Security Documents.
“Commitment” means, with respect to any Lender, its Initial Commitment, Additional Commitment, Extended Commitment or Refinancing Commitment or any combination thereof (as the context requires).
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Consolidated EBITDA” means, for any period, an amount equal to 
(a)    Consolidated Net Income of Parent and its Restricted Subsidiaries on a consolidated basis for such period; 
plus
(b)    the following to the extent deducted (and not added back) in calculating such Consolidated Net Income (without duplication):  
(i)    total interest expense and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments, and bank and letter of credit fees and costs of surety bonds in connection with financing activities;
(ii)    provision for federal, foreign, state and local taxes based on income, profits or capital, including franchise taxes accounted for as income taxes in accordance with GAAP; 
(iii)    depreciation and amortization expense, including amortization of intangibles (including goodwill) and of deferred financing fees or costs;
(iv)    non-cash charges, including non-cash charges related to employee benefit or other management or stock compensation plans or expense, the non-cash portion of “straight line” rent expense and impairment charges, but excluding write-offs, write-downs or reserves with respect to accounts receivable or inventory (which write-offs, write-downs or reserves shall not be added back under any clause of this definition of “Consolidated EBITDA”); provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period;
(v)    transaction costs, fees and expenses (including swap breakage costs) in connection with the Transactions, any sale of Equity Interests, any acquisition, Investment or disposition outside the ordinary course of business, the incurrence of, or 

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any refinancing of, any Indebtedness or any amendment of any Loan Document (in each case whether or not successful);
(vi)    unusual or non-recurring losses or expenses (including severance and relocation costs, one-time compensation charges, restructuring charges, integration costs and reserves), including such items related to acquisitions and dispositions; 
(vii)    the amount of cost savings, operating expense reductions and synergies (x) related to the Transactions projected by Parent in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of Parent), within 18 months after the Closing Date, or (y) related to mergers and other business combinations, acquisitions, divestitures and restructurings consummated after the Closing Date projected by Parent in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of Parent), within 18 months after a merger or other business combination, acquisition or divestiture (or 12 months in the case of any other restructuring) is consummated, in each case, calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies were realized during the entirety of such period, net of the amount of actual benefits realized during such period from such actions; provided that such cost savings, operating expense reductions and synergies are reasonably identifiable and factually supportable in the good faith judgment of Parent, as described in reasonable detail in an Officer’s Certificate;
provided that the aggregate amount under clauses (vi) and (vii) for any period shall not exceed 15% of Consolidated EBITDA for such period (before giving effect to such clauses); 
minus
(c)    the following to the extent included in calculating such Consolidated Net Income (without duplication):  
(i)    credit for federal, foreign, state and local taxes based on income, profits or capital, including franchise taxes accounted for as income taxes in accordance with GAAP;
(ii)    all non-cash items increasing Consolidated Net Income (excluding any such non-cash item to the extent it represents the reversal of an accrual or reserve for potential cash items in any prior period or reversal of a reserve with respect to accounts receivable or inventory which reduced Consolidated EBITDA under the Loan Documents in a prior period);
(iii)    unusual or non-recurring gains or income; and 
(iv)    rent expense paid in cash to the extent not included in “straight line” rent expense.
“Consolidated Net Debt” means, as of any date of determination, (a) Consolidated Total Debt as of such date minus (b) the aggregate amount of cash and Permitted Investments (excluding cash and Permitted Investments which are identified as “restricted” on the consolidated balance sheet) of the Loan 

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Parties as of such date (in each case, free and clear of all liens, other than Liens permitted pursuant to Section 6.02 for the benefit of the Secured Parties and Liens permitted pursuant to Section 6.02(l)).
“Consolidated Net Income” means, for any period, the net income (or loss) attributable to Parent and its Restricted Subsidiaries on a consolidated basis for such period; provided that Consolidated Net Income shall exclude, without duplication:
(a)    any net after-tax extraordinary gains or losses for such period and the cumulative effect of a change in accounting principles during such period;
(b)    any net after-tax gains or losses on dispositions outside the ordinary course of business;
(c)    the net income of any Restricted Subsidiary (other than a Guarantor) during such period to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such income is not permitted by operation of the terms of its Organizational Documents or any agreement, instrument or law applicable to such Restricted Subsidiary during such period, except that Parent’s equity in the net income of any such Person for such period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Borrower or a Guarantor as a dividend or other distribution;
(d)    any income (or loss) for such period of any Person that is not a Restricted Subsidiary, except that Parent’s equity in the net income of any such Person for such period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to Parent or any of its Restricted Subsidiaries as a dividend or other distribution (and in the case of a dividend or other distribution to a Restricted Subsidiary of Parent (other than the Borrower or a Guarantor), such Restricted Subsidiary is not precluded from further distributing such amount to the Borrower (or a Guarantor) as described in clause (c) of this proviso);
(e)    gains and losses from the early extinguishment of Indebtedness or hedging obligations or other derivative instruments; 
(f)    non-cash gains and losses related to currency fluctuations; and 
(g)    any non-cash gains and losses attributable to the mark-to-market movement in the valuation of hedging obligations (to the extent the cash impact resulting from such gain or loss has not been realized) or other derivative instruments pursuant to Financial Accounting Standards Accounting Standards Codification No. 815—Derivatives and Hedging.
In addition, to the extent not already included in Consolidated Net Income, Consolidated Net Income for any period shall include the after-tax amount of proceeds received in such period from business interruption insurance.
“Consolidated Secured Net Debt” means (i) Consolidated Net Debt less (ii) any amount of Indebtedness included therein that is not secured by any assets of Parent or any Restricted Subsidiary.
“Consolidated Total Debt” means, as of any date of determination, the aggregate amount of Indebtedness of Parent and its Restricted Subsidiaries outstanding on such date, determined on a 

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consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of acquisition method of accounting in connection with the Transactions or any Permitted Acquisition (or other Investment permitted hereunder)) described in clauses (a), (b), (e), (f), (g), (h) (to the extent of unreimbursed drawings under letters of credit or letters of guaranty) and (i) of the definition of “Indebtedness.”
“Consolidated Working Capital” means, at any date, the excess of (a) the sum of all amounts (other than cash and Permitted Investments) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of Parent and its Restricted Subsidiaries at such date, excluding the current portion of current and deferred income taxes over (b) the sum of all amounts that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of Parent and its Restricted Subsidiaries on such date, including deferred revenue but excluding, without duplication, (i) the current portion of any Funded Debt, (ii) all Indebtedness consisting of Loans to the extent otherwise included therein, (iii) the current portion of interest and (iv) the current portion of current and deferred income taxes; provided that, for purposes of calculating Excess Cash Flow, increases or decreases in working capital (A) arising from acquisitions or dispositions by Parent and its Restricted Subsidiaries shall be measured from the date on which such acquisition or disposition occurred until the first anniversary of such acquisition or disposition with respect to the Person subject to such acquisition or disposition and (B) shall exclude (I) the impact of non-cash adjustments contemplated in the Excess Cash Flow calculation, (II) the impact of adjusting items in the definition of “Consolidated Net Income” and (III) any changes in current assets or current liabilities as a result of (x) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (y) the effects of acquisition method accounting.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies, or the dismissal or appointment of the management, of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
“Declined Amounts” has the meaning assigned to such term in Section 2.11(g).
“Declining Lender” has the meaning assigned to such term in Section 2.11(g).
“Default” means any event or condition that constitutes an Event of Default or that upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means, subject to Section 2.20(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its 

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funding obligations hereunder, or has made a public statement to that effect or that it does not intend to comply with its funding obligation under other agreements in which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower) or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender 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 Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.20(b)) upon delivery of written notice of such determination to the Borrower and each Lender.
“Designated Non-Cash Consideration” means the fair market value of non-cash consideration received by the Borrower or a Subsidiary in connection with a Disposition pursuant to Section 6.05(e) that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Borrower, setting forth the basis of such valuation (which amount will be reduced by the fair market value of the portion of the non-cash consideration converted to cash or Permitted Investments within 150 days following the consummation of the applicable Disposition).
“Discounted Prepayment” has the meaning assigned to such term in Section 2.25(a).
“Discounted Prepayment Effective Date” means five (5) Business Days following the Discounted Prepayment Response Date in accordance with Section 2.25(b), unless a shorter period is agreed to between the Borrower and the Administrative Agent.
“Discounted Prepayment Offer” means the irrevocable written offer by a Lender, substantially in the form of Exhibit I-2 to this Agreement, submitted in response to an invitation to submit offers following the Administrative Agent’s receipt of a Discounted Prepayment Offer Solicitation.
“Discounted Prepayment Offer Solicitation” means a written notice of the Borrower’s solicitation of Discounted Prepayment Offers made pursuant to Section 2.25(a) substantially in the form of Exhibit I-1 to this Agreement.
“Discounted Prepayment Proration” has the meaning assigned to such term in Section 2.25(b)(iii).
“Discounted Prepayment Response Date” means, with respect to any Discounted Prepayment Offer Solicitation, the date specified in such Discounted Prepayment Offer Solicitation, which shall be no 

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less than three (3) Business Days after the late delivery of such notice to applicable Lenders, as such date may be extended upon notice by the Borrower to the Administrative Agent and each Lender holding the applicable Class of Loans before the previously announced Discounted Prepayment Response Date.
“Disposition” has the meaning assigned to such term in Section 6.05.
“Disqualified Equity Interest” means, 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 Equity Interests 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, either mandatorily or 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 Equity Interests 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 Equity Interests 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 (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests), in whole or in part, at the option of the holder thereof;
in each case, on or prior to the date that is 91 days after the Latest Maturity Date; provided, however, that (i) an Equity Interest in any Person that would not constitute a Disqualified Equity Interest 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 in control” shall not constitute a Disqualified Equity Interest if any such requirement becomes operative only after repayment in full of all the Loans and all other Loan Document Obligations that are accrued and payable and the termination of the Commitments and (ii) if an Equity Interest in any Person is issued pursuant to any plan for the benefit of employees of Parent or any of its Subsidiaries or by any such plan to such employees, such Equity Interest shall not constitute a Disqualified Equity Interest solely because it may be required to be repurchased by Parent or any of its Subsidiaries in order to satisfy applicable statutory or regulatory obligations of such Person.
“dollars” or “$” refers to lawful money of the United States of America.
“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia.
“DTC” means the Depository Trust Company, any successor thereto and any analogous Governmental Authority.
“ECF Percentage” means, with respect to any fiscal year, (i) if the Secured Net Leverage Ratio as of the end of such fiscal year is greater than 1.75:1.00, 50%, (ii) if the Secured Net Leverage Ratio as of the end of such fiscal year is not greater than 1.75:1.00 but is greater than 1.25:1.00, 25% and (iii) if the Secured Net Leverage Ratio as of the end of such fiscal year is less than or equal to 1.25:1.00, 0%.

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“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than Parent or any of its Subsidiaries), other than, in each case, a natural person.
“Environment” means ambient air, indoor air, surface water, groundwater, drinking water, land surface and subsurface strata and natural resources such as wetlands, flora and fauna.
“Environmental Laws” means the applicable common law and treaties, rules, regulations, codes, ordinances, judgments, orders, decrees and other applicable Requirements of Law, and all applicable injunctions or binding agreements issued, promulgated or entered into by or with any Governmental Authority, in each instance relating to the protection of the Environment, to preservation or reclamation of natural resources, to Release or threatened Release of any Hazardous Material or to the extent relating to exposure to Hazardous Materials, to health or safety matters.
“Environmental Liability” means any liability, obligation, loss, claim, action, order or cost, contingent or otherwise (including any liability for damages, costs of medical monitoring, costs of environmental investigation, remediation or restoration, administrative oversight costs, consultants’ fees, fines, penalties and indemnities), of Parent or any Subsidiary directly or indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental Law or permit, license or approval issued thereunder, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant (and the extent) to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination, but in any event excluding debt securities convertible or exchangeable into equity.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with Parent, is 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, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan, the failure to satisfy the minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each case whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (e) the incurrence by the Borrower or any of its ERISA 

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Affiliates of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA; (f) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan (or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA); or (h) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of 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.
“Eurocurrency” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.
“Event of Default” has the meaning assigned to such term in Section 7.01.
“Excess Cash Flow” means, for any period, an amount equal to the excess of:
(a)    the sum, without duplication, of: 
(i)    Consolidated Net Income for such period,
(ii)    an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income,
(iii)    an amount equal to the aggregate non-cash loss on dispositions by Parent and its Restricted Subsidiaries during such period (other than dispositions in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income, 
(iv)    decreases in Consolidated Working Capital for such period (other than decreases arising from acquisitions or dispositions by Parent and its Restricted Subsidiaries completed during such period or the application of purchase accounting), and
(v)    returns on Investments to the extent the amount thereof reduced Excess Cash Flow pursuant to clause (b)(vii) below in such period or a prior period and did not otherwise increase Consolidated Net Income, less
(b)    the sum, without duplication, of:
(i)    an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income and cash charges excluded by virtue of clauses (a) through (g) of the definition of “Consolidated Net Income” (other than cash charges in respect of Transaction Costs paid on or about the Closing Date to the extent financed with the proceeds of Indebtedness incurred on the Closing Date),
(ii)    without duplication of amounts deducted pursuant to clause (x) below in prior fiscal years, the amount of capital expenditures made in cash during such period, except to the extent financed with the proceeds of an incurrence or issuance of 

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Indebtedness (other than revolving loans) or Equity Interests of Parent or its Restricted Subsidiaries,
(iii)    the aggregate amount of all principal payments of Indebtedness of Parent and its Restricted Subsidiaries made during such period, except to the extent financed with the proceeds of an incurrence or issuance of Indebtedness (other than revolving loans) or Equity Interests of Parent or its Restricted Subsidiaries, including (A) the principal component of payments in respect of Capitalized Leases and (B) the amount of any mandatory prepayment of Loans pursuant to Section 2.11(b) with the Net Proceeds from an event of the type specified in clause (a) of the definition of “Prepayment Event” to the extent required due to a disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase, , and excluding prepayments of (I) Loans (except those described in clause (B) above, (II) any revolving credit facility except to the extent there is an equivalent permanent reduction in commitments thereunder and (III) any Indebtedness secured by Collateral on a junior basis to the Loan Document Obligations or that is subordinated in right of payment to the Loan Document Obligations, in either case, except to the extent permitted pursuant to Section 6.08,
(iv)    an amount equal to the aggregate net non-cash gain on dispositions by Parent and its Restricted Subsidiaries during such period (other than dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,
(v)    increases in Consolidated Working Capital for such period (other than increases arising from acquisitions or dispositions by Parent and its Restricted Subsidiaries completed during such period or the application of purchase accounting),
(vi)    cash payments by Parent and its Restricted Subsidiaries during such period in respect of long-term liabilities of Parent and its Restricted Subsidiaries other than Indebtedness to the extent that such expenditures are not expensed during such period or are not deducted in calculating Consolidated Net Income,
(vii)    without duplication of amounts deducted pursuant to clause (x) below in prior periods, the amount of Investments and acquisitions made in cash during such period (and (without duplication of the foregoing), in the case of any Investment or acquisition made in exchange for an earn-out or similar deferred consideration prior to or during such period, the amount of such earn-out or similar deferred consideration paid in cash during such period) pursuant to clauses (d), (f), (g)(i), (h), (j) and (k) of Section 6.04, in each case except to the extent financed with the proceeds of an incurrence or issuance of Indebtedness (other than revolving loans) or Equity Interests of Parent or its Restricted Subsidiaries,
(viii)    the amount of payments made in cash during such period pursuant to clauses (c), (d)(i), (e) and (f) of Section 6.07, in each case except to the extent financed with the proceeds of an incurrence or issuance of Indebtedness (other than revolving loans) or Equity Interests of Parent or its Restricted Subsidiaries; provided that the aggregate amount of payments made during such period pursuant to clauses (c), (d)(i), (e) and (f) of Section 6.07 that reduce Excess Cash Flow shall not exceed the greater of (A) $80.0 million or (B) an aggregate amount equal to $0.40 per share of common stock of 

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Parent (to be appropriately adjusted for any stock splits or reverse stock splits after the Closing Date), 
(ix)    the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by Parent and its Restricted Subsidiaries during such period that are required to be made in connection with any prepayment of Indebtedness to the extent that such expenditures are not expensed during such period or are not deducted in calculating Consolidated Net Income,
(x)        without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration required to be paid in cash by Parent or any of its Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating to Permitted Acquisitions, other Investments or capital expenditures to be consummated or made during the period of four consecutive fiscal quarters of Parent following the end of such period; provided that to the extent the aggregate amount actually paid during such period of four consecutive fiscal quarters is less than the Contract Consideration, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such period of four consecutive fiscal quarters,
(xi)    the amount of cash taxes (including penalties and interest) paid in such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period, and
(xii)    transaction costs, fees and expenses (including swap breakage costs) that were paid in cash during such period (but not expensed) in connection with any sale of Equity Interests, any Permitted Acquisition or other Investment permitted under Section 6.04, any Disposition permitted under Section 6.05, or the incurrence of, or any refinancing of, any Indebtedness permitted under Section 6.01 (in each case to the extent permitted hereunder and whether or not successful) and not paid with the proceeds of any financing transaction, including proceeds of Loans; provided that if and when such expenditures are expensed in a later period, such expenditures shall be added to the calculation of Excess Cash Flow in such later period (to the extent the cash payments previously decreased Excess Cash Flow).
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended from time to time.
“Excluded Assets” means (a) any fee-owned real property with a fair market value of less than $5,000,000 and all leasehold interests in real property, (b) motor vehicles and other assets subject to certificates of title or ownership (except to the extent that the filing of UCC financing statements are sufficient for perfection of security interests) subject to all other clauses of this definition, (c) Equity Interests in not-for-profit Subsidiaries, (d) voting Equity Interests in excess of 65% of the outstanding voting Equity Interests of any CFC or CFC Holdco, (e) Equity Interests in any Person (other than the Borrower or any Wholly Owned Subsidiary of the Borrower) to the extent the pledge thereof is not permitted by the terms of such Person’s organizational or joint venture documents, (f) any lease, license or other agreement or any property subject to a purchase money security interest, capital lease obligation or similar arrangements, in each case, to the extent permitted to be incurred hereunder to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement, purchase 

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money, capital lease or a similar arrangement or create a right of termination in favor of any other party thereto, (g) any intent-to-use trademark applications filed in the United States Patent and Trademark Office only to the extent that the grant of a security interest therein would invalidate such application under applicable federal law, prior to the filing of a “Statement of Use,” (h) pledges and security interests prohibited by applicable law, rule or regulation, (i) Commercial Tort Claims with a claim value of less than $5,000,000 individually, (j) letters of credit and Letter-of-Credit Rights to the extent not constituting Supporting Obligations (except to the extent a security interest therein can be perfected by the filing of Uniform Commercial Code financing statements), (k) deposit accounts or securities accounts used exclusively as payroll accounts, trust accounts, client fund accounts and employee benefit accounts and (l) assets with respect to which, as reasonably determined by the Borrower (and agreed to by the Administrative Agent in writing), the burden or cost of providing a security interest in such assets outweighs the benefits afforded to the Lenders; in the case of clauses (e), (f) and (h) above, after giving effect to the applicable anti-non-assignment provisions of the Uniform Commercial Code or other applicable law (it being understood that the exclusions in such clauses (e), (f) and (h) do not apply to proceeds and receivables of the assets described in such clauses, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition); provided, however, that Excluded Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in the preceding clauses (a) through (l) (unless such Proceeds, substitutions or replacements would constitute Excluded Assets referred to in clauses (a) through (l)).  Each category of Excluded Assets set forth above shall have the meaning set forth in the Uniform Commercial Code (to the extent such term is defined in the Uniform Commercial Code).
If as a result of any change in law after the Closing Date (including any change with retroactive effect) any Subsidiary that is a Subsidiary Loan Party is released from the Guarantee Agreement pursuant to the last sentence of the definition of “Excluded Subsidiaries,” the pledge of Voting Equity Interests of such Subsidiary shall be limited to 65% of such Voting Equity Interests and any excess Voting Equity Interests shall be released from the Collateral (and if such release of such Subsidiary from the Guarantee Agreement is deemed to have occurred retroactively pursuant to such sentence, such release from the Collateral will be deemed to have occurred concurrently with such release of such Subsidiary from the Guarantee Agreement).
“Excluded Subsidiary” means (a) any Subsidiary that is not a Wholly Owned Subsidiary of the Borrower, (b) Unrestricted Subsidiaries, (c) any Subsidiary that is prohibited by applicable law, rule or regulation or any contractual obligation existing on the Closing Date from guaranteeing the Secured Obligations, or which would require governmental (including regulatory) consent, approval, license or authorization, unless such consent, approval, license or authorization has been received, (d) any Foreign Subsidiary that is a CFC, (e) any Domestic Subsidiary of a Foreign Subsidiary that is a CFC, (f) any CFC Holdco, (g) any Immaterial Subsidiary, (h) a Broker-Dealer Subsidiary, (i) any not-for-profit Subsidiary, (j) any Restricted Subsidiary acquired after the Closing Date which is an obligor under secured Indebtedness permitted under the Loan Documents as assumed Indebtedness and any Restricted Subsidiary thereof that guarantees such Indebtedness, in each case to the extent such secured Indebtedness prohibits such Subsidiary from becoming a Guarantor and such Indebtedness was not incurred, and such prohibition was not entered into, in contemplation of such acquisition, (k) any Subsidiary with respect to which, as reasonably determined by the Borrower (and agreed to in writing by the Administrative Agent), the burden or cost of providing a Guarantee outweighs the benefits afforded to the Lenders thereby and (l) any Subsidiary of an Excluded Subsidiary.  If as a result of any change in law after the Closing Date (including any change with retroactive effect), any Subsidiary that is a Subsidiary Loan Party becomes an Excluded Subsidiary described in clause (d), (e) or (f) above, such Subsidiary shall be released from the Guarantee Agreement (and if such Subsidiary under such changed law as so 

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retroactively applied would have been an Excluded Subsidiary, such release will be deemed to have occurred immediately prior to the period of retroactive effect).
“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder or under any other Loan Document, (a) Taxes imposed on (or measured by) such recipient’s net income (however denominated) and franchise Taxes imposed on it, in each case, by a jurisdiction as a result of (i) such recipient being organized or having its principal office located in or, in the case of any Lender, having its applicable lending office located in, such jurisdiction, or (ii) any other present or former connection between such recipient and such jurisdiction (other than any connection arising solely from such recipient having executed, delivered, become a party to, performed its obligations or received payments under, received or perfected a security interest under, sold or assigned of an interest in, engaged in any other transaction pursuant to, and/or enforced, any Loan Documents), (b) any branch profits tax imposed under Section 884(a) of the Code, or any similar Tax, imposed by any jurisdiction described in clause (a) above, (c) any U.S. federal withholding Tax imposed pursuant to FATCA, (d) any withholding Tax that is attributable to a Lender’s failure to comply with Section 2.17(e), and (e) in the case of a Foreign Lender (other than any Foreign Lender becoming a party hereto pursuant to a request by any Loan Party under Section 2.19 hereto), any U.S. federal withholding Taxes imposed on amounts payable to such Foreign Lender pursuant to a Requirement of Law in effect at the time such Foreign Lender becomes a party hereto (or designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts with respect to such withholding Tax under Section 2.17(a).
“Existing Bridge Revolving Facility” means the Revolving Bridge Credit Agreement, dated as of November 16, 2015, by and among Parent, the Borrower, as borrower thereunder, the Lenders party thereto and MSSF, as administrative agent thereunder.
“Existing Class” means a Class of Applicable Existing Loans.
“Existing Target Revolving Facility” means the Credit Agreement, dated as of October 4, 2012, by and between Target, as borrower, and Firstmerit Bank, N.A.
“Existing Target Term Loan Facility” means the Term Loan Agreement, dated as of September 4, 2014, by and between Target, as borrower, and Firstmerit Bank, N.A.
“Existing Unsecured Revolving Facility” means the Credit Agreement, dated as of June 30, 2014, between NorthStar Realty Finance Corp., as lender, and Parent, as borrower.
“Extended Class” means a Class of Extended Loans.
“Extended Loans” has the meaning assigned to such term in Section 2.23(a).
“Extending Lender” has the meaning assigned to such term in Section 2.23(b).
“Extension Effective Date” has the meaning assigned to such term in Section 2.23(b).
“Extension Election” has the meaning assigned to such term in Section 2.23(b).
“Extension Request” has the meaning assigned to such term in Section 2.23(a). 

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“FATCA” means Sections 1471 through 1474 of the Code as in effect on the Closing Date (and any amended or successor version thereof that is substantively comparable and not materially more onerous to comply with), any current or future Treasury regulations or other official administrative interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any law or intergovernmental agreement implementing an intergovernmental approach thereto.
“FCPA” has the meaning assigned to such term in Section 3.19.
“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average 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” means the Basic Fee Letter and the Administrative Fee Letter, each dated October 15, 2015, among Parent, the Borrower and the Lead Arranger.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of Borrower.
“Financing Transactions” means the execution, delivery and performance by each Loan Party of the Loan Documents to which it is to be a party, the borrowing of Loans and the use of the proceeds thereof hereunder.
“FINRA” means the Financial Industry Regulatory Authority, Inc., or any other self-regulatory body which succeeds to the functions of the Financial Industry Regulatory Authority, Inc.
“First Lien Intercreditor Agreement” means a customary intercreditor agreement among the Administrative Agent and one or more senior representatives for the holders of Indebtedness that is intended to be secured by Liens on the Collateral ranking pari passu to the Liens securing the Loan Document Obligations, in form and substance reasonably acceptable to the Administrative Agent and the Borrower.
“Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.
“Foreign Government Scheme or Arrangement” has the meaning assigned to such term in Section 3.10(c).
“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located.  For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
“Foreign Plan” has the meaning assigned to such term in Section 3.10(c).

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“Foreign Subsidiary” means any Restricted Subsidiary other than a Domestic Subsidiary.
“Funded Debt” means all Indebtedness of Parent or any of its Restricted Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date.
“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time but subject to Section 1.04.
“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings with, and reports to, Governmental Authorities.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether federal, state, provincial, territorial, local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra national bodies such as the European Union or the European Central Bank and self-regulatory organizations, including FINRA).
“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 of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any 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 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 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 (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness).  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined in good faith by a Financial Officer.  The term “Guarantee” as a verb has a corresponding meaning.
“Guarantee Agreement” means the Master Guarantee Agreement among the Guarantors and the Administrative Agent, substantially in the form of Exhibit B.
“Guarantors” means Parent and the Subsidiary Loan Parties.
“Hazardous Materials” means all substances, wastes, pollutants or contaminants, materials, constituents, chemicals or compounds in any form regulated under any Environmental Law, including petroleum or petroleum by-products or distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls or radon gas.

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“Identified Participating Lenders” has the meaning assigned to such term in Section 2.25(b)(iii).
“Immaterial Subsidiary” means any Subsidiary other than a Material Subsidiary.
“Incremental Cap” means, at any date of determination, an amount equal to the sum of (a) $190.0 million and (b) an amount such that on a Pro Forma Basis, the Secured Net Leverage Ratio as of the end of the most recent Test Period for which financial statements have been or were required to have been delivered pursuant to Section 5.01(a) or (b) (provided that for purposes of calculating the Secured Net Leverage Ratio, (i) the cash proceeds of any Additional Loans being so incurred shall not be netted against Indebtedness and (ii) any Additional Loans are assumed to be secured, whether or not so secured) would not be greater than 2.25:1.00.
“Incremental Equivalent Debt” means (x) notes or loans that are unsecured and rank pari passu with or subordinated in right of payment to the Loan Document Obligations, (y) notes that are secured by Liens that rank pari passu with or subordinated to the Liens securing the Loan Document Obligations and (z) loans that are secured by Liens that are subordinated to the Liens securing the Loan Document Obligations; provided that (i) all Incremental Equivalent Debt (whether or not secured) shall be included in the numerator in the calculation of Secured Net Leverage Ratio, count toward the capacity under the Incremental Cap and be permitted to be incurred only to the extent capacity is available under the Incremental Cap, (ii) Incremental Equivalent Debt shall be subject to the requirements set forth in clauses (v), (vi) and (viii) of Section 2.22(a) mutatis mutandis; provided that clauses (v) and (vi) shall not apply to any Incremental Equivalent Debt consisting of a customary bridge facility so long as the long-term debt into which any such customary bridge facility is to be converted satisfies such clauses and (iii) any Incremental Equivalent Debt that is secured shall be subject to a First Lien Intercreditor Agreement and/or a Junior Lien Intercreditor Agreement, as the case may be.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business and any earn-out obligation until 60 days after such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person (x) as an account party in respect of letters of credit and letters of guaranty or (y) in respect of bankers’ acceptances and (i) all obligations of such Person in respect of Disqualified Equity Interests; provided that the term “Indebtedness” shall not include (x) deferred or prepaid revenue or (y) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller.  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.  The amount of Indebtedness of any Person for purposes of clause (e) above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the fair market value of the property encumbered thereby as determined by such Person in good faith.

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“Indemnified Liabilities” has the meaning assigned to such term in Section 9.03(b).
“Indemnified Taxes” means all Taxes, other than Excluded Taxes and Other Taxes.
“Indemnitee” has the meaning assigned to such term in Section 9.03(b).
“Information” has the meaning assigned to such term in Section 9.12(a).
“Initial Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make a Loan hereunder on the Closing Date, expressed as an amount representing the maximum principal amount of the Loan to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to an Assignment and Assumption.  The amount of each Lender’s Initial Commitment as of the Closing Date is set forth on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Initial Commitment.  As of the Closing Date, the aggregate amount of Initial Commitments of all Lenders is $500,000,000.
“Initial Loans” means the Loans made pursuant to Section 2.01(a) on the Closing Date.
“Initial Restricted Payment Amount” means an amount equal to $50,000,000.
“Intellectual Property” has the meaning assigned to such term in the Collateral Agreement.
“Intercreditor Agreement” means any First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement, as applicable.
“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07.
“Interest Payment Date” means (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December and (b) with respect to any Eurocurrency 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 Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period.
“Interest Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date such Borrowing is disbursed or converted to or continued as a Eurocurrency Borrowing and ending on the date that is one, two, three or six months thereafter as selected by the Borrower in its Borrowing Request; provided that (a) 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 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, (b) 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 at the end of such Interest Period and (c) no Interest Period shall extend beyond the Maturity Date.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

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“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person.  The amount, as of any date of determination, of (i) any Investment in the form of a Guarantee shall be equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof, as determined in good faith by a Financial Officer, (ii) any Investment in the form of a transfer of Equity Interests or other non-cash property by the investor to the investee, including any such transfer in the form of a capital contribution, shall be the fair market value (as determined in good faith by a Financial Officer) of such Equity Interests or other property as of the time of the transfer, minus any payments actually received by such investor representing a return of capital of, or dividends or other distributions in respect of, such Investment (to the extent such payments do not exceed, in the aggregate, the original amount of such Investment), 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 after the date of such Investment, and (iii) any Investment (other than any Investment referred to in clause (i) or (ii) 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 (x) the cost of all additions thereto and minus (y) the amount of any portion of such Investment that has been repaid to the investor in cash as a repayment of principal or a return of capital, and of any cash payments actually received by such investor representing interest, dividends or other distributions in respect of such Investment (to the extent the amounts referred to in clause (y) do not, in the aggregate, exceed the original cost of such Investment plus the costs of additions thereto), 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 after the date of such Investment.  For purposes of Section 6.04, if an Investment involves the acquisition of more than one Person, the amount of such Investment shall be allocated among the acquired Persons in accordance with GAAP; provided that pending the final determination of the amounts to be so allocated in accordance with GAAP, such allocation shall be as reasonably determined by a Financial Officer.
“Investment Company Act” means the Investment Company Act of 1940, as amended.
“Investment Vehicle” means (a) a separate account, investment strategy, fund or vehicle for collective investing (in whatever form of organization, including a corporation, limited liability company, partnership, association, trust or other entity, including each separate portfolio or series of any of the foregoing, and including any entity investing in collateralized loan obligations or collateralized debt obligations) that is managed directly or indirectly by Parent or any of its Subsidiaries, (b) any separate account, investment strategy, fund or vehicle for collective investing that, upon the making of an Investment therein or upon the acquisition of the related management rights with respect thereto, would be an Investment Vehicle pursuant to clause (a) above, and (c) any entity created for the sole purpose of receiving funds to be invested in a separate account, investment strategy, fund or vehicle for collective investing that constitutes an Investment Vehicle pursuant to clause (a) or (b) above.
“Junior Indebtedness” means (i) any Indebtedness that is junior in right of payment to the Loan Document Obligations or Indebtedness that is secured by Liens that are junior to the Liens securing the 

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Loan Document Obligations, and any Permitted Refinancing thereof or (ii) any Indebtedness owing by a Loan Party to a Restricted Subsidiary that is not a Loan Party.
“Junior Lien Intercreditor Agreement” means a customary intercreditor agreement among the Administrative Agent and one or more representatives for the holders of other Indebtedness, in form and substance reasonably acceptable to the Administrative Agent and the Borrower, pursuant to which such representatives agree that the Liens securing such Indebtedness are subordinated to the Liens securing the Loan Document Obligations.  Wherever in this Agreement, a representative is required to become party to the Junior Lien Intercreditor Agreement, if the related Indebtedness is the initial Indebtedness incurred by the Borrower or any Restricted Subsidiary to be secured by a Lien subordinated to the Liens securing the Loan Document Obligations, then the Borrower, the Guarantors, the Administrative Agent and the representative for such Indebtedness shall execute and deliver the Junior Lien Intercreditor Agreement.
“Latest Maturity Date” means, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time.
“Lead Arranger” means MSSF, in its capacity as the sole lead arranger and bookrunner of the facility hereunder.
“Lender” means the Persons listed on Schedule 2.01 and other Persons that shall have become a party hereto pursuant to an Assignment and Assumption or an Additional Credit Extension Amendment, in each case, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.
“Lender Related Party” means any Related Party of a Lender or the Administrative Agent.
“Letter-of-Credit Right” has the meaning assigned to such term in the Collateral Agreement.
“LIBO Rate” means, for any Interest Period with respect to a Eurocurrency Borrowing, the rate per annum equal to (i) the Intercontinental Exchange Benchmark Administration Ltd. LIBOR (“ICE LIBOR”), as published by Reuters (or such other commercially available source providing quotations of ICE LIBOR as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or (ii) if such published rate is not available at such time for any reason, then the “LIBO Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurocurrency Borrowing being made, continued or converted by MSSF and with a term equivalent to such Interest Period would be offered by MSSF to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period.
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (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.
“Loan Document Obligations” has the meaning assigned to such term in the Collateral Agreement.

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“Loan Documents” means this Agreement, the Guarantee Agreement, the Security Documents, the Fee Letter, any Additional Credit Extension Amendment, any First Lien Intercreditor Agreement, any Junior Lien Intercreditor Agreement and, except for purposes of Section 9.02, any Notes.
“Loan Parties” means the Borrower and the Guarantors.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.
“Majority in Interest,” when used in reference to Lenders of any Class, means, at any time, Lenders holding outstanding Loans of such Class representing more than 50% of the principal amount of of all Loans of such Class outstanding at such time; provided that whenever there are one or more Defaulting Lenders, the total principal amount of outstanding Loans of each Defaulting Lender shall be excluded for purposes of making a determination of the Majority in Interest of such Class.
“Margin Stock” means “margin stock” as such term is defined in Regulation U of the Federal Reserve Board.
“Material Acquisition” means any acquisition of property or series of related acquisitions of property that (a) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes Equity Interests of any Person that becomes a Restricted Subsidiary and (b) involves consideration in excess of $30,000,000.
“Material Adverse Effect” means any event, circumstance or condition that has had, or would reasonably be expected to have, a materially adverse effect on (a) the business, financial condition or results of operations of Parent and its Subsidiaries, taken as a whole, (b) the ability of the Borrower and the other Loan Parties, taken as a whole, to perform their payment obligations under the Loan Documents or (c) the rights and remedies of the Administrative Agent and the Lenders under the Loan Documents.
“Material Disposition” means any sale, transfer or other disposition of property or series of related sales, transfers or other dispositions of property that (i) involves assets comprising all or substantially all of an operating unit of a business or involves Equity Interests of any Person owned by Parent or any Restricted Subsidiary and (ii) involves consideration in excess of $30,000,000.
“Material Indebtedness” means Indebtedness (other than the Loan Document Obligations) under or in respect of one or more agreements or instruments, or obligations in respect of one or more Swap Agreements, of any one or more of Parent and the Restricted Subsidiaries in an aggregate principal amount exceeding $40,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Parent or such Restricted Subsidiary would be required to pay if such Swap Agreement were terminated at such time.
“Material Subsidiary” means (i) each Restricted Subsidiary that, as of the last day of the fiscal quarter of Parent most recently ended, had revenues or total assets for such quarter in excess of 2.5% of the consolidated revenues or total assets, as applicable, of Parent for such quarter and (ii) any group comprising Restricted Subsidiaries that each would not have been a Material Subsidiary under clause (i) but that, taken together, as of the last day of the fiscal quarter of Parent most recently ended, had revenues or total assets for such quarter in excess of 5.0% of the consolidated revenues or total assets, as applicable, of Parent for such quarter.

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“Maturity Date” means (i) with respect to the Initial Loans, the seventh anniversary of the Closing Date and (ii) with respect to any other Class of Loans, the date specified as the maturity date for such Class in the Additional Credit Extension Amendment related to such Class.
“Maximum Prepayment Price” has the meaning assigned to such term in Section 2.25(b)(i).
“Maximum Rate” has the meaning assigned to such term in Section 9.17.
“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business.
“Mortgage” means a mortgage, deed of trust, assignment of leases and rents or other security document granting a Lien on any Mortgaged Property to secure the Secured Obligations.  Each Mortgage shall be in form and substance reasonably satisfactory to the Administrative Agent and the Borrower.
“Mortgaged Property” means each parcel of real property with respect to which a Mortgage is granted pursuant to the Collateral and Guarantee Requirement, Section 5.11 or Section 5.12.
“MSSF” means Morgan Stanley Senior Funding, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Net Proceeds” means, with respect to any event, (a) the proceeds received in respect of such event in cash or Permitted Investments, including (i) any cash or Permitted Investments received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment or earn-out, but excluding any interest payments), but only as and when received, (ii) in the case of a Casualty Event, insurance proceeds, and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments, minus (b) the sum of (i) all fees and out-of-pocket expenses paid by Parent and its Restricted Subsidiaries in connection with such event (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses and brokerage, consultant, accountant and other customary fees), (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), (x) the amount of all payments that are permitted hereunder and are required to be made by Parent and its Restricted Subsidiaries as a result of such event to repay Indebtedness (other than the Loans) secured by a lien on such asset (which Lien, if such assets constitute Collateral, ranks prior to the Lien securing the Secured Obligations) (y) the pro rata portion of net cash proceeds thereof (calculated without regard to this clause (y)) attributable to minority interests and not available for distribution to or for the account of Parent or any Restricted Subsidiary as a result thereof and (z) the amount of any liabilities directly associated with such asset and retained by Parent or any Restricted Subsidiary and (iii) the amount of all taxes paid (or reasonably estimated to be payable), and the amount of any reserves established by Parent and its Restricted Subsidiaries to fund contingent liabilities reasonably estimated to be payable, that are directly attributable to such event; provided that any reduction at any time in the amount of any such reserves (other than as a result of payments made in respect thereof) shall be deemed to constitute the receipt by Parent at such time of Net Proceeds in the amount of such reduction.
“Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(c).

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“Non-Guarantor Debt Cap” means the greater of (i) $50,000,000 and (ii) 20% of Consolidated EBITDA for the most recently ended Test Period.
“Notes” means promissory notes delivered by the Borrower pursuant to Section 2.09(e).
“NSCC” means the National Securities Clearing Commission, any successor thereto and any analogous Governmental Authority.
“Officer’s Certificate” means a certificate of a Responsible Officer of the applicable Person in form and substance reasonably satisfactory to the Administrative Agent.
“Organizational Documents” means, with respect to any Person, the charter, articles or certificate of organization or incorporation and bylaws or other organizational or governing documents of such Person.
“Other Taxes” means all present or future recording, stamp, documentary or similar Taxes arising from any payment made under any Loan Document or from the execution, delivery, registration or enforcement of, or otherwise with respect to, any Loan Document.
“Outstanding Loans” has the meaning assigned to such term in Section 2.22(a)(vi).
“Parent” has the meaning assigned to such term in the Preamble hereto.
“Participant” has the meaning assigned to such term in Section 9.04(c)(i).
“Participant Register” has the meaning assigned to such term in Section 9.04(c)(ii).
“Participating Lender” has the meaning assigned to such term in Section 2.25(b)(ii).
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Perfection Certificate” means a certificate substantially in the form of Exhibit C-1.
“Permitted Acquisition” means the purchase or other acquisition, by merger or otherwise, by Parent or any Restricted Subsidiary of (i) all or substantially all the assets of any Person, or all or substantially all the assets constituting a business unit, division, product line or line of business or (ii) Equity Interests of any Person that becomes a Restricted Subsidiary upon the consummation of such acquisition; provided that (a) all transactions related thereto are consummated in accordance with all Requirements of Law, (b) the business of such Person, or such assets, as the case may be, constitute a business permitted by Section 6.12, (c) the Borrower shall comply with Section 5.11 and 5.12 with respect to each such purchase or other acquisition, (d) before and after giving effect to any such purchase or other acquisition, (i) no Event of Default shall have occurred and be continuing and (ii) the Total Net Leverage Ratio shall be less than or equal to 3.00 to 1.00 on a Pro Forma Basis as of the last day of the most recently ended Test Period for which financial statements have been or were required to have been delivered pursuant to Section 5.01(a) or (b), (e) the proposed acquisition is consensual (not “hostile”) and, if applicable, has been approved by the board of directors of the Person whose Equity Interests are being acquired and (f) for Permitted Acquisitions the consideration of which is in excess of $30,000,000, the Borrower shall have delivered to the Administrative Agent, on or prior to the consummation of such purchase or other acquisition, a certificate of a Financial Officer certifying that all the requirements set 

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forth in this definition have been satisfied (or will be satisfied on or prior to the consummation of such purchase or other acquisition) with respect to such purchase or other acquisition, together with reasonably detailed calculations demonstrating satisfaction of the requirement set forth in clause (d) above.
“Permitted Encumbrances” means:
(a)    Liens for Taxes not yet due or payable or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;
(b)    Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or construction contractors’ Liens and other similar Liens arising in the ordinary course of business that secure amounts not overdue for a period of more than 30 days or, if more than 30 days overdue, are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, in each case so long as such Liens do not individually or in the aggregate have a Material Adverse Effect;
(c)    Liens incurred or deposits made in the ordinary course of business (i) in connection with workers’ compensation, unemployment insurance and other social security legislation and (ii) securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Restricted Subsidiary;
(d)    Liens incurred or deposits made, in each case in the ordinary course of business, to secure the performance of bids, trade contracts, governmental contracts and leases, statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations);
(e)    easements, rights-of-way, restrictions, encroachments, protrusions, zoning restrictions and other similar encumbrances and minor title defects affecting real property that, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole;
(f)    Liens securing, or otherwise arising from, judgments not constituting an Event of Default under Section 7.01(j);
(g)    Liens arising from precautionary Uniform Commercial Code financing statements or similar filings made in respect of operating leases entered into by the Borrower or any of its Subsidiaries;
(h)    leases, licenses, subleases or sublicenses granted to others that (i) do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, and (ii) do not secure any Indebtedness; and
(i)    any interest or title of a lessor under leases (other than leases constituting Capital Lease Obligations) entered into by any of the Borrower or any Restricted Subsidiaries in the ordinary course of business;

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provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness other than Liens referred to in clause (c) above securing obligations under letters of credit or bank guarantees.
“Permitted Investments” means any of the following, to the extent owned by the Borrower or any Restricted Subsidiary:
(a)    dollars, euro or such other currencies used in the jurisdiction in which any Loan Party is organized or doing business, held by it from time to time in the ordinary course of business;
(b)    readily marketable obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of the United States, having average maturities of not more than 12 months from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof;
(c)    time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) is a Lender or (ii) has combined capital and surplus of at least $500,000,000 (any such bank in the foregoing clause (i) or (ii) being an “Approved Bank”), in each case with average maturities of not more than 12 months from the date of acquisition thereof;
(d)    commercial paper and variable or fixed rate notes issued by an Approved Bank (or by the parent company thereof) or any variable or fixed rate note issued by, or guaranteed by, a corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody’s, in each case with average maturities of not more than 12 months from the date of acquisition thereof;
(e)    repurchase agreements entered into by any Person with an Approved Bank, a bank or trust company (including any of the Lenders) or recognized securities dealer, in each case, having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed or insured by the government or any agency or instrumentality of the United States, in which such Person shall have a perfected first-priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations;
(f)    marketable short-term money market and similar highly liquid funds either (i) having assets in excess of $500,000,000 or (ii) having a rating of at least A-2 or P-2 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another nationally recognized rating service);
(g)    securities with average maturities of 12 months or less from the date of acquisition issued or fully guaranteed by any state of the United States or by any political subdivision or taxing authority of any such state having an investment grade rating from either S&P or Moody’s (or the equivalent thereof);
(h)    instruments equivalent to those referred to in clauses (a) through (g) above denominated in euros or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction; and

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(i)    investments, classified in accordance with GAAP as current assets of the Borrower or any Subsidiary, in money market investment programs that are registered under the Investment Company Act, or that are administered by financial institutions having capital of at least $500,000,000, and, in either case, the portfolios of which are limited such that substantially all of such investments are of the character, quality and maturity described in clauses (a) through (h) of this definition.
“Permitted Refinancing” means, with respect to any Person, any modification, refinancing, refunding, renewal or extension of any Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended except by an amount equal to unpaid accrued interest and premium thereon plus other amounts paid, and fees and expenses incurred, in connection with such modification, refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder, (b) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 6.01(e), Indebtedness resulting from such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended, (c) immediately after giving effect thereto, no Event of Default shall have occurred and be continuing, (d) if the Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right of payment to the Loan Document Obligations, the Indebtedness resulting from such modification, refinancing, refunding, renewal or extension is subordinated in right of payment to the Loan Document Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended and (e) if the Indebtedness being modified, refinanced, refunded, renewed or extended is permitted pursuant to Section 6.01(g), (i) the terms, covenants and events of default (including if applicable, as to collateral but excluding as to subordination, interest rate (including whether such interest is payable in cash or in kind) and redemption premium) of the Indebtedness resulting from such modification, refinancing, refunding, renewal or extension are not, taken as a whole, materially less favorable to the Loan Parties or the Lenders than the terms of the Indebtedness being modified, refinanced, refunded, renewed or extended; provided that a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent at least five Business Days prior to such modification, refinancing, refunding, renewal or extension, together with a reasonably detailed description of the material terms of such resulting Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms are not, taken as a whole, materially less favorable shall satisfy the foregoing requirements in this clause (i), and (ii) the primary obligor in respect of, and the Persons (if any) that Guarantee, Indebtedness resulting from such modification, refinancing, refunding, renewal or extension are the primary obligor in respect of, and Persons (if any) that Guaranteed, respectively, the Indebtedness being modified, refinanced, refunded, renewed or extended.  For the avoidance of doubt, it is understood that a Permitted Refinancing may constitute a portion of an issuance of Indebtedness in excess of the amount of such Permitted Refinancing; provided that such excess amount is otherwise permitted to be incurred under Section 6.01.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of 

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which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Platform” has the meaning assigned to such term in Section 5.01.
“Prepayment Amount” has the meaning assigned to such term in Section 2.11(g).
“Prepayment Date” has the meaning assigned to such term in Section 2.11(g).
“Prepayment Event” means:
(a)    any sale, transfer or other disposition (including (x) pursuant to a sale and leaseback transaction, (y) by way of merger or consolidation and (z) any Casualty Event) of any property or asset of Parent or any of its Restricted Subsidiaries permitted by Section 6.05(e) other than dispositions resulting in aggregate Net Proceeds not exceeding (A) $5,000,000 in the case of any single transaction or series of related transactions and (B) $10,000,000 for all such transactions during any fiscal year of Parent; or
(b)    the incurrence by Parent or any of its Restricted Subsidiaries of any Indebtedness, other than Indebtedness permitted under Section 6.01 (other than Refinancing Loans) or permitted by the Required Lenders pursuant to Section 9.02.
“Prime Rate” means the rate of interest per annum publicly announced from time to time by the Person acting as the Administrative Agent as its prime rate in effect at its principal office in New York City.  The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer.  The Administrative Agent or any Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate.  Any change in the Prime Rate shall take effect at the opening of business on the day specified in the public announcement of such change.
“Pro Forma Basis” means, with respect to any calculation for any period:
(a)    Material Acquisitions and Material Dispositions that have been made by Parent or any of its Restricted Subsidiaries, or any Person or any of its Subsidiaries acquired by, merged or consolidated with Parent or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during such period or subsequent to the period and on or prior to the date for which the calculation is being made (the “Calculation Date”) will be given pro forma effect as if they had occurred on the first day of the period;
(b)    any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such period;
(c)    any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such period; and
(d)    if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account the effect on such interest rate of any Swap Agreement applicable to such Indebtedness).

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The calculations above shall be made in good faith by a responsible financial or accounting officer of the Borrower.  Interest on a Capitalized Lease shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease in accordance with GAAP.  For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period.  Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate.  When calculating compliance with a financial ratio as of any date, Consolidated Net Debt shall be calculated as of such date (after giving effect to all incurrences and repayments of Indebtedness and uses (other than ordinary working capital uses) of cash and Permitted Investments to occur on such date) and Consolidated EBITDA shall be calculated as of the four quarter period ending on the most recent date in respect of which a recent balance sheet has been (or was required to be) delivered under Section 5.01(a) or (b). 
“Pro Forma Financial Statements” has the meaning assigned to such term in Section 3.04(c).
“Proceeds” has the meaning assigned to such term in the Collateral Agreement.
“Proposed Change” has the meaning assigned to such term in Section 9.02(c).
“Public Lender” has the meaning assigned to such term in Section 5.01.
“Qualified Equity Interests” means Equity Interests of Parent other than Disqualified Equity Interests.
“Qualifying Offer” has the meaning assigned to such term in Section 2.25(b)(ii).
“Refinancings” means the repayment of (i) the Existing Bridge Revolving Facility, (ii) the Existing Target Revolving Facility and (iii) the Existing Target Term Loan Facility, in each case, together with the termination of all commitments thereunder and the release of all Liens granted thereunder.
“Refinancing Lender” has the meaning assigned to such term in Section 2.24(b).
“Refinancing Effective Date” has the meaning assigned to such term in Section 2.24(b).
“Refinancing Loans” has the meaning assigned to such term in Section 2.24(a).
“Register” has the meaning assigned to such term in Section 9.04(b)(iv).
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the partners, directors, officers, employees, trustees, agents, controlling persons, advisors and other representatives of such Person and of each of such Person’s Affiliates and permitted successors and assigns.
“Release” means any release, spill, emission, leaking, dumping, injection, emptying, pumping, escaping, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the Environment, including the Environment, within any building, structure, facility or fixture.

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“Repricing Transaction” has the meaning assigned to such term in Section 2.11(h).
“Required Lenders” means, at any time, Lenders having Loans representing more than 50% of the outstanding principal amount of the Loans; provided that the Loans of any Defaulting Lender shall be excluded for the purposes of making a determination of Required Lenders.
“Requirements of Law” means, with respect to any Person, any statutes, laws, treaties, rules, regulations, orders, decrees, writs, injunctions or determinations of any arbitrator or court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
“Responsible Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer or assistant treasurer, or other similar officer, manager or a director of a Loan Party and with respect to certain limited liability companies or partnerships that do not have officers, any manager,  director, sole member, managing member or general partner thereof, and as to any document delivered on the Closing Date or thereafter pursuant to paragraph (a)(i) of the definition of the term “Collateral and Guarantee Requirement,” any secretary or assistant secretary of a Loan Party.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in Parent or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests in Parent or any Restricted Subsidiary or any option, warrant or other right to acquire any such Equity Interests in Parent or any Restricted Subsidiary.
“Restricted Subsidiary” means any Subsidiary other than an Unrestricted Subsidiary.
“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business. 
“Sanctions” has the meaning assigned to such term in Section 3.18.
“SEC” means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.
“Secured Cash Management Obligations” has the meaning assigned to such term in the Collateral Agreement.
“Secured Net Leverage Ratio” means, as of any date of determination, the ratio, on a Pro Forma Basis, of (a) Consolidated Secured Net Debt as of such date; provided that for purposes of the definition of “Incremental Cap” and the definition of “Incremental Equivalent Debt,” all Incremental Equivalent Debt (whether or not secured) shall be included in Consolidated Secured Net Debt to (b) Consolidated EBITDA for the most recently ended Test Period.
“Secured Obligations” has the meaning assigned to such term in the Collateral Agreement.
“Secured Parties” has the meaning assigned to such term in the Collateral Agreement.

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“Secured Swap Obligations” has the meaning assigned to such term in the Collateral Agreement.
“Security Documents” means the Collateral Agreement, the Mortgages and each other security agreement, pledge agreement, intellectual property security agreement or similar agreement executed and delivered pursuant to the Collateral and Guarantee Requirement, Section 5.11, Section 5.12 or Section 5.17 to secure any of the Secured Obligations, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties.
“Seed Capital Investment” means any “seed” or “early stage” investment in, or segregating of funds in, an Investment Vehicle in which Parent or one or more of its Restricted Subsidiaries has invested or is segregating capital for the purpose of establishing or maintaining an investment record in order to offer one or more products or investment strategies to third-party investors.
“Sellers” means Sinclair Group, Inc., GTCR Partners X/B LP, GTCR Fund X/C LP, the individuals listed on Schedule A to the Acquisition Agreement, Townsend Acquisition LLC and GTCR/AAM Blocker Corp.
“Specified Refinancing Debt” means (x) notes or loans that are unsecured and rank pari passu with or subordinated in right of payment to the Loan Document Obligations, (y) notes that are secured by Liens that rank pari passu with or subordinated to the Liens securing the Loan Document Obligations and (z) loans that are secured by Liens that are subordinated to the Liens securing the Loan Document Obligations; provided that (i) Specified Refinancing Debt shall be subject to the requirements set forth in clauses (i), (iii), (iv), (v), (vi) and (vii) of Section 2.24(a) mutatis mutandis, except that Specified Refinancing Debt shall be permitted to be used to refinance all or any portion of any existing Specified Refinancing Debt and in such case references to the Loans in such clauses shall refer to the Specified Refinancing Debt being refinanced; and (ii) any Specified Refinancing Debt that is secured shall be subject to a First Lien Intercreditor Agreement and/or a Junior Lien Intercreditor Agreement, as the case may be.
“Specified Representations” means the representations set forth in Section 3.01 (first two sentences thereof and with respect to valid existence of the Subsidiary Loan Parties), Section 3.02, Section 3.03(b)(i), Section 3.08, Section 3.14, Section 3.16, Section 3.18, Section 3.19, Section 3.20 and Section 3.21 (in the case of Section 3.21, subject to the proviso of Section 4.01(f)).
“Statutory Reserve Rate” means 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, liquid asset or similar percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by any Governmental Authority of the United States.  Such reserve, liquid asset or similar percentages shall include those imposed pursuant to Regulation D of the Board of Governors.  Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any other applicable law, rule or regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“Submitted Amount” has the meaning assigned to such term in Section 2.25(b)(i).
“Submitted Prepayment Price” has the meaning assigned to such term in Section 2.25(b)(i).

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“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, beneficially owned by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
“Subsidiary” means any subsidiary of Parent (including the Borrower); provided that no Investment Vehicle is or shall be deemed hereunder to be a subsidiary of Parent or any of its Restricted Subsidiaries.
“Subsidiary Loan Party” means each Subsidiary of Parent that is a party to the Guarantee Agreement.
“Supporting Obligations” has the meaning assigned to such term in the Collateral Agreement.
“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement or contract 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 or any similar transaction or any combination of these 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 Parent or the Subsidiaries shall be a Swap Agreement.
“Target” has the meaning assigned to such term in the preliminary statements hereto.
“Target Discounted Prepayment Amount” has the meaning assigned to such term in Section 2.25(b)(i).
“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges, assessments, fees or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Test Period” means, at any date of determination, the period of four consecutive fiscal quarters of Parent then last ended for which financial statements have been or were required to have been delivered pursuant to Section 5.01(a) or (b).
“Tiered Offer” has the meaning assigned to such term in Section 2.25(b)(i).
“Total Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated Total Debt as of such date (after giving effect to all incurrences and repayments of Indebtedness on such date) to (ii) Consolidated EBITDA for the period of four consecutive fiscal quarters of Parent then ended.
“Total Net Leverage Ratio” means, as of any date of determination, the ratio, on a Pro Forma Basis, of (a) Consolidated Net Debt as of such date to (b) Consolidated EBITDA for the most recently ended Test Period.
“Transaction Costs” means all fees, costs and expenses incurred or payable by Parent or any of its Subsidiaries in connection with the transactions described in clauses (a) through (c) of the definition of “Transactions.”

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“Transactions” means (a) the Acquisition, (b) the Financing Transactions, (c) the Refinancings and (d) the payment of the Transaction Costs.
“Transformative Acquisition” means any acquisition or investment by Parent or any Restricted Subsidiary that is either (a) not permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition or investment or (b) if permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition or investment, would not provide Parent and its Subsidiaries with adequate flexibility under the Loan Documents for continuation and/or expansion of their combined operations following such consummation, as determined by the Borrower acting in good faith.
“Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.
“UCC” means the Uniform Commercial Code as in effect from time to time (except as otherwise specified) in any applicable state or jurisdiction.
“Unaudited Financial Statements” means (i) the unaudited consolidated balance sheet of Parent and its Subsidiaries as of September 30, 2015 and the unaudited consolidated statements of operations and cash flows for the nine months ended September 30, 2015 and (ii) the unaudited consolidated balance sheet of the Acquired Business as of September 30, 2015 and the related unaudited consolidated statements of income, comprehensive income, members’ equity and cash flows of the Acquired Business for the nine months ended September 30, 2015 and 2014.
“United States Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(e)(i)(C).
“Unrestricted Subsidiary” means (i) NSAM SPAC Holdings, LLC, (ii) any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to Section 5.13 subsequent to the Closing Date and (iii) any Subsidiary of an Unrestricted Subsidiary pursuant to clause (i) or (ii).
“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended from time to time.
“Voting Equity Interests” means, with respect to any Person, any class or classes of Equity Interests pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors of such Person.
“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:  (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness.
“Wholly Owned Subsidiary” means, with respect to any Person at any date, a subsidiary of such Person of which securities or other ownership interests representing 100% of the Equity Interests (other than (a) directors’ qualifying shares and (b) nominal shares issued to foreign nationals to the extent required by applicable Requirements of Law) are, as of such date, owned, controlled or held by such 

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Person or one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person.
“Withdrawal Liability” means 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.
“Working Capital Facility” means one or more revolving credit facilities entered into for the working capital needs of Parent and its Restricted Subsidiaries in the ordinary course of their businesses. 
Section 1.02    Classification of Loans and Borrowings.  For purposes of this Agreement, Loans and Borrowings may be classified by Class (e.g., an “Initial Loan” or an “Additional Loan”) and by Type (e.g., a “Eurocurrency Loan” and a “Eurocurrency Borrowing”). 
Section 1.03    Terms Generally.  The definitions of terms herein shall apply equally to 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.”  Unless the context requires otherwise, (a) any definition of or reference to any agreement (including this Agreement and the other Loan Documents), instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth in the Loan Documents), (b) 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, (c) 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, (d) all references herein to Articles or Sections shall be construed to refer to Articles or Sections, as applicable, of this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
Section 1.04    Accounting Terms; GAAP.  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, however, that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision (including any definitions) hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Codification No. 825—Financial Instruments, or any successor thereto (including pursuant to the Accounting Standards Codification), to value any Indebtedness of Parent or any Subsidiary at “fair value” as defined therein.  Notwithstanding any other provision contained herein, any lease that is treated as an operating lease for 

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purposes of GAAP as of the Closing Date shall continue to be treated as an operating lease (and any future lease, if it were in effect on the Closing Date, that would be treated as an operating lease for purposes of GAAP as of the Closing Date shall be treated as an operating lease), in each case for purposes of this Agreement, notwithstanding any change in GAAP after the Closing Date.

Section 1.05    Effectuation of Transactions.  All references herein to Parent, the Borrower and the other Subsidiaries shall be deemed to be references to such Persons, and all the representations and warranties of Parent, the Borrower and the other Loan Parties contained in this Agreement and the other Loan Documents shall be deemed made, in each case, after giving effect to the Acquisition and the other Transactions to occur on the Closing Date, unless the context otherwise requires.
ARTICLE II 
THE CREDITS
Section 2.01    Commitments.
(a)    Subject to the terms and conditions set forth herein, each Lender agrees to make a Loan to the Borrower on the Closing Date denominated in dollars in a principal amount equal to its Initial Commitment.  Amounts repaid or prepaid in respect of Loans may not be reborrowed.
Section 2.02    Loans and Borrowings.
(a)    Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type made by the Lenders ratably in accordance with their respective Commitments.  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 of the Lenders are several and other than as expressly provided herein with respect to a Defaulting Lender, no Lender shall be responsible for any other Lender’s failure to make Loans as required hereby.
(b)    Subject to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance herewith.  Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
(c)    At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum; provided that a Eurocurrency Borrowing that results from a continuation of an outstanding Eurocurrency Borrowing may be in an aggregate amount that is equal to such outstanding Borrowing.  At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum.  Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of six Eurocurrency Borrowings outstanding.
Section 2.03    Requests for Borrowings.  Each Borrowing shall be made upon the Borrower’s irrevocable notice to the Administrative Agent in the form of a written Borrowing Request, (a) in the case of a Eurocurrency Borrowing, not later than 12:00 noon, New York City time, three Business Days before 

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the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on the date of the proposed Borrowing.  Each such Borrowing Request shall be irrevocable.  Each Borrowing Request shall specify the following information:
(i)    the aggregate amount of such Borrowing;
(ii)    the date of such Borrowing, which shall be a Business Day;
(iii)    whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;
(iv)    in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”;
(v)    the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06; and
(vi)    that as of the date of such Borrowing, the conditions set forth in Sections 4.02(a) and 4.02(b) are satisfied (provided that a conversion or continuation of a Borrowing shall not constitute a “Borrowing” for purposes of this clause (vi)).
If no election as to the Type of Borrowing is specified as to any Borrowing, then the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
Section 2.04    [Reserved].
Section 2.05    [Reserved].
Section 2.06    Funding of Borrowings.
(a)    Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the Applicable Account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request.
(b)    Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance on such assumption and in its sole discretion, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender agrees to pay to the Administrative Agent an amount equal to such share on demand of the Administrative Agent.  If such Lender does not pay such 

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corresponding amount forthwith upon demand of the Administrative Agent therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower agrees to pay such corresponding amount to the Administrative Agent forthwith on demand.  The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, or (ii) in the case of the Borrower, the interest rate applicable to such Borrowing in accordance with Section 2.13.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
(c)    The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 9.03(c) are several and not joint.  The failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section 9.03(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 9.03(c).
Section 2.07    Interest Elections.
(a)    Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request or designated by Section 2.03 and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request or designated by Section 2.03.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency 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 Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.
(b)    To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election in writing by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such written Interest Election Request shall be irrevocable.
(c)    Each Interest Election Request shall be in writing and shall specify the following information in compliance with Section 2.03:
(i)    the 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 Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting 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 Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

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(iv)    if the resulting Borrowing is to be a Eurocurrency 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 Eurocurrency 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 in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e)    If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a Eurocurrency Borrowing with an Interest Period of one month.  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 Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the applicable Interest Period.
Section 2.08    Termination and Reduction of Commitments.  Unless previously terminated, the Initial Commitments shall terminate upon the funding thereof.
Section 2.09    Repayment of Loans; Evidence of Debt.
(a)    The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan of such Lender as provided in Section 2.10.
(b)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(c)    The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof 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 for the account of the Lenders and each Lender’s share thereof.
(d)    The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be conclusive absent manifest error; provided 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 obligation of the Borrower to pay any amounts due hereunder in accordance with the terms of this Agreement.  In the event of any inconsistency between the entries made pursuant to paragraphs (b) and (c) of this Section, the accounts maintained by the Administrative Agent pursuant to paragraph (c) of this Section shall control.

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(e)    The Loans made by each Lender shall, at the request of such Lender, be evidenced by a single promissory note of the Borrower in substantially the form of Exhibit E, dated (i) the Closing Date or (ii) the effective date of an Assignment and Assumption pursuant to Section 9.04(b), payable to the order of such Lender in a principal amount as originally in effect and otherwise duly completed and such substitute Notes as required by Section 9.04(b).  The date, amount, Class, Type, interest rate and Interest Period of each Loan made by each Lender, and all payments made on account of the principal thereof, shall be recorded by such Lender on its books for its Notes, and, prior to any transfer may be endorsed by such Lender on the schedule attached to such Notes or any continuation thereof or on any separate record maintained by such Lender.  Failure to make any such notation or to attach a schedule shall not affect any Lender’s or the Borrower’s rights or obligations in respect of such Loans or affect the validity of such transfer by any Lender of its Note.
Section 2.10    Amortization of Loans.
(a)    Subject to adjustment pursuant to paragraph (c) of this Section, the Borrower shall repay the Initial Loans on the last day of each March, June, September and December (commencing on June 30, 2016) in the amount equal to (i) the aggregate principal amount of Loans made on the Closing Date multiplied by (ii) 0.25%; provided that if any such date is not a Business Day, such payment shall be due on the next preceding Business Day.
(b)    To the extent not previously paid, all Loans of each Class shall be due and payable on the Maturity Date for such Class.
(c)    Except as otherwise provided in any Additional Credit Extension Amendment with respect to the Class created by such Additional Credit Extension Amendment, any prepayment of any Class (i) pursuant to Section 2.11(a) shall be applied to reduce the subsequent scheduled and outstanding repayments of such Class to be made pursuant to this Section as directed by the Borrower (and absent such direction in direct order of maturity) and (ii) pursuant to Section 2.11(b) or 2.11(c) shall be applied to reduce the subsequent scheduled and outstanding repayments of such Class to be made pursuant to this Section in direct order of maturity.
(d)    Each repayment of Loans of any Class shall be applied ratably to the Loans of such Class.  
Section 2.11    Prepayment of Loans.
(a)    The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the requirement to pay any amounts required pursuant to paragraph (g) of this Section.
(b)    In the event and on each occasion that any Net Proceeds are received by or on behalf of Parent or any of its Restricted Subsidiaries in respect of any Prepayment Event, the Borrower shall, within five Business Days after such Net Proceeds are received (or, in the case of a Prepayment Event described in clause (b) of the definition of the term “Prepayment Event,” within one Business Day of such Prepayment Event), prepay Loans in an aggregate amount equal to 100% of the amount of such Net Proceeds; provided that, in the case of any event described in clause (a) of the definition of the term “Prepayment Event,” if the Parent and its Restricted Subsidiaries invest (or commit to invest) the Net Proceeds from such event (or a portion thereof) within 365 days after receipt of such Net Proceeds in long-term assets useful in the business of the Parent and its Restricted Subsidiaries (including any acquisitions permitted under Section 6.04 and, in the case of a Prepayment Event that is a Casualty 

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Event, the repair or replacement of damaged or destroyed assets), then no prepayment shall be required pursuant to this paragraph in respect of such Net Proceeds in respect of such event (or the applicable portion of such Net Proceeds, if applicable) except to the extent of any such Net Proceeds therefrom that have not been so (x) invested (or committed to be invested) by the end of such 365-day period or (y) if committed to be so invested within such 365-day period, have not been so invested within 180 days after the end of such 365-day period, in each case, at which time a prepayment shall be required in an amount equal to such Net Proceeds that have not been so invested (or committed to be invested), in the case of clause (x), or that have not been so invested, in the case of clause (y).
(c)    Following the end of each fiscal year of the Borrower, commencing with the fiscal year ending December 31, 2016, the Borrower shall prepay Loans in an aggregate amount equal to the ECF Percentage of Excess Cash Flow for such fiscal year; provided that such amount shall be reduced by  the aggregate principal amount of prepayments of Loans made pursuant to Section 2.11(a) and the aggregate amount of cash expended for prepayments of Loans made pursuant to Section 2.25 during such fiscal year (excluding all such prepayments funded with proceeds of other Funded Debt).  Each prepayment pursuant to this paragraph shall be made on or before the date that is ten (10) Business Days after the date on which financial statements were required to have been delivered pursuant to Section 5.01(a) with respect to the fiscal year for which Excess Cash Flow is being calculated.
(d)    Notwithstanding the provisions of clause (b) or (c) above, (i) to the extent that (and for so long as) any Net Proceeds in respect of a Prepayment Event received by a Foreign Subsidiary, or the portion of Excess Cash Flow attributable to a Foreign Subsidiary, is prohibited or delayed by any Requirements of Law from being repatriated to the United States, the portion of such Net Proceeds or Excess Cash Flow so affected will not be required to be applied pursuant to clause (b) or (c) above, as applicable, but may be retained by the applicable Foreign Subsidiary so long as the applicable Requirements of Law will not permit such repatriation to the United States, and once such repatriation of any such funds is permitted under the applicable Requirements of Law, such repatriation shall be promptly effected and such repatriated funds shall be promptly applied (net of additional Taxes payable or reserved against as a result thereof) pursuant to clause (b) or (c) above, as applicable, and (ii) to the extent that the Borrower has determined in good faith that repatriation of any such Net Proceeds, or the portion of Excess Cash Flow attributable to a Foreign Subsidiary, would have an adverse tax consequence with respect to such funds, the funds so affected will not be required to be applied pursuant to clause (b) or (c) above, as applicable, but may be retained by the applicable Foreign Subsidiary; provided that if such funds are repatriated by such Foreign Subsidiary, such repatriated funds shall be promptly applied (net of additional Taxes payable or reserved against as a result thereof) pursuant to clause (b) or (c) above, as applicable. For the avoidance of doubt, the amount of such Net Proceeds or such portion of Excess Cash Flow attributable to a Foreign Subsidiary shall reduce the calculation of Excess Cash Flow.
(e)    (A) Prior to any optional prepayment of Borrowings pursuant to Section 2.11(a), the Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (e) of this Section.  In the event of any optional prepayment of Borrowings made at a time when Borrowings of more than one Class remain outstanding, the Borrower shall select Borrowings to be prepaid so that the aggregate amount of such optional prepayment is allocated among Borrowings of Loans of each Class pro rata (or, to the extent provided in the Additional Credit Extension Amendment for any Class of Loans, less than pro rata for such Class) based on the aggregate principal amount of outstanding Borrowings of each such Class.  Optional prepayments of Loans shall otherwise be allocated as directed by the Borrower; provided that absent any 

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such direction, such prepayments shall be applied to the remaining amortization payments of such Loans in direct order of maturity thereof.
(B)    In the event of any mandatory prepayment of Borrowings made at a time when Borrowings of more than one Class remain outstanding, the Borrower shall select Borrowings to be prepaid so that the aggregate amount of such mandatory prepayment is allocated among Borrowings of Loans of each Class pro rata (or, to the extent provided in the Additional Credit Extension Amendment for any Class of Loans, less than pro rata for such Class) based on the aggregate principal amount of outstanding Borrowings of each such Class.  Mandatory prepayments of Loans shall be applied to the remaining amortization payments of such Loans on a pro rata basis among all scheduled and outstanding payments, subject to the right of any Lender to decline certain mandatory prepayments as provided in Section 2.11(g).
(C)     In the absence of a designation by the Borrower as described in the preceding provisions (A) and (B) of this Section 2.11(e) as to the Type of Borrowing of any Class being so prepaid, the Administrative Agent shall make such designation in its reasonable discretion with a view, but no obligation to minimize breakage costs owing under Section 2.16; provided that if no Lenders exercise the right to waive a given mandatory prepayment of the Loans pursuant to Section 2.11(g), then, with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied first to Loans that are ABR Loans to the full extent thereof before application to Loans that are Eurocurrency Loans in a manner that minimizes the amount of any payment required to be made by the Borrower pursuant to Section 2.16.
(f)    The Borrower shall notify the Administrative Agent in writing substantially in the form of Exhibit L (confirmed by facsimile) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time, three Business Days (or, in the case of a prepayment of the Loans and termination of the Commitments in whole, five Business Days) before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day (or, in the case of a prepayment of the Loans and termination of the Commitments in whole, five Business Days) before the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or Borrowing of the applicable Class or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that a notice of optional prepayment may state that such notice is conditional upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice of prepayment may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date of prepayment) if such condition is not satisfied; provided, further, that any notice of mandatory prepayment pursuant to Section 2.11(b) must be delivered not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment.  Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment.  Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.
(g)    Except as otherwise specified in the Additional Credit Extension Amendment with respect to any Class of Loans created by such Additional Credit Extension Amendment, with respect to any prepayment of Loans pursuant to Section 2.11(b) (other than a prepayment arising out of a 

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Prepayment Event described in clause (b) of the definition thereof) or (c), any Lender, at its option, may elect not to accept such prepayment as provided below.  The Borrower shall notify the Administrative Agent of any event giving rise to such a prepayment at least 10 Business Days prior to the date of such prepayment.  Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment that is required to be made under Section 2.11(b) or (c) (the “Prepayment Amount”).  The Administrative Agent will promptly notify each Applicable Lender of the contents of any such prepayment notice so received from the Borrower, including the date on which such prepayment is to be made (the “Prepayment Date”).  Any Applicable Lender may decline to accept all (but not less than all) of its share of any such prepayment (any such Lender, a “Declining Lender”) by providing written notice to the Administrative Agent no later than five Business Days after the date of such Applicable Lender’s receipt of notice from the Administrative Agent regarding such prepayment.  If any Applicable Lender does not give a notice to the Administrative Agent on or prior to such fifth Business Day informing the Administrative Agent that it declines to accept the applicable prepayment, then such Lender will be deemed to have accepted such prepayment.  On any Prepayment Date, an amount equal to the Prepayment Amount minus the portion thereof allocable to Declining Lenders, in each case for such Prepayment Date, shall be paid to the Administrative Agent by the Borrower and applied by the Administrative Agent ratably to prepay Loans owing to Applicable Lenders (other than Declining Lenders) in the manner described in Section 2.11(b) for such prepayment.  Any amounts that would otherwise have been applied to prepay Loans owing to Declining Lenders shall be retained by the Borrower (such amounts, “Declined Amounts”)
(h)    In the event that all or any portion of any Initial Loan is (i) repaid, prepaid, refinanced or replaced (other than in connection with a Change in Control or a Transformative Acquisition) or (ii) repriced or effectively refinanced through any waiver, consent or amendment (in the case of each of clauses (i) and (ii), in connection with the incurrence of any secured term loans having an All-in-Yield that is less than the All-in-Yield of the Initial Loans (or portion thereof) so repaid, prepaid, refinanced, replaced or repriced or any waiver, consent or amendment to the Loan Documents directed at, or the result of which would be, the lowering of the All-in-Yield of the Initial Loans (a “Repricing Transaction”)) occurring within twelve (12) months after the Closing Date, such repayment, prepayment, refinancing, replacement or repricing will be made at 101.0% of the principal amount so repaid, prepaid, refinanced, replaced or repriced.  If all or any portion of any Initial Loan held by any Lender is repaid, prepaid, refinanced or replaced pursuant to Section 2.19(b) as a result of, or in connection with, such Lender not agreeing or otherwise consenting to any waiver, consent or amendment referred to in clause (ii) above (or otherwise in connection with a Repricing Transaction), such repayment, prepayment, refinancing or replacement will be made at 101.0% of the principal amount so repaid, prepaid, refinanced or replaced.
(i)    All prepayments hereunder shall be accompanied by (1) accrued interest to the extent required by Section 2.13 and (2) any amounts payable as provided in Section 2.16.
Section 2.12    Fees.
(a)    The Borrower agrees to pay to the Administrative Agent and the Lead Arranger, for its own account, fees payable in the amounts and at the times separately agreed (including those set forth in the Fee Letter).
(b)    The Borrower agrees to pay to the Lenders fees payable pursuant to the Fee Letter.

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(c)    Notwithstanding the foregoing, and subject to Section 2.20, the Borrower shall not be obligated to pay any amounts to any Defaulting Lender pursuant to Section 2.12(b).
Section 2.13    Interest.
(a)    The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b)    The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c)    Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall accrue or be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d)    Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e)    All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Section 2.14    Alternate Rate of Interest.  If at least two Business Days prior to the commencement of any Interest Period for a Eurocurrency Borrowing:
(a)    the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or
(b)    the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period;
the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or facsimile as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing and shall be ineffective and (ii) if any Borrowing Request requests a 

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Eurocurrency Borrowing, then such Borrowing shall be made as an ABR Borrowing; provided, however, that, in each case, the Borrower may revoke any Borrowing Request that is pending when such notice is received.
Section 2.15    Increased Costs.
(a)    If any Change in Law shall:
(i)    impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate);
(ii)    subject any Lender to any Tax of any kind whatsoever (except for Indemnified Taxes or Other Taxes indemnifiable under Section 2.17 or Excluded Taxes); or
(iii)    impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Loans or ABR Loans made by such Lender;
and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan or ABR Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then, from time to time upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such increased costs actually incurred or reduction actually suffered.
(b)    If any Lender determines that any Change in Law regarding capital requirements or liquidity has 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 to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy or liquidity), then, from time to time upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction actually suffered.
(c)    A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company in reasonable detail, as the case may be, as specified in paragraph (a) or (b) of this Section delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof.
(d)    Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

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Section 2.16    Break Funding Payments.  In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(e) and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or Section 9.02(c), then, in any such event, the Borrower shall, after receipt of a written request by any Lender affected by any such event (which request shall set forth in reasonable detail the basis for requesting such amount), compensate each Lender for the loss, cost and expense (excluding loss of anticipated profit) attributable to such event.  For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 2.16, each Lender shall be deemed to have funded each Eurocurrency Loan made by it at the Adjusted LIBO Rate for such Loan by a matching deposit or other borrowing for a comparable amount and for a comparable period, whether or not such Eurocurrency Loan was in fact so funded.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 15 days after receipt of such demand.  Notwithstanding the foregoing, this Section 2.16 will not apply to losses, costs or expenses resulting from Taxes, as to which Section 2.17 shall govern.
Section 2.17    Taxes.
(a)    Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall be made free and clear of and without deduction on account of any Taxes; provided that if any Loan Party, the Administrative Agent or any other applicable withholding agent shall be required by applicable Requirements of Law (as determined in the good faith discretion of the applicable withholding agent) to deduct Taxes from such payments, then (i) if the Tax in question is an Indemnified Tax or an Other Tax, the amount payable by the applicable Loan Party shall be increased as necessary so that after all required deductions have been made (including deductions applicable to additional amounts payable under this Section 2.17) each of the Administrative Agent and Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable Loan Party, the Administrative Agent or other applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law.
(b)    The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Requirements of Law.
(c)    Without duplication of any amounts paid under Sections 2.17(a) or 2.17(b) above, the Loan Parties shall, jointly and severally, indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for any Indemnified Taxes payable by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of any Loan Party under any Loan Document and any Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate setting forth in reasonable detail the basis and calculation of the amount of such payment or 

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liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(d)    As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Loan Party to a Governmental Authority, the Borrower shall deliver to the Administrative Agent 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.
(e)    Each Lender shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by law, or reasonably requested by the Borrower or the Administrative Agent, certifying as to any entitlement of such Lender to an exemption from, or reduction in, any withholding Tax with respect to any payments to be made to such Lender under any Loan Document.  Each such Lender shall, whenever a lapse in time or change in circumstances renders such documentation expired, obsolete or inaccurate in any material respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the applicable withholding agent) or promptly notify the Borrower and the Administrative Agent of its inability to do so.  Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding tax or are subject to Tax at a rate reduced by an applicable tax treaty, the Borrower, Administrative Agent or other applicable withholding agent shall withhold amounts required to be withheld by applicable law from such payments at the applicable statutory rate.
Without limiting the generality of the foregoing:
(i)    Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed original copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. Federal backup withholding.
(ii)    Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent) whichever of the following is applicable:
(A)    two properly completed and duly signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for benefits of an income tax treaty to which the United States of America is a party and such other documentation as required under the Code,
(B)    two properly completed and duly signed copies of Internal Revenue Service Form W-8ECI (or any successor forms),
(C)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c) of the Code, (x) two properly completed and duly signed certificates, substantially in the form of Exhibit J (any such certificate a “United States Tax Compliance Certificate”), and (y) two properly completed 

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and duly signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms),
(D)    to the extent a Foreign Lender is not the beneficial owner (for example, where the Lender is a partnership or a participating Lender), Internal Revenue Service Form W-8IMY (or any successor forms) of the Foreign Lender, accompanied by a Form W-8ECI, W-8BEN, W-8BEN-E, United States Tax Compliance Certificate, Form W-9, Form W-8IMY (or other successor forms) or any other required information from each beneficial owner that would be required under this Section 2.17 if such beneficial owner were a Lender, as applicable (provided that, if the Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the United States Tax Compliance Certificate may be provided by such Lender on behalf of such direct or indirect partners), or
(E)    any other form prescribed by applicable Requirements of Law as a basis for claiming an exemption from or a reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit the Borrower and the Administrative Agent to determine the withholding or deduction required to be made.
(iii)    If a payment made to any 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 those Sections (including those contained in Section 1471(b) or 1472(b), as applicable) of the Code, such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative 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 Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has or has not complied with such Lender’s FATCA obligations and, if necessary, to determine the amount to deduct and withhold from such payment.  Solely for purposes of this Section 2.17(e)(iii), “FATCA” shall include any amendments made to FATCA after the Closing Date.
Notwithstanding any other provision of this clause (e), a Lender shall not be required to deliver any form that such Lender is not legally eligible to deliver.
(f)    If and to the extent the Administrative Agent or a Lender determines, in its sole good faith discretion, that it received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 2.17, it shall pay to the relevant Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the applicable Loan Party, upon the request of the Administrative Agent or such Lender, as applicable, agrees promptly to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such 

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Governmental Authority.  The Administrative Agent or such Lender, as the case may be, shall, at the Borrower’s request, provide the Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (provided that the Administrative Agent or such Lender may delete any information therein that the Administrative Agent or such Lender deems confidential).  Notwithstanding anything to the contrary, this Section 2.17(f) shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to Taxes which it deems confidential) to any Loan Party or any other person.
(g)    The agreements in this Section 2.17 shall survive the termination of this Agreement, an assignment of rights by or replacement of any Lender and the repayment of all Loans and all other amounts payable hereunder.
Section 2.18    Payments Generally; Pro Rata Treatment; Sharing of Setoffs.
(a)    The Borrower shall make each payment required to be made by it under any Loan Document (whether of principal, interest or fees, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without condition or deduction for any counterclaim, recoupment or setoff.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to such account as may be specified by the Administrative Agent, except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein.  The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  Except as otherwise provided herein, if any payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day.  If any payment on a Eurocurrency Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.  In the case of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate for the period of such extension.  All payments under each Loan Document shall be made in dollars.
(b)    Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative Agent and the Lenders in the order of priority set forth in Section 7.02 (or otherwise expressly set forth herein).
(c)    If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and Loans of other Lenders 

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to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest and (ii) the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant or (C) any disproportionate payment obtained by a Lender as a result of the extension by Lenders of the maturity date or expiration date of some but not all Loans or Commitments or any increase in the Applicable Rate in respect of the Loans of Lenders that have consented to any such extension.  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
(d)    Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption and in its sole discretion, distribute to the Lenders the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Section 2.19    Mitigation Obligations; Replacement of Lenders.
(a)    If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17(a) or (c) or any event gives rise to the operation of Section 2.21, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder affected by such event, or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment and delegation (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17 or mitigate the applicability of Section 2.21, as the case may be, and (ii) would not subject such Lender to any unreimbursed cost or expense reasonably deemed by such Lender to be material and would not be inconsistent with the internal policies of, or otherwise be disadvantageous in any material economic, legal or regulatory respect to, such Lender.
(b)    If (i) any Lender requests compensation under Section 2.15 or gives notice under Section 2.21, (ii) the Borrower is required to pay any amount to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under 

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this Agreement and the other Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment and delegation); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent to the extent such consent would be required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable, which consents, in each case, shall not unreasonably be withheld or delayed, (B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued but unpaid interest thereon, accrued but unpaid fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (C) the Borrower or such assignee shall have paid (unless waived) to the Administrative Agent the processing and recordation fee specified in Section 9.04(b)(ii) and (D) in the case of any such assignment resulting from a claim for compensation under Section 2.15, or payments required to be made pursuant to Section 2.17 or a notice given under Section 2.21, such assignment will result in a material reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise (including as a result of any action taken by such Lender under paragraph (a) above), the circumstances entitling the Borrower to require such assignment and delegation cease to apply.  Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto.
Section 2.20    Defaulting Lenders.
(a)    Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:
(i)    Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 9.02.
(ii)    Reallocation of Payments.  Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08, shall be applied at such time or times as may be determined by the Administrative Agent as follows:  first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released in order to satisfy that Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction.  

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Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to Section 2.05(j), in each case pursuant to this Section 2.20(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.
(iii)    Certain Fees.  No Defaulting Lender shall be entitled to receive or accrue any commitment fee pursuant to Section 2.12(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).
(b)    Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in writing in their sole discretion that a Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
Section 2.21    Illegality.  If any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender to make, maintain or fund Loans whose interest is determined by reference to the Adjusted LIBO Rate, or to determine or charge interest rates based upon the Adjusted LIBO Rate, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue Eurocurrency Loans or to convert ABR Loans denominated in dollars to Eurocurrency Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (x) the Borrower shall, upon three Business Days’ notice from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurocurrency Loans of such Lender to ABR Loans either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Loans, and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Adjusted LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the Adjusted LIBO Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Adjusted LIBO Rate.  Each Lender agrees to notify the Administrative Agent and the Borrower in writing promptly upon becoming aware that it is no longer illegal for such Lender to determine or charge interest rates based upon the Adjusted LIBO Rate.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.
Section 2.22    Additional Commitments.
(a)    The Borrower may by written notice to the Administrative Agent elect to seek commitments (“Additional Commitments”) to increase the aggregate principal amount of any existing Class of Loans or to establish one or more new Classes of Loans; provided that:

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(i)    the aggregate amount of all Additional Commitments shall not exceed the Incremental Cap;
(ii)    any such increase or any new Class shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof; provided that such amount may be less than $10,000,000 if such amount represents all remaining availability under the limit set forth in the preceding clause (i);
(iii)    no existing Lender shall be required to provide any Additional Commitments;
(iv)    each of the conditions set forth in Section 4.02 shall be satisfied;
(v)    the final maturity date of any Additional Loans shall be no earlier than the Latest Maturity Date;
(vi)    the Additional Loans shall have a Weighted Average Life to Maturity equal to or greater than the then remaining Weighted Average Life to Maturity of each Class of Loans outstanding prior to such proposed incurrence of Additional Loans (the “Outstanding Loans”);
(vii)    the interest margins for the Additional Loans shall be determined by the Borrower and the Lenders of such Additional Loans; provided that in the event that the All-in-Yield for any Additional Loans is greater than the All-in-Yield for Outstanding Loans by more than 50 basis points, then the Applicable Rate for the Outstanding Loans shall be increased to the extent necessary so that the All-in-Yield for such Additional Loans is not more than 50 basis points higher than the All-in-Yield for Outstanding Loans, except that if the Adjusted LIBO Rate floor on the Additional Loans is higher than 75 basis points (and the Alternate Base Rate floor is higher than 175 basis points), the applicable interest rate floor on the Outstanding Loans may be increased up to the applicable interest rate floor on the Additional Loans and such increase in interest rate floor shall be counted as increase in the Applicable Rate for purposes of the foregoing;
(viii)    no Additional Loans shall be guaranteed by any Person that is not a Guarantor or secured by any asset that is not Collateral;
(ix)    any Additional Loans shall share on a pro rata basis in any voluntary and mandatory prepayments with the Outstanding Loans or, if agreed to by the lenders of Additional Loans, on a less than pro rata basis (but in no event on a greater than pro rata basis); 
(x)    the Additional Credit Extension Amendment with respect to any Class of Additional Loans may provide for (A) (x) additional or more restrictive covenants that benefit only the Lenders of such Class that apply only after the Latest Maturity Date (before giving effect to the Additional Loans of such Class) or (y) additional or more restrictive covenants that benefit all Lenders or (B) (x) prepayment premium as set forth in Section 2.11(h) for a period ending concurrently with the period applicable to the Initial Loans or (y) prepayment premium that benefits all Lenders equally; and
(xi)    any Additional Loans and Additional Commitments shall be pursuant to documentation applicable to the Outstanding Loans and on terms to be determined; provided that, to the extent such terms are not consistent with the Outstanding Loans (except to the extent 

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permitted by clause (v), (vi), (vii), (ix) or (x) above), they shall be reasonably satisfactory to the Administrative Agent.
(b)    Each such notice shall specify (x) the date (each, an “Additional Commitments Effective Date”) on which the Borrower proposes that the Additional Commitments shall be effective, which shall be a date reasonably acceptable to the Administrative Agent and (y) the identity of the proposed Additional Lenders (each of which shall be an Eligible Assignee (for this purpose treating a Lender of Additional Commitments as if it were an assignee)) whom the Borrower proposes would provide the Additional Commitments and the portion of the Additional Commitment to be provided by each such Person.  As a condition precedent to the effectiveness of any Additional Commitments, the Borrower shall deliver to the Administrative Agent a certificate dated as of the Additional Commitments Effective Date signed by a Responsible Officer of the Borrower certifying that the conditions in Section 4.02 are satisfied.
(c)    On each Additional Commitments Effective Date with respect to any Additional Commitment, each Person with an Additional Commitment shall make an Additional Loan to the Borrower in a principal amount equal to such Person’s Additional Commitment.
(d)    The Additional Commitments shall be documented by an Additional Credit Extension Amendment executed by the Persons providing the Additional Commitments (and the other Persons specified in the definition of “Additional Credit Extension Amendment” but no other existing Lender), and the Additional Credit Extension Amendment may provide for such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.22.
(e)    This Section 2.22 shall supersede any provisions in Section 2.18 or Section 9.02 to the contrary.
Section 2.23    Extended Loans.
(a)    The Borrower may at any time and from time to time request that all or a portion of the Loans of any Class (the Loans of such applicable Class, the “Applicable Existing Loans”) be converted into a new Class of Loans (the Loans of such applicable Class, the “Extended Loans”) with terms consistent with this Section 2.23.  In order to establish any Extended Loans, the Borrower shall provide a notice to the Administrative Agent (an “Extension Request”) setting forth the proposed terms of the Extended Loans to be established, which shall be identical to those applicable to the Applicable Existing Loans from which such Extended Loans are to be converted except that:
(i)    the maturity date of the Extended Loans shall be later than the maturity date of the Applicable Existing Loans and the Weighted Average Life to Maturity of such Extended Loans shall be longer than the then remaining Weighted Average Life to Maturity of the Applicable Existing Loans;
(ii)    all or any of the scheduled amortization payments of principal of the Extended Loans may be delayed to later dates than the scheduled amortization payments of principal of the Applicable Existing Loans;
(iii)    (A) the interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and premiums with respect to the Extended Loans may be different than those for the Applicable Existing Loans and (B) 

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additional fees and/or premiums may be payable to the Extending Lenders providing such Extended Loans in addition to any of the items contemplated by the preceding clause (A);
(iv)    the Extended Loans may have optional prepayment terms (including call protection and prepayment premiums) and mandatory prepayment terms as may be agreed between the Borrower and the Extending Lenders so long as such Extended Loans do not participate on a greater than pro rata basis in any such mandatory prepayments as compared to existing Lenders; and
(v)    the Additional Credit Extension Amendment with respect to any Extended Class may provide for (x) additional or more restrictive covenants that benefit only the Lenders of such Extended Class that apply only after the Latest Maturity Date (before giving effect to the Extended Class) or (y) additional or more restrictive covenants that benefit all Lenders.
(b)    Each Extension Request shall specify the date (the “Extension Effective Date”) on which the Borrower proposes that the conversion of an Existing Class into an Extended Class shall be effective, which shall be a date reasonably satisfactory to the Administrative Agent.  Each Lender of an Existing Class that is requested to be extended shall be offered the opportunity to convert its Existing Class into the Extended Class on the same basis as each other Lender of such Existing Class.  Any Lender (to the extent applicable, an “Extending Lender”) wishing to have all or a portion of its Existing Class subject to such Extension Request converted into an Extended Class shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Existing Class subject to such Extension Request that it has elected to convert into an Extended Class.  In the event that the aggregate portion of the Existing Class subject to Extension Elections exceeds the amount of the Extended Class requested pursuant to the Extension Request, the portion of the Existing Class converted shall be allocated on a pro rata basis based on the amount of the Existing Class included in each such Extension Election.
(c)    An Extended Class shall be established pursuant to an Additional Credit Extension Amendment executed by the Extending Lenders (and the other Persons specified in the definition of “Additional Credit Extension Amendment” but no other existing Lender).  No Additional Credit Extension Amendment shall provide for any Class of Extended Loans in an aggregate principal amount that is less than $10,000,000.  In addition to any terms and changes required or permitted by Section 2.23(a), the Additional Credit Extension Amendment shall amend the scheduled amortization payments pursuant to Section 2.10 with respect to the Applicable Existing Loans from which the Extended Loans were converted to reduce each scheduled principal repayment amounts for the Applicable Existing Loans in the same proportion as the amount of Applicable Existing Loans to be converted pursuant to such Additional Credit Extension Amendment.
(d)    Notwithstanding anything to the contrary contained in this Agreement, on the Extension Effective Date, the principal amount of each Existing Loan shall be deemed reduced by an amount equal to the principal amount converted into an Extended Loan.
(e)    This Section 2.23 shall supersede any provisions in Section 2.18 or Section 9.02 to the contrary.  Each Additional Credit Extension Amendment may provide for such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.23.

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Section 2.24    Refinancing Loans.
(a)    The Borrower may at any time and from time to time, by written notice to the Administrative Agent, request the establishment of one or more additional Classes of Loans under this Agreement or an increase to an existing Class of Loans under this Agreement (“Refinancing Loans”); provided that:
(i)    the proceeds of such Refinancing Loans shall be used, concurrently or substantially concurrently with the incurrence thereof, solely to refinance all or any portion of any Outstanding Loans;
(ii)    each Class of Refinancing Loans shall be in an aggregate amount of $10,000,000 (or such other amount necessary to repay any Class of Outstanding Loans in full);
(iii)    such Refinancing Loans shall be in an aggregate principal amount not greater than the aggregate principal amount outstanding of Loans to be refinanced plus any accrued interest, premiums, fees, costs and expenses related thereto (including any OID or upfront fees);
(iv)    the final maturity date of such Refinancing Loans shall be the same as or later than the maturity date of the Loans being refinanced, and the Weighted Average Life to Maturity of such Refinancing Loans shall be the same as or longer than the then remaining Weighted Average Life to Maturity of each Class of Loans being refinanced;
(v)    (A) the pricing, rate floors, discounts, fees and optional and mandatory prepayment or redemption provisions applicable to such Refinancing Loans shall be as agreed between the Borrower and the Refinancing Lenders so long as, in the case of any mandatory prepayment or redemption provisions, such Refinancing Lenders do not participate on a greater than pro rata basis in any such prepayments as compared to Lenders and (B) the covenants and other terms applicable to such Refinancing Loans (excluding those terms described in the immediately preceding clause (A)), which shall be as agreed between the Borrower and the lenders providing such Refinancing Loans, shall not be materially more favorable (when taken as a whole) to the Refinancing Lenders than those applicable to any Class of Loans then outstanding under this Agreement (as determined by the Borrower in good faith), except to the extent permitted by clause (viii) below;
(vi)    no existing Lender shall be required to provide any Refinancing Loans; 
(vii)    no Refinancing Loans shall be guaranteed by any Person that is not a Guarantor or secured by any asset that is not Collateral; and
(viii)    the Additional Credit Extension Amendment with respect to any Refinancing Loans may provide for (x) additional or more restrictive covenants and other terms that benefit only the Lenders of such Refinancing Loans that apply only after the Latest Maturity Date (before giving effect to such Refinancing Loans) or (y) additional or more restrictive covenants that benefit all Lenders.
(b)    Each such notice shall specify (x) the date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Loans be made, which shall be a date reasonably acceptable to the Administrative Agent and (y) the identity of the proposed Additional Lenders (each of which shall be an Eligible Assignee (for this purpose treating a Lender of Refinancing Loans as if it were 

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an assignee)) whom the Borrower proposes would provide the Refinancing Loans and the portion of the Refinancing Loans to be provided by each such Person.  On each Refinancing Effective Date, each Person with a commitment for a Refinancing Loan (each such Person, a “Refinancing Lender”) shall make a Refinancing Loan to the Borrower in a principal amount equal to such Person’s Commitment therefor.
(c)    This Section 2.24 shall supersede any provisions in Section 2.18 or Section 9.02 to the contrary.  The Refinancing Loans shall be documented by an Additional Credit Extension Amendment executed by the Persons providing the Refinancing Loans (and the other Persons specified in the definition of “Additional Credit Extension Amendment” but no other existing Lender), and the Additional Credit Extension Amendment may provide for such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.24.
Section 2.25    Discounted Prepayment Offers .  Notwithstanding anything in any Loan Document to the contrary, so long as no Default or Event of Default has occurred and is continuing, the Borrower may prepay outstanding Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) on the following basis:
(a)    The Borrower shall have the right to make a voluntary prepayment of Loans at a discount to par (a “Discounted Prepayment”) pursuant to a Discounted Prepayment Offer Solicitation made in accordance with this Section 2.25; provided that the Borrower shall not initiate any action under this Section 2.25 to make a Discounted Prepayment unless (I) at least ten (10) Business Days shall have passed since the consummation of the most recent Discounted Prepayment; or (II) at least three (3) Business Days shall have passed since (x) the Discounted Prepayment Response Date in any Discounted Prepayment Response Solicitation in which no Lender was willing to accept any prepayment of any Loan at or below the Maximum Prepayment Price or (y) the date of the Borrower’s revocation in full of any Discounted Prepayment in accordance with clause (h) below.
(b)    Procedures.
(i)    Subject to the proviso to clause (a) above, the Borrower may from time to time solicit Discounted Prepayment Offers in the form of a Discounted Prepayment Offer Solicitation by providing notice to the Administrative Agent at least three (3) Business Days (unless a shorter notice period is agreed to by the Administrative Agent in its sole discretion) in advance of the proposed Discounted Prepayment Offer Solicitation; provided that (I) any such solicitation shall be extended, at the sole discretion of the Borrower, to (x) each Lender and/or (y) each Lender with respect to any Class of Loans on an individual Class basis, (II) any such notice shall specify the maximum aggregate principal amount of Loans subject to a discounted prepayment offer solicitation in accordance with clause (iv) below (the “Target Discounted Prepayment Amount”), the Class or Classes of Loans subject to such offer and the maximum prepayment price (expressed as a percentage of principal amount) of each relevant Class of Loans at which the Borrower is willing to prepay such Loans (the “Maximum Prepayment Price”) (it being understood that different Maximum Prepayment Prices and Target Discounted Prepayment Amounts may be offered with respect to different Classes of Loans and, in such event, each offer will be treated as a separate offer pursuant to the terms of this Section 2.25), (III) the Target Discounted Prepayment Amount shall be in an aggregate amount not less than $5,000,000 and whole increments of $1,000,000 in excess thereof and (IV) subject to clause (h)) below, each such 

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solicitation by the Borrower shall remain outstanding through the Discounted Prepayment Response Date.  The Administrative Agent will promptly provide each Lender holding the applicable Class of Loans with a copy of such Discounted Prepayment Offer Solicitation and a form of the Discounted Prepayment Offer to be submitted by a responding Lender to the Administrative Agent by no later than 5:00 p.m. New York time on the Discounted Prepayment Response Date.  Except in the case of any amendment or modification of a Discounted Prepayment Offer Solicitation as set forth in clause (h) below, each Lender’s Discounted Prepayment Offer shall be irrevocable and shall specify a minimum prepayment price (expressed as a percentage of principal amount), which shall be at or below the Maximum Prepayment Price (the “Submitted Prepayment Price”) at which such Lender is willing to allow prepayment of any or all of its then outstanding Loans of the applicable Class and the maximum aggregate principal amount and Class of such Lender’s Loans subject to a discounted prepayment offer in accordance with clause (d) below (the “Submitted Amount”) such Lender is willing to have prepaid at the Submitted Prepayment Price.  Each Lender may only submit one Discounted Prepayment Offer, but each Discounted Prepayment Offer may contain up to three offers, with each such offer specifying a Submitted Prepayment Price for the applicable Class or Classes of Loans and a corresponding Submitted Amount therefor (each such offer, a “Tiered Offer”), only one of which may result in a Qualifying Offer.  Any Lender whose Discounted Prepayment Offer is not received by the Administrative Agent by the Discounted Prepayment Response Date shall be deemed to have declined to make a Discounted Prepayment Offer and to have declined to accept a Discounted Prepayment of any of its Loans at any prepayment price at or below the Maximum Prepayment Price.
(ii)    The Administrative Agent shall promptly, following a request by the Borrower, advise the Borrower and, in any event, no later than the first Business Day following a Discounted Prepayment Response Date, of all Discounted Prepayment Offers.  The Administrative Agent shall review all Discounted Prepayment Offers received on or before the applicable Discounted Prepayment Response Date and shall determine (subject to the approval of the Borrower and subject to the rounding requirements of the Administrative Agent made in its reasonable discretion) the Clearing Prepayment Price and the Class(es) of Loans to be prepaid at such Clearing Prepayment Price in accordance with this Section 2.25.  As used herein, the “Clearing Prepayment Price” shall be the lowest prepayment price at or below the Maximum Prepayment Price that yields a Discounted Prepayment in an aggregate principal amount equal to the lower of (x) the Target Discounted Prepayment Amount and (y) the sum of all Submitted Amounts.  Each Lender that has submitted a Discounted Prepayment Offer to accept prepayment at a prepayment price that is at or below the Clearing Prepayment Price with respect to one or more Classes of Loans (each, a “Qualifying Offer”) shall be deemed to have irrevocably consented to the prepayment of such Class or Classes or Loans equal to its Submitted Amount (subject to any required proration pursuant to the following subsection (iii)) at the Clearing Prepayment Price (each such Lender, a “Participating Lender”).  If a Participating Lender has submitted a Discounted Prepayment Offer containing Tiered Offers for the applicable Class or Classes of Loans at different Submitted Prepayment Prices, only the Tiered Offer with the highest Submitted Prepayment Price that is equal to or less than the Clearing Prepayment Price will be deemed to be the Discounted Prepayment Offer of such Participating Lender.
(iii)    Subject to clause (h) below, if there is at least one Participating Lender, the Borrower will prepay the Submitted Amount of the applicable Class(es) of each Participating Lender at the Clearing Prepayment Price for such Class(es); provided that if the Submitted Amount by all Participating Lenders offered at a prepayment price at or below the Clearing 

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Prepayment Price exceeds the Target Discounted Prepayment Amount for the applicable Class(es), prepayment of the principal amount of the relevant Class(es) of Loans for those Participating Lenders whose Submitted Prepayment Price is equal to the Clearing Prepayment Price (the “Identified Participating Lenders”) shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender for such Class, and the Administrative Agent (subject to the approval of the Borrower and subject to rounding requirements of the Administrative Agent made in its reasonable discretion) will calculate such proration (the “Discounted Prepayment Proration”).  Unless a Discounted Prepayment Offer Solicitation is withdrawn in accordance with clause (h) below, promptly, and in any case within five (5) Business Days following the Discounted Prepayment Response Date, (I) the Borrower shall notify the Administrative Agent of the Discounted Prepayment Effective Date, (II) the Administrative Agent shall notify each Lender of the Discounted Prepayment Effective Date, the Clearing Prepayment Price for each Class of Loans, and the aggregate principal amount of the Discounted Prepayment and each Class of Loans to be prepaid at the Clearing Prepayment Price on such date (the “Clearing Prepayment Price Notice”), and (III) the Administrative Agent shall notify each Participating Lender of the aggregate principal amount of each Class of Loans of such Lender to be prepaid at the Clearing Prepayment Price on such date.  Each determination by the Borrower of the amounts stated in the foregoing notices to the Lenders shall be conclusive and binding for all purposes absent manifest error.  The payment amount specified in such notice to the Lenders shall be due and payable by the Borrower on the Discounted Prepayment Effective Date in accordance with subsection (d) below (subject to subsection (h) below).
(c)    In connection with any Discounted Prepayment, the Borrower and the Lenders acknowledge and agree that the Administrative Agent may require as a condition to any Discounted Prepayment, the payment of customary reasonable, documented fees and expenses from the Borrower in connection therewith.
(d)    The Borrower shall make each Discounted Prepayment to the Administrative Agent, for the account of the Participating Lenders, at the Administrative Agent’s office in immediately available funds not later than 2:00 p.m. on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant Class of Loans on a pro rata basis across such installments.  The Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date.  The aggregate principal amount of the Classes and installments of the relevant Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the Classes of Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Prepayment.
(e)    To the extent not expressly provided for herein, each Discounted Prepayment shall be consummated pursuant to procedures consistent with the provisions in this Section 2.25, established by the Borrower acting in its reasonable discretion in consultation with the Administrative Agent.
(f)    Notwithstanding anything in any Loan Document to the contrary, for purposes of this Section 2.25, each notice or other communication required to be delivered or otherwise provided to the Administrative Agent shall be deemed to have been given upon the Administrative Agent’s actual receipt during normal business hours of such notice or communication; provided that any notice or communication actually received outside of normal business hours shall be deemed to have been given as of the opening of business on the next Business Day.

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(g)    The Borrower and the Lenders acknowledge and agree that the Administrative Agent may (x) perform any and all of its duties under this Section 2.25 by itself or through any sub-agent or (y) decline to perform any or all duties under this Section 2.25, in which case under this clause (y) the Borrower may appoint any other financial institution or advisor (that is not the Borrower or any of its Affiliates) to act as an arranger in connection with any Discounted Prepayment pursuant to this Section 2.25.  References to “Administrative Agent” in this Section 2.25 shall be deemed (i) in the case of clause (x) above, to include any sub-agent and (ii) in the case of clause (y) above, to be such other financial institution or advisor appointed pursuant to this clause (g), and, in either case, the Borrower and the Lenders expressly consent to the performance of such duties by such sub-agent or other financial institution or advisor, as applicable.  The exculpatory provisions pursuant to this Section 2.25, Article VIII of this Agreement and any other Loan Document shall apply to each such appointed sub-agent or other financial institution or advisor and its respective activities in connection with any Discounted Prepayment provided for in this Section 2.25 as well as the activities of the Administrative Agent.  Each Lender submitting any Discounted Prepayment Offer acknowledges and agrees for itself and on behalf of its assignees and Participants that in connection with each Discounted Prepayment, such Lender has independently and, without reliance on any other Lender Related Party, has made and will continue to make its own analysis and determination to participate in each Discounted Prepayment and based on documents and information as it shall deem appropriate at the time.
(h)    The Borrower shall have the right, by written notice to the Administrative Agent, to (x) amend or modify any Discounted Prepayment Offer Solicitation at its discretion at any time on or prior to the applicable Discounted Prepayment Response Date pursuant to procedures reasonably established by the Borrower in consultation with the Administrative Agent or (y) revoke in full (but not in part) its offer to make a Discounted Prepayment and rescind the Discounted Prepayment Offer Solicitation therefor at its discretion at any time on or prior to delivery of the applicable Clearing Prepayment Price Notice (and if such offer is so revoked, any failure by the Borrower to make any prepayment to a Lender, as applicable, pursuant to this Section 2.25 shall not constitute a Default or Event of Default under Section 7.01 or otherwise).
ARTICLE III 
REPRESENTATIONS AND WARRANTIES
Each of Parent and the Borrower represents and warrants to the Lenders that:
Section 3.01    Organization; Powers.  Each of Parent and the Borrower is validly existing as a corporation and limited partnership, respectively, under the laws of the jurisdiction of its organization.  Each Loan Party has the corporate or other organizational power and authority to execute, deliver and perform its obligations under each Loan Document to which it is a party and to effect the Financing Transactions.  Each of the Restricted Subsidiaries is validly existing under the laws of the jurisdiction of its organization, and each of Parent and the Restricted Subsidiaries is duly organized and in good standing (to the extent such concept exists in the relevant jurisdictions) under the laws of the jurisdiction of its organization, has the corporate or other organizational power and authority to carry on its business as now conducted and as proposed to be conducted and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except, in each case, where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

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Section 3.02    Authorization; Enforceability.  The Financing Transactions to be entered into by each Loan Party have been duly authorized by all necessary corporate or other action and, if required, action by the holders of such Loan Party’s Equity Interests.  This Agreement has been duly executed and delivered by each of Parent and the Borrower and constitutes, and each other Loan Document to which any Loan Party is to be a party, when delivered hereunder, will have been duly executed and delivered by such Loan Party and will constitute, a legal, valid and binding obligation of Parent, the Borrower or such Loan Party, as the case may be, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section 3.03    Governmental Approvals; No Conflicts.  The Financing Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) solely in the case of a foreclosure of the pledge of Equity Interests in any Broker-Dealer Subsidiary or any direct or indirect parent company of any Broker-Dealer Subsidiary under the Loan Documents, any approval by FINRA or similar Governmental Authority of a change in control or ownership or transfer of assets or line of business of any Broker-Dealer Subsidiary (or direct or indirect parent company thereof) and (iii) filings necessary to perfect Liens created under the Loan Documents, (b) will not violate (i) any Organizational Documents of, or (ii) any Requirements of Law applicable to, Parent, the Borrower or any Restricted Subsidiary, (c) will not violate or result in a default under any indenture or other agreement or instrument binding upon Parent or any Restricted Subsidiary or their respective assets, or give rise to a right thereunder to require any payment, repurchase or redemption to be made by Parent or any Restricted Subsidiary, or give rise to a right of, or result in, termination, cancellation or acceleration of any obligation thereunder and (d) will not result in the creation or imposition of any Lien on any asset of Parent or any Restricted Subsidiary, except Liens created under the Loan Documents, except (in the case of each of clauses (a), (b)(ii) and (c) above) to the extent that the failure to obtain or make such consent, approval, registration, filing or action, or such violation, as the case may be, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
Section 3.04    Financial Condition; No Material Adverse Effect.
(a)    The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby and (ii) fairly present the financial condition of the entities to which they relate as of the dates thereof and their results of operations and cash flows for the periods covered thereby in accordance with GAAP consistently applied throughout the period covered thereby.
(b)    The Unaudited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, and (ii) fairly present the financial condition of the entities to which they relate as of the date thereof and their results of operations and cash flows for the periods covered thereby, subject, in the case of clauses (i) and (ii), to the absence of certain information and note disclosures normally included in the consolidated financial statements prepared under GAAP.

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(c)    The unaudited pro forma combined results of operations of Parent for each of the fiscal year ended December 31, 2013 and three months ended March 31, 2014 as presented in the Form 10 filed by Parent and for the three months ended June 30, 2014 provided to the Lenders (consistent with the methodology used in preparing the pro forma financial statements included in the Form 10) give effect to the spinoff of Parent from NorthStar Realty Finance Corp. as if the spinoff had occurred on January 1, 2013 (the “Pro Forma Financial Statements”).  The Pro Forma Financial Statements have been prepared in good faith, based on assumptions believed by Parent to be reasonable as of the date of delivery thereof.
(d)    The Borrower has heretofore furnished to the Lenders the consolidated pro forma balance sheet of the Parent and its Subsidiaries as of September 30, 2015 and a related pro forma statement of operations and reconciliation of estimated pro forma adjusted Consolidated EBITDA for the twelve months then ended (the “Acquisition Pro Forma Financial Statements”), which have been prepared giving effect to the Transactions (excluding the impact of purchase accounting effects required by GAAP) as if such transactions had occurred on such date or at the beginning of such period, as the case may be.  The Acquisition Pro Forma Financial Statements have been prepared in good faith, based on assumptions believed by Parent to be reasonable as of the date of delivery thereof.
(e)    Since December 31, 2014, there have been no events, developments or circumstances that have had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
Section 3.05    Properties.
(a)    Each of Parent, the Borrower and the Restricted Subsidiaries has good title to all the Mortgaged Properties, (i) free and clear of all Liens except for Permitted Encumbrances and (ii) except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or as proposed to be conducted or to utilize such properties for their intended purposes, in each case, except where the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
(b)    No Mortgage encumbers Mortgaged Property that is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards within the meaning of the National Flood Insurance Act of 1968 unless flood insurance available under such Act has been obtained in accordance with Section 5.07.
Section 3.06    Litigation and Environmental Matters.
(a)    There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of Parent or the Borrower, threatened in writing against or affecting Parent, the Borrower or any Restricted Subsidiary that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.
(b)    Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, none of Parent, the Borrower or any Restricted Subsidiary is subject to any Environmental Liability or, to their respective knowledge, there are no conditions, facts or circumstances that could reasonably be expected to result in such Environmental Liability.

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Section 3.07    Compliance with Laws and Agreements.  Each of Parent, the Borrower and its Restricted Subsidiaries is in material compliance with (a) its Organizational Documents, (b) all Requirements of Law applicable to it or its property and (c) all indentures and other agreements and instruments binding upon it or its property, except, in the case of clauses (b) and (c) of this Section, where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  Each Broker-Dealer Subsidiary has obtained the Broker-Dealer Licenses and Memberships and Broker-Dealer Registrations and, except as could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, all such Broker-Dealer Licenses and Memberships and Broker-Dealer Registrations are in full force and effect.
Section 3.08    Investment Company Status.  None of Parent, the Borrower or any Restricted Subsidiary is required to register as an “investment company” within the meaning of the Investment Company Act.
Section 3.09    Taxes.  Except for failures that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, Parent, the Borrower and each Restricted Subsidiary (a) have timely filed or caused to be filed all Tax returns and reports required to have been filed and (b) have paid or caused to be paid all Taxes levied or imposed on it or its properties, income or assets (whether or not shown on a Tax return) including in their capacity as tax withholding agents, except any Taxes that are being contested in good faith by appropriate proceedings; provided that Parent, the Borrower or such Subsidiary, as the case may be, has set aside on its books adequate reserves therefor in accordance with GAAP.
There is no current, pending or proposed Tax assessment, deficiency or other claim against Parent, the Borrower or any Restricted Subsidiary except (i) those being actively contested by Parent, the Borrower or such Restricted Subsidiary in good faith and by appropriate proceedings diligently conducted that stay the enforcement of the Tax in question and for which adequate reserves have been provided in accordance with GAAP or (ii) those that could not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.
Section 3.10    ERISA; Labor Matters.
(a)    Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state laws.
(b)    Except as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (i) no ERISA Event has occurred or is reasonably expected to occur, (ii) no Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA)  and (iii) no Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.
(c)    Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, with respect to each scheme or arrangement mandated by a government other than the United States (a “Foreign Government Scheme or Arrangement”) and with respect to each employee benefit plan maintained or contributed to by any Loan Party or any Subsidiary of any Loan Party that is not subject to United States law (a “Foreign Plan”):

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(i)    any employer and employee contributions required by law or by the terms of any Foreign Government Scheme or Arrangement or any Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices;
(ii)    to the extent required by applicable law, the fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations, as of the Closing Date; and
(iii)    each Foreign Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities.
(d)    There are no collective bargaining agreements covering the employees of Parent or any Restricted Subsidiary as of the Closing Date.  Neither Parent nor any Restricted Subsidiary has suffered any strikes, labor disruptions or material work stoppages within the last five years which could reasonably be expected to result in a Material Adverse Effect.
Section 3.11    Disclosure.  None of the reports, financial statements, certificates or other written information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document or delivered thereunder (as modified or supplemented by other information so furnished) when taken as a whole 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 materially misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time delivered and, if such projected financial information was delivered prior to the Closing Date, as of the Closing Date, it being understood that any such projected financial information may vary from actual results and such variations could be material.
Section 3.12    Subsidiaries.  As of the Closing Date, Schedule 9 to the Perfection Certificate sets forth the name of, and the ownership interest of Parent and each Subsidiary in, each Subsidiary.
Section 3.13    Intellectual Property; Licenses, Etc.  Parent, the Borrower and its Restricted Subsidiaries own, license or possess the right to use, all Intellectual Property that is reasonably necessary for the operation of their businesses as currently conducted, without conflict with the Intellectual Property of any Person, except to the extent such conflicts, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.  No Intellectual Property used by Parent, the Borrower or any Restricted Subsidiary in the operation of its business as currently conducted infringes upon any rights held by any Person except for such infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect.  No claim or litigation regarding any of the Intellectual Property is pending or, to the knowledge of Parent and the Borrower, threatened against Parent or any Restricted Subsidiary, which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
Section 3.14    Solvency.  Immediately after the consummation of the Transactions to occur on the Closing Date, (a) the fair value of the assets of each Applicable Group will exceed its debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis, (b) the present fair saleable value of the property of each Applicable Group will be greater than the amount that will be required to pay the probable liability, on a consolidated basis, of its debts and other liabilities, subordinated, 

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contingent or otherwise, on a consolidated basis, as such debts and other liabilities become absolute and matured, (c) each Applicable Group will be able to pay is debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis, as such debts and liabilities become absolute and matured, and (d) each Applicable Group will not have unreasonably small capital with which to conduct the business in which it is engaged or in which it is about to be engaged, as such business is now conducted and is proposed to be conducted following the Closing Date.  For purposes of this Section 3.14, (i) the amount of any contingent liability at any time shall be computed as the amount that, in the light of all of the facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual or matured liability and (ii) it is assumed that the Indebtedness and other obligations incurred on the Closing Date under the Loan Documents will become due on their respective maturities.
Section 3.15    Senior Indebtedness.  The Loan Document Obligations constitute “Senior Indebtedness” (or any comparable term) under and as defined in the documentation governing any Indebtedness that is subordinated in right of payment to the Loan Document Obligations.
Section 3.16    Federal Reserve Regulations.
(a)    None of Parent, the Borrower or any other Restricted Subsidiary is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock.  No part of the proceeds of the Loans will be used, directly or indirectly, to purchase or carry any Margin Stock or to refinance any Indebtedness originally incurred for such purpose, or for any other purpose that entails a violation (including on the part of any Lender) of the provisions of Regulations U or X of the Board of Governors.
(b)    No Subsidiary extends purpose credit to customers (as those terms are defined in Regulation T of the Board of Governors). 
Section 3.17    Use of Proceeds.  The Borrower will use the proceeds of the Loans made on the Closing Date to finance the Transactions, with the remainder for general corporate purposes.
Section 3.18    No Conflict with Sanctions Laws.  None of Parent or any of its Subsidiaries or, to the knowledge of Parent or the Borrower, any director, officer, agent or employee of Parent, the Borrower or any of the Restricted Subsidiaries is a person, government, country or entity (“Person”) or is owned or controlled by a Person with whom transactions or dealings would be prohibited for U.S. persons to engage in under any of the sanctions administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of Commerce, and the U.S. Department of State, as well as the European Union, Her Majesty’s Treasury or other relevant sanctions authority with jurisdiction over such person (collectively “Sanctions”), nor is Parent or any of its Subsidiaries located, organized, resident, doing business or conducting transactions with the government of, or persons within, a country or territory that is the subject of Sanctions; and the Borrower will not use the proceeds from the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities of or business with any Person that, at the time of such funding, is the subject of Sanctions, or is in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, or (ii) in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as Lender, agent or otherwise) of Sanctions.
Section 3.19    No Unlawful Contributions or Other Payments.  Parent and its Subsidiaries are in compliance in all material respects with the Foreign Corrupt Practices Act, as amended, and rules and regulations thereunder (“FCPA”), the UK Bribery Act and other applicable anti-corruption laws 

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(collectively, the “Anti-Corruption Laws”).  No part of the proceeds of the Loans will be used directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA or the UK Bribery Act.  Parent and its Subsidiaries and Affiliates have instituted and maintained and will continued to maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein. 
Section 3.20    Anti-Money Laundering Laws.  The operations of Parent and its Subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the USA PATRIOT Act, and the applicable anti-money laundering statutes of jurisdictions where Parent and its Subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving Parent or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of Parent, threatened.
Section 3.21    Perfection, Etc.  Each Security Document delivered pursuant to this Agreement will, upon execution and delivery thereof, be effective to create (to the extent described therein) in favor of the Administrative Agent for the benefit of the Secured Parties, legal, valid and enforceable first-priority Liens on, and security interests in, the Collateral described therein to the extent intended to be created thereby and required to be perfected therein, except as to enforcement, as may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing and (a) when financing statements and other filings in appropriate form are filed in the offices of the Secretary of State of each Loan Party’s jurisdiction of organization or formation and any applicable documents are filed and recorded in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, and (b) upon the taking of possession or control by the Administrative Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Administrative Agent to the extent possession or control by the Administrative Agent is required by the Collateral Agreement), the Liens created by the Security Documents shall constitute fully perfected Liens so far as possible under relevant law on, and security interests in (to the extent intended to be created thereby and required to be perfected under the Loan Documents), all right, title and interest of the grantors in such Collateral in each case free and clear of any Liens other than Liens permitted hereunder.
Section 3.22    Membership in FINRA; Registration; Etc.  Except as set forth on Schedule 3.22, to the extent required pursuant to applicable Requirements of Law, each Broker-Dealer Subsidiary is a member in good standing of FINRA and each Broker-Dealer Subsidiary is duly registered as a broker-dealer with the SEC, and in each state where the conduct of a material portion of its business requires such registration.
ARTICLE IV 
CONDITIONS

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Section 4.01    Closing Date.  The obligations of the Lenders to make Loans on the Closing Date are subject to each of the following conditions, each of which shall be satisfied on or prior to the Closing Date:
(a)    The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission of a signed counterpart of this Agreement) that such party has signed a counterpart of this Agreement.
(b)    The Administrative Agent shall have received a written opinion (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of Clifford Chance US LLP, counsel for the Loan Parties, substantially in the form of Exhibit G.  Each of Parent and the Borrower hereby requests such counsel to deliver such opinion.
(c)    The Administrative Agent shall have received a certificate of the Borrower, Parent and each other Loan Party, dated the Closing Date, substantially in the forms of Exhibit H-1, H-2 and H-3, respectively, with appropriate insertions, executed by any Responsible Officer of such Loan Party, and including or attaching the documents referred to in paragraph (d) of this Section.
(d)    The Administrative Agent shall have received a copy of (i) each Organizational Document of each Loan Party certified, to the extent applicable, as of a recent date by the applicable Governmental Authority, (ii) signature and incumbency certificates of the Responsible Officers of each Loan Party executing the Loan Documents to which it is a party, (iii) resolutions of the board of directors and/or similar governing bodies of each Loan Party approving and authorizing the execution, delivery and performance of Loan Documents to which it is a party, certified as of the Closing Date by its secretary, an assistant secretary or a Responsible Officer as being in full force and effect without modification or amendment, and (iv) a good standing certificate from the applicable Governmental Authority of each Loan Party’s jurisdiction of incorporation, organization or formation, if the concept is applicable in such jurisdiction.
(e)    The Administrative Agent shall have received all fees and other amounts previously agreed in writing by the Lead Arranger and the Borrower to be due and payable on or prior to the Closing Date, including, to the extent invoiced at least one Business Day prior to the Closing Date, reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party.
(f)    The Collateral and Guarantee Requirement (other than to the extent contemplated by Section 5.17) shall have been satisfied and the Administrative Agent shall have received a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of Parent and the Restricted Subsidiaries, together with all attachments contemplated thereby, and none of such Collateral shall be subject to any other pledges, security interests or mortgages except Liens permitted by Section 6.02; provided that to the extent any security interest in the Collateral (other than any Collateral the security interest in which may be perfected by the filing of a UCC financing statement or the delivery of stock certificates) is not perfected on the Closing Date after the Borrower’s use of commercially reasonable efforts to do so, the perfection of such security interest(s) will not constitute a condition precedent to the availability of the Initial Loans on the Closing Date but such security interest(s) will be required to be perfected pursuant to 

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arrangements and timing to be mutually agreed by the Administrative Agent and the Borrower and, in any event, within 60 days after the Closing Date (subject to extensions reasonably agreed by the Administrative Agent).
(g)    The Lead Arranger shall have received the financial statements described in Sections 3.04(a) and (b), and such financial statements shall be certified by a Financial Officer as presenting fairly, in all material respects, the consolidated financial position, results of operations and cash flows of Parent and its Subsidiaries, as applicable, as of the dates or for the periods covered, as applicable (subject to the qualifications in Section 3.04(b) for financial statements described in such section).  The Lead Arranger shall have received the Pro Forma Financial Statements and the Acquisition Pro Forma Financial Statements.  
(h)    The Lenders shall have received a certificate from the chief financial officer of each of Parent and the Borrower substantially in the form of Exhibit F certifying as to the solvency of each Applicable Group on a consolidated basis after giving effect to the Transactions.
(i)    The Administrative Agent and the Lead Arranger shall have received, at least three Business Days prior to the Closing Date, all documentation and other information about the Loan Parties as shall have been requested in writing at least 10 days prior to the Closing Date by the Administrative Agent or the Lead Arranger that they shall have determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act.
(j)    The Administrative Agent shall have received certified copies of Uniform Commercial Code, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien searches, or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name any Loan Party as debtor and that are filed in those states in which any Loan Party is organized and such other searches that are required by the Perfection Certificate or that the Administrative Agent deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered by the Security Documents (other than Permitted Encumbrances).
(k)    The Acquired Business Representations shall be accurate in all material respects (without duplication of any materiality qualifier set forth in the definition thereof).  The Specified Representations shall be accurate in all material respects.
(l)    The Acquisition shall have been consummated, or substantially simultaneously with the initial funding of Loans on the Closing Date, shall be consummated, in accordance with the Acquisition Agreement, in each case without giving effect to any modifications, consents, amendments or waivers (including any deemed waivers) thereto that are materially adverse to the Lenders or MSSF unless consented to by MSSF (such consent not to be unreasonably withheld, conditioned or delayed); it being understood that (i) any change in the purchase price made in accordance with the provisions of the Acquisition Agreement (as in effect on October 15, 2015) will not be deemed materially adverse to the Lenders and MSSF, (ii) any other decrease in the purchase price that is less than or equal to 10.0% of the purchase price will not be deemed materially adverse to the Lenders and MSSF; provided that any decrease in the purchase price pursuant to clause (i) or (ii) shall result in a reduction in the aggregate amount of the Initial Commitments on a dollar-for-dollar basis, (iii) any other decrease in the purchase price shall be deemed materially adverse to the Lenders and MSSF and (iv) any modification, consent, 

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amendment or waiver of the definition of “Material Adverse Effect” in the Acquisition Agreement shall be deemed materially adverse to the Lenders and MSSF.
(m)     Concurrently with the consummation of the Acquisition, all borrowings under the Existing Bridge Revolving Facility (if any) and all pre-existing indebtedness of the Acquired Business and its subsidiaries shall have been repaid or repurchased in full, all commitments relating thereto shall have been terminated, and all liens or security interests related thereto shall have been terminated or released, in each case on terms reasonably satisfactory to the Lead Arranger.  After giving effect to the Transactions, neither Parent nor any of its Subsidiaries shall have any indebtedness for borrowed money or any preferred stock other than (i) combined borrowings of up to $25.0 million under the Existing Unsecured Revolving Facility and any Working Capital Facility, (ii) indebtedness owing to any Loan Party, (iii) preferred stock held by any Loan Party and (iv) borrowings of up to $3.0 million by the Target under that certain Credit Agreement, dated as of October 4, 2012, by and between the Target and Firstmerit Bank, N.A.
(n)    From June 30, 2015 to the date of the Acquisition Agreement, there shall not have been any Acquired Business Material Adverse Effect.
(o)    The Administrative Agent shall have received a Borrowing Request in accordance with the requirements hereof.
The Administrative Agent shall notify Parent, the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding.
Section 4.02    Each Credit Event After the Closing Date.  The obligation of each Lender to make a Loan on the occasion of any Borrowing after the Closing Date is subject to the satisfaction of the following conditions:
(a)    The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects on and as of the date of such Borrowing; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further, that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on the date of such credit extension or on such earlier date, as the case may be; provided, further, that in the case of Additional Commitments (i) the representations and warranties contained in Sections 3.04(a) and (b) shall be deemed to refer to the most recent financial statements furnished pursuant to Sections 5.01(a) and (b), to the extent applicable, prior to such proposed Borrowing, and (ii) subject to the second to last sentence of this Section 4.02, no Default or Event of Default shall have occurred and be continuing.
(b)    At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have occurred and be continuing.
(c)    The Administrative Agent shall have received a Borrowing Request in accordance with the requirements hereof.
Each Borrowing (provided that a conversion or a continuation of a Borrowing shall not constitute a “Borrowing” for purposes of this Section) shall be deemed to constitute a representation and warranty 

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by Parent and the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.
Notwithstanding anything in this Section 4.02 and in Section 2.22 to the contrary, to the extent that the proceeds of Additional Loans are to be used to finance an acquisition permitted hereunder that is not subject to a financing condition, the only conditions precedent to the funding of such Additional Loans shall be (i) the conditions precedent set forth in the related Additional Credit Extension Amendment, (ii) that the Specified Representations shall be true and correct in all material respects and the “acquired business representations” (consistent with the definition herein of “Acquired Business Representations”) with respect to the target of such acquisition shall be true and correct in all material respects (without duplication of any materiality qualifier set forth in the definition thereof), (iii) no Event of Default under Section 7.01(a), (b), (h) or (i) shall have occurred and be continuing or would result therefrom and (iv) the Administrative Agent shall have received a Borrowing Request in accordance with the requirements hereof.
ARTICLE V 
AFFIRMATIVE COVENANTS
Until the Commitments shall have expired or been terminated, the principal of and interest on each Loan and all fees, expenses and other amounts (other than contingent amounts not yet due) payable under any Loan Document shall have been paid in full, each of Parent and the Borrower covenants and agrees with the Lenders that:
Section 5.01    Financial Statements and Other Information.  Parent or the Borrower will furnish to the Administrative Agent, on behalf of each Lender: 
(a)    (i) on or before the date that is 90 days after the end of each such fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2015), an audited consolidated balance sheet and audited consolidated statements of operations, equity and cash flows of Parent and its Subsidiaries, in each case as of the end of and for such year, and related notes thereto, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by Grant Thornton LLP or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit and certified by a Financial Officer, in each case to the effect that such consolidated financial statements present fairly in all material respects the financial condition as of the end of and for such year and results of operations and cash flows of Parent and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied and (ii) to the extent not included in a filing with the SEC, a management report setting forth Consolidated EBITDA and assets under management for such fiscal year, showing variance, by dollar amount and percentage, from amounts for the previous fiscal year;  
(b)    (i) on or before the date that is 45 days after the end of each of the first three fiscal quarters of each fiscal year of Parent (commencing with the fiscal quarter ended March 31, 2016), an unaudited consolidated balance sheet and unaudited consolidated statements of operations, equity and cash flows of Parent and its Subsidiaries, in each case as of the end of and for such 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 

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balance sheet, as of the end of) the previous fiscal year, all certified by a Financial Officer as presenting fairly in all material respects the financial condition as of the end of and for such fiscal quarter and such portion of the fiscal year and results of operations and cash flows of Parent and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes and (ii) to the extent not including in a filing with the SEC, a management report setting forth Consolidated EBITDA and assets under management for such fiscal quarter and for the then elapsed portion of the fiscal year, showing variance, by dollar amount and percentage, from amounts for the comparable periods in the previous fiscal year;
(c)    simultaneously with the delivery of each set of consolidated financial statements referred to in clauses (a) and (b) above, the related condensed consolidating balance sheet and income statement reflecting adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements;
(d)    simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b) above, a certificate of a Financial Officer, substantially in the form of Exhibit C-3, (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 of the Total Leverage Ratio and Total Net Leverage Ratio and (iii) in the case of financial statements referred to in clause (a) above (beginning with the fiscal year ending December 31, 2016), setting forth a reasonably detailed calculation of Excess Cash Flow, the Available Amount and of the Net Proceeds received during the applicable period by or on behalf of Parent or any of its Restricted Subsidiaries in respect of any event described in clause (a) of the definition of the term “Prepayment Event” and the portion of such Net Proceeds that has been invested or is intended to be reinvested in accordance with the proviso in Section 2.11(b);
(e)    not later than 90 days after the commencement of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2015), a detailed consolidated budget and business plan for Parent and its Subsidiaries for such fiscal year (including a projected consolidated balance sheet and statements of operations and cash flows as of the end of and for such fiscal year and setting forth the material assumptions used for purposes of preparing such budget);
(f)    promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and registration statements (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered to the Administrative Agent), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) filed by Parent or any of its Subsidiaries with the SEC or with any national securities exchange, or distributed by the Borrower or any of its Restricted Subsidiaries to the holders of its Equity Interests generally, as the case may be; and
(g)    promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of Parent or any of its Subsidiaries, or compliance with the terms of any Loan Document, as the Administrative Agent on its own behalf or on behalf of any Lender may reasonably request in writing.

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Documents required to be delivered pursuant to Section 5.01(a) or (b) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on Parent’s website on the Internet at the website address listed on Schedule 9.01 (or otherwise notified pursuant to Section 9.01(d)); or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet 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); provided that (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent upon its reasonable request until a written notice to cease delivering paper copies is given by the Administrative Agent and (ii) except for filings with the SEC, the Borrower shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents and upon its reasonable request, provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  The Administrative Agent shall have no obligation to request the delivery of or maintain paper copies of the documents referred to above, and each Lender shall be solely responsible for timely accessing posted documents and maintaining its copies of such documents.
The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arranger will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or their respective securities, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  The Borrower hereby agrees that it will, upon request, identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arranger and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its Affiliates or their respective securities for purposes of United States Federal or applicable state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.12); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information”; and (z) the Administrative Agent and the Lead Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”  Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”
Section 5.02    Notices of Material Events.  Promptly after any Responsible Officer of the Borrower obtains actual knowledge thereof, the Borrower will furnish to the Administrative Agent (for distribution to each Lender through the Administrative Agent) written notice of the following:
(a)    the occurrence of any Default;
(b)    the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the knowledge of a Financial Officer or another executive officer of Parent or any Subsidiary, affecting Parent or any Subsidiary or the 

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receipt of a notice of an Environmental Liability, in each case that could reasonably be expected to result in a Material Adverse Effect;
(c)    the occurrence of any ERISA Event that could reasonably be expected to result in a Material Adverse Effect; and
(d)    any matter that has resulted in a Material Adverse Effect.
Each notice delivered under any of clauses (a) through (d) shall be accompanied by a written statement of a Responsible Officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
Section 5.03    Information Regarding Collateral.
(a)    The Borrower will furnish to the Administrative Agent prompt (and in any event within 30 days or such longer period as reasonably agreed to by the Administrative Agent) written notice of any change (i) in any Loan Party’s legal name (as set forth in its certificate of organization or like document), (ii) in the jurisdiction of incorporation or organization of any Loan Party or in the form of its organization, (iii) in any Loan Party’s organizational identification number or (iv) in the location of any Loan Party’s chief executive office.
(b)    Not later than five days after delivery of financial statements pursuant to Section 5.01(a), the Borrower shall deliver to the Administrative Agent a certificate, substantially in the form of Exhibit C-2, executed by a Responsible Officer of the Borrower (i) setting forth the information required pursuant to the Perfection Certificate Supplement or confirming that there has been no change in such information since the date of the Perfection Certificate delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section, (ii) identifying any Subsidiary that has become a Material Subsidiary during the most recently ended fiscal year and (iii) certifying that all notices required to be given prior to the date of such certificate by this Section 5.03 have been given.
Section 5.04    Existence; Conduct of Business.  Parent (a) will, and will cause each Restricted Subsidiary to, do or cause to be done all things necessary to obtain, preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises, and Intellectual Property, in each case that are material to the conduct of its business and (b) will, and will cause each Broker-Dealer Subsidiary to, maintain all rights, privileges, Broker-Dealer Licenses and Memberships and Broker-Dealer Registrations necessary for and material to the normal conduct of its business, except, in each case, to the extent (other than with respect to the preservation of the existence of Parent and the Borrower) that the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03 or any Disposition permitted by Section 6.05.
Section 5.05    Payment of Taxes, Etc.  Parent will, and will cause each Restricted Subsidiary to (a) pay its obligations and liabilities, including (i) in respect of Taxes (including in its capacity as a withholding agent) levied or imposed upon it or its properties, income or assets, before the same shall become delinquent or in default, except to the extent (x) any such Taxes are being contested in good faith and by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP or (y) the failure to make payment could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect and (ii) all obligations (other than Indebtedness the failure to pay which does not give rise to a Default or Event of Default and obligations other than Indebtedness that are being contested in good faith), as and when due and payable, but subject to any 

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subordination provisions contained in any instrument or agreement evidencing such obligations and (b) timely file all material tax returns required to be filed.
Section 5.06    Maintenance of Properties.  Parent will, and will cause each Restricted Subsidiary to, keep and maintain all property material to the conduct of its business in good working order and condition (subject to casualty, condemnation and ordinary wear and tear), except where the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
Section 5.07    Insurance.
(a)    Parent will, and will cause each Restricted Subsidiary to, maintain, with insurance companies that the Borrower believes (in the good faith judgment of the management of the Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Borrower believes (in the good faith judgment of management of the Borrower) is reasonable and prudent in light of the size and nature of its business) and against at least such risks (and with such risk retentions) as the Borrower believes (in the good faith judgment or the management of the Borrower) are reasonable and prudent in light of the size and nature of its business, and will furnish to the Lenders, upon written request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried.  Each such policy of insurance shall (i) name the Administrative Agent, on behalf of the Lenders, as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or mortgagee endorsement that names the Administrative Agent, on behalf of the Lenders as the lenders’ loss payee or mortgagee thereunder.
(b)    If any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then Parent shall, or shall cause each Loan Party to (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, as determined in the Borrower’s reasonable discretion, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent.
Section 5.08    Books and Records; Inspection and Audit Rights.  Parent will, and will cause each Restricted Subsidiary to, maintain proper books of record and account in which entries that are full, true and correct in all material respects and are in conformity with GAAP consistently applied shall be made of all material financial transactions and matters involving the assets and business of Parent or any Restricted Subsidiary, as the case may be.  Parent will, and will cause each Restricted Subsidiary to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided that, (x) excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise visitation and inspection rights of the Administrative Agent and the Lenders under this Section 5.08, (y) absent the continuation of an Event of Default, the Administrative Agent shall not exercise such rights more often than two times during any calendar year and only one such time shall be at the Borrower’s expense and (z) unless a Default or an Event of Default is continuing, neither the 

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Administrative Agent nor any Lender shall seek to inspect financial and accounting records of any Loan Party during the period beginning on the 21st calendar day after each fiscal quarter end through the 42nd calendar day after such fiscal quarter end; provided, further, that (a) when an Event of Default is continuing, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice and (b) the Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with the independent public accountants of the Borrower (or its parent company whose financial statements are delivered under Sections 5.01(a) and (b)).
Section 5.09    Compliance with Laws.  Parent (i) will, and will cause each Restricted Subsidiary to, comply with its Organizational Documents, all Requirements of Law (including Environmental Laws) and all orders, writs, injunctions and decrees with respect to it, its property and operations, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect and (ii) will, and will cause each Broker-Dealer Subsidiary to, comply with the rules and regulations of the SEC, FINRA, the CFTC and any other Governmental Authority applicable to it (including such rules and regulations dealing with net capital requirements) and, to the extent applicable to any Broker-Dealer Subsidiary (including its sales agents and registered personnel), all similar, equivalent or comparable foreign statutes, rules, regulations, and other regulatory requirements, in each case, applicable to it (including such rules and regulations dealing with net capital requirements) except where the failure to so comply could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
Section 5.10    Use of Proceeds.
(a)    The Borrower will use the proceeds of the Loans made on the Closing Date, together with cash on hand of the Borrower, to finance the Transactions and for general corporate purposes.
(b)    No Loan Party shall, and no Loan Party shall suffer or permit any of its Subsidiaries to, use any portion of the Loan proceeds for the immediate, incidental or ultimate purpose of buying or carrying Margin Stock (within the meaning of Regulation U of the Federal Reserve Board) or extending credit to others for the purpose of purchasing or carrying any such Margin Stock, in each case in contravention of Regulation T, U or X of the Federal Reserve Board.
(c)    The Borrower will not request any Borrowing and Parent shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not, directly or indirectly, use, the proceeds of any Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Person that, at the time of such funding, is the subject of Sanctions, or in any country that, at the time of such funding, is the subject of Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.
Section 5.11    Additional Subsidiaries.
(a)    If (i) any additional Restricted Subsidiary is formed or acquired after the Closing Date or (ii) if any Subsidiary ceases to be an Excluded Subsidiary, an Immaterial Subsidiary or an Unrestricted Subsidiary, the Borrower will, within 30 days (or such longer period as may be agreed to by the Administrative Agent in its sole discretion) after such Restricted Subsidiary is formed or acquired or such Subsidiary ceases to be an Excluded Subsidiary, an Immaterial Subsidiary or an Unrestricted 

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Subsidiary, notify the Administrative Agent thereof, and will cause such Restricted Subsidiary (unless such Restricted Subsidiary is an Excluded Subsidiary) to satisfy the Collateral and Guarantee Requirement with respect to such Restricted Subsidiary and with respect to any Equity Interest in or Indebtedness of such Restricted Subsidiary owned by or on behalf of any Loan Party within 30 days after such notice (or such longer period as the Administrative Agent shall reasonably agree) and the Administrative Agent shall have received a completed Perfection Certificate with respect to such Restricted Subsidiary signed by a Responsible Officer of the Borrower, together with all attachments contemplated thereby.
(b)    Within 30 days (or such longer period as the Administrative Agent may agree in its sole discretion) after any Subsidiary becomes a Material Subsidiary, all actions (if any) required to be taken with respect to such Subsidiary in order to satisfy the Collateral and Guarantee Requirement shall have been taken with respect to such Subsidiary.
Section 5.12    Further Assurances.
(a)    Parent will, and will cause each Loan Party to, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents), that may be required under any applicable law and that the Administrative Agent or the Required Lenders may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties.
(b)    If, after the Closing Date, any material assets (including any owned (but not leased) real property or improvements thereto or any interest therein with a fair market value in excess of $5,000,000) are acquired by the Borrower or any other Loan Party or are held by any Subsidiary on or after the time it becomes a Loan Party pursuant to Section 5.11 (other than assets constituting Collateral under a Security Document that become subject to the Lien created by such Security Document upon acquisition thereof or constituting Excluded Assets), the Borrower will notify the Administrative Agent thereof, and, if requested by the Administrative Agent, the Borrower will cause such assets to be subjected to a Lien securing the Secured Obligations and will take and cause the other Loan Parties to take, such actions as shall be necessary and reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph (a) of this Section and as required pursuant to the “Collateral and Guarantee Requirement,” at the expense of the Loan Parties and subject to the last paragraph of the definition of the term “Collateral and Guarantee Requirement.”
Section 5.13    Designation of Subsidiaries.  The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation on a Pro Forma Basis, no Event of Default shall have occurred and be continuing, (ii) immediately after giving effect to such designation, the Total Net Leverage Ratio shall be less than or equal to 3.00 to 1.00 and (iii) no Subsidiary may be designated as an Unrestricted Subsidiary or continue as an Unrestricted Subsidiary if it is a “Restricted Subsidiary” for the purpose of other Material Indebtedness of Parent or the Borrower.  The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value of the Borrower’s or its Subsidiary’s (as applicable) investment therein.  The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (x) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (y) a return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to 

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the preceding sentence in an amount equal to the fair market value at the date of such designation of the Borrower’s or its Subsidiary’s (as applicable) Investment in such Subsidiary.
Section 5.14    Environmental Laws.  Parent will, and will cause each Restricted Subsidiary to, comply with, and use commercially reasonable efforts to ensure compliance in all material respects by all tenants and subtenants, if any, with all applicable Environmental Laws, including with respect to licenses, permits and all lawful orders of Governmental Authorities regarding Environmental Laws, except, in each case, to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect.
Section 5.15    Compliance with Anti-Corruption Laws, Sanctions, Etc..  Parent will maintain in effect and enforce policies and procedures designed to ensure compliance by Parent, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money Laundering Laws, the USA PATRIOT Act and applicable Sanctions. 
Section 5.16    ERISA.  Parent will cause each ERISA Affiliate to (i) maintain all Plans that are presently in existence or may, from time to time, come into existence, in compliance with the terms of any such Plan, ERISA, the Code and all other applicable laws and (ii) make or cause to be made contributions to all Plans in a timely manner and, with respect to Plans, in a sufficient amount to comply with the requirements of Sections 302 and 303 of ERISA and Sections 412 and 430 of the Code, in each case except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect
Section 5.17    Certain Post-Closing Obligations.  As promptly as practicable, and in any event within the time periods after the Closing Date specified in Schedule 5.17 or such later date as the Administrative Agent agrees to in writing in its sole discretion, Parent, the Borrower and each other Loan Party shall deliver the documents or take the actions specified on Schedule 5.17, in each case except to the extent otherwise agreed by the Administrative Agent pursuant to its authority as set forth in the definition of the term “Collateral and Guarantee Requirement.”
Section 5.18    Maintenance of Ratings.  The Loan Parties shall use commercially reasonable efforts to maintain (i) a public corporate credit rating (but not any particular rating) from S&P and a public corporate family rating (but not any particular rating) from Moody’s, in each case in respect of the Borrower and (ii) a public rating (but not any particular rating) in respect of the Loans from each of S&P and Moody’s.
ARTICLE VI 
NEGATIVE COVENANTS
Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees, expenses and other amounts payable (other than contingent amounts not yet due) under any Loan Document have been paid in full, each of Parent and the Borrower covenants and agrees with the Lenders that:
Section 6.01    Indebtedness.  Parent will not, and will not permit any Restricted Subsidiary to, create, incur, issue, assume or permit to exist any Indebtedness, except:
(a)    (i) Indebtedness of Parent and any of the Restricted Subsidiaries under the Loan Documents (including any Indebtedness incurred pursuant to Section 2.22, 2.23 or 2.24), (ii) Incremental Equivalent Debt and (iii) Specified Refinancing Debt;

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(b)    Indebtedness outstanding on the Closing Date and listed on Schedule 6.01, and any Permitted Refinancing thereof; provided that the aggregate amount of Indebtedness at any time outstanding under this clause incurred by Subsidiaries of Parent that are not Loan Parties shall be subject to the Non-Guarantor Debt Cap;
(c)    Indebtedness of the Borrower and its Restricted Subsidiaries in an aggregate amount at any time outstanding of up to $100,000,000 under all Working Capital Facilities (and Guarantees thereof by the Guarantors); provided that the aggregate amount of Indebtedness at any time outstanding under this clause incurred by Subsidiaries of Parent that are not Loan Parties shall be subject to the Non-Guarantor Debt Cap; 
(d)    Indebtedness of the Borrower under the Existing Unsecured Revolving Facility in an aggregate amount at any time outstanding equal to up to $250,000,000 minus the aggregate amount of Indebtedness outstanding under clause (f) below;
(e)    (i) Indebtedness (including Capital Lease Obligations) of Parent or any Restricted Subsidiary financing the acquisition, construction, repair, replacement or improvement of fixed or capital assets; provided that such Indebtedness is incurred concurrently with or within 270 days after the applicable acquisition, construction, repair, replacement or improvement, and (ii) any Permitted Refinancing of any Indebtedness set forth in the immediately preceding subclause (i); provided, further, that the aggregate amount of Indebtedness at any time outstanding under this clause shall not exceed the greater of $25,000,000 and 10% of Consolidated EBITDA for the most recently ended Test Period;
(f)    other Indebtedness; provided that (i) no Event of Default shall have occurred or be continuing or would result from such Indebtedness or the use of proceeds thereof, (ii) the Total Net Leverage Ratio shall be less than or equal to 2.75 to 1.00, (iii) the final maturity date of such Indebtedness shall not be on or prior to the date that is 90 days after the Latest Maturity Date, (iv) such Indebtedness shall have a Weighted Average Life to Maturity equal to or greater than the then remaining Weighted Average Life to Maturity of the outstanding Loans, (v) to the extent subordinated in right of payment or security with respect to the Loan Document Obligations, such Indebtedness shall be subject to a subordination arrangement on terms reasonably acceptable to the Administrative Agent, (vi), such Indebtedness shall not have covenants or events of default that are more restrictive, in any material respect, taken as a whole, on Parent and its Restricted Subsidiaries than those contained in the Loan Documents and (vii) the aggregate amount of Indebtedness at any time outstanding under this clause by Subsidiaries of Parent that are not Loan Parties shall be subject to the Non-Guarantor Debt Cap; 
(g)    (i) Indebtedness incurred, assumed or acquired in connection with a Permitted Acquisition; provided that in the case of Indebtedness incurred in contemplation of such Permitted Acquisition, such Indebtedness shall satisfy the requirements of subclauses (iii), (iv), (v) and (vi) of clause (f) above, except that a customary bridge facility shall not be required to satisfy subclauses (iii) and (iv) so long as the long-term Indebtedness into which such customary bridge facility is to be converted satisfies such subclauses (iii) and (iv) and (ii) any Permitted Refinancing of any Indebtedness set forth in the immediately preceding subclause (i);
(h)    other Indebtedness in an aggregate amount at any time outstanding equal to the greater of $100,000,000 and 40% of Consolidated EBITDA for the most recently ended Test Period;

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(i)    Guarantees by Parent or any of its Restricted Subsidiaries in respect of Indebtedness of Parent or any Restricted Subsidiary otherwise permitted hereunder; provided that (i) such Guarantee is otherwise permitted by Section 6.04, (ii) no Guarantee by any Restricted Subsidiary of any Junior Indebtedness shall be permitted unless such Restricted Subsidiary shall have also provided a Guarantee of the Loan Document Obligations pursuant to the Guarantee Agreement, (iii) the aggregate amount of Guarantees at any time outstanding under this clause made by Subsidiaries of Parent that are not Loan Parties of Indebtedness of any Loan Party shall be subject to the Non-Guarantor Debt Cap and (iv) if the Indebtedness being Guaranteed is subordinated in right of payment to the Loan Document Obligations, such Guarantee shall be subordinated in right of payment to the Guarantee of the Loan Document Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such Indebtedness;
(j)    Indebtedness of Parent owing to any Restricted Subsidiary or of any Restricted Subsidiary owing to any other Restricted Subsidiary or Parent to the extent permitted by Section 6.04(c); provided that the aggregate amount of all Indebtedness of any Loan Party owing to any Restricted Subsidiary that is not a Loan Party that is outstanding at any time under this clause shall not exceed $40,000,000;
(k)    Indebtedness representing deferred compensation owed to employees of Parent or any Subsidiary;
(l)    Indebtedness consisting of obligations under deferred compensation to employees or other similar arrangements incurred in connection with the Transactions or any Permitted Acquisition or other Investment permitted under this Agreement;
(m)    Indebtedness constituting indemnification obligations or obligations in respect of purchase price or other similar adjustments incurred in a Permitted Acquisition, any other Investment or any Disposition, in each case permitted under this Agreement;
(n)    the incurrence by Parent or any Restricted Subsidiary of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business;
(o)    Indebtedness owed by any Loan Party to future, current or former officers, directors, employees or consultants thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of Parent or the Borrower;
(p)    obligations (contingent or otherwise) existing or arising under any Swap Agreement; provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with fluctuations in interest rates or foreign exchange rates and not for speculative purposes;
(q)    Indebtedness consisting of the financing of insurance premiums in the ordinary course of business;
(r)    Indebtedness constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, health, disability or other employee benefits, or property, casualty or liability insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims; provided that upon the drawing of such letters of credit 

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or the incurrence of such Indebtedness, such obligations are reimbursed within 45 days following such drawing or incurrence; and
(s)    Indebtedness in respect of bid, performance or surety bonds or obligations of a similar nature issued for the account of Parent or any Restricted Subsidiary, including guarantees or obligations of Parent or any Restricted Subsidiary with respect to letters of credit supporting such bid, performance or surety obligations (in each case other than for an obligation for money borrowed);
(t)    to the extent constituting Indebtedness, Investments in repurchase agreements constituting Permitted Investments; 
(u)    Indebtedness consisting of customary indemnification obligations incurred in the ordinary course of business and not in connection with debt for money borrowed; and
(v)    to the extent constituting Indebtedness, all premiums (if any), interest, fees, expenses, charges and additional or contingent interest on Indebtedness described in clauses (a) through (u) above;
provided that the aggregate amount of all Indebtedness of Subsidiaries of Parent that are not Loan Parties outstanding at any time under all clauses above specified to be subject to the Non-Guarantor Debt Cap shall not exceed the Non-Guarantor Debt Cap.
Section 6.02    Liens.  Parent will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except:
(a)    Liens created under the Loan Documents;
(b)    Permitted Encumbrances;
(c)    Liens existing on the Closing Date and set forth on Schedule 6.02 and any modifications, replacements, renewals or extensions thereof; provided that (i) such modified, replacement, renewal or extension Lien does not extend to any additional property other than (x) after-acquired property that is affixed or incorporated into the property covered by such Lien and (y) proceeds and products thereof, and (ii) the obligations secured or benefited by such modified, replacement, renewal or extension Lien are permitted by Section 6.01;
(d)    Liens on the Collateral securing Indebtedness incurred under Section 6.01(c); provided that such Indebtedness shall be subject to the First Lien Intercreditor Agreement;
(e)    Liens securing Indebtedness incurred under Section 6.01(e); provided that (i) such Liens attach concurrently with or within 270 days after the acquisition, construction, repair, replacement or improvement (as applicable) of the property subject to such Liens, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness except for accessions to such property and the proceeds and the products thereof and (iii) with respect to Capital Lease Obligations, such Liens do not at any time extend to or cover any assets (except for accessions to or proceeds of such assets) other than the assets subject to such Capital Lease Obligations; provided, further, that individual financings of equipment 

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provided by one lender may be cross-collateralized to other financings of equipment provided by such lender;
(f)    Liens on the Collateral securing Indebtedness incurred under Section 6.01(f); provided that such Indebtedness shall be subject to, and such Liens shall be subordinated to the Liens securing the Loan Document Obligations pursuant to, the Junior Lien Intercreditor Agreement;
(g)    Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary, in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Restricted Subsidiary); provided that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof and other than after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require or include, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition);
(h)    other Liens; provided that the aggregate amount of obligations secured by Liens under this clause at any time outstanding shall not exceed the greater of $50,000,000 and 20% of Consolidated EBITDA for the most recently ended Test Period;
(i)    Liens granted by a Restricted Subsidiary that is not a Loan Party in favor of any Loan Party and Liens granted by a Loan Party in favor of any other Loan Party;
(j)    Liens on assets of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness of such Restricted Subsidiary permitted under Section 6.01;
(k)    leases, licenses, subleases or sublicenses granted to others that do not (i) interfere in any material respect with the business of Parent and its Restricted Subsidiaries, taken as a whole, or (ii) secure any Indebtedness;
(l)    Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of setoff) and that are within the general parameters customary in the banking industry;
(m)    Liens (i) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an Investment permitted pursuant to Section 6.04 to be applied against the purchase price for such Investment or otherwise in connection with any escrow arrangements with respect to any such Investment or any Disposition permitted under Section 6.05 (including any letter of intent or purchase agreement with respect to such Investment or Disposition), (ii) consisting of an agreement to dispose of any property in a Disposition permitted under Section 6.05, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien and (iii) on cash or cash equivalents (and the related escrow accounts) in connection with the issuance into (and pending the release from) escrow of any Additional Loans and any Incremental Equivalent Debt;

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(n)    any interest or title of a lessor under leases (other than leases constituting Capital Lease Obligations) entered into by the Borrower or any Restricted Subsidiaries in the ordinary course of business;
(o)    Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods by Parent or any Restricted Subsidiary in the ordinary course of business;
(p)    Liens on insurance policies and proceeds thereof securing Indebtedness incurred under Section 6.01(q);
(q)    Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;
(r)    Liens on cash, Permitted Investments and securities (and proceeds thereof) of any Broker-Dealer Subsidiary that is subject to securities trades incurred in the ordinary course of business;
(s)    Liens deemed to exist in connection with repurchase agreements constituting Permitted Investments; provided, that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement;
(t)    Liens on Equity Interests of any Person that is not the Borrower or a Wholly Owned Subsidiary of the Borrower, to the extent such Liens secure customary obligations (but not debt for borrowed money) arising in favor of other holders of Equity Interests of such Person pursuant to joint venture or similar agreements governing such Person; and
(u)    Liens on Collateral to secure Incremental Equivalent Debt and Specified Refinancing Debt.
Section 6.03    Fundamental Changes.  Parent will not, and will not permit any Restricted Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that:
(a)    any Person may merge or consolidate with the Borrower; provided that (i) the Borrower shall be the continuing or surviving Person and (ii) no Default shall be continuing after giving effect to such transaction;
(b)    any Person (other than the Borrower) may merge or consolidate with Parent; provided that (i) Parent shall be the continuing or surviving Person and (ii) no Default shall be continuing after giving effect to such transaction;
(c)    any Restricted Subsidiary (other than the Borrower) may merge or consolidate with any one or more Restricted Subsidiaries (other than the Borrower); provided that when any Subsidiary Loan Party is merging with another Restricted Subsidiary, the continuing or surviving Person shall be a Subsidiary Loan Party;
(d)    any Restricted Subsidiary (other than the Borrower) may liquidate or dissolve or change its legal form or redomicile (in the case of a Subsidiary Loan Party, to a jurisdiction 

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within the United States) if the Borrower determines in good faith that such action is in the best interests of Parent and its Restricted Subsidiaries and is not materially disadvantageous to the Lenders;
(e)    any Restricted Subsidiary may make a Disposition of all or substantially all of its assets (upon voluntary liquidation or otherwise) to another Restricted Subsidiary; provided that if the transferor in such a transaction is a Loan Party, then (i) the transferee must be a Loan Party or (ii) to the extent constituting a Disposition to a Restricted Subsidiary that is not a Loan Party, the transferor shall receive fair market value as consideration and any non-cash consideration received in respect thereof shall be an Investment permitted by Section 6.04;
(f)    any Restricted Subsidiary (other than the Borrower) may merge, consolidate or amalgamate with any other Person in order to effect an Investment permitted pursuant to Section 6.04; provided that the continuing or surviving Person shall be a Restricted Subsidiary, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of Sections 5.11 and 5.12 (to the extent applicable) and if the other party to such transaction is not a Loan Party, no Default shall be continuing after giving effect to such transaction; and 
(g)    any Restricted Subsidiary (other than the Borrower) may effect a merger, dissolution, liquidation, consolidation or amalgamation to effect a Disposition permitted pursuant to Section 6.05; provided that if the other party to such transaction is not a Loan Party, no Default shall be continuing after giving effect to the transaction. 
Section 6.04    Investments, Loans, Advances, Guarantees and Acquisitions.  Parent will not, and will not permit any Restricted Subsidiary to, directly or indirectly, make or hold any Investment, except:
(a)    Permitted Investments;
(b)    Investments existing on the Closing Date and set forth on Schedule 6.04;
(c)    Investments (i) by Parent or any Restricted Subsidiary in any existing Loan Party, (ii) by any Restricted Subsidiary that is not a Loan Party in any other existing Restricted Subsidiary that is also not a Loan Party, (iii) by Parent or any Restricted Subsidiary (A) in any existing Restricted Subsidiary; provided that the aggregate amount of such Investments made by Loan Parties after the Closing Date in Restricted Subsidiaries that are not Loan Parties in reliance on this subclause (iii)(A) shall not exceed, at any time outstanding, an amount equal to the greater of $75,000,000 and 30% of Consolidated EBITDA for the most recently ended Test Period or (B) in any existing Restricted Subsidiary that is not a Loan Party, constituting an exchange of Equity Interests of such Restricted Subsidiary for Indebtedness of such Restricted Subsidiary, (iv) by Parent or any Restricted Subsidiary in Restricted Subsidiaries that are not Loan Parties so long as such Investment is part of a series of simultaneous Investments that result in the proceeds of the initial Investment being invested in one or more Loan Parties and (v) by Parent or any Restricted Subsidiary in any existing Restricted Subsidiary that is not a Loan Party, consisting of the contribution of Equity Interests of any other Restricted Subsidiary that is not a Loan Party;
(d)    Seed Capital Investments in an aggregate amount not to exceed the greater of $50,000,000 and 20% of Consolidated EBITDA for the most recently ended Test Period;

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(e)    Investments in any Restricted Subsidiary that is a Broker-Dealer Subsidiary to the extent necessary in order for such Restricted Subsidiary to be in compliance with its net capital requirements under any Requirements of Laws;
(f)    Permitted Acquisitions;
(g)    other Investments in an aggregate amount at any time outstanding not to exceed the sum of (i) the greater of $100,000,000 and 40% of Consolidated EBITDA for the most recently ended Test Period and (ii) so long as no Event of Default shall have occurred and be continuing or shall result therefrom, the Available Amount;
(h)    other Investments; provided that (i) no Event of Default shall have occurred and be continuing or shall result therefrom and (ii) the Total Net Leverage Ratio shall be less than 2.25:1.00;
(i)    the Acquisition;
(j)    Investments in Swap Agreements permitted by Section 6.01(p);
(k)    loans or advances to officers, directors and employees of Parent or any Restricted Subsidiary (i) for advance of payroll and reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes of Parent and its Restricted Subsidiaries, (ii) in connection with such Person’s purchase of Equity Interests of Parent or the Borrower (other than Disqualified Equity Interests) and (iii) for purposes not described in the foregoing clauses (i) and (ii); provided that the aggregate principal amount outstanding at any time under this subclause (iii) shall not exceed $5,000,000;
(l)    promissory notes and other non-cash consideration received in connection with Dispositions permitted by Section 6.05;
(m)    Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices;
(n)    Investments for (i) utilities, security deposits, leases and similar prepaid expenses incurred in the ordinary course of business and (ii) trade accounts created, or prepaid expenses accrued, in the ordinary course of business; and
(o)    Investments consisting of (i) cash in deposit accounts with financial institutions available for withdrawal on demand and (ii) extensions of credit in the nature of accounts receivable arising from the grant of trade credit, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors, in each case, made or incurred in the ordinary course of business.
Section 6.05    Asset Sales.  (i) Parent will not, and will not permit any Restricted Subsidiary to, directly or indirectly, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, and (ii) Parent will not permit any Restricted Subsidiary to issue any additional Equity Interest in such Restricted Subsidiary (other than issuing Equity Interests to Parent or a Restricted Subsidiary in compliance with Section 6.04(c))  (each, a “Disposition”), except:

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(a)    any Disposition or series of related Dispositions involving assets having an aggregate fair market value per Disposition or series of Dispositions of less than $10,000,000;
(b)    Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions of property no longer used or useful in the conduct of the business of Parent and its Restricted Subsidiaries;
(c)    Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;
(d)    Dispositions of property to Parent, the Borrower or a Restricted Subsidiary; provided that if the transferor in such a transaction is a Loan Party, then (i) the transferee must be a Loan Party or (ii) to the extent constituting a Disposition to a Restricted Subsidiary that is not a Loan Party, any non-cash consideration received in respect thereof by the transferor shall be an Investment permitted by Section 6.04;
(e)    other Dispositions; provided that (i) no Event of Default shall have occurred and be continuing or shall result therefrom and (ii) with respect to any Disposition pursuant to this clause (e) for a purchase price in excess of $10,000,000, Parent or a Restricted Subsidiary shall receive not less than 75% of such consideration in the form of cash or Permitted Investments; provided, further, that for the purposes of this clause (ii), (A) any liabilities (as shown on the most recent balance sheet of Parent provided hereunder or in the footnotes thereto) of Parent or such Restricted Subsidiary, other than liabilities that are by their terms subordinated in right of payment to the Loan Document Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which Parent and all of the Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, shall be deemed to be cash, (B) any securities received by Parent or such Restricted Subsidiary from such transferee that are converted by Parent or such Restricted Subsidiary into cash or Permitted Investments (to the extent of the cash or Permitted Investments received) within 180 days following the closing of the applicable Disposition, shall be deemed to be cash and (C) any Designated Non-Cash Consideration received by Parent or such Restricted Subsidiary in respect of such Disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause that is at that time outstanding, not in excess of $20,000,000 at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash; 
(f)    Dispositions permitted by Section 6.03 (other than Section 6.03(g)), Investments permitted by Section 6.04 (other than Section 6.04(l)), Restricted Payments permitted by Section 6.07 and Liens permitted by Section 6.02;
(g)    Dispositions of property acquired by Parent or any Restricted Subsidiary after the Closing Date pursuant to sale-leaseback transactions permitted by Section 6.06;
(h)    Dispositions of Permitted Investments;
(i)    leases, subleases, licenses or sublicenses, in each case in the ordinary course of business and that do not materially interfere with the business of Parent and its Restricted Subsidiaries, taken as a whole; and

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(j)    transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event;
(k)    Dispositions or discounts of accounts receivable or notes in connection with the collection or compromise thereof in the ordinary course of business;
(l)    Dispositions in the ordinary course of business consisting of the abandonment of intellectual property rights which, in the reasonable good faith determination of Parent are not material to the conduct of the business of Parent or its Subsidiaries;
(m)    Dispositions of nominal amount of Equity Interests of any Foreign Subsidiary in order to qualify members of the board of directors (or similar governing body) of such Foreign Subsidiary if required by applicable law; and
(n)    (i) involuntary terminations of Swap Agreements not resulting in an Event of Default under Section 7.01(g), (ii) voluntary terminations of Swap Agreements that do not require payment of any termination fee by Parent or any Restricted Subsidiary and (iii) voluntary terminations of Swap Agreements that require payment of a termination fee so long as the Total Net Leverage Ratio is less than or equal to 2.25 to 1.00;
provided that any Disposition of any property pursuant to this Section (except pursuant to Sections 6.05(f), (l) and (m) and except for Dispositions by a Loan Party to another Loan Party) shall be for no less than the fair market value of such property at the time of such Disposition.
Section 6.06    Sale and Leaseback Transactions.  Parent will not, and will not permit any Restricted Subsidiary to, enter into any arrangement, directly or indirectly, 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 that it intends to use for substantially the same purpose or purposes as the property sold or transferred, except for any such sale of any fixed or capital assets by Parent or any Restricted Subsidiary that is made for cash consideration in an amount not less than the fair market value of such fixed or capital asset and is consummated within 270 days after Parent or such Restricted Subsidiary, as applicable, acquires or completes the construction of such fixed or capital asset; provided that, if such sale and leaseback results in a Capital Lease Obligation, such Capital Lease Obligation is permitted by Section 6.01 and any Lien made the subject of such Capital Lease Obligation is permitted by Section 6.02.
Section 6.07    Restricted Payments.  Parent will not, and will not permit any Restricted Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except:
(a)    each Restricted Subsidiary may make Restricted Payments to Parent and to its other Restricted Subsidiaries (and, in the case of a Restricted Payment by a Restricted Subsidiary that is not a Wholly Owned Subsidiary, to Parent, any Restricted Subsidiary and to each other owner of Equity Interests of such Restricted Subsidiary based on their relative ownership interests of the relevant class of Equity Interests);
(b)    Parent and each Restricted Subsidiary may declare and make dividend payments or other distributions payable solely in the Equity Interests (other than Disqualified Equity Interests) of such Person; provided that in the case of any such Restricted Payment by a Restricted Subsidiary that is not a Wholly Owned Subsidiary, such Restricted Payment is made to 

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Parent, any Restricted Subsidiary and to each other owner of Equity Interests of such Restricted Subsidiary based on their relative ownership interests of the relevant class of Equity Interests;
(c)    payment by Parent of regular quarterly dividends in respect of common stock of Parent of no more than $0.10 per share (to be appropriately adjusted for any stock splits or reverse stock splits after the Closing Date);
(d)    other Restricted Payments in an aggregate amount not to exceed the sum of (i) $35,000,000 (less the aggregate amount of payments made pursuant to Section 6.08(a)(iv)(x)) and (ii) the Available Amount;
(e)    repurchases in 2016 and 2017 of common stock of Parent in an aggregate amount not to exceed $100,000,000;
(f)    other Restricted Payments; provided that the Total Net Leverage Ratio shall be less than 2.00:1.00; and
(g)    repurchases of Equity Interests of Parent or the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price or withholding taxes payable in connection with the exercise of such options or warrants;
provided that, in the case of clauses (c), (d), (e) and (f) above, no Event of Default shall have occurred and be continuing or shall result therefrom.
Section 6.08    Payments on or Amendment of Junior Indebtedness.  
(a)    Parent will not, and will not permit any Restricted Subsidiary to 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 Junior 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, cancellation or termination of any Junior Indebtedness, or any other payment (including any payment under any Swap Agreement) that has a substantially similar effect to any of the foregoing, except:
(i)    payment of regularly scheduled interest and principal payments as, when and in the form of payment due in respect of any Indebtedness, other than payments in respect of any Junior Indebtedness prohibited by the subordination provisions thereof;
(ii)    refinancings of Indebtedness to the extent permitted by Section 6.01;
(iii)    the conversion of any Junior Indebtedness to Equity Interests (other than Disqualified Equity Interests) of Parent;
(iv)    other such payments in an aggregate amount not to exceed the sum of (x) $35,000,000 (less the aggregate amount of Restricted Payments made pursuant to Section 6.07(d)(i)) and (y) the Available Amount; 
(v)    other such payments; provided that the Total Net Leverage Ratio shall be less than 2.25:1.00; and

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(vi)    so long as no Event of Default under clause (a), (b), (h) or (i) of Section 7.01 shall have occurred and be continuing, payments in respect of Junior Indebtedness described in clause (ii) of the definition of “Junior Indebtedness”;
provided that, in the case of clauses (iv) and (v) above, no Event of Default shall have occurred and be continuing or shall result therefrom.
(b)    Parent will not, and will not permit any Restricted Subsidiary to, amend, modify, waive, terminate or release the documentation governing any Junior Indebtedness, in each case if the effect of such amendment, modification, waiver, termination or release is materially adverse to the Lenders.
Section 6.09    Transactions with Affiliates.  Parent will not, and will not permit any Restricted Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with or for the benefit of, any of its Affiliates, except:
(a)    agreements in existence on the Closing Date and set forth on Schedule 6.09 or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect, and transactions pursuant to such agreements;
(b)    transactions between or among Parent and/or one or more Restricted Subsidiaries;
(c)    transactions on terms substantially as favorable to Parent or such Restricted Subsidiary as would be reasonably obtainable by such Person at the time in a comparable arm’s-length transaction with a Person that is not an Affiliate;
(d)    the payment of compensation and reimbursement or payment of reasonable out-of-pocket expenses to, and indemnities provided on behalf of, directors, officers and employees of Parent and the Restricted Subsidiaries in the ordinary course of business;
(e)    Restricted Payments permitted under Section 6.07 and Investments permitted by Section 6.04(k); and
(f)    Dispositions of nominal amount of Equity Interests of any Foreign Subsidiary in order to qualify members of the board of directors (or similar governing body) of such Foreign Subsidiary if required by applicable law.
Section 6.10    Restrictive Agreements.  Parent will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of Parent or any other Loan Party to create, incur or permit to exist any Lien upon any of its property or assets to secure the Secured Obligations or any refinancing thereof or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests that would impair the ability of the Loan Parties to make payments in respect of the Secured Obligations or any refinancing thereof.
Section 6.11    Change in Fiscal Year.  Parent will not change the fiscal year of Parent and its Subsidiaries.

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Section 6.12    Changes in Nature of Business.  Parent will not, and will not permit any Restricted Subsidiary to, primarily engage in any business other than asset management and businesses reasonably related, complementary or ancillary thereto.
Section 6.13    Financial Covenant.  Parent will not permit the Total Leverage Ratio as of the last day of any Test Period, beginning with the Test Period ending March 31, 2016, to be greater than 3:00:1:00.
ARTICLE VII 
EVENTS OF DEFAULT
Section 7.01    Events of Default.  If any of the following events (any such event, an “Event of Default”) shall occur:
(a)    any Loan Party shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
(b)    any Loan Party shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in paragraph (a) of this Section) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days, in the case of any amount other than interest or the commitment fee pursuant to Section 2.12(a), after the earlier of (i) notice from the Administrative Agent to the Borrower and (ii) knowledge of such failure by any Loan Party;
(c)    any representation or warranty made or deemed made by or on behalf of Parent or any Restricted Subsidiary in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made;
(d)    Parent or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.02(a), 5.04 (with respect to the existence of Parent and the Borrower) or 5.10 or (ii) Article VI;
(e)    Parent or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraph (a), (b) or (d) of this Section), and such failure shall continue unremedied for a period of 30 days after the earlier of (i) notice thereof from the Administrative Agent to the Borrower and (ii) knowledge of such failure by any Loan Party;
(f)    Parent or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to any applicable grace period);
(g)    any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, 

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repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this paragraph (g) shall not apply to (i) secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement) or (ii) termination events or similar events (other than defaults or events of default) occurring under any Swap Agreement that constitutes Material Indebtedness (it being understood that paragraph (f) of this Section will apply to any failure to make any payment required as a result of any such termination or similar event);
(h)    an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, court protection, reorganization or other relief in respect of Parent, the Borrower or any Material Subsidiary or its debts, or of a material part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, examiner, sequestrator, conservator or similar official for Parent, the Borrower or any Material Subsidiary or for a material part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or unstayed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;
(i)    Parent, the Borrower or any other Material Subsidiary shall (i)  voluntarily commence any proceeding or file any petition seeking liquidation, court protection, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of any proceeding or petition described in paragraph (h) of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, examiner, custodian, sequestrator, conservator or similar official for Parent, the Borrower or any Material Subsidiary or for a material part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (v) make a general assignment for the benefit of creditors;
(j)    one or more enforceable judgments for the payment of money in an aggregate amount in excess of $40,000,000 (to the extent not covered by (i) insurance as to which the insurer has been notified of such judgment or order and has not denied coverage or (ii) another reasonably creditworthy third-party indemnitor) shall be rendered against Parent or any Restricted Subsidiary or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any judgment creditor shall legally attach or levy upon assets of Parent or any Restricted Subsidiary to enforce any such judgment;
(k)    (i) an ERISA Event occurs that has resulted in liability of any Loan Party in an aggregate amount that would result in a Material Adverse Effect;
(l)    any Lien purported to be created under any Security Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid and perfected Lien on any material portion of the Collateral, with the priority required by the applicable Security Document, except (i) as a result of the sale or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or (ii) as a result of the Administrative Agent’s failure to maintain possession of any stock certificates, promissory notes or other instruments delivered to it under the Security Documents;

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(m)    any material provision of any Loan Document or any Guarantee of the Loan Document Obligations shall for any reason be asserted by any Loan Party or shall be determined not to be a legal, valid and binding obligation of any Loan Party thereto;
(n)    any Guarantees of the Loan Document Obligations by any Loan Party pursuant to the Guarantee Agreement shall cease to be in full force and effect (in each case, other than in accordance with the terms of the Loan Documents);
(o)    (i) the subordination provisions of any agreement or instrument governing any Junior Indebtedness or (ii) any Intercreditor Agreement shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any Loan Party shall contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or (x) the Loan Document Obligations for any reason shall not have the priority contemplated by such subordination provisions or (y) the Liens securing the Loan Document Obligations for any reason shall not have the priority contemplated by any Intercreditor Agreement; or
(p)    a Change in Control shall occur;
then, and in every such event (other than an event with respect to the Borrower described in paragraph (h) or (i) of this Section), and at any time thereafter during the continuance of such event, the Administrative Agent may, and 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 the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in paragraph (h) or (i) of this Section, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
Section 7.02    Application of Proceeds.  Except as expressly provided elsewhere in this Agreement, all amounts received by the Administrative Agent in respect of the Loan Document Obligations, including upon any sale of, any collection from, or other realization upon all or any part of the Collateral, shall be applied, in full or in part, promptly by the Administrative Agent against the Loan Document Obligations in the following order of priority:
first, to the payment of all costs and expenses of such sale, collection or other realization, including reasonable compensation to the Administrative Agent and its agents and counsel, and all other expenses, liabilities and advances made or incurred by the Administrative Agent in connection therewith, and all amounts for which the Administrative Agent is entitled to indemnification hereunder (in its capacity as Administrative Agent and not as a Lender) or any other Loan Document and all advances made by the Administrative Agent hereunder or under any other Loan Document for the account of the applicable Loan Party, and to the payment of all costs and expenses paid or incurred by the Administrative Agent in connection with the exercise of any 

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right or remedy hereunder or under the other Loan Documents, all in accordance with the terms hereof or thereof;
second, to the extent of any excess of such proceeds, to the payment of all other costs and expenses of such sale, collection or other realization including compensation to the other Secured Parties and their agents and counsel and all expenses, liabilities and advances made or incurred by the other Secured Parties in connection therewith;
third, to the extent of any excess of such proceeds and without duplication of amounts applied pursuant to clauses first and second above, to the payment in full in cash, pro rata, of interest and other amounts constituting Loan Document Obligations (other than principal), in each case equally and ratably in accordance with the respective amounts thereof then due and owing;
fourth, to the extent of any excess of such proceeds, to the payment in full in cash, pro rata, of the principal amount of the Loan Document Obligations and any premium thereon; and
fifth, the balance, if any, to the Person lawfully entitled thereto (including the applicable Loan Party or its successors or assigns) or as a court of competent jurisdiction may direct.
In the event that any such proceeds are insufficient to pay in full the items described in clauses first through fifth of this Section 7.02, the Loan Parties shall remain liable, jointly and severally, for any deficiency.
ARTICLE VIII 
ADMINISTRATIVE AGENT
Section 8.01    Appointment and Authorization of Agents.  Each Lender hereby irrevocably appoints MSSF to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and the Borrower shall not have rights as a third-party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Requirement of Law.  Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.
The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including in its capacities as a potential Person to whom any Secured Cash Management Obligations are owed or counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations), on behalf of itself and its Affiliates who are owed Secured Cash Management Obligations and Secured Swap Obligations, hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto.  In this connection, the Administrative Agent, as “collateral agent” (and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 8.05 for purposes of holding or enforcing any 

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Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article VIII (including Section 8.06, as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.  Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Administrative Agent to execute any and all documents (including, subject to Section 9.15, releases) with respect to the Collateral (including, without limitation, any customary intercreditor agreement or other intercreditor arrangements necessary to effectuate the incurrence of secured Indebtedness expressly permitted hereunder) and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Security Documents and acknowledge and agree that any such action by the Administrative Agent shall bind the Lenders.
Section 8.02    Rights as a Lender.  The Administrative Agent 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 hereunder, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, 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.
Section 8.03    Exculpatory Provisions.
(a)    The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Administrative Agent shall not (i) be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; (ii) have any duty to take any discretionary action or exercise any discretionary powers, except (in the case of the Administrative Agent) discretionary rights and powers expressly contemplated hereby or by the other 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 expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and (iii) except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Administrative Agent or any of its Affiliates in any capacity.
(b)    The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the 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 shall be necessary, under the circumstances as provided in Article VII and Section 9.02) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment.  The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default unless and until the Administrative Agent 

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shall have received written notice from a Lender or the Borrower referring to this Agreement, describing such Default and stating that such notice is a “notice of default.”
(c)    No Agent Party shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than (in the case of the Administrative Agent) to confirm receipt of items expressly required to be delivered to it.
Section 8.04    Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to any Borrowing that by its terms shall be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to any such Borrowing.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other advisors selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or advisors.
Section 8.05    Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article 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 Loans as well as activities as Administrative Agent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence, bad faith or willful misconduct in the selection of such sub‐agents.
Section 8.06    Indemnification.  Whether or not the transactions contemplated hereby are consummated, each Lender shall indemnify upon demand each Indemnitee (to the extent not reimbursed by or on behalf of the Borrower and without limiting the obligations of any Loan Party to do so) on a pro rata basis (determined as of the time that the applicable payment is sought based on each Lender’s ratable share at such time) and hold harmless each Indemnitee against any and all Indemnified Liabilities incurred by it; provided that no Lender shall be liable for payment to any Indemnitee of any portion of such Indemnified Liabilities to the extent determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from such Indemnitee’s own gross negligence or willful misconduct (and no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section).  In the case of 

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any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person.  Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including the fees, disbursements and other charges of counsel) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights and responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such costs or expenses by or on behalf of the Borrower.
Section 8.07    Resignation of Administrative Agent.  The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall appoint a successor agent (which may be an Affiliate of a Lender), with the consent of the Borrower at all times other than during the continuance of an Event of Default under Section 7.01(a), (b), (h) or (i) (which consent shall not be unreasonably withheld or delayed).  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment prior to the effective date of the resignation of the Administrative Agent, then the Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, after consulting with the Borrower, appoint a successor Administrative Agent meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on such effective date, where (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent may (but shall not be obligated to) continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents.  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.
Section 8.08    Non-Reliance on Agents and Other Lenders.  Each Lender acknowledges that it has, independently and without reliance upon any Agent Party or any other Lender or any of their Related Parties 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 any Agent Party or any other Lender or any of their Related Parties 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.

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Section 8.09    Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:
(a)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due to the Lenders and the Administrative Agent under Sections 2.12 and 9.03) allowed in such judicial proceeding; and
(b)    to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due to the Administrative Agent under Sections 2.12 and 9.03.
Section 8.10    Withholding Taxes.  To the extent required by any applicable laws, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax.  Without limiting or expanding the provisions of Section 2.17, each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make payments in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective), whether or not such Taxes were correctly or legally imposed or asserted.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section.  The agreements in this Section shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.
Section 8.11    Binding Effect.  Each Secured Party by accepting the benefits of the Loan Documents agrees that (i) any action taken by the Administrative Agent or the Required Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by the Administrative Agent in reliance upon the instructions of 

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the Required Lenders (or, where so required, such greater proportion) and (iii) the exercise by the Administrative Agent or the Required Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Secured Parties.
Section 8.12    Additional Secured Parties.  The benefit of the provisions of the Loan Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender party hereto as long as, by accepting such benefits, such Secured Party agrees, as among the Administrative Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by the Administrative Agent shall confirm such agreement in a writing in form and substance acceptable to the Administrative Agent) this Article VIII, Section 2.17, Section 9.01, Section 9.04, Section 9.08, Section 9.12 and Section 9.16 and the decisions and actions of the Administrative Agent and the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders or other parties hereto as required herein) to the same extent a Lender is bound; provided, however, that, notwithstanding the foregoing, (a) such Secured Party shall be bound by Section 8.10 and Section 9.03 only to the extent of the losses, claims, damages, liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in which case the obligations of such Secured Party thereunder shall not be limited by any concept of pro rata share or similar concept, (b) the Administrative Agent and the Lenders party hereto shall be entitled to act at their sole discretion, without regard to the interest of such Secured Party, regardless of whether any Loan Document Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Secured Party or any such Loan Document Obligation and (c) except as otherwise set forth herein, such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Loan Document.
Section 8.13    Secured Cash Management Obligations and Secured Swap Obligations.  Except as otherwise expressly set forth herein or in any Guarantee or any Security Document, no Person to whom any Secured Cash Management Obligations are owed or counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations that obtains the benefits of Section 4.02 of the Collateral Agreement, any Guarantee or any Collateral by virtue of the provisions hereof or of any Guarantee or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.  Notwithstanding any other provision of this Article VIII to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Swap Obligations unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Person to whom any Secured Cash Management Obligations are owed or counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations, as the case may be. 
ARTICLE IX 
MISCELLANEOUS

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Section 9.01    Notices.
(a)    Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax or other electronic transmission, as follows:
(i)    if to Parent, the Borrower or the Administrative Agent, to the address, fax number, e-mail address or telephone number specified for such Person on Schedule 9.01; and
(ii)    if to any other Lender, to it at its address (or fax number, telephone number or email address) set forth in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).
Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).
(b)    Electronic Communications.  Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures reasonably approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient; provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
(c)    The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  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 AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent, the Lead Arranger or any of their respective Related Parties (collectively, the 

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“Agent Parties”) have any liability to Parent, the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the transmission by any Agent Party of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to Parent, the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).
(d)    Change of Address, Etc.  Each of Parent, the Borrower and the Administrative Agent may change its address, electronic mail address, fax or telephone number for notices and other communications or website hereunder by notice to the other parties hereto.  Each other Lender may change its address, fax or telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative Agent.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, fax number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
(e)    Reliance by Administrative Agent and Lenders.  The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction.  All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.
Section 9.02    Waivers; Amendments.
(a)    No failure or delay by the Administrative Agent or any Lender in exercising any right or power under this Agreement or any Loan Document 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 that they would otherwise have.  No waiver of any provision of this Agreement or any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.  No notice or demand on the Borrower or Parent in any case shall entitle the Borrower or Parent to any other or further notice or demand in similar or other circumstances.
(b)    Neither this Agreement, any Loan Document nor any provision hereof or thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or 

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agreements in writing entered into by Parent, the Borrower and the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) and in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with the consent of the Required Lenders; provided that no such agreement shall:
(i)    increase the Commitment of any Lender without the written consent of such Lender (it being understood that a waiver of any condition precedent set forth in Section 4.02 or the waiver of any Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender),
(ii)    reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees or premiums payable hereunder, without the written consent of each Lender directly and adversely affected thereby; provided that only the consent of the Required Lenders shall be necessary to waive any Default, Event of Default or obligation of the Borrower to pay default interest pursuant to Section 2.13(c) or to amend Section 2.13(c),
(iii)    postpone the maturity of any Loan, or any date for the payment of any interest, premium or fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby,
(iv)    change Sections 2.18(b) or (c) or 7.02 in a manner that would alter the order of application of funds or the pro rata sharing of payments required thereby, without the written consent of each Lender directly and adversely affected thereby,
(v)    change any of the provisions of this Section without the written consent of each Lender directly and adversely affected thereby,
(vi)    change the percentage set forth in the definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender,
(vii)    release all or substantially all the value of the Guarantees under the Guarantee Agreement (except as expressly provided in this Agreement or the Guarantee Agreement) without the written consent of each Lender,
(viii)    release all or substantially all the Collateral from the Liens of the Security Documents (except as expressly provided in this Agreement or the Security Documents), without the written consent of each Lender, or
(ix)    change any provisions of any Loan Document in a manner that by its terms adversely affects the rights of Lenders of any Class differently than the Lenders of any other Class, without the written consent of Lenders holding a Majority in Interest of the outstanding Loans of each affected Class; 
provided, further, that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent without the prior written consent of the Administrative Agent, (B) the Fee Letter may be amended by the parties thereto in accordance therewith without the consent of any other 

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Person and (C) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by Parent, the Borrower and the Administrative Agent to cure any error, defect or inconsistency so long as, in each case, the Lenders shall have received at least five Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment.  Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent, Parent and the Borrower (i) to add one or more credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on substantially the same basis as the Lenders prior to such inclusion.
(c)    In connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”) requiring the consent of all Lenders or all affected Lenders, if the consent of the Required Lenders (and, to the extent any Proposed Change requires the consent of Lenders holding Loans of any Class pursuant to clause (ix) of paragraph (b) of this Section, the consent of a Majority in Interest of the outstanding Loans of such Class) to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as described in paragraph (b) of this Section being referred to as a “Non-Consenting Lender”), then, so long as the Lender that is (or whose Affiliate is) acting as Administrative Agent is not a Non-Consenting Lender, the Borrower may, at its sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which Eligible Assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent to the extent such consent would be required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable, which consent shall not unreasonably be withheld or delayed, (ii) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding principal amount of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including pursuant to Section 2.11(h) treating such assignment as a prepayment) from the Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) unless waived, the Borrower or such Eligible Assignee shall have paid to the Administrative Agent the processing and recordation fee specified in Section 9.04(b)(ii).
(d)    Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, the Commitments and Loans of any Lender that is at the time a Defaulting Lender shall not have any voting or approval rights under the Loan Documents and shall be excluded in determining whether all Lenders, all affected Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to this Section); provided that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

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Section 9.03    Expenses; Indemnity; Damage Waiver.
(a)    The Borrower shall pay (i) all reasonable and documented or invoiced out-of-pocket costs and expenses incurred by the Administrative Agent, the Lead Arranger and their respective Affiliates (without duplication), including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP (exclusive of any reasonably necessary special counsel) and, in the case of an actual or reasonably perceived conflict of interest, one additional counsel per affected party, in each case for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, and the preparation, execution, delivery and administration of the Loan Documents or any amendments, modifications or waivers of the provisions thereof (or proposed amendments, modifications or waivers, whether or not effective), (ii) all reasonable and documented or invoiced out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of counsel for the Administrative Agent and the Lenders, in connection with the enforcement or protection of any rights or remedies (A) in connection with the Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Laws), including its rights under this Section or (B) in connection with the Loans made hereunder, including all such out-of-pocket costs and expenses incurred during any workout, restructuring or negotiations in respect of such Loans; provided that such counsel shall be limited to one lead counsel and such local counsel (exclusive of any reasonably necessary special counsel) as may reasonably be deemed necessary by the Administrative Agent in each relevant jurisdiction and, in the case of an actual or reasonably perceived conflict of interest, one additional counsel per affected party.
(b)    The Borrower shall indemnify the Administrative Agent, the Lead Arranger, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all actions, suits, investigations, inquiries, losses, claims, damages, liabilities, proceedings or expenses of any kind or nature whatsoever and reasonable and documented or invoiced out-of-pocket fees and expenses of any counsel for any Indemnitee, incurred by or asserted against or involving any Indemnitee by any third party or by Parent or any Subsidiary arising out of, as a result of or in any way related to (i) the execution or delivery of this Agreement, any Loan Document or any other agreement or instrument contemplated hereby or thereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or the use of the proceeds therefrom, (iii) to the extent in any way arising from or relating to any of the foregoing, any actual or alleged presence or Release or threat of Release of Hazardous Materials on, at, to or from any Mortgaged Property or any other property currently or formerly owned or operated by Parent or any Subsidiary, or any other Environmental Liability related in any way to Parent or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, regardless of whether brought by a third party or by Parent or any Subsidiary and regardless of whether any Indemnitee is a party thereto (collectively, “Indemnified Liabilities”); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such actions, suits, investigations, inquiries, losses, claims, damages, liabilities, proceedings, costs or related expenses (x) resulted from the gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and non-appealable judgment) or (y) arose out of or in connection with any proceeding that does not involve an act or omission by Parent or any of its Affiliates that is brought by an Indemnitee against any other Indemnitee (other than claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under this Agreement).

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(c)    No Loan Party shall assert, and each hereby waives on behalf of itself and each other Loan Party, any claim against any Indemnitee (i) for any direct or actual damages arising from the use by unintended recipients of information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems (including the Internet) in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby; provided that such waiver shall not, as to any Indemnitee, be available to the extent that such direct or actual damages are determined by a court of competent jurisdiction by final, non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof.
(d)    All amounts due under this Section shall be payable not later than thirty (30) days after written demand therefor; provided, however, that any Indemnitee shall promptly refund an indemnification payment received hereunder to the extent that there is a final judicial determination that such Indemnitee was not entitled to indemnification with respect to such payment pursuant to this Section.
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) neither Parent nor the Borrower may assign or otherwise transfer any of its rights or obligations hereunder other than as expressly provided in Section 6.03 without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void), (ii) no assignment shall be made to any Defaulting Lender or any of its Subsidiaries, or any Persons who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (ii) and (iii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  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 (c) of this Section), the Indemnitees and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    (i)  Subject to the conditions set forth in paragraphs (b)(ii) and (f) below, any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of (A) the Borrower; provided that no consent of the Borrower shall be required for an assignment (x) by a Lender to any Lender or an Affiliate of any Lender, (y) by a Lender to an Approved Fund or (z) if an Event of Default has occurred and is continuing and (B) the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of a Loan to a Lender, an Affiliate of a Lender or an Approved Fund.  Notwithstanding anything in this Section to the contrary, if the Borrower has not given the Administrative Agent written notice of its objection to an assignment within ten (10) Business Days after written notice of such assignment, the Borrower shall be deemed to have consented to such assignment.  

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(ii)    Assignments shall be subject to the following additional conditions:  (A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the trade date specified in the Assignment and Assumption with respect to such assignment or, if no trade date is so specified, as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000, unless the Borrower and the Administrative Agent otherwise consent (in each case, such consent not to be unreasonably withheld or delayed); provided that no such consent of the Borrower shall be required if an Event of Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing; provided, further, that simultaneous assignments by or to two or more Approved Funds shall be combined for purposes of determining whether the minimum assignment requirement is met, (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; provided that this clause (B) shall not be construed to prohibit assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of Commitments or Loans, (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent or, if previously agreed with the Administrative Agent, manually execute and deliver to the Administrative Agent an Assignment and Assumption, and, in each case, together (unless waived or reduced by the Administrative Agent) with a processing and recordation fee of $3,500; provided that the Administrative Agent, in its sole discretion, may elect to waive or reduce such processing and recordation fee; provided, further, that assignments made pursuant to Section 2.19(b) or Section 9.02(c) shall not require the signature of the assigning Lender to become effective and (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent any tax forms required by Section 2.17(e) and an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws.
(iii)    Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective date specified in each Assignment and Assumption, 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 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 of the 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 (and subject to the obligations and limitations of) Sections 2.15, 2.16, 2.17 and 9.03 and to any fees payable hereunder that have accrued for such Lender’s account but have not yet been paid).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c)(i) of this Section.
(iv)    The Administrative Agent, acting for this purpose as a non-fiduciary 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 and interest amounts 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 absent manifest error, and Parent, 

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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, notwithstanding notice to the contrary.  In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender.  The Register shall be available for inspection by (i) the Borrower and (ii) to the extent of its own Loan and Commitments, any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)    Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire and any tax forms required by Section 2.17(e) (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c)    (i)  Any Lender may, without the consent of, or notice to, the Borrower or the Administrative Agent sell participations to one or more banks or other Persons other than a natural person, a Defaulting Lender, Parent or any of its subsidiaries (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) Parent, 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.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and any other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement and any other Loan Documents; provided that such agreement or instrument 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 9.02(b) that directly and adversely affects such Participant.  Subject to paragraph (c)(iii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the obligations and limitations of such Sections, including Section 2.17(e)) (provided that any required documentation shall be provided to the participating Lender) and Section 2.19 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender.
(ii)    Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal and interest amounts of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”).  The entries in the Participant Register shall be conclusive, absent manifest error, and the Borrower 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 notwithstanding any notice to the contrary; provided that no Lender shall have the obligation to disclose all or a portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any loans or other obligations under any Loan 

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Document) to any Person except to the extent that such disclosure is necessary to establish that any loans are in registered form for U.S. federal income tax purposes.
(iii)    A Participant shall not be entitled to receive any greater payment under Section 2.15 or Section 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent that a Participant’s right to a greater payment results from a Change in Law after the Participant becomes a Participant.
(d)    Any Lender may, without the consent of the Borrower or the Administrative Agent, 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 or other “central” bank, and this Section 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.
(e)    In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon).  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
Section 9.05    Survival.  All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to any Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.
Section 9.06    Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative 

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Agent or the syndication of the Loans and Commitments constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.
Section 9.07    Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.  Without limiting the foregoing provisions of this Section 9.07, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

Section 9.08    Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each Lender’s 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, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Administrative Agent, such Lender or any such Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower then due and owing under this Agreement held by the Administrative Agent or such Lender, irrespective of whether or not the Administrative Agent or such Lender shall have made any demand under this Agreement and although (i) such obligations may be contingent or unmatured and (ii) such obligations are owed to a branch or office of the Administrative Agent or such Lender different from the branch or office holding such deposit or obligated on such Indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over promptly to the Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The applicable Lender shall notify the Borrower and the Administrative Agent of such setoff and application; provided that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section.  The rights of the Administrative Agent, each Lender and each Lender’s respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that the Administrative Agent, such Lender and such Lender’s respective Affiliates may have.

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Section 9.09    Governing Law; Jurisdiction; Consent to Service of Process.
(a)    This Agreement shall be construed in accordance with and governed by the laws of the State of New York.
(b)    Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, 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 court 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 any Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to any Loan Document against Parent or the Borrower or their respective properties in the courts of any jurisdiction.
(c)    Each party hereto 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 any Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
Section 9.10    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
Section 9.11    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 shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
Section 9.12    Confidentiality.
(a)    Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates, and to its and its Affiliates’ directors, officers, employees, controlling persons, members, partners, 

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representatives and agents, including accountants, legal counsel and other agents and advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and any failure of such Persons acting on behalf of the Administrative Agent or the relevant Lender to comply with this Section shall constitute a breach of this Section by the Administrative Agent or the relevant Lender, as applicable), (ii) to the extent requested by any regulatory authority or self-regulatory authority, required by applicable law or by any subpoena or similar legal process; provided that solely to the extent permitted by law and other than in connection with routine audits and reviews by regulatory and self-regulatory authorities, each Lender and the Administrative Agent shall notify the Borrower as promptly as practicable of any such requested or required disclosure in connection with any legal or regulatory proceeding; provided, further, that in no event shall any Lender or the Administrative Agent be obligated or required to return any materials furnished by Parent or any Subsidiary of Parent, (iii) to any other party to this Agreement, (iv) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (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, (B) any actual or prospective counterparty (or its advisors) to any Swap Agreement or derivative transaction relating to any Loan Party or its Subsidiaries and its obligations under the Loan Documents or (C) any pledgee referred to in Section 9.04(c), (vi) if required by any rating agency; provided that prior to any such disclosure, such rating agency shall have agreed in writing to maintain the confidentiality of such Information, (vii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than Parent, the Borrower, advisors, members, directors, employees, agents or other representatives or (viii) to the extent necessary or customary for inclusion in league table measurement.  For the purposes hereof, “Information” means all information received from Parent or the Borrower relating to Parent, the Borrower, any other Subsidiary or their business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by Parent or any Subsidiary; provided that, in the case of information received from Parent or any Subsidiary after the Closing Date, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
(b)    EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING PARENT, THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE 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 THE 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 PARENT, THE BORROWER, THE LOAN PARTIES AND THEIR 

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RELATED PARTIES OR THEIR RESPECTIVE 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.
Section 9.13    USA PATRIOT Act.  Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA PATRIOT Act.
Section 9.14    Judgment Currency.
(a)    If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.
(b)    The obligations of the Borrower in respect of any sum due to any party hereto or any holder of any obligation owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss.  The obligations of the Borrower under this Section shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.
Section 9.15    Release of Liens and Guarantees.
(a)    (i)    Upon the consummation of any transaction permitted by this Agreement as a result of which a Subsidiary Loan Party ceases to be a Restricted Subsidiary, such Subsidiary Loan Party shall automatically be released from its obligations under the Loan Documents, and all security interests created by the Security Documents in Collateral owned by such Subsidiary Loan Party shall be automatically released; provided that, if so required by this Agreement, the Required Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise.  
(ii)    If any Subsidiary Loan Party shall become an Excluded Subsidiary (but continues to be a Restricted Subsidiary), at the Borrower’s request, such Subsidiary shall be released from its obligations under the Loan Documents and all security interests created by the Security Documents in Collateral owned by such Subsidiary shall be released; provided that, other than in the case of an Excluded Subsidiary described in clause (d), (e) or (f) of the definition 

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of “Excluded Subsidiary,” the Borrower shall be deemed to have made an Investment in such Subsidiary in an amount equal to the fair market value of the Equity Interests beneficially owned by the Borrower in such Subsidiary and such release shall be permitted only if such Investment (which is an Investment in a Person that is not a Loan Party) would be permitted by Section 6.04.
(iii)    If any Subsidiary Loan Party satisfied the requirements of an Excluded Subsidiary described in clause (c) or (j) of the definition of “Excluded Subsidiary” at the time it inadvertently became a Subsidiary Loan Party, at the Borrower’s request, such Subsidiary shall be released from its obligations under the Loan Documents and all security interests created by the Security Documents in Collateral owned by such Subsidiary shall be released; provided that (A) such Subsidiary continues to be an Excluded Subsidiary at the time of such release and (B) either (x) all Investments made in such Subsidiary in reliance on Section 6.04(c)(i) while it was a Subsidiary Loan Party shall be returned, repaid or distributed to a Loan Party, or (y) such release shall be permitted only if all such Investments (which shall be deemed an Investment in a Person that is not a Loan Party) would be permitted by Section 6.04 at the time of release.
(iv)    If any Equity Interests satisfied the requirements of an Excluded Asset described in clause (e) of the definition of “Excluded Assets” at the time they were inadvertently pledged as Collateral, at the Borrower’s request, such Equity Interests shall be released from the lien of the Security Documents; provided that such Equity Interests continue to be an Excluded Assets at the time of such release.
(v)    Upon any sale or other transfer by any Loan Party (other than to Parent, the Borrower or any Subsidiary Loan Party) of any Collateral in a transaction permitted under this Agreement, or upon the effectiveness of any written consent to the release of the security interest created under any Security Document in any Collateral or the release of Parent or any Subsidiary Loan Party from its Guarantee under the Guarantee Agreement pursuant to Section 9.02, the security interests in such Collateral created by the Security Documents or such guarantee shall be automatically released.
(vi)    Upon termination of the aggregate Commitments and payment in full of all Secured Obligations (other than contingent indemnification obligations not yet due and Cash Management Obligations and hedging obligations), all obligations under the Loan Documents and all security interests created by the Security Documents shall be automatically released.  Any such release of Secured Obligations shall be deemed subject to the provision that such Secured Obligations shall be reinstated if after such release any portion of any payment in respect of the Secured Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any other Loan Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any other Loan Party or any substantial part of its property, or otherwise, all as though such payment had not been made.  
(vii)    In connection with any termination or release pursuant to this Section, the Administrative Agent shall execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release so long as the Borrower or applicable Loan Party shall have provided the Administrative Agent such certifications or documents as the Administrative Agent shall reasonably request in order to demonstrate compliance with this Agreement and the other Loan Documents.

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(b)    The Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to subordinate the Administrative Agent’s Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(iv).
(c)    Each of the Lenders irrevocably authorizes the Administrative Agent to provide any release or evidence of release, termination or subordination contemplated by this Section.  Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Loan Party from its obligations under any Loan Document, in each case in accordance with the terms of the Loan Document and this Section.
Section 9.16    No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrower and Parent acknowledges and agrees that (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Lenders and the Lead Arranger are arm’s-length commercial transactions between the Borrower, Parent and their respective Affiliates, on the one hand, and the Administrative Agent, the Lenders and the Lead Arranger, on the other hand, (B) each of the Borrower and Parent has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Borrower and Parent is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Lenders and the Lead Arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not and will not be acting as an advisor, agent or fiduciary for the Borrower, Parent, any of their respective Affiliates or any other Person and (B) none of the Administrative Agent, the Lenders and the Lead Arranger has any obligation to the Borrower, Parent or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iii) the Administrative Agent, the Lenders and the Lead Arranger and their respective Affiliates may employ the services of their respective affiliates in providing services and/or performing their obligations hereunder and may exchange with such affiliates information concerning Parent, the Borrower, their Affiliates and other companies that may be the subject of this transaction, and such affiliates of the Administrative Agent, the Lenders and the Lead Arranger will be entitled to the benefits afforded to the Administrative Agent, the Lenders and the Lead Arranger hereunder and (iv) the Administrative Agent, the Lenders and the Lead Arranger and their respective Affiliates may be engaged, for their accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Borrower, Parent and their respective Affiliates, and none of the Administrative Agent, the Lenders and the Lead Arranger has any obligation to disclose any of such interests to the Borrower, Parent or any of their respective Affiliates.  To the fullest extent permitted by law, each of the Borrower and Parent hereby agrees it will not claim that the Administrative Agent, the Lenders or the Lead Arranger has rendered advisory services of any nature or owes a fiduciary or similar duty to it in connection with the Transactions and waives and releases any claims that it may have against the Administrative Agent, the Lenders and the Lead Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
Section 9.17    Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, 

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the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the obligations hereunder.
Section 9.18    Form of Execution.  The words “execution,” “signed,” “signature” and words of like import in this Agreement or any other Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act.

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

	 

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	NORTHSTAR ASSET MANAGEMENT GROUP INC., as Parent

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

                    

[NSAM – Signature Page to Credit Agreement]

	
		
	MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent and a Lender

	 

	By:
	/s/ F. Michael Manfred

	 
	Name: F. Michael Manfred

	 
	Title: Authorized Signatory

[NSAM - Signature Page to Credit Agreement]

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