Document:

EXHIBIT 10.10

 

AMENDMENT NO. 1

TO

ASSET PURCHASE AGREEMENT

 

This AMENDMENT
NO. 1 TO ASSET PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of
this 2nd day of August, 2004 by and between CROWN PACIFIC LIMITED
PARTNERSHIP, a Delaware limited partnership, CROWN PACIFIC PARTNERS L.P., a
Delaware limited partnership (“Seller”),
and ALC ACQUISITION LLC, an Arizona limited liability company (“Buyer”). 
(All capitalized terms used but not defined herein shall have the same
definitions for such terms as set forth in the APA referred to below.)

 

WHEREAS, Buyer
and Seller entered into that certain Asset Purchase Agreement, dated as of June
21, 2004 (the “APA”), pursuant to
which Seller agreed to sell, and Buyer agreed to buy, substantially all of the
assets associated with the Business; and

 

WHEREAS, Buyer
and Seller hereby desire to add three Koronos time clocks to Schedule D of the
APA;

 

NOW THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.             Amendment to Schedule D.  Schedule D to the APA is hereby amended by
deleting the phrase “None” therein and inserting the following phrase
therein:  “Three (3) Koronos Time
Clocks.”

 

2.             Continuation of APA.  Except as modified by this Amendment, the
APA shall continue in full force and effect.

 

3.             Counterparts.  This Amendment may be signed in counterparts
and may be executed by the exchange of facsimile signature pages.

 

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the parties
hereto have executed this Amendment No. 1 to Asset Purchase Agreement as
of the day and year first above written.

 

	
   

  	
  CROWN PACIFIC LIMITED
  PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Crown Pacific Management
  Limited

  
	
   

  	
   

  	
  Partnership, its General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven E. Dietrich

  	
   

  
	
   

  	
   

  	
  Name:  Steven E. Dietrich

  
	
   

  	
   

  	
  Title:  Senior Vice President, Chief Financial

  
	
   

  	
   

  	
            
  Officer and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CROWN PACIFIC PARTNERS
  L.P.

  
	
   

  	
   

  
	
   

  	
  By:  Crown Pacific Management Limited

  
	
   

  	
  Partnership, its
  Managing General Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven E. Dietrich

  	
   

  
	
   

  	
   

  	
  Name:  Steven E. Dietrich

  
	
   

  	
   

  	
  Title:  Senior Vice President, Chief Financial

  
	
   

  	
   

  	
             Officer and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALC ACQUISITION LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ True Carr

  	
   

  
	
   

  	
  Name:  True Carr

  
	
   

  	
  Title: 
  Manager

  
							

 

2Exhibit 10.1

 

EXECUTION COPY

 

 

 

AMENDED AND RESTATED

CREDIT AGREEMENT

 

Dated as of August 17, 2004

 

among

 

AFFILIATED MANAGERS GROUP, INC.,

as Borrower,

 

BANK OF AMERICA, N.A.,

as Administrative Agent and Swingline Lender,

 

JP MORGAN CHASE BANK,

as Syndication Agent,

 

THE BANK OF NEW YORK,

as Documentation Agent,

 

and

 

The Several Lenders

from Time to Time Parties Hereto

 

BANC OF AMERICA SECURITIES LLC

Sole Lead Arranger and Sole Book Manager

 

 

 

 

TABLE OF CONTENTS

 

	
  SECTION 1.

  	
  DEFINITIONS

  	
   

  
	
  1.1.

  	
  Defined
  Terms

  	
   

  
	
  1.2.

  	
  Other Definitional and Interpretive
  Provisions

  	
   

  
	
  1.3.

  	
  Accounting
  Terms

  	
   

  
	
  SECTION 2.

  	
  AMOUNT AND TERMS OF COMMITMENTS; SWINGLINE
  LOANS

  	
   

  
	
  2.1.

  	
  Commitments

  	
   

  
	
  2.2.

  	
  Procedure for Borrowing

  	
   

  
	
  2.3.

  	
  Increase of Commitments

  	
   

  
	
  2.4.

  	
  Commitment
  Fee

  	
   

  
	
  2.5.

  	
  Termination or Reduction of Commitments

  	
   

  
	
  2.6.

  	
  Repayment of Loans; Evidence of Debt

  	
   

  
	
  2.7.

  	
  Swingline
  Loans

  	
   

  
	
  2.8.

  	
  Procedure for Swingline Borrowing;
  Refunding of Swingline Loans

  	
   

  
	
  SECTION 3.

  	
  GENERAL PROVISIONS APPLICABLE TO THE LOANS

  	
   

  
	
  3.1.

  	
  Optional Prepayments

  	
   

  
	
  3.2.

  	
  Mandatory Commitment Reductions; Mandatory
  Prepayments

  	
   

  
	
  3.3.

  	
  Conversion and Continuation Options

  	
   

  
	
  3.4.

  	
  Minimum Amounts and Maximum Number of
  Tranches

  	
   

  
	
  3.5.

  	
  Interest Rates and Payment Dates

  	
   

  
	
  3.6.

  	
  Computation of Interest and Fees

  	
   

  
	
  3.7.

  	
  Inability to Determine Interest Rate

  	
   

  
	
  3.8.

  	
  Pro Rata Treatment and Payments

  	
   

  
	
  3.9.

  	
  Illegality

  	
   

  
	
  3.10.

  	
  Requirements of Law

  	
   

  
	
  3.11.

  	
  Taxes

  	
   

  
	
  3.12.

  	
  Indemnity

  	
   

  
	
  3.13.

  	
  Change of Lending Office

  	
   

  
	
  SECTION 4.

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
  4.1.

  	
  Financial Condition

  	
   

  
	
  4.2.

  	
  No Change

  	
   

  

 

i

 

	
  4.3.

  	
  Corporate Existence; Compliance with Law

  	
   

  
	
  4.4.

  	
  Corporate Power; Authorization; Enforceable
  Obligations

  	
   

  
	
  4.5.

  	
  No
  Legal Bar

  	
   

  
	
  4.6.

  	
  No Material Litigation

  	
   

  
	
  4.7.

  	
  No Default

  	
   

  
	
  4.8.

  	
  Ownership of Property; Liens

  	
   

  
	
  4.9.

  	
  Taxes

  	
   

  
	
  4.10.

  	
  Federal Regulations

  	
   

  
	
  4.11.

  	
  ERISA

  	
   

  
	
  4.12.

  	
  Investment Company Act; Investment Advisers
  Act

  	
   

  
	
  4.13.

  	
  Investment Advisory Agreements

  	
   

  
	
  4.14.

  	
  Subsidiaries and Other Ownership Interests

  	
   

  
	
  4.15.

  	
  Purpose
  of Loans

  	
   

  
	
  4.16.

  	
  Accuracy and Completeness of Information

  	
   

  
	
  4.17.

  	
  Pledge
  Agreements

  	
   

  
	
  SECTION 5.

  	
  CONDITIONS PRECEDENT

  	
   

  
	
  5.1.

  	
  Conditions to Effectiveness

  	
   

  
	
  5.2.

  	
  Conditions to Each Loan

  	
   

  
	
  SECTION 6.

  	
  AFFIRMATIVE COVENANTS

  	
   

  
	
  6.1.

  	
  Financial Statements

  	
   

  
	
  6.2.

  	
  Certificates; Other Information

  	
   

  
	
  6.3.

  	
  Payment of Obligations

  	
   

  
	
  6.4.

  	
  Conduct of Business and Maintenance of
  Existence

  	
   

  
	
  6.5.

  	
  Maintenance of Property; Insurance

  	
   

  
	
  6.6.

  	
  Inspection of Property; Books and Records;
  Discussions

  	
   

  
	
  6.7.

  	
  Notices

  	
   

  
	
  6.8.

  	
  Stock
  Pledges

  	
   

  
	
  6.9.

  	
  Guarantees

  	
   

  
	
  6.10.

  	
  Security Interest in FP Growth Collateral

  	
   

  
	
  SECTION 7.

  	
  NEGATIVE COVENANTS

  	
   

  
	
  7.1.

  	
  Financial Condition Covenants

  	
   

  
	
  7.2.

  	
  Limitation on Indebtedness

  	
   

  

 

ii

 

	
  7.3.

  	
  Limitation on Liens

  	
   

  
	
  7.4.

  	
  Limitation on Guarantee Obligations

  	
   

  
	
  7.5.

  	
  Limitation on Fundamental Changes

  	
   

  
	
  7.6.

  	
  Limitation on Sale of Assets

  	
   

  
	
  7.7.

  	
  Limitation on Leases

  	
   

  
	
  7.8.

  	
  Limitation on Dividends

  	
   

  
	
  7.9.

  	
  Limitation on Capital Expenditures

  	
   

  
	
  7.10.

  	
  Limitation on Investments, Loans and
  Advances

  	
   

  
	
  7.11.

  	
  Limitation on Payments of Subordinated Indebtedness

  	
   

  
	
  7.12.

  	
  Restriction on Amendments to Revenue
  Sharing Agreements

  	
   

  
	
  7.13.

  	
  Limitation on Transactions with Affiliates

  	
   

  
	
  7.14.

  	
  Limitation on Changes in Fiscal Year

  	
   

  
	
  7.15.

  	
  Limitation on Synthetic Lease Obligations

  	
   

  
	
  7.16.

  	
  Limitation on Acquisitions

  	
   

  
	
  SECTION 8.

  	
  EVENTS OF DEFAULT

  	
   

  
	
  SECTION 9.

  	
  THE ADMINISTRATIVE AGENT

  	
   

  
	
  9.1.

  	
  Appointment and Authorization

  	
   

  
	
  9.2.

  	
  Rights as a Lender

  	
   

  
	
  9.3.

  	
  Exculpatory Provisions

  	
   

  
	
  9.4.

  	
  Reliance by Administrative Agent

  	
   

  
	
  9.5.

  	
  Delegation of Duties

  	
   

  
	
  9.6.

  	
  Resignation of Administrative Agent

  	
   

  
	
  9.7.

  	
  Indemnification of Administrative Agent

  	
   

  
	
  9.8.

  	
  Administrative Agent May File Proofs of
  Claim

  	
   

  
	
  9.9.

  	
  Collateral and Guaranty Matters

  	
   

  
	
  9.10.

  	
  Other Agents; Arrangers and Managers

  	
   

  
	
  SECTION 10.

  	
  MISCELLANEOUS

  	
   

  
	
  10.1.

  	
  Amendments and Waivers

  	
   

  
	
  10.2.

  	
  Notices

  	
   

  
	
  10.3.

  	
  No Waiver; Cumulative Remedies

  	
   

  
	
  10.4.

  	
  Survival of Representations and Warranties

  	
   

  
	
  10.5.

  	
  Expenses; Indemnity; Waiver of Damages

  	
   

  

 

iii

 

	
  10.6.

  	
  Successors and Assigns; Participations and
  Assignments

  	
   

  
	
  10.7.

  	
  Adjustments; Set-off

  	
   

  
	
  10.8.

  	
  Counterparts

  	
   

  
	
  10.9.

  	
  Severability

  	
   

  
	
  10.10.

  	
  Integration

  	
   

  
	
  10.11.

  	
  GOVERNING
  LAW

  	
   

  
	
  10.12.

  	
  Submission To Jurisdiction; Waivers

  	
   

  
	
  10.13.

  	
  Acknowledgements

  	
   

  
	
  10.14.

  	
  WAIVERS OF JURY TRIAL

  	
   

  
	
  10.15.

  	
  Confidentiality

  	
   

  
	
  10.16.

  	
  Effect of Amendment and Restatement

  	
   

  
	
  10.17.

  	
  USA
  Patriot Act

  	
   

  

 

iv

 

	
  ANNEXES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Annex I

  	
  —

  	
  Pricing Grid

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
  Schedule
  I

  	
  —

  	
  Lender Commitments

  
	
  Schedule 4.1

  	
  —

  	
  Financial
  Condition

  
	
  Schedule 4.2

  	
  —

  	
  Changes in
  Capital Stock

  
	
  Schedule 4.9

  	
  —

  	
  Taxes

  
	
  Schedule 4.14

  	
  —

  	
  Subsidiaries
  and Other Ownership Interests

  
	
  Schedule 7.2(g)

  	
  —

  	
  Existing
  Indebtedness

  
	
  Schedule 7.3(j)

  	
  —

  	
  Existing
  Liens

  
	
  Schedule 7.13

  	
  —

  	
  Transactions
  with Affiliates

  
	
  Schedule
  10.2

  	
  —

  	
  Addresses

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  —

  	
  Form of Note

  
	
  Exhibit B-1

  	
  —

  	
  Copy of
  Borrower Pledge Agreement

  
	
  Exhibit B-2

  	
  —

  	
  Copy of
  Subsidiary Pledge Agreement

  
	
  Exhibit C

  	
  —

  	
  Form of
  Borrower Certificate

  
	
  Exhibit D

  	
  —

  	
  Form of
  Opinion of Borrower’s Counsel

  
	
  Exhibit E

  	
  —

  	
  Form of
  Assignment and Assumption

  
	
  Exhibit F

  	
  —

  	
  Form of
  Confidentiality Agreement

  
	
  Exhibit G

  	
  —

  	
  Terms and
  Conditions of Subordinated Indebtedness

  
	
  Exhibit H

  	
  —

  	
  Form of
  Compliance Certificate

  
	
  Exhibit I

  	
  —

  	
  Form of
  Borrowing Notice

  
	
  Exhibit J

  	
  —

  	
  Form of
  Conversion/Continuation Notice

  
	
  Exhibit K

  	
  —

  	
  Form of
  Confirmation

  
	
  Exhibit L

  	
  —

  	
  Copy of FP
  Growth Pledge Agreement

  
	
  Exhibit M

  	
   

  	
  Copy of FP
  Income Pledge Agreement

  
	
  Exhibit N

  	
  —

  	
  Form of
  Joinder Agreement

  

 

v

 

CREDIT AGREEMENT

 

This CREDIT
AGREEMENT, dated as of August 17, 2004, is among Affiliated Managers Group,
Inc., a Delaware corporation (the “Borrower”), the several banks and
other financial institutions from time to time parties to this Agreement (the “Lenders”),
Bank of America, N.A. (“Bank of America”), as administrative agent, JP Morgan
Chase Bank, as syndication agent, and The Bank of New York, as documentation
agent.

 

W I T N E S S E T H :

 

WHEREAS, the
Borrower, various financial institutions and Bank of America, as administrative
agent, are parties to a Credit Agreement dated as of August 7, 2002 (the “Existing
Credit Agreement”); and

 

WHEREAS, the
parties hereto have agreed to amend and restate the Existing Credit Agreement
pursuant to this Agreement;

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

SECTION 1.
DEFINITIONS

 

1.1.          Defined Terms. 
As used in this Agreement, the following terms shall have the following
meanings:

 

“ABR” means, for any day, a
fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate
plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its “prime rate.”  The “prime rate” is a rate set by Bank of
America based upon various factors including Bank of America’s costs and
desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above or below
such announced rate.  Any change in such
rate announced by Bank of America shall take effect at the opening of business
on the day specified in the public announcement of such change.

 

“ABR Loan” means a Loan that bears
interest at a rate based upon the ABR.

 

“Acquisition” means the acquisition by
the Borrower, directly or indirectly, of equity interests in an Investment
Firm.

 

“Adjusted Consolidated EBITDA” means,
for any Computation Period, Consolidated EBITDA for such Computation Period
adjusted by giving effect on a pro  forma basis to Acquisitions
and dispositions completed during such Computation Period.

 

“Administrative Agent” means Bank of
America, N.A. in its capacity as administrative agent under this Agreement and
the other Loan Documents, or any successor administrative agent.

 

 

“Administrative Agent’s Office” means
the Administrative Agent’s address and, as appropriate, account as set forth on
Schedule 10.2, or such other address or account as the Administrative
Agent may from time to time notify the Borrower and the Lenders.

 

“Administrative Questionnaire” means
an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Affiliate” means as to any Person,
any other Person which, directly or indirectly, is in control of, is controlled
by, or is under common control with, such Person.  For purposes of this definition, “control” of a Person means the
power, directly or indirectly, either to (a) vote 10% or more of the securities
having ordinary voting power for the election of directors of such Person or
(b) direct or cause the direction of the management and policies of such
Person, whether by contract or otherwise.

 

“Agreement” means this Amended and
Restated Credit Agreement.

 

“Applicable Margin” means with respect
to Eurodollar Loans and ABR Loans, from time to time, the rate per annum set
forth under the headings “Applicable Margin for Eurodollar Loans” and
“Applicable Margin for ABR Loans,” respectively, on Annex I hereto based
upon the Debt Rating.

 

“Arranger” means Banc of America
Securities LLC, in its capacity as sole lead arranger and sole book manager.

 

“Asset Sale” means any sale, issuance,
conveyance, transfer, lease or other disposition, including by way of merger,
consolidation or sale and leaseback transaction (any of the foregoing, a
“transfer”), directly or indirectly, in one or a series of related
transactions, of (i) all or substantially all of the properties and assets
(other than marketable securities, including “margin stock” within the meaning
of Regulation U, liquid investments and other financial instruments) of the
Borrower or any Subsidiary, or (ii) any other properties or assets of the
Borrower or any Subsidiary, other than in the ordinary course of business, to
any Persons other than the Borrower or any Subsidiary.  For the purposes of this definition, the
term “Asset Sale” shall not include (a) any transfer of properties and assets to
the extent that the gross proceeds from the transfer thereof do not exceed (i)
$10,000,000 in any single transaction or series of related transactions, taken
as a whole, or (ii) $25,000,000 (irrespective of the size of the individual
transactions) in the aggregate for all such transactions on or after the
Closing Date, and (b) any transfer of the Capital Stock of any Investment Firm
or any Subsidiary to a partner, officer, director, shareholder, employee or
member (or any entity owned or controlled by such Person) of an Investment Firm
which is a Subsidiary or in which the Borrower or a Subsidiary has an ownership
interest (any such transfer described in this clause (b), a “Shareholder
Asset Sale”).  In addition, with
regard to a Subsidiary, the term “Asset Sale” shall include only that portion
of the gross proceeds to such Subsidiary from the transfer thereof representing
the percentage of such proceeds equal to the percentage of the Borrower’s
ownership interest in such Subsidiary.

 

“Assignee” is defined in Section
10.6(c).

 

2

 

“Attorney Costs” means and includes
all reasonable and documented fees, expenses and disbursements of any law firm
or other external counsel and, without duplication, the reasonable and
documented allocated cost of internal legal services and all reasonable and
documented expenses and disbursements of internal counsel; provided that
in the case of the enforcement or preservation of any rights under the Loan
Documents during the continuance of an Event of Default or in connection with
any “workout”, Attorney Costs shall not be limited by the term “reasonable” in
this definition.

 

“Available Commitment” means as to any
Lender at any time, an amount equal to the excess, if any, of (a) the amount of
such Lender’s Commitment over (b) the aggregate principal amount of all
outstanding Revolving Loans made by such Lender plus, for all purposes
other than Section 2.4, its Commitment Percentage of all outstanding
Swingline Loans.

 

“Bank of America” means Bank of
America, N.A. and its successors.

 

“Borrower” is defined in the preamble.

 

“Borrower Pledge Agreement” means the
pledge agreement dated as of August 7, 2002 between the Borrower and the
Administrative Agent, a copy of which (as in effect on the date hereof) is
attached as Exhibit B-1.

 

“Borrowing Date” means any Business
Day specified in a notice pursuant to Section 2.2 or 2.8 as a
date on which the Borrower requests the Lenders or the Swingline Lender to make
Loans hereunder.

 

 “Business
Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the laws of, or are in fact
closed in, the state where the Administrative Agent’s Office is located,
Boston, Massachusetts or New York, New York, and, if such day relates to any
Eurodollar Rate Loan, means any such day on which dealings in Dollar deposits
are conducted by and between banks in the London interbank eurodollar market.

 

“Capital Stock” means any and all
shares, interests, participations or other equivalents (however designated) of
capital stock of a corporation, any and all equivalent ownership interests in a
Person (other than a corporation) and any and all warrants or options to
purchase any of the foregoing.

 

“Cash Equivalent” means, at any time,
(a) any evidence of indebtedness, maturing not more than one year after such
time, issued or guaranteed by the United States Government or any agency
thereof, (b) commercial paper, maturing not more than one year from the date of
issue, or corporate demand notes, in each case (unless issued by a Lender or
its holding company) rated at least A-1 by S&P or P-1 by Moody’s (or
carrying an equivalent rating by an internationally-recognized rating agency),
(c) any certificate of deposit (or time deposits represented by such
certificates of deposit) or bankers acceptance, maturing not more than one year
after such time, or overnight Federal Funds transactions or money market
deposit accounts that are issued or sold by, or maintained

 

3

 

with, a commercial bank or financial institution incorporated under the
laws of the United States, any state thereof or the District of Columbia which
is rated at least A-1 by S&P or P-l by Moody’s (or carrying an equivalent
rating by an internationally-recognized rating agency), (d) any repurchase
agreement entered into with a commercial bank or financial institution meeting
the requirements of clause (c) which (i) is secured by a fully perfected
security interest in any obligation of the type described in any of clauses
(a) through (c) and (ii) has a market value at the time such
repurchase agreement is entered into of not less than 100% of the repurchase
obligation of such commercial bank or financial institution thereunder, (e)
securities with maturities of six months or less from the date of acquisition
backed by standby letters of credit issued by any commercial bank or financial
institution meeting the requirements of clause (c), (f) any short-term
(or readily marketable or immediately redeemable) investment in a structured
investment vehicle, structured investment deposit or similar instrument with a
financial strength rating of A by S&P or Moody’s or (g) shares of money
market mutual or similar funds which invest primarily in assets satisfying the
requirements of clauses (a) through (f) of this definition.

 

“Change of Control” shall be deemed to
occur on any date on which any Person or “group” (within the meaning of Section
13(d) or 14(d) of the Securities Exchange Act of 1934) shall have acquired
beneficial ownership of Capital Stock having 30% or more of the ordinary voting
power in the election of directors of the Borrower.

 

“Closing Date” means the date on which
the conditions precedent set forth in Section 5.1 shall be satisfied.

 

“COBRAs” means the Floating Rate
Senior Convertible Debentures due 2033 issued by the Borrower on February 25,
2003.

 

“Code” means the Internal Revenue Code
of 1986.

 

“Commitment” means, as to any Lender,
the obligation of such Lender to make Loans to the Borrower hereunder in an
aggregate principal amount at any one time outstanding not to exceed the amount
set forth opposite such Lender’s name on Schedule I under the heading
“Commitment”, as such amount may be increased or reduced from time to time in
accordance with the provisions of this Agreement.

 

“Commitment Fee Rate” means, from time
to time, the rate per annum set forth under the heading “Commitment Fee Rate”
on Annex I hereto based upon the Debt Rating.

 

“Commitment Percentage” means as to
any Lender at any time, the percentage which such Lender’s Commitment then
constitutes of the aggregate Commitments (or, at any time after the Commitments
shall have expired or terminated, the percentage which (a) the aggregate
principal amount of such Lender’s Revolving Loans then outstanding plus
(b) its Percentage of any Swingline Loans, constitutes of the aggregate
principal amount of the Loans then outstanding).

 

“Commitment Period” means the period
from the date hereof to the Termination Date or such earlier date on which the
Commitments shall terminate as provided herein.

 

4

 

“Commonly Controlled Entity” means an
entity, whether or not incorporated, which is under common control with the
Borrower within the meaning of Section 4001 of ERISA or is part of a group
which includes the Borrower and which is treated as a single employer under
Section 414 of the Code.

 

“Compliance Certificate” means a
certificate substantially in the form of Exhibit H.

 

“Computation Period” means each period
of four consecutive fiscal quarters ending on the last day of a fiscal quarter.

 

“Consolidated EBITDA” means for any
period the consolidated EBITDA of the Borrower and its Subsidiaries for such
period.

 

“Consolidated Interest Expense” means,
for any period, the amount of interest expense of the Borrower and, to the
extent payable out of Free Cash Flow (and not Operating Cash Flow) under the
relevant Revenue Sharing Agreement, its Subsidiaries on a consolidated basis,
net of the portion thereof attributable to minority interests, for such period.

 

“Consolidated Net Income” (or “Consolidated
Net Loss”) means for any period, consolidated net income (or loss) of the
Borrower and its Subsidiaries for such period.

 

“Consolidated Net Worth” means, as at
any date, all amounts included under shareholders’ equity on a consolidated
balance sheet of the Borrower and its Subsidiaries as at such date.

 

“Contractual Obligation” means, as to
any Person, any provision of any security issued by such Person or of any
agreement, instrument or other undertaking to which such Person is a party or
by which it or any of its property is bound.

 

“Debt Rating” means, as of any date of
determination, the rating by S&P of the Borrower’s non-credit-enhanced,
senior unsecured long-term debt.

 

“Default” means any of the events
specified in Section 8, whether or not any requirement for the giving of
notice, the lapse of time, or both, has been satisfied.

 

“Default Rate” means an interest rate
equal to (a) the ABR plus (b) the Applicable Margin, if any, applicable
to ABR Loans plus (c) 2% per annum; provided that with respect to
a Eurodollar Loan, the Default Rate shall be an interest rate equal to (i) the
Eurodollar Rate applicable to such Loan plus (ii) the Applicable Margin
applicable to Eurodollar Loans plus (iii) 2% per annum.

 

“Dollars” and “$” mean lawful
currency of the United States of America.

 

“EBITDA” means, for any Person for any
period, the sum (without duplication) of the amount for such Person for such
period of (a) its net income before taxes and (b) to

 

5

 

the extent deducted in determining its net income, (i) its interest
expense (including capitalized interest expense), (ii) its depreciation
expense, (iii) its amortization expense and (iv) its Non-Cash Based
Compensation Costs.

 

“Environmental Law” means any Federal,
state, local or foreign statute, law, regulation, ordinance, rule, judgment,
order, decree, permit, concession, grant, franchise, license, agreement or
governmental restriction relating to pollution or the protection of the
environment or the release of any material into the environment, including any
of the foregoing related to hazardous substances or wastes, air emissions or
discharges to waste or public systems.

 

“Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs
of environmental remediation, fines, penalties or indemnities), directly or
indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to any of the
foregoing.

 

“ERISA” means the Employee Retirement
Income Security Act of 1974.

 

“Eurodollar Loan” means a Loan that
bears interest at a rate based upon the Eurodollar Rate.

 

“Eurodollar Rate” means, for any
Interest Period with respect to any Eurodollar Loan, a rate per annum
determined by the Administrative Agent pursuant to the following formula:

 

	
  Eurodollar
  Rate =

  	
  Eurodollar Base Rate

  
	
   

  	
  1.00 - Eurodollar Reserve Percentage

  

 

Where,

 

“Eurodollar Base Rate” means, for such
Interest Period:

 

(a)           the
rate per annum equal to the British Bankers Association LIBOR Rate (“BBA
LIBOR”), as published by Reuters (or another commercially available source
providing quotations of BBA LIBOR as designated by the Administrative Agent
from time to time) at approximately 11:00 a.m., London time, two Business Days
prior to the commencement of such Interest Period, for Dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period; or

 

(b)           if
the rate described in clause (a) is not available at such time for any
reason, the rate per annum determined by the Administrative Agent to be the

 

6

 

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 Eurodollar
Loan being made, continued or converted by Bank of America and with a term
equivalent to such Interest Period would be offered by Bank of America’s London
Branch to major banks in the London interbank eurodollar market at their
request at approximately 11:00 a.m. (London time) two Business Days prior to
the commencement of such Interest Period.

 

“Eurodollar Reserve Percentage” means,
for any day during any Interest Period, the reserve percentage (expressed as a
decimal, carried out to five decimal places) in effect on such day, whether or
not applicable to any Lender, under regulations issued from time to time by the
FRB for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurodollar
funding (currently referred to as “Eurocurrency liabilities”).  The Eurodollar Rate for each outstanding
Eurodollar Loan shall be adjusted automatically as of the effective date of any
change in the Eurodollar Reserve Percentage.

 

“Event of Default” means any of the
events specified in Section 8.

 

“Existing Credit Agreement” is defined
in the recitals.

 

“Federal Funds Rate” means, for any
day, the rate per annum equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers on such day, as published by the Federal Reserve Bank
on the Business Day next succeeding such day; provided that (a) if such
day is not a Business Day, the Federal Funds Rate for such day shall be such
rate on such transactions on the next preceding Business Day, and (b) if no
such rate is so published on such next succeeding Business Day, the Federal
Funds Rate for such day shall be the average rate (rounded upward, if
necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on
such day on such transactions as determined by the Administrative Agent.

 

“Feline Prides I” means the equity
security units originally issued by the Borrower on December 21, 2001,
consisting of (a) interest bearing notes due November 17, 2006 (“Feline
Prides I Senior Notes”) and (b) purchase contracts under which each
purchaser of a Feline Prides I agrees to purchase common stock of the Borrower
for an amount equal to the face amount of the Feline Prides Senior Notes held
by such purchaser on November 17, 2004 (“Feline Prides Forward Contracts”).

 

“Feline Prides Forward Contracts” is
defined in the definition of Feline Prides I.

 

“Feline Prides I Senior Notes” is
defined in the definition of Feline Prides I.

 

“Feline Prides II” means the equity
security units issued by the Borrower on February 17, 2004, consisting of (a)
interest bearing notes due February 17, 2010 (“Feline Prides II Senior Notes”)
and (b) purchase contracts under which each purchaser of a Feline Prides II
agrees to purchase common stock of the Borrower for an amount equal to

 

7

 

the face amount of the Feline Prides II Senior Notes held by such
purchaser on February 17, 2008.

 

“Feline Prides II Senior Notes” is
defined in the definition of Feline Prides II.

 

“Financing Lease” means any lease of
property, real or personal, the obligations of the lessee in respect of which
are required in accordance with GAAP to be capitalized on a balance sheet of
the lessee.

 

“FP Collateral Agent” means Bank of
America in its capacity as agent under the FP Growth Pledge Agreement and the
documents related thereto, and any successor or assign in such capacity.

 

“FP Growth Collateral” means the
“Collateral” under and as defined in the FP Growth Pledge Agreement.

 

“FP Growth Pledge Agreement” means the
Pledge and Security Agreement dated as of July 21, 2004 between the Borrower
and the FP Collateral Agent, a copy of which is attached as Exhibit L.

 

“FP Income Collateral” means the
“Collateral” under and as defined in the FP Income Pledge Agreement.

 

“FP Income Pledge Agreement” means the
Pledge and Security Agreement dated as of the date hereof between the Borrower
and the Administrative Agent, substantially in the form of Exhibit M.

 

“FRB” means the Board of Governors of
the Federal Reserve System of the United States.

 

“Free Cash Flow” means distributions
due and payable to the Borrower by and from an Investment Firm under the
Revenue Sharing Agreement applicable to such Investment Firm, including “Free
Cash Flow” or “Owners’ Allocation” as such terms are defined in certain Revenue
Sharing Agreements.

 

“Funds” means the collective reference
to all Investment Companies and other investment accounts or funds (in whatever
form and whether personal or corporate) for which any Subsidiary or Investment
Firm provides advisory, management or administrative services.

 

“GAAP” means generally accepted
accounting principles in the United States of America in effect from time to
time.

 

“Governmental Authority” means any
nation or government, any state or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

 

8

 

“Guarantee Obligation” means as to any
Person (the “guaranteeing person”), any obligation of (a) the
guaranteeing person or (b) another Person (including any bank under any letter
of credit) with respect to which the guaranteeing person has issued a
reimbursement, counterindemnity or similar obligation, in any such case
guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or
other obligations (the “primary obligations”) of any other third Person
(the “primary obligor”) in any manner, whether directly or indirectly,
including any obligation of the guaranteeing person, whether or not contingent,
(i) to purchase any such primary obligation or any property constituting direct
or indirect security therefor, (ii) to advance or supply funds (1) for the
purchase or payment of any such primary obligation or (2) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the
net worth or solvency of the primary obligor, (iii) to purchase property,
securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment
of such primary obligation or (iv) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided
that the term Guarantee Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business.  The amount of any Guarantee Obligation of
any guaranteeing person shall be deemed to be the lower of (a) an amount equal
to the stated or determinable amount of the primary obligation in respect of
which such Guarantee Obligation is made and (b) the maximum amount for which
such guaranteeing person may be liable pursuant to the terms of the instrument
embodying such Guarantee Obligation, unless such primary obligation and the
maximum amount for which such guaranteeing person may be liable are not stated
or determinable, in which case the amount of such Guarantee Obligation shall be
such guaranteeing person’s maximum reasonably anticipated liability in respect
thereof as determined by the Borrower in good faith.

 

“Hazardous Materials” means all
explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or wastes
of any nature regulated pursuant to any Environmental Law.

 

 “Indebtedness”
means, as to any Person at any date and without duplication, (a) all
indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services (other than current trade liabilities incurred in
the ordinary course of business and payable in accordance with customary
practices), (b) any other indebtedness of such Person which is evidenced by a
note, bond, debenture or similar instrument (including the Feline Prides I
Senior Notes and Feline Prides II Senior Notes), (c) all obligations of such
Person under Financing Leases, (d) all obligations of such Person in respect of
acceptances issued or created for the account of such Person, (e) all obligations
of such Person under noncompetition agreements reflected as liabilities on a
balance sheet of such Person in accordance with GAAP, (f) all liabilities
secured by any Lien on any property owned by such Person even though such
Person has not assumed or otherwise become liable for the payment thereof, (g)
all net obligations of such Person under interest rate, commodity, foreign
currency and financial markets swaps, options, futures and other hedging
obligations (valued, at such date, in accordance with the

 

9

 

Borrower’s customary practices, as approved by its independent
certified public accountants) and (h) all Guarantee Obligations of such Person
in respect of any of the foregoing.  For
purposes of the foregoing definition, with regard to a Subsidiary, the term
“Indebtedness” shall include only that portion of its Indebtedness representing
the percentage of its Indebtedness equal to the percentage of the Borrower’s
ownership interest in such Subsidiary.  For
the avoidance of doubt, the term “Indebtedness” shall not include (i) Synthetic
Lease Obligations, (ii) any Guarantee Obligations in respect of Synthetic Lease
Obligations or (iii) any liabilities secured by any Lien in connection with
Synthetic Lease Obligations.

 

“Indemnified Liabilities” is defined
in Section 10.05.

 

“Insolvency” means with respect to any
Multiemployer Plan, the condition that such Plan is insolvent within the
meaning of Section 4245 of ERISA.

 

“Insolvent” pertaining to a condition
of Insolvency.

 

“Interest Payment Date” means (a) as
to any ABR Loan, the last day of each March, June, September and December, (b)
as to any Eurodollar Loan, (i) the last day of each Interest Period therefor,
(ii) if any Interest Period is longer than three months, each three-month
anniversary of the first day of such Interest Period and (iii) the date of any
prepayment thereof.

 

“Interest Period” means, with respect
to any Eurodollar Loan:

 

(i) 
initially, the period commencing on the borrowing or conversion date, as
the case may be, with respect to such Eurodollar Loan and ending one or two
weeks or one, two, three or six months thereafter (or such other period as is
requested by the Borrower and consented to by the Required Lenders and the
Administrative Agent), as selected by the Borrower in its notice of borrowing
or notice of conversion, as the case may be, given with respect thereto; and

 

(ii) 
thereafter, each period commencing on the last day of the next preceding
Interest Period applicable to such Eurodollar Loan and ending one or two weeks
or one, two, three or six months thereafter (or such other period as is
requested by the Borrower and consented to by the Required Lenders and the
Administrative Agent), as selected by the Borrower by irrevocable notice to the
Administrative Agent not less than three Business Days prior to the last day of
the then current Interest Period with respect thereto;

 

provided that the foregoing provisions
relating to Interest Periods are subject to the following:

 

(1) 
if any Interest Period would otherwise end on a day that is not a
Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such
Interest Period into another calendar month in which event such Interest Period
shall end on the immediately preceding Business Day;

 

10

 

(2) 
the Borrower may not select any Interest Period that would extend beyond
the scheduled Termination Date; and

 

(3) 
unless otherwise agreed by the Borrower, the Required Lenders and the
Administrative Agent, any Interest Period (other than a one or two week
Interest Period) that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar
month at the end of such Interest Period) shall end on the last Business Day of
the appropriate subsequent calendar month.

 

“Investment Advisers Act” means the
Investment Advisers Act of 1940.

 

“Investment Company” means an
“investment company” as such term is defined in the Investment Company Act.

 

“Investment Company Act” means the
Investment Company Act of 1940.

 

“Investment Firm” means any Subsidiary
or other Person engaged, directly or indirectly, primarily in the business (the
“Investment Management Business”) of providing investment advisory,
management, distribution or administrative services to Funds (or investment
accounts or funds which will be included as Funds after the Borrower acquires
an interest in such other Person) and in which the Borrower, directly or
indirectly, has purchased or otherwise acquired, or has entered into an
agreement to purchase or otherwise acquire, Capital Stock or other interests
entitling the Borrower, directly or indirectly, to a share of the revenues,
earnings or value thereof.

 

“Investment Management Business” is
defined in the definition of “Investment Firm.”

 

“Lenders” is defined in the preamble
(and such term includes the Swingline Lender).

 

“Lien” means any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge or other security interest or any preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever
(including any conditional sale or other title retention agreement and any
Financing Lease or synthetic lease having substantially the same economic
effect as any of the foregoing).

 

“Loan Documents” means this Agreement,
any Notes and the Pledge Agreements.

 

“Loan Party” means the Borrower and
each Subsidiary that is a party to a Loan Document.

 

“Loans” means the Revolving Loans and
the Swingline Loans.

 

“Material Adverse Effect” means a
material adverse effect on (a) the business, operations, property or condition
(financial or otherwise) of the Borrower and its

 

11

 

Subsidiaries taken as a whole, (b) the ability of the Borrower to
perform its obligations under any Loan Document to which it is a party or (c)
the validity or enforceability against any Loan Party of this or any of the
other Loan Documents to which it is a party or the rights or remedies of the
Administrative Agent or the Lenders hereunder or thereunder.

 

“Moody’s” means Moody’s Investors
Service, Inc. and any successor thereto.

 

“Multiemployer Plan” means a Plan
which is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Proceeds” means, with respect to
any Asset Sale or Shareholder Asset Sale, the net amount equal to the aggregate
amount received (including by way of deferred payment pursuant to a note
receivable, other non-cash consideration or otherwise) in connection with such
Asset Sale or Shareholder Asset Sale minus the sum of (a) the reasonable
fees, commissions and other out-of-pocket expenses incurred by the Borrower or
any Subsidiary, as applicable, in connection with such Asset Sale or
Shareholder Asset Sale (other than amounts payable to Affiliates of the Person
making such disposition) and (b) federal, state and local taxes incurred in
connection with such Asset Sale or Shareholder Asset Sale, whether or not
payable at such time.  For purposes of
the foregoing definition, with regard to a Subsidiary, the term “Net Proceeds”
shall include only that portion of its Net Proceeds representing the percentage
of its Net Proceeds equal to the percentage of the Borrower’s ownership
interest in such Subsidiary (or, if less in the case of any Asset Sale by a
Subsidiary, the portion to which the Borrower is entitled under any relevant Revenue
Sharing Agreement or other operating agreement with or with respect to such
Subsidiary).

 

“Non-Cash Based Compensation Costs”
means for any period, the amount of non-cash expense or costs computed under
APB No. 25 and related interpretations or FAS 123 and related interpretations,
which relate to the issuance of interests in the Borrower, any Subsidiary or
any Investment Firm.

 

“Non-Excluded Taxes” is defined in Section
3.11.

 

“Note” is defined in Section 2.6(e).

 

“Operating Cash Flow” is that term defined
as either “Operating Cash Flow” or “Operating Allocation” in the relevant
Revenue Sharing Agreement; provided, however, that in the event
such term is not defined in any Relevant Sharing Agreement, Operating Cash Flow
shall mean all revenues other than Free Cash Flow (as defined in this
Agreement) for the applicable Investment Firm.

 

“Participant” is defined in Section
10.6(b).

 

“PBGC” means the Pension Benefit
Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

 

12

 

“Percentage” means for any Lender the
percentage set forth under the heading “Percentage” on Schedule I, as
adjusted from time to time due to changes in such Lenders’ Commitment and in
the aggregate Commitments in accordance with the provisions of this Agreement.

 

“Person” means an individual,
partnership, corporation, limited liability company, business trust, joint
stock company, trust, unincorporated association, joint venture, Governmental
Authority or other entity of whatever nature.

 

“Plan” means at a particular time, any
employee benefit plan which is covered by ERISA and in respect of which the
Borrower or a Commonly Controlled Entity is (or, if such plan were terminated
at such time, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Pledge Agreements” means,
collectively, the Borrower Pledge Agreement and the Subsidiary Pledge
Agreement.

 

“Pledge
Agreement Supplement” means a Pledge Agreement Supplement substantially in
the form of Annex I to Exhibit B-1 or B-2, as applicable.

 

“Pledged Collateral” is defined in
each Pledge Agreement.

 

“Purchase Contract Agent” means the
agent for the holders of Feline Prides I under the Purchase Contract Agreement
dated as of December 21, 2001.

 

“Refunded Swingline Loans” is defined
in Section 2.8(b).

 

“Refunding Date” is defined in Section
2.8(c).

 

“Register” is defined in Section
10.6(d).

 

“Regulation U” means Regulation U of
the FRB.

 

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

 

“Reorganization” means, with respect
to any Multiemployer Plan, the condition that such plan is in reorganization
within the meaning of Section 4241 of ERISA.

 

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

 

13

 

“Required Lenders” means at any time,
Lenders the Commitment Percentages of which aggregate more than 50%.

 

“Requirement of Law” means, as to any
Person, any law, treaty, rule or regulation or determination of an arbitrator
or a 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 each of
the chief executive officer, the president, any executive vice president, any
senior vice president or any vice president of the Borrower or, with respect to
financial matters, the senior financial officer of the Borrower, in each case
acting singly.

 

“Revenue Sharing Agreement” means each
agreement entered into by the Borrower or a Subsidiary with an Investment Firm
pursuant to which a specified percentage of the revenue of such Investment Firm
is distributed among such Investment Firm’s partners, shareholders or members, pro
rata in accordance with such partners’, shareholders’ or members’
ownership percentages in such Investment Firm (such percentage being referred
to in certain Revenue Sharing Agreements as “Free Cash Flow” or “Owners’
Allocation”), or any other agreement providing for the distribution of income,
revenue or assets of an Investment Firm.

 

“Revolving Loan” is defined in Section
2.1(a).

 

“S&P” means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc. and any
successor thereto.

 

“Securities Acts” means the Securities
Act of 1933 and the Securities Exchange Act of 1934.

 

“Settlement Date’ means the date on
which the Feline Prides I Forward Contracts are exercised and the Borrower
issues common stock in respect thereof.

 

“Shareholder Asset Sale” is defined in
the definition of Asset Sale.

 

“Single Employer Plan” means any Plan
which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

 

“Short-Term Loan” is defined in Section
7.2(n).

 

“Subordinated Indebtedness” means (a)
Indebtedness of the Borrower and/or any other Loan Party under any Subordinated
Payment Note and (b) other Indebtedness of the Borrower or any Subsidiary which
has maturities and other terms, and which is subordinated to the obligations of
the Borrower and its Subsidiaries hereunder and under the other Loan Documents
in a manner, approved in writing by the Required Lenders.

 

“Subordinated Payment Notes” means any
unsecured notes evidencing Indebtedness of the Borrower and/or any other Loan
Party or obligations issued to a seller

 

14

 

in connection with an Acquisition of an Investment Firm or in
connection with an increase of the Borrower’s ownership interest in an
Investment Firm, in each case as permitted hereunder (i) for which the Borrower
and/or any other Loan Party is directly, primarily or contingently liable, (ii)
the payment of the principal of and interest on which and other obligations of
the Borrower or such other Loan Party in respect of which are subordinated to
the prior payment in full of the principal of and interest (including
post-petition interest whether or not allowed as a claim in any proceeding) on
the Loans and all other obligations and liabilities of the Borrower or such
other Loan Party to the Administrative Agent and the Lenders hereunder, and (iii)
which are generally consistent with the terms and conditions of subordination
set forth in Exhibit G hereof (with any variations to such terms and
conditions being subject to approval by the Administrative Agent) or otherwise
satisfactory in form and substance to the Required Lenders.  For the avoidance of doubt, the term
“Subordinated Payment Notes” includes the Subordinated Promissory Notes issued
by The Managers Funds LLC, a majority-owned subsidiary of the Borrower,
pursuant to the Purchase Agreement dated May 22, 2000 by and among the
Borrower, The Managers Funds LLC and Smith Breeden Associates, Inc. and any
contingent consideration issuable by the Borrower in a form substantially the
same as the form of contingent consideration described in the Friess
Associates, LLC Amended and Restated LLC Agreement dated August 28, 2001.

 

“Subsidiary” means, as to any Person,
a corporation, partnership, limited liability company or other entity of which
Capital Stock having ordinary voting power (other than Capital Stock having
such power only by reason of the happening of a contingency) to elect a
majority of the board of directors or other managers of such corporation,
partnership, limited liability company or other entity is at the time owned, or
the management of which is otherwise controlled, directly or indirectly through
one or more intermediaries, or both, by such Person.  Unless otherwise qualified, all references to a “Subsidiary” or
to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries
of the Borrower.

 

“Subsidiary Pledge Agreement” means
the Subsidiary Pledge Agreement dated as of August 7, 2002 between various
Subsidiaries and the Administrative Agent, a copy of which (as in effect on the
date hereof) is attached as Exhibit B-2.

 

“Swingline Amount” means the lesser of
$15,000,000 and the aggregate amount of the Commitments.

 

“Swingline Lender” means Bank of
America in its capacity as the lender of the Swingline Loans, or any successor
swingline lender hereunder.

 

“Swingline Loans” is defined in Section
2.7(a).

 

“Swingline Participation Amount” is
defined in Section 2.8(c).

 

“Synthetic Lease Obligation” means the
monetary obligations of a Person under (a) a so-called synthetic, off-balance
sheet or tax retention lease, or (b) an agreement for the use or possession of
property creating obligations that do not appear on the balance

 

15

 

sheet of such Person but which, upon the insolvency or bankruptcy of
such Person, would be characterized as the indebtedness of such Person (without
regard to accounting treatment).

 

“Termination Date” means August 17,
2007 or any earlier date when the Commitments hereunder are terminated.

 

“Total Indebtedness” means at any
time, the aggregate principal amount (including capitalized interest) of all
Indebtedness of the Borrower and its Subsidiaries (including the Loans, the
Zero-Coupon Bonds, purchase money obligations and amounts payable under
noncompetition agreements); provided that Total Indebtedness shall not
include (a) Subordinated Payment Notes, (b) Indebtedness of the Borrower owing
to any Subsidiary permitted by Section 7.2(k), (c) Indebtedness of any
Subsidiary owing to the Borrower or any other Loan Party, (d) prior to November
17, 2004, 90% of the principal amount of the Feline Prides I Senior Notes, (e)
prior to February 17, 2008, the Specified Percentage (as defined below) of the
principal amount of the Feline Prides II Senior Notes, (f) prior to November
17, 2004, the Short-Term Loans or (g) prior to November 17, 2004, a portion of
the principal of the Loans equal to the amount (if any) of the FP Income
Collateral and FP Growth Collateral securing the obligations of the Borrower
hereunder.  For purposes of clause
(e) above, “Specified Percentage” means (i) 80% at any time prior to
February 17, 2006, (ii) 85% during the period from February 17, 2006 through
February 17, 2007 and (iii) 90% thereafter.

 

“Tranche” means the collective
reference to Eurodollar Loans having Interest Periods that began or will begin
on the same date and end on the same later date (whether or not such Loans
shall originally have been made on the same day).

 

“Transferee” is defined in Section
10.6(f).

 

“Treasury Strips” means principal and
interest strips of U.S. Treasury securities that consist of principal or
interest strips maturing on or prior to November 15, 2004 and that are
purchased by the Purchase Contract Agent pursuant to the terms of the Purchase
Contract Agreement dated as of December 21, 2001 on behalf of the holders of
Feline Prides I.

 

“Type” means, as to any Loan, its
nature as an ABR Loan or a Eurodollar Loan.

 

“Zero-Coupon Bonds” means the senior
unsecured convertible zero-coupon bonds due 2021 issued by the Borrower on May
7, 2001.

 

1.2.          Other Definitional and
Interpretive Provisions.. (a) Unless otherwise specified therein, all
terms defined in this Agreement shall have the defined meanings when used in
any Notes or any certificate or other document made or delivered pursuant
hereto.

 

(b) 
When used with reference to a period of time, the word “from” means
“from and including” and the word “to” means “to but excluding”.

 

16

 

(c)  The term “including” is not
limiting and means “including without limitation.”

 

(d)  Unless otherwise expressly
provided herein, (i) references to agreements (including this Agreement) and
other contractual instruments shall be deemed to include all subsequent
amendments and other modifications thereto, but only to the extent such
amendments and other modifications are not prohibited by the terms of any Loan
Document; and (ii) references to any statute or regulation are to be
construed as including all statutory and regulatory provisions and rules
consolidating, amending, replacing, supplementing or interpreting such statute
or regulation. 

 

(e)  Section, subsection,
clause, Schedule and Exhibit references are to this
Agreement unless otherwise specified.

 

(f)  The meanings given to terms
defined herein shall be equally applicable to both the singular and plural
forms of such terms.

 

1.3.          Accounting Terms.

 

(a)  All accounting terms not
specifically or completely defined herein shall be construed in conformity
with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect
from time to time, applied in a manner consistent with that used in preparing
the audited consolidated balance sheet of the Borrower and its consolidated
Subsidiaries as at December 31, 2003 and the related audited consolidated
statements of income and of cash flows for the fiscal year ended on such date,
audited by PricewaterhouseCoopers LLP, except as otherwise specifically
prescribed herein.

 

(b)  If at any time any change
in GAAP would affect the computation of any financial ratio or requirement set
forth in any Loan Document, and either the Borrower or the Required Lenders
shall so request, the Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the
approval of the Required Lenders); provided that, until so amended, (i)
such ratio or requirement shall continue to be computed in accordance with GAAP
prior to such change therein and (ii) the Borrower shall provide to the
Administrative Agent and the Lenders financial statements and other documents
required under this Agreement or as reasonably requested hereunder setting
forth a reconciliation between calculations of such ratio or requirement made
before and after giving effect to such change in GAAP.

 

SECTION 2.  AMOUNT AND TERMS OF
COMMITMENTS; SWINGLINE LOANS

 

2.1.          Commitments. 
(a)  Subject to the terms and
conditions hereof, each Lender severally agrees to make revolving credit loans
(“Revolving Loans”) (provided that any repricing or conversion of an
outstanding Revolving Loan shall not be considered a making of a Revolving
Loan) to the Borrower from time to time during the Commitment Period in an
aggregate principal amount at any one time outstanding not to exceed the amount
of such Lender’s Commitment; provided that no Lender shall be obligated
to make a Revolving Loan if,

 

17

 

after giving effect to the
making of such Revolving Loan, such Lender’s Available Commitment would be less
than zero.  During the Commitment Period
the Borrower may use the Commitments by borrowing, prepaying the Revolving
Loans in whole or in part, and reborrowing, all in accordance with the terms
and conditions hereof.

 

(b)  The Revolving Loans may
from time to time be (i) Eurodollar Loans, (ii) ABR Loans or (iii) a
combination thereof, as determined by the Borrower and notified to the
Administrative Agent in accordance with Sections 2.2 and 3.3.

 

2.2.          Procedure for Borrowing.  The Borrower may borrow under the
Commitments during the Commitment Period on any Business Day; provided that the
Borrower shall give the Administrative Agent irrevocable written notice, in
substantially the form of Exhibit I hereto (which notice must be
received by the Administrative Agent prior to 11:00 a.m., New York City time,
(a) three Business Days prior to the requested Borrowing Date, if all or any
part of the requested Revolving Loans are to be initially Eurodollar Loans or
(b) on the requested Borrowing Date, if all of the requested Loans are to be
initially ABR Loans), in each case specifying (i) the amount to be borrowed,
(ii) the requested Borrowing Date, (iii) whether the borrowing is to be of
Eurodollar Loans, ABR Loans or a combination thereof and (iv) if the borrowing
is to be entirely or partly of Eurodollar Loans, the respective amounts of each
such Type of Loan and the respective lengths of the initial Interest Periods
for such Eurodollar Loans.  Each
borrowing of ABR Loans shall be in an amount equal to $1,000,000 or a whole
multiple of $100,000 in excess thereof, and each borrowing of Eurodollar Loans
shall be in an amount equal to $5,000,000 or a whole multiple of $1,000,000 in
excess thereof.  Upon receipt of any
such notice from the Borrower, the Administrative Agent shall promptly notify
each Lender thereof.  Each Lender will
make the amount of its pro rata share of each borrowing available to the
Administrative Agent for the account of the Borrower at the Administrative
Agent’s Office prior to 1:00 p.m., New York City time, on the Borrowing Date
requested by the Borrower in funds immediately available to the Administrative
Agent.  Such borrowing will then be made
available to the Borrower by the Administrative Agent crediting the account of
the Borrower on the books of such office with the aggregate of the amounts made
available to the Administrative Agent by the Lenders and in like funds as
received by the Administrative Agent. 
The failure of any Lender to make a Revolving Loan to be made by it as
part of any borrowing shall not relieve any other Lender of its obligation to
make available its share of such borrowing.

 

2.3.          Increase of Commitments.  (a) 
The Borrower may from time to time (but not more than five times), so
long as no Event of Default exists, request an increase in the aggregate amount
of the Commitments by delivering a written request (an “Increase Request”) to
the Administrative Agent and the Lenders; provided
that the aggregate amount of all increases in the amount of the Commitments
pursuant to this Section 2.3 shall not exceed $60,000,000.  Any Increase Request shall specify (i) the
date (the “Increase Response Date”) by which any Lender or prospective
Lender that is willing to increase its Commitment must respond to such request,
(ii) the date (the “Increase Effective Date”) on which the requested increase
is to become effective (which shall be at least five Business Days after the
related Increase Response Date) and (iii) the amount of the requested increase
(which shall be $10,000,000 or a higher integral multiple of $1,000,000).  No Lender shall be obligated to increase its
commitment pursuant to any Increase Request.

 

18

 

(b)  Not later than the Increase
Response Date for an Increase Request, any Lender or prospective Lender that is
willing to increase its Commitment in response to such Increase Request (an
“Increasing Lender”) shall notify the Borrower and the Administrative Agent of
the amount by which such Lender or prospective Lender is willing to increase
its Commitment (which amount shall be an integral multiple of $1,000,000).  On the first Business Day after the Increase
Response Date, the Administrative Agent shall notify the Increasing Lenders of
the amounts of their respective increases (it being understood that if the aggregate
amount of increased Commitments offered pursuant to an Increase Request exceeds
the amount requested, the Borrower, in consultation with the Administrative
Agent, may (subject to the limitation in clause (a) above) accept all or any
portion of such excess offered Commitments and/or allocate the increases in the
Commitments among the Increasing Lenders). 
On the applicable Increase Effective Date, the Commitment of each
Increasing Lender shall be increased by the amount offered by (or, if
applicable, allocated to) such Increasing Lender and the aggregate amount of
the Commitments shall be increased (and the Commitment Percentages adjusted)
accordingly.  

 

(c)  If any Increasing Lender is
not a Lender prior to the related Increase Effective Date, such Increasing
Lender shall be subject to approval by the Borrower and the Administrative
Agent (such approval not to be unreasonably withheld or delayed) and such
Increasing Lender, the Borrower and the Administrative Agent shall sign and
deliver a joinder agreement (a “Joinder Agreement”), substantially in form and
substance as Exhibit N, pursuant to which such Increasing Lender shall
become a party to this Agreement.

 

(d)  From and after any Increase
Effective Date, the Borrower and the Administrative Agent shall cooperate in
making conversions of the Eurodollar Loans from one interest rate basis to
another and in selecting Interest Periods to be applicable thereto in order,
during a reasonable period following the Increase Effective Date, to make the
Loans of the Lenders ratable (based on their respective Commitment Percentages
after giving effect to the increased Commitments hereunder) in the various
Tranches.

 

2.4.          Commitment Fee. 
The Borrower agrees to pay to the Administrative Agent for the account
of each Lender a commitment fee for the period from the first day of the
Commitment Period to the Termination Date, computed at the Commitment Fee Rate
on the average daily amount of the Available Commitment of such Lender during
the period for which payment is made, payable quarterly in arrears on the last
day of each March, June, September and December and on the Termination Date.

 

2.5.          Termination or Reduction of
Commitments.  The Borrower shall
have the right, upon not less than five Business Days’ notice to the
Administrative Agent, to terminate the Commitments or, from time to time, to
reduce the aggregate amount of the Commitments to an amount that is not less
than the aggregate principal amount of all outstanding Loans.  Any such reduction shall be in an amount
equal to $5,000,000 or a whole multiple thereof and shall reduce permanently
the Commitments then in effect.

 

2.6.          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 on the Termination Date (or such

 

19

 

earlier date on which the Loans
become due and payable pursuant to Section 8).  The Borrower hereby further agrees to pay interest on the unpaid
principal amount of the Loans from time to time outstanding from the date
hereof until payment in full thereof at the rates per annum, and on the dates,
set forth in Section 3.5.

 

(b)  Each Lender shall maintain
in accordance with its usual practice an account or accounts evidencing
indebtedness of the Borrower to such Lender resulting from each Loan of such
Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time under this Agreement.

 

(c)  The Administrative Agent
shall maintain the Register pursuant to Section 10.6(d), and a
subaccount therein for each Lender, in which shall be recorded (i) the amount
and Type of each Loan made hereunder and each Interest Period for each Eurodollar
Loan, (ii) the amount of any principal or interest due and payable or to become
due and payable from the Borrower to each Lender hereunder and (iii) the amount
of any sum received by the Administrative Agent hereunder from the Borrower and
each Lender’s share thereof.

 

(d)  The entries made in the
Register and the accounts of each Lender maintained pursuant to Section
2.6(b) shall, to the extent permitted by applicable law, be prima facie
evidence of the existence and amounts of the obligations of the Borrower
therein recorded; provided
that the failure of any Lender or the Administrative Agent to maintain the
Register or any such account, or any error therein, shall not in any manner
affect the obligation of the Borrower to repay (with applicable interest) the
Loans made to the Borrower by such Lender in accordance with the terms of this
Agreement.

 

(e)  The Borrower agrees that,
upon the request to the Administrative Agent by any Lender, the Borrower will
sign and deliver to such Lender a promissory note of the Borrower evidencing
the Loans of such Lender, substantially in the form of Exhibit A with
appropriate insertions as to date and principal amount (a “Note”).

 

2.7.          Swingline Loans.

 

(a) 
Subject to the terms and conditions hereof, the Swingline Lender may (in
its sole and absolute discretion) make a portion of the credit otherwise
available to the Borrower under the Commitments available from time to time
during the Commitment Period by making swing line loans (“Swingline Loans”) to
the Borrower; provided that (i) the aggregate principal amount of Swingline
Loans outstanding at any time shall not exceed the Swingline Amount and (ii)
the Borrower shall not request, and the Swingline Lender shall not make, any
Swingline Loan if, after giving effect to the making of such Swingline Loan,
the aggregate amount of the Available Commitments would be less than zero.  During the Commitment Period, the Borrower
may borrow, repay, and reborrow Swingline Loans, subject to the agreement of
the Swingline Lender and in accordance with the terms and conditions
hereof.  All Swingline Loans shall be
ABR Loans.

 

(b) 
The Borrower shall repay all outstanding Swingline Loans on the
Termination Date.

 

20

 

2.8.          Procedure for Swingline Borrowing;
Refunding of Swingline Loans.

 

(a) 
Whenever the Borrower desires that the Swingline Lender make Swingline
Loans it shall give the Swingline Lender and the Administrative Agent
irrevocable telephonic notice confirmed promptly in writing (which telephonic
notice must be received by the Swingline Lender and the Administrative Agent
not later than 1:00 p.m., New York City time, on the proposed Borrowing Date),
specifying (i) the amount to be borrowed and (ii) the requested Borrowing Date
(which shall be a Business Day during the Commitment Period).  Each Swingline Loan shall be in an amount
equal to $500,000 or a whole multiple of $100,000 in excess thereof.  Unless the Swingline Lender has received
notice (by telephone or in writing) from the Administrative Agent (including at
the request of any Lender) prior to 1:15 p.m., New York City time, on the
proposed Borrowing Date (A) directing the Swingline Lender not to make such
Swingline Loan as a result of the limitations set forth in Section
2.7(a)(ii) or (B) that one or more of the applicable conditions specified
in Section 5 is not then satisfied, then, subject to the terms and
conditions hereof, the Swingline Lender may (in its sole and absolute
discretion), not later than 3:00 p.m., New York City time, on the proposed
Borrowing Date, make available to the Administrative Agent at the
Administrative Agent’s Office an amount in immediately available funds equal to
the amount of the Swingline Loan to be made by the Swingline Lender.  The Administrative Agent shall make the
proceeds of any such Swingline Loan available to the Borrower by depositing
such proceeds in the account of the Borrower with the Administrative Agent on
such Borrowing Date in immediately available funds.

 

(b) 
The Swingline Lender, at any time and from time to time in its sole and
absolute discretion may, on behalf of the Borrower (which hereby irrevocably
authorizes the Swingline Lender to act on its behalf), request each Lender to
make, and each Lender hereby agrees to make, an ABR Loan, in an amount equal to
such Lender’s Commitment Percentage of the aggregate amount of the Swingline
Loans (the “Refunded Swingline Loans”) outstanding on the date of such notice,
to repay the Swingline Lender.  Such
request shall be made in writing and in accordance with the requirements of Section
2.2, without regard to the minimum and multiples specified therein for the
principal amount of ABR Loans.  Each
Lender shall make the amount of such Loan available to the Administrative Agent
at the Administrative Agent’s Office in immediately available funds, not later
than 1:00 p.m. New York City time, on the Borrowing Date specified by the
Swingline Lender.  The proceeds of such
Loans shall be immediately made available by the Administrative Agent to the
Swingline Lender for application by the Swingline Lender to the repayment of
the Refunded Swingline Loans.  The
Borrower irrevocably authorizes the Swingline Lender to charge the Borrower’s
accounts with the Administrative Agent (up to the amount available in each such
account) in order to immediately pay the amount of such Refunded Swingline
Loans to the extent amounts received from the Lenders are not sufficient to
repay in full such Refunded Swingline Loans.

 

(c) 
If prior to the time a Loan would have otherwise been made pursuant to Section
2.8(b), one of the events described in Section 8(f) shall have
occurred and be continuing with respect to the Borrower or if for any other
reason, as determined by the

 

21

 

Administrative Agent in its sole discretion, Loans may not be made as
contemplated by Section 2.8(b), each Lender shall, on the date such Loan
was to have been made pursuant to the notice referred to in Section 2.8(b)
(the “Refunding Date”), purchase for cash an undivided participating interest
in the then outstanding Swingline Loans by paying to the Swingline Lender an
amount (the “Swingline Participation Amount”) equal to (i) such Lender’s
Commitment Percentage times (ii) the sum of the aggregate principal amount of
Swingline Loans then outstanding that were to have been repaid with such Loans.

 

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

 

(e) 
Each Lender’s obligation to make the Loans referred to in Section
2.8(b) and to purchase participating interests pursuant to Section
2.8(c) shall be absolute and unconditional and shall not be affected by any
circumstance, including (i) any setoff, counterclaim, recoupment, defense or
other right that such Lender or the Borrower may have against the Swingline
Lender, the Borrower or any other Person for any reason whatsoever; (ii) the
existence of a Default or the failure to satisfy any of the other conditions specified
in Section 5; (iii) any adverse change in the condition (financial or
otherwise) of the Borrower; (iv) any breach of this Agreement or any other Loan
Document by any Loan Party or any other Lender; or (v) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing.

 

SECTION 3.  GENERAL PROVISIONS
APPLICABLE TO THE LOANS

 

3.1.          Optional Prepayments.  The Borrower may at any time and from time
to time prepay the Loans, in whole or in part, without premium or penalty, upon
irrevocable notice to the Administrative Agent, at least three Business Days’
prior to the date of prepayment if all or any part of the Loans to be prepaid
are Eurodollar Loans, and at least one Business Day prior to the date of
prepayment if all of the Loans to be prepaid are ABR Loans, specifying the date
and amount of prepayment and whether the prepayment is of Eurodollar Loans, ABR
Loans or a combination thereof, and, if of a combination thereof, the amount
allocable to each.  Upon receipt of any
such notice, the Administrative Agent shall promptly notify each Lender
thereof.  If any such notice is given,
the amount specified in such notice shall be due and payable on the date
specified therein, together with any amounts payable pursuant to Section
3.12.  Partial prepayments of ABR
Loans shall be in an aggregate principal amount of $1,000,000 or a whole
multiple of $100,000 in excess thereof, and partial prepayments of Eurodollar
Loans shall be in an aggregate principal amount of $5,000,000 or a whole
multiple of $1,000,000 in excess thereof.

 

22

 

3.2.          Mandatory Commitment Reductions;
Mandatory Prepayments.  (a)
 Concurrently with any Asset Sale or Shareholder Asset Sale if, after
giving effect to such Shareholder Asset Sale, the Borrower does not continue to
hold, directly or indirectly, in excess of a 50% ownership interest in the
relevant Subsidiary or Investment Firm, the aggregate amount of the Commitments
shall be permanently reduced by the excess (rounded down, if necessary, to an
integral multiple of $5,000,000), if any, of the aggregate amount of the Net
Proceeds of all Asset Sales and all such Shareholder Asset Sales made after the
Closing Date (excluding any portion of such amount previously applied to reduce
the Commitments pursuant to this Section 3.2) over $200,000,000; provided
that the requirements of this clause (a) shall not apply to Net Proceeds
from any Asset Sale or Shareholder Asset Sale to the extent that the Borrower
notifies the Administrative Agent prior to or concurrently with the receipt of
such Net Proceeds that such Net Proceeds are intended to be used, and such Net
Proceeds are in fact used, to purchase similar assets within 180 days after
such Asset Sale or Shareholder Asset Sale.

 

(b)  If, as a result of the
reduction of the Commitments pursuant to clause (a), the aggregate
principal amount of the Loans exceeds the aggregate amount of the Commitments,
the Borrower shall immediately prepay Loans in the amount of such excess.  All prepayments of Loans pursuant to this
Section 3.2(b) shall be made without premium or penalty (but shall be subject
to Section 3.12) and shall be accompanied by accrued and unpaid interest
on the principal amount being prepaid. 
All such prepayments shall be applied as directed in writing by the
Borrower or, in the absence of such direction, first, to prepay
Swingline Loans until the Swingline Loans are paid in full, second, to
prepay ABR Loans until the ABR Loans are paid in full and, third, to
prepay Eurodollar Loans.

 

3.3.          Conversion and Continuation Options.  (a) 
The Borrower may elect from time to time to convert Eurodollar Loans to
ABR Loans by giving the Administrative Agent at least two Business Days’ prior
irrevocable written notice, substantially in the form of Exhibit J
hereto, of such election; provided
that any such conversion of Eurodollar Loans may only be made on the last day
of an Interest Period with respect thereto. 
The Borrower may elect from time to time to convert ABR Loans (other
than ABR Loans which are Swingline Loans) to Eurodollar Loans by giving the
Administrative Agent at least three Business Days’ prior irrevocable written
notice, substantially in the form of Exhibit J hereto, of such
election.  Any such notice of conversion
to Eurodollar Loans shall specify the length of the initial Interest Period or
Interest Periods therefor.  Upon receipt
of any such notice, the Administrative Agent shall promptly notify each Lender
thereof.  All or any part of outstanding
Eurodollar Loans and ABR Loans may be converted as provided herein; provided that no Loan may be converted
into a Eurodollar Loan when any Event of Default has occurred and is continuing
and the Administrative Agent has or the Required Lenders have determined that
such a conversion is not appropriate.

 

(b)  Any Eurodollar Loans may be
continued as such upon the expiration of the then current Interest Period with
respect thereto by the Borrower giving written notice, substantially in the
form of Exhibit J hereto, to the Administrative Agent, in accordance
with the applicable provisions of the term “Interest Period” set forth in Section
1.1, of the length of the next Interest Period to be applicable to such
Loans; provided that no
Eurodollar Loan may be continued as such when any Event of Default has occurred
and is continuing and the Administrative Agent has notified the Borrower that
the Required Lenders have determined that

 

23

 

such a continuation is not
appropriate; and provided,
further, that if the
Borrower shall fail to give such notice or if such continuation is not
permitted such Eurodollar Loans shall be automatically converted to ABR Loans
on the last day of such then expiring Interest Period.

 

3.4.          Minimum Amounts and Maximum Number
of Tranches.  All borrowings,
conversions and continuations of Loans hereunder and all selections of Interest
Periods hereunder shall be in such amounts and be made pursuant to such
elections so that, after giving effect thereto, the aggregate principal amount
of the Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or
a whole multiple of $1,000,000 in excess thereof.  In no event shall there be more than 10 Eurodollar Tranches
outstanding at any time.

 

3.5.          Interest Rates and Payment Dates.  (a) 
Each Eurodollar Loan shall bear interest for each day during each
Interest Period with respect thereto at a rate per annum equal to the
Eurodollar Rate determined for such day plus the Applicable Margin.

 

(b)  Each ABR Loan shall bear
interest at a rate per annum equal to the ABR plus the Applicable
Margin.

 

(c)  If any amount payable by
the Borrower under any Loan Document is not paid when due (without regard to
any applicable grace period), whether at stated maturity, by acceleration or
otherwise, such amount shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable laws.  Furthermore,
upon the request of the Required Lenders, at any time an Event of Default
exists, the Borrower shall pay interest on the Loans at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable laws.

 

(d)  Interest shall be payable in
arrears on each Interest Payment Date and on the Termination Date; provided that interest accruing
pursuant to Section 3.5(c) shall be payable from time to time on demand.

 

3.6.          Computation of Interest and Fees.  (a) 
Interest based on Bank of America’s “prime rate” shall be calculated on
the basis of a year of 365 (or, if applicable, 366) days and for the actual
number of days elapsed.  All other
interest and all fees shall be calculated on the basis of a year of 360 days
and for the actual number of days elapsed. 
The Administrative Agent shall as soon as practicable notify the
Borrower and the Lenders of each determination of a Eurodollar Rate.  Any change in the interest rate on a Loan
resulting from a change in the ABR or the Eurodollar Reserve Percentage shall
become effective as of the opening of business on the day on which such change
becomes effective.  The Administrative
Agent shall as soon as practicable notify the Borrower and the Lenders of the
effective date and the amount of each such change in the ABR or the Eurodollar
Reserve Percentage.

 

(b)  Each determination of an
interest rate by the Administrative Agent pursuant to any provision of this
Agreement shall be conclusive and binding on the Borrower and the Lenders in
the absence of manifest error.  The
Administrative Agent shall, at the request of the Borrower or any Lender,
deliver to the Borrower or such Lender a statement showing the quotations used
by the Administrative Agent in determining any interest rate pursuant to Section
3.5(a).

 

24

 

3.7.          Inability to Determine Interest Rate.  If prior to the first day of any Interest
Period:

 

(a) 
the Administrative Agent shall have determined (which determination
shall be conclusive and binding upon the Borrower) that, by reason of
circumstances affecting the relevant market, adequate and reasonable means do
not exist for ascertaining the Eurodollar Rate for such Interest Period, or

 

(b) 
the Administrative Agent shall have received notice from the Required
Lenders that the Eurodollar Rate determined or to be determined for such
Interest Period will not adequately and fairly reflect the cost to such Lenders
(as conclusively certified by the Required Lenders) of making or maintaining
their affected Loans during such Interest Period,

 

then the Administrative Agent shall give telecopy or telephonic notice
thereof, to the Borrower and the Lenders as soon as practicable
thereafter.  If such notice is given,
(x) any Eurodollar Loans requested to be made on the first day of such Interest
Period shall be made as ABR Loans, (y) any ABR Loans that were to have been
converted on the first day of such Interest Period to Eurodollar Loans shall be
continued as ABR Loans and (z) any outstanding Eurodollar Loans shall be
converted, on the first day of such Interest Period, to ABR Loans.  Until such notice has been withdrawn by the
Administrative Agent, no further Eurodollar Loans shall be made or continued as
such, nor shall the Borrower have the right to convert Loans to Eurodollar
Loans.

 

3.8.          Pro Rata Treatment and Payments.  (a) 
Except as provided in Section 2.3(e), each borrowing by the
Borrower from the Lenders hereunder (other than borrowings of Swingline Loans),
each payment by the Borrower on account of any commitment fee hereunder and any
reduction of the Commitments of the Lenders shall be made pro rata according to
the respective Commitment Percentages of the Lenders.  Subject to Sections 2.3(e) and 2.8(d), each payment
(including each prepayment) by the Borrower on account of principal of and
interest on the Loans shall be made pro rata according to the respective
outstanding principal amounts of the Loans then held by the Lenders; provided
that payments in respect of Swingline Loans that have not been refunded with
Revolving Loans pursuant to Section 2.8(b) shall be for the account of
the Swingline Lender only (subject to the Swingline Lender’s obligation to
share with any participants in the Swingline Loans).  All payments (including prepayments) to be made by the Borrower
hereunder, whether on account of principal, interest, fees or otherwise, shall
be made without set off or counterclaim and shall be made prior to 12:00 noon,
New York City time, on the due date thereof to the Administrative Agent, for the
account of the Lenders at the Administrative Agent’s Office, in Dollars and in
immediately available funds (and funds received after that time shall be deemed
to have been received on the next succeeding Business Day).  The Administrative Agent shall distribute
such payments to the Lenders promptly upon receipt (and if such payment is
received prior to 12:00 noon, on the same day) in like funds as received.  If any payment hereunder becomes due and
payable on a day other than a Business Day, the due date for such payment shall
be extended to the next succeeding Business Day, and, with respect to payments
of principal, interest thereon shall be payable at the then applicable rate
during such extension and such extension of time shall in such case be included
in the computation of payment of interest or fees, as the case may be.

 

25

 

(b)  Unless the Administrative
Agent shall have been notified in writing by any Lender prior to a borrowing
that such Lender will not make the amount that would constitute its portion of
such borrowing available to the Administrative Agent, the Administrative Agent
may assume that such Lender is making such amount available to the
Administrative Agent, and the Administrative Agent may, in reliance upon such
assumption, make available to the Borrower a corresponding amount.  If such amount is not made available to the
Administrative Agent by the required time on the Borrowing Date therefor, such
Lender shall pay to the Administrative Agent, on demand, such amount with
interest thereon at a rate equal to the daily average Federal Funds Rate for
the period until such Lender makes such amount immediately available to the
Administrative Agent.  A certificate of
the Administrative Agent submitted to any Lender with respect to any amounts
owing under this subsection shall be conclusive in the absence of manifest
error.  If such Lender’s portion of such
borrowing is not made available to the Administrative Agent by such Lender
within three Business Days of such Borrowing Date, the Administrative Agent
shall also be entitled to recover such amount with interest thereon at the rate
per annum applicable to ABR Loans hereunder, on demand, from the Borrower.

 

(c)  In the event that a Lender
fails to make available after a period of three Business Days to the
Administrative Agent its portion of a borrowing, the Borrower may, upon not
less than five Business Days prior irrevocable written notice to the
Administrative Agent, immediately terminate the Commitment of such Lender, and
designate an acceptable replacement Lender (which may be one of the other
Lenders) to purchase at par all of the Lender’s interests in accordance with
the provisions of Section 10.6(c). 
Any Lender being so replaced by the Borrower agrees to transfer its
interest in this Agreement and, if applicable, its Note, to the substitute
Lender pursuant to Section 10.6(c); provided
that concurrently with such transfer, such Lender so substituted shall be paid
all amounts owing to it hereunder and all costs reasonably determined by it to
be attributable to such transfer. 
Notwithstanding the foregoing, the Lender being replaced shall not be
deemed to be released from any of its rights or obligations under any Loan
Document (including Section 9.7) for actions taken or failed to be taken
by it prior to the date of such substitution. 
Notwithstanding any of the provisions of this Section 3.8, this
subsection shall not apply to the Swingline Loans.

 

3.9.          Illegality. 
Notwithstanding any other provision herein, if the adoption of or any
change in any Requirement of Law or in the interpretation or application
thereof shall make it unlawful for any Lender to make or maintain Eurodollar
Loans as contemplated by this Agreement, (a) the commitment of such Lender
hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and
convert ABR Loans to Eurodollar Loans shall forthwith be cancelled and (b) such
Lender’s Loans then outstanding as Eurodollar Loans, if any, shall be converted
automatically to ABR Loans on the respective last days of the then current
Interest Periods with respect to such Loans or within such earlier period as
required by law.  If any such conversion
of a Eurodollar Loan occurs on a day which is not the last day of the then current
Interest Period with respect thereto, the Borrower shall pay to such Lender
such amounts, if any, as may be required pursuant to Section 3.12.

 

3.10.        Requirements of Law.  (a)  If the adoption of or
any change in any Requirement of Law or in the interpretation or application
thereof or compliance by any Lender with any request or directive (whether or
not having the force of law) from any central bank or other Governmental
Authority made subsequent to the date hereof:

 

26

 

(i)            shall
subject any Lender to any tax of any kind whatsoever with respect to this
Agreement, any Note or any Eurodollar Loan made by it, or change the basis of
taxation of payments to such Lender in respect thereof (except for Non-Excluded
Taxes covered by Section 3.11 and changes in the rate of tax on the
overall net income of such Lender);

 

(ii)           shall
impose, modify or hold applicable any reserve, special deposit, compulsory loan
or similar requirement against assets held by, deposits or other liabilities in
or for the account of, advances, loans or other extensions of credit by, or any
other acquisition of funds by, any office of such Lender which is not otherwise
included in the determination of the Eurodollar Rate hereunder; or

 

(iii)          shall
impose on such Lender any other condition;

 

and the result of any of the foregoing is to increase the cost to such
Lender, by an amount which such Lender in good faith deems to be material, of
agreeing to make or maintain, or of making, converting into, continuing or
maintaining, Eurodollar Loans or to reduce any amount receivable hereunder in
respect thereof, then, in any such case, the Borrower shall promptly (and in
any event within 10 days after receipt of a certificate in accordance with Section
3.10(c)) pay such Lender such additional amount or amounts as will
compensate such Lender for such increased cost or reduced amount receivable.

 

(b)  If any Lender shall have
determined that the adoption of or any change in any Requirement of Law regarding
capital adequacy or in the interpretation or application thereof or compliance
by such Lender or any corporation controlling such Lender with any request or
directive regarding capital adequacy (whether or not having the force of law)
from any Governmental Authority made subsequent to the date hereof shall have
the effect of reducing the rate of return on such Lender’s or such
corporation’s capital as a consequence of its obligations hereunder to a level
below that which such Lender or such corporation could have achieved but for
such adoption, change or compliance (taking into consideration such Lender’s or
such corporation’s policies with respect to capital adequacy) by an amount
deemed by such Lender in good faith to be material, then the Borrower shall
promptly (and in any event within 10 days after receipt of a certificate in
accordance with this Section 3.10(c), pay to such Lender such additional
amount or amounts as will fairly compensate such Lender for such reduction in
the return on capital. 

 

(c)  If any Lender becomes
entitled to claim any additional amounts pursuant to this Section 3.10, it
shall promptly notify the Borrower (with a copy to the Administrative Agent) of
the event by reason of which it has become so entitled; provided that no additional amount
shall be payable under this Section 3.10 for a period longer than one
year prior to such notice to the Borrower. 
A certificate as to any additional amounts payable pursuant to this
Section 3.10 submitted by such Lender to the Borrower (with a copy to the
Administrative Agent) shall be conclusive in the absence of manifest
error.  The agreements in this Section
shall survive for a period of one year after the termination of this Agreement
and the payment of the Loans and all other amounts payable hereunder.  In determining whether to make a claim, and calculating the
amount of compensation, under this Section 3.10, each Lender shall
apply

 

27

 

standards that are not inconsistent with those generally applied by
such Lender in similar circumstances.

 

3.11.        Taxes.  (a)  All payments made by the Borrower under this
Agreement and any Notes shall be made free and clear of, and without deduction
or withholding for or on account of, any present or future income, stamp or
other taxes, levies, imposts, duties, charges, fees, deductions or
withholdings, now or hereafter imposed, levied, collected, withheld or assessed
by any Governmental Authority, excluding net income taxes and franchise taxes
(imposed in lieu of net income taxes) imposed on the Administrative Agent or
any Lender as a result of a present or former connection between the
Administrative Agent or such Lender and the jurisdiction of the Governmental
Authority imposing such tax or any political subdivision or taxing authority
thereof or therein (other than any such connection arising solely from the
Administrative Agent or such Lender having signed, delivered or performed its
obligations or received a payment under, or enforced, this Agreement or any
Note).  If any such non-excluded taxes,
levies, imposts, duties, charges, fees, deductions or withholdings
(“Non-Excluded Taxes”) are required to be withheld from any amounts payable to
the Administrative Agent or any Lender hereunder or under any Note, the amounts
so payable to the Administrative Agent or such Lender shall be increased to the
extent necessary to yield to the Administrative Agent or such Lender (after
payment of all Non-Excluded Taxes) interest or any such other amounts payable hereunder
at the rates or in the amounts specified in this Agreement.  In addition, if any Non-Excluded Taxes are
directly imposed on or asserted against the Administrative Agent or any Lender
with respect to any payment received by the Administrative Agent or such Lender
hereunder, the Administrative Agent or such Lender may pay such Non-Excluded
Taxes and the Borrower will promptly pay such additional amount (including any
penalty, interest or expense) as is necessary in order that the net amount
received by the Administrative Agent or such Lender after the payment of such
Non-Excluded Taxes (including any taxes on such additional amounts) shall equal
the amount such Person would have received had such Non-Excluded Taxes not been
imposed or asserted.  Notwithstanding
the foregoing two sentences, the Borrower shall not be required to increase any
amount payable, or pay any additional amount, under this Section 3.11(a)
to any Lender that is not organized under the laws of the United States of
America or a state thereof if such Lender fails to comply with the requirements
of Section 3.11(b).  Whenever any
Non-Excluded Taxes are payable by the Borrower, as promptly as possible
thereafter the Borrower shall send to the Administrative Agent for its own
account or for the account of such Lender, as the case may be, a certified copy
of an original official receipt received by the Borrower showing payment
thereof.  If the Borrower fails to pay
any Non-Excluded Taxes when due to the appropriate taxing authority or fails to
remit to the Administrative Agent the required receipts or other required
documentary evidence, the Borrower shall indemnify the Administrative Agent and
the Lenders for any incremental taxes, interest or penalties that may become
payable by the Administrative Agent or any Lender as a result of any such
failure.  The agreements in this
subsection shall survive for a period of one year the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder.

 

(b)  Each Lender that is not
incorporated under the laws of the United States of America or a state thereof
shall:

 

28

 

(i)            deliver
to the Borrower and the Administrative Agent two duly completed copies of
United States Internal Revenue Service Form W-8ECI or Form W-8BEN, or successor
applicable form, as the case may be;

 

(ii)           deliver
to the Borrower and the Administrative Agent two further copies of any such
form or certification on or before the date that any such form or certification
expires or becomes obsolete and after the occurrence of any event requiring a
change in the most recent form previously delivered by it to the Borrower; and

 

(iii)          obtain
such extensions of time for filing and complete such forms or certifications as
may reasonably be requested by the Borrower or the Administrative Agent;

 

unless in any such case an event (including any change in treaty, law
or regulation) has occurred prior to the date on which any such delivery would
otherwise be required which renders all such forms inapplicable or which would
prevent such Lender from duly completing and delivering any such form with
respect to it and such Lender so advises the Borrower and the Administrative
Agent.  Such Lender shall certify that
it is entitled to an exemption from United States backup withholding tax.  Each Person that shall become a Lender or a
Participant pursuant to Section 8.6 shall, upon the effectiveness of the
related transfer, be required to provide all of the forms and statements required
pursuant to this subsection; provided
that in the case of a Participant such Participant shall furnish all such
required forms and statements to the Lender from which the related
participation shall have been purchased.

 

3.12.        Indemnity. 
The Borrower agrees to indemnify each Lender and to hold each Lender
harmless from any loss or expense which such Lender may sustain or incur as a
consequence of (a) default by the Borrower in making a borrowing of, conversion
into or continuation of Eurodollar Loans after the Borrower has given a notice
requesting the same in accordance with the provisions of this Agreement, (b)
default by the Borrower in making any prepayment after the Borrower has given a
notice thereof in accordance with the provisions of this Agreement or (c) the
making of a prepayment of Eurodollar Loans on a day which is not the last day
of an Interest Period with respect thereto. 
Such indemnification may include an amount equal to the excess, if any,
of (i) the amount of interest which would have accrued on the amount so
prepaid, or not so prepaid, borrowed, converted or continued, for the period
from the date of such prepayment or of such failure to prepay, borrow, convert
or continue to the last day of such Interest Period (or, in the case of a
failure to borrow, convert or continue, the Interest Period that would have
commenced on the date of such failure) in each case at the applicable rate of
interest for such Loans provided for herein (excluding, however, the Applicable
Margin included therein, if any) over (ii) the amount of interest (as
reasonably determined by such Lender) which would have accrued to such Lender
on such amount by placing such amount on deposit for a comparable period with
leading banks in the interbank eurodollar market.  This covenant shall survive the termination of this Agreement and
the payment of the Loans and all other amounts payable hereunder.  

 

3.13.        Change of Lending Office.  Each Lender agrees that if it makes any
demand for payment under Section 3.10 or 3.11(a), or if any
adoption or change of the type described in Section 3.9 shall occur with
respect to it, it will use reasonable efforts (consistent

 

29

 

with its internal policy and
legal and regulatory restrictions and so long as such efforts would not be
unreasonably disadvantageous to it, as determined in its sole discretion) to
designate a different lending office if the making of such a designation would
reduce or obviate the need for the Borrower to make payments under Section
3.10 or 3.11(a), or would eliminate or reduce the effect of any
adoption or change described in Section 3.9.

 

SECTION 4. 
REPRESENTATIONS AND WARRANTIES

 

To induce the Administrative Agent and the Lenders to enter into this
Agreement and to make the Loans, the Borrower hereby represents and warrants to
the Administrative Agent and each Lender that:

 

4.1.          Financial Condition.  The Borrower has heretofore furnished to
each Lender copies of (i) the audited consolidated balance sheet of the
Borrower and its consolidated Subsidiaries as at December 31, 2003 and the
related audited consolidated statements of income and of cash flows for the
fiscal year ended on such date, audited by PricewaterhouseCoopers LLP and (ii)
the unaudited consolidated balance sheet of the Borrower and its consolidated
Subsidiaries as at June 30, 2004 and the related unaudited consolidated
statements of income and of cash flows for the six-month period ended on such
date (the “Financial Statements”).  The
Financial Statements present fairly, in all material respects, the consolidated
financial condition of the Borrower and its consolidated Subsidiaries as at
December 31, 2003 and June 30, 2004 and present fairly, in all material
respects, the consolidated results of their operations and their consolidated
cash flows for the periods then ended (subject to normal year-end audit
adjustments and the absence of footnote disclosure).  The Financial Statements, including the related schedules and
notes thereto, have been prepared in accordance with GAAP applied consistently
throughout the period involved. Except as set forth on Schedule 4.1,
neither the Borrower nor any of its consolidated Subsidiaries had, at December
31, 2003 or at the date hereof, any material Guarantee Obligation, material
contingent liability or material liability for taxes, or any material long-term
lease or unusual material forward or long-term commitment, including any
interest rate or foreign currency swap or exchange transaction, which is not
reflected in the foregoing statements or in the notes thereto.  Except as set forth on Schedule 4.1,
during the period from December 31, 2003 to and including the date hereof there
has been no sale, transfer or other disposition by the Borrower or any of its
consolidated Subsidiaries of any material part of its business or property and
no purchase or other acquisition of any business or property (including any
capital stock of any other Person) material in relation to the consolidated
financial condition of the Borrower and its Subsidiaries as of December 31,
2003.

 

4.2.          No Change. 
Since December 31, 2003, except as set forth in the Financial Statements
and except as set forth on Schedule 4.2, there has been no development
or event which has had or could have a Material Adverse Effect.

 

4.3.          Corporate Existence; Compliance
with Law.  Each of the Borrower
and each Subsidiary (a) is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization, (b) has the
power and authority, and the legal right, to own and operate its material
properties, to lease the material properties it operates as lessee and to
conduct the businesses in which it is currently engaged, (c) is duly qualified
as a foreign corporation, partnership or limited liability company, as
applicable, and in good standing under the laws of

 

30

 

each jurisdiction where its
ownership, lease or operation of property or the conduct of its business
requires such qualification except where the failure to be so qualified or in
good standing would not have a Material Adverse Effect and (d) is in compliance
with its certificate of incorporation and by-laws or other similar
organizational or governing documents and with all Requirements of Law  except to the extent that the failure to
comply therewith could not, in the aggregate, have a Material Adverse Effect.

 

4.4.          Corporate Power; Authorization;
Enforceable Obligations.  Each
Loan Party has the corporate power and authority, and the legal right, to make,
deliver and perform the Loan Documents to which it is a party and has taken all
necessary corporate action to authorize the execution, delivery and performance
of the Loan Documents to which it is a party. 
The Borrower has the corporate power and authority, and the legal right
to borrow hereunder and has taken all necessary corporate action to authorize
such borrowings on the terms and conditions of this Agreement and any
Notes.  No consent or authorization of,
filing with, notice to or other act by or in respect of any Governmental
Authority or any other Person is required in connection with the borrowings
hereunder or with the execution, delivery, performance, validity or
enforceability of the Loan Documents against any Loan Party that is a party
thereto; provided that the
Administrative Agent’s rights under the Pledge Agreements are subject to the
terms and provisions thereof.  This
Agreement has been, and each other Loan Document will be when delivered, duly
executed and delivered by each Loan Party that is party thereto.  This Agreement constitutes, and each other
Loan Document when delivered will constitute, a legal, valid and binding
obligation of each Loan Party which is a party thereto, enforceable against
such Loan Party in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws relating to or affecting the enforcement of creditors’ rights
generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law).

 

4.5.          No Legal Bar. 
The execution, delivery and performance by each Loan Party of each Loan
Document to which such Person is party, the borrowings hereunder and the use of
the proceeds thereof will not violate any certificate of incorporation and
by-laws or other similar organizational or governing documents, Requirement of
Law or Contractual Obligation of the Borrower or of any Subsidiary, except for
such violations of Requirements of Law or Contractual Obligations which could
not, singly or in the aggregate, reasonably be expected to have a Material
Adverse Effect, and will not result in, or require, the creation or imposition
of any Lien on any of its or their respective properties or revenues pursuant
to any such organizational or governing document, Requirement of Law or
Contractual Obligation, except pursuant to this Agreement and the other Loan
Documents.

 

4.6.          No Material Litigation.  No litigation, investigation or proceeding
of or before any arbitrator or Governmental Authority is pending or, to the
knowledge of the Borrower, threatened by or against the Borrower or any
Subsidiary or against any of its or their respective properties or revenues
which could reasonably be expected to have a Material Adverse Effect.

 

4.7.          No Default. 
Neither the Borrower nor any Subsidiary is in default under or with
respect to any of its Contractual Obligations in any respect which could have a
Material

 

31

 

Adverse Effect.  No Default has occurred and is continuing or
would result from the consummation of the transactions contemplated by this
Agreement or any other Loan Document.

 

4.8.          Ownership of Property; Liens.  Each of the Borrower and each Subsidiary has
good record and marketable title in fee simple to, or a valid leasehold
interest in, all its material real property, and good title to, or a valid
leasehold interest in, all its other material property, and none of such
property is subject to any Lien except as permitted by Section 7.3.

 

4.9.          Taxes.  Each of
the Borrower and each Subsidiary has filed or caused to be filed all material
tax returns which, to the knowledge of the Borrower, are required to be filed
or has timely filed a request for an extension of such filing and has paid all
taxes shown to be due and payable on said returns or extension requests or on
any assessments made against it or any of its property and, except as set forth
on Schedule 4.9, all other taxes, fees or other charges imposed on it or
any of its property by any Governmental Authority (except, in each case, to the
extent the amount or validity thereof is currently being contested in good
faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided on the books of the Borrower and as to
any of which the failure to pay would not have a Material Adverse Effect.

 

4.10.        Federal Regulations.  (a) 
None of the Pledged Collateral consists of “margin stock” (within the
meaning of Regulation U).  “Margin
stock” (within the meaning of Regulation U) constitutes less than 25% of the
value of those assets of the Borrower and its Subsidiaries which are subject to
any limitation on sale or pledge or any similar restriction hereunder.  If requested by any Lender or the
Administrative Agent, the Borrower will furnish to the Administrative Agent and
each Lender a statement to the foregoing effect in conformity with the
requirements of FR Form U-1 referred to in Regulation U.

 

(b)  The Borrower is not subject
to regulation under any Federal or State statute or regulation (other than
Regulation X of the FRB) which limits its ability to incur Indebtedness.

 

4.11.        ERISA.  No
Reportable Event has occurred during the five-year period prior to the date on
which this representation is made or deemed made with respect to any Plan, and
each Plan has complied in all material respects with the applicable provisions
of ERISA and the Code.  The present
value of all accrued benefits under any Single Employer Plan maintained by the
Borrower or any Commonly Controlled Entity (based on those assumptions used to
fund the Plans) did not, as of the last annual valuation date prior to the date
on which this representation is made or deemed made, exceed the value of the
assets of such Plan allocable to such accrued benefits.  There are no Multiemployer Plans.  Neither the Borrower nor any Commonly
Controlled Entity has had a complete or partial withdrawal from any
Multiemployer Plan.

 

4.12.        Investment Company Act; Investment
Advisers Act.  (a)  Neither the Borrower nor any Subsidiary or
other Investment Firm is, or after giving effect to any Acquisition will be, an
“investment company” within the meaning of the Investment Company Act.

 

32

 

(b)  Each Subsidiary and each
other Investment Firm is, to the extent required thereby, duly registered as an
investment adviser under the Investment Advisers Act, except to the extent the
failure to be so registered could not reasonably be expected to have a Material
Adverse Effect.  On the date hereof, the
Borrower is not an “investment adviser” within the meaning of the Investment
Advisers Act.  Each Fund which is
sponsored by any Subsidiary or other Investment Firm and which is required to
be registered as an “investment company” under the Investment Company Act is
duly registered as such thereunder, except to the extent the failure to be so
registered could not reasonably be expected to have a Material Adverse Effect.

 

(c)  The Borrower is not
required to be registered as a broker-dealer under the Securities Acts (and
each Subsidiary and other Investment Firm required to be so registered is so
duly registered), except to the extent the failure to be so registered could
not reasonably be expected to have a Material Adverse Effect.

 

(d)  Each of the Borrower, each
Subsidiary and each other Investment Firm is duly registered, licensed or
qualified as an investment adviser or broker-dealer in each State of the United
States where the conduct of its business requires such registration, licensing
or qualification and is in compliance in all material respects with all Federal
and State laws requiring such registration, licensing or qualification, except
to the extent the failure to be so registered, licensed or qualified or to be
in such compliance will not have, in the case of Federal laws, or could not
reasonably be expected to have, in the case of State laws, a Material Adverse
Effect.

 

4.13.        Investment Advisory Agreements.  Each of the investment advisory agreements,
distribution agreements and shareholder or other servicing contracts to which
the Borrower, any Subsidiary or other Investment Firm is a party is a legal,
valid and binding obligation of the parties thereto enforceable against such
parties in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or other laws
relating to or affecting the enforcement of creditors’ rights generally and by
general equitable principles (whether enforcement is sought by proceedings in
equity or at law), except for failures which individually or in the aggregate
could not reasonably be expected to have a Material Adverse Effect; and none of
the Borrower, any Subsidiary or any other Investment Firm is in breach or
violation of or in default under any such agreement or contract in any material
respect which individually or in the aggregate could reasonably be expected to
have a Material Adverse Effect.  The
parties hereto understand that all clients have the right to terminate such
investment advisory agreements at will.

 

4.14.        Subsidiaries and Other Ownership
Interests.  The Subsidiaries
listed on Schedule 4.14 hereto constitute the only Subsidiaries of the
Borrower as at the date hereof.  The
Borrower has as at the date hereof, directly or indirectly, an equity or other
ownership interest in each Investment Firm and each other Person listed on Schedule
4.14; and other than as set forth on such schedule, the Borrower has no
such interest, directly or indirectly, in any other Person.

 

4.15.        Use of Proceeds. 
The proceeds of the Loans shall be used by the Borrower (i) for working
capital, capital expenditures and other general corporate purposes (including
to make payments on the Zero-Coupon Bonds and any securities exchanged therefor
and to make interest payments in respect of the Feline Prides I Senior Notes
and the Feline

 

33

 

Prides II Senior Notes), (ii)
to make Acquisitions and other investments (including acquisitions of
additional Capital Stock in Subsidiaries and Affiliates of the Borrower), (iii)
to finance the purchase of Treasury Strips in connection with the Feline Prides
I, (iv) to repurchase Feline Prides I Senior Notes, (v) to purchase, repay or
redeem any other debt of the Borrower or any Subsidiary so long as such
purchase, repayment or redemption is not prohibited by any other provision of
this Agreement, and (vi) to pay fees and expenses to be incurred in connection
with the foregoing and in connection with the execution and delivery of the
Loan Documents.

 

4.16.        Accuracy and Completeness of
Information.  To the best of the
Borrower’s knowledge, the documents furnished and the statements made in
writing to the Lenders by or on behalf of the Borrower in connection with the
negotiation, preparation or execution of this Agreement or any of the other
Loan Documents, taken as a whole, do not contain any untrue statement of fact
material to the credit worthiness of the Borrower or omit to state any such
material fact necessary in order to make the statements contained therein not
misleading, in either case which has not been corrected, supplemented or
remedied by subsequent documents furnished or statements made in writing to the
Lenders prior to the date hereof.

 

4.17.        Pledge Agreements.  The provisions of the Pledge Agreements are effective to create
in favor of the Administrative Agent a legal, valid and enforceable security
interest in all right, title and interest of the Loan Party that is party
thereto in the collateral covered thereby and all necessary actions have been
taken to create a first priority perfected Lien in such collateral. 

 

SECTION 5.  CONDITIONS PRECEDENT

 

5.1.          Conditions to Effectiveness.  This Agreement shall become effective, and
all loans outstanding under the Existing Credit Agreement shall be deemed to be
Loans hereunder and subject to the terms and conditions hereof, on the date on
which all of the following conditions precedent have been satisfied:

 

(a) 
Loan Documents.  The
Administrative Agent shall have received (i) this Agreement, signed by a duly
authorized officer of the Borrower, and (ii) a Confirmation, substantially in
the form of Exhibit K, signed by a duly authorized officer of each Loan
Party.

 

(b) 
Related Agreements.  The
Administrative Agent shall have received true and correct copies of each of the
existing Revenue Sharing Agreements and any purchase agreements signed in
connection with an Acquisition or proposed Acquisition (either of which is
expected to occur on or after the Closing Date), and such other documents or
instruments as may be reasonably requested by the Administrative Agent
(including a copy of any debt instrument, security agreement or other material
contract to which the Borrower or any Subsidiary may be a party).

 

(c)  Notes.  The Administrative Agent shall have
received, for the account of each Lender that has requested the same, a Note
made by the Borrower conforming to the requirements of this Agreement, signed
by a duly authorized officer of the Borrower.

 

34

 

(d) 
Borrower Certificate.  The
Administrative Agent shall have received a certificate of the Borrower, dated
the Closing Date, substantially in the form of Exhibit C, with
appropriate insertions and attachments, signed by two Responsible Officers.

 

(e) 
Corporate Proceedings of the Loan Parties.  The Administrative Agent shall have received a copy of
resolutions, in form and substance satisfactory to the Administrative Agent, of
the Board of Directors (or similar governing body) of each Loan Party
authorizing (i) the execution, delivery and performance of the Loan Documents
to which it is a party, (ii) in the case of the Borrower, the borrowings
contemplated hereunder and (iii) the granting (to the extent applicable) of the
Liens created pursuant to the Pledge Agreements, in each case certified by the
Secretary or an Assistant Secretary of such Loan Party as of the Closing Date,
which certificate shall be in form and substance satisfactory to the
Administrative Agent and shall state that the resolutions thereby certified
have not been amended, modified, revoked or rescinded.

 

(f) 
Incumbency Certificate.  The
Administrative Agent shall have received a certificate of each Loan Party,
dated the Closing Date, as to the incumbency and signatures of the officers of
such Loan Party signing any Loan Document, satisfactory in form and substance
to the Administrative Agent, signed by the President or any Vice President and
the Secretary or any Assistant Secretary of such Loan Party.

 

(g) 
Corporate Documents.  The
Administrative Agent shall have received true and complete copies of the
certificate of incorporation and by-laws (or similar organizational documents)
of each Loan Party, certified as of the Closing Date as complete and correct
copies thereof by the Secretary or an Assistant Secretary of such Loan Party.

 

(h)  Fees.  All fees payable by the Borrower to the
Administrative Agent, the Arranger and any Lender on or prior to the Closing
Date pursuant to this Agreement or pursuant to the Commitment Letter and Fee
Letter, each dated July 16, 2004, among Bank of America, the Arranger and the
Borrower shall have been paid in full, in each case in the amounts and on the
dates set forth herein or therein.

 

(i)  Attorney
Costs.  The Administrative Agent
shall have received evidence of payment by the Borrower of all Attorney Costs
of the Administrative Agent to the extent invoiced prior to or on the Closing
Date,  plus such additional amounts
of Attorney Costs as shall constitute the Administrative Agent’s reasonable
estimate of Attorney Costs incurred or to be incurred by it through the closing
proceedings (provided that such estimate shall not thereafter preclude a
final settling of accounts between the Borrower and the Administrative Agent).

 

(j) 
Legal Opinion.  The
Administrative Agent shall have received the legal opinion of Goodwin Procter
LLP, counsel to the Borrower and its Subsidiaries, substantially in the form of
Exhibit D.  Such legal opinion
shall cover such other matters incident to the transactions contemplated by
this Agreement as the Administrative Agent may reasonably require.

 

35

 

(k) 
Pledged Stock and other Equity Interests; Transfer Powers.  The Administrative Agent shall have received
all certificates representing the shares of Capital Stock pledged pursuant to
the Pledge Agreements, together with an undated transfer power, in form and
substance satisfactory to the Administrative Agent, for each such certificate
executed in blank by a duly authorized officer of the pledgor thereof.  

 

(l) 
Actions to Perfect Liens.  The
Administrative Agent shall have received evidence in form and substance
satisfactory to it that all filings, recordings, registrations and other
actions, including the filing of duly executed financing statements on form
UCC-1, necessary or, in the opinion of the Administrative Agent, desirable to
perfect the Liens created by the Pledge Agreements have been completed.

 

(m) 
Lien Searches.  The
Administrative Agent shall have received the results of a recent search, by a
Person satisfactory to the Administrative Agent, of the Uniform Commercial
Code, judgment and tax lien filings which may have been filed with respect to
personal property of the Borrower and the other Loan Parties, and the results
of such search shall be satisfactory to the Administrative Agent.

 

(n)  FP
Income Pledge Agreement.  The
Administrative Agent shall have received a fully-executed counterpart of the FP
Income Pledge Agreement.

 

(o) 
Existing Credit Agreement.  The
Administrative Agent shall have received evidence satisfactory to it that all
accrued but unpaid interest and fees payable under the Existing Credit
Agreement have been, or concurrently with the effectiveness hereof will be,
paid in full.

 

(p)  No
Default, etc.  The conditions
precedent to the making of a Loan set forth in Section 5.2(a) and (b)
shall be satisfied

 

5.2.          Conditions to Each Loan.  The agreement of each Lender to make any
Loan (excluding any repricing or conversion of any then outstanding Loan) is
subject to the satisfaction of the following conditions precedent:

 

(a) 
Representations and Warranties. 
Each representation and warranty made by any Loan Party in or pursuant
to the Loan Documents shall be true and correct in all material respects on and
as of such date as if made on and as of such date; provided that (i) representations and
warranties made with reference to a specific date shall remain true and correct
as of such date only and (ii) representations and warranties shall not be
required to remain true to the extent changes have resulted from actions
permitted hereunder.

 

(b) 
No Default.  No Default shall
have occurred and be continuing on such date or after giving effect to the
Loans requested to be made on such date.

 

(c) 
Notice of Borrowing.  The
Administrative Agent shall have received a notice of borrowing pursuant to Section
2.2 (or in the case of Swingline Loans, pursuant to Section 2.8).

 

36

 

(d) 
Use of Proceeds.  A Responsible
Officer shall have delivered to the Administrative Agent a certificate to the
effect that the proceeds of such Loan will be used in accordance with Section
4.15 and specifying in reasonable detail the proposed use of the proceeds
thereof; provided that with respect to borrowings of Swingline Loans,
such information may be given by telephone and confirmed promptly in writing.

 

Each borrowing by the Borrower hereunder shall constitute a
representation and warranty by the Borrower as of the date thereof that the
conditions contained in this Section 5.2 have been satisfied.

 

SECTION
6.  AFFIRMATIVE COVENANTS

 

The Borrower hereby agrees that, so long as the Commitments remain in
effect or any amount is owing to any Lender or the Administrative Agent
hereunder or under any other Loan Document, the Borrower shall and (except in
the case of delivery of financial information, reports and notices) shall cause
each of its Subsidiaries to:

 

6.1.          Financial Statements.  Furnish to the Administrative Agent (which
shall promptly furnish to the other Lenders):

 

(a) 
as soon as available, but in any event within 90 days after the end of
each fiscal year of the Borrower, copies of the consolidated and consolidating
balance sheets of the Borrower and its Subsidiaries as at the end of such year
and the related consolidated and consolidating statements of income and
retained earnings and of cash flows for such year, and setting forth in each
case in comparative form the figures for the previous year and, in the case of
the consolidated statements only, reported on without a “going concern” or like
qualification or exception, or qualification arising out of the scope of the
audit, by PricewaterhouseCoopers LLP or other independent certified public
accountants of nationally recognized standing; and

 

(b) 
as soon as available, but in any event not later than 45 days after the
end of each of the first three quarterly periods of each fiscal year of the Borrower,  copies of the unaudited consolidated and
consolidating balance sheets of the Borrower and its Subsidiaries as at the end
of such quarter and the related unaudited consolidated and consolidating
statements of income and retained earnings and of cash flows for such quarter
and the portion of the fiscal year through the end of such quarter, and setting
forth in each case in comparative form the figures for the previous year,
certified by a Responsible Officer as being fairly stated in all material respects
(subject to normal year-end audit adjustments).

 

All such financial statements shall be complete and correct in all
material respects and shall be prepared in reasonable detail and in accordance
with GAAP applied consistently throughout the periods reflected therein and
with prior periods (subject, in the case of interim financial statements, to
year end adjustments and the absence of footnotes).

 

6.2.          Certificates; Other Information.  Furnish to the Administrative Agent (which
shall promptly furnish to the other Lenders):

 

37

 

(a) 
concurrently with the delivery of the financial statements referred to
in Section 6.1(a), a certificate of the independent certified public
accountants reporting on such financial statements stating that in making the
examination necessary therefor no knowledge was obtained of any Default, except
as specified in such certificate;

 

(b) 
concurrently with the delivery of the financial statements referred to
in Sections 6.1(a) and (b) and, in the case of clause (i)
below, within two Business Days of the Settlement Date, (i) a duly completed
Compliance Certificate signed by a Responsible Officer (A) stating that, to the
best of such Officer’s knowledge, no Default exists, except as specified in
such certificate; (B) containing a computation of each of the financial ratios
and restrictions set forth in Section 7.1 (and, in the case of the
Compliance Certificate provided within two Business Days of the Settlement
Date, pro forma calculations after giving effect to the repayment of
Indebtedness and issuance of Capital Stock in connection with the Feline Prides
I Forward Contracts); and (C) describing in reasonable detail any material
change in accounting policies or financial reporting practices by the Borrower
or any Subsidiary and (ii) a listing for each Investment Firm of its aggregate
assets under management as of the end of the period covered by such financial
statements;

 

(c) 
within five days after the same are filed, copies of all financial
statements and reports which the Borrower may make to, or file with, the
Securities and Exchange Commission or any successor or analogous Governmental
Authority;

 

(d) 
within five Business Days after the consummation of any Acquisition of a
new Investment Firm for which more than $25,000,000 in aggregate consideration
was paid (including any non-cash consideration), (A) copies of the most recent
audited (and, if later, or, if audited statements are not available, unaudited)
financial statements of the Investment Firm which is the subject of such
Acquisition, (B) copies of the purchase agreement or other acquisition document
(including any Revenue Sharing Agreement executed or to be executed by the
Borrower or any Subsidiary in connection with such Acquisition, (C) an
unaudited pro forma consolidated balance sheet of the Borrower and its
Subsidiaries as at a recent date but prepared as though the closing of such
Acquisition had occurred on or prior to such date and related pro forma
calculations, indicating compliance on a pro forma basis as at such date and
for the periods then ended with the financial covenants set forth in Section
7.1 and (D) a copy of the most recent Form ADV, if any, filed under the
Investment Advisers Act in respect to any Investment Firm which is the subject
of such Acquisition;

 

(e) 
concurrently with the delivery of the financial statements referred to
in Sections 6.1(a) and (b), with respect to the consummation of
any Acquisition during the most recently ended fiscal quarter of the Borrower
of a new Investment Firm for which no more than $25,000,000 in aggregate
consideration was paid (including any non-cash consideration), (A) copies of
the most recent audited (and, if later, or, if audited statements are not
available, unaudited) financial statements of the Investment Firm which is the
subject of such Acquisition, (B) copies of the purchase agreement or other
acquisition document (including any Revenue Sharing Agreement) executed or to
be executed by the Borrower or any Subsidiary in connection with such
Acquisition, (C) an

 

38

 

unaudited pro forma consolidated balance sheet of the Borrower and its
Subsidiaries as at a recent date but prepared as though the closing of such Acquisition
had occurred on or prior to such date and related pro forma calculations,
indicating compliance on a pro forma basis as at such date and for the periods
then ended with the financial covenants set forth in Section 7.1 and (D)
a copy of the most recent Form ADV, if any, filed under the Investment Advisers
Act in respect to any Investment Firm which is the subject of such Acquisition 

 

(f) 
concurrently with the delivery of the financial statements referred to
in Sections 6.1(a) and (b), notice of the consummation of any
Acquisition of additional Capital Stock of an existing Investment Firm during
the most recently ended fiscal quarter of the Borrower;

 

(g) 
promptly, such additional financial and other information and documents
(including a copy of any debt instrument, security agreement or other material
contract to which the Borrower or any Subsidiary may be party) as any Lender
may, through the Administrative Agent, from time to time reasonably request.

 

Documents
required to be delivered pursuant to Section 6.1(a) or (b) or Section
6.2(c) (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 the Borrower’s
website on the Internet at the website address listed on Schedule 10.2;
or (ii) on which such documents are posted on the Borrower’s behalf on
IntraLinks/IntraAgency or another relevant website, if any, to which each
Lender and the Administrative Agent have access (whether a commercial,
third-party website or a website sponsored by the Administrative Agent); provided
that: (i) the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Lender that requests the Borrower to deliver such
paper copies until a written request to cease delivering paper copies is given
by the Administrative Agent or such Lender and (ii) the Borrower shall notify
(which may be by facsimile or electronic mail) the Administrative Agent and
each Lender of the posting of any such documents and immediately following such
notification the Borrower shall provide to the Administrative Agent by
electronic mail electronic versions (i.e.,
soft copies) of such documents. 
Notwithstanding anything contained herein, in every instance the
Borrower shall be required to provide paper copies of the Compliance
Certificates required by Section 6.2(b) to the Administrative
Agent.  Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the
delivery or to maintain copies of the documents referred to above, and in any
event shall have no responsibility to monitor compliance by the Borrower with
any such request for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents.

 

6.3.          Payment of Obligations.  Pay, discharge or otherwise satisfy at or
before maturity or before they become delinquent, as the case may be, all its
obligations of whatever nature (including taxes and other governmental levies),
except (i) where the amount or validity thereof is currently being contested in
good faith by appropriate proceedings and reserves in conformity with GAAP with
respect thereto have been provided on the books of the Borrower or the
applicable Subsidiary, as the case may be, and (ii) where the failure to do so
could not have a Material Adverse Effect.

 

39

 

6.4.          Conduct of Business and Maintenance
of Existence.  Continue to
engage in business of the same general type as now conducted and purported to
be conducted by it and preserve, renew and keep in full force and effect its
corporate existence and take all reasonable action to maintain all rights,
registrations, licenses, privileges and franchises necessary or desirable in
the normal conduct of its business (including all such registrations under the
Investment Advisers Act and all material investment advisory agreements,
distribution agreements and shareholding and other administrative servicing
contracts) except as otherwise permitted pursuant to Section 7.5 and
except for failures which individually and in the aggregate could not
reasonably be expected to have a Material Adverse Effect; comply, and to the
extent reasonably within its control, cause each Investment Firm and Fund
(which is sponsored by an Investment Firm) to comply, with all Contractual
Obligations and Requirements of Law except to the extent that failure to comply
therewith could not, in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

6.5.          Maintenance of Property; Insurance.  Keep all property useful and necessary in
its business in good working order and condition, except where the failure to
do so would not have a Material Adverse Effect; maintain with financially sound
and reputable insurance companies insurance on its property in at least such
amounts and against at least such risks as are usually insured against in the
same general area by companies engaged in the same or a similar business,
except where the failure to do so would not have a Material Adverse Effect,  and furnish to the Administrative Agent,
upon request, full information as to the insurance carried.

 

6.6.          Inspection of Property; Books and
Records; Discussions.  Keep
proper books of records and account in which full, true and correct entries, in
all material respects in conformity with all Requirements of Law and sufficient
to permit the preparation of financial statements in accordance with GAAP,
shall be made of all dealings and transactions in relation to its business and
activities, except, in the case of Requirements of Law, where the failure to do
so could not reasonably be expected to have a Material Adverse Effect; and
permit representatives of the Administrative Agent or any Lender to visit and
inspect any of its properties and examine and make abstracts from any of its
books and records at any reasonable time and as often as may reasonably be
desired and upon at least three days prior notice or such lesser period of time
as may be acceptable to the Borrower or the relevant Subsidiary, as the case
may be, and to discuss the business, operations, properties and financial and
other condition of the Borrower and its Subsidiaries with officers and
employees of the Borrower and its Subsidiaries and with its independent
certified public accountants (provided that with respect to
Subsidiaries, other than during the existence of a Default, the Borrower shall
have complied with this obligation if it shall have used its commercially
reasonable efforts to cause its Subsidiaries to allow the Administrative Agent
and/or the applicable Lender pursuant to the foregoing terms and conditions to
visit and inspect the properties of such Subsidiaries and examine and make
abstracts from any of the books and records of such Subsidiaries and to discuss
the business, operations, properties and financial and other condition of such
Subsidiaries with officers and employees of such Subsidiaries and with their
independent certified public accountants).

 

6.7.          Notices. 
Promptly give notice to the Administrative Agent and each Lender of:

 

40

 

(a) 
the occurrence of any Default;

 

(b) 
any (i) default or event of default under any Contractual Obligation of
the Borrower or any Subsidiary or (ii) litigation, proceeding or, if known to
the Borrower, investigation which may exist at any time between the Borrower or
any Subsidiary and any Governmental Authority, which in either case, if not
cured or if adversely determined, as the case may be, could reasonably be
expected to have a Material Adverse Effect;

 

(c) 
any litigation or proceeding affecting the Borrower or any Subsidiary or
any “affiliated person” of the Borrower or any Subsidiary within the meaning of
the Investment Company Act in which (i) the amount involved is $7,500,000 or
more and not covered by insurance or (ii) injunctive or similar relief is
sought and which, in the case of this clause (ii), could reasonably be
expected to have a Material Adverse Effect;

 

(d) 
the following events, as soon as possible and in any event within 30
days after the Borrower knows or has reason to know thereof:  (i) the occurrence or expected occurrence of
any Reportable Event with respect to any Plan, or any withdrawal from, or the
termination, Reorganization or Insolvency of any Multiemployer Plan or (ii) the
institution of proceedings or the taking of any other action by the PBGC or the
Borrower or any Commonly Controlled Entity or any Multiemployer Plan with
respect to the withdrawal from, or the terminating, Reorganization or
Insolvency of, any Plan;

 

(e) 
any suspension or termination of the registration of any Subsidiary or
other Investment Firm as an investment adviser under the Investment Advisers
Act, or of any registration as a broker-dealer under the Securities Acts or
under any applicable state statute which is material to the business thereof,
or any cancellation or expiration without renewal of any investment advisory
agreement, distribution agreement or shareholder or other administrative
servicing contract to which the Borrower or any Subsidiary or other Investment
Firm is a party the revenues under which have exceeded in the most recent
fiscal year of the Borrower or such Investment Firm, as the case may be,
$10,000,000; 

 

(f) 
any event which could reasonably be expected to have a Material Adverse
Effect on the Borrower and its Subsidiaries taken as a whole;

 

(g) 
any public announcement by S&P of any change in the Debt Rating; and

 

(h) 
the creation or acquisition of a new Subsidiary. 

 

Each notice pursuant to this Section 6.7 shall be accompanied by a
statement of a Responsible Officer setting forth details of the occurrence
referred to therein and stating what action the Borrower proposes to take with
respect thereto, if any.

 

6.8.          Stock Pledges. 
Promptly upon the consummation of the Acquisition of an Investment Firm
or the formation of any new Subsidiary, execute and deliver or cause to be
executed and delivered to the Administrative Agent a Pledge Agreement
Supplement with respect to the pledge of the Capital Stock of such Investment
Firm or new Subsidiary, held directly or indirectly (through a wholly-owned
Subsidiary) by the Borrower, in form and

 

41

 

substance reasonably
satisfactory to the Administrative Agent, together with evidence in form and
substance reasonably satisfactory to the Administrative Agent that all deliveries,
filings, recordings, registrations and other actions, including the delivery of
any certificates representing such Capital Stock, together, in the case of
stock certificates, with an undated transfer power, in form and substance
reasonably satisfactory to the Administrative Agent, for each such certificate
executed in blank by a duly authorized officer of the pledgor thereof, and the
filing of duly executed financing statements on form UCC-1, necessary or, in
the opinion of the Administrative Agent, desirable to perfect the Liens created
by such Pledge Agreement Supplement shall have been completed.  Notwithstanding the foregoing, neither the
Borrower nor any Subsidiary shall be required to pledge to the Administrative
Agent more than 65% of the Capital Stock of any foreign Subsidiary.

 

6.9.          Guarantees. 
Promptly (and in any event within 10 days) after any Person becomes a
wholly-owned Subsidiary of the Borrower, cause such wholly-owned Subsidiary to
(a) become a guarantor by executing and delivering to the Administrative Agent
a counterpart of the Subsidiary Pledge Agreement or such other document as the
Administrative Agent shall deem appropriate for such purpose, and (b) deliver
to the Administrative Agent documents of the types referred to in Sections
5.1(e), (f) and (g) and, if requested by the Administrative
Agent, a favorable opinion of counsel to such Person (which shall cover, among
other things, the legality, validity, binding effect and enforceability of the
documentation referred to in clause (a)), all in form, content and scope
reasonably satisfactory to the Administrative Agent

 

6.10.        Security Interest in FP Growth
Collateral.  Grant to, and at
all times prior to the making of the Short-Term Loans, maintain in favor of,
the FP Collateral Agent (for the ratable benefit of the Lenders and the
Administrative Agent as more fully set forth in the FP Growth Pledge Agreement)
a perfected, first-priority security interest in the FP Growth Collateral. 

 

6.11.        Security Interest in FP Income
Collateral.  Grant to, and at
all times prior to the Settlement Date maintain in favor of, the Administrative
Agent (for the ratable benefit of the Lenders and the Administrative Agent as
more fully set forth in the FP Income Pledge Agreement) a perfected, first-priority
security interest in the FP Income Collateral.

 

SECTION
7.  NEGATIVE COVENANTS

 

The Borrower hereby agrees that, from and after the Closing Date and so
long as the Commitments remain in effect or any amount is owing to any Lender
or the Administrative Agent hereunder or under any other Loan Document, the
Borrower shall not, and shall not permit any Subsidiary to, directly or
indirectly:

 

7.1.          Financial Condition Covenants.

 

(a)  Maintenance
of Net Worth.  Subject to the
proviso below, permit Consolidated Net Worth at any time to be less than the
sum of (i) $375,912,500, plus (ii) 100% of the net cash proceeds (including any
cash proceeds of non-cash proceeds) of any net issuances by the Borrower of any
Capital Stock and any equity contributions to it after the Closing Date (or, in
the case of the equity issuance resulting from the forward

 

42

 

contracts related to the Feline Prides I, 85%), plus (iii) 50% of the
positive Consolidated Net Income, if any, for each completed fiscal quarter of
the Borrower after June 30, 2004.

 

(b)  Interest
Coverage Ratio.  Permit the ratio of
(i) Consolidated EBITDA to (ii) Consolidated Interest Expense for any
Computation Period to be less than 3.00 to 1.00.

 

(c)  Leverage
Ratio.  Permit the ratio of (i) the
remainder of Total Indebtedness minus all (but not more than
$50,000,000) cash and Cash Equivalents of the Borrower and its Subsidiaries, in
each case as of the last day of any Computation Period, to (ii) Adjusted Consolidated
EBITDA for such Computation Period to exceed 3.50 to 1.00. 

 

7.2.          Limitation on Indebtedness.  Create, incur, assume or suffer to exist any
Indebtedness, except:

 

(a) 
Indebtedness of the Borrower under this Agreement and the other Loan
Documents;

 

(b) 
unsecured Indebtedness of any Subsidiary owing to the Borrower or any
other Subsidiary or secured Indebtedness of any Subsidiary owing to the
Borrower or any other Subsidiary;

 

(c) 
Indebtedness of any Subsidiary incurred to finance its working capital
(or the working capital of any of its Subsidiaries), in an aggregate principal
amount not exceeding as to any Subsidiary $2,500,000 at any time outstanding;

 

(d) 
Indebtedness of the Borrower incurred to finance its acquisition of
fixed or capital assets (whether pursuant to a deferred purchase arrangement
with a vendor, a loan, a Financing Lease or otherwise) in an aggregate
principal amount not exceeding $2,500,000 at any time outstanding;

 

(e) 
Indebtedness of a Person which becomes a Subsidiary after the date
hereof; provided that (i)
such Indebtedness existed at the time such Person became a Subsidiary and was
not created in anticipation thereof and (ii) immediately after such Person
becomes a Subsidiary, no Default shall have occurred and be continuing;

 

(f) 
Subordinated Indebtedness;

 

(g) 
Indebtedness of the Borrower and its Subsidiaries existing on the date
hereof and described on Schedule 7.2(g), and any Indebtedness exchanged
for any such scheduled Indebtedness that (i) has economic terms, as of the date
of issuance, consistent with market terms for a similarly creditworthy issuer
and (ii) has other terms, as a whole, not more onerous to the Borrower than the
applicable scheduled Indebtedness;

 

(h) 
Indebtedness of the type described in clause (g) of the
definition of Indebtedness incurred by the Borrower or any Subsidiary in the
ordinary course of business with reputable financial institutions and not for
speculative purposes;

 

43

 

(i) 
Indebtedness in the nature of deferred compensation to employees in an
aggregate principal amount not exceeding as to the Borrower and its
Subsidiaries $10,000,000 at any time outstanding;

 

(j) 
Indebtedness of any Subsidiary in an aggregate principal amount not
exceeding $25,000,000 at any time outstanding; provided that the sum of all
Indebtedness of all Subsidiaries under this Section 7.2(j) shall not
exceed $25,000,000 at any time outstanding;

 

(k) 
unsecured Indebtedness of the Borrower owing to any Subsidiary or any
Affiliate of the Borrower or any Subsidiary not exceeding $80,000,000 in the
aggregate at any time outstanding, in each case related to the Borrower’s cash
management program with its Affiliates;

 

(l) 
Indebtedness of the Borrower incurred to finance its working capital
(including any working capital lines of credit) in an aggregate principal
amount not exceeding $10,000,000 at any time outstanding;

 

(m) 
Guarantee Obligations in respect of Indebtedness otherwise permitted
under this Section 7.2;

 

(n)  a
short-term loan (collectively “Short-Term Loans”) in an aggregate amount
not exceeding $51,000,000, the proceeds of which will be used to purchase all
or a portion of the Treasury Strips to be exchanged for Feline Prides I Senior
Notes or to repay outstanding Loans; provided that each Short-Term Loan
will mature not later than the Settlement Date and otherwise shall have terms
and conditions reasonably satisfactory to the Administrative Agent; and

 

(o) 
senior unsecured notes, bonds, debentures or similar instruments of the
Borrower, including Zero-Coupon Bonds and COBRAs (but, for the avoidance of
doubt, excluding any Indebtedness described in clause (g) above), not at
any time exceeding $525,000,000; provided that such instruments shall
not be guaranteed by any Person that is not a Loan Party. 

 

7.3.          Limitation on Liens.  Create, incur, assume or suffer to exist any
Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, except for:

 

(a) 
Liens for taxes, assessments and other governmental charges not yet due
or which are being contested in good faith by appropriate proceedings; provided that adequate reserves with
respect thereto are maintained on the books of the Borrower or its
Subsidiaries, as the case may be, in conformity with GAAP;

 

(b) 
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or
other like Liens arising in the ordinary course of business which are not
overdue for a period of more than 60 days or which are being contested in good
faith by appropriate proceedings;

 

44

 

(c) 
pledges or deposits in connection with workers’ compensation,
unemployment insurance and other social security legislation;

 

(d) 
deposits to secure the performance of bids, trade contracts (other than
for borrowed money), leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the
ordinary course of business;

 

(e) 
easements, rights-of-way, restrictions and other similar encumbrances
incurred in the ordinary course of business which, in the aggregate, are not
substantial in amount and which do not in any case materially detract from the
value of the property subject thereto or materially interfere with the ordinary
conduct of the business of the Borrower or such Subsidiary;

 

(f) 
Liens securing Indebtedness of the Borrower or any Subsidiary permitted
by Section 7.2(d) or 7.2(j) incurred to finance the acquisition
of fixed or capital assets; provided
that (i) such Liens shall be created substantially simultaneously with the
acquisition of such fixed or capital assets, (ii) such Liens do not at any time
encumber any property other than the property financed by such Indebtedness,
(iii) the amount of Indebtedness secured thereby is not increased and (iv) the
principal amount of Indebtedness secured by such Lien shall at no time exceed
the purchase price of such property;

 

(g) 
Liens on the property or assets of a Person which becomes a Subsidiary
after the date hereof securing Indebtedness permitted by Section 7.2(e);
provided that (i) such
Liens existed at the time such Person became a Subsidiary and were not created
in anticipation thereof, (ii) any such Lien is not spread to cover any property
or assets of such Person after the time such Person becomes a Subsidiary, and
(iii) the amount of Indebtedness secured thereby is not increased;

 

(h) 
Liens arising by reason of any judgment, decree or order of any court or
other Governmental Authority, (i) if appropriate legal proceedings which have
been initiated for the review of such judgment, decree or order are being
diligently prosecuted and shall not have been finally terminated or the period
within which such proceedings may be initiated shall not have expired or (ii)
if such judgment, decree or order shall have been discharged, within 45 days of
the entry thereof or execution thereof has been stayed pending appeal;

 

(i) 
Liens created pursuant to the Pledge Agreements and the FP Income Pledge
Agreement;

 

(j) 
Liens existing, or provided for under arrangements existing, as of the
date hereof as described on Schedule 7.3(j); 

 

(k) 
Liens securing Synthetic Lease Obligations permitted under Section
7.15; and

 

(l) 
Liens in favor of the FP Collateral Agent on the FP Growth Collateral
pursuant to the terms of the FP Growth Pledge Agreement.

 

45

 

7.4.          Limitation on Guarantee Obligations.  Create, incur, assume or suffer to exist any
Guarantee Obligation except guarantees by the Borrower or any Subsidiary or
Investment Firm of obligations of any of the Subsidiaries, which obligations
are otherwise permitted under this Agreement, and except for (a) other
Guarantee Obligations not exceeding $1,500,000 in the aggregate at any time,
(b) Guarantee Obligations which constitute Indebtedness permitted under Section
7.2, (c) Guarantee Obligations of Subsidiaries created pursuant to the
Subsidiary Pledge Agreement, or (d) Guarantee Obligations with respect to
Indebtedness of any Person which shall be incurred by such Person in
anticipation of a majority interest in such Person being acquired by the
Borrower or a Subsidiary, and of the obligations of any other Person that
anticipates being a minority investor in such Person, provided that (i)
any such Guarantee Obligations shall be outstanding for no more than 30 days
and (ii) the principal amount of all such Guarantee Obligations shall not
exceed $10,000,000 at any one time outstanding.

 

7.5.          Limitation on Fundamental Changes.  Enter into any merger, consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution), or convey, sell, lease, assign, transfer or
otherwise dispose of, all or substantially all of its property, business or
assets (each a “disposition”), or make any material change in its present
method of conducting business; unless (i) with respect to a merger,
consolidation or amalgamation of a Subsidiary, if prior to such event the
Borrower owned in excess of a 50% ownership interest, then after such event the
Borrower shall (x) own in excess of a 50% ownership interest in, (y) be the
managing member or general partner (or a Person with similar rights and
obligations) of (whether directly or through a wholly-owned Subsidiary), or (z)
have no ownership interest in, such Subsidiary or the surviving Person of such
merger, consolidation or amalgamation, (ii) with respect to the liquidation,
winding up or dissolution of a direct or indirect Subsidiary, the assets of
such Subsidiary shall have been transferred to the Borrower or another Loan
Party and the other shareholders, partners or members of such Subsidiary, and
(iii) with respect to any disposition described above, the Net Proceeds thereof
shall have been applied as set forth in Section 3.2 to the extent
required.

 

7.6.          Limitation on Sale of Assets.  Convey, sell, lease, assign, transfer or
otherwise dispose (including in connection with sale leaseback transactions) of
any of its property, business or assets (including receivables and leasehold
interests), whether now owned or hereafter acquired, or, in the case of any
Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any
Person other than the Borrower or any wholly-owned Subsidiary, except:

 

(a) 
the sale or other disposition of obsolete or worn out property in the
ordinary course of business;

 

(b) 
the sale or other disposition of any property in the ordinary course of
business;

 

(c) 
the sale or discount without recourse of accounts receivable arising in
the ordinary course of business in connection with the compromise or collection
thereof;

 

46

 

(d) 
the sale, issuance or other disposition of the Capital Stock or other
ownership interest of any Subsidiary or of an Investment Firm in which the
Borrower owns an ownership interest to partners, officers, directors or
employees of such Subsidiary or Investment Firm; provided that the Borrower shall comply with the terms
of Section 3.2; and

 

(e) 
the sale or other disposition of (i) all or substantially all the
Capital Stock of a Subsidiary or Investment Firm (including both Capital Stock
held by the Borrower and its Subsidiaries and by the other holders of Capital
Stock of such Subsidiary or Investment Firm), or (ii) all or substantially all
the assets of a Subsidiary or Investment Firm; provided that the Borrower shall comply with the terms
of Section 3.2.

 

7.7.          Limitation on Leases.  Permit the amount paid by the Borrower for
lease obligations under operating leases to which the Borrower is a party
(including any such leases entered into in connection with sale leaseback
transactions) for any fiscal year of the Borrower to exceed $5,000,000 in the
aggregate or permit a Subsidiary to make any such payment in respect of lease
obligations except to the extent that any such payment is made out of that
portion of its revenues designated as Operating Cash Flow (and not Free Cash
Flow) under the relevant Revenue Sharing Agreement.

 

7.8.          Limitation on Dividends.  Declare or pay any dividend (other than
dividends payable solely in common stock of the Borrower) on, or make any
payment on account of, or set apart assets for a sinking or other analogous
fund for, the purchase, redemption, defeasance, retirement or other acquisition
of, any shares of any class of Capital Stock of the Borrower or any warrants or
options to purchase any such Capital Stock, whether now or hereafter
outstanding, or make any other distribution in respect thereof, either directly
or indirectly, whether in cash or property (other than stock of the Borrower)
or in obligations of the Borrower or any Subsidiary in an aggregate amount
exceeding, for the Borrower and its Subsidiaries, $500,000 in any one fiscal
year; provided that the
Borrower may repurchase shares of its common stock as long as no Default shall
have occurred and be continuing or would result therefrom.

 

7.9.          Limitation on Capital Expenditures.  Make or commit to make (by way of the
acquisition of securities of a Person or otherwise) any expenditure in respect
of the purchase or other acquisition of fixed or capital assets (excluding any
such asset acquired in connection with normal replacement and maintenance
programs properly charged to current operations) except in the case of the
Borrower, for expenditures in the ordinary course of business not exceeding, in
the aggregate for the Borrower during the Commitment Period $20,000,000 and
except in the case of a Subsidiary, expenditures in respect of fixed or capital
assets to the extent that such expenditures are made out of that portion of its
revenues designated as Operating Cash Flow (and not Free Cash Flow) under the
relevant Revenue Sharing Agreement.

 

7.10.        Limitation on Investments, Loans and Advances.  Make any advance, loan, extension of credit
or capital contribution to, or purchase any stock, bonds, notes, debentures or
other securities of or any assets constituting a business unit of, or make any
other investment in, any Person, except:

 

47

 

(a) 
extensions of trade credit in the ordinary course of business;

 

(b) 
investments in cash equivalents, including any such investment that may
be readily sold or otherwise liquidated in any Fund for which any Subsidiary or
other Investment Firm provides management, advisory or administrative services
and which principally invests in cash equivalents;

 

(c) 
any investment in or loan or advance to a Subsidiary or an Investment
Firm or a Person that after giving effect to such investment, will be a
Subsidiary or an Investment Firm, if, after giving effect to such investment,
no Default shall have occurred and be continuing (provided that such
Investment Firm or Subsidiary is engaged primarily in the Investment Management
Business);

 

(d) 
loans to officers of the Borrower or any Subsidiary in an aggregate
principal amount outstanding not to exceed $10,000,000;

 

(e) 
(i) loans and advances to employees of the Borrower or any Subsidiary
for travel, entertainment and relocation expenses in the ordinary course of
business in an aggregate amount for the Borrower and its Subsidiaries not to
exceed $500,000 at any one time outstanding (other than as permitted in Section
7.10(f)) and (ii) in the case of a Subsidiary, loans and advances to
employees for travel, entertainment and relocation expenses in the ordinary
course of business to the extent that such loans and advances are made out of
that portion of its revenues designated as Operating Cash Flow (and not Free
Cash Flow) under the relevant Revenue Sharing Agreement;

 

(f) 
to the extent made out of the portion of the revenues of a Subsidiary
which is designated as Operating Cash Flow (and not Free Cash Flow) under the
relevant Revenue Sharing Agreements;

 

(g) 
other than as permitted in Section 7.10(f), investments in any
Fund or financial product for which any Subsidiary provides management,
advisory or administrative services in an aggregate amount not to exceed
$5,000,000 at any one time outstanding;

 

(h) 
any purchase by the Borrower of Feline Prides I Senior Notes or Zero
Coupon Bonds; 

 

(i) 
Indebtedness received by the Borrower or any Subsidiary as consideration
in a sale or other disposition permitted under Section 7.6(d) or (e)
in an aggregate principal amount not to exceed $25,000,000 at any time
outstanding; 

 

(j) 
any purchase of COBRAs or Feline Prides II Senior Notes; provided
that the aggregate principal amount of all such purchases in any year shall not
exceed $10,000,000; and

 

48

 

(k) 
any purchase of Indebtedness of the Borrower with proceeds from a
substantially contemporaneous issue of Indebtedness by the Borrower so long as
such newly issued Indebtedness (i) has economic terms, as of the date of
issuance, consistent with market terms for a similarly creditworthy issuer and
(ii) has other terms, as a whole, not more onerous to the Borrower than the
applicable purchased Indebtedness.

 

7.11.        Limitation on Payments of Subordinated
Indebtedness.  Make any payment
(including any cash payment of interest) or prepayment on or redemption,
defeasance or purchase of any Subordinated Indebtedness; provided that as long as no Default
exists or would result therefrom and the terms of such Subordinated
Indebtedness otherwise permit, the Borrower may make payments (including
redemptions, defeasances or repurchases) in cash or otherwise due on (a) the
Subordinated Payment Notes as required thereunder in an aggregate amount not
exceeding $60,000,000 during the term of this Agreement, (b) Subordinated
Indebtedness constituting intercompany Indebtedness otherwise permitted
hereunder, as required thereunder and (c) other Subordinated Indebtedness in an
aggregate amount not exceeding $10,000,000 during the term of this Agreement.

 

7.12.        Restriction on Amendments to
Revenue Sharing Agreements. 
Amend or modify the terms of a Revenue Sharing Agreement such that, as a
result of such amendment or modification, a material adverse effect on the
business, operations, property, condition (financial or otherwise) or prospects
of the Borrower and its Subsidiaries, taken as a whole, would occur.

 

7.13.        Limitation on Transactions with
Affiliates.  Except as described
on Schedule 7.13 and as otherwise expressly permitted under this
Agreement, enter into any transaction, including any purchase, sale, lease or
exchange of property or the rendering of any service, with any Affiliate (other
than the Borrower or a Subsidiary) unless such transaction is (a) otherwise
expressly permitted under this Agreement or (b) in the ordinary course of the
Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no
less favorable to the Borrower or such Subsidiary, as the case may be, than it
would obtain in a comparable arm’s length transaction with a Person which is not
an Affiliate; provided
that the following transactions shall be permitted under this Section 7.13:
(i) the providing of business services by the Borrower or any Subsidiary to any
Investment Firm in the ordinary course of business and (ii) transactions among
the Borrower or any Subsidiary or any officer, director, individual
stockholder, partner or member (or an entity wholly owned by such an
individual) and any Fund or other Investment Company sponsored by the Borrower
or any Subsidiary or for which the Borrower or any Subsidiary provides
advisory, administrative, supervisory, management, consulting or similar
services, that are otherwise permissible under the Investment Company Act, the
Investment Advisers Act and the applicable management contracts.

 

7.14.        Limitation on Changes in Fiscal Year.  Permit the fiscal year of the Borrower to
end on a day other than December 31.

 

7.15.        Limitation on Synthetic Lease
Obligations.  Create, incur,
assume or suffer to exist Synthetic Lease Obligations representing principal in
an amount exceeding $25,000,000 in the aggregate at any one time outstanding.

 

49

 

7.16.        Limitation on Acquisitions.  Make any Acquisition of an Investment Firm
where the Capital Stock of such Investment Firm is held directly by any Person
other than the Borrower or a wholly-owned Subsidiary; provided that
non-wholly-owned Subsidiaries shall be permitted to make Acquisitions of
Investment Firms if, at the time of consummation of any such Acquisition, the
EBITDA of all Investment Firms (for the four fiscal quarters of the Borrower
most-recently ended) held directly by Persons other than the Borrower or a
wholly-owned Subsidiary does not exceed 5% of Consolidated EBITDA for the four
fiscal quarters of the Borrower most recently ended (adjusted by giving effect
on a pro forma basis to such Acquisition) (it being understood and agreed
that the EBITDA of Investment Firms held directly by Persons other than the
Borrower or a wholly-owned Subsidiary shall not be taken into account in
calculating such 5% limit if such Person has pledged an amount of the Capital
Stock of such Investment Firm that is at least proportionate to the Borrower’s
direct or indirect ownership interest in such Person).  By way of illustration, if Subsidiary A, a
non-wholly-owned direct Subsidiary of which the Borrower owns 80% of the
Capital Stock, acquires 1,000 shares of the Capital Stock of Investment Firm A,
the EBITDA of Investment Firm A would not count towards the 5% limit if Subsidiary
A pledges at least 800 shares of the Capital Stock of Investment Firm A (i.e., 1,000 shares times 80%).

 

SECTION
8.  EVENTS OF DEFAULT

 

If any of the following events shall occur and be continuing:

 

(a) 
The Borrower shall fail to pay any principal of any Loan when due in
accordance with the terms hereof; or the Borrower shall fail to pay any
interest on any Loan, or any other amount payable hereunder, within five days
after any such interest or other amount becomes due in accordance with the
terms hereof; or

 

(b) 
Any representation or warranty made or deemed made by the Borrower or
any other Loan Party herein or in any other Loan Document or which is contained
in any certificate, document or financial or other statement furnished by it at
any time under or in connection with this Agreement or any such other Loan
Document shall prove to have been incorrect in any material respect on or as of
the date made or deemed made; or

 

(c) 
The Borrower or any other Loan Party shall default in the observance or performance
of any agreement contained in (i) Section 6.4, 6.7(a), 6.8,
6.9, 6.10 or 6.11 or Section 7 and, if such default
is by a Loan Party other than the Borrower, such default shall continue
unremedied for a period of 10 days after an officer of the Borrower obtains
knowledge thereof; or (ii) Section 5 of either Pledge Agreement; or

 

(d) 
The Borrower or any other Loan Party shall default in the observance or
performance of any other agreement contained herein or in any other Loan
Document (other than as provided in subsections (a) through (c)
of this Section), and such default shall continue unremedied for a period of 30
days; or

 

(e) 
The Borrower or any Subsidiary shall (i) default in any payment of
principal of or interest on any Indebtedness (other than the Loans) or in the
payment of any other Guarantee Obligation, in either case in an outstanding
principal amount in excess of

 

50

 

$5,000,000, beyond the period of grace (not to exceed 30 days), if any,
provided in the instrument or agreement under which such Indebtedness or
Guarantee Obligation was created; or (ii) default in the observance or
performance of any other agreement or condition relating to any such
Indebtedness or Guarantee Obligation or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event shall
occur or condition exist, the effect of which default or other event or
condition is to cause, or to permit the holder or holders of such Indebtedness
or beneficiary or beneficiaries of such Guarantee Obligation (or a trustee or
agent on behalf of such holder or holders or beneficiary or beneficiaries) to
cause, with the giving of notice if required, such Indebtedness to become due
prior to its stated maturity or such Guarantee Obligation to become payable; or

 

(f) 
(i)  The Borrower or any
Subsidiary shall commence any case, proceeding or other action (A) under any
existing or future law of any jurisdiction, domestic or foreign, relating to
bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an
order for relief entered with respect to it, or seeking to adjudicate it a
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (B) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any
substantial part of its assets, or the Borrower or any Subsidiary shall make a
general assignment for the benefit of its creditors; or (ii) there shall be
commenced against the Borrower or any Subsidiary any case, proceeding or other
action of a nature referred to in clause (i) above which (A) results in
the entry of an order for relief or any such adjudication or appointment or (B)
remains undismissed, undischarged or unbonded for a period of 60 days; or (iii)
there shall be commenced against the Borrower or any Subsidiary, any case,
proceeding or other action seeking issuance of a warrant of attachment,
execution, distraint or similar process against all or any substantial part of
its assets which results in the entry of an order for any such relief which
shall not have been vacated, discharged, or stayed or bonded pending appeal
within 60 days from the entry thereof; or (iv) the Borrower or any Subsidiary
shall take any action in furtherance of, or indicating its consent to, approval
of, or acquiescence in, any of the acts set forth in clause (i), (ii)
or (iii) above; or (v) the Borrower or any Subsidiary shall generally
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due; or

 

(g) 
(i)  Any Person shall engage in
any “prohibited transaction” (as defined in Section 406 of ERISA or Section
4975 of the Code) involving any Plan maintained by the Borrower or any
Subsidiary, (ii) any “accumulated funding deficiency” (as defined in Section
302 of ERISA), whether or not waived, shall exist with respect to any Plan,
(iii) a Reportable Event shall occur with respect to, or proceedings shall
commence to have a trustee appointed, or a trustee shall be appointed, to
administer or to terminate, any Single Employer Plan, which Reportable Event or
commencement of proceedings or appointment of a trustee is, in the reasonable
opinion of the Required Lenders, likely to result in the termination of such
Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall
terminate for purposes of Title IV of ERISA, (v) the Borrower or any Commonly
Controlled Entity shall, or in the reasonable opinion of the Required Lenders
is likely to, incur any liability in connection with a withdrawal from, or the

 

51

 

Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other
event or condition shall occur or exist, with respect to a Plan; and in each
case in clauses (i) through (vi) above, such event or condition,
together with all other such events or conditions, if any, could have a Material
Adverse Effect; or

 

(h) 
One or more judgments or decrees shall be entered against the Borrower
or any Subsidiary involving in the aggregate a liability (not paid or fully
covered by insurance or indemnification) of $5,000,000 or more, and all such judgments
or decrees shall not have been vacated, discharged, stayed or bonded pending
appeal within 60 days from the entry thereof; or

 

(i) 
(i)  Any Loan Document shall
cease, for any reason, to be in full force and effect, or any Loan Party that
is a party thereto shall so assert, (ii) any Loan Party contests in any manner
the validity or enforceability of any Loan Document or (iii) the Lien created
by any of the Pledge Agreements shall cease to be enforceable and of the same
effect and priority purported to be created thereby; or

 

(j)  A
Change of Control shall have occurred;

 

then, and in any such event, (A) if such event is an Event of Default
specified in Section 8(f) with respect to the Borrower, automatically the
Commitments shall immediately terminate and the Loans hereunder (with accrued
interest thereon) and all other amounts owing under this Agreement shall
immediately become due and payable, and (B) if such event is any other Event of
Default, either or both of the following actions may be taken:  (i) with the consent of the Required Lenders,
the Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrower declare the Commitments
to be terminated forthwith, whereupon the Commitments shall immediately
terminate; and (ii) with the consent of the Required Lenders, the
Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrower, declare the Loans
hereunder (with accrued interest thereon) and all other amounts owing under
this Agreement to be due and payable forthwith, whereupon the same shall
immediately become due and payable. 
Except as expressly provided above in this Section, presentment, demand,
protest and all other notices of any kind are hereby expressly waived.

 

SECTION
9.  THE ADMINISTRATIVE AGENT

 

9.1.          Appointment and Authorization.  Each Lender hereby irrevocably appoints Bank
of America 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 neither the Borrower nor any other Loan Party shall have rights as
a third party beneficiary of any such provision.

 

9.2.          Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall
have the same rights and powers in its capacity as a Lender as any other Lender

 

52

 

and may exercise the same as
though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its
individual capacity.  Such Person and its
Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind
of business with 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.

 

9.3.          Exculpatory Provisions.  The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein and in the other
Loan Documents.  Without limiting the
generality of the foregoing, the Administrative Agent:

 

(a)           shall not be subject
to any fiduciary or other implied duty, regardless of whether a Default has
occurred and is continuing;

 

(b)           shall not have any
duty to take any discretionary action or exercise any discretionary powers,
except 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; and

 

(c)           shall not, 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 Person serving as the Administrative Agent or any of its
Affiliates in any capacity.

 

The Administrative Agent shall not be liable for any action taken or
not taken by it (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) or (ii) in the absence of its own gross negligence or
willful misconduct.  The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until
notice describing such Default is given to the Administrative Agent by the
Borrower or a Lender.

 

The Administrative Agent shall not be responsible for or have any duty
to ascertain or inquire into (i) any statement, warranty or representation made
in or in connection with 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 covenant, agreement or other term or condition 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 or document or (v) the satisfaction of any condition set forth
in Section 5 or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent.

 

53

 

9.4.          Reliance by Administrative Agent.  The Administrative Agent shall be entitled to
rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or
other distribution) believed in good faith by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon
any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and shall not incur any liability for relying
thereon.  In determining compliance with
any condition hereunder to the making of a Loan that by its terms must be
fulfilled to the satisfaction of a 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 the
making of such Loan.  The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of
any such counsel, accountants or experts.

 

9.5.          Delegation of Duties.  The Administrative Agent may perform any and
all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub-agents appointed by the
Administrative Agent.  The Administrative
Agent and any such sub-agent may perform any and all of its duties and exercise
its rights and powers by or through their respective Related Parties.  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 credit
facilities provided for herein as well as activities as Administrative Agent.

 

9.6.          Resignation of Administrative Agent.  The Administrative Agent may at any time
give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, in consultation with
the Borrower, to appoint a successor, which shall be a bank with an office in
the United States, or an Affiliate of any such bank with an office in the
United States.  If no such successor
shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent
gives notice of its resignation, then the retiring Administrative Agent may, on
behalf of the Lenders, appoint a successor Administrative Agent meeting the
qualifications set forth above; provided that if the Administrative Agent
shall notify the Borrower and the Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) 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 Loan Document, the
retiring Administrative Agent shall continue to hold such collateral security
until such time as a successor Administrative Agent is appointed) and
(2) 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 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

 

54

 

Administrative Agent, and the
retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder and under the other Loan Documents (if not already
discharged therefrom as provided above). 
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 10.5
shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any action
taken or omitted to be taken by any of them while the retiring Administrative
Agent was acting as Administrative Agent. 
Any resignation by Bank of
America as Administrative Agent pursuant to this Section shall also constitute
its resignation as Swingline Lender.

 

9.7.          Indemnification of Administrative
Agent.  Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent
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 the Administrative Agent 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. 

 

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

 

(a)           to file and prove a
claim for the whole amount of the principal and interest owing and unpaid in
respect of the Loans and all other obligations of any Loan Party 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 the Lenders and the Administrative Agent
hereunder) allowed in such judicial proceeding; 

 

(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, if 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 amount due
the Administrative Agent under Section 2.4 or 10.5.

 

55

 

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

 

9.9.          Collateral and Guaranty Matters.  The Lenders irrevocably authorize the
Administrative Agent, at its option and in its discretion,

 

(a) 
to release any Lien on any property granted to or held by the
Administrative Agent under any Loan Document (i) upon termination of the
Commitments and payment in full of the Loans and all other obligations under the
Loan Documents (other than contingent indemnification obligations), (ii) that
is sold or to be sold as part of or in connection with any sale permitted
hereunder or under any other Loan Document, (iii) in the case of the FP Growth
Collateral, concurrently with the making of the Short-Term Loans, or (iv) if
approved, authorized or ratified in writing by the Required Lenders or, if
required by Section 10.1, all Lenders; and

 

(b) 
to release any guarantor from its obligations under any guarantee if
such Person ceases to be a Subsidiary as a result of a transaction permitted
hereunder.

 

Upon request
by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release any guarantor from its
obligations under any guarantee pursuant to this Section 9.11.  The Administrative Agent will use
commercially reasonable efforts to notify the Lenders of any release of a Lien
pursuant to Section 9.11(a)(ii) or release of a guarantor pursuant to Section
9.11(b).

 

9.10.        Other Agents; Arrangers and Managers.  None of the Lenders or other Persons
identified on the cover page or signature pages of this Agreement, or elsewhere
herein, as a “syndication agent,” “documentation agent,” “co-agent,” “book
manager,” “lead manager,” “arranger,” “lead arranger” or “co-arranger” shall
have any right, power, obligation, liability, responsibility or duty under this
Agreement other than, in the case of a Person that is a Lender, those
applicable to all Lenders as such. 
Without limiting the foregoing, none of the Lenders or other Persons so
identified shall have or be deemed to have any fiduciary relationship with any
Lender.  Each Lender acknowledges that
it has not relied, and will not rely, on any of the Lenders or other Persons so
identified in deciding to enter into this Agreement or in taking or not taking
action hereunder.

 

SECTION 10.  MISCELLANEOUS

 

10.1.        Amendments and Waivers.  (a) 
Neither this Agreement nor any other Loan Document, nor any terms hereof
or thereof may be amended, supplemented or modified except in accordance with
the provisions of this Section 10.1. 
The Required Lenders may, or, with the written consent of the Required
Lenders, the Administrative Agent may, from time to time, (x) enter into with
the Borrower written amendments, supplements or modifications hereto and to the
other Loan Documents for the purpose of adding any provisions to this Agreement
or the other Loan Documents or changing in any manner the rights of the Lenders
or of the

 

56

 

Borrower hereunder or
thereunder or (y) waive, on such terms and conditions as the Required Lenders
or the Administrative Agent, as the case may be, may specify in such
instrument, any of the requirements of this Agreement or the other Loan
Documents or any Default and its consequences; provided that no such waiver and no such amendment,
supplement or modification shall (i) reduce the amount or extend the scheduled
date of final maturity of any Loan, or reduce the stated rate of any interest
or fee payable hereunder or extend the scheduled date of any payment thereof or
increase the amount or extend the expiration date of any Lender’s Commitment,
in each case without the consent of each Lender directly affected thereby, or
(ii) amend, modify or waive any provision of this Section or reduce the
percentage specified in the definition of Required Lenders or change any other
provision specifying the number or percentage of Lenders required to amend,
waive or otherwise modify any rights hereunder or make any determination or
grant any consent hereunder, or consent to the assignment or transfer by the
Borrower of any of its rights and obligations under this Agreement and the
other Loan Documents or release all or substantially all of the Pledged
Collateral or release any Loan Party from its guarantee, in each case without
the written consent of all the Lenders, or (iii) amend, modify or waive any
provision of Section 10.7 without the written consent of all of the
Lenders, or (iv) amend, modify or waive any provision of Section 9
without the written consent of the then Administrative Agent; provided, further,
that no amendment, waiver or consent shall, unless in writing and signed by the
Swingline Lender in addition to the Lenders required above, affect the rights
or duties of the Swingline Lender under this Agreement.  Subject to the provisos in the prior
sentence, any such waiver and any such amendment, supplement or modification
shall apply equally to each of the Lenders and shall be binding upon the
Borrower, the Lenders, the Administrative Agent and all future holders of the
Loans.  In the case of any waiver, the
Borrower, the Lenders and the Administrative Agent shall be restored to their
former positions and rights hereunder and under the other Loan Documents, and
any Default waived shall be deemed to be cured and not continuing; no such
waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

 

(b)  In addition to amendments
effected pursuant to the foregoing paragraph (a), this Agreement shall
be amended to include a prospective Lender as a party hereto upon the execution
and delivery of a Joinder Agreement as contemplated in Section 2.3(e).

 

10.2.        Notices. 
(a)  Unless otherwise expressly
provided herein, all notices, requests and demands to or upon the respective
parties hereto to be effective shall be in writing (including by facsimile
transmission and, subject to clause (c) below, electronic mail
transmission), and, unless otherwise expressly provided herein, shall be deemed
to have been duly given or made when delivered, or five days after being
deposited in the mail, postage prepaid, or, in the case of facsimile, when
received with electronic confirmation of receipt, addressed (i) if to the
Borrower, the Administrative Agent or the Swingline Lender, to the address,
facsimile number, electronic mail address or telephone number specified for
such Person on Schedule 10.2, (ii) if to any other Lender, as set forth
in its Administrative Questionnaire and (iii) in the case of any party to this
Agreement, to such other address as such party may designate by notice to the
other parties hereto.  Notwithstanding
the foregoing, any notice, request or demand to or upon the Administrative
Agent or the Lenders pursuant to Section 2.2, 2.5, 3.1, 3.3 or 3.8 shall not be
effective until received.

 

57

 

(b)  The Administrative Agent
and the Lenders shall be entitled to rely and act upon any notices (including
telephonic notices of requests for Swingline Loans) 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 of any telephonic notice, as
understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the
Administrative Agent, the Lenders and each of their respective 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.  All telephonic notices to and
other communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such
recording.

 

(c)  Electronic mail and
Internet and intranet websites may be used only to distribute routine
communications, such as financial statements and other information as provided
in Section 6.2, and to distribute Loan Documents for execution by the
parties thereto, and may not be used for any other purpose.

 

10.3.        No Waiver; Cumulative Remedies.  No failure to exercise and no delay in
exercising, on the part of the Administrative Agent or any Lender, any right,
remedy, power or privilege hereunder or under the other Loan Documents shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or
privilege.  The rights, remedies, powers
and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

 

10.4.        Survival of Representations and
Warranties.  All representations
and warranties made hereunder, in the other Loan Documents and in any document,
certificate or statement delivered pursuant hereto or in connection herewith
shall survive the execution and delivery of this Agreement and the making of
the Loans hereunder through the Termination Date.

 

10.5.        Expenses; Indemnity; Waiver of Damages.

 

(a)           The Borrower agrees
to pay (i) all reasonable and documented out-of-pocket expenses incurred
by the Administrative Agent and its Related Parties (including Attorney Costs),
in connection with the syndication of the credit facility provided for herein,
the preparation, negotiation, execution, delivery and administration of this
Agreement and the other Loan Documents and any amendment, modification or
waiver of any provision hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), and (ii)  all
out-of-pocket expenses incurred by the Administrative Agent or any Lender
(including Attorney Costs of the Administrative Agent or any Lender) in
connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Loan Documents, including its
rights under this Section, or (B) in connection with the Loans made
hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans.

 

58

 

(b)           The Borrower agrees
to indemnify the Administrative Agent (and any sub-agent thereof) and each
Lender, and each Related Party of any of the foregoing Persons (each such
Person, an “Indemnitee”), against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses
(including Attorney Costs) incurred by any Indemnitee or asserted against any
Indemnitee by any third party or by the Borrower or any other Loan Party
arising out of, in connection with, or as a result of (i) the execution or
delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the
consummation of the transactions contemplated hereby or thereby, (ii) any
Loan or the use or proposed use of the proceeds therefrom, (iii) any
actual or alleged presence or release of Hazardous Materials on or from any
property owned or operated by the Borrower or any Subsidiary, or any
Environmental Liability related in any way to the Borrower 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, whether brought by a third party or by the Borrower or any
other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee or (y) result from a claim brought by the Borrower or any
other Loan Party against an Indemnitee for breach in bad faith of such
Indemnitee’s obligations hereunder or under any other Loan Document, if the
Borrower or such Loan Party has obtained a final and nonappealable judgment in
its favor on such claim as determined by a court of competent jurisdiction.

 

(c)           Reimbursement by
Lenders.  To the extent that the
Borrower for any reason fails to indefeasibly pay any amount required under subsection (a)
or (b) above to be paid by it to the Administrative Agent (or any
sub-agent thereof) or any of its Related Parties, each Lender severally agrees
to pay to the Administrative Agent (or any such sub-agent) or such Related
Party, as the case may be, such Lender’s Commitment Percentage (determined as
of the time that the applicable unreimbursed expense or indemnity payment is
sought) of such unpaid amount, provided that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against the Administrative Agent (or any such
sub-agent) in its capacity as such, or against such Related Party acting for
the Administrative Agent (or any such sub-agent) in connection with such
capacity.

 

(d)           Consequential
Damages, Etc.  To the fullest extent
permitted by applicable law, the Borrower agrees that it will not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential, exemplary 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, the transactions contemplated hereby or thereby, any Loan
or the use of the proceeds thereof.  No
Indemnitee above shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in
connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby.

 

59

 

(e)           Payments.  All amounts payable under this Section
10.5 shall be due not later than ten Business Days after demand therefor.

 

(f)            Survival.  The agreements in this Section 10.5
shall survive the resignation of the Administrative Agent, the replacement of
any Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all other obligations hereunder.

 

10.6.        Successors and Assigns;
Participations and Assignments. 
(a)  This Agreement shall be
binding upon and inure to the benefit of the Borrower, the Lenders, the
Administrative Agent and their respective successors and assigns, except that
the Borrower may not assign or transfer any of its rights or obligations under
this Agreement without the prior written consent of each Lender.

 

(b)  Any Lender may, in the
ordinary course of its commercial banking business and in accordance with
applicable law, at any time sell to one or more banks or other entities (“Participants”)
participating interests in any Loan owing to such Lender, any Commitment of
such Lender or any other interest of such Lender hereunder and under the other
Loan Documents.  In the event of any
such sale by a Lender of a participating interest to a Participant, such
Lender’s obligations under this Agreement to the other parties to this
Agreement shall remain unchanged, such Lender shall remain solely responsible
for the performance thereof, such Lender shall remain the holder of any such
Loan for all purposes under this Agreement and the other Loan Documents, and
the Borrower and the Administrative Agent shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement and the other Loan Documents.  Any agreement or instrument pursuant to
which a Lender sells such participation shall provide that such Lender shall
retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement. 
The Borrower agrees that if amounts outstanding under this Agreement are
due or unpaid, or shall have been declared or shall have become due and payable
upon the occurrence of an Event of Default, each Participant shall, to the
maximum extent permitted by applicable law, be deemed to have the right of
setoff in respect of its participating interest in amounts owing under this
Agreement to the same extent as if the amount of its participating interest
were owing directly to it as a Lender under this Agreement; provided that, in purchasing such
participating interest, such Participant shall be deemed to have agreed to
share with the Lenders the proceeds thereof as provided in Section 10.7(a)
as fully as if it were a Lender hereunder. 
The Borrower also agrees that each Participant shall be entitled to the
benefits of Sections 3.10, 3.11 and 3.12 with respect to
its participation in the Commitments and the Loans outstanding from time to
time as if it was a Lender; provided
that, in the case of Section 3.11, such Participant shall have complied
with the requirements of said Section and provided,
further, that no
Participant shall be entitled to receive any greater amount pursuant to any
such Section than the transferor Lender would have been entitled to receive in
respect of the amount of the participation transferred by such transferor
Lender to such Participant had no such transfer occurred.

 

(c)  Any Lender may, in the
ordinary course of its commercial banking business and in accordance with applicable
law, at any time and from time to time assign to any Lender or any affiliate
thereof or, with the consent of each of the Administrative Agent and, so long
as no Event of Default has been continuing for a period of 30 or more
consecutive days, the Borrower

 

60

 

(which in each case shall not
be unreasonably withheld or delayed), to an additional bank or financial
institution (an “Assignee”) all or any part of its rights and obligations under
this Agreement and the other Loan Documents pursuant to an Assignment and
Assumption, substantially in the form of Exhibit E, executed by such
Assignee, such assigning Lender (and, in the case of an Assignee that is not
then a Lender or an Affiliate thereof, by the Administrative Agent and the
Borrower) and delivered to the Administrative Agent for its acceptance and
recording in the Register; provided
that, in the case of any such assignment to an additional bank or financial
institution (other than an assignment of all the assigning Lender’s rights and
obligations with respect to the Commitments), the sum of the aggregate
principal amount of the Loans and the aggregate amount of the unused
Commitments being assigned and, if such assignment is of less than all of the
rights and obligations of the assigning Lender, the sum of the aggregate
principal amount of the Loans and the aggregate amount of the unused
Commitments remaining with the assigning Lender are each not less than
$5,000,000 (or such lesser amount as may be agreed to by the Borrower and the
Administrative Agent).  Upon such
execution, delivery, acceptance and recording pursuant to clause (e)
below, from and after the effective date determined pursuant to such Assignment
and Assumption, (x) the Assignee thereunder shall be a party hereto and, to the
extent provided in such Assignment and Assumption, have the rights and
obligations of a Lender hereunder with a Commitment as set forth therein, and
(y) the assigning Lender thereunder shall, to the extent provided in such
Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all or the
remaining portion of an assigning Lender’s rights and obligations under this
Agreement, such assigning Lender shall cease to be a party hereto).

 

(d)  The Administrative Agent,
acting solely for this purpose as an agent of the Borrower, shall maintain at
the Administrative Agent’s Office a copy of each Assignment and Assumption
delivered to it and a register (the “Register”) for the recordation of the
names and addresses of the Lenders and the Commitments of, and principal
amounts of the Loans owing to, each Lender from time to time.  The entries in the Register shall be
conclusive, in the absence of manifest error, and the Borrower, the
Administrative Agent and the Lenders may (and, in the case of any Loan or other
obligation hereunder not evidenced by a Note, shall) treat each Person whose
name is recorded in the Register as the owner of a Loan or other obligation
hereunder as the owner thereof for all purposes of this Agreement and the other
Loan Documents, notwithstanding any notice to the contrary.  Any assignment of any Loan or other
obligation hereunder not evidenced by a Note shall be effective only upon
appropriate entries with respect thereto being made in the Register.  The Register shall be available for
inspection by the Borrower or any Lender at any reasonable time and from time
to time upon reasonable prior notice.

 

(e)  Upon its receipt of an
Assignment and Assumption executed by an assigning Lender and an Assignee (and,
in the case of an Assignee that is not then a Lender or an Affiliate thereof,
by the Administrative Agent with the approval of the Borrower, if required)
together with payment by the Lenders parties thereto to the Administrative
Agent of a registration and processing fee of $3,500, the Administrative Agent
shall (i) promptly accept such Assignment and Assumption and (ii) on the
effective date determined pursuant thereto record the information contained
therein in the Register and give notice of such acceptance and recordation to
the Lenders and the Borrower.

 

61

 

(f)  The Borrower authorizes
each Lender to disclose to any Participant or Assignee (each, a “Transferee”)
and any prospective Transferee approved by the Borrower (which approval shall
not be required if an Event of Default has been continuing for a period of 30
or more consecutive days), which approval, if required, shall not be
unreasonably withheld or delayed, subject to the provisions of Section 10.15,
any and all financial information in such Lender’s possession concerning the
Borrower and its Affiliates which has been delivered to such Lender by or on
behalf of the Borrower pursuant to this Agreement or which has been delivered
to such Lender by or on behalf of the Borrower in connection with such Lender’s
credit evaluation of the Borrower and its Affiliates prior to becoming a party
to this Agreement; provided
that prior to such disclosure each such prospective Transferee shall have
executed a confidentiality agreement substantially in the form of Exhibit F.

 

(g)  For avoidance of doubt, the
parties to this Agreement acknowledge that the provisions of this Section
concerning assignments of Loans and Notes relate only to absolute assignments
and that such provisions do not prohibit assignments creating security
interests, including any pledge or assignment by a Lender of any Loan or Note
to any Federal Reserve Bank in accordance with applicable law.

 

10.7.        Adjustments; Set-off.  (a) 
If any Lender (a “benefited Lender”) shall at any time receive any
payment of all or part of its Loans, or interest thereon, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by
set—off, pursuant to events or proceedings of the nature referred to in Section
8(f), or otherwise), in a greater proportion than any such payment to or
collateral received by any other Lender, if any, in respect of such other Lender’s
Loans, or interest thereon, such benefited Lender shall purchase for cash from
the other Lenders a participating interest in such portion of each such other
Lender’s Loan, or shall provide such other Lenders with the benefits of any
such collateral, or the proceeds thereof, as shall be necessary to cause such
benefited Lender to share the excess payment or benefits of such collateral or
proceeds ratably with each of the Lenders; provided
that if all or any portion of such excess payment or benefits is thereafter
recovered from such benefited Lender, such purchase shall be rescinded, and the
purchase price and benefits returned, to the extent of such recovery, but
without interest.

 

(b)  In addition to any rights
and remedies of the Lenders provided by law, each Lender shall have the right,
without prior notice to the Borrower, any such notice being expressly waived by
the Borrower to the extent permitted by applicable law, upon any amount
becoming due and payable by the Borrower hereunder (whether at the stated
maturity, by acceleration or otherwise) to set-off and appropriate and apply
against such amount any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or
claims, in any currency, in each case whether direct or indirect, absolute or
contingent, matured or unmatured, at any time held or owing by such Lender or
any branch or agency thereof to or for the credit or the account of the
Borrower.  Each Lender agrees promptly to
notify the Borrower and the Administrative Agent after any such set-off and
application made by such Lender; provided
that the failure to give such notice shall not affect the validity of such
set-off and application.

 

10.8.        Counterparts. 
This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by facsimile

 

62

 

transmission), and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.  A set of the copies of this
Agreement signed by all the parties shall be lodged with the Borrower and the
Administrative Agent.

 

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

 

10.10.      Integration. 
This Agreement and the other Loan Documents represent the agreement of
the Borrower, the Administrative Agent and the Lenders with respect to the
subject matter hereof, and there are no promises, undertakings, representations
or warranties by the Administrative Agent or any Lender relative to the subject
matter hereof not expressly set forth or referred to herein or in the other
Loan Documents.

 

10.11.      GOVERNING LAW.  THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

 

10.12.      Submission To Jurisdiction; Waivers.  The Borrower hereby irrevocably and
unconditionally:

 

(a) 
submits for itself and its property in any legal action or proceeding
relating to this Agreement and the other Loan Documents to which it is a party,
or for recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction of the Courts of the State of New York, the
courts of the United States of America for the Southern District of New York,
and appellate courts from any thereof;

 

(b) 
consents that any such action or proceeding may be brought in (or
removed to) such courts and waives any objection that it may now or hereafter
have to the venue of any such action or proceeding in any such court or that
such action or proceeding was brought in an inconvenient court and agrees not to
plead or claim the same;

 

(c) 
agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to the Borrower at its address
set forth in Section 10.2 or at such other address of which the
Administrative Agent shall have been notified pursuant thereto;

 

(d) 
agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in
any other jurisdiction; and

 

(e) 
waives, to the maximum extent not prohibited by law, any right it may
have to claim or recover in any legal action or proceeding referred to in this
Section any special, exemplary, punitive or consequential damages.

 

63

 

10.13.      Acknowledgements.  The Borrower hereby acknowledges that:

 

(a) 
it has been advised by counsel in the negotiation, execution and
delivery of this Agreement and the other Loan Documents;

 

(b) 
neither the Administrative Agent nor any Lender has any fiduciary
relationship with or duty to the Borrower arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between
Administrative Agent and Lenders, on one hand, and the Borrower, on the other
hand, in connection herewith or therewith is solely that of debtor and
creditor; and

 

(c) 
no joint venture is created hereby or by the other Loan Documents or
otherwise exists by virtue of the transactions contemplated hereby among the
Lenders or among the Borrower and the Lenders.

 

10.14.      WAIVERS OF
JURY TRIAL.  TO THE EXTENT
PERMITTED BY LAW, THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN.

 

10.15.      Confidentiality.  Each Lender agrees to keep confidential any written or oral
information (a) provided to it by or on behalf of the Borrower or any
Subsidiary pursuant to or in connection with this Agreement or (b) obtained by
such Lender based on a review of the books and records of the Borrower or any
Subsidiary; provided that
nothing herein shall prevent any Lender from disclosing any such information
(i) to the Administrative Agent or any other Lender or to any Person who
evaluates, approves, structures or administers the Loans on behalf of a Lender
and who is subject to this confidentiality provision, (ii) to any Transferee or
prospective Transferee which agrees in writing to comply with the provisions of
this Section, (iii) to its employees, directors, agents, attorneys, accountants
and other professional advisors who are directly involved in the execution of
the transactions contemplated by this Agreement and have been informed of their
obligations under this Section 10.15, (iv) upon the request or demand of
any Governmental Authority having jurisdiction over such Lender, (v) in
response to any order of any court or other Governmental Authority or as may
otherwise be required pursuant to any Requirement of Law (notice of which shall
be provided promptly to the Borrower), (vi) which has been publicly disclosed
other than in breach of this Agreement, or (vii) in connection with the
exercise of any remedy hereunder.

 

10.16.      Effect of Amendment and Restatement.  This Agreement amends and restates the
Existing Credit Agreement in its entirety. 
After the effectiveness hereof pursuant to Section 5, the provisions
of the Existing Credit Agreement shall be of no further force or effect, except
for provisions thereof that by their express terms survive termination thereof.

 

10.17.      USA Patriot Act. 
Each Lender that is subject to the Act (as defined below) and the Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Act”), it is required
to obtain, verify and record

 

64

 

information that identifies the
Borrower, which information includes the name and address of the Borrower and
other information that will allow such Lender or the Administrative Agent, as
applicable, to identify the Borrower in accordance with the Act.

 

65

 

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

 

	
   

  	
  AFFILIATED MANAGERS GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/DARRELL W. CRATE

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President and

  Chief Financial Officer

  

 

S-1

 

	
   

  	
  BANK OF AMERICA, N.A., as Administrative Agent, as Swingline Lender
  and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/SEAN W. CASSIDY

  
	
   

  	
   

  	
  Title:

  	
  Principal

  

 

S-2

 

	
   

  	
  THE BANK OF NEW YORK, as Documentation Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/DIANE H. SCOTT

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

S-3

 

	
   

  	
  JPMORGAN CHASE BANK, as Syndication Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/MARYBETH MULLEN

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

S-4

 

	
   

  	
  U.S. BANK NATIONAL ASSOCIATION, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/MONIKA K. KUMP

  
	
   

  	
   

  	
  Title:

  	
  Banking Officer

  

 

S-5

 

	
   

  	
  CALYON NEW YORK BRANCH, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/WILLIAM DENTON

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/SEBASTIAN ROCCO

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  

 

S-6

 

	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/AMY K. WEIDNER

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

S-7

 

	
   

  	
  ING CAPITAL, LLC, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/KUNDUCK MOON

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  

 

S-8

 

	
   

  	
  THE BANK OF NOVA SCOTIA, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/JOHN M. MORALE

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

S-9

 

	
   

  	
  UNION BANK OF CALIFORNIA, N.A., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/CLIFFORD F. CHO

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

S-10

 

	
   

  	
  CHANG HWA COMMERCIAL BANK, LTD., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/KANG YANG

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President and

  Assistant General Manager

  

 

S-11

 

	
   

  	
  CITIZENS BANK OF MASSACHUSETTS, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/STEPHEN F. FOLEY

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  

 

S-12

 

	
   

  	
  THE PROVIDENT BANK, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/S. J. BLOEMER

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

S-13

 

ANNEX I

 

PRICING GRID

 

	
  Pricing

  Level

  	
   

  	
  Debt Rating

  	
   

  	
  Applicable Margin for

  Eurodollar Loans

  	
   

  	
  Applicable Margin For

  ABR Loans

  	
   

  	
  Commitment Fee Rate

  
	
  1

  	
   

  	
  BBB or higher

  	
   

  	
  1.000%

  	
   

  	
  0.000%

  	
   

  	
  0.175%

  
	
  2

  	
   

  	
  BBB-

  	
   

  	
  1.250%

  	
   

  	
  0.000%

  	
   

  	
  0.225%

  
	
  3

  	
   

  	
  BB+

  	
   

  	
  1.750%

  	
   

  	
  0.375%

  	
   

  	
  0.375%

  
	
  4

  	
   

  	
  BB or lower

  	
   

  	
  2.125%

  	
   

  	
  0.750%

  	
   

  	
  0.500%

  

 

 

SCHEDULE I

 

LENDER COMMITMENTS

 

	
  Lender

  	
   

  	
  Commitment

  	
   

  	
  Percentage

  	
   

  
	
  Bank of America, N.A.

  	
   

  	
  $

  	
  50,000,000

  	
   

  	
  12.8205

  	
  %

  
	
  The Bank of New York

  	
   

  	
  $

  	
  50,000,000

  	
   

  	
  12.8205

  	
  %

  
	
  JPMorgan Chase Bank

  	
   

  	
  $

  	
  50,000,000

  	
   

  	
  12.8205

  	
  %

  
	
  Calyon New York Branch

  	
   

  	
  $

  	
  40,000,000

  	
   

  	
  10.2564

  	
  %

  
	
  ING Capital, LLC

  	
   

  	
  $

  	
  40,000,000

  	
   

  	
  10.2564

  	
  %

  
	
  U.S. Bank National Association

  	
   

  	
  $

  	
  40,000,000

  	
   

  	
  10.2564

  	
  %

  
	
  LaSalle Bank National Association

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  6.4102

  	
  %

  
	
  The Bank of Nova Scotia

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  6.4102

  	
  %

  
	
  Union Bank of California, N.A.

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  6.4102

  	
  %

  
	
  Chang Hwa Commercial Bank, Ltd

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  3.8461

  	
  %

  
	
  Citizens Bank of Massachusetts

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  3.8461

  	
  %

  
	
  The Provident Bank

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  3.8461

  	
  %

  
	
  Total

  	
   

  	
  $

  	
  390,000,000

  	
   

  	
  100.0000

  	
  %

  

 

 

SCHEDULE 10.2

 

ADDRESSES

 

 

BORROWER:

 

Affiliated Managers Group

600 Hale Street

Prides Crossing, Massachusetts 01965

Attention:  Darrell W. Crate, Executive
Vice President

Telephone:  (617) 747-3300

Fax:  (617) 747-3380

Website Address: www.amg.com

 

 

ADMINISTRATIVE AGENT:

 

Administrative Agent’s Office

(for payments and Requests for Loans):

Bank of America, N.A.

101 North Tryon 

NC1-001-15-01

Charlotte, North Carolina 28255

Attention:  Merci Owens 

Telephone:  (704) 388-3225

Facsimile:  (704) 409-0002

E-mail: merci.r.owens@bankofamerica.com

Account No.:  1366212250600

Ref:  Affiliated Managers Group

ABA# 053000196

 

 

Other Notices as Administrative Agent
Bank of America, N.A.

Agency Management

101 North Tryon 

NC1-001-15-19

Charlotte, North Carolina 28255

Attention:  Cindy King 

Telephone:  (704) 387-5452

Facsimile:  (704) 409-0180

E-mail: cindy.king@bankofamerica.com

 

 

SWINGLINE LENDER:

 

Bank of America, N.A.

101 North Tryon 

NC1-001-15-01

Charlotte, North Carolina 28255

Attention:  Merci Owens

Telephone:  (704) 388-3225

Facsimile:  (704) 409-0002

E-mail: merci.r.owens@bankofamerica.com

Account No.:  1366212250600

Ref:  Affiliated Managers Group

ABA# 053000196

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