Document:

Exhibit 10.1

 

 

REPURCHASE AGREEMENT

 

This repurchase agreement (this “Agreement”) is entered into this 15th day of January 2007, by and among National Financial Partners Corp. (the “Company” or “NFP”) and Apollo Investment Fund IV, L.P. and Apollo Overseas Partners IV, L.P. (collectively, “Apollo”).

 

WHEREAS, Apollo has initiated contact with the Company and communicated its desire to sell the maximum number of shares of common stock, par value $0.10 per share, of the Company (“Company Stock”) that it owns and is permitted to sell pursuant to the Second Amended and Restated Stockholders Agreement dated as of February 13, 2004 among the Company, Apollo and the stockholders party thereto (the “Stockholders Agreement”); and

 

WHEREAS, the Board of Directors of the Company has authorized a registered public offering of Company Stock (the “Offering”) by certain stockholders of the Company, including Apollo (collectively, the “Selling Stockholders”), to be underwritten by one or more underwriters (“Underwriters”), for which one or more banks, including Goldman, Sachs & Co., will act as representatives (the “Representatives”); and

 

WHEREAS, the Board of Directors of the Company has authorized a registered public offering of convertible senior notes of the Company (the “Convertible Offering”) to be underwritten by Goldman, Sachs & Co. and one or more underwriters; and

 

WHEREAS, the Company and Apollo desire to enter into an agreement for the Company’s repurchase of up to 2,300,000 shares of Company Stock (including shares repurchased pursuant to Section 1.2 hereof) from Apollo in a privately negotiated transaction, in which Apollo will sell these shares at the same price per share as the initial price per share to public in the Offering and which sale by Apollo to the Company is expected to close on the same date as the settlement date of the Offering.

 

WHEREAS, Apollo will sell the remainder of the shares it desires to sell in the Offering.

 

WHEREAS, after completion of the sales contemplated by this Agreement and the Offering, Apollo will receive the same proceeds per share, net of underwriting discounts, for the shares it sold pursuant to this Agreement and in the Offering, on an aggregate basis, as the other Selling Stockholders will receive for the shares they sold in the Offering.

 

1

 

 

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

 

	
            1.
 	
            Purchase and Sale of NFP common stock.
 

1.1          Purchase and Sale. Apollo hereby agrees to sell, transfer and assign to the Company, and the Company hereby agrees to purchase from Apollo, 2,000,000 shares (the “Firm Shares”) of Company Stock, at the initial price per share to the public in the Offering set forth on the cover page of the final prospectus supplement relating to the Offering.

(a)          The number of Firm Shares that Apollo Investment Fund IV, L.P. and Apollo Overseas Partners IV, L.P. commit to sell, transfer and assign is set forth opposite their names below: 

 

	
             
 	
            Number of 
 Firm Shares
 
	
            Apollo Investment Fund IV, L.P.                                      
 	
            1,896,756
 
	
            Apollo Overseas Partners IV, L.P.                           
 	
            103,244
 

 

1.2          Additional Purchase and Sale. In the event and to the extent that the Underwriters shall exercise the election to purchase additional shares to cover over-allotments in the Offering, (a) Apollo agrees to sell, transfer and assign to the Company, and the Company agrees to purchase from Apollo, at the same price per share set forth in Section 1.1 above, additional shares (the “Optional Shares” and, together with the Firm Shares, the “Shares”) of Company Stock in the same proportion as the Underwriters’ election to purchase such additional shares in the Offering.

1.3          Cutback. If the Representatives advise the Company that marketing factors require a limitation of the number of shares to be underwritten in the Offering as contemplated by Section 3.3.2 of the Stockholders Agreement, then the Company shall so advise Apollo, and the number of Firm Shares to be sold by Apollo pursuant to this Agreement shall be equal to the number of Firm Shares set forth in Section 1.1 of this Agreement multiplied by the number of shares set forth on the cover page of the final prospectus supplement used in the Offering divided by the number of shares set forth on the cover page of the initial preliminary prospectus supplement used in the Offering.

1.4          Closing. Apollo will deliver the Shares to the Company against payment by or on behalf of the Company of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified by Apollo. The time and date of such delivery and payment shall be, with respect to the Firm Shares, the time and date of delivery and payment with respect to the shares sold in the Offering (excluding any shares sold pursuant to the Underwriters’ exercise of their election to purchase additional shares to cover over-allotments), or such other time and date as Apollo and the Company may 

 

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agree upon in writing, and, with respect to the Optional Shares, the time and the date specified by the Representatives in the written notice given by the Representatives of the Underwriters’ election to purchase additional shares to cover over-allotments in the Offering, or such other time and date as Apollo and the Company may agree upon in writing.

1.5          Termination. Apollo and the Company agree that, if both the Offering and the Convertible Offering fail to close, this Agreement shall become void and of no effect. This Agreement may also be terminated by mutual agreement of both Apollo and the Company at any time. The obligations of Apollo and the Company to perform under this Agreement are otherwise unconditional. Any termination pursuant to this Section 1.5 will not affect Apollo’s ability to sell in the Offering the full amount of shares of Company Stock it desires to sell pursuant to the Participation Election Form it executed and delivered in connection with the Offering, and the Company will use its reasonable efforts to cause the Underwriters to include such Apollo shares in the Offering subject to
the terms of the Stockholders Agreement, including provisions relating to cutback and pro rata allocation among selling stockholders.

1.6          Lock-Up Release. The Company hereby notifies Apollo that Section 3.7 of the Stockholders Agreement does not apply to the sale of Shares by Apollo pursuant to this Agreement and agrees that it will cause the sale of Shares by Apollo pursuant to this Agreement to be expressly permitted under any lock-up agreement entered into with the Underwriters in connection with the Offering.

2.            Representations and Warranties of Apollo. Apollo represents and warrants to the Company as follows:

2.1          Due Authorization. This Agreement has been duly authorized, executed and delivered by Apollo and constitutes the legal, valid and binding obligation of Apollo, enforceable against Apollo in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting enforcement of creditors’ rights generally and by general equitable principles.

2.2          No Conflicts. The execution and delivery by Apollo of and performance of its obligations under this Agreement, and the consummation by Apollo of the transactions herein contemplated, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any statute, indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Apollo is a party or by which Apollo is bound or to which any of the property or assets of Apollo is subject, nor will such action result in any violation of the provisions of the constituent documents of Apollo, or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over Apollo or the property of Apollo.

 

3

 

 

2.3          Approvals and Authority. All consents, approvals, authorizations and orders necessary for the execution and delivery by Apollo of this Agreement and for the sale and delivery of the Shares to be sold by Apollo hereunder, have been obtained; and Apollo has full right, power and authority to enter into this Agreement and to sell, assign, transfer and deliver the Shares to be sold hereunder.

2.4          Sole Title. Each of Apollo Investment Fund IV, L.P. and Apollo Overseas Partners IV, L.P. is and, immediately prior to any closing specified in Section 1.4 above, will be the sole registered and beneficial owner of the Shares to be sold by it hereunder, free and clear of all liens, encumbrances, equities or claims.

3.            Representations and Warranties of the Company. The Company represents and warrants to Apollo as follows:

3.1          Due Authorization. This Agreement has been duly authorized, executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting enforcement of creditors’ rights generally and by general equitable principles.

3.2          No Conflicts. The execution and delivery by the Company of and performance of its obligations under this Agreement, and the consummation by the Company of the transactions herein contemplated, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, nor will such action result in any violation of the provisions of the Company’s charter or by-laws, or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the
Company or the property of the Company.

3.3          Approvals and Authority. All consents, approvals, authorizations and orders necessary for the execution and delivery by the Company of this Agreement have been obtained; and the Company has full right, power and authority to enter into this Agreement and to purchase the Shares to be sold hereunder.

 

4

 

 

	
            4.
 	
            Miscellaneous.
 

4.1          Further Assurances. Following the execution of this Agreement, each party hereto shall, from time to time, execute and deliver such additional instruments, documents, conveyances or assurances and take such other commercially reasonable actions as reasonably have been requested by the other party hereto to confirm and assure the rights and obligations provided for in this Agreement, and render effective the consummation of the transactions contemplated hereby.

4.2          Governing Law. This Agreement and the legal relations between the parties arising hereunder shall be governed by and interpreted in accordance with the laws of New York applicable to agreements made and to be fully performed therein.

4.3          Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

4.4          Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing, interpreting, implementing or enforcing this Agreement.

4.5          Recitals. The recitals to this Agreement are a part of this Agreement and are to be considered in construing, interpreting, implementing and enforcing this Agreement.

4.6          Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior written or oral discussions or agreements among the parties hereto with respect to the subject matter hereof and contains the sole and entire agreement among the parties hereto with respect to the subject matter hereof.

4.7          Severability. If a term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law, regulation, rule or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect and any trier-of-fact shall interpret this Agreement in the valid, legal and enforceable manner that corresponds most closely to the original intentions of the parties.

 

5

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

 

	
            NATIONAL FINANCIAL PARTNERS CORP.
 
	
            By: 
 	
             
 	
            
 /s/ Stephanie Scherr Olson
 
	
             
 	
            Name:
 	
            Stephanie Scherr Olson
 
	
             
 	
            Title:
 	
            Senior Vice President & Associate General Counsel
 

                                       

 

	
            APOLLO INVESTMENT FUND IV, L.P.
 
	
            By: 
 	
             
 	
            /s/ Laurie Medley
 
	
             
 	
            Name:
 	
            Laurie Medley
 
	
             
 	
            Title:
 	
            Vice President
 

 

 

	
            APOLLO OVERSEAS PARTNERS IV, L.P.
 
	
            By: 
 	
             
 	
            /s/ Laurie Medley
 
	
             
 	
            Name:
 	
            Laurie Medley
 
	
             
 	
            Title:
 	
            Vice President
 

 

 

6Exhibit 10.2

 

	
             
 	
            Execution Copy
 

 

AMENDMENT TO CREDIT AGREEMENT

 

THIS AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is dated as of January 16, 2007 by and among NATIONAL FINANCIAL PARTNERS CORP. (the "Borrower"); the financial institutions signing below and BANK OF AMERICA, N.A., as administrative agent for the Lenders party to the Credit Agreement referred to below (in such capacity, together with its successors and assigns in such capacity, the "Administrative Agent").

 

RECITALS

 

A.          The Borrower, the financial institutions party thereto and the Administrative Agent are parties to the Credit Agreement dated as of August 22, 2006 (as in effect from time to time, the "Credit Agreement").  Capitalized terms used herein without definition have the meanings assigned to them in the Credit Agreement.

 

B.          The Borrower has requested certain amendments to the Credit Agreement, and the Lenders are willing to effect such amendment.

 

C.          The Lenders signing below are willing to (i) consent to this Amendment on the terms and conditions hereinafter set forth and (ii) consent to the terms and provisions of the 2007 Convertible Notes Indenture (as defined below).

 

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

 

I.             AMENDMENTS TO CREDIT AGREEMENT.  Subject to the satisfaction of each of the conditions set forth herein, the Credit Agreement is hereby amended as follows:

 

A.          Definitions.  Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order:

 

"'2007 Convertible Notes':  the Borrower's Convertible Senior Notes due 2012 issued under the 2007 Convertible Notes Indenture."

 

"'2007 Convertible Notes Indenture':  the Supplemental Indenture to be dated as of January 23, 2007, between the Borrower and Wells Fargo Bank, National Association, as trustee."

 

"'2007 Convertible Notes Maturity Date':  February 1, 2012."

 

"'2007 Convertible Notes Prospectus Supplement':  the Prospectus Supplement for the 2007 Convertible Notes dated as of January 16, 2007 in the form delivered to Lenders on January 12, 2007."

 

"'Designated Event Repurchase Payment':  any payment made by the Borrower to any holder of the 2007 Convertible Notes on any Designated Event Repurchase Date (as defined in the 2007 Convertible Notes Indenture)."

 

"'Minimum Liquidity':  as at any date of determination thereof, the sum of unrestricted cash, cash equivalents and the aggregate amount available for borrowing under the Available Revolving Commitments."

 

B.            Notices.  Section 6.7(f) of the Credit Agreement is hereby restated in its entirety to read as follows:

 

"(f)         (i) any development or event that has had or could reasonably be expected to have a Material Adverse Effect, (ii) any material notices given to the holders of the 2007 Convertible Notes, or (iii) a conversion payment or Designated Event Repurchase Payment to any holder of the 2007 Convertible Notes prior to the Convertible Notes Maturity Date at least ten days prior to the making of such conversion payment or Designated Event Repurchase Payment;"

 

C.            Indebtedness.  Section 7.2(b) of the Credit Agreement is hereby restated in its entirety to read as follows:

 

"(b)         with respect to the Borrower only, up to $250,000,000 in the aggregate principal amount outstanding in unsecured Indebtedness and unsecured subordinated Indebtedness; provided (i) the terms thereof are approved by the Required Lenders, (ii) the maturity date thereof is not prior to the date three months after the Revolving Termination Date, and (iii) no payments shall be paid or, except as set forth in the 2007 Convertible Notes Indenture with respect to the 2007 Convertible Notes only, payable on such unsecured Indebtedness or unsecured subordinated Indebtedness until the maturity date thereof except as permitted under Section 7.6(d)."

 

D.          Restricted Payments.  Section 7.6 of the Credit Agreement is hereby restated in its entirety to read as follows:  

 

"7.6        Restricted Payments.  Declare or pay any dividend (other than dividends payable solely in common stock of the Person making such dividend) 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 Capital Stock of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member (collectively, "Restricted Payments") or make any payments on Indebtedness permitted under Section 7.2(b), except that (a) the
Borrower will be permitted to make Restricted Payments in the form of dividend payments to holders of its Capital Stock and repurchases of its own Capital Stock, provided that (i) at any time the aggregate amount of such Restricted Payments does not, on a cumulative basis, exceed the sum of (x) 50% of Consolidated Net Income for the then completed fiscal quarters of the Borrower commencing with the fiscal quarter ended March 31, 2006 plus (y) $150,000,000, provided in calculating the amount of the Restricted Payment with respect to the purchase by the Borrower of the call option on its common stock in connection with the issuance of the 2007 Convertible Notes, the Borrower may deduct therefrom the proceeds received by the Borrower from the sale of a corresponding warrant, and (ii) no Default shall have occurred or be continuing or could reasonably be expected to result from the making of any
or all of such Restricted Payments, (b) any Subsidiary may make Restricted Payments to the Borrower and its other Subsidiaries, on the one hand, and the other holders of its Capital Stock, on the other hand, on a basis no less favorable to the Borrower and its Subsidiaries than a ratable basis, (c) any Subsidiary may make Restricted Payments in respect of any purchase, redemption, defeasance, retirement or other acquisition of its Capital Stock in connection with a Disposition of such Subsidiary permitted by Section 7.5, and (d) the Borrower may make (i) regularly scheduled payments of interest when due on the 2007 Convertible Notes and (ii) conversion payments or Designated Event Repurchase Payments when due under the 2007 

 

	
             
 	
            - 2 -
 

 

Convertible Notes prior to the 2007 Convertible Notes Maturity Date so long as no Default or Event of Default exists prior to or after giving effect thereto; provided that (x) the Borrower shall not make conversion payments when due under the 2007 Convertible Notes upon the occurrence of (1) a Trading Price Condition (as defined in the 2007 Convertible Notes Indenture) or (2) a Termination of Trading (as defined in the 2007 Convertible Notes Indenture) unless (A) no Default or Event of Default exists prior to or after giving effect thereto, (B) in the case of conversion payments upon the occurrence of a Trading Price Condition (the cash portion of such conversion payments, the "Trading Price Cash Payments"), after giving effect to such Trading Price Cash Payments, if the aggregate amount of all such
Trading Price Cash Payments under this subsection 7.6(d)(ii) paid on or after January 16, 2007 exceeds $20,000,000, the Borrower shall have no less than $50,000,000 in Minimum Liquidity determined on a consolidated basis, after giving effect to such Trading Price Cash Payments, and (C) in the case of conversion payments upon the occurrence of a Termination of Trading (the cash portion of such conversion payments, the "Trading Termination Cash Payments"), after giving effect to such Trading Termination Cash Payments, if the aggregate amount of all such Trading Termination Cash Payments under this subsection 7.6(d)(ii) paid on or after January 16, 2007 exceeds $20,000,000, the Borrower shall have no less than $50,000,000 in Minimum Liquidity determined on a consolidated basis, after giving effect to such Trading Termination Cash Payments.  Notwithstanding the foregoing, the Borrower shall not elect to make the distributions
described in the first paragraph under the heading "Conversion Upon Specified Corporate Transactions" in the 2007 Convertible Notes Prospectus Supplement without the consent of the Required Lenders."

 

E.          Amendments to Material Agreements.  Section 7.14 of the Credit Agreement is hereby restated in its entirety to read as follows:

 

"7.14      Changes to Material Agreements.  Enter into or give any amendment, waiver or other modifications of or to any Management Agreement if the effect thereof, either individually or as part of any series of amendments, waivers or other modification of or to any Management Agreements, would reasonably be expected to have a Material Adverse Effect.  Without the prior written consent of the Required Lenders, amend, modify or change any material term or condition of, or give any consent or waiver under, the 2007 Convertible Indenture or any of the 2007 Convertible Notes in a manner adverse to the Borrower or the Lenders (including any modification or amendment that would shorten the final maturity or average life to maturity or increase the amount of conversion payments or
require any payment to be made sooner than originally scheduled or increase the interest rate applicable thereto)."

 

F.            Change of Control, etc.  Section 8.1(j) of the Credit Agreement is amended by adding the following language at the end thereof:

 

"or the occurrence of (i) a "Fundamental Change" (as defined in the 2007 Convertible Notes Indenture), (ii) any combination, merger, binding share exchange, sale or conveyance of all or substantially all of the Borrower’s property and assets or other event or circumstance described in the last paragraph under the heading "Conversion Upon Specified Corporate Transactions" in the 2007 Convertible Notes Prospectus Supplement, or (iii) a "change of control" (howsoever defined) or similar provision in the 2007 Convertible Notes Indenture or any other agreement evidencing the 2007 Convertible Notes or other Indebtedness permitted under Section 7.2(b)."

 

 

	
             
 	
            - 3 -
 

 

G.           No Further Amendments.  Except as specifically amended hereby, the text of the Credit Agreement and all other Loan Documents shall remain unchanged and in full force and effect.

 

	
            II.
 	
            REFERENCES IN LOAN DOCUMENTS; CONFIRMATION OF  
 

SECURITY.  All references to the "Credit Agreement" in all Loan Documents shall, from and after the date hereof, refer to the Credit Agreement, as amended by this Amendment, and all obligations of the Borrower under the Loan Documents shall be secured by and be entitled to the benefits of the Security Documents.  All Security Documents heretofore executed by the Borrower shall remain in full force and effect and, by the Borrower's signature hereto, such Security Documents are hereby ratified and affirmed.

 

	
            III.
 	
            REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE  
 

BORROWER.  The Borrower hereby represents and warrants to, and covenants and agrees with, the Administrative Agent and the Lenders that:

 

A.       The execution and delivery of this Amendment and the Loan Documents to which any Loan Party is a party have been duly authorized by all requisite action on the part of such Loan Party.

 

B.       The representations and warranties of the Loan Parties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date of this Amendment as though made at and as of such date, except to the extent (a) such representations and warranties are made with reference to an earlier date, in which case each such representation and warranty shall be true and correct in all material respects as of such date only and (b) of inaccuracies resulting from transactions permitted under the Loan Documents, as applicable.

 

C.       No Loan Party is required to obtain any consent, approval or authorization from, or to file any declaration or statement with, any governmental instrumentality or other agency or any other person or entity in connection with or as a condition to the execution, delivery or performance of this Amendment or any of the other Loan Documents.

 

D.       Each of the Loan Documents constitutes the legal, valid and binding obligation of each Loan Party signatory thereto, enforceable against it in accordance with its respective terms, subject to bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the rights and remedies of creditors generally or the application of principles of equity, whether in any action at law or proceeding in equity, and subject to the availability of the remedy of specific performance or of any other equitable remedy or relief to enforce any right thereunder.

 

IV.                         CONDITIONS.  The willingness of the Administrative Agent and the Lenders signing below to amend the Credit Agreement as provided above, and the effectiveness of this Amendment, are subject to the following conditions precedent:

 

A.       The Loan Parties shall have executed and delivered to the Administrative Agent this Amendment and the Consent and Acknowledgement attached hereto.

 

B.       The Loan Parties shall have delivered to the Administrative Agent such other supporting documents and certificates as the Administrative Agent or its counsel may reasonably request.

 

C.       All legal matters incident to the transactions hereby contemplated shall be reasonably satisfactory to the Administrative Agent's counsel.

 

 

	
             
 	
            - 4 -
 

 

D.       The Borrower shall have paid (or made arrangements satisfactory to the Administrative Agent for payment of) the Amendment Fee (as defined below) and other fees set forth in Section V(A) below.

 

E.        The 2007 Convertible Notes Indenture shall contain provisions substantially similar to and fairly reflecting the summary thereof set forth in the Prospectus Supplement for the 2007 Convertible Note delivered to Lenders on January 12, 2007.

 

	
            V.
 	
            MISCELLANEOUS.
 

 

A.       To induce the Lenders to consent to this Amendment, the Borrower agrees to pay on the date on which the conditions precedent set forth in Article IV of this Amendment are satisfied to the Agent for the ratable benefit of the Lenders that sign this Amendment prior to the later of such date and the date which is two days prior to the date of issuance of the 2007 Convertible Notes, an amendment fee (the "Amendment Fee") equal to 0.05% of the Commitments of such Lenders.  As provided in the Credit Agreement, the Borrower agrees to reimburse the Administrative Agent upon demand for all reasonable fees and disbursements of counsel to the Administrative Agent incurred in connection with the preparation of this Amendment.

 

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

 

C.       This Amendment may be executed by the parties hereto in several counterparts hereof and by the different parties hereto on separate counterparts hereof, all of which counterparts shall together constitute one and the same agreement.  Delivery of an executed signature page of this Amendment by facsimile transmission shall be effective as an in-hand delivery of an original executed counterpart hereof.

 

[The next page is the signature page.]

 

 

	
             
 	
            - 5 -
 

 

                                          
                                          
          

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as a sealed instrument by their duly authorized representatives, all as of the day and year first above written.

 

	
             
 	
             
 	
            NATIONAL FINANCIAL PARTNERS CORP.
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Mark C. Biderman
 
	
             
 	
             
 	
             
 	
            Name:  Mark C. Biderman
 
	
             
 	
             
 	
             
 	
            Title:  Chief Financial Officer 
 

 

 

 

	
             
 	
             
 	
            BANK OF AMERICA, N.A., as Administrative Agent
 
	
              
 	
             
 	
            By:
 	
            
 /s/ William Faidell, Jr.
 
	
             
 	
             
 	
             
 	
            Name:  William Faidell, Jr.
 
	
             
 	
             
 	
             
 	
            Title:  Assistant Vice President
 

 

 

 

	
             
 	
             
 	
            BANK OF AMERICA, N.A., as a Lender
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Richard Williams
 
	
             
 	
             
 	
             
 	
            Name:  Richard Williams
 
	
             
 	
             
 	
             
 	
            Title:  Credit Products Officer
 

 

 

 

	
             
 	
             
 	
            BANK OF AMERICA, N.A., as Issuing Lender
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Richard Williams
 
	
             
 	
             
 	
             
 	
            Name:   Richard Williams
 
	
             
 	
             
 	
             
 	
            Title:  Credit Products Officer
 

 

 

 

	
             
 	
             
 	
            BANK OF AMERICA, N.A., as Swingline Lender
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Richard Williams
 
	
             
 	
             
 	
             
 	
            Name:  Richard Williams
 
	
             
 	
             
 	
             
 	
            Title:  Credit Products Officer
 

 

 

 (signatures continued)

 

 

	
             
 	
            Signature Page to Amendment
 

 

	
             
 	
             
 	
            JPMORGAN CHASE BANK, N.A., as Syndication Agent
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Jeanne O’Connell Horn
 
	
             
 	
             
 	
             
 	
            Name:  Jeanne O’Connell Horn
 
	
             
 	
             
 	
             
 	
            Title:  Vice President
 

 

 

	
             
 	
             
 	
            JPMORGAN CHASE BANK, N.A., as a Lender
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Jeanne O’Connell Horn
 
	
             
 	
             
 	
             
 	
            Name:  Jeanne O’Connell Horn
 
	
             
 	
             
 	
             
 	
            Title:  Vice President
 

 

 

 

	
             
 	
            Signature Page to Amendment
 

 

 

 

 

	
             
 	
             
 	
            WACHOVIA BANK, N.A., as Co-Documentation Agent
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Daniel W. O’Donnell
 
	
             
 	
             
 	
             
 	
            Name:  Daniel W. O’Donnell
 
	
             
 	
             
 	
             
 	
            Title:  Senior Vice President
 

 

	
             
 	
             
 	
            WACHOVIA BANK, N.A., as a Lender 
 
	
              
 	
             
 	
            By: 
 	
            
 /s/ Daniel W. O’Donnell
 
	
             
 	
             
 	
             
 	
            Name:  Daniel W. O’Donnell
 
	
             
 	
             
 	
             
 	
            Title:  Senior Vice President
 

 

 

 

	
             
 	
            Signature Page to Amendment
 

 

 

 

	
             
 	
             
 	
            UBS SECURITIES, LLC, as Co-Documentation Agent
 
	
              
 	
             
 	
            By: 
 	
            
 /s/ Richard L. Tavrow
 
	
             
 	
             
 	
             
 	
            Name:  Richard L. Tavrow
 
	
             
 	
             
 	
             
 	
            Title:  Director Banking Products Services, US
 

 

	
              
 	
             
 	
            By: 
 	
            
 /s/ Irja R. Otsa
 
	
             
 	
             
 	
             
 	
            Name:  Irja R. Otsa
 
	
             
 	
             
 	
             
 	
            Title:  Associate Director Banking Products Services, US
 

 

	
             
 	
             
 	
            UBS LOAN FINANCE LLC, as a Lender 
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Richard L. Tavrow
 
	
             
 	
             
 	
             
 	
            Name:  Richard L. Tavrow
 
	
             
 	
             
 	
             
 	
            Title: Director Banking Products Services, US
 

 

	
              
 	
             
 	
            By: 
 	
            
 /s/ Irja R. Otsa
 
	
             
 	
             
 	
             
 	
            Name:  Irja R. Otsa
 
	
             
 	
             
 	
             
 	
            Title:  Associate Director Banking Products Services, US
 

 

 

 

 

	
             
 	
            Signature Page to Amendment
 

 

 

 

	
             
 	
             
 	
            UNION BANK OF CALIFORNIA, N.A., as a Lender 
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Christine Davis
 
	
             
 	
             
 	
             
 	
            Name: Christine Davis
 
	
             
 	
             
 	
             
 	
            Title:  Vice President
 

 

 

 

 

	
             
 	
            Signature Page to Amendment
 

 

 

 

	
             
 	
             
 	
            TDBANKNORTH, N.A., as a Lender 
 
	
              
 	
             
 	
            By: 
 	
            
 /s/ Jeffrey R. Westling
 
	
             
 	
             
 	
             
 	
            Name:  Jeffrey R. Westling
 
	
             
 	
             
 	
             
 	
            Title:  Senior Vice President
 

 

 

 

 

	
             
 	
            Signature Page to Amendment
 

 

 

 

	
             
 	
             
 	
            US BANK, N.A., as a Lender 
 
	
              
 	
             
 	
            By: 
 	
            
 /s/ M. Scott Donaldson
 
	
             
 	
             
 	
             
 	
            Name:  M. Scott Donaldson
 
	
             
 	
             
 	
             
 	
            Title:  Vice President
 

 

 

 

 

	
             
 	
            Signature Page to Amendment
 

 

 

 

	
             
 	
             
 	
            KEYBANK, N.A., as a Lender 
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Joseph Markey
 
	
             
 	
             
 	
             
 	
            Name:  Joseph Markey
 
	
             
 	
             
 	
             
 	
            Title:  Director
 

 

 

 

	
             
 	
            Signature Page to Amendment
 

 

 

 

	
             
 	
             
 	
            ING CAPITAL LLC, as a Lender 
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Kunduck Moon
 
	
             
 	
             
 	
             
 	
            Name:  Kunduck Moon
 
	
             
 	
             
 	
             
 	
            Title:  Managing Director
 

 

 

 

	
             
 	
            Signature Page to Amendment
 

 

CONSENT AND ACKNOWLEDGEMENT

CONSENT AND ACKNOWLEDGEMENT, dated as of January 16, 2007 (the "Acknowledgement"), made by each of the undersigned Guarantors in favor of Bank of America, N.A., the Administrative Agent referenced in the foregoing Amendment.

 

WITNESSETH:

 

WHEREAS, the Borrower, the Administrative Agent and certain Lenders have entered into the foregoing Amendment to the Credit Agreement dated as of August 22, 2006 (the "Credit Agreement") among National Financial Partners Corp., as a Borrower, Bank of America, N.A., as Administrative Agent and the banks and other financial institutions from time to time parties to such Credit Agreement as Lenders.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Credit Agreement;

 

WHEREAS, it is a condition to the effectiveness of the foregoing Amendment that the Guarantors execute and deliver this Acknowledgement; and

 

WHEREAS, the Guarantors have agreed to execute and deliver this Acknowledgement;

 

NOW, THEREFORE, IT IS AGREED:

 

1.        Each of the Guarantors: (a) consents to the execution, delivery and performance of the foregoing Amendment, (b) ratifies and confirms Borrower Obligations which it guaranteed and all of its other obligations under the Loan Documents to which it is a party, (c) agrees that all Loan Documents to which such Guarantor is a party and, where applicable, the Liens granted thereunder, shall remain in full force and effect, and (d) agrees that all Obligations of such Guarantor shall continue to be secured by the Loan Documents.

 

2.        Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

IN WITNESS WHEREOF, each of the undersigned has caused this Acknowledgement to be duly executed and delivered as a sealed instrument as of the date first above written.

 

	
             
 	
            Guarantors:
 

 

 

	
             
 	
             
 	
            HIGHLAND CAPITAL HOLDING CORPORATION
 
	
              
 	
             
 	
            By: 
 	
            
 /s/ Lori M. Lieser
 
	
             
 	
             
 	
             
 	
            Name:  Lori M. Lieser
 
	
             
 	
             
 	
             
 	
            Title:  Vice President
 

 

 

	
             
 	
             
 	
            NFP INSURANCE SERVICES, INC.
 
	
              
 	
             
 	
            By:
 	
            
 /s/ Lori M. Lieser
 
	
             
 	
             
 	
             
 	
            Name:  Lori M. Lieser
 
	
             
 	
             
 	
             
 	
            Title:  Vice President
 

 

 

 

	
             
 	
            Signature Page to Acknowledgement

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