Document:

Exhibit 10.30
	 		Exchanged. . . . . . . . . . . . . .
.. . . . . . . . . .
a.m./p.m.
	 		on
	 		Law Society Formula
	 		by
	 		of
Jones Day for the Seller
	 		and
	 		of
	 		for the
Buyer
	

							
	DATED		2005
	(1)		PILLAR PROPERTY
GROUP LIMITED
	(2)		GREENHILL & CO.
INTERNATIONAL LLP
	(3)		GREENHILL & CO.
INC
	(4)		UNION PROPERTY HOLDINGS (LONDON)
LIMITED
	

	
				
	

AGREEMENT

for the sale of
7th Floor, Lansdowne
House, Berkeley Square, London W1

	
				
	

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CONTENTS

											
	Clause		Page
	1.		INTERPRETATION		 	3	 
	2.		AGREEMENT FOR SALE		 	4	 
	3.		PAYMENTS		 	4	 
	4.		COMPLETION		 	5	 
	5.		MATTERS AFFECTING THE
PROPERTY		 	6	 
	6.		TITLE AND
TITLE GUARANTEE		 	7	 
	7.		REVERSIONER’S CONSENT		 	7	 
	8.		STANDARD CONDITIONS		 	8	 
	9.		APPORTIONMENT OF
RENT		 	9	 
	10.		ARREARS		 	10	 
	11.		INSURANCE		 	11	 
	12.		MANAGEMENT UNTIL
COMPLETION		 	11	 
	13.		LETTING DOCUMENTS SERVICE CHARGE		 	12	 
	14.		HEADLEASES
SERVICE CHARGE		 	12	 
	15.		WARRANTIES		 	13	 
	16.		CAPITAL ALLOWANCES		 	13	 
	17.		CONTRIBUTION
PAYMENT		 	13	 
	18.		PERSONAL
AGREEMENT		 	13	 
	19.		ROLAND BERGER LEASE		 	13	 
	20.		AGREEMENT BY
SELLER'S
GUARANTOR		 	14	 
	21.		REPRESENTATIONS		 	15	 
	22.		NOTICES		 	15	 
	23.		SEVERANCE		 	15	 
	24.		NON-MERGER		 	15	 
	 		SCHEDULE 1        The
Property		 	    	 
	 		SCHEDULE
2        The Headleases		 	    	 
	 		SCHEDULE 3        The Letting Documents		 	    	 
	 		SCHEDULE 4        The
Title Documents		 	    	 
	

E-2

							
	DATED
PARTIES		                2005
	

		
	(1) 	PILLAR
PROPERTY GROUP LIMITED (Company Number 02570618) whose registered
office is at 10 Cornwall Terrace, Regent's Park, London NW1 4QP
(the ‘‘Seller’’)

		
	(2) 	GREENHILL & CO. INTERNATIONAL
LLP (Company Number OC300796) whose registered office is at
Eversheds House, 70 Great Bridgewater Street, Manchester M1 5ES (the
‘‘Buyer’’)

		
	(3) 	GREENHILL & CO. INC
(Delaware Company Number 3775042) whose registered office is at 300
Park Avenue, 23 Floor, New York, New York 10022
(‘‘Buyer's Guarantor’’)

		
	(4) 	UNION PROPERTY HOLDINGS (LONDON)
LIMITED ] (Company Number 00423829) whose registered office is
at 10 Cornwall Terrace, Regent's Park, London NW1 4QP
(‘‘Seller's
Guarantor’’)

OPERATIVE
PROVISIONS

		
	1. 	INTERPRETATION

		
	1.1 	In this agreement unless the context
otherwise requires:

‘‘Actual
Completion Date’’ means the date on which the sale
and purchase hereby contemplated is actually completed.

‘‘Contract Rate’’
means the Law Society’s interest rate from time to time in
force.

‘‘Contribution
Payment’’ means the sum of five hundred and
nineteen thousand three hundred and twenty pounds (£519,320).

‘‘Completion Date’’
means 20 January  2005 or such other date as is provided by clause
7.3 (Reversioner's Consent).

‘‘Headleases’’ means
the leases and ancillary documents relating to the Property, brief
details of which are set out in Schedule 2.

‘‘Letting
Documents’’ means the lease, ancillary documents
recording the terms of the tenancy and affecting the Property brief
details of which are set out in Schedule 3 or which are entered into
after the date hereof in accordance with the terms of this agreement. A
reference to a Letting Document includes a reference to any statutory
continuation of a tenancy recorded by the Letting Document.

‘‘party’’ means a
party to this agreement.

‘‘Property’’ means
the property described in Schedule 1.

‘‘Purchase Price’’
means one pound (£1).

‘‘Seller's
Solicitors’’ means Messrs Jones Day of 21 Tudor
Street London EC4Y 0DJ (ref: AEM/JP004881).

‘‘Standard
Conditions’’ means the Standard Commercial Property
Conditions (1st Edition).

‘‘Tenant’’ means a
tenant or licensee under a Letting Document on whose term or licence
the Seller’s interest in the Property is immediately
expectant.

‘‘Title
Documents’’ means the documents or parts of
documents (other than the Letting Documents and the Charges) noted on
the registers of the title to the Property and the documents brief
details of which are set out in Schedule 4.

‘‘Transfer’’ means
the transfer, conveyance or assignment of the Property by the
Seller.

‘‘VAT’’ means
value added tax and any similar tax which is from time to time
introduced in substitution for or in addition to such tax.

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‘‘VATA
1994’’ means Value Added Tax Act 1994.

		
	1.2 	In this agreement unless the context
otherwise requires:

		
	1.2.1 	Any
reference to the Vendor or the Purchaser shall be treated as a
reference to the Seller or the Buyer respectively.

		
	1.2.2 	Expressions defined in the Standard
Conditions bear the same meaning in this agreement.

		
	1.2.3 	References to a clause or Schedule
or Annexure are respectively to a clause of or Schedule or Annexure to
this agreement.

		
	1.2.4 	A reference to
any statute or statutory instrument is to that statute or statutory
instrument as consolidated, amended or re-enacted from time to time and
includes every instrument, order, direction, regulation, bye-law,
consent, permission, condition, scheme or subordinate legislation made
under it.

		
	1.3 	Clause headings and the
index are for convenience only and shall not affect the interpretation
of this agreement.

		
	1.4 	This agreement
including its Schedules and Annexures and documents referred to herein
and the Standard Conditions (as hereby varied) contains the whole
agreement between the parties relating to the sale and purchase hereby
contemplated and supersedes any previous agreements between them
relating thereto.

		
	1.5 	The ejusdem
generis rule of construction shall not apply to this agreement and
accordingly general words shall not be given a restrictive meaning by
reason of their being preceded or followed by words indicating a
particular class or examples of acts matters or things.

		
	1.6 	This agreement may only be varied in
writing.

		
	2. 	AGREEMENT FOR SALE

		
	2.1 	The Seller shall sell and the Buyer
shall purchase the Property for the Purchase Price subject to and on
the terms of this agreement.

		
	2.2 	Except as expressly provided in this
agreement, no chattels are included in the sale.

		
	3. 	PAYMENTS

		
	3.1 	Deposit

No
deposit is payable.

		
	3.2 	Value Added
Tax

		
	3.2.1 	All sums payable under
this agreement are exclusive of VAT and wherever this agreement
provides for a sum to be paid in respect of a supply made under this
agreement the party responsible for making the payment shall pay in
addition and at the same time the VAT chargeable thereon but subject to
provision of a valid VAT invoice.

		
	3.2.2 	Where under the terms of this
agreement a party (‘‘the indemnifying
party’’) is required to reimburse another party for, or
indemnify that other party against, costs or expenses of any supplies
made to that other party, the indemnifying party shall also reimburse
to that other party, or indemnify that other party against, all input
tax incurred by that other party in respect of such supplies save to
the extent that that other party is entitled to repayment or credit in
respect of such input tax.

		
	3.3 	Interest

If any
amount payable under this agreement is paid after the due date then the
party responsible for payment shall in addition pay interest thereon in
respect of the period from (and including) the due date for payment to
(but excluding) the date of payment calculated, after as well as before
judgment, at the Contract Rate and compounded quarterly on the usual
quarter days.

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	3.4 	Time of
Payment

A remittance sent by telegraphic or other
direct transfer shall be treated as being made on the date and at the
time when the particular branch of the bank to which it is sent
notifies the Seller’s Solicitors that it has been received.

		
	4. 	COMPLETION

		
	4.1 	Completion Date

The sale and purchase shall be completed and payment by the
Buyer to the Seller of the Purchase Price shall take place on the
Completion Date.

		
	4.2 	Transfer

		
	4.2.1 	The Transfer shall include:

			
		(a) 	Covenants by the Buyer and the
Buyer's Guarantor by way of indemnity only:

			
		(i) 	during the remainder of the term
granted by the Headleases and the period of any continuation or holding
over of such term, to pay the rents reserved by the Headleases and
comply with the conditions and tenant's obligations in the
Headleases; and

			
		(ii) 	to perform and
observe all the landlord’s obligations under the Letting
Documents and all obligations and matters (including personal covenants
and indemnity covenants) subject to which the Property is sold;

and to indemnify the Seller against all actions, claims,
liabilities, losses, costs or expenses arising from any non-payment or
breach of such rents, conditions, obligations and matters;

			
		(b) 	Declarations that:

			
		(i) 	the Property is sold subject as
provided in this agreement; and

			
		(ii) 	the covenants implied by Sections 3
and 4 of the Law of Property (Miscellaneous Provisions) Act 1994 shall
not extend to any breach, or to the consequences of any breach, of the
tenant's obligations in the Headleases relating to the repair,
decoration, state and condition of the Property.

		
	4.2.2 	The Buyer and the Buyer's
Guarantor shall on completion execute and deliver to the Seller a
duplicate of the Transfer.

		
	4.2.3 	The
Buyer and the Buyer's Guarantor shall on completion deliver to the
Seller a legal opinion from a United States Attorney to be agreed and
in a form to be agreed by the Seller and the Buyer in respect of the
obligations of the Buyer's Guarantor contained in this Agreement
(both parties acting reasonably at all times).

		
	4.3 	Late Completion

		
	4.3.1 	If completion takes place on any day
other than a working day or after 1.00 p.m. on a working day then for
the purposes of making apportionments and payment of interest the
Actual Completion Date shall be deemed to be the next working day.

		
	4.3.2 	If the Actual Completion Date is, or
is deemed to be, after the Completion Date then on completion the Buyer
will pay interest to the Seller on the Purchase Price (less any deposit
paid) in accordance with clause 3.3 (Interest) for the period from (and
including) the Completion Date to (but excluding) the Actual Completion
Date, but ignoring any period during which the delay was caused by a
default of the Seller.

		
	4.3.3 	The
maximum aggregate liability of the Seller to the Buyer in respect of
any delay in completion shall not exceed a sum calculated at the
Contract Rate on the Purchase Price in respect of the period of
delay.

E-5

		
	4.4 	Other
Completion Documents

On Completion the Seller will
deliver to the Buyer the following documents:

		
	4.4.1 	A letter addressed to each Tenant
signed by the Seller or by the Seller's Solicitors authorising and
directing the Tenant to pay all future sums due under the relevant
Letting Document to the Buyer or as the Buyer may direct.

		
	4.4.2 	The Health and Safety Files relating
to the Property, except those which relate to works carried out by
tenants, undertenants or licensees.

		
	4.5 	Registration

The Buyer will register the Transfer at The Land Registry
as soon as reasonably possible after the Actual Completion Date and
immediately upon being notified of completion of the registration will
supply to the Seller’s Solicitors an official copy (issued after
completion of the registration) of the register of the Buyer’s
title.

		
	5. 	MATTERS AFFECTING THE
PROPERTY

		
	5.1 	The Property is sold
subject to the rents, conditions and tenant's obligations
contained or referred to in the Headleases.

		
	5.2 	The Property is sold subject to and
(so far as the Seller can assign them and subject to the provisions of
this agreement) with the benefit of the Letting Documents and interests
deriving from the Letting Documents, so far as they are still
subsisting on completion.

		
	5.3 	The
Property is sold subject, so far as they are still subsisting on
completion, to all other matters referred to in the registers of the
title to the Property, the other Title Documents and any other matter
entered into in accordance with this agreement or with the written
consent of the Buyer.

		
	5.4 	The Property
is also sold subject to:

		
	5.4.1 	all
local land charges (whether registered or not before the date hereof)
and all matters capable of registration as local land charges.

		
	5.4.2 	all notices charges orders
resolutions demands plans proposals requirements restrictions
agreements conditions directions or other matters whatsoever served or
made before or after the date hereof by any body acting on statutory
authority.

		
	5.4.3 	all matters (except
for the Charges) referred to before the date of this agreement in any
public register.

		
	5.4.4 	all notices
served by the owner or occupier of any adjoining or neighbouring
property.

		
	5.4.5 	(whether or not the
title is registered at H.M. Land Registry) all such matters as are
referred to in Schedule 1 and/or Schedule 3 of the Land Registration
Act 2002 (as such Schedules take effect by virtue of the provisions of
sections 90(5) and 134 and Schedule 12 of that Act and the Land
Registration Act 2002 (Transitional Provisions) (No.2) Order 2003).

		
	5.5 	The Buyer has investigated, and will
purchase the Property subject to, and will be deemed to have full
knowledge and notice of, and shall not be entitled to require any
information or to raise any requisitions in regard to (i) the present
use and the authorised use of the Property, (ii) any development,
operations or works which may have been carried out to or on the
Property, or (iii) any contravention of the Town and Country Planning
Act 1990, the Planning (Listed Buildings and Conservation Areas) Act
1990, the Planning Consequential Provisions) Act 1990, the Planning
(Hazardous Substances) Act 1990 and the Planning and Compensation Act
1991.

E-6

		
	6. 	TITLE AND TITLE
GUARANTEE

		
	6.1 	The Seller’s
title to the Property has been deduced to the Buyer before the date of
this agreement, including copies of the registers and title plan of the
Property maintained at H.M. Land Registry, of the Headleases, of any
superior lease, of the Title Documents and of the Letting Documents.
The Buyer shall be deemed to purchase with full knowledge of the
Seller’s title, of the terms and contents of such documents and
of any matter referred to in them and will raise no requisition in
relation thereto.

		
	6.2 	Subject as
provided in this agreement, the Seller shall transfer the Property with
full title guarantee.

		
	7. 	REVERSIONER’S CONSENT

		
	7.1 	In this clause 7:

‘‘Acceptable
Condition’’ means a requirement imposed by a
Reversioner in connection with, or as a condition of, the
Reversioner’s consent and which either:

			
		(a) 	is lawfully or reasonably imposed
(but excluding any requirement for a rent deposit or a bank guarantee);
or

			
		(b) 	is not objected to by the
party by which it must be fulfilled, any such objection to be made in
writing within five working days of that party being notified of the
requirement.

‘‘Court
Declaration’’ means a Judgment or Order of a
competent court that the Reversioner’s consent to the Transfer
is being unreasonably withheld or is being offered subject to
unreasonable conditions.

‘‘Pre-Completion
Time’’ means 9.30 a.m. on 20 January  2006
(disregarding clause 7.3).

‘‘Qualifying
Consent’’ means written consent of the Reversioner
which is or has become unconditional except for Acceptable
Conditions.

‘‘Rescission
Date’’ means 28 April  2006.

‘‘Reversioner’’
means the landlord(s) under the Headleases and includes any superior
landlord or other person whose consent is required to the Transfer.

		
	7.2 	If the consent of the Reversioner is
required to the Transfer, then completion of this agreement is
conditional upon Qualifying Consent to the Transfer or a Court
Declaration being first obtained.

		
	7.3 	If Qualifying Consent to the Transfer
or a Court Declaration has not been obtained by the Pre-Completion
Time, then the Completion Date will be five working days after the date
when the Buyer (or, if later, the Seller) is notified of the grant of
Qualifying Consent to the Transfer or, if earlier, of the making of a
Court Declaration.

		
	7.4 	The Buyer will
promptly:

		
	7.4.1 	take reasonable steps
to assist the Seller in obtaining Qualifying Consent to the
Transfer;

		
	7.4.2 	provide the Seller
with all references, information and accounts which the Reversioner
reasonably requires;

		
	7.4.3 	provide
such guarantees from the Buyer's Guarantor as the Reversioner
requires along with a foreign legal opinion (if requested by the
Reversioner) and comply with any other Acceptable Conditions (not being
conditions to be complied with by the Seller); and

		
	7.4.4 	enter into such covenants as the
Reversioner reasonably requires, including a covenant with the
Reversioner to observe and perform the tenant's covenants and
conditions of the Headleases.

E-7

		
	7.5 	The Seller
will use its reasonable endeavours to obtain with all reasonable speed
Qualifying Consent to the Transfer, including paying the
Reversioner’s reasonable costs of the licence and related
documents and entering into an authorised guarantee agreement where
required to do so by the Reversioner in respect of a Headlease entered
into after 31 December  1995, but the Seller shall not be required
to issue proceedings for a Court Declaration.

		
	7.6 	If Qualifying Consent to the Transfer
has not been obtained before the Rescission Date, then either the Buyer
or the Seller may, at any time on or after the Rescission Date (but
before Qualifying Consent to the Transfer or a Court Declaration is
obtained), rescind this agreement by giving written notice to the
other, except that no notice of rescission may be given by a party
which is in default of its obligations under this clause 7 for so long
as that default is a cause of Qualifying Consent being withheld.

		
	8. 	STANDARD CONDITIONS

		
	8.1 	This agreement incorporates the
Standard Conditions as varied by this agreement. Where there is a
conflict between the Standard Conditions and this agreement this
agreement prevails.

		
	8.2 	Standards
Conditions 3.3.3, 3.3.4, 3.3.5, 3.3.6, 4.1.1, 4.2.1, 4.3.2, 4.5.2,
4.5.5, 5.1.1(b), 5.2.2(d), 6.3.7, 6.3.8, 6.3.9, 7.3 and 8.3 do not
apply.

		
	8.3 	Standard Condition 1.1.1(b)
is amended to read, ‘‘‘‘clearing
bank’’ means a corporate member of CHAPS Clearing Company
Limited’’.

		
	8.4 	In Standard
Condition 1.1.1(b) the word ‘‘Company’’ shall
be inserted before the word ‘‘Limited’’ and at
the end of Standard Condition 1.1.1(e) the words ‘‘or at
the seller's solicitor's bank’’ shall be
inserted.

		
	8.5 	Standard Condition 1.1.2
is amended to read, ‘‘When used in these conditions, the
term ‘‘absolute title’’ has the special meaning
given to it by the Land Registration Act 2003, and the term
‘‘office copies’’ means ‘‘official
copies’’ under that Act.

		
	8.6 	In Standard Condition 1.3.2 the words
‘‘quoting any reference set out in this
agreement’’ shall be inserted after the words
‘‘to a party's solicitor’’.

		
	8.7 	In Standard Condition 3.1.2(d) the
words ‘‘monetary charges or incumbrances’’
shall be deleted and shall be substituted by a reference to the
Charges.

		
	8.8 	Standard Condition
5.2.2(f) shall be deleted and there shall be substituted the following:
‘‘The buyer is to comply with all statutory obligations
relating to the property and with all covenants and restrictions
affecting the property other than any covenant to pay
rent’’.

		
	8.9 	In Standard
Condition 6.1.2 ‘‘1.00 p.m.’’ shall be
substituted for ‘‘2.00 p.m.’’ and the reference
to Condition 7.3 shall be substituted by a reference to clause 4.3 of
this agreement (Late Completion).

		
	8.10 	In Standard Condition 6.3.1 the word
‘‘outgoings’’ includes estate service charges
and sums payable under contracts for services and maintenance.

		
	8.11 	Standard Condition 6.3.2 shall be
deleted and apportionment under Standard Condition 6.3 is to be made
with effect from the Actual Completion Date.

		
	8.12 	In Standard Condition 6.7 the words
‘‘from a solicitor's client account or from a bank
account held by and in the name of (i) a United Kingdom or European
Union financial or credit institution or (ii) a company listed on an
internationally recognised stock exchange’’ shall be
inserted after the words ‘‘direct credit’’.

		
	8.13 	At the end of Standard Condition
6.8.2(b) the words ‘‘or if reasonable evidence is produced
to the Buyer that the property will on completion be released from all
such mortgages’’ shall be inserted.

		
	8.14 	In Standard Condition 7.1.1 the words
‘‘any written reply made by the seller's solicitors in
answer to written preliminary enquiries submitted by the buyer's
solicitors’’ will be substituted for the words
‘‘the negotiations leading to it’’.

E-8

		
	8.15 	In Standard
Condition 7.2(a) the words ‘‘unless the rescission is a
result of the buyer's breach’’ shall be substituted by
the words ‘‘unless the buyer is in breach of the
contract’’.

		
	8.16 	In
Standard Condition 7.5.2(a)(i) the words ‘‘or other monies
paid under or in connection with the contract’’ shall be
inserted after the words ‘‘forfeit and keep any
deposit’’.

		
	9. 	APPORTIONMENT OF
RENT

		
	9.1 	Apportionment of Rent
Under the Headleases

		
	9.1.1 	The
rent due under the Headleases will be apportioned as at the Actual
Completion Date so that the Buyer pays to the Seller the amount
calculated as follows:

A x B

365

Where:

			
		A 	is the amount of annual rent reserved
under the Headleases at the rate applicable on the Actual Completion
Date; and

			
		B 	is the number of days
from, but excluding, the Actual Completion Date for which the Seller
has paid the rent in advance.

		
	9.1.2 	If
any VAT charged on the rent due under the Headleases is irrecoverable
by the Seller by way of repayment or credit, such irrecoverable VAT
will be apportioned in the same way as the rent.

		
	9.1.3 	The Seller and the Seller's
Guarantor agree with the Buyer that:-

			
		9.1.3.1 	on the Actual Completion Date
the Buyer will not be required to make any payment to the Seller
pursuant to clause 9.1.1 hereto

			
		9.1.3.2 	on the next rent quarter date
after completion pursuant to the Headleases (if that quarter rent is
demanded pursuant to the Headleases and evidence is provided to the
Seller) the Seller will pay to the Buyer the lesser of a (a)
£272,215.25 and (b) £453,593.75 less the amount of the
apportionment calculated under Clause 9.1.1 above and

			
		9.1.3.3 	on the second rent quarter date
after completion (if that quarter rent is demanded pursuant to the
Headleases and evidence is provided to the Seller) the Seller will pay
to the Buyer the sum of £181,337.50 less the amount of the
apportionment calculated under clause 9.1.1 above but so that if the
product of such deduction is a negative figure then no sum shall be
payable.

		
	9.2 	Apportionment of Rent
under the Letting Documents

		
	9.2.1 	In this clause 9.2
‘‘Rent’’ means rent or licence
fee arising under a Letting Document but excluding service charges, VAT
and payments for insurance.

		
	9.2.2 	Rent
shall be apportioned as at the Actual Completion Date so that in
respect of the Rent payable by each Tenant the Buyer shall be entitled
to the amount calculated as follows:

A x
B

365

Where:

			
		A 	is the annual Rent at the rate
applicable on the Actual Completion Date under the relevant Letting
Document and

			
		B 	is the number of days
from, but excluding, the Actual Completion Date to, but excluding, the
date when the next instalment of the Rent is due

and
the Seller shall be entitled to the balance of the Rent received and
receivable prior to, and including, the Actual Completion Date.

E-9

		
	9.2.3 	On
completion there shall be allowed to the Buyer the amount calculated in
accordance with clause 9.2.2 of the Rents actually received and cleared
prior to the Actual Completion Date.

		
	10. 	ARREARS

		
	10.1 	In this clause:

‘‘Arrears’’ means
all amounts (whether in respect of rent, licence fee, service charge
(other than Advance Payments (as defined in clause 13 (Service
Charge)), insurance rent, interest, VAT or other sums of whatsoever
nature) receivable by the Seller under the Letting Documents and which
at the Actual Completion Date have fallen due but have not been
received and cleared.

‘‘Seller’s
Arrears’’ means the portion of the Arrears to which
the Seller is entitled pursuant to this agreement.

		
	10.2 	Neither the Buyer nor the Seller will
pay or allow to the other on completion any Arrears.

		
	10.3 	Monies received under, or in
satisfaction of any amount due under, any Letting Document, whether or
not in respect of Arrears, will, as between the Seller and the Buyer,
be applied first in satisfaction of the Arrears under that Letting
Document in the order in which they became due.

		
	10.4 	If one party receives any sum to which
(or to part of which) another party is entitled under clause 10.3 or
otherwise under this agreement, then the party which receives the sum
shall, within 5 working days of the sum having cleared, pay to the
other party the amount to which the other party is entitled.

		
	10.5 	The Seller will, on completion, assign
to the Buyer the Seller’s rights of action to recover Arrears
which arose under new tenancies for the purposes of the Landlord and
Tenant (Covenants) Act 1995 and the Buyer will following completion use
reasonable endeavours to recover the Seller’s Arrears.

		
	10.6 	If reasonably requested by the Seller,
the Buyer shall at the Seller’s cost institute and pursue legal
proceedings for the recovery of the Seller’s Arrears, but the
Buyer shall not be required to forfeit any lease or present any
petition for bankruptcy or winding up and the Buyer may, on reasonable
grounds, decline to serve a notice under Section 17 of the Landlord and
Tenant (Covenants) Act 1995 ("Section
17’’) and notwithstanding clause 10.3 the amounts so
recovered will be applied first in reimbursement of the costs of such
proceedings.

		
	10.7 	The Buyer shall keep
the Seller fully informed of the progress made in the recovery of the
Seller’s Arrears, consult with the Seller as to proposed actions
and pay proper regard to any representations made by the Seller.

		
	10.8 	If at any time after completion the
Seller by written notice to the Buyer so requires, the Buyer shall
assign to the Seller (in a form reasonably required by the Seller) the
right to demand and sue for the whole or any part of the
Seller’s Arrears, but such assignment shall not entitle the
Seller to forfeit any lease, present any petition for bankruptcy or
winding up, nor (except with the Buyer’s prior written consent,
which shall not be unreasonably withheld) serve any notice under
Section 17. On completion of such assignment the obligations of the
Buyer under clause 10.6 shall cease in respect of the Seller’s
Arrears or the part of them to which the assignment relates, but the
Buyer shall not do anything which adversely affects the Seller’s
rights to, or prospects of recovery of, the Seller’s Arrears and
the Buyer shall at the Seller’s request and cost join in
proceedings to recover the Seller's Arrears.

		
	10.9 	For the purpose of this clause 10, any
increase in rent pursuant to a rent review which has been agreed or
determined before the Actual Completion Date shall be deemed to have
fallen due on the respective rent payment dates on which it would have
fallen due if the reviewed rent had been determined before the relevant
review date.

E-10

		
	11. 	INSURANCE

		
	11.1 	The risk of any damage to or
destruction of or affecting the Property passes to the Buyer on
exchange of this agreement and the Buyer shall not be entitled to delay
completion or refuse to complete by reason of it.

		
	11.2 	The Seller will use reasonable
endeavours to ensure that the existing insurance relating to the
Property is maintained pursuant to the Headleases until the Actual
Completion Date, including renewing such insurance if it expires prior
to the Actual Completion Date, but the Seller will not be liable to the
Buyer if the insurance is or becomes void due to any reason other than
the act or default of the Seller.

		
	11.3 	The Buyer has been supplied with a
copy of or details of the existing insurance policy relating to the
Property and the Seller gives no warranty as to the adequacy of the
sums insured, risks covered or other terms of its insurance.

		
	11.4 	Standard Condition 6.3 shall not apply
to insurance premiums or insurance rent.

		
	12. 	MANAGEMENT UNTIL COMPLETION

		
	12.1 	The Seller shall not in respect of the
Property or any part of it without the prior approval of the Buyer
(such approval not to be unreasonably withheld and to be deemed given
as mentioned in clause 12.2):

		
	12.1.1 	grant or terminate any tenancy;

		
	12.1.2 	give any licence, consent or
approval under or in relation to any Letting Document or vary any
Letting Document;

		
	12.1.3 	agree to do
any of the foregoing;

		
	12.1.4 	serve any
notice under any Letting Document;

		
	12.1.5 	settle any rent review;

		
	12.1.6 	take any step in any proceedings
under Part II of the Landlord and Tenant Act 1954;

		
	12.1.7 	employ any person in such manner
that the person’s contract of employment will automatically be
transferred to the Buyer on completion under the Transfer of
Undertakings (Protection of Employment) Regulations 1981;

		
	12.1.8 	except as provided in this
agreement, create any legally binding obligations in relation to the
Property which will be binding on the Buyer;

(each a
‘‘Management Matter’’).

		
	12.2 	The Buyer shall be deemed to have
given its approval to a Management Matter unless it notifies the Seller
of its objection and its reasons for objecting within 5 working days of
receipt by the Buyer or its solicitors of a written request for
approval, but the Buyer shall not object, and the Seller need not
comply with an objection, if compliance with such objection would
expose the Seller to any statutory, contractual or other liability.

		
	12.3 	The Seller shall promptly send to the
Buyer a copy of any notice, application, registration or other written
communication which the Seller gives or receives under any Letting
Document.

		
	12.4 	The Buyer shall
indemnify the Seller against all claims, proceedings, costs, expenses
and losses which the Seller incurs as a result of any failure by the
Buyer to join in, complete or perform any Management Matter approved or
deemed approved pursuant to this clause 12 or from compliance by the
Seller with any objection or request made by the Buyer in respect of
any Management Matter or from any delay by the Buyer in relation to any
Management Matter.

		
	12.5 	To the extent
not completed before completion, the Buyer shall complete all leases,
licences and other documents required by the Letting Documents or
approved (or deemed approved) pursuant to this clause 12.

E-11

		
	13. 	LETTING
DOCUMENTS SERVICE CHARGE 

		
	13.1 	In this clause 13:

‘‘Current Period’’
means any period for which final service charge accounts have not been
prepared in accordance with the Letting Documents prior to the Actual
Completion Date.

‘‘Advance
Payments’’ means all sums (excluding VAT on
supplies made by the Seller) paid to the Seller up to and including the
Actual Completion Date by Tenants by way of service charge payments
under the Letting Documents for the Current Period.

‘‘Expenditure’’
means all expenditure (excluding VAT for which the Seller is entitled
to repayment or credit) incurred by the Seller up to and including the
Actual Completion Date which is chargeable as service charge under the
Letting Documents during the Current Period.

		
	13.2 	The Seller shall prior to completion
prepare or procure that its managing agents prepare an account (the
"Estimated Account’’) showing their
best estimate of the Expenditure and of the Advance Payments. If such
account shows that the estimated Advance Payments exceed the estimated
Expenditure then the Seller shall pay or allow to the Buyer on
completion an amount equal to such excess. If such account shows that
the estimated Expenditure exceeds the estimated Advance Payments then
the amount of such excess shall be paid by the Buyer to the Seller on
completion.

		
	13.3 	Within three months
after completion the Seller shall procure that an account of the
Expenditure and of the Advance Payments is prepared and provided to the
Buyer and to the Seller. If the Expenditure or the Advance Payments as
shown in such account differ from those shown in the Estimated Account,
then the Buyer will pay to the Seller or the Seller will pay to the
Buyer (as the case may require) within ten working days of production
of the account an amount such that, taking account of any payment made
under clause 13.2, if the Advance Payments exceed the Expenditure the
Seller has paid or allowed to the Buyer an amount equal to such excess
and if the Expenditure exceeds the Advance Payments the Buyer has paid
to the Seller the amount of such excess.

		
	13.4 	The Buyer shall at its own cost
provide to Tenants any necessary information concerning service charge
but the Seller shall for a period of one year following completion give
the Buyer reasonable access to the vouchers and invoices in respect of
the Expenditure for inspection and copying at the Buyer’s
cost.

		
	13.5 	Standard Condition 6.3
shall not apply to Expenditure and Advance Payments.

		
	14. 	HEADLEASES SERVICE
CHARGE 

		
	14.1 	In this
clause 13:

‘‘Current
Period’’ means any period for which final service
charge accounts have not been prepared in accordance with the
Headleases prior to the Actual Completion Date.

‘‘Advance Payments’’
means all sums (excluding VAT on supplies made by the Seller) paid by
the Seller up to and including the Actual Completion Date by way of
service charge payments under the Headleases for the Current
Period.

‘‘Expenditure’’
means all expenditure (excluding VAT for which the Seller is entitled
to repayment or credit) incurred by the Landlord or the Superior
Landlord pursuant to the Headleases up to and including the Actual
Completion Date which is chargeable as service charge under the
Headleases during the Current Period.

		
	14.2 	The Seller shall prior to completion
prepare or procure that its managing agents prepare an account (the
"Estimated Account’’) showing their
best estimate of the Expenditure and of the Advance Payments. If such
account shows that the estimated Advance Payments exceed the estimated
Expenditure then the Seller shall pay or allow to the Buyer on
completion an amount equal to such excess. If such account shows that
the estimated Expenditure exceeds the estimated Advance Payments then
the amount of such excess shall be paid by the Buyer to the Seller on
completion.

E-12

		
	14.3 	Within
three months after completion the Seller insofar as it is able, shall
procure that an account of the Expenditure and of the Advance Payments
is prepared and provided to the Buyer and to the Seller. If the
Expenditure or the Advance Payments as shown in such account differ
from those shown in the Estimated Account, then the Buyer will pay to
the Seller or the Seller will pay to the Buyer (as the case may
require) within ten working days of production of the account an amount
such that, taking account of any payment made under clause 13.2, if the
Advance Payments exceed the Expenditure the Seller has paid or allowed
to the Buyer an amount equal to such excess and if the Expenditure
exceeds the Advance Payments the Buyer has paid to the Seller the
amount of such excess.

		
	14.4 	Standard
Condition 6.3 shall not apply to Expenditure and Advance Payments.

		
	15. 	WARRANTIES

The Seller will
use reasonable endeavours to assign to the Buyer its interest in a
building contract dated 7 February  2005 made between (1) Roland
Berger Strategy Consultants Limited and (2) Bluu Solutions Limited
subject to receipt of a Certificate of Making Good Defects pursuant to
such contract and subject to any necessary consents and insofar as it
is able.

		
	16. 	CAPITAL ALLOWANCES

		
	16.1 	In this clause 15:

‘‘CAA’’ means
Capital Allowances Act 2001.

‘‘Fixtures’’ means
all machinery and plant which immediately before completion (i) is a
fixture of the Property for the purposes of the CAA and (ii) is not,
for the purposes of the CAA, treated as belonging to any person other
than the Seller and (iii) has been the subject of a claim for machinery
and plant allowances by the Seller.

‘‘Disposal Value’’
means £1.

		
	16.2 	On or as soon as
practical after completion the Seller and the Buyer shall jointly sign
in duplicate an election under Section 198 CAA that the amount fixed as
the part of the Purchase Price to be treated as expenditure by the
Buyer on the Fixtures is the Disposal Value (together with Value Added
Tax if applicable) and each of the Seller and the Buyer will procure
that such election is submitted to the Inland Revenue within the time
limits prescribed by law.

		
	17. 	CONTRIBUTION
PAYMENT

		
	17.1 	The Seller will pay to
the Buyer the Contribution Payment on Completion.

		
	17.2 	The Contribution Payment shall be
applied by the Buyer to the costs of reinstating the Property to such
state as would be required by the tenant pursuant to the Headleases at
the end of the term of the Headleases and which the Seller would have
been responsible for at the end of the term of the Headleases had it
remained in occupation of the whole of the Property and remained as
tenant.

		
	18. 	PERSONAL AGREEMENT

The Buyer shall not assign, charge or in any other way
dispose of the whole or any part of this agreement or the benefit it
and no obligation of the Seller under this Agreement shall be
enforceable by any person except for the Buyer.

		
	19. 	ROLAND BERGER
LEASE 

		
	19.1 	In this
clause:-

‘‘Roland Berger
Space’’ means that part of the Property comprised
in the Lease.

E-13

‘‘Lease’’
means a sublease dated 4 April  2003 made between (1) the Seller
and (2) the Tenant.

‘‘Property
Costs’’ means all costs arising from the Roland
Berger Space including (without limitation) all sums payable under the
Headleases, rates, costs of repair and maintenance, and all costs of
reletting including reasonable and proper marketing costs, reasonable
and proper professional fees and incentives to new tenants (including
rent free periods) but net of any income received in respect of the
Roland Berger Space for the relevant period.

‘‘the Tenant’’ means
Roland Berger Strategy Consultants Limited (Company Number 02454242)
and its successors in title to the Lease.

		
	19.2 	In the event that either

		
	19.2.1 	the Tenant exercises its rights to
terminate the Lease on 1 March  2009; or

		
	19.2.2 	the Lease is disclaimed prior to 1
March  2009; or

		
	19.2.3 	the Lease
is forfeited prior to 1 March  2009

then from 1
March  2009 the Seller and the Buyer shall share equally all
Property Costs accruing after 1 March  2009 until the later of (1)
the Premises are relet and producing income at the market rate and (2)
the end of the Term of the Lease.

		
	19.3 	On each of 14 January, 14 April, 14
July and 14 October or as soon thereafter as reasonably practicable the
Buyer will produce to the Landlord an account of the Property Costs
that it has paid or incurred since the previous such account was
submitted (or if earlier March  2009) and will let the Seller have
copies of such invoices and bills as it requests in respect of the
items appearing on such account.

		
	19.4 	The Seller will within 14 days of the
receipt of such account and the appropriate VAT invoice pay to the
Buyer one half of the total of such account together with VAT
thereon.

		
	19.5 	In the event that the
Buyer exercises its right to terminate the Lease the Seller shall not
be liable for any Property Costs.

		
	19.6 	In the event that the Buyer
reoccupies all or any part of the Roland Berger Space then the Seller
shall not be liable for any Property Costs arising after the date of
such reoccupation.

		
	19.7 	The Buyer
shall use reasonable endeavours to relet the Roland Berger Space as
soon as it reasonably can on terms reasonably acceptable to the Buyer
to a tenant that the Buyer shall reasonably consider to be of
acceptable financial status and shall do all things that it reasonably
considers necessary to achieve that.

		
	19.8 	The Buyer will at all times consult
with the Seller in connection with its marketing strategy and will keep
the Seller fully informed as to the progress of the reletting.

		
	19.9 	In the event that the Buyer is not
able to relet the Roland Berger Space within 6 months of it being
vacated by the Tenant and, in the reasonable opinion of the Seller, the
Buyer is not using reasonable endeavours to relet the Roland Berger
Space in accordance with clause 19.7, the Seller shall be permitted on
written notice to the Buyer to be responsible for finding a Tenant that
is acceptable to the Buyer and is approved as such (such approval not
to be unreasonably withheld).

		
	20. 	AGREEMENT BY SELLER'S
GUARANTOR 

This Agreement having been
entered into by the Buyer with the Seller at the request of the
Seller's Guarantor, the Seller’s Guarantor as primary
obligor hereby agrees with and guarantees to the Buyer that the Seller
will perform and observe all the covenants and stipulations on the
Seller's part contained in clauses 9.1.3 and 19 of this Agreement
and in default thereof the Seller's Guarantor shall perform and
observe such obligations and will indemnify the Buyer from and against
all demands proceedings damages losses costs claims and expenses
whatsoever arising from any such default.

E-14

		
	21. 	REPRESENTATIONS

The Buyer acknowledges that it has not entered into this
agreement in reliance (wholly or partly) on any statement or
representation made by or on behalf of the Seller, other than written
statements made by the Seller’s Solicitors in reply to written
enquiries made by or on behalf of the Buyer.

		
	22. 	NOTICES

		
	22.1 	Any notice under this agreement shall
be addressed to:

Notices to the Seller

	
							
	Address:		Jones Day
 21 Tudor Street

London EC4Y 0DJ
	

For the attention
of:        Alex Millar
 Fax
number:                       02070395999

Notices to the Buyer

	
							
	Address:		Forsters
 31 Hill Street

London W1J 5LS
	

For the attention
of:        Guy Jordan
 Fax
number:                       02078638444

or to such other address or facsimile number as the
relevant party may by notice to the other parties require.

		
	22.2 	In proving service it is sufficient
to prove that an envelope addressed as stated in clause 22.1 and
containing such notice was delivered to that address, or duly stamped
and posted, or that the notice was transmitted by facsimile to the fax
number stated in clause 22.1.

		
	22.3 	E-mail is not a valid method of
service of notices under this agreement.

		
	23. 	SEVERANCE

If any term of
this agreement or part thereof or its application to any person or
circumstance is held void or unenforceable then such term or part
thereof or its application to such person or circumstance shall be
severed from this agreement and validity of the remainder of this
agreement and the application of such provision to other persons or
circumstances shall not be affected by such severance.

		
	24. 	NON-MERGER

Notwithstanding
completion of Transfer and of the separate documents contemplated by
this agreement, anything in this agreement which has not thereby been
given effect or which remains to be performed or observed will remain
in full force and effect.

SIGNED by the parties or their
duly authorised representatives on the date first before written.

			
	    
	Signed for and on behalf of the Buyer
	    
	Signed for and on behalf of the Buyer's
Guarantor
	

E-15Exhibit
10.31

LOAN AGREEMENT

 Revolving Line of
Credit

This LOAN AGREEMENT dated January
31,  2006, for reference purposes only, is executed by and
between First Republic Bank (‘‘Lender’’)
and Greenhill & Co. Inc., a Delaware corporation
(‘‘Borrower’’). The exhibits attached hereto
(‘‘Exhibits’’) are incorporated herein by this
reference, and this agreement and the Exhibits are referred to herein
as the ‘‘Agreement.’’

THEREFORE, for
valuable consideration, the receipt and adequacy of which are
acknowledged, Borrower and Lender agree as follows:

Article
1

DEFINITIONS

For purposes of
the Loan Documents, capitalized terms not otherwise defined in this
Agreement shall have the meanings provided below or in the Commercial
Code.

			
		1.1 	Agreement— means this
Agreement and any extensions, supplements, amendments or modifications
to this Agreement.

			
		1.2 	Lender— means and refers to
First Republic Bank, a Nevada banking corporation.

			
		1.3 	Lender Expenses— means all costs and expenses incurred by Lender in
connection with: (i) this Agreement or other Loan Documents; (ii) the
transactions contemplated hereby or thereby; (iii) the enforcement of
any rights hereunder or thereunder; (iv) the recordation or filing of
any documents; (v) Lender’s Attorneys’ Fees; (vi) if
applicable, the creation, perfection or enforcement of the lien on any
item of collateral; and  (vii) any expenses incurred in any
proceedings in the U.S. Bankruptcy Courts in connection with any of the
foregoing.

			
		1.4 	Bankruptcy Code— means the U.
S. Bankruptcy Code as now enacted or hereafter amended.

			
		1.5 	Borrower
Resolution— means, if Borrower is an entity, the
resolution, consent or other written authorization executed by
Borrower’s governing board, partner(s), member(s), manager(s) or
officer(s), as the case may be, authorizing Borrower to execute and
deliver this Agreement and the other Loan Documents and to enter into
the transactions contemplated hereby and thereby, in form and content
acceptable to Lender.

			
		1.6 	Borrower's Books— means
all of Borrower's books and records including, but not limited to:
minute books, ledgers, and records indicating, summarizing or
evidencing Borrower's assets, liabilities, the Obligations, and
all information relating thereto; records indicating, summarizing or
evidencing Borrower's business operations or financial condition;
and all computer programs, disc or tape files, printouts, runs, and
other computer prepared information and the equipment containing such
information.

			
		1.7 	Business Day— means any day
other than a day on which commercial banks are authorized or required
by law to close in the State of California.

			
		1.8 	Commercial Code— means the
Uniform Commercial Code, as now enacted or hereafter amended,
applicable in the State of California.

			
		1.9 	Designated Representative— is
the person(s) identified in the Borrower Resolution or as otherwise
agreed by Borrower in writing.

			
		1.10 	Disbursement Date— means the
first date on which proceeds of any Advance are disbursed by Lender to
Borrower.

			
		1.11 	Exhibit— means any Exhibit
attached hereto and incorporated herein.

E-16

			
		1.12 	Governmental Authorities—
means: (i) the United States; (ii) the state, county, city or other
political subdivision; (iii) all other governmental or
quasi-governmental authorities, boards, bureaus, agencies, commissions,
departments, administrative tribunals, instrumentalities and
authorities; and (iv) all judicial authorities and public utilities
having or exercising jurisdiction over Borrower, Borrower’s
assets or any Guarantor. The term ‘‘Governmental
Authority’’ means any one of the Governmental
Authorities.

			
		1.13 	Governmental Permits— means
all permits, approvals, licenses, and authorizations now or hereafter
issued by any Governmental Authority for or in connection with the
conduct of Borrower’s business or the ownership or use by
Borrower of Borrower’s assets or properties or in connection
with the conduct of Guarantor’s business or the ownership or use
by Guarantor of Guarantor’s assets or properties.

			
		1.14 	Governmental
Requirements— means all existing and future laws,
ordinances, rules, regulations, orders, and requirements of all
Governmental Authorities applicable to Borrower, any Guarantor, or any
of Borrower’s or any of Guarantor’s assets or
properties.

			
		1.15 	Guaranty— means, every
guaranty agreement of any kind (including third-party pledge
agreements) now or hereafter executed by any Guarantor, and all
extensions, renewals, modifications and replacement thereof.

			
		1.16 	Guarantor— means, collectively, the Person or Persons, if any, now or
hereafter guaranteeing payment of the Loan or payment or performance of
the Obligations  (or pledging collateral therefor).

			
		1.17 	Insolvency
Proceeding— means any proceeding commenced by or
against any Person, including Borrower, under any provision of the
United States Bankruptcy Code, as amended, or under any other
bankruptcy or insolvency law, including, but not limited to,
assignments for the benefit of creditors, formal or informal
moratoriums, compositions or extensions with some or all creditors.

			
		1.18 	Liquid Assets— means the following assets of the Borrower: (i) cash and
certificates of deposit; (ii) treasury bills and other obligations of
the federal government; and (iii) readily marketable securities
(including commercial paper, but excluding restricted stock and stock
subject to the provisions of Rule 144 of the Securities and Exchange
Commission).

			
		1.19 	Loan— means the Line of
Credit and all Advances made by Lender thereunder.

			
		1.20 	Loan Documents— means this Agreement and all other documents now or
hereafter executed by Borrower, Guarantor or any other Person and
delivered to Lender at Lender's request in connection with the
transactions contemplated in this Agreement, and all extensions,
renewals, modifications and replacements of any or all of such
documents.

			
		1.21 	Note— means: (i) the
promissory note or notes executed in connection herewith and all
extensions, renewals, modifications and replacements thereof; and (ii)
any additional note or notes now or hereafter executed by Borrower in
favor of Lender which specifically recite that they arise out of the
Loan Documents, and all extensions, renewals, modifications and
replacements thereof.

			
		1.22 	Obligations— means all debts,
obligations and liabilities of Borrower to Lender under or in
connection with this Agreement, the Note, and any of the other Loan
Documents, regardless whether such Obligations are currently existing
or hereafter created or arising, whether liquidated or unliquidated,
including Attorneys' Fees. Notwithstanding anything to the
contrary contained in the Loan Documents, the term
‘‘Obligations’’ shall not include any debts
that are or may hereafter constitute ‘‘consumer
credit’’ which is subject to the disclosure requirements of
the federal Truth-In Lending Act (15 U.S.C. Section 1601, et seq.) or
any similar state law in effect from time to time, unless Lender and
Borrower shall otherwise agree in a separate written agreement.

E-17

			
		1.23 	Permitted Liens— means any
and all of the following: (i) liens for taxes, fees, assessments or
other governmental charges or levies, either not delinquent or being
contested in good faith by appropriate proceedings; and (ii) any other
liens and encumbrances agreed to in writing by Lender.

			
		1.24 	Person— means any natural person or any entity, including any
corporation, partnership, joint venture, trust, limited liability
company, unincorporated organization, trustee, or Governmental
Authority.

Article 2

Loan Amount and
Terms

			
		2.1 	Line of
Credit Loan.

			
		(a) 	Subject to and upon the
terms and conditions of this Agreement and so long as no Event of
Default has occurred, up to the Advance Expiration Date (defined
below), Lender will make a revolving line of credit loan
(‘‘Line of Credit’’) to Borrower. The Line of
Credit shall not exceed Twenty Million and 00/100 Dollars
($20,000,000.00) (the ‘‘Maximum Loan
Amount’’).

			
		(b) 	Subject to the terms and
conditions of this Agreement, principal may be advanced, repaid, and
re-advanced from time-to-time until August  1,  2007
(the ‘‘Advance Expiration Date’’), which date
may be extended by a written agreement of Lender and Borrower. All
amounts outstanding under the Line of Credit shall be due and payable
on August  1,  2007 (the ‘‘Maturity
Date’’).

			
		(c) 	Borrower may obtain advances
of principal under the Line of Credit
(‘‘Advances’’) from time to time upon the oral
or written request to Lender of Borrower or a Designated Representative
of Borrower. Any request for an Advance shall be made at least one (1)
Business Day prior to the requested date for such Advance, specifying
the amount of the requested Advance. Lender shall render monthly
statements of amounts owing by Borrower under this Agreement, including
statements of all principal, interest, fees and Lender Expenses owing,
and such statement shall be presumed to be correct and accurate and
constitute an account stated between Borrower and Lender unless, within
thirty (30) days after receipt thereof by Borrower, Borrower shall
deliver to Lender, by registered or certified mail, at Lender's
place of business indicated in Exhibit A, written
objection thereto specifying the alleged error or errors contained in
such statement.

			
		(d) 	Borrower
hereby expressly authorizes Lender to rely on any request for an
Advance made by any Designated Representative so long as the proceeds
of the Advance are deposited by Lender into Borrower’s Account
identified on Exhibit A. Borrower agrees that it,
solely, shall bear the risk that any such Advance was not so
authorized. All Advances shall be conclusively presumed to have been
made for the benefit of Borrower when said Advances are deposited into
Borrower’s Account.

			
		(e) 	The terms of the Line of
Credit shall be reflected in and incorporated into a separate
promissory note, which shall be subject to the terms of this Agreement.
Interest on the Advances shall accrue as specified in the Note.
Borrower hereby agrees to make payment on the Advances (principal and
interest) as specified in the Note.

			
		2.2 	Fees and Expenses.    Borrower shall pay to Lender a loan fee and other fees, if
any, in the amount shown on Exhibit A. In addition,
Borrower agrees to reimburse Lender for any and all Lender Expenses and
hereby authorizes and approves all advances and payments by Lender for
items constituting Lender Expenses.

			
		2.3 	Application of
Payments.    Upon the occurrence of an Event of Default,
Lender, at its option, shall have the right to apply all payments made
under this Agreement or other Loan Documents to principal, interest and
other Lender Expenses in such order and amounts as Lender may determine
in its sole discretion.

E-18

Article 3

Representations and
Warranties

Until Lender is repaid in full, Borrower makes the
following representations and warranties:

			
		3.1 	Status.    If Borrower is an
entity, Borrower is duly organized, validly existing and in good
standing under the laws of the state in which it is organized, and is
qualified to do business and is in good standing in each jurisdiction
in which the ownership of its assets or the conduct of its business
requires qualification as a foreign entity.

			
		3.2 	Authority.    This Agreement and
each of the other Loan Documents have been duly authorized and, upon
execution and delivery, will constitute legal, valid and binding
agreements and obligations of Borrower or any Person executing the
same, enforceable in accordance with their respective terms.

			
		3.3 	Borrower.   In Exhibit
A:    (i) the full and correct name and address; (ii) state
of incorporation or formation; and (iii) all trade names for Borrower,
are complete and accurate.

			
		3.4 	No Conflicts.    The execution,
delivery and performance by Borrower, any Guarantor or any Person of
this Agreement and the other Loan Documents shall not: (i) violate any
Governmental Requirements applicable to such Person; (ii) constitute a
breach of any provision contained in the organizational papers of such
Person; or (iii) constitute an event of default under any agreement to
which such Person is now a party or by which such Person may be
bound.

			
		3.5 	Financial
Information.    All financial and other information that
has been or will be supplied to Lender is sufficiently complete to give
Lender accurate knowledge of Borrower's and any Guarantor’s
financial condition and is a true statement of Borrower's and any
Guarantor’s financial condition and reflects any and all
material contingent liabilities.

			
		3.6 	Lawsuits.     There is no
material lawsuit, tax claim or adjustment, or other dispute, pending or
threatened against Borrower, its property or any of its businesses.

			
		3.7 	Compliance and
Taxes.    Borrower is in compliance with all Governmental
Requirements and has satisfied, prior to delinquency, all taxes due or
payable by Borrower.

			
		3.8 	Permits, Franchises.    Borrower
possesses, and will maintain, all Governmental Permits, memberships,
franchises, contracts and licenses required and all trademark rights,
trade names, trade name rights, patents, patent rights and fictitious
name rights necessary to enable Borrower to conduct the business in
which Borrower is now engaged without conflict with the rights of
others.

			
		3.9 	Transaction.    The Loan is not
being incurred primarily for personal, family or household purposes.
Borrower is not engaged in the business of extending credit for the
purpose of purchasing or carrying any ‘‘margin
stock’’ (as defined in Regulation G, T, U or X of the Board
of Governors of the Federal Reserve System), and no part of the
proceeds of the Loan shall be used to purchase or carry any margin
stock or to extend credit to others for the purpose of purchasing or
carrying any margin stock, unless such use is approved in writing by
Lender or otherwise expressly contemplated by the Loan Documents.
Borrower does not intend to treat the Loan and related transactions as
being a ‘‘reportable transaction’’ (within the
meaning of Treasury Regulation Section 1.6011-4).

			
		3.10 	OFAC; Patriot Act
Compliance.

			
		a. 	Borrower is not a Person (i) whose property or
interest in property is blocked or subject to blocking pursuant to
Section 1 of Executive Order 13224 of 

E-19

			
		 	
September  23,  2001 Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten
to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) who
engages in any dealings or transactions prohibited by Section 2 of such
executive order, or is otherwise associated with any such Person in any
manner violative of such Section 2, or (iii) who is on the list of
Specially Designated Nationals and Blocked Persons or subject to the
limitations or prohibitions under any other U.S. Department of
Treasury’s Office of Foreign Assets Control regulation or
executive order (‘‘OFAC’’).

			
		b. 	Borrower is
in compliance with the Patriot Act. No proceeds of the Loan will be
used, directly or indirectly, for payments to any governmental official
or employee, political party or its officials, candidate for political
office, or anyone else acting in an official capacity, in order to
obtain, retain or direct business or obtain any improper advantage, in
violation of the United States Foreign Corrupt Practices Act of 1977,
as amended.

			
		3.11 	No
Defaults.    There is no default by Borrower on any
obligation for borrowed money, any purchase money obligation or any
other material lease, commitment, contract, instrument or obligation to
which it is a party.

			
		3.12 	Investment Company
Compliance.    Borrower shall not become an
‘‘investment company’’ or a company controlled
by an ‘‘investment company,’’ under the
Investment Company Act of 1940 or undertake as one of its important
activities extending credit to purchase or carry margin stock, or use
the proceeds of the Loan for that purpose; fail to meet the minimum
funding requirements of ERISA, permit a Reportable Event or Prohibited
Transaction (as defined in ERISA) to occur, fail to comply with the
Federal Fair Labor Standards Act or violate any other law or
regulation, if the violation could reasonably be expected to cause a
material adverse change in Borrower’s financial condition.

			
		3.13 	Continuing and
Cumulative Warranties.    The warranties and
representations set forth in this Section and in any other Loan
Document shall be true and correct in all material respects at the time
of execution of this Agreement or other Loan Document and shall
constitute continuing representations and warranties as long as any of
the Obligations remain unpaid or unperformed. The warranties and
representations shall be cumulative and in addition to any other
warranties and representations which Borrower shall give, or cause to
be given, to Lender, now or hereafter.

Article 4

Covenants

Borrower agrees, until Lender is
repaid in full or the Loan Documents are terminated, whichever occurs
first:

			
		4.1 	Accounting
Methods; Books and Records.    Borrower shall: (i) maintain
a standard and modern system of accounting in accordance with generally
accepted accounting principles or such other accounting principles as
agreed to by Lender, consistently applied during the term of the Loan;
(ii) not modify or change its method of accounting; and (iii) permit
Lender and any of Lender's representatives, on demand, during
usual business hours, to have access to and examine Borrower’s
Books. Borrower irrevocably authorizes all accountants and auditors
employed by it to respond to and answer all requests from Lender for
financial and other information.

			
		4.2 	Existence.    If Borrower is an
entity, Borrower shall maintain its existence in good standing under
the laws of the state of its organization and maintain its
qualification as a foreign entity in each jurisdiction in which the
nature of its business requires such qualification.

E-20

			
		4.3 	Use of Proceeds.    Borrower
shall use the Loan proceeds only to (a) fund capital calls for
Greenhill Capital Partners I and II; (b) tenant improvements for a new
floor at the existing New York location; (c) share repurchases; and (d)
other working capital and general corporate purposes.

			
		4.4 	Change.    Borrower shall not:
(i) without thirty (30) days’ prior written consent of Lender,
change its name, business structure, identity or state of formation or
dissolve, suspend business, liquidate, or merge with any other entity;
(ii) without at least thirty (30) days' prior written notice to
Lender, change the location of its business; (iii) transfer or sell any
of its assets other than in the ordinary course of business; or (iv)
purchase or lease all or the greater part of the assets or business of
another if in excess of $5,000,000.00.

			
		4.5 	Reliance by Lender.    Lender may
conclusively presume that all oral or written requests, statements,
information, certifications, and representations submitted or made by
Borrower to Lender in connection with the Loan are true and correct,
and Lender shall be entitled to rely thereon, without investigation or
inquiry of any kind, in disbursing Loan proceeds and taking or
refraining from taking any other action in connection with the
Loan.

			
		4.6 	Further
Assurances.    Upon Lender’s request, Borrower, at
Borrower’s expense, shall: (i)  execute (or re-execute) and
deliver such further documents and notices satisfactory to Lender and
take any action requested by Lender to carry out the intent of this
Agreement and the other Loan Documents; and (ii) provide such reports
and information available to Borrower concerning its business and
financial condition.

			
		4.7 	Financial
Information.    Borrower shall deliver or cause to be
delivered to Lender within ten (10) days of a request from Lender,
updated financial information. Borrower shall be at all times in
compliance with all financial requirements of Lender and shall
immediately notify Lender of any adverse change in the financial
condition of Borrower. Borrower acknowledges that Lender will review
its credit annually and authorizes Lender to make whatever inquiries it
deems necessary and appropriate, including for the purposes of
verifying or checking on any information given and evaluating
Borrower’s credit and re-verifying its credit from time to time,
including obtaining credit bureau reports.

			
		4.8 	Insurance.    Borrower shall
maintain insurance against such casualties, risks and liabilities, in
such forms and for such amounts as are required by Lender. The form and
substance of all such insurance policies
(‘‘Policy’’) shall be reasonably acceptable to
Lender and maintained with insurers reasonably acceptable to Lender.
Upon Lender's request, Borrower shall provide Lender with evidence
satisfactory to Lender regarding the maintenance of the insurance
required by this Section. If Borrower fails to provide or pay for any
such Policy, Lender, at its option and in its discretion, shall have
the right, but not the obligation, to obtain the same at
Borrower's expense.

			
		4.9 	Maintenance of
Properties.    Borrower shall: (i) maintain its properties
in good condition and repair, normal depreciation excepted; and (ii)
not use or permit the use of any of its properties or assets for any
unlawful purpose or in any negligent manner or outside the ordinary
course of business.

			
		4.10 	Liens.    Borrower shall keep all
of its assets free of all liens, except Permitted Liens

			
		4.11 	Solvency.    Borrower shall
remain solvent at all times during the term of this Agreement such that
the total value of its assets will exceed its liabilities (contingent
and non-contingent) and will be able to pay its debts as they come
due.

			
		4.12 	Taxes.    Borrower shall pay when
due all taxes.

E-21

			
		4.13 	Pension Plans.    Borrower shall
pay all amounts necessary to fund all of its employee benefit plans in
accordance with their terms, and shall not permit the occurrence of any
event with respect to any such plan which would result in its
liability, including any liability to the Pension Benefit Guaranty
Corporation or any other Governmental Authority.

			
		4.14 	Compliance with
Applicable Laws.    Borrower shall at all times comply with
and keep in effect all Governmental Permits relating to it and its
assets. Borrower shall at all times comply with: (i) all Governmental
Requirements; (ii) all requirements and orders of all judicial
authorities which have jurisdiction over Borrower or its assets; and
(iii) all covenants, conditions, restrictions and other documents
relating to Borrower or its assets.

			
		4.15 	Notifications.    Borrower shall
promptly notify Lender of: (i) any material adverse change in its
financial condition and of any condition or event which constitutes a
breach of or Event of Default under this Agreement; and (ii) any
material pending, threatened or imminent litigation, governmental
investigations or claims, complaints, actions or prosecutions involving
Borrower.

Article 5

Event of
Default

The occurrence of any of the following shall
constitute an ‘‘Event of Default’’ under this
Agreement, at the option of Lender:

			
		5.1 	Failure to Pay.    If Borrower
fails to make a payment under this Agreement or any Note when due.

			
		5.2 	Failure to
Perform.    If Borrower or other Person fails to perform
any obligation or covenant or comply with any requirement under this
Agreement or other Loan Document beyond any applicable cure period or
the occurrence of an Event of Default under any other Loan
Document.

			
		5.3 	Misrepresentation.    If any
statement, information, certification, representation or warranty,
whether oral or written, made by Borrower to Lender is false or
misleading.

			
		5.4 	Guarantor.    If Borrower of
Guarantor fails to provide any document or information required to be
provided by Guarantor under this Agreement or the Guaranty.

			
		5.5 	Insolvency.    If a voluntary
Insolvency Proceeding is commenced by Borrower or Guarantor (if any);
or if an involuntary Insolvency Proceeding is commenced against
Borrower or Guarantor and not dismissed within sixty (60) days.

			
		5.6 	Receivers.    If a receiver or
similar official is appointed for any of Borrower's assets.

			
		5.7 	Injunction.    If Borrower is
enjoined, restrained or in any way prevented by court order from
continuing to conduct all or any material part of Borrower's
business affairs.

			
		5.8 	Transfers; Dissolution;
Death.    If there is a dissolution, termination or
liquidation of Borrower or any Guarantor if Borrower or any Guarantor
is a corporation, partnership, limited liability company or other
entity; or the transfer of more than twenty-five percent (25%)
of the beneficial interests in Borrower or any Guarantor; or the death
or incompetency of Borrower or any Guarantor if Borrower or any
Guarantor is an individual.

			
		5.9 	Lawsuits.    If any lawsuit is
filed against Borrower which, if lost, would impair Borrower’s
financial condition or ability to repay the Loan.

			
		5.10 	Judgments.    If any judgments or
arbitration awards are entered against Borrower or Borrower enters into
any settlement agreements with respect to any litigation or
arbitration, any of which would materially impair Borrower's
financial condition or ability to repay the Loan.

E-22

			
		5.11 	Material Adverse Change.    If a
material adverse change occurs in Borrower's financial condition
or ability to repay the Loan.

Article 6

REMEDIES, INDEMNIFICATION AND WAIVERS

			
		6.1 	Remedies.    If an Event of
Default shall have occurred and not been cured or waived in accordance
with the terms hereof, Lender shall have the following rights and
powers and may, at its option, without notice of its election and
without demand, do any one or more of the following: (i) declare any or
all of the Obligations to be immediately due and payable; (ii)
discontinue advancing money or extending credit in connection with the
Loan or under any other document or agreement between Lender and
Borrower; or (iii)  exercise any or all rights and remedies under
this Agreement or any other Loan Document or applicable law. The
remedies of Lender, as provided herein, shall be cumulative and
concurrent, and may be pursued singularly, successively or together, at
the sole discretion of Lender, and may be exercised as often as
occasion therefore shall arise.

			
		6.2 	Indemnification.    Borrower
shall indemnify and hold Lender harmless from and against any and all
claims, damages, liabilities, actions, and expenses (including
Attorneys' Fees) of every kind (collectively, the
‘‘Claims’’) arising out of or relating to any
of the following: (i) a breach of any Obligations or warranties under
this Agreement; (ii) any act or omission by Borrower or any Guarantor
or their employees or agents; or (iii) any of Borrower’s
properties. Borrower's obligation to indemnify under this Section
shall survive the cancellation of the Obligations.

			
		6.3 	Waivers.    Borrower waives: (i)
the right to direct the application of any and all payments or
collections at any time or times hereafter received by Lender on
account of any Obligations except for such application as are
explicitly required under this Agreement; (ii) demand, protest, notice
of protest, notice of default or dishonor, notice of payment and
nonpayment, notice of any default, nonpayment at maturity, release,
compromise, settlement, extension or renewal relating to any of the
Loan Documents; and (iii) all rights, remedies, and benefits under
California Civil Code Sections 1479 and 2822(a).

Article
7

Miscellaneous.

			
		7.1 	Relationship.    Lender shall not
be deemed a partner, joint venturer, trustee, fiduciary or participant
in Borrower or Borrower's business. The relationship of Borrower
and Lender is solely that of borrower and lender.

			
		7.2 	Power of
Attorney.    Borrower irrevocably appoints Lender, with
full power of substitution, as its attorney-in-fact, coupled with an
interest, with full power, in Lender's own name or in the name of
Borrower at any time to sign, record and file all documents referred to
in this Agreement. Lender shall have the right to exercise the power of
attorney granted in this Section directly or to delegate all or part of
such power. Lender shall not be obligated to act on behalf of Borrower
as attorney-in-fact.

			
		7.3 	Choice of Law; Venue.    The Loan
Documents shall be determined under, governed by and construed in
accordance with California law. The parties agree that all actions or
proceedings arising in connection with the Loan Documents shall be
tried and litigated only in the state courts located in the County of
San Francisco, State of California, or the federal courts located in
the Northern District of California. Borrower waives any right Borrower
may have to assert the doctrine of forum non conveniens or to object to
such venue and hereby consents to any court-ordered relief.

E-23

			
		7.4 	Successors and Assigns.    The
Loan Documents shall be binding on Borrower's and Lender’s
successors and assigns. Borrower agrees that it may not assign any of
the Loan Documents without Lender’s prior consent. Lender may
assign, in whole or in part, all of its right, title and interest in
and to this Agreement or any Loan Documents at any time without the
consent of Borrower. In connection with any assignment, Lender may
disclose all documents and information that Lender has or may hereafter
have relating to Borrower and/or any Guarantor.

			
		7.5 	Severability;
Waivers.    Each provision of any Loan Document shall be
severable from every other provision of the Loan Documents for the
purpose of determining the legal enforceability of any provision. No
waiver by Lender of any of its rights or remedies in connection with
the Loan Documents shall be effective unless such waiver is in writing
and signed by Lender. No act or omission by Lender to exercise a right
as to any event shall be construed as continuing, as a bar to, or as a
waiver or release of, any subsequent right, remedy or recourse as to a
subsequent event of the said right.

			
		7.6 	Attorneys’ Fees.    On
demand, Borrower shall reimburse Lender for all costs and expenses,
including without limitation, reasonable attorneys' fees, costs
and disbursements (and fees and disbursements of Lender's in-house
counsel) (collectively ‘‘Attorneys’
Fees’’) expended or incurred by Lender in connection with
the amendment and/or enforcement of this Agreement and Lender's
rights hereunder whether or not suit is brought. Attorneys’ Fees
shall include, without limitation, attorneys’ fees and costs
incurred in any State, Federal or Bankruptcy Court, and in any
Insolvency Proceeding of any kind in any way related to this Agreement
or any other Loan Document.

			
		7.7 	Notices.    Any notice, demand or
request required under the Loan Documents shall be given in writing (at
the addresses set forth in Exhibit A) by any of the
following means: (i) personal service; (ii) electronic communication,
whether by telex, telegram or telecopying or other form of electronic
communication; (iii) overnight courier; or (iv)  registered or
certified, first class U.S. mail, return receipt requested, or to such
other addresses as Lender and Borrower may specify from time to time in
writing. Any notice, demand or request sent pursuant to either
subsection (i) or (ii) above, shall be deemed received upon such
personal service or upon dispatch by electronic means. Any notice,
demand or request sent pursuant to subsection (iii) above, shall be
deemed received on the Business Day immediately following deposit with
the overnight courier, and, if sent pursuant to subsection (iv) above,
shall be deemed received forty-eight (48) hours following deposit into
the U.S. mail.

			
		7.8 	Headings.    Article and section
headings are for reference only and shall not affect the interpretation
or meaning of any provisions of the Loan Documents.

			
		7.9 	No Third Party
Beneficiaries.    The Loan Documents are entered into for
the protection and benefit of Lender and Borrower and their respective
permitted successors and assigns. No other Person shall have any rights
or causes of action under the Loan Documents.

			
		7.10 	Integration;
Amendment.    No modification or amendment to this
Agreement or any other Loan Documents shall be effective unless in
writing, executed by Lender. Except for currently existing obligations
of Borrower to Lender, all prior agreements, understandings,
representations, warranties and negotiations between the parties
whether oral or written, if any, which relate to the substance of this
Agreement, are merged into this Agreement. Borrower hereby waives the
right to assert any agreement, promise, fact or any parol (oral)
evidence which is contrary to the terms or representations specified in
this Agreement.

			
		7.11 	Joint and Several
Liability.    Should more than one Person sign this
Agreement or any other Loan Document as Borrower, the obligations of
each signatory shall be joint and several.

E-24

			
		7.12 	Counterparts; Electronic
Signatures.    This Agreement may be executed in
counterparts, each of which when so executed shall be deemed an
original, but all such counterparts shall constitute but one and the
same agreement. A signed copy of this Agreement transmitted by a party
to another party via facsimile or an emailed
‘‘pdf’’ version shall be binding on the
signatory thereto.

			
		7.13 	WAIVER OF JURY TRIAL.    TO THE
FULLEST EXTENT PERMITTED BY LAW, LENDER AND BORROWER HEREBY
VOLUNTARILY, UNCONDITIONALLY AND IRREVOCABLY WAIVE TRIAL BY JURY IN ANY
LITIGATION OR PROCEEDING IN A STATE OR FEDERAL COURT WITH RESPECT TO,
IN CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR THE OTHER LOAN
DOCUMENTS OR THE OBLIGATIONS, OR ANY INSTRUMENT OR DOCUMENT DELIVERED
IN CONNECTION HEREWITH OR THEREWITH OR THE TRANSACTIONS CONTEMPLATED
HEREBY, INCLUDING, WITHOUT LIMITATION, CLAIMS RELATING TO THE
APPLICATION, OR THE VALIDITY, PROTECTION, INTERPRETATION, COLLECTION OR
ENFORCEMENT THEREOF, OR ANY OTHER CLAIM OR DISPUTE HOWSOEVER ARISING
(INCLUDING TORT AND CLAIMS FOR BREACH OF DUTY) BETWEEN LENDER AND
BORROWER.

This Agreement is executed as of the date stated at
the top of the first page.

											
	LENDER		BORROWER
	FIRST REPUBLIC BANK		Greenhill &
Co., Inc.,
a Delaware
corporation
	

															
	By:		Scott McCrea		By:		Harold J. Rodriguez, Jr.
	Name:		Scott McCrea		 		Harold J.
Rodriguez, Jr.
	Title:		Sr.  Managing  Director		 		Treasurer
	

E-25

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