Document:

THIRD AMENDMENT TO AMENDED AND RESTATED
		CREDIT AGREEMENT
	 

	 
		AND CONSENT
	 

	 
		This THIRD AMENDMENT TO AMENDED AND RESTATED
		CREDIT AGREEMENT AND CONSENT (this “Amendment”)
		is entered into and effective as of December 18, 2006 among FORTRESS INVESTMENT
		GROUP LLC, a Delaware limited liability company and certain of its Affiliates
		(collectively the “Borrowers”), certain Subsidiaries and Affiliates of the
		Borrowers (the “Guarantors”), the Lenders party hereto and BANK OF AMERICA,
		N.A., as Administrative Agent and L/C Issuer (the “Administrative Agent”). Capitalized terms used herein and not otherwise
		defined shall have the meanings set forth in the Credit Agreement (as defined
		below).
	 

	 
		RECITALS
	 

	 
		WHEREAS, the Borrowers, the Guarantors, the
		Lenders and the Administrative Agent are party to that certain Amended and
		Restated Credit Agreement dated as of June 23, 2006 (as amended and modified
		from time to time, the “Credit
		Agreement”);
	 

	 
		WHEREAS, the Borrowers have requested
		certain modifications and consents to the Credit Agreement;
	 

	 
		WHEREAS, the Required Lenders have agreed to
		such modifications and consents, subject to the terms set forth herein as more
		fully set forth below.
	 

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

	 
		AGREEMENT
	 

	 
		1. Amendments to Credit Agreement.
	 

	 
		(a) Definitions.
	 

	 
		(i) The definition of “Borrowers”
		in Section 1.01 of the Credit Agreement is amended and restated in its entirety
		to read as follows:
	 

	 
		“Borrowers” means, subject to Section 8.04(f), FIG, FPIH II, FPIH III, FPIH IV, FIG Partners Pool
		(A), FIG Partners Pool (P), FIG Partners Pool (P2) and Fortress Canada
		Management Trust and “Borrower” means any one of them.
	 

	 
		(ii) Clause (j) of the definition of
		“EBITDA” in Section 1.01 of the Credit Agreement is amended and
		restated in its entirety to read as follows:
	 

	 
		(j) cash Promote Fees received from
		Private Equity Funds, plus;
	 

	 
		(iii) The last proviso in the definition of
		“Investment Assets” in Section 1.01 of the Credit Agreement is
		amended and restated in its entirety to read as follows:
	 

	 
		
	 

	 

	 
	 

	 
	 
		; provided that Investment Assets shall
		not include (i) Deferred Management and Incentive Fees or (ii) any assets held
		or owned by a Principal Guarantor.
	 

	 
		(iv) The following definition is added to
		Section 1.01 of the Credit Agreement in the appropriate alphabetical order to
		read as follows:
	 

	 
		“Principal Guarantor” means a Person owned directly or indirectly by a
		Principal who becomes a Guarantor pursuant to documentation reasonably
		acceptable to the Administrative Agent; provided
		that such documentation will evidence that a Principal Guarantor will not be
		subject to Sections
		7.02 (except 7.02(h)),
		714 or 8.07.
	 

	 
		(b) Certificates; Other Information. With respect to Section 7.02(c) of the Credit
		Agreement, (i) clause (iv) thereof is amended and restated in its entirety and
		(ii) a new clause (vi) is added, each to read as set forth below:
	 

	 
		(iv) a detailed report listing Management
		Fee Earning Assets for each Fortress Fund and an identification of which
		Fortress Funds are Material Fortress Funds,
	 

	 
		*****
	 

	 
		and (vi) copies of any amendments,
		modifications or changes to the Organization Documents of a Loan Party or any
		Subsidiary thereof not previously disclosed in writing to the Administrative
		Agent.
	 

	 
		(c) Books and Records. Section 7.09(a) of the Credit Agreement is amended by
		deleting the word “SBA”
		set forth therein and inserting the
		word “GAAP” in substitution thereof.
	 

	 
		(d) Investments.
		Section 8.02 of the Credit Agreement is amended by (i) deleting the
		“.” at the end of clause (i) thereof and inserting
		“; and”
		in substitution thereof and (ii) adding
		a new clause (j) to read as follows:
	 

	 
		(j) Investments by Principal Guarantors
		as set forth on Schedule
		8.02(j).
	 

	 
		(e) Fundamental Changes. Section 8.04 of the Credit Agreement is amended by (i)
		deleting the “and”
		immediately before clause (e) and (ii)
		adding a new clause (f) to read as follows:
	 

	 
		and (f) a Borrower may merge or
		consolidate with any Borrower; provided
		that in any such event FIG must survive and remain a Borrower.
	 

	 
		(f) Dispositions.
		Section 8.05(g)(ii) of the Credit Agreement is amended and restated in its
		entirety to read as follows:
	 

	 
		2
	 

	 

	 
	 

	 
	 
		(ii) In addition to Dispositions
		permitted by clause (i) above, notwithstanding anything in Sections 8.04, 8.05 (other than Section 8.05(h)) and 8.06 to the
		contrary, each Loan Party and each Subsidiary thereof shall be permitted to
		make Dispositions prior to the IPO to any Person owned, directly or indirectly,
		by the Principals, so long as (A) the aggregate value of such Dispositions does
		not exceed $600,000,000, (B) such Person is a Principal Guarantor or
		simultaneously becomes a Principal Guarantor upon such Disposition; it being
		understood that, in connection with the IPO, such Person shall automatically be
		released as a Principal Guarantor immediately prior to the IPO so long as,
		after giving effect to the release, the IPO and the application of the IPO
		proceeds, the aggregate value of Investment Assets is greater than or equal to
		$550,000,000 and (C) until a Principal Guarantor is released from its
		obligations as a Principal Guarantor as set forth in clause (B) above, a
		Principal Guarantor (1) shall not create, incur, assume or suffer to exist any
		Indebtedness other than Indebtedness under the Loan Documents, (2) shall not
		create incur, assume or suffer to exist any Lien other than Permitted Liens,
		(3) shall provide information regarding the aggregate fair market value of its
		Investments to the Administrative Agent within 55 days after the end of each
		fiscal quarter, (4) shall keep its books and records and financial operations
		separate from the books and records and financial operations of the Fortress
		Entities and their Subsidiaries and (5) shall only engage in the business of
		owning Permitted Investments and other businesses reasonably related
		thereto.
	 

	 
		(g) Restricted Payments. Section 8.06(d) of the Credit Agreement is amended and
		restated in its entirety to read as follows:
	 

	 
		(d) a Loan Party or a Subsidiary may make
		any Distribution to the extent it would be permitted as a Disposition under
		Section 8.05.
	 

	 
		(h) Transactions with Affiliates and
		Insiders. Section 8.08 of the Credit
		Agreement is amended by changing clause (e) to clause (f) and inserting a new
		clause (e) immediately prior to the new clause (f) to read as follows:
	 

	 
		(e) Investments in Fortress Funds by
		officers, directors and Affiliates without the payment of normal fees or
		charges related thereto.
	 

	 
		(i) Organization Documents. Section 8.12(a) of the Credit Agreement is amended and
		restated in its entirety to read as follows
	 

	 
		(a) Amend, modify or change its
		Organization Documents in a manner materially adverse to the
		Lenders.
	 

	 
		(j) Capital Expenditures. Section 8.14 of the Credit Agreement is amended and
		restated in its entirety to read as follows:
	 

	 
		Permit Capital Expenditures of the Loan
		Parties and their Subsidiaries and Affiliates to exceed $20,000,000, in the
		aggregate, during any fiscal year.
	 

	 
		(k) Schedule 8.02(j). A new Schedule
		8.02(j) shall be added to the Credit
		Agreement to read as attached hereto.
	 

	 
		3
	 

	 

	 
	 

	 
	 
		2. Consent. The
		Borrowers have advised the Administrative Agent and the Lenders that the
		Borrowers will amend certain Organization Documents of certain Fortress Funds
		to allow limited partners holding a majority of the unaffiliated partnership
		interests of such Fortress funds to have the ability to liquidate such Fortress
		Funds without cause (the “Organization Document Amendments”). The result of the Organization Document
		Amendments is to effect the deconsolidation of the Fortress Funds for financial
		reporting purposes. The Organization Document Amendments may violate Section
		8.12(a) of the Credit Agreement. Therefore, the Administrative Agent and the
		Required Lenders hereby consent to the Organization Document Amendments and
		hereby waive any related Default or Event of Default that would result directly
		as a result of a breach of Section 8.12(a) of the Credit Agreement in
		connection with the Organization Document Amendments.
	 

	 
		3. Effectiveness; Conditions Precedent. This Amendment shall be and become effective upon
		receipt by the Administrative Agent of copies of this Amendment duly executed
		by the Borrowers, the Guarantors and the Required Lenders and the payment of
		all fees and expenses then due and payable.
	 

	 
		4. Ratification of Credit Agreement. The term “Credit Agreement” as used in each
		of the Loan Documents shall hereafter mean the Credit Agreement as amended and
		modified by this Amendment. Except as herein specifically agreed, the Credit
		Agreement, as amended by this Amendment, is hereby ratified and confirmed arid
		shall remain in full force and effect according to its terms. Each of the Loan
		Parties acknowledge and consent to the modifications set forth herein and agree
		that this Amendment does not impair, reduce or limit any of its obligations
		under the Loan Documents (including, without limitation, the indemnity
		obligations and guaranty obligations set forth therein) and that, after the
		date hereof, this Amendment shall constitute a Loan Document.
	 

	 
		5. Authority/Enforceability. Each of the Loan Parties represents and warrants as
		follows:
	 

	 
		(a) It has taken all necessary action to
		authorize the execution, delivery and performance of this Amendment.
	 

	 
		(b) This Amendment has been duly executed
		and delivered by such Person and constitutes such Person’s legal, valid
		and binding obligations, enforceable in accordance with its terms, except as
		such enforceability may be subject to (i) bankruptcy, insolvency,
		reorganization, fraudulent conveyance or transfer, moratorium or similar laws
		affecting creditors’ rights generally and (ii) general principles of
		equity (regardless of whether such enforceability is considered in a proceeding
		at law or in equity).
	 

	 
		(c) No consent, approval, authorization or
		order of, or filing, registration or qualification with, any court or
		governmental authority or third party is required in connection with the
		execution, delivery or performance by such Person of this Amendment.
	 

	 
		(d) The execution and delivery of this
		Amendment does not (i) violate, contravene or conflict with any provision of
		its, or its Subsidiaries’ organizational documents or (ii) materially
		violate, contravene or conflict with any Requirement of Law
	 

	 
		4
	 

	 

	 
	 

	 
	 
		or any other law, regulation, order, writ,
		judgment, injunction, decree or permit applicable to it or any of its
		Subsidiaries.
	 

	 
		6. Representations and Warranties of the Loan
		Parties. The Loan Parties represent and
		warrant to the Administrative Agent and the Lenders that (a) the
		representations and warranties of the Loan Parties set forth in Article VI of
		the Credit Agreement are true and correct in all material respects as of the
		date hereof, (b) after giving effect to this Amendment, no event has occurred
		and is continuing which constitutes a Default or an Event of Default and (c)
		the Collateral Documents continue to create a valid perfected security interest
		in the Collateral prior to all Liens other than Permitted Liens.
	 

	 
		7. Release. In
		consideration of the Administrative Agent and the Required Lenders entering
		into this Amendment on behalf of the Lenders, the Loan Parties hereby release
		the Administrative Agent, the L/C Issuer, each of the Lenders, and the
		Administrative Agent’s, the L/C Issuer’s and each of the
		Lenders’ respective officers, employees, representatives, agents, counsel
		and directors from any and all actions, causes of action, claims, demands,
		damages and liabilities of whatever kind or nature, in law or in equity, now
		known or unknown, suspected or unsuspected to the extent that any of the
		foregoing arises from any action or failure to act solely in connection with
		the Loan Documents on or prior to the date hereof.
	 

	 
		8. Counterparts/Telecopy. This Amendment may be executed in any number of
		counterparts, each of which when so executed and delivered shall be an
		original, but all of which shall constitute one and the same instrument.
		Delivery of executed counterparts of this Amendment by telecopy shall be
		effective as an original and shall constitute a representation that an original
		shall be delivered promptly upon request.
	 

	 
		9. GOVERNING LAW.
		THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
		GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
		STATE OF NEW YORK.
	 

	 
		[remainder of page intentionally left
		blank]
	 

	 
		5
	 

	 

	 
	 

	 
	 
		IN WITNESS WHEREOF, each of the parties
		hereto has caused a counterpart of this Amendment to be duly executed and
		delivered and this Amendment shall be effective as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				  BORROWERS:
				

			 	
				
				   
				

			 	
				
				  FORTRESS INVESTMENT GROUP
				  LLC,
				

			 
	 	
				
				   
				

			 	
				
				  a Delaware limited liability
				  company
				

			 
	 	
				
				   
				

			 	
				
				  FORTRESS PRINCIPAL INVESTMENT
				  HOLDINGS II LLC,
				

			 
	 	
				
				   
				

			 	
				
				  a Delaware limited liability
				  company
				

			 
	 	
				
				   
				

			 	
				
				  FORTRESS PRINCIPAL INVESTMENT
				  HOLDINGS III LLC,
				

			 
	 	
				
				   
				

			 	
				
				  a Delaware limited liability
				  company
				

			 
	 	
				
				   
				

			 	
				
				  FORTRESS PRINCIPAL INVESTMENT
				  HOLDINGS IV LLC,
				

			 
	 	
				
				   
				

			 	
				
				  a Delaware limited liability
				  company
				

			 
	 	
				
				   
				

			 	
				
				  FORTRESS CANADA MANAGEMENT TRUST,
				  
				

			 
	 	
				
				   
				

			 	
				
				  a Delaware statutory trust
				

			 
	 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Dan Bass
				

			 
	 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Dan Bass
				

			 
	 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Chief Financial Officer of each of
				  the above-referenced Borrowers
				

			 
	 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	 	
				
				   
				

			 	
				
				  FIG PARTNERS POOL
				  (A) LLC,
				

			 
	 	
				
				   
				

			 	
				
				  a Delaware limited liability
				  company
				

			 
	 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Randal A. Nardone
				

			 
	 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Randal A. Nardone
				

			 
	 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Chief Operating Officer
				

			 
	 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	 	
				
				   
				

			 	
				
				  FIG PARTNERS POOL (P)
				  LLC,
				

			 
	 	
				
				   
				

			 	
				
				  a Delaware limited liability
				  company
				

			 
	 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Randal A. Nardone
				

			 
	 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Randal A. Nardone
				

			 
	 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Chief Operating Officer
				

			 
	 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	 	
				
				   
				

			 	
				
				  FIG PARTNERS POOL (P2)
				  LLC,
				

			 
	 	
				
				   
				

			 	
				
				  a Delaware limited liability
				  company
				

			 
	 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Randal A. Nardone
				

			 
	 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Randal A. Nardone
				

			 
	 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Chief Operating Officer
				

			 

 

	 
		6
	 

	 

	 
	 

	 
	 
		 
	 

	 
			
				
				  GUARANTORS:
				

			 	
				
				   
				

			 	
				
				  FORTRESS INVESTMENT HOLDINGS
				  LLC,
 a Delaware limited liability
				  company
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS PRINCIPAL INVESTMENT
				  HOLDINGS LLC,
 a Delaware limited
				  liability company
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS PRINCIPAL INVESTMENT
				  GROUP LLC,
 a Delaware limited
				  liability company
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Dan Bass
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Dan Bass
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Chief Financial Officer of each of
				  the above-referenced Guarantors
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS FUND III GP (HOLDINGS)
				  LLC,
 a Delaware limited liability
				  company
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Randal A. Nardone
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Randal A. Nardone
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Chief Operating Officer
				

			 

 

	 
		7
	 

	 

	 
	 

	 
	 
			
				
				  ADMINISTRATIVE AGENT:
				

			 	
				
				   
				

			 	
				
				  BANK OF AMERICA, N.A.,

				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
 
 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Joshua A. Podietz
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Joshua A. Podietz
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President
				

			 

 

	 
		 
	 

	 
			
				
				  LENDERS:
				

			 	
				
				   
				

			 	
				
				  BANK OF AMERICA, N.A.,
				  as a Lender and L/C Issuer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
 
 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Joshua A. Podietz
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Joshua A. Podietz
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President
				

			 

 

	 
		8
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  WELLS FARGO BANK, NATIONAL
				  ASSOCIATION,
 as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
 
 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Stephen Leon
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Stephen Leon
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Managing Director
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
 
 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Maureen S. Malphus
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Maureen S. Malphus
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President
				

			 

 

	 
		9
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK AG NEW YORK
				  BRANCH,
 as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Evelyn Thierry
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Evelyn Thierry
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Susan LeFevre
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Susan LeFevre
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director
				

			 

 

	 
		10
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  KEYBANK NATIONAL
				  ASSOCIATION,
 as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Tayven Hike
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Tayven Hike, CFA
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President
				

			 

 

	 
		11
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  JPMORGAN CHASE BANK,
				  N.A.,
 as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ James R. Coffman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  James R. Coffman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President
				

			 

 

	 
		12
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GOLDMAN SACHS CREDIT PARTNERS
				  L.P.,
 as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Robert Schatzman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Robert Schatzman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Authorized Signatory
				

			 

 

	 
		13
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  LEHMAN COMMERCIAL PAPER
				  INC.,
 as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Diane Albanese
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Diane Albanese
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Authorized Signatory
				

			 

 

	 
		14FOURTH
		AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND
		WAIVER

	  

	 This
		FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
		AND WAIVER (this “Amendment”)
		is entered into and effective as of January 29, 2007
		among FORTRESS INVESTMENT GROUP LLC, a Delaware limited liability company and
		certain of its Affiliates (collectively the “Borrowers”),
		certain Subsidiaries and Affiliates of the Borrowers
		(the “Guarantors”),
		the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent and
		L/C Issuer (the “Administrative
		Agent”).
		Capitalized terms used herein and not
		otherwise defined shall have the meanings set forth in the Credit Agreement (as
		defined below).

	  

	 RECITALS

	  

	 WHEREAS,
		the Borrowers, the Guarantors, the Lenders and the Administrative Agent
		are
		party to that certain Amended and Restated Credit Agreement dated as of June
		23, 2006 (as amended
		and modified from time to time, the “Credit
		Agreement”);

	  

	 WHEREAS,
		the Borrowers are in violation of Section 8.05(h) of the Credit Agreement as a
		result of the Disposition of Promote Fees related to FIF IV (and its related
		funds) and Drawbridge
		Long Dated Value Fund, L.P (and its related funds) in excess of the amounts
		permitted
		thereunder;

	  

	 WHEREAS,
		the Borrowers have requested that the Lenders waive any Default or Event
		of
		Default that has resulted from such violation of Section 8.05(h);

	  

	 WHEREAS,
		the Borrowers have also requested certain amendments to the Credit Agreement
		relating to Promote Fees; and

	  

	 WHEREAS,
		the Required Lenders and, as applicable, the Revolving Lenders holding a
		majority of the Revolving Commitments have agreed to grant such waiver and
		consent to such amendments,
		subject to the terms set forth herein as more fully set forth
		below.

	  

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

	  

	 AGREEMENT
		

	  

	 1.        Amendments
		to Credit Agreement.

	  

	 (a)
		New
		Definitions. The
		following definitions shall be added to Section 1.01 to
		the Credit Agreement in the appropriate alphabetical order:

	  

	 “Drawbridge
		Long Dated Value Funds”
		means Drawbridge Long Dated Value
		Fund LP, Drawbridge Long Dated Value Fund (B) LP, Drawbridge Long Dated
		Value
		Fund II LP, Drawbridge Long Dated Value Fund II (B) LP and Drawbridge Long
		Dated
		Value Fund II (C) LP.

	  

	 

	 
	 

	 
	  

	 “Fund
		I”
		means all Private Equity Funds under the heading “Fund I (Fund
		and Sister)” on Schedule
		6.13 (a) (ii).

	  

	 “Fund
		IV”
		means all Private Equity Funds under the heading “Fund IV
		(Funds,
		Coinvestment Funds, SisterCos and Sidecars)” on Schedule
		6.13(a)(ii).

	  

	 (b)
		Section
		7.15.
		Clauses (b) and (c) of Section 7.15 of the Credit Agreement
		are amended and restated in their entirety to read as follows:

	  

	 (b) at
		least 40% of all Promote Fees from Fund I, at least 50% of all Promote
		Fees
		from Fund IV and any Private Equity Fund formed after September 1, 2006 and at
		least
		60% of all Promote Fees from all other Private Equity Funds, (c) at least 45%
		of all
		Promote Fees from Drawbridge Special Opportunities Advisors LLC and at least
		50%
		of all Promote Fees from all other Hedge Funds (other than Drawbridge Relative
		Value
		Advisors LLC, Drawbridge Relative Value GP LLC and the Drawbridge Long
		Dated
		Value Funds) (in each case net of the allocation of Promote Fees required to be
		paid
		to managers of a Hedge Fund whose entitlement to a portion of Promote Fees is
		calculated
		on a basis other than as a percentage of the Promote Fees payable generally
		with
		respect to such Hedge Fund),

	  

	 (c) Section
		8.05. The
		first sentence of Section 8.05(h) of the Credit Agreement
		is amended and restated in its entirety to read as follows:

	  

	 Notwithstanding
		anything in clauses (a) through (g) above to the contrary, no Disposition
		or issuance of Equity Interests may occur that would cause the Loan Parties to
		be
		entitled to receive amounts (free and clear of any Liens) less than (i) 40% of
		the Promote
		Fees of Fund I, 50% of the Promote Fees of Fund IV and any Private Equity
		Fund formed after September 1, 2006 and 60% of the Promote Fees of all other
		Private Equity Funds,
		(ii) 45% of the Promote Fees of Drawbridge Special Opportunities Advisors LLC
		and
		Drawbridge Special Opportunities GP LLC, and 50% of the Promote Fees of all
		other Hedge Funds, other than Drawbridge Relative Value Advisors LLC,
		Drawbridge Relative Value
		GP LLC and the Drawbridge Long Dated Value Funds (in each case, net of the
		allocation
		of Promote Fees required to be paid to managers of a Hedge Fund whose
		entitlement
		to a portion of Promote Fees is calculated on a basis other than as a
		percentage
		of Promote Fees payable generally with respect to such Hedge Fund), (iii) 55%
		of
		the Promote Fees of Eurocastle and (iv) 45% of the Promote Fees of Newcastle,
		Northcastle
		and all other investment funds.

	  

	 2.       
		Waiver. The
		Borrowers have advised the Administrative Agent and the Lenders that
		prior to the effectiveness of this Amendment, the Borrowers are in violation of
		Section 8.05(h)
		of the Credit Agreement as a result of Disposition, on or before January 28,
		2007, of Promote Fees related to FIF IV and Drawbridge Long Dated Value Fund,
		LP in excess of the amounts
		permitted thereunder (the “Promote
		Fee Default”).
		The Administrative Agent, the Required
		Lenders and the Revolving Lenders holding a majority of the Revolving
		Commitments hereby
		waive any Default or Event of Default that existed from the Closing Date or
		exists as a result
		of the Promote Fee Default. This waiver is a one-time waiver and shall not be
		deemed to modify
		or affect the obligations of the Borrower and the Guarantors to comply with
		each obligation
		under the Credit Agreement and the other Credit Facility Documents from and
		after the date
		hereof, including, without limitation, the obligations under Sections 7.15 and
		8.05 of the

	  

	 2

	  

	 

	 
	 

	 
	  

	 Credit
		Agreement, as amended by this Amendment, or of any rights or remedies the
		Administrative
		Agent or any Lender may have under the Credit Agreement or any other Loan
		Document
		or under applicable law.

	  

	 3.  Effectiveness;
		Conditions Precedent. This
		Amendment shall be and become effective
		upon receipt by the Administrative Agent of copies of this Amendment duly
		executed by the
		Borrowers, the Guarantors, the Required Lenders and the Revolving Lenders
		holding a majority
		of the Revolving Commitments and the payment of all fees and expenses then due
		and payable.

	  

	 4.  Ratification
		of Credit Agreement. The
		term “Credit Agreement” as used in each of the Loan Documents shall
		hereafter mean the Credit Agreement as amended and modified by this
		Amendment. Except as herein specifically agreed, the Credit Agreement, as
		amended by this Amendment,
		is hereby ratified and confirmed and shall remain in full force and effect
		according to its
		terms. Each of the Loan Parties acknowledge and consent to the modifications
		set forth herein
		and agree that this Amendment does not impair, reduce or limit any of its
		obligations under
		the Loan Documents (including, without limitation, the indemnity obligations
		and guaranty obligations
		set forth therein) and that, after the date hereof, this Amendment shall
		constitute a Loan
		Document.

	  

	 5.  Authority/Enforceability. Each
		of the Loan Parties represents and warrants as follows:

	  

	 (a)  It has
		taken all necessary action to authorize the execution, delivery and
		performance
		of this Amendment.

	  

	 (b)  This
		Amendment has been duly executed and delivered by such Person and
		constitutes such Person’s legal, valid and binding obligations,
		enforceable in accordance
		with its terms, except as such enforceability may be subject to (i) bankruptcy,
		insolvency,
		reorganization, fraudulent conveyance or transfer, moratorium or similar
		laws
		affecting creditors’ rights generally and (ii) general principles of
		equity (regardless of
		whether such enforceability is considered in a proceeding at law or in
		equity).

	  

	 (c)  No
		consent, approval, authorization or order of, or filing, registration or
		qualification
		with, any court or governmental authority or third party is required in
		connection
		with the execution, delivery or performance by such Person of this Amendment.

	  

	 (d)  The
		execution and delivery of this Amendment does not (i) violate, contravene
		or conflict with any provision of its, or its Subsidiaries’ organizational
		documents
		or (ii) materially violate, contravene or conflict with any Requirement of Law
		or any
		other law, regulation, order, writ, judgment, injunction, decree or permit
		applicable
		to it or any of its Subsidiaries.

	  

	 6.          
		Representations
		and Warranties of the Loan Parties. The
		Loan Parties represent and
		warrant to the Administrative Agent and the Lenders that (a) the
		representations and warranties
		of the Loan Parties set forth in Article VI of the Credit Agreement are true
		and correct in all
		material respects as of the date hereof, (b) after giving effect to this
		Amendment, no event has
		occurred and is continuing which constitutes a Default or an Event of Default
		and (c) the

	  

	 3

	  

	 

	 
	 

	 
	  

	 
		Collateral
		  Documents continue to create a valid perfected security interest in the
		  Collateral prior to all Liens other than Permitted Liens.

		 

		7.  Release. In
		  consideration of the Administrative Agent and the Required Lenders entering
		  into this Amendment on behalf of the Lenders, the Loan Parties hereby release
		  the Administrative
		  Agent, the L/C Issuer, each of the Lenders, and the Administrative
		  Agent’s, the L/C
		  Issuer’s and each of the Lenders’ respective officers, employees,
		  representatives, agents, counsel
		  and directors from any and all actions, causes of action, claims, demands,
		  damages and liabilities of whatever kind or nature, in law or in equity, now
		  known or unknown, suspected or unsuspected
		  to the extent that any of the foregoing arises from any action or failure to
		  act solely in
		  connection with the Loan Documents on or prior to the date hereof.

		 

		8.  Counterparts/Telecopy. This
		  Amendment may be executed in any number of counterparts,
		  each of which when so executed and delivered shall be an original, but all of
		  which shall
		  constitute one and the same instrument. Delivery of executed counterparts of
		  this Amendment
		  by telecopy shall be effective as an original and shall constitute a
		  representation that an original shall be delivered promptly upon
		  request.

		 

		9.  GOVERNING
		  LAW. THIS
		  AMENDMENT AND THE RIGHTS AND OBLIGATIONS
		  OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED
		  AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
		  YORK.

		 

		[remainder
		  of page intentionally left blank]

		 

		4

		 

		

		
		

		
		

		IN
		  WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
		  Amendment
		  to be duly executed and delivered and this Amendment shall be effective as of
		  the date first
		  above written.

		 

		BORROWERS:  

		                                                                                                    
		  

		FORTRESS
		  INVESTMENT GROUP LLC,

		a
		  Delaware limited liability company

		                                      

		FORTRESS
		  PRINCIPAL INVESTMENT HOLDINGS II LLC,

		a
		  Delaware limited liability company

		 

		FORTRESS
		  PRINCIPAL INVESTMENT HOLDINGS III LLC,

		a
		  Delaware limited liability company

		 
		                          

		FORTRESS
		  PRINCIPAL INVESTMENT HOLDINGS IV LLC,

		a
		  Delaware limited liability company

		

		FORTRESS
		  CANADA MANAGEMENT TRUST,

		a
		  Delaware statutory trust

		 

		
		  	 	 	 
	 	By:  	/s/ Daniel N.
				  Bass
	 	
				  

				  
	 	Name:  Daniel N.
				  Bass
	 	Title:
				  Chief Financial Officer of each of the above-referenced Borrowers

 

		 

		FIG
		  PARTNERS POOL (A) LLC,
 

	 
		a
		  Delaware limited liability company
 

	                   

	 
			 	 	 
	 	By:  	/s/ Daniel N.
				Bass
	 	
				

				
	 	Name:  Daniel N.
				Bass
	 	Title: Chief Financial
				Officer

 

	 
		 

		FIG
		  PARTNERS POOL (P) LLC,

		
		  a
			 Delaware limited liability company
 

		 

		
		  
			 	 	 	 
	 	By:  	/s/ Daniel N.
					 Bass
	 	
					 

					 
	 	Name:  Daniel N.
					 Bass
	 	Title: Chief Financial
					 Officer

 
 

		 
 

	 
		
		  
			 
				FIG
				  PARTNERS POOLS (P2) LLC,

				
				  a
					 Delaware limited liability company
 

				
				   

				  
					 
							 	 	 
	 	By:  	/s/ Daniel N.
								Bass
	 	
								

								
	 	Name:  Daniel N.
								Bass
	 	Title: Chief Financial
								Officer

 
 

				   
 
 
 
 
 

	 5

	  

	 

	 
	 

	 
	  

	 GUARANTORS:                                                                                            
		

	  

	 FORTRESS
		INVESTMENT HOLDINGS LLC,

	 a
		Delaware limited liability company

	  

	 FORTRESS
		PRINCIPAL INVESTMENT HOLDINGS LLC,

	 a
		Delaware limited liability company

	  

	 FORTRESS
		PRINCIPAL INVESTMENT GROUP LLC,

	 a
		Delaware limited liability company

	  

	 
		 

		
		  	 	 	 
	 	By:  	/s/ Daniel N.
				  Bass
	 	
				  

				  
	 	Name:  Daniel N.
				  Bass
	 	Title:
				  Chief Financial Officer of each of the above-referenced Guarantors

 
 

	 
		 

		FORTRESS FUND
		  III GP (HOLDINGS)  LLC,

		a
		  Delaware limited liability company

		
		   

		  
			 	 	 	 
	 	By:  	/s/ Randal A.
					 Nardone
	 	
					 

					 
	 	Name:  Randal A.
					 Nardone
	 	Title: Chief Operating
					 Officer

 

		   
 
 

	 6

	  

	 

	 
	 

	 
	 
			 	 	 
	
				ADMINISTRATIVE
				  AGENT:

					
				BANK
				  OF AMERICA, N.A.,
 
	 
 	 
 	 
 
	 	By:  	/s/ Joshua
				A. Podietz
	 	
				

				
	 	Name:
				Joshua A. Podietz
	 	Title: Vice
				President

 

	  

	 
			 	 	 
	
				
				  LENDERS:

				  
 	
				
				  BANK
					 OF AMERICA, N.A., as a
					 Lender and L/C Issuer
 
 
	 
 	 
 	 
 
	 	By:  	/s/ Joshua
				A. Podietz
	 	
				

				
	 	Name:
				Joshua A. Podietz
	 	Title: Vice
				President

 

	  

	  

	 7

	  

	 

	 
	 

	 
	  

	 
			 	 	 
	 	
				WELLS
				  FARGO BANK, NATIONAL ASSOCIATION,

				as a
				  Lender
 
	 
 	 
 	 
 
	 	By:  	/s/ J. Nicholus
				Cole
	 	
				

				
	 	Name: J. Nicholus
				Cole
	 	Title:
				Managing Director

 

	  

	 
			 	 	 
	 	By:  	/s/ Maureen S.
				Malphus
	 	
				

				
	 	Name: Maureen S.
				Malphus
	 	Title:
				Vice President

 

	  

	 8

	  

	 

	 
	 

	 
	  

	 
		 

		
		  	 	 	 
	 	
				  
					 DEUTSCHE
						BANK AG NEW YORK BRANCH,

					 as a
						Lender
 
 
	 
 	 
 	 
 
	 	By:  	/s/ Susan
				  LeFevre
	 	
				  

				  
	 	Name: Susan
				  LeFevre
	 	Title:
				  Director

 

		 

		
		  	 	 	 
	 	By:  	/s/ Evelyn
				  Thierry
	 	
				  

				  
	 	Name: Evelyn
				  Thierry
	 	Title:
				  Vice President

 

		 

		9

		 

		

		
		

		
		 

		
		  	 	 	 
	 	
				  
					 
						KEYBANK
						  NATIONAL ASSOCIATION,

						as a
						  Lender
 
 
 
	 
 	 
 	 
 
	 	By:  	/s/ Daniel P.
				  Stegemoeller
	 	
				  

				  
	 	Name: Daniel
				  P. Stegemoeller
	 	Title:
				  Sr. Banker

 
 

	  

	 10

	  

	 

	 
	 

	 
	  

	 
		
		  	 	 	 
	 	
				  
					 
						
						  JPMORGAN
							 CHASE BANK, N.A.,

						  as
							 a Lender
 
 
 
 
	 
 	 
 	 
 
	 	By:  	/s/ James R.
				  Coffmen
	 	
				  

				  
	 	Name: James R.
				  Coffmen
	 	Title:
				  Executive Director

 

		 

		11

		 

		

		
		

		
		 

		
		   

		  
			 
					 	 	 
	 	
						
						  
							 
								
								  GOLDMAN
									 SACHS CREDIT PARTNERS L.P.,

								  as
									 a
									 Lender

								  
 
 
 
 
	 
 	 
 	 
 
	 	By:  	/s/ James V.
						Balcom
	 	
						

						
	 	Name: James V.
						Balcom
	 	Title:
						Authorized Signatory

 

			  
 
 

		12

		 

		

		
		

		
		 

		
		  
			 
				
				  	 	 	 
	 	
						  
							 
								
								  
									 
										LEHMAN
										  COMMERCIAL PAPER INC.,

										as a
										  Lender
 
 
 
 
 
 
	 
 	 
 	 
 
	 	By:  	/s/ Diana
						  Albanese
	 	
						  

						  
	 	Name: Diana
						  Albanese
	 	Title:
						  Authorized Signatory

 

				 

				13

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