Page

SECTION 1.

DEFINITIONS

1

1.1

Defined Terms

1

1.2

Other Definitional Provisions

15

SECTION 2.

AMOUNT AND TERMS OF COMMITMENTS

16

2.1

Revolving Commitments

16

2.2

Procedure for Revolving Loan Borrowing

16

2.3

Facility Fees, etc.

17

2.4

Termination or Reduction of Revolving Commitments

17

2.5

Optional Prepayments

17

2.6

Conversion and Continuation Options

17

2.7

Limitations on Eurodollar Tranches

18

2.8

Interest Rates and Payment Dates

18

2.9

Computation of Interest and Fees

18

2.10

Inability to Determine Interest Rate

19

2.11

Pro Rata Treatment and Payments

19

2.12

Requirements of Law

20

2.13

Taxes

21

2.14

Indemnity

23

2.15

Change of Lending Office

23

2.16

Replacement of Lenders

23

2.17

Increase in Revolving Commitments

24

SECTION 3.

REPRESENTATIONS AND WARRANTIES

25

3.1

Financial Condition

25

3.2

No Change

26

3.3

Existence; Compliance with Law

26

3.4

Power; Authorization; Enforceable Obligations

26

3.5

No Legal Bar

26

3.6

Litigation

26

3.7

No Default

27

3.8

Ownership of Property; Liens

27

3.9

Intellectual Property

27

3.10

Taxes

27

3.11

Federal Regulations

27

3.12

ERISA

28

3.13

Membership in NASD; CFTC; Registration, etc.

28

3.14

Subsidiaries

28

3.15

Use of Proceeds

28

3.16

Environmental Matters

28

3.17

Accuracy of Information, etc.

29

3.18

Security Documents

30

SECTION 4.

CONDITIONS PRECEDENT

30

4.1

Conditions to Initial Extension of Credit

30

4.2

Conditions to Each Extension of Credit

31

SECTION 5.

AFFIRMATIVE COVENANTS

32

5.1

Financial Statements

32

5.2

Certificates; Other Information

33

5.3

Payment of Obligations

33

5.4

Maintenance of Existence; Compliance

33

5.5

Maintenance of Property; Insurance

33

5.6

Inspection of Property; Books and Records; Discussions

33

5.7

Notices

34

5.8

Additional Collateral, etc.

34

5.9

Compliance with Regulatory Requirements

35

5.10

Post-Closing Covenant

36

SECTION 6.

NEGATIVE COVENANTS

36

6.1

Financial Condition Covenants

36

6.2

Indebtedness

36

6.3

Liens

38

6.4

Fundamental Changes

39

6.5

Disposition of Property

40

6.6

Restricted Payments

40

6.7

Investments

41

6.8

Transactions with Affiliates

42

6.9

Changes in Fiscal Periods

42

6.10

Lines of Business

42

SECTION 7.

EVENTS OF DEFAULT

42

SECTION 8.

THE AGENTS

44

8.1

Appointment

44

8.2

Delegation of Duties

45

8.3

Exculpatory Provisions

45

8.4

Reliance by Administrative Agent

46

8.5

Notice of Default

46

8.6

Non-Reliance on Agents and Other Lenders

46

8.7

Indemnification

47

8.8

Agent in Its Individual Capacity

47

8.9

Successor Administrative Agent

47

8.10

Syndication Agent

48

8.11

Co-Syndication Agents

48

SECTION 9.

MISCELLANEOUS

48

9.1

Amendments and Waivers

48

9.2

Notices

49

9.3

No Waiver; Cumulative Remedies

49

9.4

Survival of Representations and Warranties

49

9.5

Payment of Expenses and Taxes

49

9.6

Successors and Assigns; Participations and Assignments

50

9.7

Adjustments; Set-off

53

9.8

Counterparts

53

9.9

Severability

54

9.10

Integration

54

9.11

GOVERNING LAW

54

9.12

Submission To Jurisdiction; Waivers

54

9.13

Acknowledgements

54

9.14

Releases of Guarantees and Liens

55

9.15

Confidentiality

55

9.16

WAIVERS OF JURY TRIAL

55

9.17

USA PATRIOT Act

56

SCHEDULES:

1.1A

Revolving Commitments

1.1B

Broker-Dealer Subsidiaries

1.1C

Principal Subsidiaries

3.4

Consents, Authorizations, Filings and Notices

3.14

Subsidiaries

3.18(a)

UCC Filing Jurisdictions

6.2(e)

Existing Indebtedness

6.3(f)

Existing Liens

6.7(f)

Existing Investments

EXHIBITS:

A

Form of Guarantee and Collateral Agreement

B

Form of Pledge and Collateral Agency Agreement

C

Form of Compliance Certificate

D

Form of Closing Certificate

E

Form of Assignment and Assumption

F

Form of Legal Opinion of Dechert LLP