<SEC-DOCUMENT>0000791963-11-000002.txt : 20110505
<SEC-HEADER>0000791963-11-000002.hdr.sgml : 20110505
<ACCEPTANCE-DATETIME>20110505160912
ACCESSION NUMBER:		0000791963-11-000002
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110505
DATE AS OF CHANGE:		20110505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		11814755

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>sec311v3e.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>As filed with the Securities and Exchange Commission on November 13, 2007 &nbsp;&nbsp;</TITLE>
<META NAME="author" CONTENT="robertse">
<META NAME="date" CONTENT="05/05/2011">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; padding-left:-13.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>As filed with the Securities and Exchange Commission on May 5, 2011</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>___________________________________________________ &nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Washington, D.C. &nbsp;&nbsp;20549</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FORM 10-Q</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECURITIES EXCHANGE ACT OF 1934 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">For the Quarterly Period ended <B>March 31, 2011</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">or</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">[ &nbsp;&nbsp;] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECURITIES EXCHANGE ACT OF 1934 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">For the transition period from ___to___</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Commission File Number: 1-12043</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>OPPENHEIMER HOLDINGS INC.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Delaware &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">98-0080034</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(State or other jurisdiction of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(I.R.S. Employer</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">incorporation or organization) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Identification No.)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>125 Broad Street</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>New York, New York &nbsp;10004</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Address of principal executive offices) &nbsp;(Zip Code)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(212) 668-8000</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Registrant&#146;s telephone number, including area code)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>None</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Former name, former address and former fiscal year, if changed since last report)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. &nbsp;&nbsp;Yes [ X ] &nbsp;No [ &nbsp;]</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [ ] Yes &nbsp;&nbsp;&nbsp;[ ] No</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer&#148;, &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Large accelerated filer [ &nbsp;] Accelerated filer [X] Non-accelerated filer [ &nbsp;] Smaller reporting company [ ]</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). &nbsp;Yes [ &nbsp;] &nbsp;No [X]</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The number of shares of the Company&#146;s Class A non-voting common stock and Class B voting common stock (being the only classes of common stock of the Company) outstanding on April 30, 2011 was 13,545,063 and 99,680 shares, respectively.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Arial; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:15pt; font-family:Arial; font-size:13pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
<P style="margin:0pt; line-height:15pt; font-family:Arial; font-size:13pt" align=center>INDEX</P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Page No.</P>
</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">PART I</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FINANCIAL INFORMATION</P>
</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 1. &nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Financial Statements (unaudited)</P>
</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Condensed Consolidated Balance Sheets</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">as of March 31, 2011 and December 31, 2010</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Condensed Consolidated Statements of Operations for the three months ended March 31, 2011 and 2010</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>3</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2011 and 2010</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>4</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Condensed Consolidated Statements of Cash Flows</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">for the three months ended March 31, 2011 and 2010</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>5</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2011 and 2010</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>7</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Notes to Condensed Consolidated Financial Statements </P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>8</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 2.</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>32</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 3.</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Quantitative and Qualitative Disclosures About Market Risk</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>45</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 4.</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Controls and Procedures</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>45</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">PART II</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">OTHER INFORMATION</P>
</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 1. &nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Legal Proceedings </P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>47</P>
</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 1A.</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Risk Factors</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>53</P>
</TD></TR>
<TR><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 6. &nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Exhibits</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>54</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Signatures</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>55</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certifications</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>56</P>
</TD></TR>
<TR><TD valign=top width=78>&nbsp;</TD><TD valign=top width=438>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Arial; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>PART I </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FINANCIAL INFORMATION</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item. 1 &nbsp;Financial Statements &nbsp;</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=578 colspan=5><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=578 colspan=5><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)</P>
</TD></TR>
<TR><TD valign=top width=578 colspan=5>&nbsp;</TD></TR>
<TR><TD style="border-bottom:2.25pt solid #000000" valign=top width=374>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=90.667><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31, 2011</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=102.667><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, 2010</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>(Expressed in thousands of dollars)</I></P>
</TD><TD valign=top width=204 colspan=4>&nbsp;</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">ASSETS</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Cash and cash equivalents</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$52,940</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$52,854</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Cash and securities segregated for regulatory and</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other purposes</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>150,157</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>142,446</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Deposits with clearing organizations</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>26,487</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23,228</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Receivable from brokers and clearing organizations </P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>348,663</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>302,844</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Receivable from customers, net of allowance for</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;doubtful accounts of $2,716 ($2,716 in 2010)</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>974,658</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>924,817</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Income taxes receivable</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,482</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,979</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Securities purchased under agreement to resell</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>201,500</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>347,070</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Securities owned, including amounts pledged of $434,315</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($102,501 in 2010), at fair value </P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>962,336</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>367,019</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Notes receivable, net </P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>57,231</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>59,786</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Office facilities, net </P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>21,099</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>22,875</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Intangible assets, net </P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>39,897</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>40,979</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Goodwill</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>132,472</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>132,472</P>
</TD></TR>
<TR><TD valign=top width=374><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Other</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>185,746 </P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>198,665</P>
</TD></TR>
<TR><TD valign=top width=374>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=90.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$3,156,668</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$2,620,034</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(Continued on next page)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The accompanying notes are an integral part of these condensed consolidated financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=578 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=578 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)</P>
</TD></TR>
<TR><TD valign=top width=578 colspan=7>&nbsp;</TD></TR>
<TR><TD style="border-bottom:2.25pt solid #000000" valign=top width=374 colspan=2>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=90.667 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31, 2011</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=102.667><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, 2010</P>
</TD></TR>
<TR><TD valign=top width=368><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>(Expressed in thousands of dollars)</I></P>
</TD><TD valign=top width=210 colspan=6>&nbsp;</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">LIABILITIES AND EQUITY</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Liabilities</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Drafts payable</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$42,436</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$61,055</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Bank call loans </P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>113,200</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>147,000</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Payable to brokers and clearing organizations </P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>531,529</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>372,697</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Payable to customers</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>520,471</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>406,916</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Securities sold under agreement to repurchase</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>542,301</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>390,456</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Securities sold, but not yet purchased, at fair value </P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>377,747</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>160,052</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Accrued compensation</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>105,859</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>175,938</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Accounts payable and other liabilities</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>274,711</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>262,506</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Senior secured credit note</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>22,378</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>22,503</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Subordinated note</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>100,000</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>100,000</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Deferred income tax, net</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>20,180</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>16,295</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Excess of fair value of acquired assets over cost</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7,020</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7,020</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2>&nbsp;</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,657,832</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,122,438</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2>&nbsp;</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Equity</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Oppenheimer Holdings Inc. stockholders' equity</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Share capital </P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A non-voting common stock </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2011 &#150; 13,535,063 shares issued and outstanding</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 &#150; 13,268,522 shares issued and outstanding)</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>61,548</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>51,768</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B voting common stock </P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667>&nbsp;</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,680 shares issued and outstanding</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>133</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>133</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2>&nbsp;</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>61,681</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>51,901</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Contributed capital </P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>34,696</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>47,808</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>398,234</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>394,648</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>518</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>207</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Total Oppenheimer Holdings Inc. stockholders&#146; equity</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>495,129</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>494,564</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Noncontrolling interest</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,707</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,032</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total equity</P>
</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>498,836</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>497,596</P>
</TD></TR>
<TR><TD valign=top width=374 colspan=2>&nbsp;</TD><TD valign=top width=12 colspan=2>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$3,156,668</P>
</TD><TD valign=top width=5.333>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=102.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$2,620,034</P>
</TD></TR>
<TR><TD valign=top width=578 colspan=7><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=578 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of these condensed consolidated financial statements.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=589><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=589><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=289>&nbsp;</TD><TD valign=top width=144 colspan=2>&nbsp;</TD><TD valign=top width=156 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended</P>
</TD></TR>
<TR><TD valign=top width=289>&nbsp;</TD><TD valign=top width=144 colspan=2>&nbsp;</TD><TD valign=top width=156 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=289><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=78>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Expressed in thousands of dollars, except share and &nbsp;per share amounts</I></P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">REVENUE:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Commissions </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$136,855</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$138,197</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Principal transactions, net</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,991</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>20,179</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Interest</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>14,789</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,578</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Investment banking </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>28,441</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25,184</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Advisory fees</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>48,449</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>42,794</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Other</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13,892</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,243</P>
</TD></TR>
<TR><TD valign=top width=289>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>253,417</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>246,175</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">EXPENSES:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Compensation and related expenses</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>170,415</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>158,179</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Clearing and exchange fees</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,313</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,562</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Communications and technology</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>15,939</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>16,440</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Occupancy and equipment costs</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>18,546</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>18,460</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Interest</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7,774</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,301</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Other</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>24,601</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25,373</P>
</TD></TR>
<TR><TD valign=top width=289>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>243,588</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>230,315</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Profit before income taxes </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,829</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>15,860</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Income tax provision </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,068</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,496</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit for the period</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,761</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,364</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Less net profit attributable to non-controlling </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;interest, net of tax</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>675</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>196</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit attributable to Oppenheimer </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Holdings Inc.</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$5,086</P>
</TD><TD style="border-bottom:3pt double #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$9,168</P>
</TD></TR>
<TR><TD valign=top width=289>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Profit per share attributable to Oppenheimer Holdings Inc.:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Basic </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$0.38</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$0.69</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Diluted </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$0.36</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$0.66</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Weighted average common shares</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Basic</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13,550,723</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13,296,980</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Diluted</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>14,203,413</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13,855,982</P>
</TD></TR>
<TR><TD valign=top width=289><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dividends declared per share</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$0.11</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$0.11</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of these condensed consolidated financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>2</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=601><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=601><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME </P>
</TD></TR>
<TR><TD valign=top width=601><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(unaudited)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=301>&nbsp;</TD><TD valign=top width=144 colspan=2>&nbsp;</TD><TD valign=top width=156 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended</P>
</TD></TR>
<TR><TD valign=top width=301>&nbsp;</TD><TD valign=top width=144 colspan=2>&nbsp;</TD><TD valign=top width=156 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=301><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=60>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=301><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Expressed in thousands of dollars</I></P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=301><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit for the period</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$5,761</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$9,364</P>
</TD></TR>
<TR><TD valign=top width=301><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other comprehensive income:</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=301><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Currency translation adjustment </P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>239</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>285</P>
</TD></TR>
<TR><TD valign=top width=301><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Change in cash flow hedges, net of tax</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>72</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(367)</P>
</TD></TR>
<TR><TD valign=top width=301><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Comprehensive income for the period</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD style="border-top:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,072</P>
</TD><TD style="border-top:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,282</P>
</TD></TR>
<TR><TD valign=top width=301><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Comprehensive income attributable to non-controlling interests</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>675</P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>196</P>
</TD></TR>
<TR><TD valign=top width=301><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Comprehensive income attributable to Oppenheimer Holdings Inc.</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$5,397</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$9,086</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of these condensed consolidated financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>3</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=595><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=595><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=150 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=445>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Expressed in thousands of dollars</I></P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from operating activities:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit for the period </P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$5,761</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$9,364</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Adjustments to reconcile net profit to net cash used in operating activities:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Non-cash items included in net profit:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,527</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,088</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,885</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,263</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of notes receivable</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,087</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,916</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>273</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>233</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,082</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,081</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>29</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,836</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,769)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Decrease (increase) in operating assets:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and securities segregated for regulatory and other purposes</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(7,711)</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(8,534)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits with clearing organizations</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(3,259)</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(3,400)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from brokers and clearing organizations</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(45,819)</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>38,646</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from customers</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(49,841)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>31,408</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,497</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(8,226)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreement to resell</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>145,570</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(186,425)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities owned</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(595,317)</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(157,333)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(2,532)</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(3,116)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other </P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12,684</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(2,914)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Increase (decrease) in operating liabilities:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drafts payable</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(18,619)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(12,748)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to brokers and clearing organizations</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>158,904</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>22,932</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to customers</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>113,555</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(82,418)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreement to repurchase</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>151,845</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>186,731</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold, but not yet purchased</P>
</TD><TD valign=bottom width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>217,695</P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>147,078</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(76,647)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(75,015)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12,205</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>33,163</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Cash provided by (used in) operating activities</P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>38,661</P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(52,966)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(Continued on next page)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>4</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=595><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=595><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) -Continued</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=150 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=445>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Expressed in thousands of dollars</I></P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from investing activities:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Purchase of office facilities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,549)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,337)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Cash used in investing activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,549)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,337)</P>
</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from financing activities:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Cash dividends paid on Class A non-voting and Class B voting common </P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stock</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,500)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,463)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Issuance of Class A non-voting common stock</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>71</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,002</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Tax shortfall from share-based compensation</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,672)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(64)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Senior secured credit note repayments</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(125)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(500)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Increase (decrease) in bank call loans, net</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(33,800)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>37,600</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Cash (used in) provided by financing activities</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(37,026)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>37,575</P>
</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net increase (decrease) in cash and cash equivalents</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>86</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(16,728)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash and cash equivalents, beginning of period</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>52,854</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>68,918</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash and cash equivalents, end of period</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$52,940</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$52,190</P>
</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Schedule of non-cash investing and financing activities:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Employee share plan issuance</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$9,709</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$1,332</P>
</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Supplemental disclosure of cash flow information:</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash paid during the periods for interest</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$11,232</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$5,214</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash paid during the periods for income taxes</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$526</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$4,079</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of these condensed consolidated financial statements.</P>
<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK13"></A><A NAME="OLE_LINK16"></A><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>5</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=589 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=589 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY &nbsp;(unaudited)</P>
</TD></TR>
<TR><TD valign=top width=589 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>AS AT MARCH 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=445>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Expressed in thousands of dollars</I></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Share capital</B></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at beginning of period</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$51,901</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$47,824</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Issuance of Class A non-voting common stock</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,780</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,334</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at end of period</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$61,681</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$51,158</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Contributed capital</B></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at beginning of period</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$47,808</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$41,978</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Vested employee share plan awards</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(12,662)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,287)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Tax shortfall from share-based awards</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,672)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(64)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Share-based expense </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,222</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,260</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at end of period</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$34,696</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$42,887</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Retained earnings</B></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at beginning of period</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$394,648</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$362,188</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit for the period attributable to Oppenheimer Holdings Inc.</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,086</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,168</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dividends ($0.11 per share in 2011 and 2010)</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,500)</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,463)</P>
</TD><A NAME="OLE_LINK12"></A></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at end of period</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$398,234</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$369,893</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Accumulated other comprehensive income (loss)</B></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at beginning of period</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$207</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$(543)</P>
</TD><A NAME="OLE_LINK23"></A><A NAME="OLE_LINK24"></A></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Currency translation adjustment </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>239</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>285</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Change in cash flow hedges, net of tax</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>72</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(367)</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at end of period</P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$518</P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$(625)</P>
</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Stockholders&#146; Equity of Oppenheimer Holdings Inc.</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$495,129</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$463,313</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Non-controlling interest</B></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at beginning of period</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$3,032</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Grant of non-controlling interest</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>784</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit attributable to non-controlling interest for the period, net of tax </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>675</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>196</P>
</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance at end of period</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$3,707</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$980</P>
</TD></TR>
<TR><TD valign=top width=445>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD></TR>
<TR><TD valign=top width=445><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total equity</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$498,836</P>
</TD><TD style="border-bottom:3pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$464,293</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The accompanying notes are an integral part of these condensed consolidated financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>Notes to Condensed Consolidated Financial Statements &nbsp;&nbsp;&nbsp;(Unaudited)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>1. &nbsp;&nbsp;&nbsp;Summary of significant accounting policies</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Oppenheimer Holdings Inc. (&#148;OPY&quot;) is incorporated under the laws of the State of Delaware. The consolidated financial statements include the accounts of OPY and its subsidiaries (together, the &#147;Company&#148;). The principal subsidiaries of OPY are Oppenheimer &amp; Co. Inc. (&quot;Oppenheimer&quot;), a registered broker dealer in securities, Oppenheimer Asset Management Inc. (&#147;OAM&#148;) and its wholly owned subsidiary, Oppenheimer Investment Management Inc. (&#147;OIM&#148;), both registered investment advisors under the Investment Advisors Act of 1940, Oppenheimer Trust Company, a limited purpose trust company chartered by the State of New Jersey to provide fiduciary services such as trust and estate administration and investment management, Oppenheimer Multifamily Housing and Healthcare Finance, Inc. (formerly Evanston Financial Corporation) (&#147;OMHHF&#148;), which is engaged in mortgage brokerage and servicing, and OPY Credit Corp., which offers syndication as well as trading of issued corporate loans. Oppenheimer E.U. Ltd., based in the United Kingdom, provides institutional equities and fixed income brokerage and corporate financial services and is regulated by the Financial Services Authority. Oppenheimer Investments Asia Limited, based in Hong Kong, China, provides assistance in accessing the U.S. equities markets and limited mergers and acquisitions advisory services to Asia-based companies. &nbsp;Oppenheimer operates as Fahnestock &amp; Co. Inc. in Latin America. Oppenheimer owns Freedom Investments, Inc. (&#147;Freedom&#148;), a registered broker dealer in securities, which also operates as the BUYandHOLD division of Freedom, offering on-line discount brokerage and dollar-based investing services, and Oppenheimer Israel (OPCO) Ltd., which is engaged in offering investment services in the State of Israel as a local broker dealer. &nbsp;Oppenheimer holds a trading permit on the New York Stock Exchange and is a member of several other regional exchanges in the United States. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company&#146;s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;). These accounting principles are set out in the notes to the Company&#146;s consolidated financial statements for the year ended December 31, 2010 included in its Annual Report on Form 10-K for the year then ended. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Accounting standards require the Company to present non-controlling interests (previously referred to as minority interests) as a separate component of stockholders&#146; equity on the Company&#146;s condensed consolidated balance sheet. &nbsp;As of March 31, 2011, the Company owns 67.34% of OMHHF and the non-controlling interest recorded in the condensed consolidated balance sheet was $3.7 million. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The condensed consolidated financial statements include all adjustments, which in the opinion of management are normal and recurring and necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods presented. The nature of the Company&#146;s business is such that the results of operations for the interim periods are not necessarily indicative of the results to be expected for a full year.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>Disclosures reflected in these condensed consolidated financial statements comply in all material respects with those required pursuant to the rules and regulations of the United States Securities and Exchange Commission (&#147;SEC&#148;) with respect to quarterly financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Certain prior year amounts have been reclassified to conform to current year presentation. These reclassifications had no effect on previously reported net profit. <BR>
</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>7</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><B>2. New Accounting Pronouncements</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Recently Adopted</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><I><BR></I></P>
<P style="background-color:#FFFFFF; margin-top:4.2pt; margin-bottom:4.2pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In February 2010, the Financial Accounting Standards Board (the &#147;FASB&#148;) issued ASU No. 2010-10, &#147;Consolidation &#150; Amendments for Certain Investment Funds&#148;, that will indefinitely defer the effective date of the updated Variable Interest Entity (&#147;VIE&#148;) accounting guidance for certain investment funds. &nbsp;To qualify for the deferral, the investment fund needs to meet certain attributes of an investment company, does not have explicit or implicit obligations to fund losses of the entity and is not a securitization entity, an asset-backed financing entity, or an entity formerly considered a qualifying special-purpose entity (&quot;QSPE&quot;). &nbsp;The Company&#146;s investment funds meet the conditions in ASU No. 2010-10 and qualify for the deferral adoption. &nbsp;Therefore, the Company is not required to consolidate any of its investment funds which are VIEs until further guidance is issued.&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In January 2010, the FASB issued ASU No. 2010-06, &#147;Fair Value Measurement&#148;. ASU No. 2010-06 requires new disclosures regarding transfers of assets and liabilities measured at fair value in and out of Level 1 and 2 of the fair value hierarchy. &nbsp;A reporting entity should disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfer. ASU No. 2010-06 also provides additional guidance on the level of disaggregation of fair value measurements and disclosures regarding inputs and valuation techniques. The Company adopted this disclosure requirement in the three months ended March 31, 2010. &nbsp;In addition, ASU No.2010-06 requires the reconciliation of beginning and ending balances for fair value measurements using significant unobservable inputs (i.e., Level 3) to be presented on a gross basis. The Company adopted this requirement in the period ending March 31, 2011. &nbsp;See note 5.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In December 2010, the FASB issued ASU No. 2010-28, &#147;Intangibles &#150; Goodwill and Other&#148; which modified Step 1 of the goodwill impairment test for reporting units with a zero or negative carrying value, stating that under such circumstances an entity should perform Step 2 of the impairment analysis when it is more likely than not that goodwill is impaired. The Company adopted this requirement in the period ending March 31, 2011 with no impact on its financial statements. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>3. Earnings per share </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Earnings per share was computed by dividing net profit attributable to Oppenheimer Holdings Inc. by the weighted average number of shares of Class A non-voting common stock (&#147;Class A Stock&#148;) and Class B voting common stock (&#147;Class B Stock&#148;) outstanding. Diluted earnings per share includes the weighted average Class A and Class B Stock outstanding and the effects of warrants issued and Class A Stock granted under share-based compensation arrangements using the treasury stock method, if dilutive. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Earnings per share has been calculated as follows:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Dollar amounts are expressed in thousands, except share amounts</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=240>&nbsp;</TD><TD valign=top width=180 colspan=2>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=240>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Basic weighted average number of shares outstanding</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>13,550,723</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>13,296,980</P>
</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Net dilutive effect of warrant, treasury method (1)</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Net dilutive effect of share-based awards, treasury method (2)</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>652,690</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>559,002</P>
</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Diluted weighted average number of shares outstanding </P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>14,203,413</P>
</TD><TD style="border-bottom:3pt double #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>13,855,982</P>
</TD></TR>
<TR><TD valign=top width=240>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Net profit for the period </P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$5,761</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$9,364</P>
</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Net profit attributable to non-controlling interests</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>675</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>196</P>
</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Net income attributable to Oppenheimer Holdings Inc.</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$5,086</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$9,168</P>
</TD></TR>
<TR><TD valign=top width=240>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-top:2pt double #000000" valign=top width=84>&nbsp;</TD><TD style="border-top:2pt double #000000" valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Basic earnings per share</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$0.38</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$0.69</P>
</TD></TR>
<TR><TD valign=top width=240><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Diluted earnings per share</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$0.36</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$0.66</P>
</TD></TR>
<TR><TD valign=top width=240>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:11pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify>As part of the consideration for the 2008 acquisition of a portion of CIBC World Markets Corp.&#146;s U.S. capital markets businesses, the Company issued a warrant to purchase 1 million shares of Class A Stock of the Company at $48.62 per share exercisable five years from the January 14, 2008 acquisition date. For the three months ended March 31, 2011 and 2010, the effect of the warrant is anti-dilutive.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:11pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify>For the three months ended March 31, 2011 and 2010, respectively, the diluted earnings per share computations do not include the anti-dilutive effect of 1,142,028 and 1,273,416 shares of Class A Stock granted under share-based compensation arrangements and the warrant described in (1).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>4. Receivable from and payable to brokers and clearing organizations</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;Dollar amounts are expressed in thousands.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:2.25pt solid #000000" valign=top width=306>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31, 2011</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=27.733>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, 2010</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Receivable from brokers and clearing organizations consist of:</P>
</TD><TD valign=top width=104.267>&nbsp;</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Deposits paid for securities borrowed</P>
</TD><TD valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$239,138</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$199,117</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Receivable from brokers</P>
</TD><TD valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>19,364</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>20,609</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Securities failed to deliver</P>
</TD><TD valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>42,401</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23,673</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Clearing organizations</P>
</TD><TD valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7,475</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11,038</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Omnibus accounts</P>
</TD><TD valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>19,122</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>19,129</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>21,163</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>29,278</P>
</TD></TR>
<TR><TD valign=top width=306>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$348,663</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$302,844</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:2.25pt solid #000000" valign=top width=306>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31, 2011</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=27.733>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, 2010</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Payable to brokers and clearing organizations consist of:</P>
</TD><TD valign=top width=104.267>&nbsp;</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Deposits received for securities loaned</P>
</TD><TD valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$401,607</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$345,462</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Securities failed to receive</P>
</TD><TD valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>28,906</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>24,944</P>
</TD></TR>
<TR><TD valign=top width=306><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Clearing organizations and other</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>101,016</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,291</P>
</TD></TR>
<TR><TD valign=top width=306>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=104.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$531,529</P>
</TD><TD valign=top width=27.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$372,697</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>5. Financial instruments </B></P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Arial; font-size:11pt" align=justify><BR>
<FONT FACE="Times New Roman">Securities owned and securities sold but not yet purchased, investments and derivative contracts are carried at fair value with changes in fair value recognized in earnings each period. &nbsp;The Company's other financial instruments are generally short-term in nature or have variable interest rates and as such their carrying values approximate fair value, with the exception of notes receivable from employees which are carried at cost.</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value </B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dollar amounts are expressed in thousands<FONT COLOR=#FF0000>. </FONT></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=313>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=122.067 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=3.867>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=135.733 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=bottom width=313>&nbsp;</TD><TD style="border-bottom:0.25pt solid #000000" valign=bottom width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Owned</P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Sold</P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=bottom width=3.867>&nbsp;</TD><TD style="border-bottom:0.25pt solid #000000" valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Owned</P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Sold</P>
</TD></TR>
<TR><TD valign=bottom width=313>&nbsp;</TD><TD valign=bottom width=57.867>&nbsp;</TD><TD valign=bottom width=64.2>&nbsp;</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD valign=bottom width=68.2>&nbsp;</TD><TD valign=bottom width=67.533>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">U.S. Treasury, agency and sovereign obligations</P>
</TD><TD valign=top width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$753,105</P>
</TD><TD valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$315,939</P>
</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$160,114</P>
</TD><TD valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$105,564</P>
</TD></TR>
<TR><TD valign=bottom width=313><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Corporate debt and other obligations</P>
</TD><TD valign=top width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>41,122</P>
</TD><TD valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,961</P>
</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>32,204</P>
</TD><TD valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,788</P>
</TD></TR>
<TR><TD valign=bottom width=313><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Mortgage and other asset-backed securities</P>
</TD><TD valign=bottom width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,914</P>
</TD><TD valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12</P>
</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,895</P>
</TD><TD valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25</P>
</TD></TR>
<TR><TD valign=bottom width=313><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Municipal obligations</P>
</TD><TD valign=bottom width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>40,430</P>
</TD><TD valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>714</P>
</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>55,089</P>
</TD><TD valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>383</P>
</TD></TR>
<TR><TD valign=bottom width=313><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Convertible bonds</P>
</TD><TD valign=bottom width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>40,412</P>
</TD><TD valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,046</P>
</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>39,015</P>
</TD><TD valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11,093</P>
</TD></TR>
<TR><TD valign=bottom width=313><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Corporate equities</P>
</TD><TD valign=bottom width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>45,266</P>
</TD><TD valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>41,006</P>
</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>39,151</P>
</TD><TD valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>36,164</P>
</TD></TR>
<TR><TD valign=bottom width=313><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other</P>
</TD><TD valign=bottom width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>39,087</P>
</TD><TD valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>69</P>
</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>38,551</P>
</TD><TD valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>35</P>
</TD></TR>
<TR><TD valign=bottom width=313><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=57.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$962,336</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=64.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$377,747</P>
</TD><TD valign=bottom width=3.867>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=68.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$367,019</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=67.533><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$160,052</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Securities owned and securities sold, but not yet purchased, consist of trading and investment securities at fair values. Included in securities owned at March 31, 2011 are corporate equities with estimated fair values of approximately $14.9 million ($14.3 million at December 31, 2010), which are related to deferred compensation liabilities to certain employees included in accrued compensation on the condensed consolidated balance sheet. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:14pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Valuation Techniques </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>A description of the valuation techniques applied and inputs used in measuring the fair value of the Company&#146;s financial instruments is as follows:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><I><BR></I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>U.S. Treasury Obligations</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>U.S. Treasury securities are valued using quoted market prices obtained from active market makers and inter-dealer brokers and, accordingly, are categorized in Level 1 in the fair value hierarchy. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>10</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>U.S. Agency Obligations</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>U.S. agency securities consist of agency issued debt securities and mortgage pass-through securities. &nbsp;Non-callable agency issued debt securities are generally valued using quoted market prices. Callable agency issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. The fair value of mortgage pass-through securities are model driven with respect to spreads of the comparable To-be-announced (&#147;TBA&#148;) security. &nbsp;Actively traded non-callable agency issued debt securities are categorized in Level 1 of the fair value hierarchy. Callable agency issued debt securities and mortgage pass-through securities are generally categorized in Level 2 of the fair value hierarchy. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Sovereign Obligations</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The fair value of sovereign obligations is determined based on quoted market prices when available or a valuation model that generally utilizes interest rate yield curves and credit spreads as inputs. &nbsp;Sovereign obligations are categorized in Level 1 or 2 of the fair value hierarchy.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Corporate Debt &amp; Other Obligations</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The fair value of corporate bonds is estimated using recent transactions, broker quotations and bond spread information. Corporate bonds are generally categorized in Level 2 of the fair value hierarchy.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Mortgage and Other Asset-Backed Securities</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company holds non-agency securities primarily collateralized by home equity and manufactured housing which are valued based on external pricing and spread data provided by independent pricing services and are generally categorized in Level 2 of the fair value hierarchy. &nbsp;When specific external pricing is not observable, the valuation is based on yields and spreads for comparable bonds and, consequently, the positions are categorized in Level 3 of the fair value hierarchy.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Municipal Obligations</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The fair value of municipal obligations is estimated using recently executed transactions, broker quotations, and bond spread information. These obligations are generally categorized in Level 2 of the fair value hierarchy; in instances where significant inputs are unobservable, they are categorized in Level 3 of the hierarchy.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Convertible Bonds</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The fair value of convertible bonds is estimated using recently executed transactions and dollar-neutral price quotations, where observable. &nbsp;When observable price quotations are not available, fair value is determined based on cash flow models using yield curves and bond spreads as key inputs. &nbsp;Convertible bonds are generally categorized in Level 2 of the fair value hierarchy; in instances where significant inputs are unobservable, they are categorized in Level 3 of the hierarchy.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><I><BR></I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Corporate Equities</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Equity securities and options are generally valued based on quoted prices from the exchange or market where traded and categorized as Level 1 in the fair value hierarchy. To the extent quoted prices are not available, prices are generally derived using bid/ask spreads, and these securities are generally categorized in Level 2 of the fair value hierarchy.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company held one exchange membership seat with the Chicago Board Options Exchange (&#147;CBOE&#148;) which was converted to 80,000 common shares when CBOE&#146;s parent company, CBOE Holdings, was publicly listed on June 14, 2010. &nbsp;&nbsp;The Company sold 20,000 shares in the initial public offering at $29 per share, sold a further 25,626 shares in the fourth quarter of 2010 and continues to hold 17,864 shares that are restricted for sale with a twelve month restriction period (&#147;A-2 Shares&#148;). &nbsp;The Company uses the Black-Scholes model to calculate the value of a call option to </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>11</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>purchase securities of CBOE Holdings which is used as a proxy for the discount associated with the selling restrictions. &nbsp;The inputs into the Black-Scholes model include the volatility of CBOE Holdings&#146; common shares and yields associated with six month Treasury bills and twelve month Treasury notes. &nbsp;At March 31, 2011, the Company valued the restricted shares at $483,400 and recorded an unrealized gain of $115,000 for the three months ended March 31, 2011. &nbsp;The Company has categorized the restricted shares of CBOE Holdings as Level 2 in the fair value hierarchy. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Other</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In February 2010, Oppenheimer finalized settlements with each of the New York Attorney General&#146;s office (&#147;NYAG&#148;) and the Massachusetts Securities Division (&#147;MSD&#148; and, together with the NYAG, the &#147;Regulators&#148;) concluding investigations and administrative proceedings by the Regulators concerning Oppenheimer&#146;s marketing and sale of auction rate securities (&#147;ARS&#148;). Pursuant to those settlements, as at March 31, 2011, the Company had purchased approximately $41.5 million in ARS from its clients and expects to purchase at least an additional $35.9 million of ARS from its clients by July 31, 2011. The Company&#146;s purchases of ARS from its clients will continue on a periodic basis thereafter pursuant to the settlements with the Regulators. The ultimate amount of ARS to be repurchased by the Company cannot be predicted with any certainty and will be impacted by redemptions by issuers and client actions during the period, which cannot be predicted. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In addition to the purchases of $41.5 million of ARS as at March 31, 2011 from clients referred to above, the Company also held $2.4 million in ARS in its proprietary trading account as of March 31, 2011 as a result of the failed auctions in February 2008. These ARS positions primarily represent Auction Rate Preferred Securities issued by closed-end funds and, to a lesser extent, Municipal Auction Rate Securities which are municipal bonds wrapped by municipal bond insurance and Student Loan Auction Rate Securities which are asset-backed securities backed by student loans (collectively referred to as &#147;ARS&#148;).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Interest rates on ARS typically reset through periodic auctions. &nbsp;Due to the auction mechanism and generally liquid markets, ARS have historically been categorized as Level 1 in the fair value hierarchy.&nbsp; Beginning in February 2008, uncertainties in the credit markets resulted in substantially all of the ARS market experiencing failed auctions.&nbsp; Once the auctions failed, the ARS could no longer be valued using observable prices set in the auctions.&nbsp; The Company has used less observable determinants of the fair value of ARS, including the strength in the underlying credits, announced issuer redemptions, completed issuer redemptions, and announcements from issuers regarding their intentions with respect to their outstanding ARS. &nbsp;The Company has also developed an internal methodology to discount for the lack of liquidity and non-performance risk of the failed auctions. &nbsp;Key inputs include spreads on comparable Treasury yields to derive a discount rate, an estimate of the ARS duration, and yields based on current auctions in comparable securities that have not failed. &nbsp;Due to the less observable nature of these inputs, the Company categorizes ARS in Level 3 of the fair value hierarchy. As of March 31, 2011, the Company had a valuation adjustment (unrealized loss) of $4.8 million for ARS.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Investments</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In its role as general partner in certain hedge funds and private equity funds, the Company, through its subsidiaries, holds direct investments in such funds. &nbsp;The Company uses the net asset value of the underlying fund as a basis for estimating the fair value of its investment. &nbsp;Due to the illiquid nature of these investments and difficulties in obtaining observable inputs, these investments are included in Level 3 of the fair value hierarchy. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following table provides information about the Company&#146;s investments in Company-sponsored funds at March 31, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>12</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expressed in thousands of dollars.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=168>&nbsp;</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Fair Value</B></P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Unfunded Commit-ments</B></P>
</TD><TD valign=bottom width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Redemption Frequency</B></P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Redemption Notice Period</B></P>
</TD></TR>
<TR><TD valign=bottom width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Hedge Funds<SUP>(1)</SUP></P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$1,215</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD><TD valign=bottom width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Quarterly - Annually</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">30 - 120 Days</P>
</TD></TR>
<TR><TD valign=bottom width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Private Equity Funds<SUP>(2)</SUP></P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,269</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,685</P>
</TD><TD valign=bottom width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">N/A</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">N/A</P>
</TD></TR>
<TR><TD valign=bottom width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Distressed Opportunities Fund<SUP>(3)</SUP></P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12,439</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=bottom width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Semi-Annually </P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">180 Days</P>
</TD></TR>
<TR><TD valign=bottom width=168>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=144>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$15,923</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$4,685</P>
</TD><TD valign=bottom width=144>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
<TR><TD valign=bottom width=168>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=144>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=624><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies.</P>
</TD></TR>
<TR><TD valign=bottom width=624><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources.</P>
</TD></TR>
<TR><TD valign=bottom width=624><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(3) Hedge fund that invests in distressed debt of U.S. companies.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Derivative Contracts</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>From time to time, the Company transacts in exchange-traded and over-the-counter derivative transactions to manage its interest rate risk. &nbsp;&nbsp;Exchange-traded derivatives, namely U.S. Treasury futures, Federal funds futures, and Eurodollar futures, are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. &nbsp;Over-the-counter derivatives, namely interest rate swap and interest rate cap contracts, are valued using a discounted cash flow model and the Black-Scholes model, respectively, using observable interest rate inputs and are categorized in Level 2 of the fair value hierarchy.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>As described below in &#147;Credit Concentrations&#148;, the Company participates in loan syndications and operates as underwriting agent in leveraged financing transactions where it utilizes a warehouse facility provided by Canadian Imperial Bank of Commerce (&#147;CIBC&#148;) to extend financing commitments to third-party borrowers identified by the Company. &nbsp;The Company uses broker quotations on loans trading in the secondary market as a proxy to determine the fair value of the underlying loan commitment which is categorized in Level 3 of the fair value hierarchy. &nbsp;The Company also purchases and sells loans in its proprietary trading book where CIBC provides the financing through a loan trading facility. &nbsp;The Company uses broker quotations to determine the fair value of loan positions held which are categorized in Level 2 of the fair value hierarchy. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company from time to time enters into securities financing transactions that mature on the same date as the underlying collateral. &nbsp;Such transactions are treated as a sale of financial assets and a forward repurchase commitment, or conversely as a purchase of financial assets and a forward resale commitment. The forward repurchase and resale commitments are valued based on the spread between the market value of the government security and the underlying collateral and are categorized in Level 2 of the fair value hierarchy.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>13</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Fair Value Measurements </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company&#146;s assets and liabilities, recorded at fair value on a recurring basis as of March 31, 2011 and December 31, 2010, have been categorized based upon the above fair value hierarchy as follows:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Assets and liabilities measured at fair value on a recurring basis as of March 31, 2011:</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dollar amounts are expressed in thousands.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=283.2>&nbsp;</TD><TD valign=top width=300 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Fair Value Measurements</B></P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=283.2>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=300 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>As of March 31, 2011</B></P>
</TD></TR>
<TR><TD valign=top width=283.2>&nbsp;</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 1</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 2</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 3</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Assets:</B></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Cash equivalents</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$12,330</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$ -</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$ -</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$12,330</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities segregated for regulatory and other purposes</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>14,498</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>14,498</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Deposits with clearing organizations</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>9,094</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>9,094</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Securities owned:</P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;U.S. Treasury obligations</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>682,670</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>682,670</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;U.S. Agency obligations </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>37,733</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>32,702</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>70,435</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corporate debt and other obligations</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>41,122</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>41,122</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Mortgage and other asset-backed securities</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,914</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,914</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Municipal obligations</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>38,266</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,165</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>40,431</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Convertible bonds</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>40,412</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>40,412</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corporate equities</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>33,981</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11,285</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>45,266</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,504</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>36,582</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>39,086</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities owned, at fair value</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>756,888</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>166,701</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>38,747</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>962,336</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Investments (1)</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>1,336</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>37,059</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>17,308</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>55,703</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivative contracts (2)</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>550,827</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>550,827</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities purchased under agreements to resell</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>201,473</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>201,473</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$794,146</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$956,060</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$56,055</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$1,806,261</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Liabilities:</B></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Securities sold, but not yet purchased:</P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;U.S. Treasury obligations </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$302,646</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ -</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ -</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$302,646</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;U.S. Agency obligations</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,023</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11,270</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13,293</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corporate debt and other obligations</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,961</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,961</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Mortgage and other asset-backed securities</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Municipal obligations</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>714</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>714</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Convertible bonds</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,046</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9,046</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corporate equities</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>28,938</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12,068</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>41,006</P>
</TD></TR>
<TR><TD valign=bottom width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>69</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>69</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities sold, but not yet purchased</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>333,676</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>44,071</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>377,747</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Investments </B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>30</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>30</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivative contracts (3) </B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>526</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>884,680</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>885,206</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$334,232</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$928,751</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$ -</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$1,262,983</B></P>
</TD></TR>
<TR><TD valign=top width=283.2>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=583.2 colspan=5><P style="margin:0pt; font-family:Times New Roman">(1) Included in other assets on the consolidated balance sheet.</P>
</TD></TR>
<TR><TD valign=top width=583.2 colspan=5><P style="margin:0pt; font-family:Times New Roman">(2 Primarily represents the fair value of purchases of &#147;To-Be-Announced&#148; securities (TBAs). See &#147;Derivatives used for trading and investment purposes&#148; below.</P>
</TD></TR>
<TR><TD valign=top width=583.2 colspan=5><P style="margin:0pt; font-family:Times New Roman">(3) Primarily represents the fair value of sales of TBAs. See &#147;Derivatives used for trading and investment purposes&#148; below.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>14</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Assets and liabilities measured at fair value on a recurring basis as of December 31, 2010:</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expressed in thousands of dollars.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=247.2>&nbsp;</TD><TD valign=top width=324 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Fair Value Measurements</B></P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=247.2>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=324 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>As of December 31, 2010</B></P>
</TD></TR>
<TR><TD valign=top width=247.2>&nbsp;</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 1</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 2</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 3</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD valign=top width=247.2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Assets:</B></P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Cash equivalents</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$14,384</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$14,384</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities segregated for regulatory </B></P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;and other purposes</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>14,497</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>14,497</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Deposits with clearing organizations</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>9,094</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>9,094</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Securities owned:</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;U.S. Treasury obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>115,790</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>115,790</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;U.S. Agency obligations </P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23,963</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>20,348</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>44,311</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Sovereign obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corporate debt and other obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>32,204</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>32,204</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Mortgage and other asset-backed &nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,881</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>14</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,895</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;securities</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Municipal obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>53,302</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,787</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>55,089</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Convertible bonds</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>39,015</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>39,015</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corporate equities</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>31,798</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7,353</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>39,151</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,643</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>35,908</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>38,551</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities owned, at fair value</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>174,207</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>155,103</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>37,709</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>367,019</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Investments (1)</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>12,522</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>34,563</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>17,208</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>64,293</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivative contracts (2)</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>513,790</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>513,790</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities purchased under &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agreement to resell (4)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>332,179</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>332,179</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$224,704</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$1,035,635</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$54,917</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$1,315,256</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>15</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expressed in thousands of dollars.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=247.2>&nbsp;</TD><TD valign=top width=324 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Fair Value Measurements</B></P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=247.2>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=324 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>As of December 31, 2010</B></P>
</TD></TR>
<TR><TD valign=top width=247.2>&nbsp;</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 1</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 2</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Level 3</B></P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Total</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Liabilities:</B></P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Securities sold, but not yet purchased:</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;U.S. Treasury obligations </P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$101,060</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$101,060</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;U.S. Agency obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,405</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>99</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,504</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Sovereign obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corporate debt and other obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,788</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,788</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Mortgage and other asset-backed </P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;securities</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Municipal obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>383</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>383</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Convertible bonds</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11,093</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11,093</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corporate equities</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>20,962</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>15,202</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>36,164</P>
</TD></TR>
<TR><TD valign=bottom width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>35</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>35</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities sold, but not yet purchased, at &nbsp;&nbsp;fair value</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>126,462</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>33,590</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>160,052</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Investments </B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>12</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>12</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivative contracts (3)</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>147</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>532,510</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>532,657</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Securities sold under agreements to repurchase (4)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>389,305</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>389,305</B></P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$126,621</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$955,405</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$1,082,026</B></P>
</TD></TR>
<TR><TD valign=top width=571.2 colspan=5><P style="margin:0pt; font-family:Times New Roman">(1) Included in other assets on the consolidated balance sheet.</P>
</TD></TR>
<TR><TD valign=top width=571.2 colspan=5><P style="margin:0pt; font-family:Times New Roman">(2 Primarily represents the fair value of purchases of &#147;To-Be-Announced&#148; securities (TBAs). See &#147;Derivatives used for trading and investment purposes&#148; below.</P>
</TD></TR>
<TR><TD valign=top width=571.2 colspan=5><P style="margin:0pt; font-family:Times New Roman">(3) Primarily represents the fair value of sales of TBAs. See &#147;Derivatives used for trading and investment purposes&#148; below.</P>
</TD></TR>
<TR><TD valign=top width=571.2 colspan=5><P style="margin:0pt; font-family:Times New Roman">(4) Includes securities purchased under agreements to resell and securities sold under agreements to repurchase where the Company has elected the fair value option.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>There were no significant transfers between Level 1 and Level 2 assets and liabilities in the three months ended March 31, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>16</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ending March 31, 2011 and 2010.</P>
<P style="margin:0pt; font-family:Arial; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dollar amounts are expressed in thousands.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-top:1.5pt solid #000000" valign=top width=127.2>&nbsp;</TD><TD style="border-top:1.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Opening Balance</B></P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Realized Gains (Losses) </B>(4)</P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:0.25pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Unrealiz-ed Gains (Losses) </B>(4) (5)</P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:0.25pt solid #000000" valign=top width=60><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Purch-ases,</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Issu-ances</B></P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:0.25pt solid #000000" valign=top width=60><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B> <BR>
</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Sales, Settle-ments</B></P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:0.25pt solid #000000" valign=top width=60><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Trans-fers In / Out</B></P>
</TD><TD style="border-top:1.5pt solid #000000; border-bottom:0.25pt solid #000000" valign=top width=60><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Ending Bal-ance</B></P>
</TD></TR>
<TR><TD valign=top width=343.2 colspan=4>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=343.2 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>For the three months ended March 31, 2011</B></P>
</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Assets:</I></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Mortgage and other asset-backed </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">securities (1)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$14</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(15)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Municipal obligations</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,787</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(147)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>525</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,165</P>
</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other (2)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>35,908</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(2,901)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,575</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(3,000)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>36,582</P>
</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Investments (3)</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>17,208</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(2)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>127</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(25)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>17,308</P>
</TD></TR>
<TR><TD valign=top width=127.2>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Liabilities:</I></P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">none</P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=127.2>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Opening Balance</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Realized Gains (Losses) </B>(4)</P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Unrealiz-ed Gains (Losses) </B>(4) (5)</P>
</TD><TD valign=top width=84.733><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Purchases, Sales, Issuances, Settlements</B></P>
</TD><TD valign=top width=73.133><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Trans-fers In / Out</B></P>
</TD><TD valign=top width=82.133><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Ending Balance</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=583.2 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>For the three months ended March 31, 2010</B></P>
</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Assets:</I></P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Mortgage and other asset-backed </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">securities (1)</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$317</P>
</TD><TD valign=top width=60><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1</P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1)</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>64</P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1)</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$380</P>
</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Municipal obligations</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,075</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(162)</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>62</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>975</P>
</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other (2)</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,450</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,450</P>
</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Investments (3)</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>15,981</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>634</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>55</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>220</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>16,890</P>
</TD></TR>
<TR><TD valign=top width=127.2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Liabilities:</I></P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">none</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=590.4><P style="margin:0pt; font-family:Times New Roman">(1) Represents private placements of non-agency collateralized mortgage obligations.</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="margin:0pt; font-family:Times New Roman">(2) Represents auction rate preferred securities that failed in the auction rate market. </P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="margin:0pt; font-family:Times New Roman">(3) Primarily represents general partner ownership interests in hedge funds and private equity funds sponsored by the Company.</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="margin:0pt; font-family:Times New Roman">(4) Included in principal transactions, net on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="margin:0pt; font-family:Times New Roman">(5) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>17</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>Fair Value Option</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has the option to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company may make a fair value option election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The Company has elected to apply the fair value option to its loan trading portfolio which resides in OPY Credit Corp. and is included in other assets on the consolidated balance sheet. &nbsp;Management has elected this treatment as it is consistent with the manner in which the business is managed as well as the way that financial instruments in other parts of the business are recorded. &nbsp;There were no loan positions held in the secondary loan trading portfolio at March 31, 2011 or at December 31, 2010. </P>
<P style="margin-top:9.1pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company also elected the fair value option for those securities sold under agreements to repurchase (&#147;repurchase agreements&#148;) and securities purchased under agreements to resell (&#147;resale agreements&#148;) that do not settle overnight or have an open settlement date or that are not accounted for as purchase and sale agreements (such as repo-to-maturity transactions). The Company has elected the fair value option for these instruments to more accurately reflect market and economic events in its earnings and to mitigate a potential imbalance in earnings caused by using different measurement attributes (i.e. fair value versus carrying value) for certain assets and liabilities. At March 31, 2011, the fair value of the resale agreements and repurchase agreements was $201.5 million and $532.5 million, respectively. &nbsp;During the three months ended March 31, 2011, the amount of losses related to resale agreements was $27,000. During the three months ended March 31, 2011, the amount of gains/losses related to repurchase agreements was $nil.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><BR></I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Fair Value of Derivative Instruments</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company transacts, on a limited basis, in exchange traded and over-the-counter derivatives for both asset and liability management as well as for trading and investment purposes. &nbsp;Risks managed using derivative instruments include interest rate risk and, to a lesser extent, foreign exchange risk. &nbsp;Interest rate swaps and interest rate caps are entered into to manage the Company&#146;s interest rate risk associated with floating-rate borrowings. All derivative instruments are measured at fair value and are recognized as either assets or liabilities on the consolidated balance sheet. The Company designates interest rate swaps and interest rate caps as cash flow hedges of floating-rate borrowings.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Cash flow hedges used for asset and liability management</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains or losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On September 29, 2006, the Company entered into interest rate swap transactions to hedge the interest payments associated with its floating rate Senior Secured Credit Note, which is subject to change due to changes in 3-Month LIBOR. See note 6 for further information. These swaps have been designated as cash flow hedges. &nbsp;Changes in the fair value of the swap hedges are expected to be highly effective in offsetting changes in the interest payments due to changes in 3-Month LIBOR. For the three months ended March 31, 2011, the effective portion of the net gain on the interest rate swaps, after tax, was approximately $69,000 ($257,000 for the three months ended March 31, 2010) and has been recorded as other comprehensive income on the consolidated </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>18</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>statement of comprehensive income (loss). The interest rate swaps had a weighted-average fixed interest rate of 5.45% (5.45% in 2010). The swaps expired on March 31, 2011.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On January 20, 2009, the Company entered into an interest rate cap contract, incorporating a series of purchased caplets with fixed maturity dates ending December 31, 2012, to hedge the interest payments associated with its floating rate Subordinated Note, which is subject to changes in 3-Month LIBOR. &nbsp;See note 6 for further information. &nbsp;This cap has been designated as a cash flow hedge. &nbsp;Changes in the fair value of the interest rate cap are expected to be highly effective in offsetting changes in the interest payments due to changes in 3-Month LIBOR. For the three months ended March 31, 2011, the effective portion of the net gain on the interest rate cap, after tax, was approximately $2,500 (a net loss of $624,000 for the three months ended March 31, 2010) and has been recorded as other comprehensive income on the condensed consolidated statement of comprehensive income. There was no ineffective portion as at March 31, 2011. The Company paid a premium for the interest rate cap of $2.4 million which has a strike of 2% and matures December 31, 2012. &nbsp;As at March 31, 2011, the cumulative amortization of the premium on the interest rate cap was $547,000 ($366,000 at December 31, 2010).</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Foreign exchange hedges</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>From time to time, the Company also utilizes forward and options contracts to hedge the foreign currency risk associated with compensation obligations to Oppenheimer Israel (OPCO) Ltd. employees denominated in New Israeli Shekels. Such hedges have not been designated as accounting hedges. At March 31, 2011, the Company did not have any such hedges in place.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><I><BR></I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Derivatives used for trading and investment purposes</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Futures contracts represent commitments to purchase or sell securities or other commodities at a future date and at a specified price. Market risk exists with respect to these instruments. Notional or contractual amounts are used to express the volume of these transactions, and do not represent the amounts potentially subject to market risk. The futures contracts the Company used included U.S. Treasury notes, Federal Funds and Eurodollar contracts. At March 31, 2011, the Company had 240 open short contracts for 10-year U.S. Treasury notes with a fair value of $525,800 used primarily as an economic hedge of interest rate risk associated with a portfolio of fixed income investments. &nbsp;At March 31, 2011, the Company had 3.3 million open contracts for Federal Funds futures with a fair value of approximately $275.2 million and 205,000 open contracts for Eurodollar futures with a fair value of $51.0 million both used as economic hedges of interest rate risk associated with government trading activities. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company also transacts in pass-through mortgage-backed securities eligible to be sold in the &quot;To-Be-Announced&quot; or TBA market. TBAs provide for the forward or delayed delivery of the underlying instrument with settlement up to 180 days. The contractual or notional amounts related to these financial instruments reflect the volume of activity and do not reflect the amounts at risk. Unrealized gains and losses on TBAs are recorded in the consolidated balance sheets in receivable from brokers and clearing organizations and payable to brokers and clearing organizations, respectively, and in the consolidated statement of operations as principal transactions revenue. See Fair Value of Derivative Instruments tables below for TBAs outstanding at March 31, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>From time-to-time, the Company enters into securities financing transactions that mature on the same date as the underlying collateral. &nbsp;These transactions are treated as a sale of financial assets and a forward repurchase commitment, or conversely as a purchase of financial assets and a forward resale commitment. &nbsp;At March 31, 2011, the fair value of the forward repurchase commitment was </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>19</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>approximately $52,000. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The notional amounts and fair values of the Company&#146;s derivatives at March 31, 2011 by product were as follows: </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>Expressed in thousands of dollars. </P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-top:0.5pt solid #000000" valign=bottom width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Fair Value of Derivative Instruments</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>As of March 31, 2011</B></P>
</TD></TR>
<TR><TD valign=bottom width=216>&nbsp;</TD><TD valign=bottom width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Description</B></P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Notional</B></P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Fair Value</B></P>
</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Assets:</B></P>
</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivatives designated as hedging instruments <SUP>(1)</SUP></B></P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Interest rate contracts </P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cap</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;100,000 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;182 </P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivatives not designated as hedging instruments <SUP>(1)</SUP></B></P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other contracts </P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">TBAs</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;537,631</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550,645 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total Assets</B></P>
</TD><TD valign=top width=132>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;637,631 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;550,827 </P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Liabilities:</B></P>
</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivatives not designated as hedging instruments <SUP>(1)</SUP></B></P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Commodity contracts </P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">U.S Treasury Futures</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;24,000 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 </P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Federal Funds Futures</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,310,000</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>275,185</P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Eurodollar Futures</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>205,000</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>50,962</P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Euro Fx Futures</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,832</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,836</P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other contracts </P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">TBAs</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>537,631</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555,645</P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Forward Purchase Commitment <SUP>(2)</SUP></P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;4,150,000 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 </P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total Liabilities</B></P>
</TD><TD valign=top width=132>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ 8,229,463 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885,206</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>(1) See &#147;Fair value of Derivative Instruments&#148; below for description of derivative financial instruments.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>(2) Forward commitment to repurchase government securities that received sale treatment related to &#147;Repo-to-Maturity&#148; transactions.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>20</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>Expressed in thousands of dollars.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-top:0.5pt solid #000000" valign=bottom width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Fair Value of Derivative Instruments</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>As of December 31, 2010</B></P>
</TD></TR>
<TR><TD valign=bottom width=216>&nbsp;</TD><TD valign=bottom width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Description</B></P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Notional</B></P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Fair Value</B></P>
</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Assets:</B></P>
</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivatives designated as hedging instruments <SUP>(1)</SUP></B></P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Interest rate contracts </P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cap</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;100,000 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;178 </P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivatives not designated as hedging instruments <SUP>(1)</SUP></B></P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other contracts </P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">TBAs</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;496,266</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>513,612 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total Assets</B></P>
</TD><TD valign=top width=132>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;596,266 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;513,790 </P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Liabilities:</B></P>
</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivatives designated as hedging instruments <SUP>(1)</SUP></B></P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interest rate contracts</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Swaps</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ &nbsp;9,000 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ &nbsp;116</P>
</TD></TR>
<TR><TD valign=top width=540 colspan=4>&nbsp;</TD></TR>
<TR><TD valign=top width=540 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Derivatives not designated as hedging instruments <SUP>(1)</SUP></B></P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Commodity contracts </P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">U.S Treasury Futures</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,000 </P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 </P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other contracts </P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">TBAs</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>518,987</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>532,359 </P>
</TD></TR>
<TR><TD valign=top width=216>&nbsp;</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Forward Purchase Commitment <SUP>(2)</SUP></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,250,000 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;35</P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Sub-total</B></P>
</TD><TD valign=top width=132>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;3,782,987 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>532,541</P>
</TD></TR>
<TR><TD valign=top width=216><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total Liabilities</B></P>
</TD><TD valign=top width=132>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ 3,791,987 </P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$ &nbsp;532,657</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>(1) See &#147;Fair Value of Derivative Instruments&#148; above for description of derivative financial instruments.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>(2) Forward commitment to repurchase government securities that received sale treatment related to &#147;Repo-to-Maturity&#148; transactions.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>21</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The following table presents the location and fair value amounts of the Company&#146;s derivative instruments and their effect on the statement of operations for the three months ended March 31, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt; color:#FF0000" align=justify><B><BR></B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=216.933 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expressed in thousands of dollars.</P>
</TD><TD valign=bottom width=167.067 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Recognized in Income on Derivatives &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pre-tax)</B></P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Recognized in Other Comprehen-sive Income on Derivatives &nbsp;-Effective Portion &nbsp;(after&#150;tax)</B></P>
</TD><TD valign=bottom width=132 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Reclassified from Accumulated Other Comprehensive Income into Income -Effective Portion<SUP>(2)</SUP></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>(after&#150;tax)</B></P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Hedging Relationship </B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Description</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Location</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Gain/ (Loss)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Gain/</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>(Loss)</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Loca-tion</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Gain/ (Loss)</B></P>
</TD></TR>
<TR><TD valign=bottom width=612 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I>Cash Flow Hedges used for asset and liability management</I></B><I>:</I></P>
</TD></TR>
<TR><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interest rate contracts</P>
</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Swaps <SUP>(3)</SUP></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">N/A</P>
</TD><TD valign=top width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interest</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">expense</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$(111) &nbsp;</P>
</TD></TR>
<TR><TD valign=top width=108>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Caps <SUP>(3)</SUP></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">N/A</P>
</TD><TD valign=top width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other revenue</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(38)</P>
</TD></TR>
<TR><TD valign=bottom width=108>&nbsp;</TD><TD valign=bottom width=108.933>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=83.067>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=612 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I>Derivatives used for trading and investment </I></B><SUP>(1)</SUP><B><I>:</I></B></P>
</TD></TR>
<TR><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Commodity contracts</P>
</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">U.S Treasury Futures</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal transaction revenue</P>
</TD><TD valign=top width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(44)</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">None</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- -</P>
</TD></TR>
<TR><TD valign=top width=108>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Federal Funds Futures</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal transaction revenue</P>
</TD><TD valign=top width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(28)</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">None</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=108>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Euro-dollar Futures</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal transaction revenue</P>
</TD><TD valign=top width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(77)</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">None</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=108>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Euro FX</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal transaction revenue</P>
</TD><TD valign=top width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(94)</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">None</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other contracts</P>
</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">TBAs</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal transaction revenue</P>
</TD><TD valign=top width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,254</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">None</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=108>&nbsp;</TD><TD valign=top width=108.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Forward purchase commitment <SUP>(4)</SUP></P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal transaction revenue</P>
</TD><TD valign=top width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(898)</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">None</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Total</B></P>
</TD><TD valign=bottom width=108.933>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=83.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$113 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</P>
</TD><TD valign=bottom width=72>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$ (149) </P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>(1) See &#147;Fair Value of Derivative Instruments&#148; above for description of derivative financial instruments.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>(2) There is no ineffective portion included in income for the three months ended March 31, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>(3) As noted above in &#147;Cash flow hedges used for asset and liability management&#148;, interest rate swaps and caps are used to hedge interest rate risk associated with the Senior Secured Credit Note and the Subordinated Note. As a result, changes in fair value of the interest rate swaps and caps are offset by interest rate changes on the outstanding Senior Secured Credit Note and Subordinated Note balances. There was no ineffective portion as at March 31, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>22</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=justify>(4) Forward commitment to repurchase government securities that received sale treatment related to &#147;Repo-to-Maturity&#148; transactions.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Collateralized Transactions</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company enters into collateralized borrowing and lending transactions in order to meet customers&#146; needs and earn residual interest rate spreads, obtain securities for settlement and finance trading inventory positions. Under these transactions, the Company either receives or provides collateral, including U.S. government and agency, asset-backed, corporate debt, equity, and non-U.S. government and agency securities. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are generally payable on demand and bear interest at various rates but not exceeding the broker call rate. &nbsp;At March 31, 2011, bank call loans were $113.2 million ($147.0 million at December 31, 2010). </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>At March 31, 2011, the Company had both uncollateralized and collateralized borrowings. The collateralized loans, collateralized by firm and customer securities with market values of approximately $82.6 million and $200.9 million, respectively, at March 31, 2011, are primarily with two U.S. money center banks. At March 31, 2011, the Company had approximately $1.4 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has repledged approximately $364.7 million under securities loan agreements. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>At March 31, 2011, the Company had deposited $212.2 million of customer securities directly with the Options Clearing Corporation.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>At March 31, 2011, the Company had no outstanding letters of credit. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company finances its government trading operations through the use of repurchase agreements and resale agreements. &nbsp;Except as described below, repurchase and resale agreements, principally involving government and agency securities, are carried at amounts at which securities subsequently will be resold or reacquired as specified in the respective agreements and include accrued interest. &nbsp;Repurchase and resale agreements are presented on a net-by-counterparty basis, when the repurchase and resale agreements are executed with the same counterparty, have the same explicit settlement date, are executed in accordance with a master netting arrangement, the securities underlying the repurchase and resale agreements exist in &#147;book entry&#148; form and certain other requirements are met. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Certain of the Company&#146;s repurchase agreements and resale agreements are carried at fair value as a result of the Company&#146;s fair value option election. The Company elected the fair value option for those repurchase agreements and resale agreements that do not settle overnight or have an open settlement date or that are not accounted for as purchase and sale agreements (such as repo-to-maturity transactions described above). The Company has elected the fair value option for these instruments to more accurately reflect market and economic events in its earnings and to mitigate a potential imbalance in earnings caused by using different measurement attributes (i.e. fair value versus carrying value) for certain assets and liabilities. At March 31, 2011, the fair value of the resale agreements and repurchase agreements were $201.5 million and $532.5 million, respectively. &nbsp;During the three months ended March 31, 2011, the amount of losses related to resale agreements was $27,000. During the three months ended March 31, 2011, the amount of gains/losses related to repurchase agreements was $nil. At March 31, 2011, the gross balances of resale agreements and repurchase agreements were $2.7 billion and $3.0 billion, respectively ($4.0 billion and $4.1 billion, respectively at December 31, 2010).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>23</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company receives collateral in connection with securities borrowed and resale agreement transactions and customer margin loans. Under many agreements, the Company is permitted to sell or repledge the securities received (e.g., use the securities to enter into securities lending transactions, or deliver to counterparties to cover short positions). At March 31, 2011, the fair value of securities received as collateral under securities borrowed transactions and resale agreements was $232.6 million ($192.1 million at December 31, 2010) and $2.6 billion ($3.9 billion at December 31, 2010), respectively, of which the Company has re-pledged approximately $18.4 million ($47.3 million at December 31, 2010) under securities loaned transactions and $2.6 billion under repurchase agreements ($3.9 billion at December 31, 2010).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company pledges certain of its securities owned for securities lending and repurchase agreements and to collateralize bank call loan transactions. The carrying value of pledged securities owned that can be sold or re-pledged by the counterparty was $434.3 million, as presented on the face of the condensed consolidated balance sheet at March 31, 2011 ($102.5 million at December 31, 2010). The carrying value of securities owned by the Company that have been loaned or pledged to counterparties where those counterparties do not have the right to sell or re-pledge the collateral was $107.1 million as at March 31, 2011 ($149.9 million at December 31, 2010).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company manages credit exposure arising from repurchase and resale agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Company, in the event of a customer default, the right to liquidate and the right to offset a counterparty&#146;s rights and obligations. &nbsp;The Company also monitors the market value of collateral held and the market value of securities receivable from others. It is the Company's policy to request and obtain additional collateral when exposure to loss exists. In the event the counterparty is unable to meet its contractual obligation to return the securities, the Company may be exposed to off-balance sheet risk of acquiring securities at prevailing market prices. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>One of the Company's funds in which a subsidiary of the Company acts as a general partner and also owns a limited partnership interest utilized Lehman Brothers International (Europe) as a prime broker.&nbsp; As of March 31, 2011, Lehman Brothers International&nbsp;(Europe)&nbsp;held&nbsp;securities with a fair value of&nbsp;$9.1 million&nbsp;that were segregated and not re-hypothecated. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Credit Concentrations</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Credit concentrations may arise from trading, investing, underwriting and financing activities and may be impacted by changes in economic, industry or political factors. &nbsp;In the normal course of business, the Company may be exposed to risk in the event customers, counterparties including other brokers and dealers, issuers, banks, depositories or clearing organizations are unable to fulfill their contractual obligations. The Company seeks to mitigate these risks by actively monitoring exposures and obtaining collateral as deemed appropriate. &nbsp;Included in receivable from brokers and clearing organizations as of March 31, 2011 are receivables from four major U.S. broker-dealers totaling approximately $140.1 million. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company participates in loan syndications through its Debt Capital Markets business. &nbsp;Through OPY Credit Corp., the Company operates as underwriting agent in leveraged financing transactions where it utilizes a warehouse facility provided by CIBC to extend financing commitments to third-party borrowers identified by the Company. The Company has exposure, up to a maximum of 10%, of the excess underwriting commitment provided by CIBC over CIBC&#146;s targeted loan retention (defined as &#147;Excess Retention&#148;). The Company quantifies its Excess Retention exposure by assigning a fair value to the underlying loan commitment provided by CIBC (in excess of what CIBC has agreed to retain) which is based on the fair value of the loans trading in the secondary market. &nbsp;To the extent that the fair value of the loans has decreased, the Company records an </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>24</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>unrealized loss on the Excess Retention. Underwriting of loans pursuant to the warehouse facility is subject to joint credit approval by the Company and CIBC. &nbsp;The maximum aggregate principal amount of the warehouse facility is $1.5 billion, of which the Company utilized $80.5 million ($78.0 million as of December 31, 2010) and had $nil in Excess Retention ($nil as of December 31, 2010) as of March 31, 2011. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company is obligated to settle transactions with brokers and other financial institutions even if its clients fail to meet their obligations to the Company. Clients are required to complete their transactions on settlement date, generally one to three business days after trade date. If clients do not fulfill their contractual obligations, the Company may incur losses. The Company has clearing/participating arrangements with the National Securities Clearing Corporation (&#147;NSCC&#148;), the Fixed Income Clearing Corporation (&#147;FICC&#148;), R.J. O&#146;Brien &amp; Associates (commodities transactions) and others. &nbsp;With respect to its business in resale and repurchase agreements, substantially all open contracts at March 31, 2011 are with the FICC<B>.</B> The clearing corporations have the right to charge the Company for losses that result from a client's failure to fulfill its contractual obligations. Accordingly, the Company has credit exposures with these clearing brokers. The clearing brokers can re-hypothecate the securities held on behalf of the Company. As the right to charge the Company has no maximum amount and applies to all trades executed through the clearing brokers, the Company believes there is no maximum amount assignable to this right. At March 31, 2011, the Company had recorded no liabilities with regard to this right. The Company's policy is to monitor the credit standing of the clearing brokers and banks with which it conducts business.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Through its Debt Capital Markets business, the Company also participates, with other members of loan syndications, in providing financing commitments under revolving credit facilities in leveraged financing transactions. &nbsp;As of March 31, 2011, the Company had $6.7 million committed under such financing arrangements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>OMHHF, which is engaged in mortgage brokerage and servicing, has obtained an uncommitted warehouse facility line through PNC Bank (&#147;PNC&#148;) under which OMHHF pledges Federal Housing Administration (&#147;FHA&#148;) guaranteed mortgages for a period of up to 10 business days and PNC table funds the principal payment to the mortgagee. OMHHF repays PNC upon the securitization of the mortgage by the Government National Mortgage Association (&#147;GNMA&#148;) and the delivery of the security to the counter party for payment pursuant to a contemporaneous sale on the date the mortgage is funded. At March 31, 2011, OMHHF had $39.0 million outstanding under the warehouse facility line at a variable interest rate of 1 month LIBOR plus 2.75%. Interest expense for the three months ended March 31, 2011 was $372,100. </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Variable Interest Entities (VIEs)</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>VIEs are entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The primary beneficiary of a VIE is the party that absorbs a majority of the entity&#146;s expected losses, receives a majority of its expected residual returns, or both, as a result of holding variable interests. The enterprise that is considered the primary beneficiary of a VIE consolidates the VIE.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>A subsidiary of the Company serves as general partner of hedge funds and private equity funds that were established for the purpose of providing investment alternatives to both its institutional and qualified retail clients. The Company holds variable interests in these funds as a result of its right to receive management and incentive fees. The Company&#146;s investment in and additional capital </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>25</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>commitments to these hedge funds and private equity funds are also considered variable interests. The Company's additional capital commitments are subject to call at a later date and are limited in amount.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company assesses whether it is the primary beneficiary of the hedge funds and private equity funds in which it holds a variable interest in the context of the total general and limited partner interests held in these funds by all parties. In each instance, the Company has determined that it is not the primary beneficiary and therefore need not consolidate the hedge funds or private equity funds. The subsidiaries&#146; general partnership interests, additional capital commitments, and management fees receivable represent its maximum exposure to loss. The subsidiaries&#146; general partnership interests and management fees receivable are included in other assets on the condensed consolidated balance sheet.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The following tables set forth the total VIE assets, the carrying value of the subsidiaries&#146; variable interests, and the Company&#146;s maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests as at March 31, 2011 and December 31, 2010:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=1>&nbsp;</TD><TD valign=bottom width=588 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>As of March 31, 2011</B></P>
</TD></TR>
<TR><TD valign=bottom width=1>&nbsp;</TD><TD valign=bottom width=588 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Expressed in thousands of dollars.</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=bottom width=97 colspan=2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Total </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>VIE Assets (1)</B></P>
</TD><TD style="border-top:0.25pt solid #000000; border-right:0.25pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=168 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Carrying Value of the Company's Variable Interest</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Assets (2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</B></P>
</TD><TD style="border-top:0.25pt solid #000000; border-right:0.25pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Capital Commitments</B></P>
</TD><TD style="border-top:0.25pt solid #000000; border-right:0.25pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=132 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Maximum Exposure </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>to Loss in Non-consolidated VIEs</B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=bottom width=97 colspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD><TD style="border-right:0.25pt solid #000000" valign=bottom width=132 colspan=2>&nbsp;</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=bottom width=97 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Hedge Funds</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$1,749,118</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$343</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD><TD style="border-right:0.25pt solid #000000" valign=bottom width=132 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$343</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=bottom width=97 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Private Equity Funds</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>159,873</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD style="border-right:0.25pt solid #000000" valign=bottom width=132 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=97 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$1,908,991</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$366</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.25pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=132 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$366</P>
</TD></TR>
<TR><TD valign=bottom width=97 colspan=2>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD><TD valign=bottom width=132 colspan=2>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=585.733 colspan=6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>As of December 31, 2010</B></P>
</TD></TR>
<TR><TD valign=bottom width=585.733 colspan=6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expressed in thousands of dollars.</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=bottom width=97>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Total </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>VIE Assets (1)</B></P>
</TD><TD style="border-top:0.25pt solid #000000; border-right:0.25pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=168 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Carrying Value of the Company's Variable Interest</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Assets (2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</B></P>
</TD><TD style="border-top:0.25pt solid #000000; border-right:0.25pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Capital Commitments</B></P>
</TD><TD style="border-top:0.25pt solid #000000; border-right:0.25pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=128.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Maximum Exposure </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>to Loss in Non-consolidated VIEs</B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=bottom width=97>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD><TD style="border-right:0.25pt solid #000000" valign=bottom width=128.733>&nbsp;</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=bottom width=97><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Hedge Funds</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$1,769,382</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$775</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD><TD style="border-right:0.25pt solid #000000" valign=bottom width=128.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$775</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=bottom width=97><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Private Equity Funds</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>157,196</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>22</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5</P>
</TD><TD style="border-right:0.25pt solid #000000" valign=bottom width=128.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>27</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=97><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$1,926,578</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$797</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$-</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$5</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.25pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=128.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$802</P>
</TD></TR>
<TR><TD valign=bottom width=97>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=108>&nbsp;</TD><TD valign=bottom width=128.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=585.733 colspan=6><P style="margin:0pt; font-family:Times New Roman">(1) Represents the total assets of the VIEs and does not represent the Company&#146;s interests in the VIEs.</P>
</TD></TR>
<TR><TD valign=bottom width=585.733 colspan=6><P style="margin:0pt; font-family:Times New Roman">(2) Represents the Company&#146;s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>26</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>6. Long-term debt </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>Dollar amounts are expressed in thousands.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=199.667><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>Issued</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>Maturity Date</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>Interest Rate at March 31, 2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>March 31, 2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, 2010</P>
</TD></TR>
<TR><TD valign=top width=199.667>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=199.667><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Senior Secured Credit Note (a)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>7/31/2013</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>4.81%</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$22,378</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$22,503</P>
</TD></TR>
<TR><TD valign=top width=199.667>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=199.667><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Subordinated Note (b)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>1/31/2014</P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>5.55%</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$100,000</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$100,000</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(a) In 2006, the Company issued a Senior Secured Credit Note in the amount of $125.0 million at a variable interest rate based on LIBOR with a seven-year term to a syndicate led by Morgan Stanley Senior Funding Inc., as agent. &nbsp;In accordance with<B> </B>the<B> </B>Senior Secured Credit Note, the Company has provided certain covenants to the lenders with respect to the maintenance of a minimum fixed charge ratio and maximum leverage ratio and minimum net capital requirements with respect to Oppenheimer. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>On December 22, 2008, certain terms of the Senior Secured Credit Note were amended, including (1) revised financial covenant levels that require that (i) the Company maintain a maximum leverage ratio (total long-term debt divided by EBITDA) of 2.00 at March 31, 2011 and (ii) the Company maintain a minimum fixed charge ratio (EBITDA adjusted for capital expenditures and income taxes divided by the sum of principal and interest payments on long-term debt) of 2.00 at March 31, 2011; (2) an increase in scheduled principal payments as follows: 2009 - $400,000 per quarter plus $4.0 million on September 30, 2009; 2010 - $500,000 per quarter plus $8.0 million on September 30, 2010; (3) an increase in the interest rate to LIBOR plus 450 basis points (an increase of 150 basis points); and (4) a pay-down of principal equal to the cost of any share repurchases made pursuant to the Issuer Bid. In the Company&#146;s view, the maximum leverage ratio and minimum fixed charge ratio represent the most restrictive covenants. These ratios adjust each quarter in accordance with the loan terms, and become more restrictive over time. &nbsp;At March 31, 2011, the Company was in compliance with all of its covenants. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The obligations under the Senior Secured Credit Note are guaranteed by certain of the Company&#146;s subsidiaries, other than broker-dealer subsidiaries, with certain exceptions, and are collateralized by a lien on substantially all of the assets of each guarantor, including a pledge of the ownership interests in each first-tier broker-dealer subsidiary held by a guarantor, with certain exceptions.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The effective interest rate on the Senior Secured Credit Note for the three months ended March 31, 2011 was 4.81%. Interest expense, as well as interest paid on a cash basis for the three months ended March 31, 2011, on the Senior Secured Credit Note was $270,600 ($387,000 in the three months ended March 31, 2010). The $22.4 million principal amount outstanding at March 31, 2011 was repaid in full on April 12, 2011. See note 11.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(b) On January 14, 2008, in connection with the acquisition of certain businesses from CIBC World Markets Corp., CIBC made a loan in the amount of $100.0 million and the Company issued a Subordinated Note to CIBC in the amount of $100.0 million at a variable interest rate based on LIBOR. The Subordinated Note is due and payable on January 31, 2014 with interest payable on a quarterly basis. The purpose of this note is to support the capital requirements of the acquired business. &nbsp;In accordance with<B> </B>the<B> </B>Subordinated Note, the Company has provided certain covenants to CIBC with respect to the maintenance of a minimum fixed charge ratio and maximum leverage ratio and minimum net capital requirements with respect to Oppenheimer. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>27</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Effective December 23, 2008, certain terms of the Subordinated Note were amended, including (1) revised financial covenant levels that require that (i) the Company maintain a maximum leverage ratio of 2.35 at March 31, 2011 and (ii) the Company maintain a minimum fixed charge ratio of 1.65 at March 31, 2011; and (2) an increase in the interest rate to LIBOR plus 525 basis points (an increase of 150 basis points). &nbsp;In the Company&#146;s view, the maximum leverage ratio and minimum fixed charge ratio represent the most restrictive covenants. &nbsp;These ratios adjust each quarter in accordance with the loan terms, and become more restrictive over time. At March 31, 2011, the Company was in compliance with all of its covenants. On April 12, 2011, the Subordinated Note was repaid in full. See note 11.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The effective interest rate on the Subordinated Note for the three months ended March 31, 2011 was 5.55%. Interest expense, as well as interest paid on a cash basis for the three months ended March 31, 2011, on the Subordinated Note was $1.4 million ($1.4 million for the three months ended March 31, 2010).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>7. Share capital</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=235.2>&nbsp;</TD><TD valign=top width=168 colspan=2>&nbsp;</TD><TD valign=top width=156.933 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=235.2>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=78.467><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=78.467><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Class A Stock outstanding, beginning of period</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=78.467><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>13,268,522</P>
</TD><TD valign=top width=78.467><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>13,118,001</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Issued pursuant to the share-based compensation plans</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=78.467><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>266,541</P>
</TD><TD valign=top width=78.467><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>123,551</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Class A Stock outstanding, end of period</P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=78.467><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>13,535,063</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=78.467><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>13,241,552</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>8. Net capital requirements </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company's U.S. broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform net capital requirements of the SEC under Rule 15c3-1 (the &#147;Rule&#148;). Oppenheimer computes its net capital requirements under the alternative method provided for in the Rule which requires that Oppenheimer maintain net capital equal to two percent of aggregate customer-related debit items, as defined in SEC Rule 15c3-3. At March 31, 2011, the net capital of Oppenheimer as calculated under the Rule was $172.3 million or 13.2% of Oppenheimer's aggregate debit items. This was $146.1 million in excess of the minimum required net capital at that date. Freedom computes its net capital requirement under the basic method provided for in the Rule, which requires that Freedom maintain net capital equal to the greater of $250,000 or 6 2/3% of aggregate indebtedness, as defined. At March 31, 2011, Freedom had net capital of $4.9 million, which was $4.6 million in excess of the $250,000 required to be maintained at that date.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>At March 31, 2011, the regulatory capital of Oppenheimer E.U. Ltd. was $3.3 million which was $1.0 million in excess of the $2.3 million required to be maintained at that date. Oppenheimer E.U. Ltd. computes its regulatory capital pursuant to the Fixed Overhead Method prescribed by the Financial Services Authority of the United Kingdom.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>28</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>At March 31, 2011, the regulatory capital of Oppenheimer Investments Asia Ltd. was $652,000 which was $265,600 in excess of the $386,400 required to be maintained on that date. Oppenheimer Investments Asia Ltd. computes its regulatory capital pursuant to the requirements of the Securities and Futures Commission in Hong Kong.</P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>9. Related party transactions</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company does not make loans to its officers and directors except under normal commercial terms pursuant to client margin account agreements. These loans are fully collateralized by employee-owned securities.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>10. Segment information</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>29</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The table below presents information about the reported revenue and profit before income taxes of the Company for the periods noted. The Company&#146;s segments are described in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010. The Company has allocated all revenue and expenses to its segments and has eliminated the &#147;Other&#148; category as these are now allocated by the Chief Executive Officer and Chief Financial Officer in their analysis. Previously reported segment information has been revised to reflect this change. The Company&#146;s business is conducted primarily in the United States with additional operations in the United Kingdom, Israel, Asia, and South America. &nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>30</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The table below presents information about the reported revenue and profit before income taxes of the Company for the three months ended March 31, 2011 and 2010. &nbsp;Asset information by reportable segment is not reported, since the Company does not produce such information for internal use. Substantially all assets are located in the United States.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Expressed in thousands of dollars. </P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=204>&nbsp;</TD><TD valign=top width=180 colspan=2>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=204>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Revenue:</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Private Client (1)</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$145,399</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$136,822</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Capital Markets</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>89,753</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>92,444</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Asset Management (1)</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>18,265</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>16,909</P>
</TD></TR>
<TR><TD valign=top width=204>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=204>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Total</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$253,417</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$246,175</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Profit before income taxes:</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Private Client (1)</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$1,732</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$5,260</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Capital Markets</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>3,031</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>6,355</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Asset Management (1)</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>5,066</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>4,245</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Times New Roman; font-size:11pt">Total </P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$9,829</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right>$15,860</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">(1)</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman">Asset management revenue is allocated 77.5% to the Asset Management segment and 22.5% to the Private Client segment.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>31</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company has operations in the United States, United Kingdom, Israel, Asia and South America. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Revenues, classified by the major geographic areas in which they were earned for the three months ended March 31, 2011 and 2010, were as follows:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Expressed in thousands of dollars.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=391.2>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=391.2>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2010</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">United States</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$239,290</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$234,814</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Europe / Middle East</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8,234</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6,281</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Asia</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,139</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,270</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">South America</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,755</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1,810</P>
</TD></TR>
<TR><TD valign=top width=391.2>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$253,418</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$246,175</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>11. Subsequent events</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>32</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On April 12, 2011, the Company completed the private placement of $200.0 million in aggregate principal amount of 8.75 percent Senior Secured Notes due April 15, 2018 at par (the &#147;Notes&#148;).The interest on the Notes will be payable semi-annually on April 15<SUP>th</SUP> and October 15<SUP>th</SUP>. Proceeds from the private placement were used to retire the Morgan Stanley Senior Secured Credit Note due 2013 ($22.4 million) and the CIBC Subordinated Note due 2014 ($100.0 million) (together, the &#147;Debt&#148;) and other general corporate purposes. The carrying value of the outstanding Debt as of March 31, 2011 totaled $122.4 million. The private placement resulted in the fixing of the interest rate over the term of the Notes compared to the variable rate debt that was retired and an extension of the debt maturity dates as described above. The cost to issue the Notes is estimated to total approximately $4.1 million which will be capitalized during the three months ending June 30, 2011 and amortized over the period of the Notes. The Company will write off $344,000 in unamortized debt issuance costs related to the Senior Secured Credit Note during the three months ending June 30, 2011. Additionally, as a result of the refinancing of the Subordinated Note, the effective portion of the net loss of $1.3 million related to the interest rate cap cash flow hedge will be reclassified from accumulated other comprehensive loss on the condensed consolidated balance sheet to a loss on the condensed consolidated statement of operations during the three months ending June 30, 2011.</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The indenture for the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment of dividends, sale of assets, mergers and acquisitions and the granting of liens. The Notes provide for events of default including nonpayment, misrepresentation, breach of covenants and bankruptcy. The Company&#146;s obligations under the Notes are guaranteed, subject to certain limitations, by the same subsidiaries that guaranteed the obligations under the Senior Secured Credit Note and the Subordinated Note which were retired. These guarantees may be shared, on a senior basis, under certain circumstances, with newly incurred debt outstanding in the future. </P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On April 29, 2011, the Company announced a cash dividend of $0.11 per share (totaling $1.4 million) payable on May 27, 2011 to Class A and Class B Stockholders of record on May 13, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 2. &nbsp;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &nbsp;</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company&#146;s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Reference is also made to the Company&#146;s consolidated financial statements and notes thereto found in its Annual Report on Form 10-K for the year ended December 31, 2010. </P>
<P style="margin-top:11pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company engages in a broad range of activities in the securities industry, including retail securities brokerage, institutional sales and trading, investment banking (both corporate and public finance), research, market-making, trust services and investment advisory and asset management services. Its principal subsidiaries are Oppenheimer &amp; Co. Inc. (&#147;Oppenheimer&#148;) and Oppenheimer Asset Management (&#147;OAM&#148;). As at March 31, 2011, the Company provided its services from 96 offices in 26 states located throughout the United States, offices in Tel Aviv, Israel, Hong Kong, China, and London, England and in two offices in Latin America through local broker-dealers. Client assets entrusted to the Company as at March 31, 2011 totaled approximately $74.8 billion. The Company provides investment advisory services through OAM and Oppenheimer Investment Management (&#147;OIM&#148;) and Oppenheimer&#146;s Fahnestock Asset Management, ALPHA and OMEGA Group divisions. The Company provides trust services and products through Oppenheimer Trust Company. The Company provides discount brokerage services through Freedom and through BUYandHOLD, a division of Freedom Investments, Inc. Through OPY Credit Corp., the Company offers syndication as well as trading of issued corporate loans. Oppenheimer Multifamily Housing and Healthcare Finance, Inc. (formerly Evanston Financial Corporation) (&#147;OMHHF&#148;) is engaged in mortgage brokerage and servicing. At March 31, 2011, client assets under management by the asset management groups totaled $19.9 billion. At March 31, 2011, the Company employed 3,643 employees (3,572 full time and 71 part time), of whom approximately 1,434 were financial advisors. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Critical Accounting Policies</B></P>
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The Company&#146;s accounting policies are essential to understanding and interpreting the financial results reported in the condensed consolidated financial statements. The significant accounting policies used in the preparation of the Company&#146;s condensed consolidated financial statements are summarized in notes 1 and 2 to the Company&#146;s consolidated financial statements and notes thereto found in its Annual Report on Form 10-K for the year ended December 31, 2010. Certain of those policies are considered to be particularly important to the presentation of the Company&#146;s financial results because they require management to make difficult, complex or subjective judgments, often as a result of matters that are inherently uncertain. </P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>During the three months ended March 31, 2011, there were no material changes to matters discussed under the heading &#147;Critical Accounting Policies&#148; in Part II, Item 7 of the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Business Environment </B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The securities industry is directly affected by general economic and market conditions, including fluctuations in volume and price levels of securities and changes in interest rates, inflation, political events, investor participation levels, legal and regulatory, accounting, tax and compliance requirements and competition, all of which have an impact on commissions, firm trading, fees from accounts under investment management as well as fees for investment banking services, and investment income as well as on liquidity. Substantial fluctuations can occur in revenues and net income due to these and other factors.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>34</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>For a number of years, the Company has offered auction rate securities (&#147;ARS&#148;) to its clients. A significant portion of the market in ARS has &#145;failed&#146; because, in the tight credit market, the dealers are no longer willing or able to purchase the imbalance between supply and demand for ARS. These securities have auctions scheduled on either a 7, 28 or 35 day cycle. Clients of the Company own a significant amount of ARS in their individual accounts. The absence of a liquid market for these securities presents a significant problem to clients and, as a result, to the Company. It should be noted that this is a failure of liquidity and not a default. These securities in almost all cases have not failed to pay interest or principal when due. These securities are fully collateralized for the most part and, for the most part, remain good credits. The Company has not acted as an auction agent for ARS. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Interest rates on ARS typically reset through periodic auctions. &nbsp;Due to the auction mechanism and generally liquid markets, ARS have historically been categorized as Level 1 in the fair value hierarchy.&nbsp; Beginning in February 2008, uncertainties in the credit markets resulted in substantially all of the ARS market experiencing failed auctions.&nbsp; Once the auctions failed, the ARS could no longer be valued using observable prices set in the auctions.&nbsp; The Company has used less observable determinants of the fair value of ARS, including the strength in the underlying credits, announced issuer redemptions, completed issuer redemptions, and announcements from issuers regarding their intentions with respect to their outstanding ARS. &nbsp;The Company has also developed an internal methodology to discount for the lack of liquidity and non-performance risk of the failed auctions. &nbsp;Key inputs include spreads on comparable Treasury yields to derive a discount rate, an estimate of the ARS duration, and yields based on current auctions in comparable securities that have not failed. &nbsp;Due to the less observable nature of these inputs, the Company categorizes ARS in Level 3 of the fair value hierarchy. As of March 31, 2011, the Company had a valuation adjustment (unrealized) of $4.8 million for ARS.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has sought, with limited success, financing from a number of sources to try to find a means for all its clients to find liquidity from their ARS holdings and will continue to do so. There can be no assurance that the Company will be successful in finding a liquidity solution for all its clients&#146; ARS holdings. See &#147;Risk Factors &#150; The Company may continue to be adversely affected by the failure of the Auction Rate Securities Market&#148; in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010 and &#147;Factors Affecting &#145;Forward-Looking Statements&#148;.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company is focused on growing its private client and asset management businesses through strategic additions of experienced financial advisors in its existing branch system and employment of experienced money management personnel in its asset management business. In addition, the Company is committed to the improvement of its technology capability to support client service and the expansion of its capital markets capabilities while addressing the issue of managing its expenses to better align them with the current investment environment. The Company will continue to nurture the growth of OMMHF as well as its business in non-U.S. markets.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Regulatory and Legal Environment</B> </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The brokerage business is subject to regulation by, among others, the Securities and Exchange Commission (&#147;SEC&#148;) and FINRA (formerly the NYSE and NASD) in the United States, the Financial Services Authority (&#147;FSA&#148;) in the United Kingdom, the Securities and Futures Commission in Hong Kong (&#147;SFC&#148;), the Israeli Securities Authority (&#147;ISA&#148;) in Israel and various state securities regulators. Events in recent years surrounding corporate accounting and other activities leading to investor losses resulted in the enactment of the Sarbanes-Oxley Act and have caused increased regulation of public companies. New regulations and new interpretations and enforcement of existing regulations are creating increased costs of compliance and increased </P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>35</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>investment in systems and procedures to comply with these more complex and onerous requirements. Increasingly, the various states are imposing their own regulations that make the uniformity of regulation a thing of the past, and make compliance more difficult and more expensive to monitor.<B> </B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In July 2010, Congress enacted extensive legislation entitled the Dodd-Frank Wall Street Reform and Consumer Protection Act (&#147;Dodd Frank&#148;) in which it mandated that the SEC and other regulators conduct comprehensive studies and issue new regulations based on their findings to control the activities of financial institutions in order to protect the financial system, the investing public and consumers from issues and failures that occurred in the recent financial crisis. All relevant studies have not yet been completed, but they are widely expected to extensively impact the regulation and practices of financial institutions including the Company. The changes are likely to significantly reduce leverage available to financial institutions and to increase transparency to regulators and investors of risks taken by such institutions. It is impossible to presently predict the nature of such rulemaking, and rules adopted in the U.S. and the United Kingdom would create a new regulator for certain activities, regulate and/or prohibit proprietary trading for certain deposit taking institutions, control the amount and timing of compensation to &#147;highly paid&#148; employees, create new regulations around financial transactions with consumers requiring the adoption of a uniform fiduciary standard of care of broker-dealers and investment advisers providing personalized investment advice about securities to retail customers, and increase the disclosures provided to clients, and possibly create a tax on securities transactions. If and when enacted, such regulations will likely increase compliance costs and reduce returns earned by financial service providers and intensify compliance overall. It is difficult to predict the nature of the final regulations and their impact on the business of the Company. </P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The impact of the rules and requirements that were created by the passage of the Patriot Act, and the anti-money laundering regulations (AML) in the U.S. and similar laws in other countries that are related thereto have created significant costs of compliance and can be expected to continue to do so. </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Pursuant to FINRA Rule 3130 (formerly NASD Rule 3013 and NYSE Rule 342), the chief executive officers (&#147;CEOs&#148;) of regulated broker-dealers (including the CEO of Oppenheimer) are required to certify that their companies have processes in place to establish and test supervisory policies and procedures reasonably designed to achieve compliance with federal securities laws and regulations, including applicable regulations of self-regulatory organizations. The CEO of the Company is required to make such a certification on an annual basis and did so in March 2011.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Other Regulatory Matters </I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In February 2010, Oppenheimer finalized settlements with each of the New York Attorney General&#146;s office (&#147;NYAG&#148;) and the Massachusetts Securities Division (&#147;MSD&#148; and, together with the NYAG, the &#147;Regulators&#148;) concluding investigations and administrative proceedings by the Regulators concerning Oppenheimer&#146;s marketing and sale of auction rate securities (&#147;ARS&#148;). Pursuant to those settlements, as at March 31, 2011, the Company had purchased approximately $41.5 million in ARS from its clients and expects to purchase at least an additional $35.9 million of ARS from its clients by July 31, 2011. The Company&#146;s purchases of ARS from its clients will continue on a periodic basis thereafter pursuant to the settlements with the Regulators. The ultimate amount of ARS to be repurchased by the Company cannot be predicted with any certainty and will be impacted by redemptions by issuers and client actions during the period, which cannot be predicted. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In addition to the purchases of $41.5 million of ARS as of March 31, 2011 from clients referred to above, the Company also held $2.4 million in ARS in its proprietary trading account as of March 31, </P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>36</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2011 as a result of the failed auctions in February 2008. &nbsp;These ARS positions primarily represent Auction Rate Preferred Securities issued by closed-end funds and, to a lesser extent, Municipal Auction Rate Securities which are municipal bonds wrapped by municipal bond insurance and Student Loan Auction Rate Securities which are asset-backed securities backed by student loans (collectively referred to as &#147;ARS&#148;). </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company&#146;s clients held at Oppenheimer approximately $484.8 million of ARS at March 31, 2011, exclusive of amounts that 1) were owned by Qualified Institutional Buyers (&#147;QIBs&#148;), 2) were transferred to the Company, 3) were purchased by clients after February 2008, or 4) were transferred from the Company to other securities firms after February 2008. This represents a decrease of $47.0 million from amounts that our clients held as of December 31, 2010 as a result of issuer redemptions and purchases by the Company.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>See &#147;Risk Factors &#150; The Company may continue to be adversely affected by the failure of the Auction Rate Securities Market,&#148; appearing in Item 1A to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010 and &#147;Legal Proceedings&#148; herein.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><I><BR></I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Other Matters</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>A subsidiary of the Company was the administrative agent for two closed-end funds until December 5, 2005. The Company has been advised by the current administrative agent for these two funds that the Internal Revenue Service may file a claim for interest and penalties for one of these funds with respect to the 2004 tax year as a result of an alleged failure of such subsidiary to take certain actions. The Company will continue to monitor developments in this matter.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company operates in all state jurisdictions in the United States and is thus subject to regulation and enforcement under the laws and regulations of each of these jurisdictions. The Company has been and expects that it will continue to be subject to investigations and some or all of these may result in enforcement proceedings as a result of its business conducted in the various states.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>As part of its ongoing business, the Company records reserves for legal expenses, judgments, fines and/or awards attributable to litigation and regulatory matters. In connection therewith, the Company has maintained its legal reserves at levels it believes will resolve outstanding matters, but may increase or decrease such reserves as matters warrant.&nbsp; In accordance with applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters when those matters present loss contingencies that are both probable and reasonably estimable. When loss contingencies are not both probable and reasonably estimable, the Company does not establish reserves. In some of the matters described below under &#147;Legal Proceedings&#148;, including but not limited to the <I>U.S. Airways</I> matter, loss contingencies are not probable and reasonably estimable in the view of management and, accordingly, reserves have not been established for those matters. See &#147;Legal Proceedings&#148; herein and note 13 to the consolidated financial statements appearing in Item 8 to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010.</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Business Continuity</B></P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company is committed to an on-going investment in its technology and communications infrastructure including extensive business continuity planning and investment. These costs are on-going and the Company believes that current and future costs will remain high due to business and regulatory requirements. This investment has increased in 2008 and 2009 as a result of the January 2008 acquisition of certain businesses from CIBC and the Company&#146;s need to build out its platform to accommodate these businesses. The Company made infrastructure investments for technology in 2010 when it built a new data center both to accommodate its existing and future </P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>37</P>
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<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>business and to restructure its disaster recovery planning.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Outlook</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company's long-term plan is to continue to expand existing offices by hiring experienced professionals as well as through the purchase of operating branch offices from other broker dealers or the opening of new branch offices in attractive locations, thus maximizing the potential of each office and the development of existing trading, investment banking, investment advisory and other activities. Equally important is the search for viable acquisition candidates. As opportunities are presented, it is the long-term intention of the Company to pursue growth by acquisition where a comfortable match can be found in terms of corporate goals and personnel at a price that would provide the Company's stockholders with incremental value. The Company may review additional potential acquisition opportunities, and will continue to focus its attention on the management of its existing business. In addition, the Company is committed to improving its technology capabilities to support client service and the expansion of its capital markets capabilities.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>38</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Results of Operations </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company reported a net profit of $5.1 million or $0.38 per share for the first quarter of 2011, compared to $9.2 million or $0.69 per share in the first quarter of 2010, a decrease of 44.5%. Revenue for the first quarter of 2011 was $253.4 million, compared to revenue of $246.2 million in the first quarter of 2010, an increase of 2.9%. Client assets entrusted to the Company and under administration totaled approximately $74.8 billion while client assets under fee-based programs offered by the asset management groups totaled approximately $19.9 billion at March 31, 2011 ($69.6 billion and $17.0 billion, respectively, at March 31, 2010).</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The global economy continued to recover during the first quarter of 2011 and the stock market recovered to new highs during the quarter. The recovery continued despite uprisings in the Middle East and northern Africa, the earthquake and tsunami in Japan, continued concerns over European sovereign debt, signs of inflationary pressures throughout the emerging economies as well as expectations for higher interest rates. While job creation drove reduced unemployment and the reported earnings of American corporations recovered, concerns about record fiscal deficits and continued discord in Washington created market volatility amidst low volumes and lower investor participation in the markets.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Revenue increased by 2.9% in the first quarter of 2011 compared to the first quarter of 2010 driven by increased revenue relating to interest, investment banking and advisory fees, offset by reduced principal transaction revenues.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify> <BR>
</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Expenses increased by 5.8% in the first quarter of 2011 compared to the first quarter of 2010 driven primarily by higher compensation costs. &nbsp;A significant increase in share-based compensation costs related to the Company&#146;s stock appreciation rights plan contributed to a $7.6 million difference in compensation related costs between the three-month periods ended March 31, 2011 &nbsp;and March 31, 2010, as discussed below.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>39</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The following table and discussion summarizes the changes in the major revenue and expense categories for the periods presented:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Expressed in thousands of dollars.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=235.2>&nbsp;</TD><TD valign=top width=174 colspan=2>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Three months ended </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>March 31,</P>
</TD></TR>
<TR><TD valign=top width=235.2>&nbsp;</TD><TD valign=top width=174 colspan=2>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2011 versus 2010</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=235.2>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=90>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Period to Period Change</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Percentage Change</P>
</TD></TR>
<TR><TD valign=top width=235.2>&nbsp;</TD><TD valign=top width=90>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Revenue -</P>
</TD><TD valign=top width=90>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Commissions</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$(1,342)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-1.0%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal transactions, net</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(9,188)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-45.5%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interest</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,211</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>54.4%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Investment banking</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,257</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12.9%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Advisory fees</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,655</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13.2%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,649</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>35.6%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total revenue</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7,242</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2.9%</P>
</TD></TR>
<TR><TD valign=top width=235.2>&nbsp;</TD><TD valign=top width=90>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expenses -</P>
</TD><TD valign=top width=90>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Compensation and related expenses</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12,236</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7.7%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Clearing and exchanges fees</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(249)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-3.8%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Communications and technology</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(501)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-3.0%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Occupancy and equipment costs</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>86</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>0.5%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interest</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,473</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>46.7%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(772)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-3.0%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total expenses</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13,273</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5.8%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Profit before income taxes</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(6,031)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-38.0%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Income tax provision </P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(2,428)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-37.4%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit </P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(3,603)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-38.5%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit attributable to non- </P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;controlling interest, net of tax</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>479</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>244.4%</P>
</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net profit attributable to</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=235.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Oppenheimer Holdings Inc.</P>
</TD><TD valign=bottom width=90>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$(4,082)</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-44.5%</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><I> <BR>
</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Revenue and Expenses </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><U><BR></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Revenue - First Quarter 2011 </U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Commission revenue was $136.9 million for the first quarter of 2011, a decrease of 1.0%<U> </U>compared to $138.2 million in the first quarter of 2010. Market conditions in the first quarter of 2011 were comparable to conditions in the first quarter of 2010.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Principal transactions revenue was $11.0 million in the first quarter of 2011 compared to $20.2 million in the first quarter of 2010, a decrease of 45.5%. &nbsp;The decrease stems from lower profits in loan trading income which were $321,400 in the first quarter of 2011 compared to $3.3 million in the first quarter of 2010 reflecting lower trading activity. Trading revenue in fixed income declined by $5.9 million in the first quarter of 2011 compared with the first quarter of 2010 driven primarily by increases to valuation </FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>40</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>adjustments of $3 million during the period related to a larger principal amount of auction rate securities. </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Interest revenue was $14.8 million in the first quarter of 2011, an increase of 54.4% compared to $9.6 million in the first quarter of 2010. The increase is primarily attributable to interest earned on positions and reverse repurchase agreements held by the government trading desk which did substantially more business in the first quarter of 2011 compared to the same period in 2010.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Investment banking revenue for the first quarter 2011 was $28.4 million, an increase of 12.9% compared to $25.2 million in the first quarter of 2010 driven by a $5.3 million increase in corporate advisory fees offset by a decrease of $1.8 million in fees associated with equities underwritings.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Advisory fees were $48.4 million in the first quarter of 2011, an increase of 13.2% compared to $42.8<B> </B>million in the first quarter of 2010. Asset management fees increased by $6.2 million in the first quarter of 2011 compared to the same period in 2010 as a result of an increase in the value of assets under management of 14.6% during the period. Asset management fees are calculated based on client assets under management at the end of the prior quarter and were $18.8 billion at December 31, 2010 ($16.4 billion at December 31, 2009). This increase was offset by a decrease of $311,000 of fees earned on money market products during the first quarter of 2011. &nbsp;During the first quarter of 2011, the Company waived $5.9 million in fees that otherwise would have been due from money market funds ($6.1 million in the first quarter of 2010).</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Other revenue for the first quarter of 2011 was $13.9 million, an increase of &nbsp;35.6% compared to $10.2 million in the first quarter of 2010 primarily as a result of an increase of $3.5 million in loan origination and servicing fees from the Oppenheimer Multifamily Housing &amp; Healthcare Finance business. </FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Expenses - First Quarter 2011</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Compensation and related expenses for the first quarter of 2011 were $170.4 million, an increase of 7.7% compared to $158.2 million in the first quarter of 2010. As indicated above, share-based compensation expense directly related to the increase in the price of the Company&#146;s stock during the quarter accounted for $7.6 million of the variance. The Company&#146;s stock price was $33.51 per share at March 31, 2011 compared to $26.21 per share at December 31, 2010 resulting in an expense of $3.6 million during the three-month period ended March 31, 2011. During the comparable period in 2010, the Company recorded a credit of $4.0 million based on a decline in the Company&#146;s stock price ($25.51 per share at March 31, 2010 compared to $33.22 per share at December 31, 2009). In addition, production and incentive-related compensation increased by $5.7 million<A NAME="OLE_LINK5"></A> for the first quarter of 2011 due to overall higher revenues on which such compensation was measured in 2011 compared to 2010 and due to the recording of an out-of-period adjustment in the first quarter of 2010 in the amount of $3.7 million related to over-accruals in compensation expense in 2009 which reduced expense in the 2010 period.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Clearing and exchange fees for the first quarter of 2011 were $6.3 million, a decrease of 3.8% compared to $6.6 million in the first quarter of 2010 due to lower transaction volumes. </FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Communications and technology expenses for the first quarter of 2011 were $15.9 million, a decrease of 3.0% compared to $16.4 million in the first quarter of 2010 as a result of lower data communication and software costs offset by higher market data related costs. </FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Occupancy and equipment costs for the first quarter of 2011 were $18.5 million, relatively unchanged from the first quarter of 2010. </FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>41</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Interest expenses were $7.8 million for the first quarter of 2011, an increase of 46.7% compared to $5.3 million in the first quarter of 2010 primarily due to interest expense incurred on repurchase agreements utilized to finance higher levels of government inventories and for &#147;matched-book&#148; transactions. </FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">Other expenses for the first quarter of 2011 were $24.6 million, a decrease of 3.0% compared to $25.4 million in the first quarter of 2010 primarily due to decreased legal costs.</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Liquidity and Capital Resources </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Total assets at March 31, 2011 increased by 20.5% from December 31, 2010 levels due in large part to the Company&#146;s expansion of its government trading desk. The Company satisfies its need for short-term funds from internally generated funds and collateralized and uncollateralized borrowings, consisting primarily of bank loans, stock loans and uncommitted lines of credit. The Company finances its trading in government securities through the use of repurchase agreements. The Company&#146;s longer-term capital needs are met through the issuance of the Senior Secured Credit Note and the Subordinated Note. The amount of Oppenheimer's bank borrowings fluctuates in response to changes in the level of the Company's securities inventories and customer margin debt, changes in stock loan balances and changes in notes receivable from employees. The Company believes that such availability will continue going forward but current conditions in the credit markets may make the availability of bank financing more challenging in the months ahead. Oppenheimer has arrangements with banks for borrowings on a fully-collateralized basis. At March 31, 2011, the Company had $113.2 million of such borrowings outstanding compared to outstanding borrowings of $147.0 million at December 31, 2010. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Volatility in the financial markets, and the continuance of credit problems throughout the national economy, has had an adverse affect on the availability of credit through traditional sources. As a result of concern about the ability of markets generally and the strength of counterparties specifically, many lenders have reduced and, in some cases, ceased to provide funding to the Company on both a secured and unsecured basis. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In February 2010, Oppenheimer finalized settlements with each of the New York Attorney General&#146;s office (&#147;NYAG&#148;) and the Massachusetts Securities Division (&#147;MSD&#148; and, together with the NYAG, the &#147;Regulators&#148;) concluding investigations and administrative proceedings by the Regulators concerning Oppenheimer&#146;s marketing and sale of auction rate securities (&#147;ARS&#148;). Pursuant to those settlements, as at March 31, 2011, the Company had purchased approximately $41.5 million in ARS from its clients and expects to purchase at least an additional $35.9 million of ARS from its clients by July 31, 2011. The Company&#146;s purchases of ARS from its clients will continue on a periodic basis thereafter pursuant to the settlements with the Regulators. The ultimate amount of ARS to be repurchased by the Company cannot be predicted with any certainty and will be impacted by redemptions by issuers and client actions during the period, which cannot be predicted. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In addition to the purchases of $41.5 million of ARS from clients referred to above, the Company also held $2.5 million in ARS in its proprietary trading account as of March 31, 2011 as a result of the failed auctions in February 2008. &nbsp;These ARS positions primarily represent Auction Rate Preferred Securities issued by closed-end funds and, to a lesser extent, Municipal Auction Rate Securities which are municipal bonds wrapped by municipal bond insurance and Student Loan Auction Rate Securities which are asset-backed securities backed by student loans (collectively referred to as &#147;ARS&#148;). </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>42</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In 2006, the Company issued a Senior Secured Credit Note in the amount of $125.0 million at a variable interest rate based on LIBOR with a seven-year term to a syndicate led by Morgan Stanley Senior Funding Inc., as agent. &nbsp;In accordance with<B> </B>the<B> </B>Senior Secured Credit Note, the Company has provided certain covenants to the lenders with respect to the maintenance of a minimum fixed charge ratio and maximum leverage ratio and minimum net capital requirements with respect to Oppenheimer. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>On December 22, 2008, certain terms of the Senior Secured Credit Note were amended, including (1) revised financial covenant levels that require that (i) the Company maintain a maximum leverage ratio (total long-term debt divided by EBITDA) of 2.00 at March 31, 2011 and (ii) the Company maintain a minimum fixed charge ratio (EBITDA adjusted for capital expenditures and income taxes divided by the sum of principal and interest payments on long-term debt) of 2.00 at March 31, 2011; (2) an increase in scheduled principal payments as follows: 2009 - $400,000 per quarter plus $4.0 million on September 30, 2009; 2010 - $500,000 per quarter plus $8.0 million on September 30, 2010; (3) an increase in the interest rate to LIBOR plus 450 basis points (an increase of 150 basis points); and (4) a pay-down of principal equal to the cost of any share repurchases made pursuant to the Issuer Bid. In the Company&#146;s view, the maximum leverage ratio and minimum fixed charge ratio represent the most restrictive covenants. These ratios adjust each quarter in accordance with the loan terms, and become more restrictive over time. &nbsp;At March 31, 2011, the Company was in compliance with all of its covenants. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The effective interest rate on the Senior Secured Credit Note for the three months ended March 31, 2011 was 4.81%. Interest expense, as well as interest paid on a cash basis for the three months ended March 31, 2011, on the Senior Secured Credit Note was $270,600 ($387,000 in the three months ended March 31, 2010). The $22.4 million principal amount outstanding at March 31, 2011 was repaid in full on April 12, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The obligations under the Senior Secured Credit Note are guaranteed by certain of the Company&#146;s subsidiaries, other than broker-dealer subsidiaries, with certain exceptions, and are collateralized by a lien on substantially all of the assets of each guarantor, including a pledge of the ownership interests in each first-tier broker-dealer subsidiary held by a guarantor, with certain exceptions.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On January 14, 2008, in connection with the acquisition of certain businesses from CIBC World Markets Corp., CIBC made a loan in the amount of $100.0 million and the Company issued a Subordinated Note to CIBC in the amount of $100.0 million at a variable interest rate based on LIBOR. The Subordinated Note is due and payable on January 31, 2014 with interest payable on a quarterly basis. The purpose of this note is to support the capital requirements of the acquired business. &nbsp;In accordance with<B> </B>the<B> </B>Subordinated Note, the Company has provided certain covenants to CIBC with respect to the maintenance of a minimum fixed charge ratio and maximum leverage ratio and minimum net capital requirements with respect to Oppenheimer. </P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Effective December 23, 2008, certain terms of the Subordinated Note were amended, including (1) revised financial covenant levels that require that (i) the Company maintain a maximum leverage ratio of 2.35 at March 31, 2011 and (ii) the Company maintain a minimum fixed charge ratio of 1.65 at March 31, 2011; and (2) an increase in the interest rate to LIBOR plus 525 basis points (an increase of 150 basis points). &nbsp;In the Company&#146;s view, the maximum leverage ratio and minimum fixed charge ratio represent the most restrictive covenants. &nbsp;These ratios adjust each quarter in accordance with the loan terms, and become more restrictive over time. At March 31, 2011, the Company was in compliance with all of its covenants.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The effective interest rate on the Subordinated Note for the three months ended March 31, 2011 was </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>43</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5.55%. Interest expense, as well as interest paid on a cash basis for the three months ended March 31, 2011, on the Subordinated Note was $1.4 million ($1.4 million for the three months ended March 31, 2010). On April 12, 2011, the Subordinated Note was repaid in full.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I>Refinancing </I></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On April 12, 2011, the Company completed the private placement of $200.0 million in aggregate principal amount of 8.75 percent Senior Secured Notes (&#147;Notes&#148;) due April 15, 2018 at par. The interest on the Notes will be payable semi-annually on April 15<SUP>th</SUP> and October 15<SUP>th</SUP>. Proceeds from the private placement were used to retire the Morgan Stanley Senior Secured Credit Note due 2013 ($22.4 million) and the CIBC Subordinated Note due 2014 ($100.0 million) and other general corporate purposes. The carrying value of the outstanding Debt as of March 31, 2011 totaled $122.4 million. The private placement resulted in the fixing of the interest rate over the term of the Notes compared to the variable rate debt that was retired and an extension of the debt maturity dates as described above. The cost to issue the Notes is estimated to total approximately $4.1 million which will be capitalized during the three months ending June 30, 2011 and amortized over the period of the Notes. The Company will write off $344,000 in unamortized debt issuance costs related to the Senior Secured Credit Note during the three months ending June 30, 2011. Additionally, as a result of the refinancing of the Subordinated Note, the effective portion of the net loss of $1.3 million related to the interest rate cap cash flow hedge will be reclassified from accumulated other comprehensive loss on the condensed consolidated balance sheet to a loss on the condensed consolidated statement of operations during the three months ending June 30, 2011.</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The indenture for the Notes contains covenants (See Exhibit 10.1 filed herewith) which place restrictions on the incurrence of indebtedness, the payment of dividends, sale of assets, mergers and acquisitions and the granting of liens. The Notes provide for events of default including nonpayment, misrepresentation, breach of covenants and bankruptcy. The Company&#146;s obligations under the Notes are guaranteed, subject to certain limitations, by the same subsidiaries that guaranteed the obligations under the Senior Secured Credit Note and the Subordinated Note which were retired. These guarantees may be shared, on a senior basis, under certain circumstances, with newly incurred debt outstanding in the future. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Liquidity </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>For the most part, the Company&#146;s assets consist of cash and assets which can be readily converted into cash. Receivable from dealers and clearing organizations represent deposits for securities borrowed transactions, margin deposits or current transactions awaiting settlement. Receivable from customers represents margin balances and amounts due on transactions awaiting settlement. Our receivables are, for the most part, collateralized by marketable securities. The Company&#146;s collateral maintenance policies and procedures are designed to limit the Company&#146;s exposure to credit risk. Securities owned, with the exception of the ARS, are mainly comprised of actively trading, readily marketable securities. The Company advanced $2.5 million in forgivable notes, net to financial advisors for the three months ended March 31, 2011 ($3.1 million for the three months ended March 31, 2010) as upfront or backend inducements. The amount of funds allocated to such inducements will vary with market conditions and available opportunities. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company satisfies its need for short-term liquidity from internally generated funds, collateralized and uncollateralized bank borrowings, stock loans and repurchase agreements. Bank borrowings are collateralized by firm and customer securities. In addition, letters of credit are issued </P>
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<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>44</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>in the normal course of business to satisfy certain collateral requirements in lieu of depositing cash or securities.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company does not repatriate the earnings of its foreign subsidiaries. Foreign earnings are permanently reinvested for the use of the foreign subsidiaries and therefore these foreign earnings are not available to satisfy the domestic liquidity requirements of the Company.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are generally payable on demand and bear interest at various rates but not exceeding the broker call rate. &nbsp;At March 31, 2011, bank call loans were $113.2 million ($37.6 million at March 31, 2010). Average bank loans outstanding for the three months ended March 31, 2011 were $121.1 million ($50.9 million for the three months ended March 31, 2010). The largest bank loan outstanding for the three months ended March 31, 2011 was $193.6 million ($128.6 million for the three months ended March 31, 2010). The average weighted interest rate applicable on March 31, 2011 was 1.29%. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>At March 31, 2011, stock loan balances totaled $401.6 million ($400.3 million at March 31, 2010). The average daily stock loan balance for the three months ended March 31, 2011 was $383.1 million ($413.3 million for the three months ended March 31, 2010). The largest stock loan balances for the three months ended March 31, 2011 was $450.8 million ($456.1 million for the three months ended March 31, 2010).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The aggregate amount of stock loan and borrowing activity has increased as equity markets have improved and as the values of the underlying securities have increased. Client demand for margin borrowing has increased somewhat and with it the desire to establish &#147;short&#148; positions which creates further demand for stock borrowing activity to fulfill the obligation to complete delivery.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Securities purchased under agreements to sell and securities sold under agreements to repurchase are used by the Company when acting as intermediary between borrowers and lenders of short-term funds and to provide funding for various inventory positions. At March 31, 2011, the fair value of the resale agreements and repurchase agreements were $201.5 million and $532.5 million, respectively. At March 31, 2011, the gross balances of resale agreements and repurchase agreements were $2.7 billion and $3.0 billion, respectively. The average daily balance of resale agreements and repurchase agreements on a gross basis for the three months ended March 31, 2011 was $5.0 billion and $5.5 billion, respectively. The largest amount of resale agreements and repurchase agreements outstanding on a gross basis during the three months ended March 31, 2011 was $7.4 billion and $8.2 billion, respectively.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>OMHHF, which is engaged in mortgage brokerage and servicing, has obtained an uncommitted warehouse facility line through PNC Bank (&#147;PNC&#148;) under which OMHHF pledges Federal Housing Administration (&#147;FHA&#148;) guaranteed mortgages for a period of up to 10 business days and PNC table funds the principal payment to the mortgagee. OMHHF repays PNC upon the securitization of the mortgage by the Government National Mortgage Association (&#147;GNMA&#148;) and the delivery of the security to the counter party for payment pursuant to a contemporaneous sale on the date the mortgage is funded. At March 31, 2011, OMHHF had $39.0 million outstanding under the warehouse facility line at a variable interest rate of 1 month LIBOR plus 2.75%. Interest expense for the three months ended March 31, 2011 was $372,100. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>45</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Liquidity Management</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company manages its need for liquidity on a daily basis to ensure compliance with regulatory requirements and the covenants stipulated by its Senior Secured Credit Note and Subordinated Note obligations. The Company&#146;s liquidity needs may be affected by market conditions, increased inventory positions, business expansion and other unanticipated occurrences. In the event that existing financial resources do not satisfy the Company&#146;s needs, the Company may have to seek additional external financing. The availability of such additional external financing may depend on market factors outside the Company&#146;s control.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Funding Risk</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>Dollar amounts are expressed in thousands.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=403.2>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>For the three months ended March 31,</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=403.2>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2011</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>2010</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash provided by (used in) operating activities</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$38,661</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$(52,966)</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Cash used in investing activities</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,549)</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(1,337)</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash (used in) provided by financing activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(37,026)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>37,575</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Net increase (decrease) in cash and cash equivalents</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$86</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$(16,728)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Management believes that funds from operations, combined with the Company's capital base and available credit facilities, are sufficient for the Company's liquidity needs in the foreseeable future. (See Factors Affecting &#147;Forward-Looking Statements&#148;).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Other Matters</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the first quarter of 2011, the Company issued 266,541 shares of Class A Stock pursuant to the Company&#146;s share-based compensation programs.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On February 25, 2011, the Company paid cash dividends of $0.11 per share of Class A and Class B Stock totaling approximately $1.5 million from available cash on hand.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On April 28, 2011, the Board of Directors declared a regular quarterly cash dividend of $0.11 per share of Class A and Class B Stock payable on May 27, 2011 to stockholders of record on May 13, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The book value of the Company&#146;s Class A and Class B Stock was $36.31 at March 31, 2011 compared to $34.73 at March 31, 2010, based on total outstanding shares of 13,634,743 and 13,341,232, respectively. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The diluted weighted average number of shares of Class A and Class B Stock outstanding for the three months ended March 31, 2011 was 14,203,413 compared to 13,855,982 outstanding for the same period in 2010. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Off-Balance Sheet Arrangements</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Information concerning the Company&#146;s off-balance sheet arrangements is included in Note 5 of the notes to the condensed consolidated financial statements. Such information is hereby incorporated by reference.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>46</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Contractual and Contingent Obligations</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has contractual obligations to make future payments in connection with non-cancelable lease obligations and debt assumed upon the acquisition of the New Capital Markets Business as well as debt issued in 2006. The Company also has contractual obligations to make payments to CIBC in connection with the acquisition in the form of an earn-out to be paid in 2013 as described in note 18 of the consolidated financial statements for the year ended December 31, 2010 appearing in Item 8 of the Company&#146;s Annual Report of Form 10-K for the year ended December 31, 2010. On April 12, 2011, the Company repaid the remaining debt assumed upon the acquisition from the proceeds of a new senior note issued in the amount of $200.0 million. See note 11 to the condensed consolidated financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following table sets forth these contractual and contingent commitments as at March 31, 2011. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Expressed in millions of dollars. &nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:2.25pt solid #000000" valign=top width=199.2>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Total</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Less than 1 Year</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>1-3 Years</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3-5 Years</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>More than 5 Years</P>
</TD></TR>
<TR><TD valign=top width=199.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Minimum rentals </P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$197</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$31</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$71</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$45</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$50</P>
</TD></TR>
<TR><TD valign=top width=199.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Committed capital</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=199.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Earn-out</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=199.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Revolving commitment (1)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7</P>
</TD></TR>
<TR><TD valign=top width=199.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Senior Secured Credit Note (2)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=199.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Subordinated Note (2)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>100</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>100</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=199.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">ARS purchase offers (3)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>44</P>
</TD><TD valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>36</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=199.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=60><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$401</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$195</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$104</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$45</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$57</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(1) Represents unfunded commitments to provide revolving credit facilities by OPY Credit Corp.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(2) The Senior Secured Credit Note and the Subordinated Note were retired on April 12, 2011 and the Company issued $200 million in 8.75% Senior Secured Notes due April 15, 2018.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(3) Represents payments to be made pursuant to the ARS settlements entered into with Regulators in February 2010 as well as commitments to purchase ARS as a result of legal settlements. See note 13 to the consolidated financial statements for the year ended December 31, 2010 appearing in Item 8 of the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>47</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>New Accounting Pronouncements</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>See Note 2 to the condensed consolidated financial statements. Such information is hereby incorporated by reference.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Factors Affecting &#147;Forward-Looking Statements&#148;</B></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>From time to time, the Company may publish &#147;Forward-looking statements&#148; within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act or make oral statements that constitute forward-looking statements. These forward-looking statements may relate to such matters as anticipated financial performance, future revenues or earnings, business prospects, projected ventures, new products, anticipated market performance, and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company cautions readers that a variety of factors could cause the Company&#146;s actual results to differ materially from the anticipated results or other </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>48</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>expectations expressed in the Company&#146;s forward-looking statements. These risks and uncertainties, many of which are beyond the Company&#146;s control, include, but are not limited to: (i) transaction volume in the securities markets, (ii) the volatility of the securities markets, (iii) fluctuations in interest rates, (iv) changes in regulatory requirements which could affect the cost and method of doing business and reduce returns, (v) fluctuations in currency rates, (vi) general economic conditions, both domestic and international, (vii) changes in the rate of inflation and the related impact on the securities markets, (viii) competition from existing financial institutions and other participants in the securities markets, (ix) legal developments affecting the litigation experience of the securities industry and the Company, including developments arising from the failure of the Auction Rate Securities markets and the results of pending litigation involving the Company, (x) changes in federal and state tax laws which could affect the popularity of products sold by the Company or impose taxes on securities transactions, (xi) the effectiveness of efforts to reduce costs and eliminate overlap, (xii) war and nuclear confrontation as well as political unrest and regime changes, (xiii) the Company&#146;s ability to achieve its business plan, (xiv) corporate governance issues, (xv) the impact of the credit crisis and tight credit markets on business operations, (xvi) the effect of bailout, financial reform and related legislation including, without limitation, the Dodd-Frank Act, (xvii) the consolidation of the banking and financial services industry, (xviii) the effects of the economy on the Company&#146;s ability to find and maintain financing options and liquidity, (xix) credit, operations, legal and regulatory risks, and (xx) risks related to foreign operations. There can be no assurance that the Company has correctly or completely identified and assessed all of the factors affecting the Company&#146;s business. The Company does not undertake any obligation to publicly update or revise any forward-looking statements. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>ITEM 3. Quantitative and Qualitative Disclosures About Market Risk </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the three months ended March 31, 2011, there were no material changes to the information contained in Part II, Item 7A of the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>ITEM 4. <A NAME="OLE_LINK3"></A>Controls and Procedures </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures as defined in Rule&nbsp;13a&#150;15(e) and 15d-15(e) of the Securities Exchange Act of 1934. Based on this evaluation, the Company&#146;s Chief Executive Officer and Chief Financial Officer concluded that the Company&#146;s disclosure controls and procedures were effective as of the end of the period covered by this report. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Management, including the Chief Executive Officer and Chief Financial Officer, does not expect that the Company&#146;s disclosure controls and procedures or its internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision&#150;making can be faulty and that break-downs can occur because of a simple error or omission. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based, in part, upon certain assumptions </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>49</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost&#150;effective control system, misstatements due to error or fraud may occur and not be detected. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company confirms that its management, including its Chief Executive Officer and its Chief Financial Officer, concluded that the Company&#146;s disclosure controls and procedures are effective to ensure that the information required to be disclosed by the Company in its reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<A NAME="OLE_LINK7"></A><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Changes in Internal Control over Financial Reporting </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>There have been no significant changes in the Company&#146;s internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) during the three months ended March 31, 2011 that have materially affected, or are reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>50</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>51</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PART II</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>OTHER INFORMATION</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 1. Legal Proceedings &nbsp;</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Many aspects of the Company&#146;s business involve substantial risks of liability. In the normal course of business, the Company has been the subject of customer complaints and has been named as a defendant or co-defendant in various lawsuits or arbitrations creating substantial exposure. The incidences of these types of claims have increased since the onset of the credit crisis and the resulting market disruptions. The Company is also involved from time to time in certain governmental and self-regulatory agency investigations and proceedings. These proceedings arise primarily from securities brokerage, asset management and investment banking activities. There has been an increased incidence of regulatory investigations in the financial services industry in recent years, including customer claims, which seek substantial penalties, fines or other monetary relief. </P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>While the ultimate resolution of routine pending litigation and other matters cannot be currently determined, in the opinion of management, after consultation with legal counsel, the Company does not believe that the resolution of these matters will have a material adverse effect on its financial condition. However, the Company&#146;s results of operations could be materially affected during any period if liabilities in that period differ from prior estimates. Notwithstanding the foregoing, an adverse result in any of the matters set forth below or multiple adverse results in arbitrations and litigations currently filed or to be filed against the Company, including arbitrations and litigations relating to auction rate securities, would have a material adverse effect on the Company&#146;s results of operations and financial condition, including its cash position. The materiality of legal matters to the Company&#146;s future operating results depends on the level of future results of operations as well as the timing and ultimate outcome of such legal matters. &nbsp;See &#147;Risk Factors &#150; The Company may continue to be adversely affected by the failure of the Auction Rate Securities Market&#148; in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010, as well as &#147;Factors Affecting &#145;Forward-Looking Statements&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &#150; Regulatory and Legal Environment &#150; Other Regulatory Matters and &#150; Other Matters.&#148;</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Auction Rate Securities Matters</I></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>For a number of years, the Company offered auction rate securities (&#147;ARS&#148;) to its clients. A significant portion of the market in ARS &#145;failed&#146; in February 2008 due to credit market conditions, and dealers were no longer willing or able to purchase the imbalance between supply and demand for ARS. &nbsp;See &#147;Risk Factors &#150; The Company may continue to be adversely affected by the failure of the Auction Rate Securities Market&#148; in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010 as well as &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &#150; Regulatory and Legal Environment &#150; Other Regulatory Matters and &#150; Other Matters.&#148;</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Oppenheimer offered ARS to its clients in the same manner as dozens of other &#147;downstream&#148; firms in the ARS marketplace - as an available cash management option for clients seeking to increase their yields on short-term investments similar to a money market fund. The Company believes that Oppenheimer&#146;s participation therefore differs dramatically from that of the larger broker-dealers who underwrote and provided supporting bids in the auctions and who subsequently entered into settlements with state and federal regulators, agreeing to purchase billions of dollars of their clients&#146; ARS holdings. &nbsp;Unlike these other broker-dealers, Oppenheimer did not act as the lead or sole lead managing underwriter or dealer in any ARS auctions during the relevant time period, did not enter </P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>support bids to ensure that any ARS auctions cleared, and played no role in any decision by the lead underwriters or broker-dealers to discontinue entering support bids and allowing auctions to fail.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On April 11, 2008, Oppenheimer (and a number of its affiliates) was named as a defendant in a proposed class action complaint captioned <I>Bette M. Grossman v. Oppenheimer &amp; Co. Inc. et. al</I> in the United States District Court for the Southern District of New York. The complaint alleges, among other things, that Oppenheimer violated Section 10(b) of the Securities Exchange Act of 1934 (as well as other provisions of the Federal securities laws) by making material misstatements and omissions and engaging in deceptive activities in the offer and sale of ARS. Oppenheimer filed an answer to the complaint denying the allegations. Oppenheimer believes it has meritorious defenses to the claims raised in the lawsuit. On February 20, 2009, this action was consolidated with the <I>Vining</I> action described below and was subsequently dismissed with prejudice. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On May 12, 2008, Oppenheimer (and a number of its affiliates) was named as a defendant in a proposed class action complaint captioned <I>David T. Vining v. Oppenheimer &amp; Co. Inc. et. al.</I> in the United States District Court for the Southern District of New York. &nbsp;The complaint alleges, among other things, that Oppenheimer violated Section 10(b) of the Securities Exchange Act of 1934 (as well as other provisions of the Federal securities laws) by making material misstatements and omissions and engaging in deceptive activities in the offer and sale of ARS. Oppenheimer filed an answer to the complaint denying the allegations. Oppenheimer believes it has meritorious defenses to the claims raised in the lawsuit. On February 20, 2009, the <I>Grossman</I> action discussed above was consolidated with this action. The complaint requests relief in the form of compensatory damages in an amount to be proven at trial as well as costs and expenses. On September 10, 2009, Oppenheimer (and a number of its affiliates) filed a motion to dismiss this consolidated action. &nbsp;On September 27, 2010, Oppenheimer&#146;s motion to dismiss was granted without prejudice. &nbsp;Plaintiff filed an appeal of this dismissal with the United States Circuit Court for the Second Circuit on October 28, 2010. On or about January 26, 2011, Plaintiff and Oppenheimer stipulated to a dismissal of the appeal with prejudice.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On November 18, 2008, the Massachusetts Securities Division (the &#147;MSD&#148;) filed an Administrative Complaint (the &#147;Complaint&#148;) against Oppenheimer &amp; Co. Inc. and certain individuals alleging violations of the Massachusetts General Law, the Massachusetts Uniform Securities Act and regulations thereunder with respect to the sale by Oppenheimer of ARS to its clients. The Complaint alleged, inter alia, that Oppenheimer improperly misrepresented the nature of ARS and the overall stability and health of the ARS market. &nbsp;All respondents filed an answer to the Complaint denying that the allegations in the Complaint had any basis in fact or law. &nbsp;</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>As previously disclosed, Oppenheimer entered into a Consent Order (the &#147;Order&#148;) pursuant to the Massachusetts Uniform Securities Act on February 26, 2010 settling the pending administrative proceeding against the respondents related to Oppenheimer&#146;s sales of ARS to retail and other investors in the Commonwealth of Massachusetts. Oppenheimer agreed to pay, and has paid, the external costs incurred by the MSD related to the investigation and the administrative proceeding in the amount of $250,000.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>As previously disclosed, on February 23, 2010, the New York Attorney General (&#147;NYAG&#148;) accepted Oppenheimer&#146;s offer of settlement and entered an Assurance of Discontinuance (&#147;AOD&#148;) pursuant to New York State Executive Law Section 63(15) in connection with Oppenheimer&#146;s marketing and sale of ARS. &nbsp;Oppenheimer did not admit or deny any of the findings or allegations contained in the AOD and no fine was imposed. &nbsp;</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Pursuant to the terms of the Order, Oppenheimer commenced several offers to purchase Eligible ARS (as defined in the Order) from Customer Accounts (as defined in the Order) during 2010. Pursuant to the Order, the Company made an initial offer to purchase ARS from Massachusetts customers on May 21, 2010 which closed on August 4, 2010. Pursuant to the Order, on August 19, 2010, Oppenheimer commenced a second offer to purchase Eligible ARS from Massachusetts customers which closed on October 6, 2010. In addition, pursuant to the terms of the AOD, the Company made an initial offer to purchase ARS from Eligible Investors on May 21, 2010 which closed on August 4, 2010. Pursuant to the AOD, on December 3, 2010, Oppenheimer commenced an additional offer to purchase Eligible ARS from Eligible Investors which closed on February 16, 2011. Accounts were, and will continue to be, aggregated on a &#147;household&#148; basis for purposes of these offers. As at March 31, 2011, the Company had purchased approximately $41.5 million of ARS from its clients pursuant to these offers. </P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company&#146;s purchases of ARS from clients will continue on a periodic basis pursuant to the settlements with the Regulators. &nbsp;On February 15, 2011, Oppenheimer commenced a third offer to purchase additional Eligible ARS from all eligible Massachusetts Customer Accounts which offer closed April 7, 2011. Starting on or about May 6, 2011 or such time as Oppenheimer receives approval from the NYAG, and continuing every six months thereafter until Oppenheimer has extended a purchase offer to all Eligible Investors, Oppenheimer will offer to purchase Eligible ARS from Eligible Investors who did not receive an initial purchase offer, as excess funds become available to Oppenheimer after giving effect to the financial and regulatory capital constraints applicable to Oppenheimer. Such offers will remain open for a period of seventy-five days from the date on which each such offer to purchase is sent. The Company expects to purchase at least an additional $35.9 million of ARS from its clients by July 31, 2011. The ultimate amount of ARS to be repurchased by the Company cannot be predicted with any certainty and will be impacted by redemptions by issuers and client actions during the period, which also cannot be predicted. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In addition, Oppenheimer has agreed to work with issuers and other interested parties, including regulatory and other authorities and industry participants, to provide liquidity solutions for other Massachusetts clients not covered by the offers to purchase. In that regard, on May 21, 2010, Oppenheimer offered such clients a margin loan against marginable collateral with respect to such account holders&#146; holdings of Eligible ARS. As of March 31, 2011, Oppenheimer had extended margin loans to five holders of Eligible ARS from Massachusetts.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Further, Oppenheimer has agreed to (1) no later than 75 days after Oppenheimer has completed extending a purchase offer to all Eligible Investors (as defined in the AOD), use its best efforts to identify any Eligible Investors who purchased Eligible ARS (as defined in the AOD) and subsequently sold those securities below par between February 13, 2008 and February 23, 2010 and pay the investor the difference between par and the price at which the Eligible Investor sold the Eligible ARS, plus reasonable interest thereon (the &#147;ARS Losses&#148;); (2) no later than 75 days after Oppenheimer has completed extending a Purchase Offer to all Eligible Investors, use its best efforts to identify Eligible Investors who took out loans from Oppenheimer after February 13, 2008 that were secured by Eligible ARS that were not successfully auctioning at the time the loan was taken out from Oppenheimer and who paid interest associated with the ARS-based portion of those loans in excess of the total interest and dividends received on the Eligible ARS during the duration of the loan (the &#147;Loan Cost Excess&#148;) and reimburse such investors for the Loan Cost Excess plus reasonable interest thereon; (3) upon providing liquidity to all Eligible Investors, participate in a special arbitration process for the exclusive purpose of arbitrating any Eligible Investor&#146;s claim for consequential damages against Oppenheimer related to the investor&#146;s inability to sell Eligible ARS; and (4) work with issuers and other interested parties, including regulatory and governmental entities, to expeditiously provide liquidity solutions for institutional investors not within the </P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>definition of Small Businesses and Institutions (as defined in the AOD) that held ARS in Oppenheimer brokerage accounts on February 13, 2008. Oppenheimer believes that because items (1) through (3) above will occur only after it has provided liquidity to all Eligible Investors, it will take an extended period of time before the requirements of items (1) through (3) will take effect.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Each of the AOD&nbsp;and the Order provides that in the event that Oppenheimer enters into another agreement that provides any form of benefit to any Oppenheimer ARS customer on terms more favorable than those set forth in the AOD&nbsp;or the Order, Oppenheimer will immediately extend the more favorable terms contained in such other agreement to all&nbsp;eligible&nbsp;investors. &nbsp;In the case of the Order, it is limited to more favorable agreements entered into subsequent to the February 26, 2010 Order while, in the case of the AOD, it covers more favorable agreements entered into prior and subsequent to the February 23, 2010 AOD. &nbsp;The AOD further provides that if Oppenheimer pays (or makes any pledge or commitment to pay) to any governmental entity or regulator pursuant to any other agreement costs or a fine or penalty or any other monetary amount, then an equivalent payment, pledge or commitment will become immediately owed to the State of New York for the benefit of New York residents. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>If Oppenheimer fails to comply with any of the terms set forth in the Order, the MSD may institute an action to have the Order declared null and void and reinstitute the previously pending administrative proceedings. If Oppenheimer defaults on any obligation under the AOD, the NYAG may terminate the AOD, at his sole discretion, upon 10 days written notice to Oppenheimer. </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Reference is made to the Order between the MSD and Oppenheimer et. al, described in Item 3 of the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2009 and attached as Exhibit 10.24 thereto, as well as the disclosures related thereto in the Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 and in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010, for additional details of the agreements with the MSD. Reference is also made to the AOD between the NYAG and Oppenheimer, described in Item 3 of the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2009 and attached as Exhibit 10.22 thereto as well as the disclosures related thereto in the Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 and in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010, for additional details of the agreements with the NYAG.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company is continuing to cooperate with investigating entities from states other than Massachusetts and New York.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In February 2009, Oppenheimer received notification of a filing of an arbitration claim before FINRA captioned <I>U.S. Airways v. Oppenheimer &amp; Co. Inc., et. al</I> seeking an award compelling Oppenheimer to purchase approximately $250 million in ARS previously purchased by U.S. Airways through Oppenheimer (which has subsequently been reduced to a $110 million liquidated damages claim) or, alternatively, an award rescinding such sale. Plaintiffs&#146; seek an award of punitive damages from Oppenheimer as well as interest on such award. &nbsp;Plaintiff bases its claims on numerous causes of action including, but not limited to, fraud, gross negligence, misrepresentation and suitability. U.S. Airways is a publicly-traded corporation that bought and sold ARS for many years through several broker dealers, not just Oppenheimer. &nbsp;It is also a &#147;Qualified Institutional Buyer&#148; (as defined in Rule 144A of the Securities Exchange Act of 1934) and purchased ARS for cash management purposes. On July 10, 2009, Oppenheimer asserted a third party statement of claim against Deutsche Bank Securities, Inc. (&#147;DBSI&#148;) and Deutsche Bank A.G. (&#147;Deutsche AG&#148;). Deutsche AG challenged Oppenheimer&#146;s efforts to compel that entity to appear at a FINRA arbitration, since<FONT COLOR=#00007F>,</FONT> Deutsche AG argued, it is not a FINRA member.&nbsp; Subsequently, Oppenheimer </P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>deferred further action against Deutsche AG and proceeded prosecuting its third party claim against DBSI. &nbsp;At the same time, Oppenheimer filed its answer denying any liability to U.S. Airways. &nbsp;DBSI subsequently filed a motion to sever the arbitration into a separate proceeding which motion was granted on July 28, 2010. To the extent there is a determination by an arbitration panel that U.S. Airways has been harmed, Oppenheimer&#146;s third party statement of claim against DBSI alleges that DBSI is &nbsp;liable to U.S. Airways because of its role in the process of creating, marketing and procuring ratings for certain auction rate credit-linked notes purchased by U.S. Airways. &nbsp;The arbitration with U.S. Airways is scheduled to commence in August 2011. &nbsp;No date has yet been set for the arbitration with the DBSI. On January 28, 2011, DBSI filed a motion to stay the DBSI arbitration. Oppenheimer filed its opposition to the DBSI motion to stay on February 25, 2011. Oppenheimer believes it has meritorious defenses to the claims made and intends to vigorously defend itself against the allegations in the <I>U.S. Airways</I> action.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In April 2009, Oppenheimer was served with a complaint in the United States District Court, Eastern District of Kentucky captioned <I>Ashland, Inc. and Ash Three, LLC v. Oppenheimer &amp; Co. Inc.</I> seeking compensatory and consequential damages as a result of plaintiff&#146;s purchase of approximately $194 million in ARS. &nbsp;Plaintiff sought an award of punitive damages from Oppenheimer as well as interest on such award. &nbsp;&nbsp;Plaintiff based its claim on numerous causes of action including, but not limited to, fraud, gross negligence, misrepresentation and suitability. Ashland is a publicly-traded corporation that bought and sold ARS for many years through several broker dealers, not just Oppenheimer. &nbsp;It is also a &#147;Qualified Institutional Buyer&#148; (as defined in Rule 144A of the Securities Exchange Act of 1934) and purchased ARS for cash management purposes. &nbsp;The court granted Oppenheimer&#146;s motion to dismiss this action with prejudice on February 22, 2010. Plaintiff filed an appeal of this dismissal with the United States Circuit Court for the Sixth Circuit on March 19, 2010. Oppenheimer believes it has meritorious defenses to the claims made and intends to vigorously defend itself in the appeal process.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In February 2009, the Company was served with an arbitration claim before FINRA captioned <I>Hansen Beverage Company v. Oppenheimer &amp; Co. Inc., et.al</I>. Hansen demands that its investments in approximately $60 million in ARS, which are illiquid and which Hansen purchased from Oppenheimer, be rescinded. &nbsp;The claim alleges that Oppenheimer misrepresented liquidity and market risks in the ARS market when recommending ARS to Hansen. &nbsp;Oppenheimer has filed its response to the claim and also filed a motion to dismiss respondents Oppenheimer Holdings and Oppenheimer Asset Management as parties improperly named in the arbitration. The arbitration is scheduled to commence no earlier than June 2011. The Company believes that, as of March 31, 2011, approximately $26.5 million of the $60 million Hansen held in ARS have been redeemed at par by their issuers. &nbsp;Hansen is a &#147;Qualified Institutional Buyer&#148; (as defined in Rule 144A of the Securities Exchange Act of 1934) and purchased ARS for cash management purposes. Oppenheimer believes it has meritorious defenses to the claims made and intends to vigorously defend itself against the allegations in the <I>Hansen</I> action.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In August 2009, Oppenheimer received notification of the filing of an arbitration claim before FINRA captioned <I>Investec Trustee (Jersey) Limited as Trustee for The St. Paul&#146;s Trust v. Oppenheimer &amp; Co. Inc. et. al</I> seeking an award ordering Oppenheimer to repurchase approximately $80 million in ARS previously purchased by Investec as Trustee for the St. Paul&#146;s Trust, and seeking additional damages of $7.5 million as a result of claimant&#146;s liquidation of certain ARS positions in a private securities transaction. Oppenheimer believes that claimant&#146;s current ARS holdings are approximately $57 million par value, with the difference resulting from issuer redemptions. Oppenheimer filed its answer denying any liability to the claimant and asserted a counter-claim against Investec as Trustee for the Trust, alleging that Investec, and not Oppenheimer or its representatives, owed a fiduciary duty to the St. Paul&#146;s Trust and violated that duty. On July 15, 2010 </P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Investec as Trustee moved in the Supreme Court of the State of New York for a partial stay of the arbitration, arguing, that Oppenheimer&#146;s claim against Investec as Trustee is in reality a claim against Investec itself, and that Oppenheimer is inappropriately seeking damages against Investec.&nbsp; On January 4, 2011, the New York State Supreme Court denied Investec&#146;s application for a partial stay.&nbsp; Investec filed a notice of appeal to the New York State Appellate Division, First Department on January 28, 2011. On February 9, 2011, Oppenheimer filed its opposition to Investec&#146;s motion for a partial stay of the arbitration proceedings and cross-moved for a stay of the arbitration in its entirety and an adjournment of the appeal until the Appellate Division&#146;s June 2011 term. At the same time Oppenheimer filed its answer, Oppenheimer asserted third party claims against the underwriters of the ARS still held by claimant. Oppenheimer argued in its third party arbitration claim that those underwriters are liable to claimant because of their role in the processing, trading, marketing and supporting of the ARS still held by claimant and for other actions by the underwriters which lead to the interruption in the ARS market. The underwriters filed a motion to sever the arbitration into a separate proceeding which motion was granted on June 18, 2010. The arbitration with Investec is scheduled to commence in May 2011, subject to the appellate motions to stay the arbitration discussed above. No date has yet been set for the arbitration with the underwriters. Oppenheimer believes it has meritorious defenses to the claims made as well as third party claims and intends to vigorously defend itself in this matter.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>As of March 31, 2011, Oppenheimer and certain affiliated parties are currently named as a defendant or respondent in approximately 34 arbitration claims &nbsp;before FINRA, brought by individuals and entities who purchased ARS through Oppenheimer in amounts ranging from $25,000 to $25 million, as well as five court actions brought in various jurisdictions, seeking awards compelling Oppenheimer to repurchase such ARS or, alternatively, awards rescinding such sales, based on a variety of causes of action similar to those described above. The Company has filed, or is in the process of filing, its responses to such claims and has participated in or is awaiting hearings regarding such claims before FINRA or in the court actions. &nbsp;As of March 31, 2011, four ARS matters were concluded in either court or arbitration with Oppenheimer prevailing in three of those matters and the claimant prevailing in the fourth. &nbsp;Oppenheimer believes it has meritorious defenses to these claims and intends to vigorously defend against these claims. Oppenheimer may also implead third parties, including underwriters where it believes such action is appropriate. It is possible that other individuals or entities that purchased ARS from Oppenheimer may bring additional claims against Oppenheimer in the future for repurchase or rescission.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>See the &#147;Risk Factors &#150; The Company may continue to be adversely affected by the failure of the Auction Rate Securities Market,&#148; and Note 13 to the consolidated financial statements appearing in Item 8 in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010 as well as &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &#150; Regulatory and Legal Environment &#150; Other Regulatory Matters and &#150; Other Matters.&#148;</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In addition to the ARS cases discussed above, on or about March 13, 2008, Oppenheimer was served in a matter pending in the United States Bankruptcy Court, Northern District of Georgia, captioned <I>William Perkins, Trustee for International Management Associates v. Lehman Brothers, Oppenheimer &amp; Co. Inc., JB Oxford &amp; Co., Bank of America Securities LLC and TD Ameritrade Inc.</I> &nbsp;The Trustee seeks to set aside as fraudulent transfers in excess of $25 million in funds embezzled by the sole portfolio manager for International Management Associates, a hedge fund. &nbsp;Said portfolio manager purportedly used the broker/dealer defendants, including Oppenheimer, as conduits for his embezzlement. Oppenheimer filed its answer to the complaint on June 18, 2010. Oppenheimer filed a motion for summary judgment, which was argued on March 31, 2011. &nbsp;Immediately thereafter, the </P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Bankruptcy Court dismissed all of the Trustee&#146;s claims against all defendants including Oppenheimer. The Trustee has indicated he will likely file an appeal of the dismissal. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In March 2010, the Company received a notice from counsel representing a receiver appointed by a state district court in Oklahoma (the &#147;Receiver&#148;) to oversee a liquidation proceeding of Providence Property and Casualty Company (&#147;Providence&#148;), an Oklahoma insurance company. &nbsp;That notice demanded the return of Providence&#146;s municipal bond portfolio of approximately $55 million that had been custodied at Oppenheimer beginning in January 2009. In January 2009, the municipal bond portfolio had been transferred to an insurance holding company, Park Avenue Insurance LLC (&#147;Park Avenue&#148;), as part of a purchase and sale transaction. Park Avenue used the portfolio as collateral for a margin loan used to fund the purchase of Providence from Providence&#146;s parent. &nbsp;&nbsp;On October 19, 2010, Oppenheimer was named as a co-defendant in a complaint filed by the Receiver in state district court for Oklahoma County, Oklahoma captioned <I>State of Oklahoma, ex rel. Kim Holland, Insurance Commissioner, as Receiver for Park Avenue Property and Casualty Insurance Company v. Providence Holdings, Inc., Falcon Holdings, LLC et. al</I> alleging<I>, </I>that all defendants conspired to unlawfully transfer the assets of Providence to Park Avenue. In addition to Oppenheimer, the complaint names as defendants nine individuals alleging they were members of the board of directors of Oppenheimer &amp; Co. Inc. during the time period at issue. &nbsp;In fact, for the time period alleged, six of these individuals were not members of such board. The complaint was subsequently amended to name three individuals including the Chairman and Chief Executive Officer, who is the only individual who has been served, who were directors of Oppenheimer &amp; Co. Inc. at the time of the events in question. &nbsp;The complaint alleges causes of action for negligence, breach of fiduciary duty and trespass to chattel and/or conversion and seeks actual damages of $102 million, punitive damages, interest and costs, including attorneys&#146; fees. &nbsp;&nbsp;Oppenheimer moved to remove the matter to the United States District Court, Western District of Oklahoma on December 2, 2010.&nbsp; Thereafter, the Receiver moved to remand the matter to the District Court of Oklahoma County, Oklahoma. Oppenheimer filed its opposition to this motion on February 3, 2011; the motion to remand was granted. Oppenheimer believes it has meritorious defenses to the claims raised and intends to defend against these claims vigorously including seeking dismissal of the claims against all the directors. &nbsp;On January 18, 2011 and March 28, 2011, motions to dismiss were filed on behalf of Oppenheimer and the Chairman and Chief Executive Officer, respectively, which motions are currently pending. &nbsp;Discovery has not yet commenced.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In September 2010, Oppenheimer was named as a co-defendant in a complaint filed in the United States District Court for the Southern District of New York captioned <I>TPTCC NY, Inc., The Proton Institute of NY, LLC, and NY Medscan, LLC v. Radiation Therapy Services Inc., New York Proton Management LLC et. al</I> (10 CIV 7097) alleging that all defendants conspired to eliminate plaintiffs as competitors in providing a developing cancer treatment in the Greater New York Area. Oppenheimer provided certain investment banking services to the various parties. The complaint alleges causes of action for violation of the Sherman Act, conversion, misappropriation of trade secrets, unfair competition, and breaches of fiduciary duty and contract, and requests damages of $350 million, punitive damages and injunctive relief. On November 12, 2010, Oppenheimer filed its motion to dismiss plaintiffs&#146; complaint, and thereafter plaintiffs filed their First Amended Complaint. On January 7, 2011, Oppenheimer refiled its motion to dismiss the Amended Complaint which motion was granted in its entirety on February 25, 2011. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 1A. Risk Factors</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the three months ended March 31, 2011, there were no material changes to the information contained in Part I, Item 1A of the Company&#146;s Annual Report on Form 10-K for the year ended </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>58</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>December 31, 2010.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 6. Exhibits </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(d) Exhibits </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">10.1</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=499.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Indenture dated as of April 12, 2011 among Oppenheimer Holdings Inc., the subsidiary guarantors, The Bank of New York Mellon Trust Company, N.A., as Trustee and The Bank of New York Mellon Trust Company, as Collateral Agent.</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">10.2</P>
</TD><A NAME="Date"></A><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=499.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Registration Rights Agreement dated April 12, 2011 by and among Oppenheimer Holdings Inc., a Delaware corporation, E.A. Viner International Co., a Delaware corporation, Viner Finance Inc., a Delaware corporation and Morgan Stanley &amp; Co. Incorporated, as representative of the several Initial Purchasers.</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">10.3</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=499.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Security Agreement by and among Oppenheimer Holdings Inc., as grantor, and each other grantor from time to time party thereto and the Bank of New York Mellon Trust Company, N.A., as Collateral Agent dated as of April 12, 2011.</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">14</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=499.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Oppenheimer Holdings Inc. and Oppenheimer &amp; Co. Inc. Code of Conduct and Business Ethics for Directors, Officers and Employees.</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.1</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=499.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Albert G. Lowenthal</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.2</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=499.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Elaine K. Roberts</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">32</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=499.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Albert G. Lowenthal and Elaine K. Roberts</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>59</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>&nbsp;SIGNATURES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, in the City of New York, New York on this 5th <SUP>&nbsp;</SUP>day of May, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;OPPENHEIMER HOLDINGS INC.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: &#147;A.G. Lowenthal&#148;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">A.G. Lowenthal, Chairman and Chief Executive Officer</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(Principal Executive Officer)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: &nbsp;&nbsp;&#147;E.K. Roberts&#148;</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.K. Roberts, President, Treasurer and Chief Financial Officer</P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(Principal Financial and Accounting Officer) &nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Arial; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>60</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>ex101indenture.htm
<DESCRIPTION>INDENTURE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<TITLE>EXECUTION VERSION</TITLE>
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<P style="margin-top:12pt; margin-bottom:12pt; padding-top:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-top:0.5pt solid #000000" align=right><B>EXECUTION VERSION</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>INDENTURE<BR>
<BR>
Dated as of <A NAME="Date"></A>April 12, 2011<BR>
<BR>
Among<BR>
<BR>
OPPENHEIMER HOLDINGS INC.,<BR>
<BR>
THE SUBSIDIARY GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO,<BR>
<BR>
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<BR>
as Trustee<BR>
<BR>
and<BR>
<BR>
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<BR>
as Collateral Agent<BR>
<BR>
8.75% SENIOR SECURED NOTES DUE 2018</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; font-size:12pt; border-bottom:0.5pt solid #000000"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>CROSS-REFERENCE TABLE*</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=463.8><P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><B>Trust Indenture Act Section</B></P>
</TD><TD valign=bottom width=79.533><P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align=center><B>Indenture Section</B></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">310</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(1)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(2)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(3)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>N.A.</P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(4)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>N.A.</P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(5)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>N.A.</P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">311</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>N.A.</P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">312</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">313</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)(1)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)(2)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>, </P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">314</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>, , , </P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)(1)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)(2)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)(3)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>N.A.</P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>, , </P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>N.A.</P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">315</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>, </P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">316</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(last sentence)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(1)(A)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(1)(B)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(2)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>N.A.</P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>, , </P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">317</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(1)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)(2)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">318</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:21.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>N.A.</P>
</TD></TR>
<TR><TD valign=top width=463.8><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:385.2pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=79.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">N.A. means not applicable.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">* &nbsp;This Cross-Reference Table is not part of this Indenture.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>TABLE OF CONTENTS</B></P>
<P style="margin:0pt; padding-left:144pt; padding-top:3pt; padding-right:144pt; font-family:Times New Roman; font-size:12pt; border-top:0.5pt solid #000000" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><U>Page</U></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368078"><U>ARTICLE 1<BR>
Definitions and Incorporation by Reference</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368079"><U>Section 1.01</U><I><U>. &nbsp;Definitions.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368079"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368080"><U>Section 1.02</U><I><U>. &nbsp;Other Definitions.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368080"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368081"><U>Section 1.03</U><I><U>. &nbsp;Incorporation by Reference of Trust Indenture Act</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368081"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368082"><U>Section 1.04</U><I><U>. &nbsp;Rules of Construction</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368082"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368083"><U>Section 1.05</U><I><U>. &nbsp;Acts of Holders</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368083"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368084"><U>ARTICLE 2<BR>
The Notes</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368085"><U>Section 2.01</U><I><U>. &nbsp;General</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368085"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368086"><U>Section 2.02</U><I><U>. &nbsp;Execution and Authentication</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368086"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368087"><U>Section 2.03</U><I><U>. &nbsp;Registrar and Paying Agent</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368087"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368088"><U>Section 2.04</U><I><U>. &nbsp;Paying Agent to Hold Money in Trust</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368088"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368089"><U>Section 2.05</U><I><U>. &nbsp;Holder Lists</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368089"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368090"><U>Section 2.06</U><I><U>. &nbsp;Transfer and Exchange.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368090"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368091"><U>Section 2.07</U><I><U>. &nbsp;Replacement Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368091"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368092"><U>Section 2.08</U><I><U>. &nbsp;Outstanding Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368092"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368093"><U>Section 2.09</U><I><U>. &nbsp;Treasury Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368093"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368094"><U>Section 2.10</U><I><U>. &nbsp;Temporary Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368094"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368095"><U>Section 2.11</U><I><U>. &nbsp;Cancellation</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368095"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368096"><U>Section 2.12</U><I><U>. &nbsp;Defaulted Interest</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368096"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368097"><U>Section 2.13</U><I><U>. &nbsp;CUSIP and ISIN Numbers</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368097"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368098"><U>ARTICLE 3<BR>
Redemption</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368099"><U>Section 3.01</U><I><U>. &nbsp;Notices to Trustee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368099"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368100"><U>Section 3.02</U><I><U>. &nbsp;Selection of Notes to be Redeemed or Purchased</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368100"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368101"><U>Section 3.03</U><I><U>. &nbsp;Notice of Redemption.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368101"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368102"><U>Section 3.04</U><I><U>. &nbsp;Effect of Notice of Redemption</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368102"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368103"><U>Section 3.05</U><I><U>. &nbsp;Deposit of Redemption or Purchase Price</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368103"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368104"><U>Section 3.06</U><I><U>. &nbsp;Notes Redeemed or Purchased in Part</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368104"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368105"><U>Section 3.07</U><I><U>. &nbsp;Optional Redemption</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368105"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368106"><U>Section 3.08</U><I><U>. &nbsp;Mandatory Redemption</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368106"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368107"><U>ARTICLE 4<BR>
Covenants</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368108"><U>Section 4.01</U><I><U>. &nbsp;Payment of Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368108"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368109"><U>Section 4.02</U><I><U>. &nbsp;Maintenance of Office or Agency</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368109"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368110"><U>Section 4.03</U><I><U>. &nbsp;SEC Reports and Reports to Holders</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368110"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368111"><U>Section 4.04</U><I><U>. &nbsp;Compliance Certificate</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368111"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368112"><U>Section 4.05</U><I><U>. &nbsp;Taxes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368112"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368113"><U>Section 4.06</U><I><U>. &nbsp;Stay, Extension and Usury Laws</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368113"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368114"><U>Section 4.07</U><I><U>. &nbsp;Limitation on Restricted Payments</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368114"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368115"><U>Section 4.08</U><I><U>. &nbsp;Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries or Regulated Subsidiaries.</U></I><FONT COLOR=#000000> &nbsp;</FONT></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368116"><U>Section 4.09</U><I><U>. &nbsp;Limitation on Indebtedness and Issuances of Preferred Stock.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368116"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368117"><U>Section 4.10</U><I><U>. &nbsp;Limitation on Asset Sales.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368117"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368118"><U>Section 4.11</U><I><U>. &nbsp;Limitation on Transactions with Shareholders and Affiliates.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368118"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368119"><U>Section 4.12</U><I><U>. &nbsp;Limitation on Liens.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368119"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368120"><U>Section 4.13</U><I><U>. &nbsp;Corporate Existence</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368120"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368121"><U>Section 4.14</U><I><U>. &nbsp;Repurchase of the Notes upon a Change of Control.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368121"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368122"><U>Section 4.15</U><I><U>. &nbsp;Future Subsidiary Guarantees.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368122"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368123"><U>Section 4.16</U><I><U>. &nbsp;Limitation on Lines of Business</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368123"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368124"><U>Section 4.17</U><I><U>. &nbsp;Further Assurances</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368124"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368125"><U>Section 4.18</U><I><U>. &nbsp;Information Regarding Collateral</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368125"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368126"><U>Section 4.19</U><I><U>. &nbsp;Impairment of Security Interest</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368126"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368127"><U>Section 4.20</U><I><U>. &nbsp;Suspension Of Certain Covenants.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368127"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368128"><U>ARTICLE 5<BR>
Successors</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368129"><U>Section 5.01</U><I><U>. &nbsp;Consolidation, Merger and Sale of Assets.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368129"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368130"><U>Section 5.02</U><I><U>. &nbsp;Successor Corporation Substituted</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368130"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368131"><U>ARTICLE 6<BR>
Defaults and Remedies</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368132"><U>Section 6.01</U><I><U>. &nbsp;Events of Default</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368132"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368133"><U>Section 6.02</U><I><U>. &nbsp;Acceleration</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368133"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368134"><U>Section 6.03</U><I><U>. &nbsp;Other Remedies</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368134"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368135"><U>Section 6.04</U><I><U>. &nbsp;Waiver of Past Defaults</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368135"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368136"><U>Section 6.05</U><I><U>. &nbsp;Control by Majority</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368136"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368137"><U>Section 6.06</U><I><U>. &nbsp;Limitation on Suits</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368137"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368138"><U>Section 6.07</U><I><U>. &nbsp;Rights of Holders of Notes to Receive Payment</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368138"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368139"><U>Section 6.08</U><I><U>. &nbsp;Collection Suit by Trustee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368139"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368140"><U>Section 6.09</U><I><U>. &nbsp;Restoration of Rights and Remedies</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368140"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368141"><U>Section 6.10</U><I><U>. &nbsp;Rights and Remedies Cumulative</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368141"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368142"><U>Section 6.11</U><I><U>. &nbsp;Delay or Omission Not Waiver</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368142"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368143"><U>Section 6.12</U><I><U>. &nbsp;Trustee May File Proofs of Claim</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368143"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368144"><U>Section 6.13</U><I><U>. &nbsp;Priorities</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368144"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368145"><U>Section 6.14</U><I><U>. &nbsp;Undertaking for Costs</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368145"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368146"><U>ARTICLE 7<BR>
Trustee</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368147"><U>Section 7.01</U><I><U>. &nbsp;Duties of Trustee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368147"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368148"><U>Section 7.02</U><I><U>. &nbsp;Rights of Trustee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368148"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368149"><U>Section 7.03</U><I><U>. &nbsp;Individual Rights of Trustee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368149"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368150"><U>Section 7.04</U><I><U>. &nbsp;Trustee&#146;s Disclaimer</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368150"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368151"><U>Section 7.05</U><I><U>. &nbsp;Notice of Defaults</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368151"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368152"><U>Section 7.06</U><I><U>. &nbsp;Reports by Trustee to Holders of the Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368152"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368153"><U>Section 7.07</U><I><U>. &nbsp;Compensation and Indemnity</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368153"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368154"><U>Section 7.08</U><I><U>. &nbsp;Replacement of Trustee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368154"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368155"><U>Section 7.09</U><I><U>. &nbsp;Successor Trustee by Merger, etc</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368155"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368156"><U>Section 7.10</U><I><U>. &nbsp;Eligibility; Disqualification</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368156"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368157"><U>Section 7.11</U><I><U>. &nbsp;Preferential Collection of Claims Against Company</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368157"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368158"><U>ARTICLE 8<BR>
Legal Defeasance and Covenant Defeasance</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368159"><U>Section 8.01</U><I><U>. &nbsp;Option to Effect Legal Defeasance or Covenant Defeasance</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368159"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368160"><U>Section 8.02</U><I><U>. &nbsp;Legal Defeasance and Discharge</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368160"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368161"><U>Section 8.03</U><I><U>. &nbsp;Covenant Defeasance</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368161"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368162"><U>Section 8.04</U><I><U>. &nbsp;Conditions to Legal or Covenant Defeasance</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368162"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368163"><U>Section 8.05</U><I><U>. &nbsp;Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</U></I><FONT COLOR=#000000> &nbsp;</FONT></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368164"><U>Section 8.06</U><I><U>. &nbsp;Repayment to Company</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368164"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368165"><U>Section 8.07</U><I><U>. &nbsp;Reinstatement</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368165"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368166"><U>ARTICLE 9<BR>
Amendment, Supplement and Waiver</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368167"><U>Section 9.01</U><I><U>. &nbsp;Without Consent of Holders of Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368167"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368168"><U>Section 9.02</U><I><U>. &nbsp;With Consent of Holders of Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368168"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368169"><U>Section 9.03</U><I><U>. &nbsp;Compliance with Trust Indenture Act</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368169"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368170"><U>Section 9.04</U><I><U>. &nbsp;Revocation and Effect of Consents</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368170"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368171"><U>Section 9.05</U><I><U>. &nbsp;Notation on or Exchange of Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368171"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368172"><U>Section 9.06</U><I><U>. &nbsp;Trustee to Sign Amendments, etc</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368172"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368173"><U>ARTICLE 10<BR>
Subsidiary Guarantees</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368174"><U>Section 10.01</U><I><U>. &nbsp;Guarantee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368174"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368175"><U>Section 10.02</U><I><U>. &nbsp;Execution and Delivery</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368175"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368176"><U>Section 10.03</U><I><U>. &nbsp;Benefits Acknowledged</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368176"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368177"><U>Section 10.04</U><I><U>. &nbsp;Release of Guarantees</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368177"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368178"><U>ARTICLE 11<BR>
Satisfaction and Discharge</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368179"><U>Section 11.01</U><I><U>. &nbsp;Satisfaction and Discharge.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368179"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368180"><U>Section 11.02</U><I><U>. &nbsp;Application of Trust Money</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368180"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368181"><U>ARTICLE 12<BR>
Security</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368182"><U>Section 12.01</U><I><U>. &nbsp;Collateral and Security Documents</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368182"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368183"><U>Section 12.02</U><I><U>. &nbsp;Recordings and Opinions</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368183"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368184"><U>Section 12.03</U><I><U>. &nbsp;Release of Collateral</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368184"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368185"><U>Section 12.04</U><I><U>. &nbsp;Certificates of the Trustee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368185"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368186"><U>Section 12.05</U><I><U>. &nbsp;Suits to Protect the Collateral</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368186"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368187"><U>Section 12.06</U><I><U>. &nbsp;Authorization of Receipt of Funds by the Trustee Under the Security Documents</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:432pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368187"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368188"><U>Section 12.07</U><I><U>. &nbsp;Purchase Protected</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368188"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368189"><U>Section 12.08</U><I><U>. &nbsp;Powers Exercisable by Receiver or Trustee</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368189"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368190"><U>Section 12.09</U><I><U>. &nbsp;Release Upon Termination of the Company&#146;s Obligations</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368190"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368191"><U>Section 12.10</U><I><U>. &nbsp;Collateral Agent</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368191"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368192"><U>Section 12.11</U><I><U>. &nbsp;Compensation and Indemnification</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368192"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368193"><U>Section 12.12</U><I><U>. &nbsp;After Acquired Real Property</U></I><U>.</U></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368193"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368194"><U>Section 12.13</U><I><U>. &nbsp;Security Agreement and Other Security Documents</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368194"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368195"><U>ARTICLE 13<BR>
Ranking of Note Liens</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368196"><U>Section 13.01</U><I><U>. &nbsp;Relative Rights</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368196"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc290368197"><U>ARTICLE 14<BR>
Miscellaneous</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368198"><U>Section 14.01</U><I><U>. &nbsp;Trust Indenture Act Controls</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368198"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368199"><U>Section 14.02</U><I><U>. &nbsp;Notices</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368199"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368200"><U>Section 14.03</U><I><U>. &nbsp;Communication by Holders of Notes with Other Holders of Notes</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368200"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368201"><U>Section 14.04</U><I><U>. &nbsp;Certificate and Opinion as to Conditions Precedent</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368201"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368202"><U>Section 14.05</U><I><U>. &nbsp;Statements Required in Certificate or Opinion</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368202"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368203"><U>Section 14.06</U><I><U>. &nbsp;Rules by Trustee and Agents</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368203"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368204"><U>Section 14.07</U><I><U>. &nbsp;No Personal Liability of Directors, Officers, Employees and Stockholders</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:396pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368204"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368205"><U>Section 14.08</U><I><U>. &nbsp;Governing Law</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368205"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368206"><U>Section 14.09</U><I><U>. &nbsp;Waiver of Jury Trial</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368206"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368207"><U>Section 14.10</U><I><U>. &nbsp;Force Majeure</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368207"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368208"><U>Section 14.11</U><I><U>. &nbsp;No Adverse Interpretation of Other Agreements</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368208"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368209"><U>Section 14.12</U><I><U>. &nbsp;Successors</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368209"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368210"><U>Section 14.13</U><I><U>. &nbsp;Severability</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368210"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368211"><U>Section 14.14</U><I><U>. &nbsp;Counterpart Originals</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368211"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368212"><U>Section 14.15</U><I><U>. &nbsp;Table of Contents, Headings, etc</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368212"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368213"><U>Section 14.16</U><I><U>. &nbsp;Qualification of Indenture</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368213"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc290368214"><U>Section 14.17</U><I><U>. &nbsp;Patriot Act</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc290368214"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBITS</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit A</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Form of Note</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit B</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Form of Certificate of Transfer</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit C</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Form of Certificate of Exchange</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit D</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Form of Supplemental Indenture to Be Delivered by Subsequent Subsidiary Guarantors</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit E</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Form of Intercreditor Agreement</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>i</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">INDENTURE, dated as of April 12, 2011, among Oppenheimer Holdings Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), the Subsidiary Guarantors (as defined herein) listed on the signature pages hereto and The Bank of New York Mellon Trust Company, N.A., a national banking association, as Trustee and as Collateral Agent.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>W I T N E S S E T H</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, the Company has duly authorized the creation of an issue of&nbsp;$200,000,000 aggregate principal amount of 8.75% Senior Secured Notes due 2018 (the &#147;<B>Initial Notes</B>&#148;); and</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, the Company and each of the Subsidiary Guarantors has duly authorized the execution and delivery of this Indenture, and each of the Subsidiary Guarantors has duly authorized its Subsidiary Guarantee of the Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NOW, THEREFORE, the Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes.</P>
<A NAME="_Toc77628154"></A><A NAME="_Toc77673246"></A><A NAME="_Toc77714192"></A><A NAME="_Toc82212421"></A><A NAME="_Toc82980839"></A><A NAME="_Toc82999802"></A><A NAME="_Toc83064891"></A><A NAME="_Toc83065019"></A><A NAME="_Toc83449312"></A><A NAME="_Toc109653013"></A><A NAME="_Toc109723728"></A><A NAME="_Toc109731798"></A><A NAME="_Toc109815301"></A><A NAME="_Toc110340565"></A><A NAME="_Toc110340682"></A><A NAME="_Toc110340800"></A><A NAME="_Toc110340918"></A><A NAME="_Toc110341036"></A><A NAME="_Toc110343510"></A><A NAME="_Toc110348377"></A><A NAME="_Toc110351583"></A><A NAME="_Toc110359483"></A><A NAME="_Toc111198910"></A><A NAME="_Toc111206875"></A><A NAME="_Toc111207148"></A><A NAME="_Toc111207335"></A><A NAME="_Toc111218132"></A><A NAME="_Toc111255005"></A><A NAME="_Toc119361790"></A><A NAME="_Toc289351659"></A><A NAME="_Toc290368078"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 1<BR>
Definitions and Incorporation by Reference</P>
<A NAME="_Toc289351660"></A><A NAME="_Toc290368079"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1.1<I>. &nbsp;Definitions. </I></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>144A Global Note</B>&#148; means a Global Note substantially in the form of <U>Exhibit A</U> hereto, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Acquired Indebtedness</B>&#148; means Indebtedness of a Person (1) existing at the time such Person becomes a Restricted Subsidiary or (2) Indebtedness of a Restricted Subsidiary assumed in connection with an Asset Acquisition by such Restricted Subsidiary; <I>provided</I> such Indebtedness was not Incurred in connection with or in contemplation of such Person becoming a Restricted Subsidiary or such Asset Acquisition.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Additional Interest</B>&#148; means the interest payable as a consequence of the failure to effectuate in a timely manner the Exchange Offer and/or Shelf Registration procedures set forth in the Registration Rights Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Additional Notes</B>&#148; means additional Notes (other than the Initial Notes and other than Exchange Notes for such Initial Notes) issued from time to time under this Indenture in accordance with Sections &nbsp;and &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Adjusted Consolidated Net Income</B>&#148; means, for any period, the aggregate net income (or loss) of the Company and its Restricted Subsidiaries and Regulated Subsidiaries for such period determined on a consolidated basis in conformity with GAAP; <I>provided</I> that the following items shall be excluded in computing Adjusted Consolidated Net Income (without duplication):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the net income (or loss) of any Person that is not a Restricted Subsidiary or Regulated Subsidiary, except that the Company&#146;s equity in the net income of any such Person for such period (to the extent not otherwise excluded pursuant to clauses (2) through (6) below) will be included up to the aggregate amount of cash actually distributed by such Person during such period to the Company or to its Restricted Subsidiaries or Regulated Subsidiaries (less minority interest therein) as a dividend or other distribution;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the net income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary or Regulated Subsidiary or is merged into or consolidated with the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries or all or substantially all of the property and assets of such Person are acquired by the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the net income of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the net income of any Regulated Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Regulated Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement or instrument with a Person, other than such Regulated Subsidiaries&#146; applicable regulatory authorities, or any judgment or decree applicable to such Regulated Subsidiary other than to the extent that such Regulated Subsidiary reasonably believes (as determined by Senior Management acting in good faith), that such net income could be distributed, declared or paid as a dividend or similar distribution without causing such Regulated Subsidiary to fail to be at least &#147;adequately capitalized&#148; as defined in the regulations of applicable regulatory authorities, or to meet minimum capital requirements imposed by applicable regulatory authorities;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any gains or losses (on an after-tax basis) attributable to Asset Sales or Regulated Sales;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">solely for purposes of calculating the amount of Restricted Payments that may be made pursuant to clause (D) of , any amount paid or accrued as dividends on Preferred Stock of the Company owned by Persons other than the Company and any of its Restricted Subsidiaries and Regulated Subsidiaries;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all extraordinary gains and, solely for purposes of calculating the Consolidated Fixed Charge Coverage Ratio and the Secured Leverage Ratio, extraordinary losses;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(8)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the cumulative effect of changes in accounting principles; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(9)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the net after-tax effect of impairment charges related to goodwill and other intangible assets.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Affiliate</B>&#148; means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. &nbsp;For purposes of this definition, &#147;control&#148; (including, with correlative meanings, the terms &#147;controlling,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Agent</B>&#148; means any Custodian, Registrar or Paying Agent.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Applicable Premium</B>&#148; means, with respect to any Note on any applicable redemption date, the greater of:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1% of the then outstanding principal amount of the Note; and </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the excess of: </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A) the present value at such redemption date of (i) the redemption price of the Note, at April 15, 2014 (such redemption price being set forth in the table in (a)) plus (ii) all required interest payments due on the Note through April 15, 2014 (in each case excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B) the then outstanding principal amount of the Note.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Applicable Procedures</B>&#148; means, with respect to any tender, payment, redemption, transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such tender, payment, redemption, transfer or exchange.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Asset Acquisition</B>&#148; means (1) an investment by the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary or a Regulated Subsidiary or shall be merged into or consolidated with the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries; provided that such Person&#146;s primary business is a Related Business or (2) an acquisition by the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries of the property and assets of any Person other than the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries that constitute substantially all of a division or line of business of such Person that is a Related Business.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Asset Sale</B>&#148; means any sale, transfer or other disposition (including by way of merger, consolidation or Sale-Leaseback Transaction) in one transaction or a series of related transactions by the Company or any of its Restricted Subsidiaries to any Person other than the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries of:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all or any of the Capital Stock of any Restricted Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all or substantially all of the property and assets of an operating unit or business of the Company or any of its Restricted Subsidiaries; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any other property and assets (other than the Capital Stock or other Investment in an Unrestricted Subsidiary) of the Company or any of its Restricted Subsidiaries outside the ordinary course of business of the Company or such Restricted Subsidiary and, in each case, that is not governed by the provisions of this Indenture applicable to mergers, consolidations and sales of assets of the Company; <I>provided</I> that &#147;Asset Sale&#148; shall not include:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">sales or other dispositions of Investment Securities, inventory, receivables and other current assets;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">sales, transfers or other dispositions of assets constituting a Permitted Investment or Restricted Payment permitted to be made under ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">sales, transfers or other dispositions of assets with a fair market value not in excess of $10.0 million in any transaction or series of related transactions;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any sale, transfer, assignment or other disposition of any property equipment that has become damaged, worn out, obsolete or otherwise unsuitable for use in connection with the business of the Company or its Restricted Subsidiaries;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">an issuance of Capital Stock by a Restricted Subsidiary or the sale, transfer or other disposition by the Company or a Restricted Subsidiary of the Capital Stock of a Restricted Subsidiary or Regulated Subsidiary, in each case to the Company, a Restricted Subsidiary or a Regulated Subsidiary; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the sale or discount of accounts receivable arising in the ordinary course of business in connection with the compromise or collection thereof or in bankruptcy or similar proceedings; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a Sale and Leaseback Transaction that results in a Capitalized Lease that constitutes Indebtedness;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the issuance of Disqualified Stock or Preferred Stock permitted under Section ; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any exchange of assets (including a combination of assets, Cash and Temporary Cash Investments) for assets used or useful in a Related Business of comparable or greater market value, as determined in good faith by the Senior Management or the Board of Directors of the Company; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(k) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the licensing, sublicensing, lease, assignment or sublease of any real or personal property in the ordinary course of business; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(l) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(m) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the issuance of Equity Interests of any Subsidiary of the Company pursuant to any employee, officer or director compensation or benefit plans, employment agreements, indemnification agreements or any similar arrangements entered into in the ordinary course of business or approved in good faith by the Board of Directors of the Company; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(n) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Permitted Liens, or foreclosure on assets as a result of Liens permitted under .</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Average Life</B>&#148; means, at any date of determination with respect to any Indebtedness, the quotient obtained by dividing (1) the sum of the products of (a)&nbsp;the number of years from such date of determination to the dates of each successive scheduled principal payment of such Indebtedness and (b) the amount of such principal payment by (2) the sum of all such principal payments. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Bankruptcy Code</B>&#148; means Title 11 of the United States Code, as amended.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Bankruptcy Law</B>&#148; means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Board of Directors</B>&#148; means, with respect to any Person, the Board of Directors of such Person or any duly authorized committee of such Board of Directors, or any other group performing comparable functions. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&#147;<B>Business Day</B>&#148; means &nbsp;a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City or the city in which the Trustee&#146;s designated corporate trust office is located.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Capital Stock</B>&#148; means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Closing Date or issued thereafter, including, without limitation, all Common Stock and Preferred Stock.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Capitalized Lease</B>&#148; means, as applied to any Person, any lease of any property (whether real, personal or mixed) of which the discounted present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Capitalized Lease Obligations</B>&#148; means the discounted present value of the rental obligations under a Capitalized Lease.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Cash</B>&#148; means U.S. dollars, pounds sterling, euros, the national currency of any member state in the European Union or, in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>CFTC</B>&#148; means the Commodities Futures Trading Commission.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A &#147;<B>Change of Control</B>&#148; shall be deemed to occur upon the occurrence of any of the following events: (1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders or (2) the Company becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act, or any successor provision), of 35% or more of the total voting power of the Voting Stock of the Company or any direct or indirect parent of the Company. As used in this definition, &#147;<B>Voting Stock</B>&#148; means capital stock issued by a corporation, or equivalent interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right to so vote has been suspended by the happening of such a contingency.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&#147;<B>Clearstream</B>&#148; means Clearstream Banking S.A. and any successor thereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Closing Date</B>&#148; means the date on which the Notes are originally issued under this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Collateral</B>&#148; means all the assets and properties subject to the Liens created by the Security Documents.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Collateral Agent</B>&#148; means The Bank of New York Mellon Trust Company, N.A., in its capacity as the collateral agent under the Security Agreement, this Indenture and the other Security Documents, as appointed pursuant to &nbsp;hereof, and any successor thereto in such capacity. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Common Stock</B>&#148; means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person&#146;s equity, other than Preferred Stock of such Person, whether outstanding on the Closing Date or issued thereafter, including, without limitation, all series and classes of such common stock.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Company</B>&#148; means Oppenheimer Holdings Inc.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Company Order</B>&#148; means a written request or order signed on behalf of the Company by an Officer of the Company, who must be the principal executive officer, the principal financial officer, the treasurer, the general counsel or the principal accounting officer of the Company, and delivered to the Trustee.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Consolidated EBITDA</B>&#148; means, for any period, Adjusted Consolidated Net Income for such period plus, to the extent such amount was deducted in calculating such Adjusted Consolidated Net Income:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consolidated Interest Expense;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">income taxes;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">depreciation expense;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">amortization expense; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all other non-cash items (including non-cash compensation expense relating to restricted stock awards and stock options but excluding amortization of broker notes) reducing Adjusted Consolidated Net Income (other than items that will require cash payments and for which an accrual or reserve is, or is required by GAAP to be, made), less all non-cash items increasing Adjusted Consolidated Net Income, all as determined on a consolidated basis for the Company, its Restricted Subsidiaries and its Regulated Subsidiaries in conformity with GAAP.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>provided</I> that, if any Restricted Subsidiary or Regulated Subsidiary is not a Wholly Owned Restricted Subsidiary, or Wholly Owned Regulated Subsidiary, as the case may be, Consolidated EBITDA shall be reduced (to the extent not otherwise reduced by giving effect to the minority interest in determining Adjusted Consolidated Net Income in accordance with GAAP) by an amount equal to (A) the amount of the Adjusted Consolidated Net Income attributable to such Restricted Subsidiary or Regulated Subsidiary multiplied by (B) the percentage of Common Stock of such Restricted Subsidiary or Regulated Subsidiary not owned on the last day of such period by the Company or any of its Restricted Subsidiaries or any of its Wholly Owned Regulated Subsidiaries.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Consolidated Fixed Charge Coverage Ratio</B>&#148; means, with respect to any Person, the ratio of Consolidated EBITDA of such Person during the most recent four full fiscal quarters (the &#147;<B>Four Quarter Period</B>&#148;), for which financial statements are internally available, ending on or prior to the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio (the &#147;<B>Transaction Date</B>&#148;), to Consolidated Fixed Charges of such Person for the Four Quarter Period. &nbsp;In addition to and without limitation of the foregoing, for purposes of this definition, Consolidated EBITDA and Consolidated Fixed Charges shall be calculated after giving effect on a pro forma basis for the period of such calculation to:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the incurrence, repayment or redemption of any Indebtedness, Disqualified Stock or Preferred Stock of such Person or any of its Restricted Subsidiaries or Regulated Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence, repayment or redemption of any other Indebtedness, Disqualified Stock or Preferred Stock (and the application of the proceeds thereof), other than the incurrence, repayment or redemption of Indebtedness, Disqualified Stock or Preferred Stock in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Asset Sales or Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries or Regulated Subsidiaries (including any Person who becomes a Restricted Subsidiary or Regulated Subsidiaries as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA attributable to the assets which are the subject of the Asset Acquisition or Asset Sale during the Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or Asset Acquisition (including the incurrence, assumption or liability for any such Acquired Indebtedness) occurred on the first day of the Four Quarter Period.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If such Person or any of its Restricted Subsidiaries or Regulated Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness. &nbsp;Furthermore, in calculating Consolidated Fixed Charges:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company (including pro forma expense and cost reductions, regardless of whether these cost savings could then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC related thereto).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Consolidated Fixed Charges</B>&#148; means, with respect to any Person for any period, the sum, without duplication, of (1) Consolidated Interest Expense, <I>plus</I> (2) the product of (A) the amount of all dividend payments on any series of Preferred Stock of such Person (other than (x) dividends paid in Qualified Capital Stock or (y)&nbsp;dividends paid to the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries) paid, accrued or scheduled to be paid or accrued during such period <I>times</I> (B) a fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal, state and local tax rate of such Person, expressed as a decimal.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Consolidated Interest Expense</B>&#148; means, for any period, the interest expense in respect of Indebtedness of the Company and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Consolidated Net Worth</B>&#148; means, at any date of determination, stockholders&#146; equity as set forth on the most recent internally available quarterly or annual consolidated balance sheet of the Company and its Restricted Subsidiaries and Regulated Subsidiaries (which shall be as of a date not more than 90 days prior to the date of such computation, and which shall not take into account Unrestricted Subsidiaries), plus, to the extent not included, any Preferred Stock of the Company, less any amounts attributable to Disqualified Stock or any equity security convertible into or exchangeable for Indebtedness, the cost of treasury stock and the principal amount of any promissory notes receivable from the sale of the Capital Stock of the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries, each item to be determined in conformity with GAAP (excluding the effects of foreign currency exchange adjustments under Financial Accounting Standards Board Statement of Financial Accounting Standards No. 52).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Corporate Trust Office of the Trustee</B>&#148; shall be at the address of the Trustee specified in &nbsp;hereof or such other address as to which the Trustee may give notice to the Holders and the Company. For purposes of &nbsp;of this Indenture, such address shall also mean the office or the agency of the Trustee located at 525 William Penn Place, 38<SUP>th</SUP> Floor, Pittsburgh, PA 15259. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Credit Facility</B>&#148; means, with respect to the Company, one or more debt facilities or commercial paper facilities for working capital purposes with banks or other institutional lenders or investors or any federal, state or local government entity or agency or financing arrangements providing for revolving credit loans, terms loans, receivables financing, including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against receivables, letters of credit or any other long-term Indebtedness, including any indenture, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors or any federal, state or local government entity or agency that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Custodian</B>&#148; means the Trustee, as custodian for DTC with respect to the Notes in global form, or any successor entity thereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Default</B>&#148; means any event that is, or after notice or passage of time or both would be, an Event of Default.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Definitive Note</B>&#148; means a certificated Note registered in the name of the Holder thereof and issued in accordance with &nbsp;hereof, substantially in the form of <U>Exhibit&nbsp;A</U> hereto, except that such Note shall not bear the Global Note Legend and shall not have the &#147;<B>Schedule of Exchanges of Interests in the Global Note</B>&#148; attached thereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Depositary</B>&#148; means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in &nbsp;hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Designated Non-cash Consideration</B>&#148; means the fair market value of non-cash consideration received by the Company or one of the Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers&#146; Certificate setting forth the basis of such valuation executed by the principal financial officer of the Company, less the amount of Temporary Cash Investments received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Disqualified Stock</B>&#148; means any class or series of Capital Stock of any Person that by its terms or otherwise is (1) required to be redeemed prior to a date that is 91 days following the Stated Maturity of the Notes, (2) redeemable at the option of the holder of such class or series of Capital Stock at any time prior to the Stated Maturity of the Notes or (3) convertible into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity prior to the Stated Maturity of the Notes; <I>provided</I> that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an &#147;asset sale&#148; or &#147;change of control&#148; occurring prior to the Stated Maturity of the Notes shall not constitute Disqualified Stock if the &#147;asset sale&#148; or &#147;change of control&#148; provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the provisions contained in &nbsp;and &nbsp;and such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision prior to the Company&#146;s repurchase &nbsp;of such Notes as are required to be repurchased pursuant to &nbsp;and .</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Domestic Subsidiary</B>&#148; means any Subsidiary organized under the laws of the United States of America, any State thereof or the District of Columbia, other than any such Subsidiary a substantial portion of the assets of which are Capital Stock of or other Investments in one or more Foreign Subsidiaries.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Equity Interests</B>&#148; means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Euroclear</B>&#148; means Euroclear S.A./N.V., as operator of the Euroclear system.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Exchange Notes</B>&#148; means the Notes (including any related Subsidiary Guarantees) issued in the Exchange Offer pursuant to &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Exchange Offer</B>&#148; has the meaning set forth in the applicable Registration Rights Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Exchange Offer Registration Statement</B>&#148; has the meaning set forth in the Registration Rights Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Excluded Real Property</B>&#148; means any real property that is leased by the Company or any Subsidiary Guarantor or that has a purchase price of less than $5.0 million.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Fair Market Value</B>&#148; means the price that would be paid in an arm&#146;s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy which, if determined by the Board of Directors as evidenced by a Resolution of the Board of Directors of the Company, shall be conclusively determined. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Foreign Subsidiary</B>&#148; means any Subsidiary of the Company that is an entity which is a controlled foreign corporation under Section 957 of the Internal Revenue Code or any subsidiary that is otherwise organized under the laws of a jurisdiction other than the United States, any state thereof, or the District of Columbia.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>GAAP</B>&#148; means generally accepted accounting principles in the United States of America as in effect as of the Closing Date.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Global Note Legend</B>&#148; means the legend set forth in &nbsp;hereof, which is required to be placed on all Global Notes issued under this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Global Notes</B>&#148; means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of <U>Exhibit A </U>hereto, issued in accordance with , , &nbsp;or &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Government Securities</B>&#148; means securities that are </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; <I>provided</I> that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Guarantee</B>&#148; means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services (unless such purchase arrangements are on arm&#146;s-length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term &#147;<B>Guarantee</B>&#148; shall not include endorsements for collection or deposit in the ordinary course of business or STAMP or other signature guarantees made by a Regulated Subsidiary in the ordinary course of its business. &nbsp;The term &#147;<B>Guarantee</B>&#148; used as a verb has a corresponding meaning.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&#147;<B>Hedging Obligations</B>&#148; means, with respect to any Person, the obligations of such person under (i) currency exchange, interest rate, commodity, credit or equity swap, forward or futures agreements, currency exchange, interest rate, commodity, credit or equity cap agreements, currency exchange, interest rate, commodity, credit or equity collar agreements, or currency exchange, interest rate, commodity, credit or equity puts or calls, and (ii) other agreements or arrangements designed to protect such Person, directly or indirectly, against fluctuations in currency exchange, interest rate, commodity or equity prices.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Holder</B>&#148; means the Person in whose name a Note is registered on the Registrar&#146;s books.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Incur</B>&#148; means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness; <I>provided</I> that (1) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary will be deemed to be incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and (2) neither the accrual of interest nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Indebtedness</B>&#148; means, with respect to any Person, at any date of determination (without duplication):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all indebtedness of such Person for borrowed money;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all obligations of such Person in respect of letters of credit or other similar instruments (including reimbursement obligations with respect thereto, but excluding letters of credit issued by such Person and excluding obligations with respect to letters of credit (including trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (5), (6) or (7) below) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the tenth Business Day following receipt by such Person of a demand for reimbursement);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all obligations of such Person to pay the deferred and unpaid purchase price of property or services, which purchase price is recorded as a liability under GAAP and due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such services, except Trade Payables;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all Capitalized Lease Obligations;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided that the amount of such Indebtedness shall be the lesser of (A)&nbsp;the fair market value of such asset at such date of determination and (B) the amount of such Indebtedness;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such Person;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(8)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Acquired Indebtedness;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(9)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to the extent not otherwise included in this definition, net obligations under Hedging Obligations (other than Hedging Obligations not entered into for speculative investment purposes and designed to protect the Company or its Restricted Subsidiaries or Regulated Subsidiaries against fluctuations in commodity prices, equity prices, foreign currency exchange rates or interest rates and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in commodity prices, foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder); and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(10)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all obligations to redeem or repurchase Preferred Stock issued by such Person, other than PIK Preferred Stock.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation, provided</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that the amount outstanding at any time of any Indebtedness issued with original issue discount is the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to prefund the payment of the interest on such Indebtedness shall not be deemed to be &#147;Indebtedness&#148; so long as such money is held to secure the payment of such interest; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that Indebtedness shall not include:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any liability for federal, state, local or other taxes;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">performance, surety or appeal bonds provided in the ordinary course of business; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">agreements providing for indemnification, adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements, in any case Incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition), so long as the principal amount does not to exceed the gross proceeds actually received by the Company or any Restricted Subsidiary in connection with such disposition.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">obligations arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">obligations arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; provided, that (x) such obligations (other than credit or purchase cards) are extinguished within ten Business Days of notification to the Company of its incurrence and (y) such obligations in respect of credit or purchase cards is extinguished within 60 days from its incurrence; or </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f) </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">obligations arising under one or more Securities Facilities of Oppenheimer Multifamily Housing &amp; Healthcare Finance, Inc. and OPY Credit Corp.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Indenture</B>&#148; means this Indenture, as amended, supplemented or otherwise modified from time to time, including the terms of the Notes and Subsidiary Guarantees.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Indirect Participant</B>&#148; means a Person who holds a beneficial interest in a Global Note through a Participant.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Initial Notes</B>&#148; as defined in the recitals hereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Initial Purchasers</B>&#148; means Morgan Stanley &amp; Co., Incorporated and Oppenheimer &amp; Co. Inc.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Intercreditor Agreement</B>&#148; means the intercreditor agreement, substantially in the form of <U>Exhibit E</U> hereto, that will be entered into with respect to the Collateral if additional secured Indebtedness intended to constitute Pari Passu Lien Indebtedness is issued in the future among the Company, the Subsidiary Guarantors, the Collateral Agent and the authorized representative for the holders and lenders of additional secured debt, as such agreement may be amended, supplemented or otherwise modified from time to time.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Interest Payment Date</B>&#148; means April 15 and October 15 of each year to stated maturity.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Interest Swap Obligations</B>&#148; means the obligations of any Person pursuant to any arrangement with any other Person, whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Investment</B>&#148; in any Person means any direct or indirect advance, loan or other extension of credit (including, without limitation, by way of Guarantee or similar arrangement; but excluding Investment Securities, advances to customers or suppliers or deposits in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the Company or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of business) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person and shall include (1) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary or as a Regulated Subsidiary and (2) the retention of the Capital Stock (or any other Investment) by the Company or any of its Restricted Subsidiaries, of (or in) any Person that has ceased to be a Restricted Subsidiary. &nbsp;For purposes of the definition of &#147;Unrestricted Subsidiary&#148; and , (a) the amount of or a reduction in an Investment shall be equal to the fair market value thereof at the time such Investment is made or reduced and (b) in the event the Company or a Restricted Subsidiary makes an Investment by transferring assets to any Person and as part of such transaction receives Net Cash Proceeds, the amount of such Investment shall be the fair market value of the assets less the amount of Net Cash Proceeds so received; <I>provided</I> the Net Cash Proceeds are applied in accordance with Section 4.10(c)(i)(A) or Section 4.10(c)(i)(B).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Investment Grade Status</B>&#148; shall occur when the Notes receive a rating of &#147;BBB-&#148; or higher from S&amp;P and a rating of &#147;Baa3&#148; or higher from Moody&#146;s, in each case with a stable or better outlook.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Investment Securities</B>&#148; means any securities of a Person (other than an Affiliate or joint venture of the Company or any Restricted Subsidiary or any Regulated Subsidiary), mortgages, credit card and other loan receivables, futures contracts on any securities, interest rates and foreign currencies used for the hedging of any securities, mortgages or credit card and other loan receivables purchased, borrowed, sold, loaned or pledged by such Person in the ordinary course of its business.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Legal Holiday</B>&#148; means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in the State of New York or the city in which the Corporate Trust Office of the Trustee is located.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Legended Regulation S Global Note</B>&#148; means a Global Note in the form of <U>Exhibit&nbsp;A</U> hereto, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation&nbsp;S. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Letter of Transmittal</B>&#148; means the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Lien</B>&#148; means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest). </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Moody&#146;s</B>&#148; means Moody&#146;s Investors Service, Inc. and its successors.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Net Cash Proceeds</B>&#148; means: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">with respect to any Asset Sale or Regulated Sale, the proceeds of such Asset Sale or Regulated Sale in the form of cash or cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">brokerage commissions and other fees and expenses (including attorney&#146;s fees, accountants&#146; fees, underwriters&#146;, placement agents&#146; and other investment bankers&#146; fees, commissions and consultant fees) related to such Asset Sale or Regulated Sale;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">provisions for all taxes as a result of such Asset Sale or Regulated Sale without regard to the consolidated results of operations of the Company and its Restricted Subsidiaries, taken as a whole, together with any actual distributions to shareholders of the type contemplated under (b)(ix) with respect to the taxable income relating to such Asset Sale or Regulated Sale;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">payments made to repay Indebtedness or any other obligation outstanding at the time of such Asset Sale or Regulated Sale that either (x) is secured by a Lien on the property or assets sold or (y) is required to be paid as a result of such sale; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">appropriate amounts to be provided by the Company, any Restricted Subsidiary or any Regulated Subsidiary as a reserve against any liabilities associated with such Asset Sale or Regulated Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale or Regulated Sale, all as determined in conformity with GAAP; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">with respect to any issuance or sale of Capital Stock, the proceeds of such issuance or sale in the form of cash or cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of attorney&#146;s fees, accountants&#146; fees, underwriters&#146; or placement agents&#146; fees, discounts or commissions and brokerage, consultant and other fees incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Non-U.S. Person</B>&#148; means a Person who is not a U.S. Person.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Notes</B>&#148; means the Initial Notes or the Exchange Notes and more particularly means any Note authenticated and delivered under this Indenture. &nbsp;For all purposes of this Indenture, the term &#147;Notes&#148; shall also include any Additional Notes that may be issued under a supplemental indenture. &nbsp;For purposes of this Indenture, all references to Notes to be issued or authenticated upon transfer, replacement or exchange shall be deemed to refer to Notes of the applicable series.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Note Obligations</B>&#148; means all Obligations in respect of the Notes or arising under this Indenture and the Subsidiary Guarantees. &nbsp;Note Obligations shall include all interest accrued (or which would, absent the commencement of an insolvency or liquidation proceeding, accrue) after the commencement of an insolvency or liquidation proceeding in accordance with and at the rate specified in the Notes, this Indenture or the Subsidiary Guarantees, as the case may be, whether or not the claim for such interest is allowed as a claim in such insolvency or liquidation proceeding. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Obligations</B>&#148; means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Offer to Purchase</B>&#148; means an offer to purchase Notes by the Company from the Holders commenced by mailing a notice to the Trustee and each Holder stating:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the covenant pursuant to which the offer is being made and that all Notes validly tendered will be accepted for payment on a pro rata basis;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the purchase price and the date of purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the &#147;<B>Payment Date</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that any Note not tendered will continue to accrue interest and Additional Interest (if any) pursuant to its terms;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that, unless the Company defaults in the payment of the purchase price, any Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest and Additional Interest (if any) on and after the Payment Date;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note, together with the form entitled &#147;Option of the Holder to Elect Purchase&#148; on the reverse side of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the Business Day immediately preceding the Payment Date;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered; <I>provided</I> that each Note purchased and each new Note issued shall be in a principal amount of $2,000 or multiples of $1,000.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">On the Payment Date, the Company shall (a) accept for payment on a <I>pro rata </I>basis Notes or portions thereof tendered pursuant to an Offer to Purchase; (b) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions thereof so accepted; and (c) deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so accepted together with an Officers&#146; Certificate specifying the Notes or portions thereof accepted for payment by the Company. &nbsp;The Paying Agent shall promptly mail to the Holders of Notes so accepted payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail to such Holders a new Note equal in principal amount to any unpurchased portion of the Note surrendered; <I>provided</I> that each Note purchased and each new Note issued shall be in a principal amount of $2,000 or multiples of $1,000. &nbsp;The Company will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date. &nbsp;The trustee shall act as the Paying Agent for an Offer to Purchase. &nbsp;The Company will comply with Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable, if the Company is required to repurchase Notes pursuant to an Offer to Purchase. The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Officer</B>&#148; means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Company or, in the event that a Person is a partnership or a limited liability company that has no such officers, a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of such Person. &nbsp;Officer of any Subsidiary Guarantor has a correlative meaning.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Officers&#146; Certificate</B>&#148; means a certificate signed by two Officers or by an Officer and either an Assistant Treasurer or an Assistant Secretary of the Company.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Offering Memorandum</B>&#148; means the Offering Memorandum, dated April 6, 2011, relating to the sale of the Initial Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Opinion of Counsel</B>&#148; means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pari Passu Lien Indebtedness</B>&#148; means, collectively, Indebtedness or other obligations in respect of (i) the Notes, this Indenture and the Subsidiary Guarantees and (ii) any Additional Notes and other Indebtedness or other obligations having Pari Passu Lien Priority relative to the Notes with respect to the Collateral; provided that the authorized representative in respect of such Indebtedness is a party (directly or by through a joinder agreement) to the Intercreditor Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pari Passu Lien Priority</B>&#148; means, relative to specified Indebtedness, having (or purporting to have) a Lien priority equal to that of the Lien securing the Note Obligations on the Collateral and subject to the Intercreditor Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Participant</B>&#148; means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Participating Broker-Dealer</B>&#148; has the meaning set forth in the Registration Rights Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Permitted Holder</B>&#148; means (i) Mr. Albert Lowenthal, any current or former spouse of his and any of their direct or indirect descendants and immediate family, including by marriage, and (ii) trusts or other investment vehicles controlled by or for the primary benefit of persons referred to in clause (i).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Permitted Investments</B>&#148; means:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">an Investment in the Company or a Restricted Subsidiary or a Regulated Subsidiary or a Person which will, upon the making of such Investment, become a Restricted Subsidiary or Regulated Subsidiary or be merged or consolidated with or into or transfer or convey all or substantially all its assets to, the Company or a Restricted Subsidiary or Regulated Subsidiary; <I>provided</I> that such person&#146;s primary business is a Related Business on the date of such Investment; <I>provided</I>, <I>further</I>, that the aggregate amount of Investments made pursuant to this clause (1) in Restricted Subsidiaries (net of return of capital) that are not Subsidiary Guarantors shall not exceed $20.0 million;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Temporary Cash Investments and Investment Securities;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">stock, obligations or securities received in satisfaction of judgments;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">an Investment in an Unrestricted Subsidiary consisting solely of an Investment in another Unrestricted Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Hedging Obligations not entered into for speculative investment purposes and designed to protect the Company or its Restricted Subsidiaries or Regulated Subsidiaries against fluctuations in commodity prices, securities prices, foreign currency exchange rates or interest rates;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(8)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Investment existing on, or made pursuant to binding commitments existing on, the date of this Indenture; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(9)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Investment acquired by the Company or any of the Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Company of such other Investment or accounts receivable; (b) as a result of a foreclosure by the Company or any of the Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; or (c) as a result of the settlement, compromise or resolution of litigation, arbitration or other disputes with Persons who are not Affiliates;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(10)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(11)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Guarantees issued in accordance with Sections &nbsp;and ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(12)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investments of a Restricted Subsidiary of the Company acquired after the Closing Date or of an entity merged into or consolidated with the Company or a Restricted Subsidiary in a transaction that is not prohibited by &nbsp;after the Closing Date to the extent that such Investments were not made in contemplation of such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(13)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investments made to defease the Notes or the Notes in accordance with the terms of this Indenture; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(14)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">guarantees by the Company or any of its Restricted Subsidiaries of operating leases (other than Capitalized Lease Obligations), trademarks, licenses, purchase agreements or of other obligations that do not constitute Indebtedness, in each case entered into by the Company or any Restricted Subsidiary in the ordinary course of business;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(15)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">repurchases of the Notes; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(16)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investment in general partner interests of limited partnerships or as managing member of limited liability companies in which non-Affiliates are the limited partners or other members, as applicable, formed for the purpose of pursuing private equity or alternative investment strategies in connection with a Related Business and consistent with past practice, not to exceed for any individual Investment, 2% of the total amounts invested by all investors in such partnership or limited liability company at the time of such Investment;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(17)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investments not otherwise described under this definition, not to exceed $5 million in the aggregate for the Company and its Subsidiaries; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(18)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">guarantees by the Company or any Subsidiary Guarantor of the obligations of Oppenheimer Multifamily Housing &amp; Healthcare Finance, Inc. under Securities Facilities; <I>provided</I> that such guarantee is treated as Indebtedness by the Company for purposes of determining compliance with this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Permitted Liens</B>&#148; means:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens for taxes, assessments, governmental charges or claims that are being contested in good faith by appropriate legal proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statutory and common law Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen or other similar Liens (including a lender&#146;s unexercised rights of set-off) arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith by appropriate legal proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens incurred or deposits made in the ordinary course of business in connection with workers&#146; compensation, unemployment insurance and other types of social security;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or regulatory obligations, bankers&#146; acceptances, surety and appeal bonds, government contracts, performance and return-of-money bonds and other obligations of a similar nature incurred in the ordinary course of business (exclusive of obligations for the payment of borrowed money);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">easements, rights-of-way, municipal and zoning ordinances and similar charges, encumbrances, title defects or other irregularities that do not materially interfere with the ordinary course of business of the Company or any of its Restricted Subsidiaries;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">leases or subleases granted to others that do not materially interfere with the ordinary course of business of the Company and its Restricted Subsidiaries, taken as a whole;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens encumbering property or assets under construction arising from progress or partial payments by a customer of the Company or its Restricted Subsidiaries relating to such property or assets;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(8)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any interest or title of a lessor in the property subject to any Capitalized Lease or operating lease;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(9)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens arising from filing Uniform Commercial Code financing statements regarding leases;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(10)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens on property of, or on shares of Capital Stock or Indebtedness of, any Person existing at the time such Person becomes, or becomes a part of, any Restricted Subsidiary; provided that such Liens do not extend to or cover any property or assets of the Company or any Restricted Subsidiary other than the property or assets acquired;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(11)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens in favor of the Company or any Restricted Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(12)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens arising from the rendering of a final judgment or order against the Company or any Restricted Subsidiary that does not give rise to an Event of Default;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(13)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of credit and the products and proceeds thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(14)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(15)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens encumbering customary initial deposits and margin deposits, and other Liens that are within the general parameters customary in the industry and incurred in the ordinary course of business, in each case, securing Indebtedness under Hedging Obligations not entered into for speculative investment purposes and designed to protect the Company or any of its Restricted Subsidiaries from fluctuations in interest rates, currencies or the price of commodities or securities;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(16)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business in accordance with the past practices of the Company and its Restricted Subsidiaries prior to the Closing Date;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(17)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens on shares of Capital Stock of any Unrestricted Subsidiary to secure Indebtedness of such Unrestricted Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(18)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens on or sales of receivables or mortgages;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(19)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens existing on the Closing Date;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(20)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens on Collateral securing Note Obligations;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(21)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens with respect to the assets of a Restricted Subsidiary granted by such Restricted Subsidiary to the Company or a Wholly Owned Restricted Subsidiary or Wholly Owned Regulated Subsidiary to secure Indebtedness owing to the Company or such other Restricted Subsidiary or Regulated Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(22)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens to secure Indebtedness of the Company under any Credit Facility Incurred pursuant to Section 4.09(b)(1);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(23)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens securing Indebtedness which is Incurred to refinance secured Indebtedness which is permitted to be Incurred under (b)(6); <I>provided</I> that such Liens do not extend to or cover any property or assets of the Company or any Restricted Subsidiary or Regulated Subsidiary other than the property or assets securing the Indebtedness being refinanced;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(24)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens to secure Indebtedness under &nbsp;(b)(11)(limited to the assets of the Foreign Subsidiary incurring such Indebtedness) and (b)(12);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(25)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens securing Indebtedness under (b)(4); <I>provided</I> that (x) such Liens are created within 360 days after the acquisition of the asset financed and (y) no such Lien shall extend to or cover any property or asset other than the asset so financed; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(26)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens on cash set aside at the time of the Incurrence of any Indebtedness, or government securities purchased with such cash, in either case to the extent that such cash or government securities pre-fund the payment of interest on such Indebtedness and are held in a collateral or escrow account or similar arrangement to be applied for such purpose; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(27)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens (which may be pari passu with the Liens securing the Notes) securing any Indebtedness permitted to be incurred pursuant to ; <I>provided</I> that at the time of incurrence and after giving pro forma effect thereto, the Secured Leverage Ratio would be no greater than 1.60 to 1.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(28)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (10) and (19); <I>provided</I>, <I>however</I>, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property), (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clause (10) and (19) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement and (z) the new Lien has no greater priority relative to the Notes and the Subsidiary Guarantees and the holders of the Indebtedness secured by such Lien have no greater intercreditor rights relative to the Notes and the Subsidiary Guarantees and holders thereof than the original Liens and the related Indebtedness;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(29)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Liens on assets of a Restricted Subsidiary securing obligations of such Restricted Subsidiary under a Securities Facility; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(30)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">other Liens securing obligations not to exceed $5.0 million at any one time outstanding.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Person</B>&#148; means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>PIK Preferred Stock</B>&#148; means Preferred Stock the terms of which do not permit the declaration or payment of any dividend or other distribution thereon or with respect thereto, or the redemption or conversion thereof, in each such case prior to the payment in full of the Company&#146;s obligations under the Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Preferred Stock</B>&#148; of any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Private Placement Legend</B>&#148; means the legend set forth in &nbsp;hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>pro forma</B>&#148; means pro forma presentation in accordance with GAAP and Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC related thereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>QIB</B>&#148; means a &#147;qualified institutional buyer&#148; as defined in Rule 144A.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Qualifying Real Property</B>&#148; means any real property owned by the Company or any Subsidiary Guarantor other than Excluded Real Property.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Rating Agency</B>&#148; means any &#147;nationally recognized statistical rating organization,&#148; as such term is defined for purposes of Rule 436(g)(2) under the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Record Date</B>&#148; for the interest or Additional Interest, if any, payable on any applicable Interest Payment Date means April 1 or October 1 (whether or not a Business Day) next preceding such Interest Payment Date.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Registration Rights Agreement</B>&#148; means the registration rights agreement, dated the Closing Date, among the Company, the Subsidiary Guarantors and the Initial Purchasers enter into in connection with the Initial Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Regulated Sale</B>&#148; means any sale, transfer or other disposition (including by way of merger, consolidation or Sale-Leaseback Transaction) in one transaction or a series of related transactions by the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries to any Person other than the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries of:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all or any of the Capital Stock of any Regulated Subsidiary; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all or substantially all of the property and assets of an operating unit or business of any Regulated Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in each case, that is not governed by the provisions of this Indenture applicable to mergers, consolidations and sales of assets of the Company; <I>provided</I> that &#147;<B>Regulated Sale</B>&#148; shall not include an issuance, sale, transfer or other disposition of Capital Stock by a Regulated Subsidiary to the Company, a Wholly Owned Restricted Subsidiary or a Wholly Owned Regulated Subsidiary.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Regulated Significant Subsidiary</B>&#148; means, at any date of determination, any Regulated Subsidiary that, together with its Subsidiaries, (1) for the most recent fiscal year of the Company, accounted for more than 5% of the consolidated revenues of the Company and its Restricted Subsidiaries and Regulated Subsidiaries or (2) as of the end of such fiscal year, was the owner of more than 5% of the consolidated assets of the Company and its Restricted Subsidiaries and Regulated Subsidiaries, all as set forth on the most recently internally available consolidated financial statements of the Company for such fiscal year.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Regulated Subsidiary</B>&#148; means any direct or indirect subsidiary of the Company that is registered as (1) a broker dealer pursuant to Section 15 of the Exchange Act, (2) a broker dealer or underwriter under any foreign securities law, or (3) a banking or insurance Subsidiary regulated under state, federal or foreign laws.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Regulation S</B>&#148; means Regulation S promulgated under the Securities Act. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Regulation S Global Note</B>&#148; means a Legended Regulation S Global Note or an Unlegended Regulation S Global Note, as appropriate.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Related Business</B>&#148; means any financial services business which is the same as or ancillary or complementary to any business of the Company and its Restricted Subsidiaries and Regulated Subsidiaries that is being conducted on the Closing Date, including, but not limited to, broker-dealer services, insurance, investment advisory services, specialist and other market making activities, trust and banking services, underwriting and the creation of and offers and sales of interests in mutual funds and any business that is a result of ownership interest in any other entity acquired in the ordinary course of business.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Replacement Assets</B>&#148; means, on any date, property or assets (other than current assets) of a nature or type or that are used in a business (or an Investment in a company having property or assets of a nature or type, or engaged in a business) similar or related to the nature or type of the property and assets of, or the business of, the Company and its Restricted Subsidiaries and its Regulated Subsidiaries existing on such date.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Responsible Officer</B>&#148; means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, who shall have direct responsibility for the administration of this Indenture, or any officer to whom any corporate trust matter is referred because of such Person&#146;s knowledge of and familiarity with the particular subject.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Restricted Definitive Note</B>&#148; means a Definitive Note bearing the Private Placement Legend.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Restricted Global Note</B>&#148; means a Global Note bearing the Private Placement Legend.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Restricted Investment</B>&#148; means an Investment made after the Closing Date other than Permitted Investments.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&#147;<B>Restricted Period</B>&#148; means the 40-day distribution compliance period as defined in Regulation S.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Restricted Subsidiary</B>&#148; means any Subsidiary of the Company other than an Unrestricted Subsidiary or a Regulated Subsidiary.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Rule 144</B>&#148; means Rule 144 promulgated under the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Rule 144A</B>&#148; means Rule 144A promulgated under the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Rule 903</B>&#148; means Rule 903 promulgated under the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Rule 904</B>&#148; means Rule 904 promulgated under the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Sale-Leaseback Transaction</B>&#148; means, with respect to any Person, an arrangement whereby such Person sells or transfers property and then or thereafter leases such property or any substantial part thereof which such Person intends to use for substantially the same purpose or purposes as the property sold or transferred, <I>provided</I> that for purposes of this definition, &#147;property&#148; shall not include Investment Securities.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>S&amp;P</B>&#148; means Standard &amp; Poor&#146;s Rating Group, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>SEC</B>&#148; means the U.S. Securities and Exchange Commission.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Secured Leverage Ratio</B>&#148; means as of any date of determination, the ratio of (a) Pari Passu Lien Indebtedness, as determined on a consolidated basis, as of the last day of the fiscal quarter ending on, or most recently ended prior to, such date of determination to, after giving effect to the transaction giving rise to the need to calculate the Secured Leverage Ratio to (b) Consolidated EBITDA for the period consisting of the immediately preceding four consecutive fiscal quarters of the Company ending on, or most recently ended prior to, such date of determination for which internal financial statements are available; <I>provided</I> that Consolidated EBITDA will be calculated in the manner contemplated by, and subject to all the adjustments provided in, the definition of &#147;Consolidated Fixed Charge Coverage Ratio.&#148;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Secured Party</B>&#148; means (i) the Holders, (ii) the Trustee, (iii) the Collateral Agent and (iv) any successors, indorsees, transferees and assigns of each of the foregoing.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Securities Act</B>&#148; means the Securities Act of 1933, as amended or any successor statute or statutes thereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Securities Facilities</B>&#148; means any facility providing for securities lending or to finance the purchase or carrying of inventories of mortgage or other loans or securities in connection with a Related Business carried on by a Restricted Subsidiary and where the recourse of the lenders or other creditors under such facility is limited to the assets of such Restricted Subsidiary or to guarantees of such Securities Facilities by the Company or a Subsidiary Guarantor permitted under this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Security Agreement</B>&#148; means that certain Security Agreement, dated as of the Closing Date, made by and among the Company, the Subsidiary Guarantors and the Collateral Agent, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Security Documents</B>&#148; means the Security Agreement, the Intercreditor Agreement, the Mortgages (if any) and any other instruments and documents executed and delivered pursuant to this Indenture or any of the foregoing, as the same may be amended, supplemented or otherwise modified from time to time and pursuant to which Collateral is pledged, assigned or granted to or on behalf of the Collateral Agent for the benefit of the Secured Parties.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Senior Management</B>&#148; means with respect to any Person, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, or any Executive Vice-President of such Person.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Shelf Registration Statement</B>&#148; means the Shelf Registration Statement as defined in the Registration Rights Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Significant Subsidiary</B>&#148; means, at any date of determination, any Restricted Subsidiary that, together with its Subsidiaries, (1) for the most recent fiscal year of the Company, accounted for more than 10% of the consolidated revenues of the Company and its Restricted Subsidiaries or (2) as of the end of such fiscal year, was the owner of more than 10% of the consolidated assets of the Company and its Restricted Subsidiaries, all as set forth on the most recently internally available consolidated financial statements of the Company for such fiscal year.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Standard Securitization Undertakings</B>&#148; means representations, warranties, covenants and indemnities entered into by the Company or any of its Restricted Subsidiaries that are reasonably customary in an accounts receivable transaction.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Stated Maturity</B>&#148; means, (1) with respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal of such debt security is due and payable and (2) with respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt security as the fixed date on which such installment is due and payable.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Subsidiary</B>&#148; means, with respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person and is consolidated under GAAP with such Person.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Subsidiary Guarantee</B>&#148; means any guarantee of the obligations of the Company under this Indenture and the Notes by any Subsidiary Guarantor.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Subsidiary Guarantor</B>&#148; means E.A Viner International Co., Viner Finance Inc. and any Subsidiary of the Company required to guarantee the Notes pursuant to Section 4.15.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Temporary Cash Investments</B>&#148; means any of the following:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">direct obligations of the United States of America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of America or any agency thereof, in each case maturing within two years from the date of acquisition thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition thereof, bankers&#146; acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and whose long-term debt is rated &#147;A&#148; or the equivalent thereof by Moody&#146;s or S&amp;P (or reasonably equivalent ratings of another internationally recognized ratings agency);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (1) above entered into with a bank or trust company meeting the qualifications described in clause (2) above;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">commercial paper, maturing not more than one year after the date of acquisition, issued by a corporation (other than an Affiliate of the Company) organized and in existence under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of &#147;P-1&#148; (or higher) according to Moody&#146;s or &#147;A-1&#148; (or higher) according to S&amp;P;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">readily marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody&#146;s or S&amp;P (or reasonably equivalent ratings of another internationally recognized ratings agency if both of the two named rating agencies cease publishing ratings of investments) in each case with maturities not exceeding two years from the date of acquisition;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness issued by Persons (other than the Permitted Holders or any of their Affiliates) with a rating of &#147;A&#148; or higher from S&amp;P or &#147;A-2&#148; or higher from Moody&#146;s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any investment funds investing at least 95% of its assets continuously invested in investments of the types described in clauses (1) through (6) above; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(8)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">instruments equivalent to those referred to in clauses (1) through (6) above denominated in euros or any other foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Total Assets</B>&#148; means the total consolidated assets of the Company, the Restricted Subsidiaries and the Regulated Subsidiaries, as shown on the most recent balance sheet of the Company.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Trade Payables</B>&#148; means, with respect to any Person, any accounts payable or any other Indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition of goods or services.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Transaction Date</B>&#148; means, with respect to the Incurrence of any Indebtedness, the date such Indebtedness is to be Incurred and, with respect to any Restricted Payment, the date such Restricted Payment is to be made.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Treasury Rate</B>&#148; means, as of the applicable redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to April 15, 2014; <I>provided</I>, <I>however</I>, that if the period from such redemption date to April 15, 2014 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Trust Indenture Act</B>&#148; means the Trust Indenture Act of 1939, as amended (15 U.S.C &#167;&#167; 77aaa-777bbbb).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Trustee</B>&#148; means The Bank of New York Mellon Trust Company, N.A., as trustee, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Uniform Commercial Code</B>&#148; or &#147;<B>UCC</B>&#148; means the New York Uniform Commercial Code as in effect from time to time, <I>provided</I> that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, &#147;<B>Uniform Commercial Code</B>&#148; or &#147;<B>UCC</B>&#148; means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority..</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Unlegended Regulation S Global Note</B>&#148; means a permanent Global Note in the form of Exhibit A hereto, bearing the Global Note Legend, deposited with or on behalf of and registered in the name of the Depositary or its nominee and issued upon expiration of the Restricted Period. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Unrestricted Definitive Note</B>&#148; means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Unrestricted Global Note</B>&#148; means a permanent Global Note, substantially in the form of <U>Exhibit A</U> attached hereto, that bears the Global Note Legend and that has the &#147;Schedule of Exchanges of Interests in the Global Note&#148; attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Unrestricted Subsidiary</B>&#148; means (1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below; and (2) any Subsidiary of an Unrestricted Subsidiary. &nbsp;The Board of Directors may designate any Restricted Subsidiary or Regulated Subsidiary (including any newly acquired or newly formed Subsidiary of the Company) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any Restricted Subsidiary; <I>provided</I> that (A) any Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated shall be deemed an &#147;Incurrence&#148; of such Indebtedness and an &#147;Investment&#148; by the Company or such Restricted Subsidiary (or both, if applicable) at the time of such designation; (B) either (I) the Subsidiary to be so designated has total assets of $1,000 or less or (II) if such Subsidiary has assets greater than $1,000, such designation would be permitted under &nbsp;and (C) if applicable, the Incurrence of Indebtedness and the Investment referred to in clause (A) of this proviso would be permitted under Sections &nbsp;and . &nbsp;The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; <I>provided</I> that (a) no Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such designation and (b)&nbsp;all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred at such time, have been permitted to be Incurred (and shall be deemed to have been Incurred) for all purposes of this Indenture. &nbsp;Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers&#146; Certificate certifying that such designation complied with the foregoing provisions. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>U.S. Person</B>&#148; means a U.S. person as defined in Rule 902(k) under the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Voting Stock</B>&#148; means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Wholly Owned</B>&#148; means, with respect to any Subsidiary of any Person, the ownership all of the outstanding Capital Stock of such Subsidiary by such Person or one or more Wholly Owned Subsidiaries of such Person.</P>
<A NAME="_Toc289351661"></A><A NAME="_Toc290368080"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1.2<I>. &nbsp;Other Definitions. &nbsp;</I></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=470.933><P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><B>Term</B></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align=center><B>Defined in Section</B></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:6pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Asset Sale Offer</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin-top:6pt; margin-bottom:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Authentication Order</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Change of Control Offer</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Covenant Defeasance</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>DTC</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Event of Default</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Excess Proceeds</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Guaranteed Indebtedness</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4.15</P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Legal Defeasance</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Mortgage</B>&#148; </P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>12.12</P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Note Register</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Paying Agent</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Registrar</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&#147;<B>Reinstatement Date</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4.20</P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&#147;<B>Restricted Payment</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4.07</P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&#147;<B>Suspended Covenants</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4.20</P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Surviving Person</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>5.01</P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Suspension Date</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4.20</P>
</TD></TR>
<TR><TD valign=top width=470.933><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Suspension Period</B>&#148;</P>
<P style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=72.4><P style="margin:0pt; padding-right:0.6pt; text-indent:0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4.20</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<A NAME="_Toc258929069"></A><A NAME="_Toc259025414"></A><A NAME="_Toc289351662"></A><A NAME="_Toc290368081"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1.3<I>. &nbsp;Incorporation by Reference of Trust Indenture Act. &nbsp;</I>Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The following Trust Indenture Act terms used in this Indenture have the following meanings:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>indenture securities</B>&#148; means the Notes and Subsidiary Guarantees;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>indenture security Holder</B>&#148; means a Holder of a Note;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>indenture to be qualified</B>&#148; means this Indenture;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>indenture trustee</B>&#148; or &#147;<B>institutional trustee</B>&#148; means the Trustee; and</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>obligor</B>&#148; on the Notes and the Subsidiary Guarantees means the Company and the Subsidiary Guarantors, respectively, and any successor obligor upon the Notes and the Subsidiary Guarantees, respectively.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them.</P>
<A NAME="_Toc289351663"></A><A NAME="_Toc290368082"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1.4<I>. &nbsp;Rules of Construction. &nbsp;</I>Unless the context otherwise requires:</P>
<A NAME="_Toc258929071"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a term has the meaning assigned to it;</P>
<A NAME="_Toc258929072"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</P>
<A NAME="_Toc258929073"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>or</B>&#148; is not exclusive;</P>
<A NAME="_Toc258929074"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">words in the singular include the plural, and in the plural include the singular;</P>
<A NAME="_Toc258929075"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>will</B>&#148; shall be interpreted to express a command;</P>
<A NAME="_Toc258929076"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">provisions apply to successive events and transactions;</P>
<A NAME="_Toc258929077"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">references to sections of, or rules under, the Securities Act, Exchange Act or Trust Indenture Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time;</P>
<A NAME="_Toc258929078"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">unless the context otherwise requires, any reference to an &#147;<B>Article,</B>&#148; &#147;<B>Section</B>&#148; or &#147;<B>clause</B>&#148; refers to an Article, Section or clause, as the case may be, of this Indenture; </P>
<A NAME="_Toc258929079"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1) unsecured Indebtedness shall not be deemed to be subordinated or junior to secured Indebtedness merely because it is unsecured, (2) senior Indebtedness shall not be deemed to be subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral and (3) Indebtedness that is not guaranteed shall not be deemed to be subordinated or junior to Indebtedness that is guaranteed merely because of such guarantee; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the words &#147;<B>herein,</B>&#148; &#147;<B>hereof</B>&#148; and &#147;<B>hereunder</B>&#148; and other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision.</P>
<A NAME="_Toc289351664"></A><A NAME="_Toc290368083"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1.5<I>. &nbsp;Acts of Holders. &nbsp;<A NAME="_Toc258929081"></A></I>1) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. &nbsp;Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. &nbsp;Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to ) conclusive in favor of the Trustee and the Company, if made in the manner provided in this .</P>
<A NAME="_Toc258929082"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. &nbsp;Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. &nbsp;The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The ownership of Notes shall be proved by the Note Register.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company may, in the circumstances permitted by the Trust Indenture Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or permitted to be given or taken by Holders. &nbsp;Unless otherwise specified, if not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. &nbsp;Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Without limiting the generality of the foregoing, a Holder, including DTC that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and DTC that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary&#146;s standing instructions and customary practices.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. &nbsp;If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. &nbsp;No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than 90 days after such record date.</P>
<A NAME="_Toc289351665"></A><A NAME="_Toc290368084"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 2<BR>
The Notes</P>
<A NAME="_Toc289351666"></A><A NAME="_Toc290368085"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.a<I>. &nbsp;General. &nbsp;</I>2) The Notes and the Trustee&#146;s certificate of authentication shall be substantially in the form of <U>Exhibit A</U> hereto. &nbsp;The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. &nbsp;Each Note shall be dated the date of its authentication. &nbsp;The Notes shall be in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. &nbsp;However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Additional Notes ranking <I>pari</I> <I>passu</I> with the Initial Notes, including Exchange Notes, may be created and issued from time to time by the Company without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, waivers, amendments, offers to repurchase, redemption or otherwise as the Initial Notes; <I>provided</I> that the Company&#146;s ability to issue Additional Notes shall be subject to the Company&#146;s compliance with <FONT FACE="arrow">&nbsp;</FONT>hereof. &nbsp;Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Global Notes</I>. &nbsp;Notes issued in global form shall be substantially in the form of <U>Exhibit A</U> attached hereto (including the Global Note Legend thereon and the &#147;Schedule of Exchanges of Interests in the Global Note&#148; attached thereto). &nbsp;Notes issued in definitive form shall be substantially in the form of <U>Exhibit A</U> attached hereto (but without the Global Note Legend thereon and without the &#147;Schedule of Exchanges of Interests in the Global Note&#148; attached thereto). &nbsp;Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. &nbsp;Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Regulation S Global Notes</I>. &nbsp;Notes offered and sold in reliance on Regulation S shall be issued initially in the form of one or more Legended Regulation S Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for The Depository Trust Company (&#147;<B>DTC</B>&#148;) in New York, New York, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. &nbsp;Following the termination of the Restricted Period, beneficial interests in the Legended Regulation S Global Note may be exchanged for beneficial interests in Unlegended Regulation S Global Notes pursuant to &nbsp;and the Applicable Procedures. &nbsp;Simultaneously with the authentication of Unlegended Regulation S Global Notes, the Trustee shall cancel the Legended Regulation S Global Note. &nbsp;The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Euroclear and Clearstream Procedures Applicable</I>. &nbsp;The provisions of the &#147;Operating Procedures of the Euroclear System&#148; and &#147;Terms and Conditions Governing Use of Euroclear&#148; and the &#147;General Terms and Conditions of Clearstream Banking&#148; and &#147;Customer Handbook&#148; of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Form of Initial Notes</I>. &nbsp;The Notes issued on the date of this Indenture shall initially be issued in the form of one or more Restricted Global Notes.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Terms</I>. &nbsp;The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.</P>
<A NAME="_Toc289351667"></A><A NAME="_Toc290368086"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.b<I>. &nbsp;Execution and Authentication. &nbsp;</I>At least one Officer shall execute the Notes on behalf of the Company by manual or facsimile signature.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially in the form of <U>Exhibit&nbsp;A</U> attached hereto, as the case may be, by the manual signature of the Trustee. &nbsp;The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">On the Closing Date, the Trustee shall, upon receipt of a Company Order (an &#147;<B>Authentication Order</B>&#148;), authenticate and deliver the Initial Notes. &nbsp;In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any Additional Notes and Exchange Notes for an aggregate principal amount specified in such Authentication Order for such Additional Notes or Exchange Notes issued hereunder. &nbsp;Such Authentication Order shall specify the amount of the Notes to be authenticated and, in case of any issuance of Additional Notes pursuant to &nbsp;hereof, shall certify that such issuance is in compliance with &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee shall have the right to decline to authenticate and deliver any Additional Notes under this Section if the Trustee determines that such action may not lawfully be taken by the Company or if the Trustee in good faith by its board of directors or board of trustee, executive committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee to personal liability to existing Holders.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In authenticating the Notes of any series and accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall receive, and (subject to ) shall be fully protected in relying upon, an Officers&#146; Certificate and an Opinion of Counsel, each prepared in accordance with &nbsp;stating that the conditions precedent, if any, provided for in the Indenture have been complied with, and an Opinion of Counsel substantially to the effect that the Notes have been duly authorized and, if executed and authenticated in accordance with the provisions of the Indenture and delivered to and duly paid for by the purchasers thereof on the date of such opinion, would be entitled to the benefits of the Indenture and that this Indenture and such Notes would be valid and binding obligations of the Company and any other obligors, enforceable against the Company and such obligors in accordance with their respective terms, subject to customary exceptions, and covering such other matters as shall be specified therein and as shall be reasonably requested by the Trustee.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. &nbsp;An authenticating agent may authenticate Notes whenever the Trustee may do so. &nbsp;Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. &nbsp;An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.</P>
<A NAME="_Toc289351668"></A><A NAME="_Toc290368087"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.c<I>. &nbsp;Registrar and Paying Agent. &nbsp;</I>The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (&#147;<B>Registrar</B>&#148;) and an office or agency where Notes may be presented for payment (&#147;<B>Paying Agent</B>&#148;). &nbsp;The Registrar shall keep a register of the Notes (&#147;<B>Note Register</B>&#148;) and of their transfer and exchange. &nbsp;The Company may appoint one or more co-registrars and one or more additional paying agents. &nbsp;The term &#147;<B>Registrar</B>&#148; includes any co-registrar and the term &#147;<B>Paying Agent</B>&#148; includes any additional paying agent. &nbsp;The Company may change any Paying Agent or Registrar without prior notice to any Holder. &nbsp;The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. &nbsp;If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. &nbsp;The Company or any of its Subsidiaries may act as Paying Agent or Registrar.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company initially appoints The Depository Trust Company (&#147;<B>DTC</B>&#148;) to act as Depositary with respect to the Global Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company initially appoints the Trustee to act as the Paying Agent and Registrar for the Notes and to act as Custodian with respect to the Global Notes.</P>
<A NAME="_Toc289351669"></A><A NAME="_Toc290368088"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.d<I>. &nbsp;Paying Agent to Hold Money in Trust. &nbsp;</I>The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or Additional Interest, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. &nbsp;The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. &nbsp;Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. &nbsp;If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. &nbsp;Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes.</P>
<A NAME="_Toc289351670"></A><A NAME="_Toc290368089"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.e<I>. &nbsp;Holder Lists. &nbsp;</I>The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Trust Indenture Act Section 312(a). &nbsp;If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with Trust Indenture Act Section 312(a).</P>
<A NAME="_Toc289351671"></A><A NAME="_Toc290368090"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.f<I>. &nbsp;Transfer and Exchange. </I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Transfer and Exchange of Global Notes</I>. &nbsp;A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. &nbsp;All Global Notes shall be exchanged by the Company for Definitive Notes if (i) the Depositary (A) notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes or (B) has ceased to be a clearing agency registered under the Exchange Act, and in each case the Company fails to appoint a successor Depositary within 120 days after the date of such notice from the Depositary; (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes, subject to the procedures of the Depositary; provided that in no event shall the Legended Regulation S Global Note be exchanged by the Company for Definitive Notes other than in accordance with ; or (iii) there shall have occurred and be continuing a Default or Event of Default with respect to the Notes. &nbsp;Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. &nbsp;Global Notes also may be exchanged or replaced, in whole or in part, as provided in &nbsp;and &nbsp;hereof. &nbsp;Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this &nbsp;or &nbsp;or &nbsp;hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, except as provided in this . &nbsp;A Global Note may not be exchanged for another Note other than as provided in this ; however, beneficial interests in a Global Note may be transferred and exchanged as provided in , &nbsp;or &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Transfer and Exchange of Beneficial Interests in the Global Notes</I>. &nbsp;Registration of the transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. &nbsp;Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. &nbsp;Registration of transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph &nbsp;or &nbsp;below, as applicable, as well as one or more of the other following subparagraphs, as applicable:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Transfer of Beneficial Interests in the Same Global Note</I>. &nbsp;Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; <I>provided</I>, <I>however</I>, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Legended Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). &nbsp;Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. &nbsp;No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this .</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>All Other Transfers and Exchanges of Beneficial Interests in Global Notes</I>. &nbsp;In connection with all registrations of transfers and exchanges of beneficial interests that are not subject to &nbsp;above, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Legended Regulation S Global Note other than in accordance with . &nbsp;Upon consummation of an Exchange Offer by the Company in accordance with , the requirements of this &nbsp;shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. &nbsp;Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Notes pursuant to Section .</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Transfer of Beneficial Interests to Another Restricted Global Note</I>. &nbsp;A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of &nbsp;hereof and the Registrar receives the following: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the transferee shall take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of <U>Exhibit B</U> hereto, including the certifications in item (1) thereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the transferee shall take delivery in the form of a beneficial interest in a Legended Regulation S Global Note, then the transferor must deliver a certificate in the form of <U>Exhibit B</U> hereto, including the certifications in item (2) thereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note</I>. &nbsp;A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of &nbsp;hereof and:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal as provided in Section 2.06(f) hereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Registrar receives the following:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:115.2pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:115.2pt; text-indent:82.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of <U>Exhibit&nbsp;C</U> hereto, including the certifications in item (1)(a) thereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:115.2pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:115.2pt; text-indent:82.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (4) thereof;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with &nbsp;hereof, and the Company shall have delivered to the Trustee an Officers&#146; Certificate and an Opinion of Counsel each stating that all conditions precedent provided for or relating to the authentication and delivery of such Unrestricted Global Note have been complied with, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Transfer or Exchange of Beneficial Interests for Definitive Notes.</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes</I>. &nbsp;If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events in paragraphs (i), (ii) or (iii) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of <U>Exhibit&nbsp;C</U> hereto, including the certifications in item (2)(a) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (1) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (2) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (3)(a) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(E)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate substantially in the form of <U>Exhibit B</U> hereto, including the certifications in item (3)(b) thereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(F)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (3)(c) thereof,</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to &nbsp;hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the applicable principal amount. &nbsp;Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this &nbsp;shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. &nbsp;The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. &nbsp;Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this &nbsp;shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Beneficial Interests in Legended Regulation S Global Note to Definitive Notes</I>. &nbsp;A beneficial interest in the Legended Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to the expiration of the Restricted Period, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes</I>. &nbsp;A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in paragraphs (i), (ii) or (iii) of Section 2.06(a) hereof and if:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal as provided in Section 2.06(f) hereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Registrar receives the following:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:115.2pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:115.2pt; text-indent:82.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of <U>Exhibit&nbsp;C</U> hereto, including the certifications in item (1)(b) thereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:115.2pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:115.2pt; text-indent:82.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (4) thereof;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes</I>. &nbsp;If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in paragraphs (i), (ii) or (iii) of Section 2.06(a) hereof and satisfaction of the conditions set forth in &nbsp;hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to &nbsp;hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the applicable principal amount. &nbsp;Any Definitive Note issued in exchange for a beneficial interest pursuant to this &nbsp;shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. &nbsp;The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. &nbsp;Any Definitive Note issued in exchange for a beneficial interest pursuant to this &nbsp;shall not bear the Private Placement Legend.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Transfer and Exchange of Definitive Notes for Beneficial Interests</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes</I>. &nbsp;If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of <U>Exhibit&nbsp;C</U> hereto, including the certifications in item (2)(b) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (1) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (2) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (3)(a) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(E)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (3)(b) thereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(F)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (3)(c) thereof,</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global Note, in the case of clause (B) above, the applicable 144A Global Note, and in the case of clause (C) above, the applicable Regulation S Global Note.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes</I>. &nbsp;A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal as provided in Section 2.06(f) hereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Registrar receives the following:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:115.2pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:115.2pt; text-indent:82.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of <U>Exhibit&nbsp;C</U> hereto, including the certifications in item (1)(c) thereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:115.2pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:115.2pt; text-indent:82.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (4) thereof;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Upon satisfaction of the conditions of any of the subparagraphs in this , the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes</I>. &nbsp;A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. &nbsp;Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (i), , &nbsp;or &nbsp;above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with &nbsp;hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Transfer and Exchange of Definitive Notes for Definitive Notes</I>. &nbsp;Upon request by a Holder of Definitive Notes and such Holder&#146;s compliance with the provisions of this , the Registrar shall register the transfer or exchange of Definitive Notes. &nbsp;Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. &nbsp;In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this :</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Restricted Definitive Notes to Restricted Definitive Notes</I>. &nbsp;Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the transfer will be made pursuant to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (1) thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a certificate in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (2) thereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications required by item (3) thereof, if applicable.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Restricted Definitive Notes to Unrestricted Definitive Notes</I>. &nbsp;Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal as provided in Section 2.06(f) hereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Registrar receives the following:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:115.2pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:115.2pt; text-indent:82.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of <U>Exhibit&nbsp;C</U> hereto, including the certifications in item (1)(d) thereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:115.2pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:115.2pt; text-indent:82.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of <U>Exhibit&nbsp;B</U> hereto, including the certifications in item (4) thereof;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Unrestricted Definitive Notes to Unrestricted Definitive Notes</I>. &nbsp;A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. &nbsp;Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Exchange Offer</I>. &nbsp;Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with &nbsp;hereof, and an Officers&#146; Certificate and an Opinion of Counsel each stating that all conditions precedent provided for or relating to the authentication and delivery of such Unrestricted Global Note have been complied with, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance (as certified to the Trustee by the Company) by Persons that certify in the applicable Letters of Transmittal that (1) they are not an affiliate (within the meaning of Rule 405 under the Securities Act) of the Company, (2) they are not engaged in, and do not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (3) they are acquiring the Exchange Notes in its ordinary course of business (4) if they are not a broker-dealer, that they are not engaged in and do not intend to engage in the distribution of the Exchange Notes and (5) if they are a broker-dealer and will receive the Exchange Notes for their own account in exchange for Notes that were acquired as a result of market-making or other trading activities, then they will deliver a Prospectus (as defined in the Registration Rights Agreement) in connection with any resale of the Exchange Notes, and accepted for exchange in the Exchange Offer and (ii)&nbsp;Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes tendered for acceptance (as certified to the Trustee by the Company) by Persons that certify in the applicable Letters of Transmittal that (1) they are not an affiliate (within the meaning of Rule 405 under the Securities Act) of the Company, (2) they are not engaged in, and do not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (3) they are acquiring the Exchange Notes in its ordinary course of business (4) if they are not a broker-dealer, that they are not engaged in and do not intend to engage in the distribution of the Exchange Notes and (5) if they are a broker-dealer and will receive the Exchange Notes for their own account in exchange for Notes that were acquired as a result of market-making or other trading activities, then they will deliver a Prospectus (as defined in the Registration Rights Agreement) in connection with any resale of the Exchange Notes, and accepted for exchange in the Exchange Offer. &nbsp;Concurrently with the issuance of such Exchange Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and the Trustee, upon receipt of an Authentication Order, shall authenticate and mail to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the applicable principal amount. &nbsp;Any Notes that remain outstanding after the consummation of the Exchange Offer, and Exchange Notes issued in connection with the Exchange Offer, shall be treated as a single class of securities under this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Legends</I>. &nbsp;The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Private Placement Legend</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Except as permitted below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY STATE SECURITIES LAWS. &nbsp;NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. &nbsp;THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE HEREON (OR ANY PREDECESSOR OF THIS NOTE) (THE &#147;RESALE RESTRICTION TERMINATION DATE&#148;) ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON IT REASONABLY BELIEVES IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER&#146;S AND THE TRUSTEE&#146;S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. &nbsp;THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.&#148;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph , , , , , , &nbsp;or &nbsp;of this &nbsp;(and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Global Note Legend</I>. &nbsp;Each Global Note shall bear a legend in substantially the following form:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(j) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. &nbsp;UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. &nbsp;UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (&#147;DTC&#148;) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.&#148;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Regulation S Global Note Legend.</I> &nbsp;The Regulation S Global Note shall bear a legend in substantially the following form:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Cancellation and/or Adjustment of Global Notes</I>. &nbsp;At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with &nbsp;hereof. &nbsp;At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on the Schedule of Exchanges of Interests on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on the Schedule of Exchanges of Interests on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>General Provisions Relating to Transfers and Exchanges.</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To permit registrations of transfers and exchanges, the Company shall execute, the Subsidiary Guarantors shall execute the notation of Guarantee, and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with &nbsp;hereof or at the Registrar&#146;s request.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections , , , , &nbsp;and &nbsp;hereof).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Neither the Registrar nor the Company shall be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not be required (1) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under &nbsp;hereof and ending at the close of business on the day of selection, (2) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (3) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest (including Additional Interest, if any) on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant to &nbsp;hereof, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(viii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">At the option of the Holder, subject to , Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. &nbsp;Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ix)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this &nbsp;to effect a registration of transfer or exchange may be submitted by facsimile.</P>
<A NAME="_Toc289351672"></A><A NAME="_Toc290368091"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.g<I>. &nbsp;Replacement Notes. &nbsp;</I>If any mutilated Note is surrendered to the Trustee, the Registrar or the Company and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee&#146;s requirements are met. &nbsp;If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company and the Subsidiary Guarantors, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. &nbsp;The Company and the Trustee may charge for their expenses in replacing a Note.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Every replacement Note is a contractual obligation of the Company and the Subsidiary Guarantors and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.</P>
<A NAME="_Toc289351673"></A><A NAME="_Toc290368092"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.h<I>. &nbsp;Outstanding Notes. &nbsp;</I>The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this &nbsp;as not outstanding. &nbsp;Except as set forth in &nbsp;hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If a Note is replaced pursuant to &nbsp;hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the principal amount of any Note is considered paid under &nbsp;hereof, it ceases to be outstanding and interest on it ceases to accrue.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.</P>
<A NAME="_Toc289351674"></A><A NAME="_Toc290368093"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.i<I>. &nbsp;Treasury Notes. &nbsp;</I>In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. &nbsp;Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Company or any obligor upon the Notes or any Affiliate of the Company or of such other obligor.</P>
<A NAME="_Toc289351675"></A><A NAME="_Toc290368094"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.j<I>. &nbsp;Temporary Notes. &nbsp;</I>Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. &nbsp;Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. &nbsp;Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture.</P>
<A NAME="_Toc289351676"></A><A NAME="_Toc290368095"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.k<I>. &nbsp;Cancellation. &nbsp;</I>The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. &nbsp;The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled Notes according to its standard procedures (subject to the record retention requirement of the Exchange Act). &nbsp;Certification of the disposition of all cancelled Notes shall be delivered to the Company upon written request. &nbsp;The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation</P>
<A NAME="_Toc289351677"></A><A NAME="_Toc290368096"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.l<I>. &nbsp;Defaulted Interest. &nbsp;</I>If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in &nbsp;hereof. &nbsp;The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this . &nbsp;The Trustee shall fix or cause to be fixed each such special record date and payment date; <I>provided</I> that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. &nbsp;The Trustee shall promptly notify the Company of such special record date. &nbsp;At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed, first-class postage prepaid, to each Holder a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Subject to the foregoing provisions of this &nbsp;and for greater certainty, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note.</P>
<A NAME="_Toc289351678"></A><A NAME="_Toc290368097"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.m<I>. &nbsp;CUSIP and ISIN Numbers. &nbsp;</I>The Company in issuing the Notes may use CUSIP numbers and/or ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers and/or ISIN numbers in notices (including notices of redemption) as a convenience to Holders; <I>provided</I>, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such notice or redemption shall not be affected by any defect in or omission of such numbers. &nbsp;The Company will as promptly as practicable notify the Trustee, in writing, of any change in the CUSIP number and ISIN numbers.</P>
<A NAME="_Toc289351679"></A><A NAME="_Toc290368098"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 3<BR>
Redemption</P>
<A NAME="_Toc289351680"></A><A NAME="_Toc290368099"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.a<I>. &nbsp;Notices to Trustee. &nbsp;</I>If the Company elects to redeem Notes pursuant to &nbsp;hereof, it shall furnish to the Trustee, at least 2 Business Days before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to &nbsp;hereof but not more than 60 days before a redemption date, an Officers&#146; Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of the Notes to be redeemed and (iv) the redemption price. If the redemption price is not known at the time such notice is to be given, the actual redemption price, calculated as described in the terms of the Notes, will be set forth in an Officers&#146; Certificate of the Company delivered to the Trustee no later than two Business Days prior to the Redemption Date.</P>
<A NAME="_Toc289351681"></A><A NAME="_Toc290368100"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.b<I>. &nbsp;Selection of Notes to be Redeemed or Purchased. &nbsp;</I>If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, subject to Applicable Procedures, the Trustee shall select the Notes to be redeemed or purchased (a)&nbsp;if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed or (b)&nbsp;on a <I>pro rata</I> basis, by lot or by such other method as the Trustee in its sole discretion shall deem fair and appropriate, unless otherwise required by law. &nbsp;In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption or purchase.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee shall promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. &nbsp;Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess of $2,000; no Notes of $2,000 or less can be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple of $1,000 in excess thereof, shall be redeemed or purchased. &nbsp;Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.</P>
<A NAME="_Toc289351682"></A><A NAME="_Toc290368101"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.c<I>. &nbsp;Notice of Redemption. </I>The Company shall mail or cause to be mailed by first-class mail notices of redemption at least 30 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at such Holder&#146;s registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with &nbsp;or &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The notice shall identify the Notes to be redeemed and shall state:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the redemption date;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the redemption price, or if not then known the manner of calculation;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same Indebtedness to the extent not redeemed will be issued in the name of the Holder of the Notes upon cancellation of the original Note;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the name and address of the Paying Agent;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the redemption date;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the CUSIP number of ISIN number, if any, and that no representation is made as to the correctness or accuracy of the CUSIP number and ISIN number, if any, listed in such notice or printed on the Notes; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if in connection with a redemption pursuant to &nbsp;hereof, at the Company&#146;s discretion, any condition precedent to such redemption, including, but not limited to, completion of the related Equity Offering. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">At the Company&#146;s request, the Trustee shall give the notice of redemption in the Company&#146;s name and at its expense; <I>provided</I> that the Company shall have delivered to the Trustee, at least 10 days (unless such shorter period shall be agreed to by the Trustee) before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to this &nbsp;(unless a shorter notice shall be agreed to by the Trustee), an Officers&#146; Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.</P>
<A NAME="_Toc289351683"></A><A NAME="_Toc290368102"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.d<I>. &nbsp;Effect of Notice of Redemption. &nbsp;</I>Once notice of redemption is mailed in accordance with &nbsp;hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. &nbsp;The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. &nbsp;In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. &nbsp;Subject to &nbsp;hereof, on and after the redemption date, interest ceases to accrue on Notes or portions of Notes called for redemption.</P>
<A NAME="_Toc289351684"></A><A NAME="_Toc290368103"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.e<I>. &nbsp;Deposit of Redemption or Purchase Price. &nbsp;</I>Prior to 10:00 a.m. (New York City time) on the redemption or purchase date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest (including Additional Interest, if any) on all Notes to be redeemed or purchased on that date. &nbsp;The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption or tendered for purchase. &nbsp;If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. &nbsp;If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in &nbsp;hereof.</P>
<A NAME="_Toc289351685"></A><A NAME="_Toc290368104"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.f<I>. &nbsp;Notes Redeemed or Purchased in Part. &nbsp;</I>Upon surrender of a Note that is redeemed or purchased in part, the Company shall issue and the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased; <I>provided</I> that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. &nbsp;It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officers&#146; Certificate is required for the Trustee to authenticate such new Note.</P>
<A NAME="_Toc289351686"></A><A NAME="_Toc290368105"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.g<I>. &nbsp;Optional Redemption. &nbsp;</I>3) The Company may redeem the Notes at any time on or after April 15, 2014. The redemption price for the Notes (expressed as a percentage of principal amount), will be as follows, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=350.667><P style="margin:0pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>If Redeemed During the <BR>
12-month period commencing April 15,&nbsp;</B></P>
</TD><TD valign=bottom width=177.267><P style="margin:0pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Redemption<BR>
Price</B></P>
</TD></TR>
<TR><TD valign=top width=350.667><P style="margin:0pt; font-family:Times New Roman">2014</P>
</TD><TD valign=top width=177.267><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.563%</P>
</TD></TR>
<TR><TD valign=top width=350.667><P style="margin:0pt; font-family:Times New Roman">2015</P>
</TD><TD valign=top width=177.267><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.375%</P>
</TD></TR>
<TR><TD valign=top width=350.667><P style="margin:0pt; font-family:Times New Roman">2016</P>
</TD><TD valign=top width=177.267><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.188%</P>
</TD></TR>
<TR><TD valign=top width=350.667><P style="margin:0pt; font-family:Times New Roman">2017 and thereafter</P>
</TD><TD valign=top width=177.267><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000%</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In addition, at any time prior to April 15, 2014 the Company may redeem up to 35% of the principal amount of the Notes with the Net Cash Proceeds of one or more sales of its Capital Stock (other than Disqualified Stock) at a redemption price of &nbsp;108.75% of their principal amount, plus accrued interest and Additional Interest, if any, to, but not including, the redemption date; <I>provided</I> that at least 65% of the aggregate principal amount of Notes originally issued (calculated after giving effect to any issuance of Additional Notes) remains outstanding after each such redemption and notice of any such redemption is mailed within 90 days of each such sale of Capital Stock. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">At any time on or prior to April 15, 2014, the Company may redeem the Notes at its option, in whole at any time or in part from time to time<B>,</B> at a redemption price equal to 100% of the principal amount thereof plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest (if any) to, but not including, the applicable redemption date. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">However, no Note of $2,000 in principal amount or less shall be redeemed in part. &nbsp;If any Note is to be redeemed in part only, the notice of redemption relating to such Note will state the portion of the principal amount to be redeemed. &nbsp;A new Note in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Issuer may acquire Notes by means other than a redemption, whether pursuant to an issuer tender offer, open market purchase or otherwise, so long as the acquisition does not otherwise violate the terms of this Indenture. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.</P>
<A NAME="_Toc289351687"></A><A NAME="_Toc290368106"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.b<I>. &nbsp;Mandatory Redemption. &nbsp;</I>The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.</P>
<A NAME="_Toc289351688"></A><A NAME="_Toc290368107"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 4<BR>
Covenants</P>
<A NAME="_Toc289351689"></A><A NAME="_Toc290368108"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.a<I>. &nbsp;Payment of Notes. </I>&nbsp;The Company shall pay or cause to be paid the principal of, premium, if any, Additional Interest, if any, and interest on the Notes on the dates and in the manner provided in the Notes. &nbsp;Principal, premium, if any, Additional Interest, if any, and interest shall be considered paid on the date due if the Trustee or the Paying Agent, if other than the Company or a Subsidiary, holds as of noon Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful.</P>
<A NAME="_Toc289351690"></A><A NAME="_Toc290368109"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.b<I>. &nbsp;Maintenance of Office or Agency. &nbsp;</I>The Company shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. &nbsp;The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. &nbsp;If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; <I>provided</I> that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency for such purposes. &nbsp;The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with &nbsp;hereof.</P>
<A NAME="_Toc289351691"></A><A NAME="_Toc290368110"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.c<I>. &nbsp;SEC Reports and Reports to Holders. &nbsp;</I>4) The Company shall deliver to the Trustee within 30 days after the filing of the same with the Securities and Exchange Commission, copies of the quarterly and annual reports and of the information, documents and other reports, if any, which the Company is required to file with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Exchange Act. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file with the Securities and Exchange Commission, to the extent permitted, and provide the Trustee and Holders with such annual reports and such information, documents and other reports specified in Sections 13 and 15(d) of the Exchange Act, <I>provided</I> that the Company need not file such reports or other information if, and so long as, it would not be required to do so pursuant to Rule 12h-5 under the Exchange Act. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding the foregoing, the Company shall be deemed to have furnished such reports referred to above to the Trustee and the Holders if the Company has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee&#146;s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company&#146;s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer&#146;s Certificates).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding anything herein to the contrary, the Company shall not be deemed to have failed to comply with any of its agreements hereunder for purposes of &nbsp;until 120 days after the date any report hereunder is required to be filed with the SEC (or otherwise made available to holders or the Trustee) pursuant to this . The Trustee shall have no obligation to monitor when reports are filed or are required to be filed with the SEC. </P>
<A NAME="_Toc289351692"></A><A NAME="_Toc290368111"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.b<I>. &nbsp;Compliance Certificate. </I>&nbsp;5) The Company and each Subsidiary Guarantor (to the extent that such Subsidiary Guarantor is so required under the Trust Indenture Act) shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the Closing Date, a certificate from the principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">When any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other evidence of Indebtedness of the Company or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, the Company shall as soon as reasonably possible and in any event within 30 days after the Company becomes aware of the occurrence of a Default deliver to the Trustee by registered or certified mail or by facsimile transmission an Officers&#146; Certificate specifying such event and what action the Company proposes to take with respect thereto.</P>
<A NAME="_Toc289351693"></A><A NAME="_Toc290368112"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.b<I>. &nbsp;Taxes. &nbsp;</I>The Company shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.</P>
<A NAME="_Toc289351694"></A><A NAME="_Toc290368113"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.c<I>. &nbsp;Stay, Extension and Usury Laws. &nbsp;</I>The Company and each of the Subsidiary Guarantors covenant (to the extent that they may lawfully do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Subsidiary Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.</P>
<A NAME="_Toc289351695"></A><A NAME="_Toc290368114"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.d<I>. &nbsp;Limitation on Restricted Payments. &nbsp;</I>6) The Company shall not, and shall (1) not permit any Restricted Subsidiary or Regulated Subsidiary to, directly or indirectly,</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">declare or pay any dividend or make any distribution on or with respect to its Capital Stock held by Persons other than the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries (other than (w) dividends or distributions payable solely in shares of its Capital Stock (other than Disqualified Stock) or in options, warrants or other rights to acquire shares of such Capital Stock, (x) pro rata dividends or distributions on Common Stock of Restricted Subsidiaries or Regulated Subsidiaries held by minority stockholders and (y) dividends or distributions on non-voting Preferred Stock the proceeds from the sale of which were invested in the business of such Subsidiary (or any Subsidiary of such Subsidiary);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">purchase, call for redemption or redeem, retire or otherwise acquire for value any shares of Capital Stock of the Company or any Restricted Subsidiary or Regulated Subsidiary (including options, warrants or other rights to acquire such shares of Capital Stock) held by any Person (other than the Company, any Restricted Subsidiary or any Regulated Subsidiary);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">make any voluntary or optional principal payment, or voluntary or optional redemption, repurchase, defeasance, or other acquisition or retirement for value, of Indebtedness of the Company that is subordinated in right of payment to the Notes or any Indebtedness of a Subsidiary Guarantor that is subordinated in right of payment to a Subsidiary Guarantee (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (a) Indebtedness of the Company that is subordinated in right of payment to the Notes or any Indebtedness of a Subsidiary Guarantor that is subordinated in right of payment to a Subsidiary Guarantee in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (b) Indebtedness permitted under <FONT FACE="arrow">(5</FONT>); or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">with respect to the Company and any Restricted Subsidiary only, make any Investment, other than a Permitted Investment, in any Person, and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">with respect to any Regulated Subsidiary, make any Investment in an Unrestricted Subsidiary (such payments or any other actions described in clauses (a)(i)(1) through (a)(i)(4) above and this clause (ii) being collectively &#147;<B>Restricted Payments</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if, at the time of, and after giving effect to, the proposed Restricted Payment:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a Default or Event of Default shall have occurred and be continuing;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company could not Incur at least $1.00 of Indebtedness under ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the subsidiary subject to the Restricted Payment, if any, is a Regulated Subsidiary that is not in compliance with applicable regulatory capital or other material requirements of its regulators, such as the SEC, the CFTC, or any applicable state, federal or self regulatory organization, or would fail to be in compliance with applicable regulatory requirements as a consequence of the payment; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the aggregate amount of all Restricted Payments made after the Closing Date shall exceed the sum of:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">50% of the aggregate amount of the Adjusted Consolidated Net Income (or, if the Adjusted Consolidated Net Income is a loss, minus 100% of the amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning on the first day of the fiscal quarter in which the Closing Date falls and ending on the last day of such fiscal quarter preceding the Transaction Date for which internal financial statements are available <I>plus</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the aggregate Net Cash Proceeds received by the Company after the Closing Date as a capital contribution or from the issuance and sale of its Capital Stock (other than Disqualified Stock) to a Person who is not a Subsidiary of the Company, including an issuance or sale permitted by this Indenture of Indebtedness of the Company for cash subsequent to the Closing Date upon the conversion of such Indebtedness into Capital Stock (other than Disqualified Stock) of the Company, or from the issuance to a Person who is not a Subsidiary of the Company of any options, warrants or other rights to acquire Capital Stock of the Company (in each case, exclusive of any Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder, or are required to be redeemed, prior to the Stated Maturity of the Notes) <I>plus </I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">an amount equal to the return on any Investment previously made as a Restricted Payment after the Issue Date (including any such return from repayments of principal on Indebtedness, dividends, or other transfers of assets, in each case to the Company or any Restricted Subsidiary or Regulated Subsidiary or from the Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds are included in the calculation of Adjusted Consolidated Net Income)), from the release of any Guarantee or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of &#147;Investments&#148;), not to exceed, in each case, the amount of Restricted Investments previously made or deemed made by the Company or any Restricted Subsidiary or Regulated Subsidiary in such Person or Unrestricted Subsidiary after the Issue Date. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The foregoing provision shall not be violated by reason of:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the payment of any dividend or redemption of any Capital Stock or redemption of the Indebtedness of the Company that is subordinated in right of payment within 60 days after the related date of declaration or call for redemption if, at said date of declaration or call for redemption, such payment or redemption would have complied with the provisions of this Indenture; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the redemption, repurchase, defeasance or other acquisition or retirement for value of Indebtedness that is subordinated in right of payment to the Notes or any Subsidiary Guarantee including premiums (including tender premiums), accrued interest, Additional Interest, fees and expenses, with the proceeds of, or in exchange for, Indebtedness Incurred under (5); </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the repurchase, redemption or other acquisition of Capital Stock of the Company, a Subsidiary Guarantor, a Restricted Subsidiary or a Regulated Subsidiary (or options, warrants or other rights to acquire such Capital Stock) or a dividend on such Capital Stock in exchange for, or out of the proceeds of a capital contribution or a substantially concurrent offering of, shares of Capital Stock (other than Disqualified Stock) of the Company (or options, warrants or other rights to acquire such Capital Stock); provided that such options, warrants or other rights are not redeemable at the option of the holder, or required to be redeemed, in each case other than in connection with a Change of Control of the Company (<I>provided</I> that prior to any such repurchase, redemption or other acquisition in connection with a Change of Control, the Company has made an Offer to Purchase and purchased all Notes validly tendered for payment in accordance with ), prior to the Stated Maturity of the Notes;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the making of any principal payment or the repurchase, redemption, retirement, defeasance or other acquisition for value of Indebtedness which is subordinated in right of payment to the Notes or any Subsidiary Guarantee in exchange for, or out of the proceeds of a capital contribution or a substantially concurrent offering of, shares of the Capital Stock (other than Disqualified Stock) of the Company (or options, warrants or other rights to acquire such Capital Stock); <I>provided</I> that such options, warrants or other rights are not redeemable at the option of the holder, or required to be redeemed, in each case other than in connection with a Change of Control of the Company (<I>provided</I> that prior to any such repurchase, redemption or other acquisition in connection with a Change of Control, the Company has made an Offer to Purchase and purchased all Notes validly tendered for payment in accordance with ), prior to the Stated Maturity of the Notes; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, merger or transfer of assets of the Company, any Restricted Subsidiary or any Regulated Subsidiary and that, in the case of the Company, comply with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all of the property and assets of the Company; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investments acquired as a capital contribution to, or in exchange for, or out of the proceeds of a substantially concurrent offering of, Capital Stock (other than Disqualified Stock) of the Company; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">repurchases of Capital Stock deemed to occur upon exercise of stock options or warrants if such Capital Stock represent a portion of the exercise price of such options or warrants and repurchases of Capital Stock or options to purchase Capital Stock in connection with the exercise of stock options to the extent necessary to pay applicable withholding taxes; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(viii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the repurchase, redemption or other acquisition of the Company&#146;s Capital Stock (or options, warrants or other rights to acquire such Capital Stock) from Persons who are or were formerly officers, directors or employees of the Company and their Affiliates, heirs and executors; <I>provided</I>, <I>however</I>, that the aggregate amounts paid under this clause (viii) do not exceed $5.0 million in any calendar year (with unused amounts in any calendar year being permitted to be carried over for the three succeeding calendar years subject to a maximum payment (without giving effect to the following proviso) of $15.0 million in any calendar year); <I>provided, further, </I>however, that such amount in any calendar year may be increased by an amount not to exceed:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the cash proceeds received by the Company or any of the Restricted Subsidiaries or Regulated Subsidiaries from the sale of Capital Stock (other than Disqualified Stock) of the Company to members of management, directors or consultants of the Company and the Restricted Subsidiaries and Regulated Subsidiaries that occurs after the Closing Date; <I>plus</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the cash proceeds of key man life insurance policies received by the Company or any direct or indirect parent of the Company (to the extent contributed to the Company) or the Restricted Subsidiaries after the Issue Date; <I>less</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the amount of any Restricted Payments previously made pursuant to subclauses (A) and (B) of this second proviso of clause (viii);</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>provided</I> that the Company may elect to apply all or any portion of the aggregate increase contemplated by subclauses (A) and (B) above in any calendar year;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ix)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the repurchase of Common Stock of the Company, or the declaration or payment of dividends on Common Stock (other than Disqualified Stock) of the Company; provided that the aggregate amount of all such declarations, payments or repurchases pursuant to this clause (ix) shall not exceed $15.0 million in any fiscal year;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(x)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any of the Restricted Subsidiaries issued or Incurred in accordance with , but only to the extent that such dividend or distribution is included in the determination of Consolidated Fixed Charges for such period;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the repurchase, redemption or other acquisition or retirement for value of any Indebtedness subordinated in right of payment to the Notes required pursuant to the provisions similar to those described in &nbsp;and ; <I>provided</I> there is a concurrent or prior made offer made to Holders of the Notes and all Notes tendered by Holders of the Notes in connection with such offer, as applicable, have been repurchased, redeemed or acquired for value.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Restricted Payments by the Company or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock or debt securities that are convertible into, or exchangeable for, Capital Stock of any such Person;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xiii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the repurchase, redemption or other acquisition of Oppenheimer Multifamily &amp; Housing Healthcare Finance, Inc.&#146;s Capital Stock (or options, warrants or other rights to acquire such Capital Stock) by the Company or any of its Subsidiaries; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xiv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (xiv) not to exceed $10.0 million;</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>provided</I>, <I>however</I>, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses , &nbsp;or , no Default shall have occurred and be continuing or would occur as a consequence thereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Restricted Payment permitted pursuant to &nbsp;(other than a Restricted Payment referred to in &nbsp;and &nbsp;thereof, an exchange of Capital Stock for Capital Stock or Indebtedness referred to in &nbsp;or &nbsp;thereof, an Investment acquired as a capital contribution or in exchange for Capital Stock referred to in (vi) thereof, the repurchase of Capital Stock referred to in (vii) thereof, the repurchase of Common Stock referred to in (ix) thereof), and the Net Cash Proceeds from any issuance of Capital Stock referred to in (iii), (iv) or (vi), shall be included in calculating whether the conditions of clause (D) of (a) have been met with respect to any subsequent Restricted Payments.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For purposes of determining compliance with this , (x)&nbsp;the amount, if other than in cash, of any Restricted Payment shall be shall be determined in good faith by the Company, and (1) in the case of property with a fair market value in excess of $5.0 million, shall be set forth in an Officers&#146; Certificate or (2) in the case of property with a fair market value in excess of $20.0 million, shall be set forth in a resolution approved by at least a majority of the Board of Directors of the Company and (y) if a Restricted Payment meets the criteria of more than one of the types of Restricted Payments described in the above clauses, including (a), the Company, in its sole discretion, may order and classify, and from time to time may reclassify, such Restricted Payment if it would have been permitted at the time such Restricted Payment was made and at the time of such reclassification.</P>
<A NAME="_Toc290368115"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.b<I>. &nbsp;Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries or Regulated Subsidiaries.</I></P>
<A NAME="_Toc289820535"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not, and shall not permit any Restricted Subsidiary or Regulated Subsidiary to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary or Regulated Subsidiary (other than any Subsidiary Guarantor) to:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">pay dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary or Regulated Subsidiary owned by the Company or any other Restricted Subsidiary or Regulated Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">pay any Indebtedness owed to the Company or any other Restricted Subsidiary or Regulated Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">make loans or advances to the Company or any other Restricted Subsidiary or Regulated Subsidiary; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">transfer any of its property or assets to the Company or any other Restricted Subsidiary or Regulated Subsidiary.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The foregoing provisions shall not restrict any encumbrances or restrictions: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">existing on the Closing Date, this Indenture or any other indentures or agreements in effect on the Closing Date, and any amendments, supplements, extensions, refinancings, renewals or replacements of such indentures or agreements; <I>provided</I> that the encumbrances and restrictions in any such amendments, supplements, extensions, refinancings, renewals or replacements taken as a whole are no less favorable in any material respect to the Holders (as determined in good faith by Senior Management or the Board of Directors of the Company) than those encumbrances or restrictions that are then in effect and that are being amended, supplemented, extended, refinanced, renewed or replaced;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">existing under or by reason of applicable law, rule, regulation or order, including rules and regulations of and agreements with any regulatory authority having jurisdiction over the Company, any Restricted Subsidiary, or any Regulated Subsidiary, including, but not limited to the SEC, the CFTC and any self regulatory organization of which such Regulated Subsidiary is a member, or the imposition of conditions or requirements pursuant to the enforcement authority of any such regulatory authority;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">existing (A) with respect to any Person or the property or assets of such Person acquired by the Company or any Restricted Subsidiary or any Regulated Subsidiary, existing at the time of such acquisition and not incurred in contemplation thereof or (B) with respect to any Unrestricted Subsidiary at the time it is designated or is deemed to become a Restricted Subsidiary, which encumbrances or restrictions are not applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such Person so acquired or designated, as the case may be, and any amendments, supplements, extensions, refinancings, renewals or replacements of thereof; <I>provided</I> that the encumbrances and restrictions in any such amendments, supplements, extensions, refinancings, renewals or replacements taken as a whole are no less favorable in any material respect to the Holders (as determined in good faith by Senior Management or the Board of Directors of the Company) than those encumbrances or restrictions that are then in effect and that are being amended, supplemented, extended, refinanced, renewed or replaced; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(viii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of (a)(iv):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Company, any Restricted Subsidiary or any Regulated Subsidiary not otherwise prohibited by this Indenture; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary or Regulated Subsidiary in any manner material to the Company or any Restricted Subsidiary or Regulated Subsidiary taken as a whole;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ix)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">with respect to a Restricted Subsidiary or Regulated Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock of, or property and assets of, such Restricted Subsidiary or Regulated Subsidiary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(x)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">customary provisions in joint venture agreements and other similar agreements, relating solely to the relevant joint venture or other similar arrangement; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">restrictions in other Indebtedness, Disqualified Stock or Preferred Stock of a Foreign Subsidiary permitted to be incurred subsequent to the Closing Date pursuant to (11) that are imposed solely on the Foreign Subsidiary party thereto; and </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xiii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">customary financial covenants, minimum net worth requirements or collateral coverage requirements in Securities Facilities that in the reasonable judgment of the Company do not impair its ability to comply with its obligations with respect to the Notes. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Nothing contained in this &nbsp;shall prevent the Company, any Restricted Subsidiary or any Regulated Subsidiary from (1) creating, incurring, assuming or suffering to exist any Liens otherwise permitted in &nbsp;hereof or (2) restricting the sale or other disposition of property or assets of the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries that secure Indebtedness of the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For purposes of determining compliance with this , (1) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (2) the subordination of loans or advances made to the Company or a Restricted Subsidiary to other Indebtedness Incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.</P>
<A NAME="_Toc290368116"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.c<I>. &nbsp;Limitation on Indebtedness and Issuances of Preferred Stock. </I>(2)<I> </I>The Company shall not, and shall not permit any of its Restricted Subsidiaries to, Incur any Indebtedness, including Disqualified Stock, and the Company shall not permit any Restricted Subsidiary to issue Preferred Stock; <I>provided</I> that the Company may Incur Indebtedness, including Disqualified Stock, any Subsidiary Guarantor may Incur Indebtedness, including Disqualified Stock, or issue Preferred Stock if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio would be greater than 2.0:1.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding the foregoing, the Company and any Restricted Subsidiary (except as specified below) may Incur each and all of the following:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness of the Company under any Credit Facility in an aggregate principal amount at any one time outstanding (with letters of credit, without duplication, being deemed to have a principal amount equal to the face amount and outstanding reimbursement amount thereunder) not to exceed $30.0 million; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness represented by the Notes and the related Subsidiary Guarantees to be issued on the date of this Indenture and the exchange Notes and the related Subsidiary Guarantees to be issued pursuant to the Registration Rights Agreement and exchange Notes and related Subsidiary Guarantees issued in exchange for Additional Notes issued under this Indenture;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness of the Company &nbsp;and its Restricted Subsidiaries existing on the Closing Date; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">purchase money Indebtedness (including Capitalized Lease Obligations) incurred after the Closing Date to acquire equipment or real property in the ordinary course of business; <I>provided</I> that (A) the aggregate amount of all such Indebtedness at any time outstanding does not exceed the greater of (i) $20.0 million or (ii) 5% of Consolidated Net Worth and (B) such Indebtedness is issued within 365 days after the acquisition of the asset financed;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness owed (A) to the Company or any Subsidiary Guarantor evidenced by an unsubordinated promissory note or (B) to any Restricted Subsidiary or Regulated Subsidiary; <I>provided</I> that (x) any event which results in any such Restricted Subsidiary or Regulated Subsidiary ceasing to be a Restricted Subsidiary or Regulated Subsidiary or any subsequent transfer of such Indebtedness (other than to the Company or another Restricted Subsidiary or Regulated Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (5) and (y) if the Company (or any Subsidiary that is a Subsidiary Guarantor at the time such Indebtedness is Incurred) is the obligor on such Indebtedness, such Indebtedness must be expressly contractually subordinated in right of payment to the Notes, in the case of the Company, or the Subsidiary Guarantee, in the case of a Subsidiary Guarantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness issued in exchange for, or the net proceeds of which are used to refinance or refund, then outstanding Indebtedness (other than Indebtedness outstanding under clause (1) or (5)) and any refinancings thereof in an amount up to the amount so refinanced or refunded (plus premiums (including tender premiums), accrued interest, Additional Interest, fees and expenses); <I>provided</I> that (a) Indebtedness the proceeds of which are used to refinance or refund the Notes or Indebtedness that is subordinated in right of payment to, the Notes or a Subsidiary Guarantee shall only be permitted under this clause (6) if such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is issued or remains outstanding, is expressly made subordinate in right of payment to the Notes or the Subsidiary Guarantee at least to the extent that the Indebtedness to be refinanced is subordinated to the Notes or the Subsidiary Guarantee, (b) such new Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the Stated Maturity of the Indebtedness to be refinanced or refunded, and the Average Life of such new Indebtedness is at least equal to the remaining Average Life of the Indebtedness to be refinanced or refunded and (c)&nbsp;such new Indebtedness is Incurred by the Company or a Subsidiary Guarantor or by the Restricted Subsidiary that is the obligor on the Indebtedness to be refinanced or refunded;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the guarantee by the Company or any of the Subsidiary Guarantors of Indebtedness of the Company or any of its Restricted Subsidiaries that was permitted to be incurred by another provision of this ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(8)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness, Disqualified Stock or Preferred Stock of (x)&nbsp;the Company or any of the Restricted Subsidiaries Incurred to finance an acquisition or (y) Persons that are acquired by the Company or any of the Restricted Subsidiaries or merged or amalgamated with or into the Company or a Restricted Subsidiary in accordance with the terms of this Indenture; provided, however, that after giving effect to such acquisition, merger or amalgamation and the Incurrence of such Indebtedness either:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Fixed Charge Coverage Ratio test set forth in <FONT FACE="arrow">(a)</FONT>; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Consolidated Fixed Charge Coverage Ratio of the Company would be equal to or greater than immediately prior to such acquisition, merger or amalgamation;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(9)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness issued by the Company or a Restricted Subsidiary to current or former officers, directors and employees thereof or any direct or indirect parent thereof, or their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Capital Stock of the Company to the extent permitted under , <I>provided</I> that such Indebtedness does not exceed $30.0 million;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(10)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness of the Company or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to a Credit Facility incurred pursuant to (1), in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(11)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness of Foreign Subsidiaries in an aggregate amount at any time outstanding not to exceed $5.0 million; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(12)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indebtedness not otherwise permitted hereunder, not to exceed $50.0 million in the aggregate for the Company and its Restricted Subsidiaries. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding any other provision of this &nbsp;, the maximum amount of Indebtedness that may be Incurred pursuant to this &nbsp;shall not be deemed to be exceeded, with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies or due to fluctuations in the value of commodities or securities which underlie such Indebtedness. &nbsp;For the purposes of determining compliance with any restriction on the Incurrence of Indebtedness (x), the U.S dollar equivalent principal amount of any Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed, in the case of revolving credit debt and (y) the principal amount of any Indebtedness which is calculated by reference to any underlying security or commodity shall be calculated based on the relevant closing price of such commodity or security on the date such Indebtedness was Incurred.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For purposes of determining any particular amount of Indebtedness under this , (x) Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not be included and (y) any Liens granted pursuant to the equal and ratable provisions referred to in the &nbsp;shall not be treated as Indebtedness. For purposes of determining compliance with this , if an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described above, including under clause (a), the Company, in its sole discretion, shall classify, and from time to time may reclassify, such item of Indebtedness.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Neither the Company nor any Subsidiary Guarantor shall Incur any Indebtedness if such Indebtedness is subordinate in right of payment to any other Indebtedness unless such Indebtedness is also subordinate in right of payment to the Notes or the applicable Subsidiary Guarantee to the same extent.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not permit any Regulated Subsidiary (x) to Incur any Indebtedness the proceeds of which are not invested in the business of such Regulated Subsidiary (or any Subsidiary of such Regulated Subsidiary which is also a Regulated Subsidiary), and (y) to Incur any Indebtedness for the purpose, directly or indirectly, of dividending or distributing the proceeds of such Indebtedness to the Company or any Restricted Subsidiary; except that the Incurrence of Indebtedness by a Regulated Subsidiary that does not comply with (x) and (y) above shall be permitted provided that such Incurrence complies with &nbsp;as if such paragraph applied to such Regulated Subsidiary.</P>
<A NAME="_Toc290368117"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.b<I>. &nbsp;Limitation on Asset Sales. </I></P>
<A NAME="_Toc289820538"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not, and shall not permit any Restricted Subsidiary to, consummate any Asset Sale, unless (1) the consideration received by the Company or such Restricted Subsidiary is at least equal to the fair market value of the assets sold or disposed of, (2) at least 75% of the consideration received consists of (a) Cash or Temporary Cash Investments, (b) Replacement Assets or (c) to the extent that any consideration received by the Company or any Restricted Subsidiary in such Asset Sale constitutes securities or other assets that are of a type or class that constitutes Collateral, such securities or other assets are added to the Collateral securing the Notes in the manner and to the extent required by this Indenture or any of the Security Documents; <I>provided</I> that the amount of:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any liabilities (as shown on the Company&#146;s or such Restricted Subsidiary&#146;s most recent balance sheet or in the Notes thereto) of the Company or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) (i) that are assumed by the transferee of any such assets and from which the Company and all of its Restricted Subsidiaries have been validly released by all creditors in writing or (ii) in respect of which neither the Company nor any Restricted Subsidiary following such Asset Sale has any obligation,</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Notes or other obligations or other securities or assets received by the Company or such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the cash received), and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Designated Non-cash Consideration received by the Company or any of the Restricted Subsidiaries in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding, not to exceed the greater of 1.0% of Total Assets and $25.0 million at the time of the receipt of such Designated Non-cash Consideration (with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value),</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">shall be deemed to be Temporary Cash Investments for the purposes of this provision.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not, and shall not permit any Restricted Subsidiary or Regulated Subsidiary to, consummate any Regulated Sale, unless (1) the consideration received by the Company, such Restricted Subsidiary or such Regulated Subsidiary is at least equal to the fair market value of the assets sold or disposed of, (2) at least 75% of the consideration received consists of (a) Cash or Temporary Cash Investments or (b) Replacement Assets; <I>provided</I> that the amount of:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any liabilities (as shown on the Company&#146;s, such Restricted Subsidiary&#146;s or such Regulated Subsidiary&#146;s most recent balance sheet or in the Notes thereto) of the Company, any Restricted Subsidiary or any Regulated Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) (i) that are assumed by the transferee of any such assets and from which the Company, all of its Restricted Subsidiaries and all of its Regulated Subsidiaries have been validly released by all creditors in writing or (ii) in respect of which neither the Company nor any Restricted Subsidiary or Regulated Subsidiary following such Asset Sale has any obligation,</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Notes or other obligations or other securities or assets received by the Company, such Restricted Subsidiary or such Regulated Subsidiary from such transferee that are converted by the Company, such Restricted Subsidiary or Regulated Subsidiary into cash within 180 days of the receipt thereof (to the extent of the cash received), and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Designated Non-cash Consideration received by the Company, any of its Restricted Subsidiaries or any of its Regulated Subsidiaries in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding, not to exceed the greater of 1.0% of Total Assets and $25.0 million at the time of the receipt of such Designated Non-cash Consideration (with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value),</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">shall be deemed to the Temporary Cash Investments for the purposes of this provision.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall or shall cause the relevant Restricted Subsidiary or Regulated Subsidiary to:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">within twelve months after receipt of such Net Cash Proceeds,</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">apply an amount equal to such excess Net Cash Proceeds (i) to the extent such Net Cash Proceeds are from Asset Sales of Collateral, to permanently repay, repurchase (and retire) or redeem the Notes or Pari Passu Lien Indebtedness and (ii) to the extent such Net Cash Proceeds are not from Asset Sales or Regulated Sales of Collateral, to permanently repay, repurchase (and retire) or redeem unsubordinated Indebtedness of the Company or any Restricted Subsidiary, or to redeem or repurchase Capital Stock of any Restricted Subsidiary or Regulated Subsidiary (in each case to the extent permitted by this Indenture), in each case owing to or owned by a Person other than the Company or any Affiliate of the Company; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">invest an equal amount, or the amount not so applied pursuant to clause (A) (or enter into a definitive agreement committing to so invest within 12 months after the date of such agreement), in Replacement Assets; <I>provided</I> that, to the extent the assets subject to such Asset Sale were Collateral, such Replacement Assets shall also be Collateral; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">apply, not later than the end of such 12-month period referred to in (c)(i), such Net Cash Proceeds (to the extent not applied pursuant to (c)(i) as provided in the following clauses of this .</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The amount of such excess Net Cash Proceeds required to be applied (or to be committed to be applied) during such 12-month period as set forth in &nbsp;and not applied as so required by the end of such period shall constitute &#147;<B>Excess Proceeds</B>.&#148;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds not theretofore subject to an Offer to Purchase pursuant to this &nbsp;totals at least $15.0 million, the Company must commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase from the Holders (and, if required by the terms of any Pari Passu Lien Indebtedness, from the holders of such Pari Passu Lien Indebtedness) on a pro rata basis an aggregate principal amount of Notes (and Pari Passu Lien Indebtedness) equal to the Excess Proceeds on such date, at a purchase price equal to 100% of their principal amount, plus, in each case, accrued interest (if any) and Additional Interest (if any) to, but not including, the Payment Date (an &#147;<B>Asset Sale Offer</B>&#148;).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To the extent that the aggregate amount of Notes and Pari Passu Lien Indebtedness so validly tendered and not properly withdrawn pursuant to an Offer to Purchase is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any other purpose which is permitted by this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the aggregate principal amount of Notes surrendered by Holders thereof and other Pari Passu Lien Indebtedness surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and Pari Passu Lien Indebtedness to be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Notes and Pari Passu Lien Indebtedness. &nbsp;Upon completion of such Offer to Purchase, the amount of Excess Proceeds shall be reset to zero.</P>
<A NAME="_Toc290368118"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.c<I>. &nbsp;Limitation on Transactions with Shareholders and Affiliates. &nbsp;</I></P>
<A NAME="_Toc289820540"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not, and shall not permit any Restricted Subsidiary or Regulated Subsidiary to, directly or indirectly, enter into, renew or extend any transaction (including, without limitation, the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with any Affiliate of the Company or any Affiliates of any Restricted Subsidiary or Regulated Subsidiary, except:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon fair and reasonable terms not materially less favorable to the Company or such Restricted Subsidiary or Regulated Subsidiary than could be obtained, at the time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm&#146;s-length transaction with a Person that is not an Affiliate; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the transaction involves aggregate consideration in excess of $20.0 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Company approving such transaction and set forth in an Officers&#146; Certificate certifying that such transaction complies with clause (i) above.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The provisions of Section 4.11(a) hereof shall not limit, and shall not apply to:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">transactions (A) approved by a majority of the disinterested members of the Board of Directors or (B) for which the Company, a Restricted Subsidiary or a Regulated Subsidiary delivers to the Trustee a written opinion of a nationally recognized investment banking, accounting, valuation or appraisal firm stating that the transaction is fair to the Company or such Restricted Subsidiary or Regulated Subsidiary from a financial point of view;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any transaction solely among the Company, its Restricted Subsidiaries or its Regulated Subsidiaries or any combination thereof; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">transactions or payments pursuant to any employee, officer or director compensation or benefit plans, employment agreements, indemnification agreements or any similar arrangements entered into in the ordinary course of business or approved in good faith by the Board of Directors of the Company; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any payments or other transactions pursuant to any tax-sharing agreement between the Company and any other Person with which the Company files a consolidated tax return or with which the Company is part of a consolidated group for tax purposes; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any sale of shares of Capital Stock (other than Disqualified Stock) of the Company; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the granting or performance of registration rights under a written agreement and approved by the Board of Directors of the Company, containing customary terms, taken as a whole; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">loans to an Affiliate who is an officer, director or employee of the Company, a Restricted Subsidiary or a Regulated Subsidiary by a Regulated Subsidiary in the ordinary course of business in accordance with Sections 7 and 13(k) of the Exchange Act;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(8)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">brokerage products and services typically offered to our customers on substantially the same terms and conditions as those offered to our customers;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(9)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Permitted Investments or any Restricted Payments not prohibited by ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(10)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any agreement as in effect as of the Closing Date, or any amendment thereto (so long as any such amendment, taken as a whole, is not materially less favorable to the Company, the Restricted Subsidiaries and Regulated Subsidiaries, as applicable than the agreement in effect on the date of this Indenture (as determined by the Board of Directors of the Company in good faith));</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(11)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">transactions in the ordinary course with entities in which the Company or a Subsidiary of the Company is the general partner or managing member pursuant to Investments contemplated by paragraph 16 of the definition of Permitted Investments;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(12)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, Capital Stock in, or controls, such Person; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(13)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">pledges of Equity Interests of Unrestricted Subsidiaries.</P>
<A NAME="_Toc290368119"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.d<I>. &nbsp;Limitation on Liens. &nbsp;</I></P>
<A NAME="_Toc289820542"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind on any asset now owned or hereafter acquired, except (x) Permitted Liens and (y) any other Lien on any asset or property that is not required to constitute Collateral if the Notes and Subsidiary Guarantees are equally and ratably secured with (or on a senior basis to, if such Lien in this clause (y) secures any Indebtedness that is subordinated in right of payment to the Notes or such Subsidiary Guarantee) the Obligations secured by such Lien.</P>
<A NAME="_Toc289820543"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any Lien created for the benefit of the Holders of the Notes pursuant to clause (y) of the preceding paragraph shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the initial Lien which release and discharge in the case of any sale of any such asset or property shall not affect any Lien that the trustee may have on the proceeds from such sale.</P>
<A NAME="_Toc290368120"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.e<I>. &nbsp;Corporate Existence. &nbsp;</I>Subject to &nbsp;hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (3) its corporate existence and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary and (4) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; <I>provided</I> that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the Company in good faith shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole.</P>
<A NAME="_Toc290368121"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.b<I>. &nbsp;Repurchase of the Notes upon a Change of Control.</I></P>
<A NAME="_Toc289820546"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company must commence, within 30 days of the occurrence of a Change of Control, and consummate an Offer to Purchase for all Notes then outstanding, at a purchase price equal to 101% of their principal amount, plus accrued interest (if any) and Additional Interest (if any) to, but not including, the Payment Date (a &quot;<B>Change of Control Offer</B>&quot;<B>)</B>.</P>
<A NAME="_Toc289820550"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not be required to make an Offer to Purchase upon the occurrence of a Change of Control, if (1) a third party makes an offer to purchase the Notes in the manner, at the times and price and otherwise in compliance with the requirements of this Indenture applicable to an Offer to Purchase for a Change of Control and purchases all Notes validly tendered and not withdrawn in such offer to purchase or (2) notice of redemption has been given pursuant to this Indenture as described in &nbsp;unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control.</P>
<A NAME="_Toc289820551"></A><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Other than as specifically provided in this , any purchase pursuant to this &nbsp;shall be made pursuant to the provisions of Sections , &nbsp;and &nbsp;hereof.</P>
<A NAME="_Toc289820552"></A><A NAME="_Toc290368122"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.c<I>. &nbsp;Future Subsidiary Guarantees. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not permit any Restricted Subsidiary that is not a Subsidiary Guarantor, directly or indirectly, to Guarantee any Indebtedness (&#147;<B>Guaranteed Indebtedness</B>&#148;) of the Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (1) such Restricted Subsidiary, to the extent permitted by law, simultaneously executes and delivers a Subsidiary Guarantee, becomes a party to the applicable Security Documents and, to the extent required by the Security Agreement, promptly executes and delivers such security instruments, financing statements and certificates as may be necessary to vest in the Collateral Agent a perfected first priority security interest on a pari passu basis with the Liens securing any Pari Passu Lien Indebtedness (subject to Permitted Liens) in properties and assets that constitute Collateral as security for the Notes or the Subsidiary Guarantees and as may be necessary to have such property or asset added to the applicable Collateral as required under the Security Documents and this Indenture, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such properties and assets to the same extent and with the same force and effect and (2) such Restricted Subsidiary waives and shall not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full. &nbsp;The obligations of any such future Subsidiary Guarantor shall be limited so as not to constitute a fraudulent conveyance or fraudulent transfer under applicable federal or state laws.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes or any Subsidiary Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Subsidiary Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Subsidiary Guarantee.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding the foregoing, any future Subsidiary Guarantee by a Restricted Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">as set forth under &nbsp;hereof; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee.</P>
<A NAME="_Toc290368123"></A><P style="margin-top:8pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.d<I>. &nbsp;Limitation on Lines of Business. &nbsp;</I>The Company shall not, and shall not permit any Restricted Subsidiary or Regulated Subsidiary to, engage in any business other than Related Businesses, except to an extent that so doing would not be material to the Company and its Restricted Subsidiaries taken as a whole.</P>
<A NAME="_Toc290368124"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.e<I>. &nbsp;Further Assurances. &nbsp;</I>Each of the Company and the Subsidiary Guarantors shall at its own expense, promptly execute and deliver all further instruments and documents, and take all further action, that is required by applicable law, in order to perfect any security interest granted or purported to be granted thereby or to enable the Collateral Agent to exercise and enforce its rights and remedies under such Security Documents with respect to any of the Collateral. Under the terms of the Security Agreement, each of the Company and the Subsidiary Guarantors authorizes (but does not obligate) the filing by the Collateral Agent of financing or continuation statements, or amendments, and the Company and the Subsidiary Guarantors shall execute and deliver to the Collateral Agent such other instruments or notices, as is required by applicable law, in order to perfect and preserve the security interest granted or purported to be granted under the Security Agreement.</P>
<A NAME="_Toc290368125"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.f<I>. &nbsp;Information Regarding Collateral. &nbsp;</I>(5) The Company shall furnish to the Collateral Agent, with respect to the Company or any Subsidiary Guarantor, prompt written notice of any change in such Person&#146;s (1)&nbsp;legal name, (2)&nbsp;jurisdiction of organization or formation, (3)&nbsp;identity or corporate structure or (4)&nbsp;organizational identification number. &nbsp;The Company and the Subsidiary Guarantors shall agree not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral.&nbsp; The Company also agrees promptly to notify the Collateral Agent if any material portion of the Collateral is damaged, destroyed or condemned.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each year, at the time of delivery of the annual financial statements with respect to the preceding fiscal year, the Company shall deliver to the Trustee an Officers&#146; Certificate setting forth the information required pursuant to the schedules required by the Security Documents or confirming that there has been no change in such information since the date of the prior annual financial statements.</P>
<A NAME="_Toc290368126"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.b<I>. &nbsp;Impairment of Security Interest. &nbsp;</I>Subject to the rights of the holders of Permitted Liens, the Company shall not, and shall not permit any of the Restricted Subsidiaries to, take or knowingly or negligently omit to take, any action which action or omission would reasonably be expected to have the result of materially impairing the security interest with respect to the Collateral, except as expressly permitted (or pursuant to a transaction not prohibited) by the terms of this Indenture or the Security Documents. &nbsp;The Company shall not amend, modify or supplement, or permit or consent to any amendment, modification or supplement of, the Security Documents in any way that would be adverse to the Holders in any material respect, except as permitted by &nbsp;or &nbsp;hereof or the Security Documents.</P>
<A NAME="_Toc290368127"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.c<I>. &nbsp;Suspension Of Certain Covenants. </I>(6)<I> </I>Following the first day (the &#147;<B>Suspension Date</B>&#148;) that the Notes have Investment Grade Status and the Company has delivered written notice of such Investment Grade Status to the Trustee then, beginning on that date, the Company and the Restricted Subsidiaries shall not be subject to Sections 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.15 and 4.16 (collectively, the &#147;<B><U>Suspended Covenants</U></B>&#148;).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If at any time the Company is downgraded from Investment Grade Status, then the Suspended Covenants will thereafter be reinstated as if such covenants had never been suspended (the &#147;Reinstatement Date&#148;) and be applicable pursuant to the terms of the Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of the Indenture), unless and until the Company subsequently attains Investment Grade Status and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such time that the Company maintains Investment Grade Status); provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist or have occurred under the Indenture, the notes, the Subsidiary Guarantees or any of the Security Documents with respect to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period (as defined below), or any actions taken at any time pursuant to any contractual obligation arising prior to the Reinstatement Date, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the date of suspension of the covenants and the Reinstatement Date is referred to as the &#147;Suspension Period&#148;.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">On the Reinstatement Date, all Indebtedness Incurred during the Suspension Period shall be deemed to have been outstanding on the Closing Date, so that it is classified as permitted under Section 4.09(b)(3). Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under &nbsp;shall be made as though Section 4.07 had been in effect since the Closing Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period shall reduce the amount available to be made as Restricted Payments under &nbsp;to the extent such Restricted Payments were not otherwise permitted to be made pursuant to &nbsp;through ; <I>provided, </I>that the amount available to be made as Restricted Payments on the Reinstatement Date under &nbsp;shall not be reduced below zero solely as a result of such Restricted Payments made during a Suspension Period. &nbsp;The Company will provide the Trustee with written notice of the commencement of any Suspension Period or Reinstatement Date. Until the Trustee receives such notice, it shall be entitled to assume no such Suspenstion Period or Reinstatement Date, as applicable, has occurred. </P>
<A NAME="_Toc290368128"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 7<BR>
Successors</P>
<A NAME="_Toc290368129"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.a<I>. &nbsp;Consolidation, Merger and Sale of Assets. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company shall not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person or permit any Person to merge with or into it unless:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall be the continuing Person, or the Person (if other than it) formed by such consolidation or into which it is merged or that acquired or leased such property and assets of (the &#147;<B>Surviving Person</B>&#148;) shall be an entity organized and validly existing under the laws of the United States of America or any jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of the Company&#146;s obligations under this Indenture, the Security Documents and the Notes and, to the extent required by and subject to the limitations set forth in the Security Documents, shall cause such amendments, supplements or other instruments to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the Surviving Person, together with such financing statements or comparable documents to the extent required by and subject to the limitations set forth in the Security Documents, as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; provided, that if such continuing Person or Person shall not be a corporation, such entity shall organize or have a Wholly-Owned Subsidiary in the form of a corporation organized and validly existing under the laws of the United States or any jurisdiction thereof, and shall cause such corporation to expressly assume, as a party to the supplemental indenture referenced above, as a co-obligor, each of such continuing Person or Person&#146;s obligations under this Indenture, the Security Documents and the Notes;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">immediately after giving effect to such transaction on a <I>pro forma</I> basis the Company or the Surviving Person, as the case may be, (1)&nbsp;could Incur at least $1.00 of Indebtedness pursuant to the Consolidated Fixed Charge Coverage Ratio test set forth in (a) or (2) the Consolidated Fixed Charge Coverage Ratio would be greater than or equal to such ratio for the Company and the Restricted Subsidiaries immediately prior to such transaction; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it delivers to the Trustee an Officers&#146; Certificate and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied with; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">each Subsidiary Guarantor, unless such Subsidiary Guarantor is the Person with which the Company has entered into a transaction under this , shall have by amendment to its Subsidiary Guarantee confirmed that its Subsidiary Guarantee shall apply to the obligations of the Company or the Surviving Person in accordance with the Notes and this Indenture;</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>provided, however</I>, that clause (iii) above does not apply if, in the good faith determination of the Board of Directors of the Company, whose determination shall be evidenced by a Board Resolution, the principal purpose of such transaction is to change the state of organization or convert the form of organization of the Company to another form, and any such transaction shall not have as one of its purposes the evasion of the foregoing limitations.</P>
<A NAME="_Toc290368130"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.b<I>. &nbsp;Successor Corporation Substituted. &nbsp;</I>Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with &nbsp;hereof, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the Company shall refer instead to the successor corporation and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; <I>provided</I> that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest and Additional Interest, if any, on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of the Company&#146;s assets that meets the requirements of &nbsp;hereof.</P>
<A NAME="_Toc290368131"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 8<BR>
Defaults and Remedies</P>
<A NAME="_Toc290368132"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.a<I>. &nbsp;Events of Default. &nbsp;</I>Each of the following is an &#147;<B>Event of Default</B>&#148;:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">default in the payment of the principal of (or premium, if any, on) any Notes when the same becomes due and payable at maturity, upon acceleration, redemption or otherwise;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">default in the payment of interest or Additional Interest (as required by the Registration Rights Agreement) on any Note when the same becomes due and payable, and such default continues for a period of 30 days; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">default in the performance or breach of the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all of the assets of the Company or the failure by the Company to make or consummate an Offer to Purchase in accordance with &nbsp;or ; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company or any Subsidiary Guarantor defaults in the performance of or breaches any other covenant or agreement in this Indenture, under the Notes (other than a default specified in clause (i), (ii) or (iii) above) or under the Security Documents and such default or breach continues for a period of 60 consecutive days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">there occurs with respect to any issue or issues of Indebtedness of the Company or any Significant Subsidiary having an outstanding principal amount of $25.0 million or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now exists or shall hereafter be created </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">an event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 60 days of such acceleration or </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have been made, waived or extended within applicable grace periods; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any final judgment or order (not covered by insurance), that is non-appealable, for the payment of money in excess of $25.0 million in the aggregate for all such final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not so covered) shall be rendered against the Company or any Significant Subsidiary and shall not be paid or discharged, and there shall be any period of 45 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $25.0 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a court having jurisdiction in the premises enters a decree or order for (A) relief in respect of the Company or any Significant Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary or (C) the winding up or liquidation of the affairs of the Company or any Significant Subsidiary and, in each case, such decree or order shall remain unstayed and in effect for a period of 30 consecutive days; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(viii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company or any Significant Subsidiary (A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary or (C) effects any general assignment for the benefit of creditors;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ix)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">failure by any Regulated Significant Subsidiary to meet the minimum capital requirements imposed by applicable regulatory authorities, and such condition continues for a period of 30 days after the Company or such Regulated Subsidiary first becomes aware of such failure;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(x)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company or any Subsidiary that holds Capital Stock of a Regulated Significant Subsidiary shall become ineligible to hold such Capital Stock by reason of a statutory disqualification or otherwise;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Commission shall revoke the registration of any Regulated Significant Subsidiary as a broker-dealer under the Exchange Act or any such Regulated Subsidiary shall fail to maintain such registration;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Examining Authority (as defined in Rule 15c3-1) for any Regulated Significant Subsidiary shall suspend (and shall not reinstate within 10 days) or shall revoke such Regulated Subsidiary&#146;s status as a member organization thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xiii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the occurrence of any event of acceleration in a subordination agreement, as defined in Appendix D to Rule 15c3-1 of the Exchange Act, to which the Company or any Regulated Significant Subsidiary is a party;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xiv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any Subsidiary Guarantor repudiates its obligations under its Subsidiary Guarantee or, except as permitted by this Indenture, any Subsidiary Guarantee is determined to be unenforceable or invalid or shall for any reason cease to be in full force and effect; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">with respect to any Collateral having a fair market value in excess of $10.0 million, individually or in the aggregate, the failure of the security interest with respect to such Collateral under the Security Documents, at any time, to be in full force and effect for any reason other than in accordance with the terms of the Security Documents and the terms of this Indenture and other than the satisfaction in full of all obligations under this Indenture and discharge of this Indenture if such failure continues for 30 days, except in each case for the failure or loss of perfection resulting from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Security Documents.</P>
<A NAME="_Toc290368133"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.b<I>. &nbsp;Acceleration. &nbsp;</I>Subject to the terms of the Security Documents, if an Event of Default (other than an Event of Default specified in &nbsp;or &nbsp;that occurs with respect to the Company or any Subsidiary Guarantor) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes, then-outstanding, by written notice to the Company (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued interest and Additional Interest, if any, on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest and Additional Interest, if any, shall be immediately due and payable. &nbsp;In the event of a declaration of acceleration because an Event of Default set forth in &nbsp;above has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to &nbsp;shall be remedied or cured by the Company or the relevant Significant Subsidiary or waived by the holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. &nbsp;If an Event of Default specified in &nbsp;or &nbsp;occurs with respect to the Company, the principal of, premium, if any, and accrued interest and Additional Interest, if any, on the Notes then-outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. &nbsp;The Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if (x) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest and Additional Interest (if any) on the Notes that have become due solely by such declaration of acceleration, have been cured or waived, (y) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (z) all outstanding fees and expenses of the Trustee incurred in connection with such Default &nbsp;or Event of Default have been paid.</P>
<A NAME="_Toc290368134"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.c<I>. &nbsp;Other Remedies. &nbsp;</I>If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes, the Subsidiary Guarantees or this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. &nbsp;A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. &nbsp;All remedies are cumulative to the extent permitted by law.</P>
<A NAME="_Toc290368135"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.d<I>. &nbsp;Waiver of Past Defaults. &nbsp;</I>The Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee, may waive all past Defaults or Events of Default and rescind and annul a declaration of acceleration and its consequences if (x) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived, (y) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (z) all outstanding fees and expenses of the Trustee incurred in connection with such Default &nbsp;or Event of Default have been paid. &nbsp;Upon any such waiver, such Default or Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.</P>
<A NAME="_Toc290368136"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.e<I>. &nbsp;Control by Majority. &nbsp;</I>Subject to the terms of the Security Documents, the Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. &nbsp;However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. &nbsp;</P>
<A NAME="_Toc290368137"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.f<I>. &nbsp;Limitation on Suits. &nbsp;</I>A Holder may not pursue any remedy with respect to this Indenture or the Notes unless:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Holder gives the Trustee written notice of a continuing Event of Default;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Holders of at least 25% in aggregate principal amount of outstanding Notes make a written request to the Trustee to pursue the remedy;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Trustee does not comply with the request within 60&nbsp;days after receipt of the request and the offer of indemnity; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">However, such limitations do not apply to the right of any Holder of a Note to receive payment of the principal of, premium, if any, or interest or Additional Interest (if any) on, such Note or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes, which right shall not be impaired or affected without the consent of the Holder.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The trustee shall, within 90 days of the occurrence of a default, give to the Holders of the Notes notice of all uncured defaults known to it, but the Trustee may withhold such notice if it, in good faith, determines that the withholding of such notice is in the best interest of such Holders, except in the case of a default in the payment of the principal of or interest or Additional Interest (if any) on any of the Notes.</P>
<A NAME="_Toc290368138"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.g<I>. &nbsp;Rights of Holders of Notes to Receive Payment. &nbsp;</I>Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and Additional Interest, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an Asset Sale Offer or a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.</P>
<A NAME="_Toc290368139"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.h<I>. &nbsp;Collection Suit by Trustee. &nbsp;</I>If an Event of Default specified in 6.01(i) or (ii) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company or Subsidiary Guarantors for the whole amount of principal of, premium, if any, and Additional Interest, if any, and interest remaining unpaid on the Notes and Subsidiary Guarantees and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</P>
<A NAME="_Toc290368140"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.i<I>. &nbsp;Restoration of Rights and Remedies. &nbsp;</I>If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted.</P>
<A NAME="_Toc290368141"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.j<I>. &nbsp;Rights and Remedies Cumulative. &nbsp;</I>Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in &nbsp;hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. &nbsp;The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</P>
<A NAME="_Toc290368142"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.k<I>. &nbsp;Delay or Omission Not Waiver. &nbsp;</I>No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. &nbsp;Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.</P>
<A NAME="_Toc290368143"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.l<I>. &nbsp;Trustee May File Proofs of Claim. &nbsp;</I>The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes including the Subsidiary Guarantors), its creditors or its property and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under &nbsp;hereof. &nbsp;To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under &nbsp;hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. &nbsp;Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. &nbsp;The Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors&#146; or other similar committee.</P>
<A NAME="_Toc290368144"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.m<I>. &nbsp;Priorities. &nbsp;</I>If either the Trustee or the Collateral Agent collects any money pursuant to this &nbsp;or , as applicable, or if proceeds are received by the Collateral Agent if any Collateral is sold or otherwise realized upon by the Collateral Agent in connection with any foreclosure, collection or other enforcement of Liens granted to the Collateral Agent in the Security Documents, in any such case, or after an Event of Default any money or other property distributable in respect of the Company&#146;s or any other obligor&#146;s obligations under this Indenture, it shall, subject to the terms of the Intercreditor Agreement (if applicable), pay out the money in the following order:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ratably to the Trustee, the Collateral Agent and their respective agents and attorneys for amounts due under Sections <FONT FACE="arrow">, 12.11</FONT> and 12.13 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and Collateral Agent and the costs and expenses of collection;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and Additional Interest, if any, and interest, respectively; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to the Company or to such party as a court of competent jurisdiction shall direct including a Subsidiary Guarantor, if applicable.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this .</P>
<A NAME="_Toc290368145"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.n<I>. &nbsp;Undertaking for Costs. &nbsp;</I>In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys&#146; fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. &nbsp;This &nbsp;does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to &nbsp;hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes.</P>
<A NAME="_Toc290368146"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 9<BR>
Trustee</P>
<A NAME="_Toc290368147"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 9.a<I>. &nbsp;Duties of Trustee. &nbsp;</I>(7) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person&#146;s own affairs.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Except during the continuance of an Event of Default:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. &nbsp;However, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">this paragraph does not limit the effect of paragraph &nbsp;of this ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs , &nbsp;and &nbsp;of this .</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders of the Notes unless the Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. &nbsp;Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</P>
<A NAME="_Toc290368148"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.b<I>. &nbsp;Rights of Trustee. &nbsp;</I>(8) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. &nbsp;The Trustee need not investigate any fact or matter stated in the document unless requested in writing so to do by a majority of the Holders; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Company or, if paid by the Trustee or any predecessor trustee, shall be repaid by the Company upon demand..</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Before the Trustee acts or refrains from acting, it may require an Officers&#146; Certificate or an Opinion of Counsel or both subject to the other provisions of this Indenture. &nbsp;The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on any Officers&#146; Certificate, Opinion of Counsel, resolution of the Board of Directors, or other certificate or statement delivered to the Trustee pursuant to the terms of this Indenture. &nbsp;The Trustee may consult with counsel of its selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, to each Agent, and each agent, custodian and other Person employed to act hereunder, including to the extent not set forth herein in Article 12, the Collateral Agent.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In the event the Company is required to pay Additional Interest, the Company shall provide written notice to the Trustee of the Company&#146;s obligation to pay Additional Interest no later than 15 days prior to the next Interest Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Company. &nbsp;The Trustee shall not at any time be under any duty or responsibility to any Holders to determine whether the Additional Interest is payable and the amount thereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(k)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee may request that the Company and any Subsidiary Guarantor deliver an Officers&#146; Certificate setting forth the names of individuals and/or titles of officers (with specimen signatures) authorized at such times to take specific actions pursuant to this Indenture, which Officers&#146; Certificate may be signed by any person specified as so authorized in any such certificate previously delivered and not superseded.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(l)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The permissive rights of the Trustee set forth herein shall not be construed as duties. </P>
<A NAME="_Toc290368149"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.b<I>. &nbsp;Individual Rights of Trustee. &nbsp;</I>The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. &nbsp;However, in the event that the Trustee acquires any conflicting interest as defined by the Trust Indenture Act it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign as provided in the Trust Indenture Act. &nbsp;Any Agent may do the same with like rights and duties. &nbsp;The Trustee is also subject to Sections &nbsp;and &nbsp;hereof.</P>
<A NAME="_Toc290368150"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.c<I>. &nbsp;Trustee&#146;s Disclaimer. &nbsp;</I>The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes or the Subsidiary Guarantees, it shall not be accountable for the Company&#146;s use of the proceeds from the Notes or any money paid to the Company or upon the Company&#146;s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. &nbsp;The Trustee shall not be responsible for and makes no representation as to the existence, genuineness, value or protection of any Collateral, for the legality, effectiveness or sufficiency of any Security Document, or for the creation, perfection, priority, sufficiency or protection of any Liens securing the Notes and Note Obligations. &nbsp;The Trustee shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Lien or security interest in the Collateral or for the preservation of rights against third parties in relation to the Collateral.</P>
<A NAME="_Toc290368151"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.d<I>. &nbsp;Notice of Defaults. &nbsp;</I>If a Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall mail or electronically transmit to Holders of Notes a notice of the Default within 90 days after it occurs. &nbsp;Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. &nbsp;</P>
<A NAME="_Toc290368152"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.e<I>. &nbsp;Reports by Trustee to Holders of the Notes. &nbsp;</I>Within 60 days after each March 15, beginning with the March 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). &nbsp;The Trustee also shall comply with Trust Indenture Act Section 313(b)(1) and&nbsp;313(b)(2). &nbsp;The Trustee shall also transmit by mail all reports as required by Trust Indenture Act Section 313(c).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). &nbsp;The Company shall promptly notify the Trustee in writing when the Notes are listed on any stock exchange.</P>
<A NAME="_Toc290368153"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.f<I>. &nbsp;Compensation and Indemnity. &nbsp;</I>The Company shall pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. &nbsp;The Trustee&#146;s compensation shall not be limited by any law on compensation of a trustee of an express trust. &nbsp;The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. &nbsp;Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee&#146;s agents and counsel.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company and the Subsidiary Guarantors, jointly and severally, shall indemnify the Trustee for, and hold the Trustee harmless against, any and all loss, damage, claims, liability or expense (including attorneys&#146; fees) incurred by it in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company or any of the Subsidiary Guarantors (including this ) or defending itself against any claim whether asserted by any Holder, the Company or any Subsidiary Guarantor, or liability in connection with the acceptance, exercise or performance of any of its rights, powers or duties hereunder). &nbsp;The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. &nbsp;Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. &nbsp;The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel. &nbsp;The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee&#146;s own willful misconduct, negligence or bad faith.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The obligations of the Company and the Subsidiary Guarantors under this &nbsp;shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding the provisions of &nbsp;hereof, to secure the payment obligations of the Company and the Subsidiary Guarantors in this , the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. &nbsp;Such Lien shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">When the Trustee incurs expenses or renders services after an Event of Default specified in &nbsp;or &nbsp;hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.</P>
<A NAME="_Toc290368154"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.g<I>. &nbsp;Replacement of Trustee. &nbsp;</I>A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee&#146;s acceptance of appointment as provided in this . &nbsp;The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. &nbsp;The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. &nbsp;The Company may remove the Trustee if:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Trustee fails to comply with &nbsp;hereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a custodian or public officer takes charge of the Trustee or its property; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Trustee becomes incapable of acting.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. &nbsp;Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Company&#146;s expense), the Company or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with &nbsp;hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. &nbsp;Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. &nbsp;The successor Trustee shall mail a notice of its succession to Holders. &nbsp;The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; <I>provided</I> all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in &nbsp;hereof. &nbsp;Notwithstanding replacement of the Trustee pursuant to this , the Company&#146;s obligations under &nbsp;hereof shall continue for the benefit of the retiring Trustee.</P>
<A NAME="_Toc290368155"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.h<I>. &nbsp;Successor Trustee by Merger, etc. &nbsp;</I>If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.</P>
<A NAME="_Toc290368156"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.i<I>. &nbsp;Eligibility; Disqualification. &nbsp;</I>There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Sections 310(a)(1), (2) and (5). &nbsp;The Trustee is subject to Trust Indenture Act Section 310(b).</P>
<A NAME="_Toc290368157"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.j<I>. &nbsp;Preferential Collection of Claims Against Company. &nbsp;</I>The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). &nbsp;A Trustee who has resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated therein.</P>
<A NAME="_Toc290368158"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 7<BR>
Legal Defeasance and Covenant Defeasance</P>
<A NAME="_Toc290368159"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.a<I>. &nbsp;Option to Effect Legal Defeasance or Covenant Defeasance. &nbsp;</I>The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers&#146; Certificate and at any time, elect to have either &nbsp;or &nbsp;hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this .</P>
<A NAME="_Toc290368160"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.b<I>. &nbsp;Legal Defeasance and Discharge. &nbsp;</I>Upon the Company&#146;s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to the Security Documents, the Intercreditor Agreement and all outstanding Notes and Subsidiary Guarantees on the date the conditions set forth below are satisfied (&#147;<B>Legal Defeasance</B>&#148;). &nbsp;For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be &#147;outstanding&#148; only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes, this Indenture including that of the Subsidiary Guarantors (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), the Security Documents and the Intercreditor Agreement, except for the following provisions which shall survive until otherwise terminated or discharged hereunder:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the rights of Holders of Notes issued under this Indenture to receive payments in respect of the principal of, premium, if any, and interest on the Notes when such payments are due solely out of the trust created pursuant to this Indenture referred to in &nbsp;hereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company&#146;s obligations with respect to Notes issued under this Indenture concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the rights, powers, trusts, duties and immunities of the Trustee and Collateral Agent, and the Company&#146;s obligations in connection therewith; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">this Article 8.</P>
<A NAME="_Toc290368161"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.c<I>. &nbsp;Covenant Defeasance. &nbsp;</I>Upon the Company&#146;s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18 and 4.19 and Section 5.01(ii) and Section 5.01(iii) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (&#147;<B>Covenant Defeasance</B>&#148;), and the Notes shall thereafter be deemed not &#147;outstanding&#148; for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed &#147;outstanding&#148; for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). &nbsp;For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. &nbsp;In addition, upon the Company&#146;s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(iii), 6.01(iv), 6.01(v), 6.01(vi), 6.01(vii) (solely with respect to Significant Subsidiaries) and 6.01(viii) (solely with respect to Significant Subsidiaries), 6.01(ix), 6.01(x), 6.01(xi), 6.01(xii), 6.01(xiii), 6.01 (xiv) and 6.01(xv) hereof shall not constitute Events of Default.</P>
<A NAME="_Toc290368162"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.d<I>. &nbsp;Conditions to Legal or Covenant Defeasance. &nbsp;</I>The following shall be the conditions to the application of either &nbsp;or &nbsp;hereof to the outstanding Notes:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants without consideration of any reinvestment of interest, to pay the principal of, premium, if any, and interest due on the Notes issued under this Indenture on the stated maturity date or on the redemption date, as the case may be, of such principal, premium, if any, or interest on the Notes;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company has received from, or there has been published by, the United States Internal Revenue Service a ruling; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">since the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law;</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">no Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any Credit Facility or any other material agreement or instrument (other than this Indenture) to which, the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound (other than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company shall have delivered to the Trustee an Officers&#146; Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or any Subsidiary Guarantor or others; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company shall have delivered to the Trustee an Officers&#146; Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.</P>
<A NAME="_Toc290368163"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.e<I>. &nbsp;Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. &nbsp;</I>Subject to &nbsp;hereof, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this , the &#147;<B>Trustee</B>&#148;) pursuant to &nbsp;hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or a Subsidiary Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Additional Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company and the Subsidiary Guarantors, jointly and severally, shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant to &nbsp;hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Anything in this &nbsp;to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or Government Securities held by it as provided in &nbsp;hereof which, in the opinion of a nationally recognized investment bank, appraisal firm or independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under &nbsp;hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.</P>
<A NAME="_Toc290368164"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.f<I>. &nbsp;Repayment to Company. &nbsp;</I>Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium and Additional Interest, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.</P>
<A NAME="_Toc290368165"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.g<I>. &nbsp;Reinstatement. &nbsp;</I>If the Trustee or Paying Agent is unable to apply any United States dollars or Government Securities in accordance with &nbsp;or &nbsp;hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company&#146;s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to &nbsp;or &nbsp;hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with &nbsp;or &nbsp;hereof, as the case may be; <I>provided</I> that, if the Company makes any payment of principal of, premium and Additional Interest, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.</P>
<A NAME="_Toc290368166"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 8<BR>
Amendment, Supplement and Waiver</P>
<A NAME="_Toc290368167"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.a<I>. &nbsp;Without Consent of Holders of Notes. &nbsp;</I>Notwithstanding &nbsp;hereof, the Company, any Subsidiary Guarantor (with respect to a Subsidiary Guarantee or this Indenture to which it is a party), the Trustee and, in the case of the Security Documents, the Collateral Agent, may amend or supplement this Indenture, any Security Document and any Subsidiary Guarantee or Notes or the Intercreditor Agreement without the consent of any Holder in order to: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">cure any ambiguity, defect, mistake or inconsistency in this Indenture; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">comply with the provisions described under &nbsp;or &nbsp;hereto; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">comply with any requirements of the SEC in connection with the qualification of this Indenture under the Trust Indenture Act; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">evidence and provide for the acceptance of appointment by a successor Trustee; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">make any change that would provide any additional rights or benefits to the Holders or make any change that, in the good faith opinion of the Board of Directors of the Company as evidenced by a board resolution, does not materially and adversely affect the rights of any Holder;; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">provide for uncertificated Notes in addition to or in replacement of certificated Notes; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">provide for the issuance of Additional Notes in accordance with the Indenture;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">add or release Subsidiary Guarantees with respect to the Notes, in each case, in accordance with the applicable provisions of this Indenture;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">add additional assets as Collateral or release Collateral, in each case, in accordance with the applicable provisions of the Indenture and the Security Documents;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">enter into additional or supplemental Security Documents; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(k)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">conform the text of this Indenture, the Notes, the Subsidiary Guarantees or the Security Documents to any provision of the &#147;Description of the Notes&#148; section of the Offering Memorandum.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in &nbsp;hereof, the Trustee shall join with the Company and the Subsidiary Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. &nbsp;Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the addition of a Subsidiary Guarantor under this Indenture upon execution and delivery by such Subsidiary Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as <U>Exhibit D</U> hereto, and delivery of an Officers&#146; Certificate.</P>
<A NAME="_Toc290368168"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.b<I>. &nbsp;With Consent of Holders of Notes. &nbsp;</I>Except as provided below in this , the Company, the Subsidiary Guarantors, the Trustee and, in the case of the Security Documents, the Collateral Agent, may amend or supplement this Indenture, the Intercreditor Agreement, any Security Document, the Notes and the Subsidiary Guarantees with the consent of the Holders of at least a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections &nbsp;and &nbsp;hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium and Additional Interest, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Intercreditor Agreement, any Security Document, the Subsidiary Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). &nbsp;&nbsp;hereof and &nbsp;hereof shall determine which Notes are considered to be &#147;<B>outstanding</B>&#148; for the purposes of this .</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in &nbsp;hereof, the Trustee shall join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee&#146;s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">It shall not be necessary for the consent of the Holders of Notes under this &nbsp;to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">After an amendment, supplement or waiver under this &nbsp;becomes effective, the Company shall mail or electronically transmit to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. &nbsp;Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Without the consent of each affected Holder of Notes, an amendment or waiver under this &nbsp;may not (with respect to any Notes held by a non-consenting Holder):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">change the Stated Maturity of the principal of, or any installment of interest on, any Note; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reduce the principal amount of, or premium, if any, or interest on, any Note; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">change the optional redemption dates or optional redemption prices of the Notes from that stated under ; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">change the place or currency of payment of principal of, or premium, if any, or interest on, any Note; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of a redemption, on or after the redemption date) of any Note; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">waive a default in the payment of principal of, premium, if any, or interest on the Notes or modify any provision of the Indenture relating to modification or amendment thereof; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reduce the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for waiver of compliance with certain provisions of this Indenture or for waiver of certain defaults;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">release any Subsidiary Guarantor from its Subsidiary Guarantee, except as provided in the Indenture;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reduce the percentage or aggregate principal amount of outstanding notes the consent of whose Holders is necessary for waiver of compliance with certain provisions of the Indenture or for waiver of certain defaults; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">release all or substantially all of the Collateral, other than in accordance with the Indenture and the Security Documents.</P>
<A NAME="_Toc290368169"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.c<I>. &nbsp;Compliance with Trust Indenture Act. &nbsp;</I>Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the Trust Indenture Act as then in effect.</P>
<A NAME="_Toc290368170"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.d<I>. &nbsp;Revocation and Effect of Consents. &nbsp;</I>Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder&#146;s Note, even if notation of the consent is not made on any Note. &nbsp;However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. &nbsp;An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver. &nbsp;If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. &nbsp;No such consent shall be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders has been obtained.</P>
<A NAME="_Toc290368171"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.e<I>. &nbsp;Notation on or Exchange of Notes. &nbsp;</I>The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. &nbsp;The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.</P>
<A NAME="_Toc290368172"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.f<I>. &nbsp;Trustee to Sign Amendments, etc. &nbsp;</I>The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this &nbsp;if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. &nbsp;The Company may not sign an amendment, supplement or waiver until the Board of Directors approves it. &nbsp;In executing any amendment, supplement or waiver, the Trustee shall be entitled to receive and (subject to &nbsp;hereof) shall be fully protected in relying upon, in addition to the documents required by &nbsp;hereof, an Officers&#146; Certificate and an Opinion of Counsel each stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Subsidiary Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including ). &nbsp;Notwithstanding the foregoing, no Opinion of Counsel shall be required for the Trustee to execute any amendment or supplement adding a new Subsidiary Guarantor under this Indenture.</P>
<A NAME="_Toc290368173"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 9<BR>
Subsidiary Guarantees</P>
<A NAME="_Toc290368174"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 9.a<I>. &nbsp;Guarantee. &nbsp;</I>Subject to the terms and provisions set forth in the Security Agreement, &nbsp;each of the Subsidiary Guarantors hereby, jointly and severally, unconditionally and irrevocably guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and the Collateral Agent and their respective successors and assigns, on a senior secured basis, the prompt payment and performance by the Company when due (whether at the Stated Maturity, by acceleration or otherwise) of each and all of the Company&#146;s Obligations. </P>
<A NAME="_Toc290368175"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 9.b<I>. &nbsp;Execution and Delivery. &nbsp;</I>To evidence its Subsidiary Guarantee set forth in &nbsp;hereof, each Subsidiary Guarantor hereby agrees that a notation of such Subsidiary Guarantee substantially in the form included in Exhibit A shall be executed on behalf of such Subsidiary Guarantor by manual or facsimile signature by its Chief Executive Officer or President, one of its Vice Presidents or one of its Assistant Vice Presidents on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Subsidiary Guarantor by its President, one of its Vice Presidents or one of its Assistant Vice Presidents.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantee set forth in &nbsp;hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Subsidiary Guarantee on the Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If an Officer whose signature is on this Indenture or on a notation of such Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates the Note on which the Subsidiary Guarantee is endorsed, such Subsidiary Guarantee shall be valid nevertheless.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantors.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If required by &nbsp;hereof, the Company shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of &nbsp;hereof and this , to the extent applicable.</P>
<A NAME="_Toc290368176"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 9.c<I>. &nbsp;Benefits Acknowledged. &nbsp;</I>Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Subsidiary Guarantee are knowingly made in contemplation of such benefits.</P>
<A NAME="_Toc290368177"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 9.d<I>. &nbsp;Release of Guarantees. &nbsp;</I>A Subsidiary Guarantee by a Subsidiary Guarantor shall be automatically and unconditionally released and discharged, and no further action by such Subsidiary Guarantor, the Company or the Trustee is required for the release of such Subsidiary Guarantor&#146;s Subsidiary Guarantee, upon:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of such Subsidiary Guarantor, following which such Subsidiary Guarantor ceases to be a direct or indirect Subsidiary of &nbsp;the Company if such sale or disposition either does not constitute an Asset Sale or does constitute an Asset Sale effected in compliance with the covenants set forth in Sections &nbsp;and .</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such Subsidiary Guarantor is dissolved or liquidated;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in compliance with the applicable provisions of this Indenture; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the exercise by the Company of its Legal Defeasance option or Covenant Defeasance option as described under &nbsp;or the discharge of the Company&#146;s obligations under this Indenture in accordance with the terms of this Indenture.</P>
<A NAME="_Toc290368178"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 10<BR>
Satisfaction and Discharge</P>
<A NAME="_Toc290368179"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 10.a<I>. &nbsp;Satisfaction and Discharge. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Indenture shall be discharged and shall cease to be of further effect as to all Notes, when either:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all Notes that have been authenticated and delivered, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all such Notes not theretofore delivered to such Trustee for cancellation have become due and payable by reason of the making of a notice of redemption or otherwise or will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company and the Company or any Subsidiary Guarantor has irrevocably deposited or caused to be deposited with such Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">no Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued thereunder shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound (other than an instrument to be terminated contemporaneously with or prior to the borrowing of funds to be applied to make such deposit and the granting of Liens in connection therewith); and </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In addition, the Company must deliver an Officers&#146; Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Upon discharge of this Indenture, the Security Documents will automatically terminate and cease to be of further effect and all Liens on the Collateral granted under the Security Documents will be released.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to , the provisions of &nbsp;and &nbsp;hereof shall survive.</P>
<A NAME="_Toc290368180"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 10.b<I>. &nbsp;Application of Trust Money. &nbsp;</I>Subject to the provisions of &nbsp;hereof, all money deposited with the Trustee pursuant to &nbsp;hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium and Additional Interest, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with &nbsp;hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company&#146;s and any Subsidiary Guarantor&#146;s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to &nbsp;hereof; <I>provided</I> that if the Company has made any payment of principal of, premium and Additional Interest, if any, or interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.</P>
<A NAME="_Toc290368181"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 11<BR>
Security</P>
<A NAME="_Toc290368182"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 11.a<I>. &nbsp;Collateral and Security Documents. &nbsp;</I>The due and punctual payment of the principal of and interest on the Notes when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest on the Notes and performance of all other Obligations of the Company and the Subsidiary Guarantors to the Holders, the Trustee or the Collateral Agent under this Indenture, the Notes and the Security Documents, according to the terms hereunder or thereunder, shall be secured as provided in the Security Documents, which define the terms of the Liens that secure the Company&#146;s and Subsidiary Guarantors&#146; Obligations, subject to the terms of the Security Agreement.&nbsp; The Trustee and the Company hereby acknowledge and agree that the Collateral Agent holds the Collateral as agent for the benefit of the Secured Parties pursuant to the terms of the Security Documents.&nbsp; Each Holder, by accepting a Note, consents and agrees to the terms of the Security Documents (including the provisions providing for the possession, use, release and foreclosure of Collateral) as the same may be in effect or may be amended, supplemented or modified from time to time in accordance with their terms and this Indenture, and authorizes and directs the Collateral Agent to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith; <I>provided</I>, <I>however</I>, that if any of the provisions of the Security Documents limit, qualify or conflict with the duties imposed by the provisions of the Trust Indenture Act, the Trust Indenture Act shall control. &nbsp;The Company shall deliver to the Collateral Agent copies of all documents pursuant to the Security Documents, and will do or cause to be done all such acts and things as may be reasonably required by the next sentence of this , to assure and confirm to the Collateral Agent the security interest in the Collateral contemplated hereby, by the Security Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed.&nbsp; The Company shall, and shall cause its Subsidiaries to, use their commercially reasonable efforts to take any and all actions reasonably required to cause the Security Documents to create and maintain, as security for the Obligations, a valid and enforceable perfected Lien and security interest in and on all of the Collateral (subject to the terms of the Security Agreement), in favor of the Collateral Agent for the benefit of the Secured Parties.&nbsp; The Company shall, and shall cause its Subsidiaries to, and each such Subsidiary shall, make all filings (including filings of continuation statements and amendments to financing statements that may be necessary to continue the effectiveness of such financing statements) and take all other actions as are necessary or required by the Security Documents to maintain (at the sole cost and expense of the Company and its Subsidiaries) the security interest created by the Security Documents in the Collateral (other than with respect to any Collateral the security interest in which is not required to be perfected under the Security Documents) as a perfected security interest with the priority set forth in the Security Documents and subject only to Permitted Liens.</P>
<A NAME="_Toc290368183"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 11.b<I>. &nbsp;Recordings and Opinions. &nbsp;</I>(9) To the extent applicable, the Company shall cause Trust Indenture Act Section 314(d), relating to the release of property or securities subject to the Lien of the Security Documents and Trust Indenture Act Section 314(b), to be complied with.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any release of Collateral permitted by &nbsp;hereof will be deemed not to impair the Liens under this Indenture and the Security Documents in contravention thereof.&nbsp; Any certificate or opinion required by Trust Indenture Act Section 314(d)&nbsp;shall be made by an Officer or legal counsel, as applicable, of the Company except in cases where Trust Indenture Act Section 314(d)&nbsp;requires that such certificate or opinion be made by an independent&nbsp;Person, which Person will be an independent engineer, appraiser or other expert selected by or reasonably satisfactory to the Trustee.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding anything to the contrary in this , the Company shall not be required to comply with all or any portion of Trust Indenture Act Section 314(d)&nbsp;if it reasonably determines that under the terms of Trust Indenture Act Section 314(d)&nbsp;or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including &#147;<B>no action</B>&#148; letters or exemptive orders, all or any portion of Trust Indenture Act Section 314(d)&nbsp;is inapplicable to any release or series of releases of the Collateral.&nbsp; Without limiting the generality of the foregoing, the Company and the Subsidiary Guarantors may, subject to the other provisions of this Indenture, among other things, without any release or consent by the Secured Parties, conduct ordinary course activities with respect to the Collateral, including, without limitation, (i)&nbsp;selling or otherwise disposing of, in any transaction or series of related transactions, any property subject to the Lien of the Security Documents that has become worn out, defective, obsolete or not used or useful in the business; (ii)&nbsp;abandoning, terminating, canceling, releasing or making alterations in or substitutions of any leases or contracts subject to the Lien of this Indenture or any of the Security Documents; (iii)&nbsp;surrendering or modifying any franchise, license or permit subject to the Lien of the Security Documents that it may own or under which it may be operating; (iv)&nbsp;altering, repairing, replacing, changing the location or position of and adding to its structures, machinery, systems, equipment, fixtures and appurtenances; (v)&nbsp;granting a license of any intellectual property; (vi)&nbsp;selling, transferring or otherwise disposing of inventory in the ordinary course of business; (vii)&nbsp;collecting accounts receivable in the ordinary course of business as permitted by &nbsp;hereof; (viii)&nbsp;making cash payments (including for the repayment of Indebtedness or interest) from cash that is at any time part of the Collateral in the ordinary course of business that are not otherwise prohibited by this Indenture and the Security Documents; and (ix)&nbsp;abandoning any intellectual property that is no longer used or useful in the Company&#146;s or the Subsidiary Guarantors&#146; businesses.</P>
<A NAME="_Toc290368184"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.b<I>. &nbsp;Release of Collateral. &nbsp;</I>Subject to Sections &nbsp;and &nbsp;hereof, the Liens on the Collateral securing the Notes will automatically and without the need for any further action by any Person be released (and upon receipt of an Officers&#146; Certificate stating that such release is permitted by the Indenture and Security Documents and all conditions precedent to such release have been complied with, the Collateral Agent will execute and deliver such documents and instruments as the Company and the Subsidiary Guarantors may request to evidence such release without the consent of the Holders):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in whole or in part, as applicable, as to all or any portion of property subject to such Liens which has been taken by eminent domain, condemnation or other similar circumstances;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in whole upon:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">satisfaction and discharge of this Indenture; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a Legal Defeasance or Covenant Defeasance of this Indenture as described in ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in part, as to any property that (a) is sold, transferred or otherwise disposed of by the Company or any Subsidiary Guarantor (other than to the Company or another Subsidiary Guarantor) in a transaction not prohibited by this Indenture at the time of such sale, transfer or disposition or (b) is owned or at any time acquired by a Subsidiary Guarantor that has been released from its Subsidiary Guarantee in accordance with this Indenture, concurrently with the release of such Subsidiary Guarantee (including in connection with the designation of a Subsidiary Guarantor as an Unrestricted Subsidiary); and </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in part, in accordance with the applicable provisions of the Security Documents.</P>
<A NAME="_Toc290368185"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.c<I>. &nbsp;Certificates of the Trustee. &nbsp;</I>In the event that the Company wishes to release Collateral in accordance with this Indenture and the Security Documents at a time when the Trustee is not itself also the Collateral Agent and the Company has delivered the certificates and documents required by the Security Documents and &nbsp;hereof, if Trust Indenture Act Section 314(d)&nbsp;is applicable to such release (the applicability of which will be established by the Opinion of Counsel hereafter described ), the Trustee shall determine whether it has received all documentation required by Trust Indenture Act Section 314(d)&nbsp;in connection with such release (which determination may be based upon the Opinion of Counsel hereafter described) and, based on an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) pursuant to this , upon which the Trustee may conclusively rely, shall deliver a certificate to the Collateral Agent setting forth such determination.&nbsp; The Trustee<I>, however</I>, shall have no duty to confirm the legality, genuineness, accuracy, contents or validity of such documents (or any signature appearing therein), its sole duty being to certify its receipt of such documents which, on their face (and assuming that they are what they purport to be), conform to Section 314(d)&nbsp;of the Trust Indenture Act.</P>
<A NAME="_Toc290368186"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.d<I>. &nbsp;Suits to Protect the Collateral. &nbsp;</I>Subject to the provisions of &nbsp;hereof and the Security Documents, the Trustee, following an Event of Default, in its sole discretion and without the consent of the Holders, on behalf of the Holders, may or may direct the Collateral Agent to take all actions it deems necessary or appropriate in order to:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">enforce any of the terms of the Security Documents; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">collect and receive any and all amounts payable in respect of the obligations hereunder.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Subject to the provisions of the Security Documents, the Trustee shall have power to institute and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of any of the Security Documents or this Indenture, and such suits and proceedings as the Trustee, in its sole discretion, may deem expedient to preserve or protect its interests and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule&nbsp;or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule&nbsp;or order would impair the Lien on the Collateral or be prejudicial to the interests of the Holders or the Trustee). Nothing in this &nbsp;shall be considered to impose any such duty or obligation to act on the part of the Trustee.</P>
<A NAME="_Toc290368187"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.e<I>. &nbsp;Authorization of Receipt of Funds by the Trustee Under the Security Documents. &nbsp;</I>Subject to the provisions of the Security Documents, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.</P>
<A NAME="_Toc290368188"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.f<I>. &nbsp;Purchase Protected. &nbsp;</I>In no event shall any purchaser in good faith of any property purported to be released hereunder be bound to ascertain the authority of the Collateral Agent or the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights permitted by this &nbsp;to be sold be under any obligation to ascertain or inquire into the authority of the Company or the applicable Subsidiary Guarantor to make any such sale or other transfer.</P>
<A NAME="_Toc290368189"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.g<I>. &nbsp;Powers Exercisable by Receiver or Trustee. &nbsp;</I>In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this &nbsp;upon the Company or a Subsidiary Guarantor with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or a Subsidiary Guarantor or of any officer or officers thereof required by the provisions of this ; and if the Trustee shall be in the possession of the Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee.</P>
<A NAME="_Toc290368190"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.h<I>. &nbsp;Release Upon Termination of the Company&#146;s Obligations. &nbsp;</I>In the event that the Company delivers to the Trustee, in form and substance reasonably acceptable to it, an Officers&#146; Certificate certifying that (i)&nbsp;payment in full of the principal of, together with accrued and unpaid interest (including additional interest, if any) on, the Notes and all other Obligations under this Indenture, the Subsidiary Guarantees and the Security Documents that are due and payable at or prior to the time such principal, together with accrued and unpaid interest, are paid or (ii)&nbsp;the Company shall have exercised its Legal Defeasance option or its Covenant Defeasance option, in each case in compliance with the provisions of , the Trustee shall deliver to the Company and the Collateral Agent a notice stating that the Trustee, on behalf of the Holders, disclaims and gives up any and all rights it has in or to the Collateral (other than with respect to funds held by the Trustee pursuant to ), and any rights it has under the Security Documents, and upon receipt by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall do or cause to be done all acts reasonably necessary to release such Lien as requested by the Company in writing as soon as reasonably practicable.</P>
<A NAME="_Toc290368191"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.i<I>. &nbsp;Collateral Agent. &nbsp;</I>(x) The Trustee and each of the Holders by acceptance of the Notes hereby designates and appoints The Bank of New York Mellon Trust Company, N.A., as its agent under this Indenture and the Security Documents and the Trustee and each of the Holders by acceptance of the Notes hereby irrevocably authorizes The Bank of New York Mellon Trust Company, N.A. to take such action on its behalf under the provisions of this Indenture and the Security Documents and to exercise such rights, powers and discretions and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Indenture and the Security Documents, together with such powers as are reasonably incidental thereto.&nbsp; The Collateral Agent agrees to act as such on the express conditions contained in this .&nbsp; The provisions of this &nbsp;are solely for the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor the Company or any of the Subsidiary Guarantors shall have any rights as a third party beneficiary of any of the provisions contained herein other than as expressly provided in this &nbsp;and in . &nbsp;Notwithstanding any provision to the contrary contained elsewhere in this Indenture and the Security Documents, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with the Trustee, any Holder or the Company or any Subsidiary Guarantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture and the Security Documents or otherwise exist against the Collateral Agent other than as a &#147;<B>representative</B>&#148; as such term is used in Section 9-102(a)(72)(E) of the Uniform Commercial Code.&nbsp; Without limiting the generality of the foregoing sentence, the use of the term &#147;<B>agent</B>&#148; in this Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.&nbsp; Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.&nbsp; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent may execute any of its duties under this Indenture or the Security Documents by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.&nbsp; The Collateral Agent shall not be responsible for the negligence or misconduct of any agent, employee or attorney-in-fact that it selects as long as such selection was made without negligence or willful misconduct.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">None of the Collateral Agent or any of its agents or employees shall (i)&nbsp;be liable for any action taken or omitted to be taken by any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own gross negligence or willful misconduct) or under or in connection with any Security Document or the transactions contemplated thereby (except for its own gross negligence or willful misconduct), or (ii)&nbsp;be responsible in any manner to the Trustee or any Holder for any recital, statement, representation, warranty, covenant or agreement made by the Company or any Subsidiary Guarantor, contained in this or any Indenture, or in any certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this or any other Indenture or the Security Documents, or the validity, effectiveness, genuineness, enforceability or sufficiency of this or any other Indenture or the Security Documents, or for any failure of the Company or any Subsidiary Guarantor or any other party to this Indenture or the Security Documents to perform its obligations hereunder or thereunder.&nbsp; None of the Collateral Agent or any of its agents or employees shall be under any obligation to the Trustee or any Holder to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this or any other Indenture or the Security Documents or to inspect the properties, books or records of the Company or any Subsidiary Guarantor.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including, without limitation, counsel to the Company or any Subsidiary Guarantor), independent accountants and other experts and advisors selected by the Collateral Agent. &nbsp;The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this or any other Indenture or the Security Documents in accordance with a request or consent of the Trustee and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Holders.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless the Collateral Agent shall have received written notice from the Trustee or the Company referring to this Indenture, describing such Default or Event of Default and stating that such notice is a &#147;<B>notice of default.</B>&#148;&nbsp; The Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance with &nbsp;(subject to this ); <I>provided</I>,<I> however</I>, that unless and until the Collateral Agent has received any such request, the Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Bank of New York Mellon Trust Company, N.A. and its Affiliates (and any successor Collateral Agent and its Affiliates) may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with the Company and the Subsidiary Guarantors as though it was not the Collateral Agent hereunder and without notice to or consent of the Trustee.&nbsp; The Trustee and the Holders acknowledge that, pursuant to such activities, The Bank of New York Mellon Trust Company, N.A. or its Affiliates (and any successor Collateral Agent and its Affiliates) may receive information regarding the Company and the Subsidiary Guarantors (including information that may be subject to confidentiality obligations in favor of the Company and the Subsidiary Guarantors) and acknowledge that the Collateral Agent shall not be under any obligation to provide such information to the Trustee or the Holders.&nbsp; Nothing herein shall impose or imply any obligation on the part of The Bank of New York Mellon Trust Company, N.A. (or any successor Collateral Agent) to advance funds.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent may resign at any time upon thirty (30) days prior written notice to the Trustee and the Company, such resignation to be effective upon the acceptance of a successor agent to its appointment as Collateral Agent.&nbsp; If the Collateral Agent resigns under this Indenture, the Trustee, subject to the consent of the Company (which shall not be unreasonably withheld and which shall not be required during a continuing Event of Default), shall appoint a successor Collateral Agent.&nbsp; If no successor collateral agent is appointed prior to the intended effective date of the resignation of the Collateral Agent (as stated in the notice of resignation), the Collateral Agent may appoint, after consulting with the Trustee, subject to the consent of the Company (which shall not be unreasonably withheld and which shall not be required during a continuing Event of Default), a successor Collateral Agent.&nbsp; If no successor Collateral Agent is appointed and consented to by the Company pursuant to the preceding sentence within thirty (30) days after the intended effective date of resignation (as stated in the notice of resignation) the Collateral Agent shall be entitled to petition at the expense of the Company a court of competent jurisdiction to appoint a successor.&nbsp; Upon the acceptance of its appointment as successor Collateral Agent hereunder, such successor Collateral Agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent, and the term &#147;<B>Collateral Agent</B>&#148; shall mean such successor Collateral Agent, and the retiring Collateral Agent&#146;s appointment, powers and duties as the Collateral Agent shall be terminated.&nbsp; After the retiring Collateral Agent&#146;s resignation hereunder, the provisions of this &nbsp;(and <FONT FACE="arrow">Section 12.13</FONT>) shall continue to inure to its benefit and the retiring Collateral Agent shall not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The institution acting as the Trustee shall initially act as Collateral Agent, and the Trustee shall be authorized to appoint co-Collateral Agents as necessary in its sole discretion.&nbsp; Except as otherwise explicitly provided herein or in the Security Documents, neither the Collateral Agent nor any of its officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.&nbsp; The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Collateral Agent nor any of its officers, directors, employees or agents shall be responsible for any act or failure to act hereunder, except for its own willful misconduct, gross negligence or bad faith.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent is authorized and directed to (i)&nbsp;enter into the Security Documents, (ii)&nbsp;bind the Holders on the terms as set forth in the Security Documents and (iii)&nbsp;perform and observe its obligations under the Security Documents.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee agrees that it shall not (and shall not be obliged to), and shall not instruct the Collateral Agent to, unless specifically requested to do so by a majority of the Holders, take or cause to be taken any action to enforce its rights under this Indenture or against the Company and the Subsidiary Guarantors, including the commencement of any legal or equitable proceedings, to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If at any time or times the Trustee shall receive (i)&nbsp;by payment, foreclosure, set-off or otherwise, any proceeds of Collateral or any payments with respect to the Obligations arising under, or relating to, this Indenture, except for any such proceeds or payments received by the Trustee from the Collateral Agent pursuant to the terms of this Indenture, or (ii)&nbsp;payments from the Collateral Agent in excess of the amount required to be paid to the Trustee pursuant to , the Trustee shall promptly turn the same over to the Collateral Agent, in kind, and with such endorsements as may be required to negotiate the same to the Collateral Agent.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(k)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Trustee and the Collateral Agent are each Holder&#146;s agents for the purpose of perfecting the Holders&#146; security interest in assets which, in accordance with &nbsp;of the Uniform Commercial Code, can be perfected only by possession or control.&nbsp; Should the Trustee obtain possession or control of any such Collateral, upon request from the Company, the Trustee shall notify the Collateral Agent thereof, and shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent&#146;s instructions.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(l)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent shall have no obligation whatsoever to &nbsp;assure that the Collateral exists or is owned by the Company and the Subsidiary Guarantors or is cared for, protected or insured or has been encumbered, or that the Collateral Agent&#146;s Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority, or to determine whether all of the Grantor&#146;s property constituting collateral intended to be subject to the Lien and security interest of the Security Documents has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Collateral Agent pursuant to this Indenture or any Security Document, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto, the Collateral Agent may (but shall not be obligated to) act in any manner it may deem appropriate, in its sole discretion given the Collateral Agent&#146;s own interest in the Collateral, and that the Collateral Agent shall have no duty or liability whatsoever to the Trustee or any Holder as to any of the foregoing. The Collateral Agent shall not be responsible for and makes no representation as to the existence, genuineness, value or protection of any Collateral, for the legality, effectiveness or sufficiency of any Security Document, or for the creation, perfection, priority, sufficiency or protection of any Liens securing the Notes and Note Obligations. Notwithstanding anything herein or in the Security Documents to the contrary, the Collateral Agent shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Lien or security interest in the Collateral or for the preservation of any rights against third parties with respect to the Collateral.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(m)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">No provision of this Indenture or any Security Document shall require the Collateral Agent (or the Trustee) to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder or to take or omit to take any action hereunder or thereunder or take any action at the request or direction of Holders (or the Trustee in the case of the Collateral Agent) if it shall have reasonable grounds for believing that repayment of such funds is not assured to it.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(n)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent (i)&nbsp;shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers, or for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Collateral Agent was grossly negligent in ascertaining the pertinent facts, (ii)&nbsp;shall not be liable for interest on any money received by it except as the Collateral Agent may agree in writing with the Company (and money held in trust by the Collateral Agent need not be segregated from other funds except to the extent required by law), and (iii)&nbsp;may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it in good faith and in accordance with the advice or opinion of such counsel.&nbsp; The grant of permissive rights or powers to the Collateral Agent shall not be construed to impose duties to act and the Collateral Agent shall incur no liability in connection with refraining from exercising any such permissive right or power. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(o)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In no event shall the Collateral Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(p) &nbsp;The Collateral Agent is authorized to obey and comply, in any manner it or its counsel deems appropriate, with all writs, order, judgments, awards, decrees issued or process entered by any court or arbitral tribunal with respect to this Indenture and the Security Documents and if the Collateral Agent so complies, it shall not be liable to any party hereto or to any other party or person notwithstanding that any such writ, order, judgment, award, decree or process may be subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without competent jurisdiction.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(q) &nbsp;The Collateral Agent may exercise its rights, duties and powers hereunder and under the Security Documents through its attorneys, designees and agents and shall not be responsible for the misconduct or negligence of any agent, designee or attorney appointed with due care.</P>
<A NAME="_Toc290368192"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.b<I>. &nbsp;Compensation and Indemnification. &nbsp;</I>The Collateral Agent shall be entitled to the compensation and indemnification set forth in &nbsp;(with the references to the Trustee therein being deemed to refer to the Collateral Agent).</P>
<A NAME="_Toc290368193"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.c<I>. &nbsp;After Acquired Real Property</I>.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If after the date of this Indenture the Company or any Subsidiary Guarantor becomes the owner of any Qualifying Real Property, the Company or such Subsidiary Guarantor shall execute and deliver, within 90 days of such acquisition, each of the following documents listed below, which shall be in form and substance customary for transactions of this type, as reasonably determined by an Officer of the Company, with respect to such Qualifying Real Property; provided, for the avoidance of doubt, that the Collateral Agent shall not be responsible for the failure of any Person to deliver the documents below, for monitoring such delivery or for the content or correctness of any document delivered to it:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Insurance. </I>Policies or certificates of insurance (including evidence of flood insurance, if any) covering such Qualifying Real Property, which policies or certificates shall be in form and substance customary for such endorsements, as as determined in good faith by an Officer of the Company, and list the Collateral Agent as additional insured and/or loss payee and mortgagee and shall otherwise bear endorsements of such type and in such amounts as the Company determines, in its sole good faith judgment, are customarily carried under similar circumstances for properties engaged in the same or similar businesses as the Company and the Subsidiary Guarantors;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Mortgages</I>. Fully executed counterparts of the mortgages, deeds of trust or deeds to secure debt evidencing the liens on such real property that will secure the Notes in form and substance customary for such transactions, as reasonably determined by an Officer of the Company, and, in each case, with such schedules and including such provisions as shall be necessary to conform such documents to applicable local or foreign law or as shall be customary under applicable local or foreign law (the &#147;<B>Mortgages</B>&#148;), as reasonably determined by an Officer of the Company, which Mortgages shall cover each such Qualifying Real Property, together with evidence that a counterpart of the Mortgage with respect to such Qualifying Real Property has been delivered to the title insurance company for recording in all places to the extent necessary to effectively create a valid and enforceable first priority mortgage lien on such Qualifying Real Property in favor of the Collateral Agent for its benefit and the benefit of the Secured Parties (subject to Permitted Liens);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Fixture filings</I>. Fixture filings under the Uniform Commercial Code on Form UCC-1 for filing under the Uniform Commercial Code in the appropriate jurisdiction to the extent necessary to perfect the security interests in fixtures purported to be created by the Mortgage with respect to such Qualifying Real Property listing the Collateral Agent as secured party, for its benefit and the benefit of the Secured Parties (unless the applicable Mortgage is sufficient to constitute a fixture filing under applicable law);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Counsel Opinions</I>. &nbsp;One or more opinions of counsel in the applicable jurisdiction of such Qualifying Real Property addressed to the Collateral Agent with respect to the enforceability of the Mortgage with respect thereto and the creation and perfection of the security interest purported to be created thereby in favor of the Collateral Agent for the benefit of the Secured Parties, and an opinion of counsel for the Company or the relevant Subsidiary Guarantor regarding due authorization, execution and delivery of such Mortgage.</P>
<A NAME="_Toc290368194"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6.d<I>. &nbsp;Security Agreement and Other Security Documents. &nbsp;</I>The Collateral Agent is hereby directed and authorized to execute and deliver the Security Agreement and any other Security Document in which it is named as a party.&nbsp; It is hereby expressly acknowledged and agreed that, in doing so, the Collateral Agent is not responsible for the terms or contents of such agreements, or for the validity or enforceability thereof, or the sufficiency thereof for any purpose.&nbsp; Whether or not so expressly stated therein, in entering into, or taking (or forbearing from) any action under or pursuant to, any Security Document, the Collateral Agent shall have all of the rights, immunities, indemnities and other protections granted to it under this Indenture (in addition to those that may be granted to it under the terms of such other agreement or agreements).</P>
<A NAME="_Toc290368195"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 7<BR>
Ranking of Note Liens</P>
<A NAME="_Toc290368196"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7.a<I>. &nbsp;Relative Rights. &nbsp;</I>Nothing in this Indenture or the Security Agreement will:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">impair, as between the Company and Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of, premium and interest on such Notes in accordance with their terms or to perform any other obligation of the Company or any Subsidiary Guarantor under this Indenture, the Notes, the Subsidiary Guarantees and any Security Documents;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">restrict the right of any Holder to sue for payments that are then due and owing, in a manner not inconsistent with the provisions of the Security Agreement;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prevent the Trustee or any Holder from exercising against the Company or any Subsidiary Guarantor any of its other available remedies upon a Default or Event of Default (other than its rights as a secured party, which are subject to the Security Documents); or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">restrict the right of the Trustee or any Holder:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to file and prosecute a petition seeking an order for relief in an involuntary bankruptcy case as to the Company or any Subsidiary Guarantor or otherwise to commence, or seek relief commencing, any insolvency or liquidation proceeding involuntarily against the Company or any Subsidiary Guarantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to make, support or oppose any request for an order for dismissal, abstention or conversion in any insolvency or liquidation proceeding;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to make, support or oppose, in any insolvency or liquidation proceeding, any request for an order extending or terminating any period during which the debtor (or any other Person) has the exclusive right to propose a plan of reorganization or other dispositive restructuring or liquidation plan therein;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to seek the creation of, or appointment to, any official committee representing creditors (or certain of the creditors) in any insolvency or liquidation proceeding and, if appointed, to serve and act as a member of such committee without being in any respect restricted or bound by, or liable for, any of the obligations under this ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to seek or object to the appointment of any professional person to serve in any capacity in any insolvency or liquidation proceeding or to support or object to any request for compensation made by any professional person or others therein;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to make, support or oppose any request for order appointing a trustee or examiner in any insolvency or liquidation proceeding; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">otherwise to make, support or oppose any request for relief in any insolvency or liquidation proceeding that it is permitted by law to make, support or oppose:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">as if it were a holder of unsecured claims; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">as to any matter relating to any plan of reorganization or other restructuring or liquidation plan or as to any matter relating to the administration of the estate or the disposition of the case or proceeding (in each case set forth in this clause (B)&nbsp;except as set forth in the Security Agreement).</P>
<A NAME="_Toc290368197"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 8<BR>
Miscellaneous</P>
<A NAME="_Toc290368198"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.a<I>. &nbsp;Trust Indenture Act Controls. &nbsp;</I>If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Trust Indenture Act Section 318(c), the imposed duties shall control.</P>
<A NAME="_Toc290368199"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.b<I>. &nbsp;Notices. &nbsp;</I>Any notice or communication by the Company, any Subsidiary Guarantor or the Trustee to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), fax or overnight air courier guaranteeing next day delivery, to the others&#146; address:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If to the Company and/or any Subsidiary Guarantor:</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc.</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">125 Broad Street </P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York, NY 10004</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: General Counsel</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telephone: (212) 668-8000 </P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Facsimile: 212-668-8081 </P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E:mail: dennis.mcnamara@opco.com </P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">with a copy to:</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Skadden, Arps, Slate, Meagher &amp; Flom LLP<BR>
Four Times Square</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York, NY 10036<BR>
Attention: Richard Aftanas, Esq.<BR>
Telephone: 212-735-3000<BR>
Facsimile: 212-735-2000<BR>
E-mail: richard.aftanas@skadden.com</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If to the Trustee or the Collateral Agent:</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Bank of New York Mellon Trust Company, N.A.<BR>
525 William Penn Place, 38<SUP>th</SUP> Floor<BR>
Pittsburgh, PA 15259<BR>
Attention: Corporate Trust<BR>
Telephone: 412-236-1207<BR>
Facsimile: 412-234-7535</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Email: Beth.Mellinger@bnymellon.com</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company, any Subsidiary Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; <I>provided</I> that any notice or communication delivered to the Trustee or the Collateral Agent shall be deemed effective upon only actual receipt thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any notice or communication to a Holder shall be mailed by first-class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. &nbsp;Any notice or communication shall also be so mailed to any Person described in Trust Indenture Act Section 313(c), to the extent required by the Trust Indenture Act. &nbsp;Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it; <I>provided</I> that any notices or communications to the Trustee shall be deemed effective only upon actual receipt thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.</P>
<A NAME="_Toc290368200"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.c<I>. &nbsp;Communication by Holders of Notes with Other Holders of Notes. &nbsp;</I>Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. &nbsp;The Company, the Subsidiary Guarantors, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c).</P>
<A NAME="_Toc290368201"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.d<I>. &nbsp;Certificate and Opinion as to Conditions Precedent. &nbsp;</I>Upon any request or application by the Company or any of the Subsidiary Guarantors to the Trustee to take any action under this Indenture, the Company or such Subsidiary Guarantor, as the case may be, shall furnish to the Trustee: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">An Officers&#146; Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in &nbsp;hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">An Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in &nbsp;hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.</P>
<A NAME="_Toc290368202"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.e<I>. &nbsp;Statements Required in Certificate or Opinion. &nbsp;</I>Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to &nbsp;hereof or Trust Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section 314(e) and shall include:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a statement that the Person making such certificate or opinion has read such covenant or condition;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance on an Officers&#146; Certificate as to matters of fact); and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.</P>
<A NAME="_Toc290368203"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.f<I>. &nbsp;Rules by Trustee and Agents. &nbsp;</I>The Trustee may make reasonable rules for action by or at a meeting of Holders. &nbsp;The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.</P>
<A NAME="_Toc290368204"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.g<I>. &nbsp;No Personal Liability of Directors, Officers, Employees and Stockholders. &nbsp;</I>No director, officer, employee, incorporator or stockholder of the Company or any Subsidiary Guarantor or any of their parent companies shall have any liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, the Subsidiary Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. &nbsp;Each Holder by accepting Notes waives and releases all such liability. &nbsp;The waiver and release are part of the consideration for issuance of the Notes. &nbsp;</P>
<A NAME="_Toc290368205"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.h<I>. &nbsp;Governing Law. &nbsp;</I>THIS INDENTURE, THE NOTES AND ANY SUBSIDIARY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</P>
<A NAME="_Toc290368206"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.i<I>. &nbsp;Waiver of Jury Trial. &nbsp;</I>EACH OF THE ISSUER, THE SUBSIDIARY GUARANTORS, THE COLLATERAL AGENT, THE TRUSTEE AND EACH HOLDER BY ACCEPTING A NOTE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>
<A NAME="_Toc290368207"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.j<I>. &nbsp;Force Majeure. &nbsp;</I>In no event shall the Trustee or Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services.</P>
<A NAME="_Toc290368208"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.k<I>. &nbsp;No Adverse Interpretation of Other Agreements. &nbsp;</I>This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Restricted Subsidiaries or of any other Person. &nbsp;Any such indenture, loan or debt agreement may not be used to interpret this Indenture.</P>
<A NAME="_Toc290368209"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.l<I>. &nbsp;Successors. &nbsp;</I>All agreements of the Company in this Indenture and the Notes shall bind its successors. &nbsp;All agreements of the Trustee in this Indenture shall bind its successors. &nbsp;All agreements of each Subsidiary Guarantor in this Indenture shall bind its successors, except as otherwise provided in &nbsp;hereof.</P>
<A NAME="_Toc290368210"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.m<I>. &nbsp;Severability. &nbsp;</I>In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</P>
<A NAME="_Toc290368211"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.n<I>. &nbsp;Counterpart Originals. &nbsp;</I>The parties may sign any number of copies of this Indenture. &nbsp;Each signed copy shall be an original, but all of them together represent the same agreement.</P>
<A NAME="_Toc290368212"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.o<I>. &nbsp;Table of Contents, Headings, etc. &nbsp;</I>The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.</P>
<A NAME="_Toc290368213"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.p<I>. &nbsp;Qualification of Indenture. &nbsp;</I>The Company and the Subsidiary Guarantors shall qualify this Indenture under the Trust Indenture Act in accordance with the terms and conditions of the Registration Rights Agreement and shall pay all reasonable costs and expenses (including attorneys&#146; fees and expenses for the Company, the Subsidiary Guarantors and the Trustee) incurred in connection therewith, including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. &nbsp;The Trustee shall be entitled to receive from the Company and the Subsidiary Guarantors any such Officers&#146; Certificates, Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Indenture under the Trust Indenture Act.</P>
<A NAME="_Toc290368214"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8.q<I>. &nbsp;Patriot Act. &nbsp;</I>The parties hereto acknowledge that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented from time to the, the &#147;USA Patriot Act&#148;), the Trustee, like all financial institutions, is required to obtain, verify and record information that identifies each person or legal entity that opens an account. &nbsp;The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Signatures on following page]</P>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman </P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SUBSIDIARY GUARANTORS:</P>
<P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E.A. VINER INTERNATIONAL CO</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">VINER FINANCE INC.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Signature Page to Senior Secured Indenture</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Beth Mellinger</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Beth Mellinger</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Agent</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:49.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Collateral Agent</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Beth Mellinger</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Beth Mellinger</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin:0pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title: Agent</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Signature Page to Senior Secured Indenture</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT A</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Face of Note]</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. &nbsp;UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (&#147;DTC&#148;) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY STATE SECURITIES LAWS. &nbsp;NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. &nbsp;THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE HEREON (OR ANY PREDECESSOR OF THIS NOTE) (THE &#147;RESALE RESTRICTION TERMINATION DATE&#148;) ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON IT REASONABLY BELIEVES IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER&#146;S AND THE TRUSTEE&#146;S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. &nbsp;THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>[Additional Language of Regulation S Note]</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">CUSIP &nbsp;[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<BR>
ISIN &nbsp;[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<SUP>1</SUP></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[[RULE 144A][REGULATION S] GLOBAL NOTE<BR>
8.75% Senior Secured Notes due 2018</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">No. ___ </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:298pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[$______________]</P>
<P style="margin-top:24pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">promises to pay to CEDE &amp; CO. or registered assigns, the principal sum of ______________________ United States Dollars on April 15, 2018.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Interest Payment Dates: &nbsp;April 15 and October 15</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Record Dates: &nbsp;April 1 and October 1</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS HEREOF, the Company has caused this instrument to be duly executed.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dated: &nbsp;April 12, 2011</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This is one of the Notes referred to in the within-mentioned Indenture:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin:0pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Authorized Signatory</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR>
<BR></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Back of Note]</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>8.75% Senior Secured Notes due 2018</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt">INTEREST. &nbsp;Oppenheimer Holdings Inc., a Delaware corporation, promises to pay interest on the principal amount of this Note at 8.75% per annum from April 12, 2011<SUP>2</SUP> until maturity and shall pay the Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. &nbsp;The Company will pay interest and Additional Interest, if any, semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an &#147;<B>Interest Payment Date</B>&#148;). &nbsp;Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; <I>provided</I> that the first Interest Payment Date shall be October 15, 2011<SUP>2</SUP>. &nbsp;The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. &nbsp;Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">METHOD OF PAYMENT. &nbsp;The Company will pay interest on the Notes and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1 (whether or not a Business Day), as the case may be, next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in &nbsp;of the Indenture with respect to defaulted interest. &nbsp;Payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders, <I>provided</I> that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. &nbsp;Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">PAYING AGENT AND REGISTRAR. &nbsp;Initially, The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar. &nbsp;The Company may change any Paying Agent or Registrar without notice to the Holders. &nbsp;The Company or any of its Subsidiaries may act in any such capacity.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">INDENTURE. &nbsp;The Company issued the Notes under an Indenture, dated as of April 12, 2011 (the &#147;<B>Indenture</B>&#148;), among Oppenheimer Holdings Inc., the Subsidiary Guarantors named therein, the Trustee and the Collateral Agent. &nbsp;This Note is one of a duly authorized issue of Notes of the Company designated as its 8.75% Senior Secured Notes due 2018. &nbsp;The Company shall be entitled to issue Additional Notes pursuant to Sections &nbsp;and &nbsp;of the Indenture. &nbsp;The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the &#147;<B>Trust Indenture Act</B>&#148;). &nbsp;The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. &nbsp;To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPTIONAL REDEMPTION.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Except as described below under clauses 5(b) and 5(c) hereof, the Notes will not be redeemable at the Company&#146;s option before April 15, 2014. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">At any time prior to April 15, 2014, the Company may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days&#146; prior notice mailed by first-class mail to the registered address of each Holder of Notes, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to, but not including, the date of redemption (the &#147;<B>Redemption Date</B>&#148;), subject to the rights of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">At any time prior to April 15, 2014 the Company may redeem up to 35% of the principal amount of the Notes with the Net Cash Proceeds of one or more sales of its Capital Stock (other than Disqualified Stock) at a redemption price of 108.75% of their principal amount, plus accrued interest and Additional Interest, if any, to, but not including, the redemption date; <I>provided</I> that at least 65% of the aggregate principal amount of Notes originally issued (calculated after giving effect to any issuance of Additional Notes) remains outstanding after each such redemption and notice of any such redemption is mailed within 90 days of each such sale of Capital Stock.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">On and after April 15, 2014, the Company may redeem the Notes upon not less than 30 nor more than 60 days&#146; prior notice by first-class mail, postage prepaid, with a copy to the Trustee, to each Holder of Notes at the address of such Holder appearing in the security register, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon and Additional Interest, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of Notes of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on April 15 of each of the years indicated below:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=407.2><P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><B>Year</B></P>
</TD><TD valign=top width=135.2><P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align=center><B>Percentage</B></P>
</TD></TR>
<TR><TD valign=top width=407.2><P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">2014</P>
<P style="margin:0pt; text-indent:294.6pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=135.2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>106.563%</P>
</TD></TR>
<TR><TD valign=top width=407.2><P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">2015</P>
<P style="margin:0pt; text-indent:294.6pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=135.2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>104.375%</P>
</TD></TR>
<TR><TD valign=top width=407.2><P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">2016</P>
<P style="margin:0pt; text-indent:294.6pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=135.2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>102.188%</P>
</TD></TR>
<TR><TD valign=top width=407.2><P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">2017 and thereafter</P>
<P style="margin:0pt; text-indent:294.6pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=135.2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>100.000%</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any redemption pursuant to this paragraph&nbsp;5 shall be made pursuant to the provisions of Sections&nbsp; through &nbsp;of the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">6.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">MANDATORY REDEMPTION. &nbsp;The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">7.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NOTICE OF REDEMPTION. &nbsp;Subject to &nbsp;of the Indenture, notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date (except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with Article 8 or Article 11 of the Indenture) to each Holder whose Notes are to be redeemed at its registered address. &nbsp;Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess of $2,000, unless all of the Notes held by a Holder are to be redeemed. &nbsp;On and after the Redemption Date and deposit of the redemption price with the Paying Agent interest ceases to accrue on Notes or portions thereof called for redemption. &nbsp;If any Note is to be redeemed in part only, the notice of redemption relating to such Note will state the portion of the principal amount to be redeemed. &nbsp;A new Note in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">8.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OFFERS TO REPURCHASE.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If a Change of Control occurs, the Company must commence, within 30 days of the occurrence of a Change of Control, and consummate an Offer to Purchase for all Notes then outstanding, at a purchase price equal to 101% of their principal amount, plus accrued interest (if any) and Additional Interest (if any) to, but not including, the Payment Date. &nbsp;The Change of Control Offer shall be made in accordance with &nbsp;of the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Company or any of its Restricted Subsidiaries consummates an Asset Sale or the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries consummates a Regulated Sale, and, as of the first day of any calendar month, the aggregate amount of Excess Proceeds not theretofore subject to an Offer to Purchase pursuant to this covenant totals at least $15 million, the Company must commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase from the Holders (and, if required by the terms of any Pari Passu Lien Indebtedness, from the holders of such Pari Passu Lien Indebtedness) on a pro rata basis an aggregate principal amount of Notes (and Pari Passu Lien Indebtedness) equal to the Excess Proceeds on such date, at a purchase price equal to 100% of their principal amount, plus, in each case, accrued interest (if any) and Additional Interest (if any) to, but not including, the Payment Date.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To the extent that the aggregate amount of Notes and Pari Passu Lien Indebtedness so validly tendered and not properly withdrawn pursuant to an Offer to Purchase is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any other purpose which is permitted by the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the aggregate principal amount of Notes surrendered by Holders thereof and other Pari Passu Lien Indebtedness surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Notes and Pari Passu Lien Indebtedness. &nbsp;Upon completion of such Offer to Purchase, the amount of Excess Proceeds will be reset to zero.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">9.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">DENOMINATIONS, TRANSFER, EXCHANGE. &nbsp;The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. &nbsp;The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. &nbsp;The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. &nbsp;The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. &nbsp;Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">10.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">PERSONS DEEMED OWNERS. &nbsp;The registered Holder of a Note may be treated as its owner for all purposes.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">12.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">AMENDMENT, SUPPLEMENT AND WAIVER. &nbsp;The Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented as provided in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">13.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">DEFAULTS AND REMEDIES. &nbsp;The Events of Default relating to the Notes are defined in &nbsp;of the Indenture. &nbsp;If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding, by written notice to the Company (and to the Trustee if such notice is given by the Holders), may declare the principal, premium, if any, and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately due and payable. If an Event of Default specified in clause &nbsp;or &nbsp;of &nbsp;of the Indenture occurs with respect to the Company, the principal of, premium, if any, and accrued interest on the Notes then-outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. &nbsp;Holders may not enforce the Indenture, the Notes or the Subsidiary Guarantees except as provided in the Indenture. &nbsp;Subject to certain limitations, the Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. The Trustee may refuse to follow any direction that conflicts with law or the Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. &nbsp;The Trustee shall, within 90 days of the occurrence of a default, give to the Holders of the Notes notice of all uncured defaults known to it, but the Trustee may withhold such notice if it, in good faith, determines that the withholding of such notice is in the best interest of such Holders, except in the case of a default in the payment of the principal of or interest or Additional Interest (if any) on any of the Notes. &nbsp;The Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Trustee, may, on behalf of the Holders of all of the Notes, waive all past Defaults or Events of Default and rescind and annul a declaration of acceleration and its consequences if (x) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived and (y) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. &nbsp;Upon any such waiver, such Default or Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. &nbsp;The Company and each Subsidiary Guarantor (to the extent that such Subsidiary Guarantor is so required under the Trust Indenture Act) is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required &nbsp;as soon as reasonably possible and in any event within 30 days &nbsp;after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Company proposes to take with respect thereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">AUTHENTICATION. &nbsp;This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. &nbsp;In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, dated as of April 12, 2011, among Oppenheimer Holdings Inc., the Subsidiary Guarantors named therein and the other parties named on the signature pages thereof (the &#147;<B>Registration Rights Agreement</B>&#148;), including the right to receive Additional Interest (as defined in the Registration Rights Agreement).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">16.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">GOVERNING LAW. &nbsp;THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">17.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">CUSIP NUMBERS. &nbsp;Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP numbers and ISIN numbers in notices (including notices of redemption) as a convenience to Holders. &nbsp;No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice and reliance may be placed only on the other identification numbers placed thereon.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">18.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">GUARANTEE. &nbsp;The Company&#146;s obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, by the Subsidiary Guarantors.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">19.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">COLLATERAL. &nbsp;The Notes and any Subsidiary Guarantee by a Subsidiary Guarantor are secured by a security interest in the Collateral under certain Security Documents.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company will furnish to any Holder upon written request and without charge a copy of the Indenture, the Security Documents and/or the Registration Rights Agreement. &nbsp;Requests may be made to the Company at the following address:</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc.</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">125 Broad Street </P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York, NY 10004</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: General Counsel<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR>
<BR></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ASSIGNMENT FORM</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To assign this Note, fill in the form below:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(I) or (we) assign and transfer this Note to: &nbsp;</P>
<P style="margin:0pt; text-indent:396pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:233.1pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Insert assignee&#146; legal name)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Insert assignee&#146;s soc. sec. or tax I.D. no.)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Print or type assignee&#146;s name, address and zip code)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and irrevocably appoint </P>
<P style="margin:0pt; text-indent:396pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to transfer this Note on the books of the Company. &nbsp;The agent may substitute another to act for him.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: &nbsp;_____________________</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:156pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Your Signature: &nbsp;</P>
<P style="margin:0pt; padding-left:156pt; text-indent:240pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:240pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Sign exactly as your name appears on the face of this Note)</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Signature Guarantee*: &nbsp;__________________________________</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR>
<BR></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>OPTION OF HOLDER TO ELECT PURCHASE</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If you want to elect to have this Note purchased by the Company pursuant to &nbsp;or &nbsp;of the Indenture, check the appropriate box below:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[&nbsp;&nbsp;&nbsp;] &nbsp;[&nbsp;&nbsp;&nbsp;] </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If you want to elect to have only part of this Note purchased by the Company pursuant to &nbsp;or &nbsp;of the Indenture, state the amount you elect to have purchased:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>$_______________</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: &nbsp;_____________________</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:156pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Your Signature: &nbsp;</P>
<P style="margin:0pt; padding-left:156pt; text-indent:240pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:240pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Sign exactly as your name appears on the face of this Note)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:156pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Tax Identification No.: &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:156pt; text-indent:240pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Signature Guarantee*: &nbsp;__________________________________</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE<SUP>*</SUP></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The initial outstanding principal amount of this Global Note is $__________. &nbsp;The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=90.067><P style="margin:0pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Date of Exchange</B></P>
</TD><TD valign=bottom width=102.933><P style="margin:0pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Amount of decrease in Principal Amount</B></P>
</TD><TD valign=bottom width=128.667><P style="margin:0pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Amount of increase in Principal Amount of this Global Note</B></P>
</TD><TD valign=bottom width=113><P style="margin:0pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Principal Amount of this Global Note following such decrease or increase</B></P>
</TD><TD valign=bottom width=108.667><P style="margin:0pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Signature of authorized officer of Trustee or Note Custodian</B></P>
</TD></TR>
<TR><TD valign=top width=90.067>&nbsp;</TD><TD valign=top width=102.933>&nbsp;</TD><TD valign=top width=128.667>&nbsp;</TD><TD valign=top width=113>&nbsp;</TD><TD valign=top width=108.667>&nbsp;</TD></TR>
<TR><TD valign=top width=90.067>&nbsp;</TD><TD valign=top width=102.933>&nbsp;</TD><TD valign=top width=128.667>&nbsp;</TD><TD valign=top width=113>&nbsp;</TD><TD valign=top width=108.667>&nbsp;</TD></TR>
<TR><TD valign=top width=90.067>&nbsp;</TD><TD valign=top width=102.933>&nbsp;</TD><TD valign=top width=128.667>&nbsp;</TD><TD valign=top width=113>&nbsp;</TD><TD valign=top width=108.667>&nbsp;</TD></TR>
<TR><TD valign=top width=90.067>&nbsp;</TD><TD valign=top width=102.933>&nbsp;</TD><TD valign=top width=128.667>&nbsp;</TD><TD valign=top width=113>&nbsp;</TD><TD valign=top width=108.667>&nbsp;</TD></TR>
<TR><TD valign=top width=90.067>&nbsp;</TD><TD valign=top width=102.933>&nbsp;</TD><TD valign=top width=128.667>&nbsp;</TD><TD valign=top width=113>&nbsp;</TD><TD valign=top width=108.667>&nbsp;</TD></TR>
<TR><TD valign=top width=90.067>&nbsp;</TD><TD valign=top width=102.933>&nbsp;</TD><TD valign=top width=128.667>&nbsp;</TD><TD valign=top width=113>&nbsp;</TD><TD valign=top width=108.667>&nbsp;</TD></TR>
<TR><TD valign=top width=90.067>&nbsp;</TD><TD valign=top width=102.933>&nbsp;</TD><TD valign=top width=128.667>&nbsp;</TD><TD valign=top width=113>&nbsp;</TD><TD valign=top width=108.667>&nbsp;</TD></TR>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[FORM OF NOTATION ON NOTE RELATING TO SUBSIDIARY GUARANTEE]</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SUBSIDIARY GUARANTEE</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E.A. Viner International Co. and Viner Finance Inc. (the &#147;<B>Subsidiary Guarantors</B>&#148;) have jointly and severally, unconditionally guaranteed (such guarantee by each Subsidiary Guarantor being referred to herein as the &#147;<B>Subsidiary Guarantee</B>&#148;), that (i) the principal of, interest, premium and Additional Interest, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption &nbsp;or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders, the Trustee and the Collateral Agent all in accordance with the terms set forth under Article 10 of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any other such obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The obligations of each Subsidiary Guarantor to the Holders, the Trustee and the Collateral Agent pursuant to this Subsidiary Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantees.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">No director, officer, employee, incorporator or stockholder of the Company or any Subsidiary Guarantor or any of their parent companies shall have any liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, the Subsidiary Guarantees or the Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. &nbsp;Each Holder by accepting Notes waives and releases all such liability. &nbsp;The waiver and release are part of the consideration for issuance of the Notes. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each holder of a Note by accepting a Note agrees that any Subsidiary Guarantor named below shall have no further liability with respect to its Subsidiary Guarantee if such Subsidiary Guarantor otherwise ceases to be liable in respect of its Subsidiary Guarantee in accordance with the terms of the Indenture. &nbsp;The Obligations of each Subsidiary Guarantor under its &nbsp;Subsidiary Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Capitalized terms used but not defined herein have the respective meanings set forth in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
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<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Subsidiary Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Notes upon which the Subsidiary Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E.A. VINER INTERNATIONAL CO.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
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<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">VINER FINANCE INC.</P>
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<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
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<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT B</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>FORM OF CERTIFICATE OF TRANSFER</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Bank of New York Mellon Trust Company, N.A.<BR>
525 William Penn Place, 38th Floor[&#149;]</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pittsburgh, PA 15259</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: Corporate Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telephone: 412-236-1207</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">FacsimileTelecopy: 412-234-7535</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Email: Beth.Mellinger@bnymellon.com</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Re: &nbsp;8.75% Senior Secured Notes due 2018</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Reference is hereby made to the Indenture, dated as of April 12, 2011 (the &#147;<B>Indenture</B>&#148;), among Oppenheimer Holdings Inc., a Delaware corporation, the Subsidiary Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and Collateral Agent. &nbsp;Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">_______________ (the &#147;<B>Transferor</B>&#148;) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $___________ in such Note[s] or interests (the &#147;<B>Transfer</B>&#148;), to _______________ (the &#147;<B>Transferee</B>&#148;), as further specified in Annex A hereto. &nbsp;In connection with the Transfer, the Transferor hereby certifies that:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[CHECK ALL THAT APPLY]</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. &nbsp;The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a &#147;<B>qualified institutional buyer</B>&#148; within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. &nbsp;Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A LEGENDED REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. &nbsp;The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). &nbsp;Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Legended Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. &nbsp;The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] such Transfer is being effected to the Company or a subsidiary thereof;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. &nbsp;Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and, in the case of a transfer from a Restricted Global Note or a Restricted Definitive Note, the Transferor hereby further certifies that (a) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (b) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (c) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (d) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person, and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. &nbsp;Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. &nbsp;(i)&nbsp;The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. &nbsp;Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>B-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This certificate and the statements contained herein are made for your benefit and the benefit of the Company.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[Insert Name of Transferor]</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[Medallion Stamp Guarantee]</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dated: &nbsp;_______________________</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>B-2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>ANNEX A TO CERTIFICATE OF TRANSFER</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Transferor owns and proposes to transfer the following:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[CHECK ONE OF (a) OR (b)]</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] a beneficial interest in the:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] 144A Global Note (CUSIP [&#149;]), or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] Regulation S Global Note (CUSIP [&#149;]), or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] a Restricted Definitive Note.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">After the Transfer the Transferee will hold:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[CHECK ONE]</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] a beneficial interest in the:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] 144A Global Note (CUSIP [&#149;]), or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] Regulation S Global Note (CUSIP [&#149;]), or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] Unrestricted Global Note (CUSIP [&#149;]); or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] a Restricted Definitive Note; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] an Unrestricted Definitive Note,<BR>
in accordance with the terms of the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>B-3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT C</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>FORM OF CERTIFICATE OF EXCHANGE</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Bank of New York Mellon Trust Company, N.A.<BR>
The Bank of New York Mellon Trust Company, N.A.<BR>
525 William Penn Place, 38th Floor[&#149;]</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pittsburgh, PA 15259</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: Corporate Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telephone: 412-236-1207</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">FacsimileTelecopy: 412-234-7535</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Email: Beth.Mellinger@bnymellon.com</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Re: &nbsp;8.75% Senior Secured Notes due 2018</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Reference is hereby made to the Indenture, dated as of April 12, 2011 (the &#147;<B>Indenture</B>&#148;), among Oppenheimer Holdings Inc., a Delaware corporation, the Subsidiary Guarantors named therein and The Bank of New York Mellon Trust Company, N.A. as Trustee. &nbsp;Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">___________ (the &#147;<B>Owner</B>&#148;) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $__________ in such Note[s] or interests (the &#147;<B>Exchange</B>&#148;). &nbsp;In connection with the Exchange, the Owner hereby certifies that:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. &nbsp;In connection with the Exchange of the Owner&#146;s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner&#146;s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. &nbsp;In connection with the Exchange of the Owner&#146;s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner&#146;s own account without transfer, (ii)&nbsp;such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. &nbsp;In connection with the Owner&#146;s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner&#146;s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. &nbsp;In connection with the Owner&#146;s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner&#146;s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. &nbsp;In connection with the Exchange of the Owner&#146;s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner&#146;s own account without transfer. &nbsp;Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. &nbsp;In connection with the Exchange of the Owner&#146;s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] &nbsp;[ &nbsp;&nbsp;] 144A Global Note &nbsp;[ &nbsp;&nbsp;] Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner&#146;s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. &nbsp;Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This certificate and the statements contained herein are made for your benefit and the benefit of the Company.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[Insert Name of Transferor]</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[Medallion Stamp Guarantee]</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dated: &nbsp;_______________________</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>C-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT D</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[FORM OF SUPPLEMENTAL INDENTURE<BR>
TO BE DELIVERED BY SUBSEQUENT SUBSIDIARY GUARANTORS]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Supplemental Indenture (this &#147;<B>Supplemental Indenture</B>&#148;), dated as of __________, among __________________ (the &#147;<B>Guaranteeing Subsidiary</B>&#148;), a subsidiary of Oppenheimer Holdings Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), and The Bank of New York Mellon Trust Company, N.A., as trustee (the &#147;<B>Trustee</B>&#148;) and Collateral Agent.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>W I T N E S S E T H</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, the Company and each of the Subsidiary Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee an indenture (the &#147;<B>Indenture</B>&#148;), dated as of April 12, 2011, providing for the issuance of 8.75% Senior Secured Notes due 2018 (the &#147;<B>Notes</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company&#146;s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the &#147;<B>Subsidiary Guarantee</B>&#148;); and</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, pursuant to &nbsp;of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Capitalized Terms</U>. &nbsp;Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Agreement to Guarantee</U>. &nbsp;The Guaranteeing Subsidiary hereby agrees as follows: &nbsp;Along with all Subsidiary Guarantors named in the Indenture, to jointly and severally unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and Collateral Agent andtheir respective successors and assigns, on a senior secured basis, the the prompt payment and performance by the Company when due (whether at Stated Maturity, by acceleration or otherwise) of each and all of the Company&#146;s Obligations.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Execution and Delivery</U>. &nbsp;The Guaranteeing Subsidiary agrees that the Subsidiary Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Subsidiary Guarantee on the Notes.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(4)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Releases</U>.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Subsidiary Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by the Guaranteeing Subsidiary, the Company or the Trustee is required for the release of the Guaranteeing Subsidiary&#146;s Subsidiary Guarantee, upon: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of such Guaranteeing Subsidiary, following which such Guaranteeing Subsidiary ceases to be a direct or indirect Subsidiary of &nbsp;the Company if such sale or disposition either does not constitute an Asset Sale or does constitute an Asset Sale effected in compliance with the covenants set forth in Sections &nbsp;and .</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if such Guaranteeing Subsidiary is dissolved or liquidated;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary as an Unrestricted Subsidiary in compliance with the applicable provisions of this Indenture; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the exercise by the Company of its Legal Defeasance option or Covenant Defeasance option as described under &nbsp;or the discharge of the Company&#146;s obligations under this Indenture in accordance with the terms of this Indenture.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(5)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>No Recourse Against Others</U>. &nbsp;No director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the Company or the Subsidiary Guarantors (including the Guaranteeing Subsidiary) under the Notes, any Subsidiary Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. &nbsp;Each Holder by accepting Notes waives and releases all such liability. &nbsp;The waiver and release are part of the consideration for issuance of the Notes. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(6)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Governing Law</U>. &nbsp;THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(7)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Counterparts</U>. &nbsp;The parties may sign any number of copies of this Supplemental Indenture. &nbsp;Each signed copy shall be an original, but all of them together represent the same agreement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(8)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Effect of Headings</U>. &nbsp;The Section headings herein are for convenience only and shall not affect the construction hereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(9)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>The Trustee</U>. &nbsp;The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(10)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Benefits Acknowledged</U>. &nbsp;The Guaranteeing Subsidiary&#146;s Subsidiary Guarantee is subject to the terms and conditions set forth in the Indenture. &nbsp;The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Subsidiary Guarantee are knowingly made in contemplation of such benefits.</P>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
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<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[GUARANTEEING SUBSIDIARY]</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
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</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
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</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
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</TD></TR>
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<P style="margin-top:0pt; margin-bottom:12pt; padding-left:49.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Collateral Agent</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
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</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
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</TD></TR>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT E</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[FORM OF]</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PARI PASSU INTERCREDITOR AGREEMENT</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>among</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>OPPENHEIMER HOLDINGS INC.,</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>the other Grantors party hereto,</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,<BR>
as Collateral Agent for the Existing Secured Parties</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],<BR>
as the Initial Additional Collateral Agent</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>and</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>each additional Authorized Representative from time to time party hereto</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>dated as of [ ], 20[ ]</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>E - 1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
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<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">PARI PASSU INTERCREDITOR AGREEMENT dated as of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[ &nbsp;&nbsp;&nbsp;&nbsp;] (as amended, supplemented or otherwise modified from time to time, this &#147;<B>Agreement</B>&#148;), among Oppenheimer Holdings Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), the other Grantors (as defined below) party hereto, The Bank of New York Mellon Trust Company, N.A. as collateral agent for the Existing Secured Parties (together with its successors and assigns in such capacity, the &#147;<B>Existing Collateral Agent</B>&#148;), [INSERT NAME AND CAPACITY], as collateral agent for the Initial Additional Pari Passu Secured Parties (in such capacity and together with its successors in such capacity, the &#147;<B>Initial Additional Collateral Agent</B>&#148;) and each additional Authorized Representative from time to time party hereto for the Additional Pari Passu Secured Parties of the Series with respect to which it is acting in such capacity.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Existing Collateral Agent (for itself and on behalf of the Existing Secured Parties), the Initial Additional Collateral Agent (for itself and on behalf of the Initial Additional Pari Passu Secured Parties) and each additional Authorized Representative (for itself and on behalf of the Additional Pari Passu Secured Parties of the applicable Series) agree as follows:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 1<BR>
Definitions</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1.01<I> &nbsp;Certain Defined Terms. &nbsp;</I>Capitalized terms used but not otherwise defined herein have the meanings set forth in the Indenture or, if defined in the New York UCC, the meanings specified therein. As used in this Agreement, the following terms have the meanings specified below:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Accreted Value</B>&#148; means at any time, with respect to any Pari Passu Obligation issued with an original issue discount, &#147;accreted value&#148; of such Pari Passu Obligation at such time representing the stated principal or face amount thereof reduced by that portion of the related original issue discount corresponding to the ratio of the remaining term thereof to the original term thereof.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Additional Pari Passu Documents</B>&#148; means, with respect to any Series of Additional Pari Passu Obligations, the loan agreements, credit agreements, indentures or other agreements evidencing or governing such Additional Pari Passu Obligations, including the Initial Additional Pari Passu Documents and each other agreement entered into for the purpose of securing any Series of Additional Pari Passu Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Additional Pari Passu Obligations</B>&#148; means, with respect to any Series of Additional Pari Passu Obligations, (a) all principal of, and interest (including, without limitation, any post-petition interest) payable with respect to, such Additional Pari Passu Obligations, (b) all other amounts payable to the related Additional Pari Passu Secured Parties under the related Additional Pari Passu Documents and (c) any renewals of extensions of the foregoing.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Additional Pari Passu Secured Party</B>&#148; means the holders of any Additional Pari Passu Obligations and any Authorized Representative with respect thereto and shall include the Initial Additional Pari Passu Secured Parties and the Initial Additional Collateral Agent.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Agreement</B>&#148; has the meaning assigned to such term in the introductory paragraph of this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Applicable Authorized Representative</B>&#148; means (i) until the occurrence of the Non-Controlling Authorized Representative Enforcement Date (if any), the Controlling Authorized Representative and (ii) from and after the occurrence of the Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Authorized Representative</B>&#148; means (i) in the case of any Existing Secured Obligations or the Existing Secured Parties, the Existing Collateral Agent, (ii) in the case of the Initial Additional Pari Passu Obligations or the Initial Additional Pari Passu Secured Parties, the Initial Additional Collateral Agent and (iii) in the case of any Series of Additional Pari Passu Obligations or Additional Pari Passu Secured Parties that become subject to this Agreement after the date hereof, the Authorized Representative named for such Series in the applicable Joinder Agreement (it being understood that in the event only one lender or other Person holds all of the Pari Passu Obligations in respect of any Series, such lender or Person shall be the Authorized Representative of such Series upon becoming subject to this Agreement).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Bankruptcy Case</B>&#148; has the meaning assigned to such term in Section 2.05(b).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Bankruptcy Code</B>&#148; means Title 11 of the United States Code, as amended.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Bankruptcy Law</B>&#148; means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Collateral</B>&#148; means all assets and properties subject to Liens created pursuant to any Pari Passu Security Document to secure one or more Series of Pari Passu Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Company</B>&#148; has the meaning assigned to such term in the introductory paragraph hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Controlling Authorized Representative</B>&#148; means the Authorized Representative of the Series of Pari Passu Obligations that constitutes the largest Outstanding Amount of all then-outstanding Pari Passu Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Controlling Secured Parties</B>&#148; means the Series of Pari Passu Secured Parties whose Authorized Representative is the Controlling Authorized Representative.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>DIP Financing</B>&#148; has the meaning assigned to such term in Section 2.05(b).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>DIP Financing Liens</B>&#148; has the meaning assigned to such term in Section 2.05(b).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>DIP Lenders</B>&#148; has the meaning assigned to such term in Section 2.05(b).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Discharge</B>&#148; means, with respect to any Shared Collateral and any Series of Pari Passu Obligations, that such Series of Pari Passu Obligations is no longer secured by such Shared Collateral pursuant to the terms of the applicable Secured Credit Documents. The term &#147;<B>Discharged</B>&#148; shall have a corresponding meaning.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Event of Default</B>&#148; means an &#147;Event of Default&#148; as defined in any Secured Credit Document.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Existing Collateral Agent</B>&#148; has the meaning assigned to such term in the introductory paragraph hereof, and shall include any successor Collateral Agent pursuant to the Indenture and the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Existing Secured Obligations</B>&#148; means &#147;Note Obligations&#148; as defined in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Existing Secured Parties</B>&#148; means the &#147;Secured Parties&#148; as defined in the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Grantors</B>&#148; means the Company and each Subsidiary of the Company which has granted a security interest pursuant to any Pari Passu Security Document to secure any Series of Pari Passu Obligations. The Grantors existing on the date hereof are set forth in Annex I hereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Impairment</B>&#148; has the meaning assigned to such term in Section 1.03.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Indenture</B>&#148; means that certain Indenture dated as of April 12, 2011, among the Company, the Subsidiary Guarantors identified therein and The Bank of New York Mellon Trust Company, N.A., as trustee and as collateral agent.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Initial Additional Collateral Agent</B>&#148; has the meaning assigned to such term in the introductory paragraph to this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Initial Additional Pari Passu Documents</B>&#148; means that certain [[Credit Agreement] [Indenture] dated as of [ &nbsp;], 20[ &nbsp;], among the Company, [the Subsidiary Guarantors identified therein,] [ &nbsp;&nbsp;&nbsp;], as [administrative agent], and [ &nbsp;&nbsp;&nbsp;], as [collateral agent]] and any notes, security documents and other operative agreements evidencing or governing such Indebtedness, including any agreement entered into for the purpose of securing the Initial Additional Pari Passu Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Initial Additional Pari Passu Obligations</B>&#148; means the Additional Pari Passu Obligations pursuant to the Initial Additional Pari Passu Documents.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Initial Additional Pari Passu Secured Parties</B>&#148; means the holders of any Initial Additional Pari Passu Obligations and the Initial Additional Collateral Agent.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Insolvency or Liquidation Proceeding</B>&#148; means:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any case commenced by or against the Company or any other Grantor under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Grantor, any receivership or assignment for the benefit of creditors relating to the Company or any other Grantor or any similar case or proceeding relative to the Company or any other Grantor or their respective creditors, as such, in each case whether or not voluntary;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any other proceeding of any type or nature in which substantially all claims of creditors of the Company or any other Grantor are determined and any payment or distribution is or may be made on account of such claims.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Intervening Creditor</B>&#148; shall have the meaning assigned to such term in Section 2.01. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Joinder Agreement</B>&#148; means a supplement to this Agreement in the form of Exhibit A hereof required to be delivered by an Authorized Representative to each other Authorized Representative pursuant to Section 5.13 hereof in order to establish an additional Series of Additional Pari Passu Obligations and become Additional Pari Passu Secured Parties hereunder.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Major Non-Controlling Authorized Representative</B>&#148; means, with respect to any Shared Collateral, the Authorized Representative of the Series of Pari Passu Obligations that constitutes the second largest Outstanding Amount of any then-outstanding Series of Pari Passu Obligations with respect to such Shared Collateral.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>New York UCC</B>&#148; shall mean the Uniform Commercial Code as from time to time in effect in the State of New York.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Non-Controlling Authorized Representative</B>&#148; means, at any time with respect to any Shared Collateral, any Authorized Representative that is not the Applicable Authorized Representative at such time with respect to such Shared Collateral.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Non-Controlling Authorized Representative Enforcement Date</B>&#148; means, with respect to any Non-Controlling Authorized Representative, the date which is 90 days (throughout which 90 day period such Non-Controlling Authorized Representative was the Major Non-Controlling Authorized Representative) after the occurrence of both (i) an Event of Default that has occurred and is continuing (under and as defined in the Indenture and in the Additional Pari Passu Document under which such Non-Controlling Authorized Representative is the Authorized Representative) and (ii) each Authorized Representative&#146;s receipt of written notice from such Non-Controlling Authorized Representative certifying that (x) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized Representative and that an Event of Default (under and as defined in the Indenture and in the Additional Pari Passu Document under which such Non-Controlling Authorized Representative is the Authorized Representative) has occurred and is continuing and (y) the Pari Passu Obligations of the Series with respect to which such Non-Controlling Authorized Representative is the Authorized Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the Indenture or the applicable Additional Pari Passu Document; <I>provided</I> that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred if (1) with respect to any Shared Collateral at any time the Applicable Authorized Representative has commenced and is diligently pursuing any enforcement action with respect to such Shared Collateral or (2) with respect to the Shared Collateral of an applicable Grantor, at any time the Grantor which has granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Non-Controlling Secured Parties</B>&#148; means, with respect to any Shared Collateral, the Pari Passu Secured Parties which are not Controlling Secured Parties with respect to such Shared Collateral.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Outstanding Amount</B>&#148; means, with respect to the Indenture or any Secured Credit Document for any Series of Pari Passu Obligations, at any time, an amount equal to the sum of (without duplication) (i) with respect to the Notes, the aggregate outstanding principal amount at such time, (ii) with respect to any other loans or other advances outstanding under such Secured Credit Document at such time, the aggregate outstanding principal amount thereof or, if such other loans or advances outstanding under such Secured Credit Document were issued with an original issue discount, the Accreted Value thereof, in each case at such time, (iii)&nbsp;the aggregate undrawn amount of all outstanding letters of credit to the extent then available to be drawn and (iv) the aggregate unexpired and uncanceled commitments to extend credit under such Secured Credit Document at such time that, when funded, would constitute Pari Passu Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pari Passu Obligations</B>&#148; means, collectively, (i) the Existing Secured Obligations, (ii) the Initial Additional Pari Passu Obligations and (iii) each Series of other Additional Pari Passu Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pari Passu Secured Parties</B>&#148; means (i) the Existing Secured Parties, (ii) the Initial Additional Pari Passu Secured Parties and (iii) the other Additional Pari Passu Secured Parties with respect to each Series of other Additional Pari Passu Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pari Passu Security Documents</B>&#148; means each security agreement, pledge agreement, deed of trust, mortgage and other agreement entered into with respect to the Shared Collateral in favor of any Authorized Representative for purposes of securing the Pari Passu Obligations and each financing statement and other document or instrument delivered to create, perfect or continue the Liens thereby created.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Possessory Collateral</B>&#148; means any Shared Collateral in the possession or control of the Existing Collateral Agent (or its agents or bailees) or any other Authorized Representative, to the extent that possession or control thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or in the possession of the Existing Collateral Agent or any other Authorized Representative under the terms of the Pari Passu Security Documents.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Proceeds</B>&#148; has the meaning assigned to such term in Section 2.01 hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Refinance</B>&#148; means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness (in whole or in part, whether pursuant to one or more agreements), including by adding or replacing lenders, creditors, agents, the Company and/or the Subsidiary Guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit agreement, indenture or other agreement. &#147;<B>Refinanced</B>&#148; and &#147;<B>Refinancing</B>&#148; have correlative meanings.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Related Parties</B>&#148; means, with respect to any specified Person, such Person&#146;s Affiliates and the respective directors, officers, employees, agents, trustees and advisors of such Person and such Person&#146;s Affiliates.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Secured Credit Document</B>&#148; means (i) the Indenture, the Notes, the Subsidiary Guarantees and the Security Documents (as defined in the Indenture), (ii) each Initial Additional Pari Passu Document and (iii) each Additional Pari Passu Document.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Security Agreement</B>&#148; means the Security Agreement, dated as of April 12, 2011, among the Company, the other Grantors party thereto and the Existing Collateral Agent. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Senior Class Debt</B>&#148; shall have the meaning assigned to such term in Section 5.13.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Senior Class Debt Parties</B>&#148; shall have the meaning assigned to such term in Section 5.13.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Senior Class Debt Representative</B>&#148; shall have the meaning assigned to such term in Section 5.13.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Senior Lien</B>&#148; means the Liens on the Collateral in favor of the Pari Passu Secured Parties under the Pari Passu Security Documents.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Series</B>&#148; means (a) with respect to the Pari Passu Secured Parties, each of (i) the Existing Secured Parties (in their capacities as such), (ii) the Initial Additional Pari Passu Secured Parties (in their capacity as such) and (iii) the Additional Pari Passu Secured Parties that become subject to this Agreement after the date hereof that are represented by a common Authorized Representative (in its capacity as such for such Additional Pari Passu Secured Parties) and (b) with respect to any Pari Passu Obligations, each of (i) the Existing Secured Obligations, (ii) the Initial Additional Pari Passu Obligations and (iii) the Additional Pari Passu Obligations incurred pursuant to any Additional Pari Passu Document, which pursuant to any Joinder Agreement, are to be represented hereunder by a common Authorized Representative (in its capacity as such for such Additional Pari Passu Obligations).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Shared Collateral</B>&#148; means, at any time, Collateral in which the holders of two or more Series of Pari Passu Obligations (or their respective Authorized Representatives) hold a valid and perfected security interest at such time. If more than two Series of Pari Passu Obligations are outstanding at any time and the holders of less than all Series of Pari Passu Obligations hold a valid and perfected security interest in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series of Pari Passu Obligations that hold a valid security interest in such Collateral at such time and shall not constitute Shared Collateral for any Series which does not have a valid and perfected security interest in such Collateral at such time.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1.02 &nbsp;<I>Terms Generally. &nbsp;</I>The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without limitation&#148;. The word &#147;will&#148; shall be construed to have the same meaning and effect as the word &#147;shall&#148;. Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (b) any reference herein to any Person shall be construed to include such Person&#146;s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (c) the words &#147;herein&#148;, &#147;hereof and &#147;hereunder&#148;, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (e) unless otherwise expressly qualified herein, the words &#147;asset&#148; and &#147;property&#148; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (f) the term &#147;or&#148; is not exclusive.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1.03 &nbsp;<I>Impairments. &nbsp;</I>It is the intention of the Pari Passu Secured Parties of each Series that the holders of Pari Passu Obligations of such Series (and not the Pari Passu Secured Parties of any other Series) bear the risk of (a) any determination by a court of competent jurisdiction that (x) any of the Pari Passu Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations, (y) any of the Pari Passu Obligations of such Series do not have an enforceable security interest in any of the Collateral securing any other Series of Pari Passu Obligations and/or (z) any intervening security interest exists securing any other obligations (other than another Series of Pari Passu Obligations) on a basis ranking prior to the security interest of such Series of Pari Passu Obligations but junior to the security interest of any other Series of Pari Passu Obligations or (b) the existence of any Collateral for any other Series of Pari Passu Obligations that is not Shared Collateral (any such condition referred to in the foregoing clauses (a) or (b) with respect to any Series of Pari Passu Obligations, an &#147;<B>Impairment</B>&#148; of such Series). In the event of any Impairment with respect to any Series of Pari Passu Obligations, the results of such Impairment shall be borne solely by the holders of such Series of Pari Passu Obligations, and the rights of the holders of such Series of Pari Passu Obligations (including, without limitation, the right to receive distributions in respect of such Series of Pari Passu Obligations pursuant to Section 2.01) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such Pari Passu Obligations subject to such Impairment. Additionally, in the event the Pari Passu Obligations of any Series are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), any reference to such Pari Passu Obligations or the Indenture, Pari Passu Security Documents or Additional Pari Passu Documents, as applicable, governing such Pari Passu Obligations shall refer to such obligations or such documents as so modified.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 2<BR>
Priorities and Agreements with Respect to Shared Collateral</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.01 &nbsp;<I>Priority of Claims. &nbsp;</I>(a) &nbsp;Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Series of Pari Passu Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the Secured Credit Documents or any defect or deficiencies in the Liens securing the Pari Passu Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Section 1.03), each Pari Passu Secured Party hereby agrees that the Liens securing each Series of Pari Passu Obligations on any Shared Collateral shall be of equal priority. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.03), if an Event of Default has occurred and is continuing and (i) any Authorized Representative is taking action to enforce rights in respect of any Shared Collateral (an &#147;<B>Enforcement Action</B>&#148;), (ii) any distribution is made to any Pari Passu Secured Party in respect of any Shared Collateral in any Bankruptcy Case of the Company or any other Grantor (a &#147;<B>Bankruptcy Distribution</B>&#148;) or (iii) any Pari Passu Secured Party receives any payment in respect of Pari Passu Obligations pursuant to any security agreement or intercreditor agreement (other than this Agreement) with respect to any Shared Collateral or the proceeds of any sale, collection or other liquidation of any such Shared Collateral by any Pari Passu Secured Party pursuant to any such agreement (an &#147;<B>Other Intercreditor Payment</B>&#148;), then the proceeds of (A) any such Enforcement Action, (B) any such Bankruptcy Distribution and/or (C) any such Other Intercreditor Payment (subject, in the case of each of clauses (A), (B) and (C), to the sentence immediately following) (all proceeds described in the preceding clauses (A), (B) and (C), and all proceeds thereof being collectively referred to as &#147;<B>Proceeds</B>&#148;), shall be applied (i) FIRST, to the payment of all amounts owing to each Authorized Representative (in its capacity as such) pursuant to the terms of any Secured Credit Document, (ii) SECOND, subject to Section 1.03, to the payment in full of the Pari Passu Obligations of each Series on a pro rata basis and (iii) THIRD, after payment of all Pari Passu Obligations, to the Company and the other Grantors or their successors or assigns, as their interests may appear, or to whosoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. Notwithstanding the foregoing, with respect to any Shared Collateral for which a third party (other than a Pari Passu Secured Party) has a lien or security interest that is junior in priority to the security interest of any Series of Pari Passu Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute) to the security interest of any other Series of Pari Passu Obligations (such third party an &#147;<B>Intervening Creditor</B>&#148;), the value of any Shared Collateral or Proceeds which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to be distributed in respect of the Series of Pari Passu Obligations with respect to which such Impairment exists.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.02 &nbsp;<I>Actions with Respect to Shared Collateral; Prohibition on Contesting Liens. &nbsp;</I>(a) &nbsp;With respect to any Shared Collateral, (i) only the Applicable Authorized Representative shall direct each other Authorized Representative to act or refrain from acting with respect to the Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral), (ii) no Authorized Representative shall follow any instructions with respect to such Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral) from any Non-Controlling Authorized Representative (or any other Pari Passu Secured Party other than the Applicable Authorized Representative) and (iii) no Non-Controlling Authorized Representative or other Pari Passu Secured Party (other than the Applicable Authorized Representative) shall, or shall instruct the Applicable Authorized Representative to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral), whether under any Pari Passu Security Document, applicable law or otherwise, it being agreed that only the Applicable Authorized Representative, acting in accordance with the applicable Pari Passu Security Documents, shall be entitled to instruct each Authorized Representative to take any such actions or exercise any such remedies with respect to Shared Collateral. No Non-Controlling Authorized Representative or Non-Controlling Secured Party will contest, protest or object to any foreclosure proceeding or action brought by, or at the direction of, the Applicable Authorized Representative or Controlling Secured Party or any other exercise by the Applicable Authorized Representative or Controlling Secured Party of any rights and remedies relating to the Shared Collateral. The foregoing shall not be construed to limit the rights and priorities of any Pari Passu Secured Party or Authorized Representative with respect to any collateral not constituting Shared Collateral. &nbsp;Each Non-Controlling Authorized Representative hereby agrees to act in accordance with the instructions of the Applicable Authorized Representative.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each of the Authorized Representatives agrees that it will not accept any Lien on any collateral for the benefit of any Series of Pari Passu Obligations other than pursuant to the Pari Passu Security Documents (except for funds (x) deposited for the discharge or defeasance of the Indenture or any Additional Pari Passu Document or (y) deposited into an escrow account in accordance with the terms of the applicable Additional Pari Passu Document to cash collateralize letters of credit issued under thereunder), and by executing this Agreement (or a Joinder Agreement), each Authorized Representative and the Series of Pari Passu Secured Parties for which it is acting hereunder agree to be bound by the provisions of this Agreement and the other Pari Passu Security Documents applicable to it.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.03 &nbsp;<I>No Interference; Payment Over. &nbsp;</I>Subject to Section 1.03,<I> </I>(a)<I> </I>each of the Pari Passu Secured Parties agrees that (i) it will not (and hereby waives any right to) challenge, question or contest, or support any other Person in challenging, questioning or contesting, in any proceeding (including any Insolvency or Liquidation Proceeding) (x) the perfection, priority, validity, attachment or enforceability any Lien held by or on behalf of any of the Pari Passu Secured Parties in all or any part of the Collateral, (y) the validity or enforceability of any Pari Passu Obligations of any Series or any Pari Passu Security Document or (z) the validity or enforceability of the priorities, rights or duties established by, or any other provision of, this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Shared Collateral by the Applicable Authorized Representative, (iii) except as provided in Section 2.02, it shall have no right to (A) direct the Applicable Authorized Representative or any other Pari Passu Secured Party to exercise any right, remedy or power with respect to any Shared Collateral (including pursuant to any intercreditor agreement) or (B) consent to the exercise by the Applicable Authorized Representative or any other Pari Passu Secured Party of any right, remedy or power with respect to any Shared Collateral, (iv) it will not institute any suit or assert in any suit, bankruptcy, insolvency or other proceeding any claim against the Applicable Authorized Representative or any other Pari Passu Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Shared Collateral, and none of the Applicable Authorized Representative or any other Pari Passu Secured Party shall be liable for any action taken or omitted to be taken by such Applicable Authorized Representative or other Pari Passu Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement, (v) it will not seek, and hereby waives any right, to have any Shared Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (vi) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; <I>provided</I> that nothing in this Agreement shall be construed to prevent or impair the rights of any Authorized Representative or any other Pari Passu Secured Party to enforce this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Pari Passu Secured Party hereby agrees that if it shall obtain possession of any Shared Collateral or shall realize any proceeds or payment in respect of any such Shared Collateral, pursuant to any Pari Passu Security Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies (including pursuant to any intercreditor agreement), at any time prior to the Discharge of each Series of the Pari Passu Obligations, then it shall hold such Shared Collateral, proceeds or payment in trust for the other Pari Passu Secured Parties and promptly transfer such Shared Collateral, proceeds or payment, as the case may be, to the Applicable Authorized Representative, to be distributed in accordance with the provisions of Section 2.01 hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.04 &nbsp;<I>Automatic Release of Liens; Amendments to Pari Passu Security Documents. </I>&nbsp;(a) If, at any time the Applicable Authorized Representative, acting in accordance with this Agreement and the applicable Secured Credit Documents, forecloses upon or otherwise exercises remedies against any Shared Collateral resulting in a sale or disposition thereof, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of each Authorized Representative for the benefit of each Series of Pari Passu Secured Parties upon such Shared Collateral will automatically be released and discharged; <I>provided</I> that any proceeds of any Shared Collateral realized therefrom shall be applied pursuant to Section 2.01 hereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Pari Passu Secured Party agrees that the Applicable Authorized Representative may enter into any amendment, consent, waiver or other modification (and, upon request by the Applicable Authorized Representative, each Authorized Representative shall sign a consent to such amendment, consent, waiver or other modification) to any Pari Passu Security Document to which it is a party (including to release Liens securing any Series of Pari Passu Obligations), so long as the Applicable Authorized Representative receives an Officers&#146; Certificate of the Company (upon which such Applicable Authorized Representative can conclusively rely) stating that such amendment, consent, waiver or other modification is permitted by the terms of such Pari Passu Security Document, and any such amendment, consent, waiver or other modification shall apply automatically to any comparable provision of each comparable Pari Passu Security Document without the consent of any Authorized Representative and without any action by the Company or any Grantor, unless such amendment, consent, waiver or other modification adversely affects one Series of Pari Passu Secured Parties in a manner different than such amendment, consent, waiver or other modification affects other Series. &nbsp;Additionally, each Pari Passu Secured Party agrees that each Authorized Representative may enter into any amendment, consent, waiver or other modification (and, upon request by such Authorized Representative, each other Authorized Representative shall sign a consent to such amendment, consent, waiver or other modification) to any Pari Passu Security Document to which it is a party (including to release Liens securing such Series of Pari Passu Obligations) so long as (x) such amendment, consent, waiver or other modification is in accordance with the Secured Credit Document pursuant to which such Series of Pari Passu Obligations was incurred and (y) such amendment, consent, waiver or other modification does not adversely affect the Pari Passu Secured Parties of any other Series. &nbsp;Notwithstanding the foregoing, no amendment, consent, waiver or other modification to any Pari Passu Security Document entered into by any Authorized Representative pursuant to this Section 2.04(b) will release all or substantially all of the Shared Collateral from the Liens under the Pari Passu Security Documents without the written consent of each Authorized Representative; provided that, to the extent the release of all or substantially all of the Shared Collateral from the Liens under the applicable Pari Passu Security Documents relates solely to one or more (but not all) Series of Pari Passu Obligations (and such release is permitted under, and in accordance with the Secured Credit Documents or the Pari Passu Security Documents, as the case may be, applicable to such Series), such release shall not require the prior written consent of any Authorized Representative of any other Series of Pari Passu Obligations (it being understood that the Liens securing such other Series of Pari Passu Obligations shall not be affected by such release and shall remain in effect).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">So long as all required documentation is provided under the applicable Pari Passu Security Documents, each Authorized Representative agrees to execute and deliver (at the sole cost and expense of the Grantors) all such authorizations and other instruments as shall reasonably be requested by the Applicable Authorized Representative to evidence and confirm any release of Shared Collateral or amendment to any Pari Passu Security Document provided for in this Section.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.05 &nbsp;<I>Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings.</I> &nbsp;(a) This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law by or against the Company or any other Grantor.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Company and/or any other Grantor shall become subject to a case (a &#147;<B>Bankruptcy Case</B>&#148;) under the Bankruptcy Code and shall, as debtor(s)-in possession, move for approval of financing (&#147;<B>DIP Financing</B>&#148;) to be provided by one or more lenders (the &#147;<B>DIP Lenders</B>&#148;) under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law or the use of cash collateral under Section 363 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, each Pari Passu Secured Party agrees that it will raise no objection to any such financing or to the Liens on the Shared Collateral securing the same (&#147;<B>DIP Financing Liens</B>&#148;) or to any use of cash collateral that constitutes Shared Collateral, unless any Controlling Secured Party, or an Authorized Representative of any Controlling Secured Party, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling Secured Parties, each Non-Controlling Secured Party will agree to subordinate (and will not object to or otherwise contest the subordination of) its Liens with respect to such Shared Collateral on the same terms as the Liens of the Controlling Secured Parties (other than any Liens of any Pari Passu Secured Parties constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank <I>pari passu</I> with the Liens on any such Shared Collateral granted to secure the Pari Passu Obligations of the Controlling Secured Parties, each Non-Controlling Secured Party will confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as (A) the Pari Passu Secured Parties of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority vis-a-vis all the other Pari Passu Secured Parties (other than any Liens of the Pari Passu Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the Pari Passu Secured Parties of each Series are granted Liens on any additional collateral pledged to any Pari Passu Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority vis-a-vis the Pari Passu Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of the Pari Passu Obligations, such amount is applied pursuant to Section 2.01 of this Agreement, and (D) if any Pari Passu Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied pursuant to Section 2.01 of this Agreement; <I>provided</I> that the Pari Passu Secured Parties of each Series shall have a right to object to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the Pari Passu Secured Parties of such Series or its Authorized Representative that shall not constitute Shared Collateral; and <I>provided, further</I>, that the Pari Passu Secured Parties receiving adequate protection shall not object to any other Pari Passu Secured Party receiving adequate protection comparable to any adequate protection granted to such Pari Passu Secured Parties in connection with a DIP Financing or use of cash collateral.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.06 &nbsp;<I>Reinstatement. &nbsp;</I>In the event that any of the Pari Passu Obligations shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under Title 11 of the United Stated Code, or any similar law, or the settlement of any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article 2 shall be fully applicable thereto until all such Pari Passu Obligations shall again have been paid in full in cash.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.07 &nbsp;<I>Insurance. &nbsp;</I>As between the Pari Passu Secured Parties, the Applicable Authorized Representative, shall have the right to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.08 &nbsp;<I>Refinancings. &nbsp;</I>The Pari Passu Obligations of any Series may be Refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the refinancing transaction under any Secured Credit Document) of any Pari Passu Secured Party of any other Series, all without affecting the priorities provided for herein or the other provisions hereof; <I>provided</I> that the Authorized Representative of the holders of any such Pari Passu Obligations so Refinanced shall have executed a Joinder Agreement on behalf of the holders of such Pari Passu Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2.09 &nbsp;<I>Existing Collateral Agent as Gratuitous Bailee for Perfection. </I>&nbsp;(a) The Existing Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral that is in its possession or control (or in the possession or control of its agents or bailees) for the benefit of, and on behalf of, each other Authorized Representative and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Pari Passu Security Documents, in each case, subject to the terms and conditions of this Section 2.09. Pending delivery to the Existing Collateral Agent, each other Authorized Representative agrees to hold any Shared Collateral constituting Possessory Collateral, from time to time in its possession for the benefit of, and on behalf of, each other Authorized Representative and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Pari Passu Security Documents, in each case, subject to the terms and conditions of this Section 2.09.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The duties or responsibilities of the Existing Collateral Agent and each other Authorized Representative under this Section 2.09 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral for the benefit of, and on behalf of, each other Authorized Representative for purposes of perfecting by possession the Lien held by such Authorized Representative therein.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 3<BR>
Existence and Amounts of Liens and Obligations</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.01 &nbsp;<I>Determinations with Respect to Amounts of Liens and Obligations. &nbsp;</I>Whenever any Authorized Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Pari Passu Obligations of any Series, or the Shared Collateral subject to any Lien securing the Pari Passu Obligations of any Series, it may request that such information be furnished to it in writing by each other Authorized Representative and shall be entitled to make such determination on the basis of the information so furnished; <I>provided, however</I>, that if an Authorized Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting Authorized Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Company. Each Authorized Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any Pari Passu Secured Party or any other person as a result of such determination.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.02 &nbsp;<I>Applicable Authorized Representative</I>. &nbsp;As of the date of this Agreement, the [______________] is the Applicable Authorized Representative. &nbsp;The Company shall deliver a certificate to each Authorized Representative certifying which Authorized Representative is the Authorized Representative of the Series of Pari Passu Obligations that constitutes the largest outstanding principal amount of any then-outstanding Series of Pari Passu Obligations with respect to the Shared Collateral. &nbsp;Such certificate shall be delivered (a) on each anniversary of this Agreement and (b) promptly upon the Company becoming aware that a new Authorized Representative has become the Authorized Representative of the Series of Pari Passu Obligations that constitutes the largest outstanding principal amount of any then-outstanding Series of Pari Passu Obligations with respect to the Shared Collateral. &nbsp;Notwithstanding anything herein to the contrary, the failure of the Company to deliver such certificate shall not alter any of the provisions set forth in this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3.03 &nbsp;<I>Concerning the Existing Collateral Agent.</I> &nbsp;Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the agreements set forth herein by the Existing Collateral Agent are made solely in its capacity as Trustee and as Collateral Agent under the Indenture and as Collateral Agent under the Security Agreement pursuant to the provisions of the Indenture and the direction of the Grantors and the holders of the Notes (as defined in the Indenture) therein contained, and not in its individual capacity. &nbsp;The Existing Collateral Agent shall not have any duties, obligations, or responsibilities under this Agreement except as expressly set forth herein, and shall have the benefit of all exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture and in the Security Agreement in the acceptance, execution, delivery and performance of this Agreement as though fully set forth herein.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 4<BR>
The Applicable Authorized Representative</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.01 &nbsp;<I>Authority.</I> Each Non-Controlling Secured Party acknowledges and agrees that the Applicable Authorized Representative shall be entitled to sell, transfer or otherwise dispose of or deal with any Shared Collateral and direct each other Authorized Representative to act or refrain from acting with respect to the Shared Collateral as provided herein and in the Pari Passu Security Documents, without regard to any rights to which the Non-Controlling Secured Parties would otherwise be entitled as a result of the Pari Passu Obligations held by them. Without limiting the foregoing, each Non-Controlling Secured Party agrees that none of the Applicable Authorized Representative or any other Pari Passu Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the Pari Passu Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any Pari Passu Obligations), in any manner that would maximize the return to the Non-Controlling Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or liquidation. Each of the Pari Passu Secured Parties waives any claim it may now or hereafter have against the Authorized Representative of any other Series of Pari Passu Obligations or any other Pari Passu Secured Party of any other Series arising out of (i) any actions which any Authorized Representative or any Pari Passu Secured Party takes or omits to take (including, actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the Pari Passu Obligations from any account debtor, Subsidiary Guarantor or any other party) in accordance with this Agreement or the Pari Passu Security Documents or any other agreement related thereto or to the collection of the Pari Passu Obligations or the valuation, use, protection or release of any security for the Pari Passu Obligations, (ii) any election by any Applicable Authorized Representative or any holders of Pari Passu Obligations, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 2.05, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law by, the Company or any of its Subsidiaries, as debtor-in-possession, except in each such case arising from the gross negligence, bad faith or willful misconduct of such party as finally determined in a non-appealable order by a court of competent jurisdiction. Notwithstanding any other provision of this Agreement, the Applicable Authorized Representative shall not accept any Shared Collateral in full or partial satisfaction of any Pari Passu Obligations pursuant to Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the consent of each Authorized Representative representing holders of Pari Passu Obligations for whom such Collateral constitutes Shared Collateral.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.02 &nbsp;<I>Rights as a Pari Passu Secured Party. </I>(a)<I> </I>The Applicable Authorized Representative hereunder shall have the same rights and powers in its capacity as a Pari Passu Secured Party under any Series of Pari Passu Obligations that it holds as any other Pari Passu Secured Party of such Series and may exercise the same as though it were not the Applicable Authorized Representative, and the term &#147;Pari Passu Secured Party&#148; or &#147;Pari Passu Secured Parties&#148; or (as applicable) &#147;Existing Secured Party&#148;, &#147;Existing Secured Parties&#148;, &#147;Additional Pari Passu Secured Party&#148; or &#147;Additional Pari Passu Secured Parties&#148; shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Applicable Authorized Representative hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Applicable Authorized Representative hereunder and without any duty to account therefor to any other Pari Passu Secured Party.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.03 &nbsp;<I>Exculpatory Provisions. &nbsp;</I>The Applicable Authorized Representative shall not have any duties or obligations except those expressly set forth herein and in the other Pari Passu Security Documents. Without limiting the generality of the foregoing, the Applicable Authorized Representative:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Pari Passu Security Documents; <I>provided</I> that the Applicable Authorized Representative shall not be required to take any action that, in its opinion or the written opinion of its counsel, may expose the Applicable Authorized Representative to liability or that is contrary to any Pari Passu Security Document or applicable law, unless with respect to the incurrence of any liability the Applicable Authorized Representative shall have been fully indemnified to its reasonable satisfaction by any party requesting such action be taken;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">shall not, except as expressly set forth herein and in the other Pari Passu Security Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Applicable Authorized Representative or any of its Affiliates in any capacity;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">shall not be liable for any action taken or not taken by it (i) in the absence of its own gross negligence or willful misconduct or (ii) in reliance on a certificate of an authorized officer of the Company stating that such action is permitted by the terms of this Agreement. The Applicable Authorized Representative shall be deemed not to have knowledge of any Event of Default under any Series of Pari Passu Obligations unless and until written notice describing such Event Default is given to the Applicable Authorized Representative by the Authorized Representative of such Pari Passu Obligations or the Company; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Pari Passu Security Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Pari Passu Security Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Pari Passu Security Documents, (v) the value or the sufficiency of any Collateral for any Series of Pari Passu Obligations, or (vi) the satisfaction of any condition set forth in any Secured Credit Document, other than to confirm receipt of items expressly required to be delivered to the Applicable Authorized Representative.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.04 &nbsp;<I>Reliance by Applicable Authorized Representative. &nbsp;</I>The Applicable Authorized Representative shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Applicable Authorized Representative also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. The Applicable Authorized Representative may consult with legal counsel (who may be counsel for the Company or any of its Subsidiaries), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.05 &nbsp;<I>Delegation of Duties. &nbsp;</I>The Applicable Authorized Representative may perform any and all of its duties and exercise its rights and powers hereunder or under any other Pari Passu Security Document by or through one or more sub-agents appointed by the Applicable Authorized Representative. The Applicable Authorized Representative and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Applicable Authorized Representative and any such sub-agent.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.06 &nbsp;<I>Non-Reliance on Applicable Authorized Representative and Other Pari Passu Secured Parties. &nbsp;</I>Each Pari Passu Secured Party acknowledges that it has, independently and without reliance upon any Authorized Representative or any other Pari Passu Secured Party or any of their Affiliates and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Secured Credit Documents. Each Pari Passu Secured Party also acknowledges that it will, independently and without reliance upon any Authorized Representative or any other Pari Passu Secured Party or any of their Affiliates and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Secured Credit Document or any related agreement or any document furnished hereunder or thereunder.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4.07 &nbsp;<I>Collateral and Guaranty Matters. &nbsp;</I>Each of the Pari Passu Secured Parties irrevocably authorizes the Applicable Authorized Representative:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to release any Lien on any property granted to or held by any Authorized Representative under any Pari Passu Security Document in accordance with Section 2.04 or upon receipt of a written request from the Company stating that the release of such Lien is permitted by the terms of each then existing Secured Credit Document;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to release any Grantor from its obligations under the Pari Passu Security Documents upon receipt of a written request from the Company stating that such release is permitted by the terms of each then extant Secured Credit Document.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 5<BR>
Miscellaneous</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.01 &nbsp;<I>Notices. &nbsp;</I>All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if to the Existing Collateral Agent, to it at [The Bank of New York Mellon Trust Company, N.A., 525 William Penn Place, 38<SUP>th</SUP> Floor, Pittsburgh, PA 15259, Attention: Corporate Trust, Telephone: 412-236-1207, Facsimile: 412-234-7535, Email: Beth.Mellinger@bnymellon.com];</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if to the Initial Additional Collateral Agent, to it at [ &nbsp;&nbsp;&nbsp;&nbsp;];</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if to the Company, to it at [Oppenheimer Holdings Inc., 125 Broad Street, New York, NY 10004, Attention: General Counsel, Telephone: (212) 668-8000, Facsimile: 212-668-8081, E:mail: dennis.mcnamara@opco.com;] and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if to any other Additional Authorized Representative, to it at the address set forth in the applicable Joinder Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 5.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 5.01. As agreed to in writing among the Collateral Agent and each Authorized Representative from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.02 &nbsp;<I>Waivers; Amendment; Joinder Agreements. &nbsp;</I>(a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified (other than pursuant to any Joinder Agreement) except pursuant to an agreement or agreements in writing entered into by each Authorized Representative (and with respect to any such termination, waiver, amendment or modification which by the terms of this Agreement requires the Company&#146;s consent or which increases the obligations or reduces the rights of the Company or any other Grantor, with the consent of the Company).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding the foregoing, without the consent of any Pari Passu Secured Party, any Authorized Representative may become a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 5.13 of this Agreement and upon such execution and delivery, such Authorized Representative and the Additional Pari Passu Secured Parties and Additional Pari Passu Obligations of the Series for which such Authorized Representative is acting shall be subject to the terms hereof and the terms of the other Pari Passu Security Documents applicable thereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding the foregoing, without the consent of any other Authorized Representative or Pari Passu Secured Party, the Existing Collateral Agent may effect amendments and modifications to this Agreement to the extent necessary to reflect any incurrence of any Additional Pari Passu Obligations in compliance with the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.03 &nbsp;<I>Parties in Interest. &nbsp;</I>This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Pari Passu Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.04 &nbsp;<I>Survival of Agreement. &nbsp;</I>All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.05 &nbsp;<I>Counterparts. &nbsp;</I>This Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.06 &nbsp;<I>Severability. &nbsp;</I>Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.07 &nbsp;<I>Governing Law; Jurisdiction. &nbsp;</I>This Agreement shall be governed by, and construed in accordance with, the law of the State of New York.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.08 &nbsp;<I>Submission to Jurisdiction Waivers; Consent to Service of Process. </I>&nbsp;Each Authorized Representative, on behalf of itself and the Pari Passu Secured Parties of the Series for whom it is acting, irrevocably and unconditionally:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">submits for itself and its property in any legal action or proceeding arising out of or relating to this Agreement and the Pari Passu Security Documents, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the United States District Court for the Southern District of New York, and appellate courts from any thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">consents that any such action or proceeding may be brought in such courts and waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient forum and agrees not to plead or claim the same;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person (or its Authorized Representative) at the address referred to in 5.01;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">agrees that nothing herein shall affect the right of any other party hereto (or any Pari Passu Secured Party) to effect service of process in any other manner permitted by law or shall limit the right of any party hereto (or any Pari Passu Secured Party) to sue in any other jurisdiction; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">waives, to the maximum extent permitted by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 5.08 any indirect, consequential or punitive damages (as opposed to direct or actual damages).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.09 &nbsp;<I>Waiver of Jury Trial. &nbsp;</I>EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.10 &nbsp;<I>Headings. &nbsp;</I>Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.11 &nbsp;<I>Conflicts. &nbsp;</I>In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the other Pari Passu Security Documents or Additional Pari Passu Documents the provisions of this Agreement shall control.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.12 &nbsp;<I>Provisions Solely to Define Relative Rights. &nbsp;</I>The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Pari Passu Secured Parties in relation to one another. None of the Company, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (<I>provided</I> that nothing in this Agreement (other than Sections 2.04, 2.05, 2.08, 2.09 or Article 5) is intended to or will amend, waive or otherwise modify the provisions of the Indenture or any Additional Pari Passu Documents), and none of the Company or any other Grantor may rely on the terms hereof (other than Sections 2.04, 2.05, 2.08, 2.09 or Article 5). Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the Pari Passu Obligations as and when the same shall become due and payable in accordance with their terms.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.13 &nbsp;<I>Additional Senior Debt. &nbsp;</I>To the extent, but only to the extent permitted by the provisions of the Indenture and the Additional Pari Passu Documents, the Company may incur Additional Pari Passu Obligations. Any such additional class or series of Additional Pari Passu Obligations (the &#147;<B>Senior Class Debt</B>&#148;) may be secured by a Lien and may be Guaranteed by the Grantors on a senior basis, in each case under and pursuant to the Additional Pari Passu Documents, if and subject to the condition that the Authorized Representative of any such Senior Class Debt (each, a &#147;<B>Senior Class Debt Representative</B>&#148;), acting on behalf of the holders of such Senior Class Debt (such Authorized Representative and holders in respect of any Senior Class Debt being referred to as the &#147;<B>Senior Class Debt Parties</B>&#148;), becomes a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iv) of the immediately succeeding paragraph.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In order for a Senior Class Debt Representative to become a party to this Agreement,</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such Senior Class Debt Representative and each Grantor shall have executed and delivered an instrument substantially in the form of Exhibit A pursuant to which such Senior Class Debt Representative becomes an Authorized Representative hereunder, and the Senior Class Debt in respect of which such Senior Class Debt Representative is the Representative and the related Senior Class Debt Parties become subject hereto and bound hereby; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Company shall have delivered to each Authorized Representative true and complete copies of each of the Additional Pari Passu Documents relating to such Senior Class Debt, certified as being true, correct and complete by a Responsible Officer;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Additional Pari Passu Documents, as applicable, relating to such Senior Class Debt shall provide that each Senior Class Debt Party with respect to such Senior Class Debt will be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Senior Class Debt.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each security agreement with respect to such Senior Class Debt shall include the following language:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notwithstanding anything herein to the contrary, the exercise of any right or remedy by [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] in its capacity as [collateral agent] hereunder are subject to the provisions of the pari passu Intercreditor Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the &#147;<B>Intercreditor Agreement</B>&#148;), among Oppenheimer Holdings Inc., the other grantors party thereto, the collateral agent for the existing secured parties named therein, the initial additional collateral agent named therein and each additional authorized representative from time to time party thereto. &nbsp;In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5.14 &nbsp;<I>Integration. &nbsp;</I>This Agreement together with the other Secured Credit Documents and the Pari Passu Security Documents represents the agreement of each of the Grantors and the Pari Passu Secured Parties with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties by any Grantor or any Pari Passu Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other Secured Credit Documents or the Pari Passu Security Documents.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><U><BR>
<BR></U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>E - 2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., <BR>
as Existing Collateral Agent,</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[_______________] <BR>
as Initial Additional Collateral Agent,</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE GRANTORS LISTED ON ANNEX I HERETO,</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>E - 3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>ANNEX I</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Grantors</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[TO COME]</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt"><B>e.</B></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT A</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[FORM OF] REPRESENTATIVE SUPPLEMENT NO. [ ] dated as of [____], 20[ ] to the PARI PASSU INTERCREDITOR AGREEMENT dated as of [____], 20[ ] (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<B>Pari Passu Intercreditor Agreement</B>&#148;), among Oppenheimer Holdings Inc., a Delaware corporation (&#147;<B>the Company</B>&#148;), certain subsidiaries of the Company (each a &#147;<B>Grantor</B>&#148;), [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as Authorized Representative for the Existing Secured Parties, [_______], as Initial Additional Collateral Agent, and the additional Authorized Representatives from time to time a party thereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Pari Passu Intercreditor Agreement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">B.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">As a condition to the ability of the Company or any Grantor to incur Additional Pari Passu Obligations and to secure such Senior Class Debt with the Senior Lien, in each case under and pursuant to the Pari Passu Security Documents, the Senior Class Debt Representative in respect of such Senior Class Debt is required to become an Authorized Representative under, and such Senior Class Debt and the Senior Class Debt Parties in respect thereof are required to become subject to and bound by, the Pari Passu Intercreditor Agreement. Section 5.13 of the Pari Passu Intercreditor Agreement provides that such Senior Class Debt Representative may become an Authorized Representative under, and such Senior Class Debt and such Senior Class Debt Parties may become subject to and bound by, the Pari Passu Intercreditor Agreement, pursuant to the execution and delivery by the Senior Class Representative of an instrument in the form of this Supplement and the satisfaction of the other conditions set forth in Section 5.13 of the Pari Passu Intercreditor Agreement. The undersigned Senior Class Debt Representative (the &#147;<B>New Representative</B>&#148;) is executing this Representative Supplement in accordance with the requirements of the Pari Passu Intercreditor Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Accordingly, the New Representative agrees as follows:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SECTION 1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In accordance with Section 5.13 of the Pari Passu Intercreditor Agreement, the New Representative by its signature below becomes an Authorized Representative under, and the related Senior Class Debt and Senior Class Debt Parties become subject to and bound by, the Pari Passu Intercreditor Agreement with the same force and effect as if the New Representative had originally been named therein as an Authorized Representative, and the New Representative, on behalf of itself and such Senior Class Debt Parties, hereby agrees to all the terms and provisions of the Pari Passu Intercreditor Agreement applicable to it as an Authorized Representative and to the Senior Class Debt Parties that it represents as Additional Pari Passu Secured Parties. Each reference to a &#147;<B>Authorized Representative</B>&#148; in the Pari Passu Intercreditor Agreement shall be deemed to include the New Representative. The Pari Passu Intercreditor Agreement is hereby incorporated herein by reference.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SECTION 2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The New Representative represents and warrants to the other Pari Passu Secured Parties that (i) it has full power and authority to enter into this Representative Supplement, in its capacity as [agent] [trustee], (ii) this Representative Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of such Agreement and (iii) the Additional Pari Passu Documents relating to such Senior Class Debt provide that, upon the New Representative&#146;s entry into this Agreement, the Senior Class Debt Parties in respect of such Senior Class Debt will be subject to and bound by the provisions of the Pari Passu Intercreditor Agreement as Additional Pari Passu Secured Parties.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SECTION 3.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Representative Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Representative Supplement shall become effective when the Applicable Authorized Representative shall have received a counterpart of this Representative Supplement that bears the signature of the New Representative. Delivery of an executed signature page to this Representative Supplement by facsimile transmission shall be effective as delivery of a manually signed counterpart of this Representative Supplement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SECTION 4.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Except as expressly supplemented hereby, the Pari Passu Intercreditor Agreement shall remain in full force and effect.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>SECTION 5.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THIS REPRESENTATIVE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SECTION 6.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In case any one or more of the provisions contained in this Representative Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the Pari Passu Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SECTION 7.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All communications and notices hereunder shall be in writing and given as provided in Section 5.01 of the Pari Passu Intercreditor Agreement. All communications and notices hereunder to the New Representative shall be given to it at the address set forth below its signature hereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SECTION 8.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company agrees to reimburse the Applicable Authorized Representative for its reasonable out-of-pocket expenses in connection with this Representative Supplement, including the reasonable fees, other charges and disbursements of counsel for the Applicable Authorized Representative.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt"><B>e.</B></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the New Representative has duly executed this Representative Supplement to the Pari Passu Intercreditor Agreement as of the day and year first above written.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[NAME OF NEW REPRESENTATIVE], as [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] for the holders of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:180pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Address for notices:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:252pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:252pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">attention of: </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:216pt; text-indent:210pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telecopy: </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:216pt; text-indent:210pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Acknowledged by:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as Existing Collateral Agent</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as Initial Additional Collateral Agent</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as [Insert any other Additional Authorized Representative]</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE GRANTORS LISTED ON SCHEDULE I HERETO</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>5</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>Schedule 1</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>GRANTORS</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[TO COME]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR></B></P>
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<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR></B></P>
<H1>Footnotes</H1>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman"><SUP>1</SUP></P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman">Rule 144A Note CUSIP: 683797 AA2</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman">Rule 144A Note ISIN: US683797 AA24</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman">Regulation S Note CUSIP: US6829R AA1</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman">Regulation S Note ISIN: USU6829R AA15<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:288pt; font-family:Times New Roman">Exchange Note CUSIP: &nbsp;683797 AB0<BR>
</P>
<P style="margin:0pt; text-indent:504pt; font-family:Times New Roman">Exchange Note ISIN: US683797 AB07</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman"><SUP>2</SUP></P>
<P style="margin-top:0pt; margin-bottom:8.35pt; text-indent:72pt; font-family:Times New Roman">With respect to the Initial Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>6</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/INDENTURE/Oppenheimer.Indenture.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>ex102regrights.htm
<DESCRIPTION>REGISTRATION RIGHTS AGREEMENT
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>REGISTRATION RIGHTS AGREEMENT</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This REGISTRATION RIGHTS AGREEMENT dated April 12, 2011 (the &#147;Agreement&#148;) is entered into by and among Oppenheimer Holdings Inc, a Delaware corporation (the &#147;Company&#148;), E.A. Viner International Co., a Delaware corporation (&#147;Viner&#148;), Viner Finance Inc., a Delaware Corporation (&#147;Viner Finance&#148; and together with Viner, the &#147;Guarantors&#148;) and Morgan Stanley &amp; Co. Incorporated, as representative (the &#147;Representative&#148;) of the several Initial Purchasers listed on Schedule I to the Purchase Agreement (as defined below) (the &#147;Initial Purchasers&#148;). &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company, the Guarantors and the Initial Purchasers are parties to the Purchase Agreement dated April 6, 2011 (the &#147;Purchase Agreement&#148;), which provides for the sale by the Company to the Initial Purchasers of $200,000,000 aggregate principal amount of the Company&#146;s 8.75% Senior Secured Notes due 2018 (the &#147;Notes&#148;). The Notes are to be guaranteed on a senior secured basis by the Guarantors (the &#147;Guarantees&#148; and together with the Notes, the &#147;Securities&#148;). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, each of the Company and the Guarantors has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. &nbsp;The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In consideration of the foregoing, the parties hereto agree as follows: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>1.</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Definitions</U>. &nbsp;As used in this Agreement, the following terms shall have the following meanings:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Business Day&#148; shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Company&#148; shall have the meaning set forth in the preamble and shall also include the Company&#146;s successors. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Exchange Act&#148; shall mean the Securities Exchange Act of 1934, as amended from time to time. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Exchange Dates&#148; shall have the meaning set forth in Section &nbsp;hereof. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Exchange Offer&#148; shall mean the exchange offer by the Company and the Guarantors of Exchange Securities for Registrable Securities pursuant to Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Exchange Offer Registration&#148; shall mean a registration under the Securities Act effected pursuant to Section &nbsp;hereof. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Exchange Offer Registration Statement&#148; shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Exchange Securities&#148; shall mean senior secured notes issued by the Company (the &#147;Exchange Notes&#148;) and guaranteed by the Guarantors under the Indenture containing terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Free Writing Prospectus&#148; means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or any Guarantor or used or referred to by the Company or any Guarantor in connection with the sale of the Securities or the Exchange Securities.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Guarantor&#148; shall have the meaning set forth in the preamble and shall also include the successors to Viner or Viner Finance and any other subsidiary of the Company that guarantees the Notes or any Exchange Notes.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Holders&#148; shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; <I>provided</I> that for purposes of Sections &nbsp;and &nbsp;of this Agreement, the term &#147;Holders&#148; shall include Participating Broker-Dealers.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Indemnified Person&#148; shall have the meaning set forth in Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Indemnifying Person&#148; shall have the meaning set forth in Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Indenture&#148; shall mean the Indenture relating to the Securities, dated as of April&nbsp;12, 2011, among the Company, the Guarantors from time to time party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, and as the same may be amended from time to time in accordance with the terms thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Initial Purchasers&#148; shall have the meaning set forth in the preamble.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Inspector&#148; shall have the meaning set forth in Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Issue Date&#148; shall mean April 12, 2011.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Issuer Information&#148; shall have the meaning set forth in Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Majority Holders&#148; shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable Securities; <I>provided</I> that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and <I>provided, further</I>, that if the Company shall issue any additional Notes under the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Notes and the Registrable Securities to which this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Participating Broker-Dealers&#148; shall have the meaning set forth in Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Person&#148; shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Prospectus&#148; shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Purchase Agreement&#148; shall have the meaning set forth in the preamble. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Registrable Securities&#148; shall mean the Securities; <I>provided</I> that the Securities shall cease to be Registrable Securities (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement, (ii) the date that is two years from the Issue Date or (iii) when such Securities cease to be outstanding.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Registration Expenses&#148; shall mean any and all expenses incident to performance of or compliance by the Company and the Guarantors with this Agreement, including without limitation: &nbsp;(i) all SEC, stock exchange or Financial Industry Regulatory Authority, Inc. registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable and documented fees and disbursements of not more than one counsel for the Underwriters or Holders (whose counsel shall be selected by the Holders of a majority in aggregate principal amount of Registrable Securities to be registered in the applicable Registration Statement) in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and the Guarantors and, in the case of a Shelf Registration Statement, the reasonable and documented fees and disbursements of one counsel for the Holders (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees and disbursements of the independent public accountants of the Company and the Guarantors including the expenses of any special audits or &#147;comfort&#148; letters required by or incident to the performance of and compliance with this Agreement, including as provided in Section , but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Registration Statement&#148; shall mean any registration statement of the Company and the Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Representatives&#148; shall have the meaning set forth in the preamble.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;SEC&#148; shall mean the United States Securities and Exchange Commission.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Securities&#148; shall have the meaning set forth in the preamble.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Securities Act&#148; shall mean the Securities Act of 1933, as amended from time to time.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Shelf Additional Interest Date&#148; shall have the meaning set forth in Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Shelf Effectiveness Period&#148; shall have the meaning set forth in Section &nbsp;&nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Shelf Registration&#148; shall mean a registration effected pursuant to Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Shelf Registration Statement&#148; shall mean a &#147;shelf&#148; registration statement of the Company and the Guarantors that covers all or a portion of the Registrable Securities (but no other securities unless approved by a majority of the Holders whose Registrable Securities are to be covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Shelf Request&#148; shall have the meaning set forth in Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Staff&#148; shall mean the staff of the SEC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Target Registration Date&#148; shall have the meaning set forth in Section &nbsp;hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Trust Indenture Act&#148; shall mean the Trust Indenture Act of 1939, as amended from time to time.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Trustee&#148; shall mean the trustee with respect to the Securities under the Indenture. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Underwriter&#148; shall have the meaning set forth in Section &nbsp;hereof. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Underwritten Offering&#148; shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the public. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Viner&#148; shall have the meaning set forth in the preamble and shall also include Viner&#146;s successors. </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Viner Finance&#148; shall have the meaning set forth in the preamble and shall also include the Viner Finance&#146;s successors. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>2.</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Registration Under the Securities Act.</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To the extent not prohibited by any applicable law or applicable interpretations of the Staff, the Company and the Guarantors shall (i) file or cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange Securities, (ii) use their commercially reasonable efforts to cause such Exchange Offer Registration Statement to be declared effective by the SEC under the Securities Act, (iii)&nbsp;keep the Exchange Offer Registration Statement effective until the closing of the Exchange Offer and (iv) use their commercially reasonable efforts to consummate the Exchange Offer not later than 360 calendar days after the Issue Date. &nbsp;The Company and the Guarantors shall cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to consummate the Exchange Offer; <I>provided, however</I>, that in no event shall such period be less than 20 Business Days after the date notice of the Exchange Offer is mailed to the Holders. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company and the Guarantors shall commence the Exchange Offer by mailing the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the &#147;Exchange Dates&#148;);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as otherwise specified herein;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the notice, or (B)&nbsp;effect such exchange otherwise in compliance with the applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at the address specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company and the Guarantors that (i) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities, (iii) it is not an &#147;affiliate&#148; (within the meaning of Rule 405 promulgated under the Securities Act) of the Company or any Guarantor (iv) if such holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of Exchange Securities and (v) if such Holder is a broker-dealer or a Participating Broker-Dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">As soon as practicable after the last Exchange Date, the Company and the Guarantors shall:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities validly tendered by such Holder and accepted for exchange pursuant to the Exchange Offer.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company and the Guarantors shall use their commercially reasonable efforts to consummate the Exchange Offer as provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. &nbsp;The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate any applicable law or applicable interpretations of the Staff.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In the event that (i) the Company determines that the Exchange Offer Registration provided for in Section &nbsp;above is not available or may not be completed as soon as reasonably practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff or (ii) upon receipt of a written request (a &#147;Shelf Request&#148;) from any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, the Company and the Guarantors shall use their reasonable best efforts to cause to be filed as soon as practicable after such determination date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In the event that the Company and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (ii) of the preceding sentence, the Company and the Guarantors shall use their reasonable best efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section &nbsp;with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company and the Guarantors agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective until the second anniversary of the Issue Date or such shorter period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement (the &#147;Shelf Effectiveness Period&#148;). &nbsp;The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement and the related Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement and Prospectus to become usable as soon as thereafter practicable. &nbsp;Upon the written request of Holders of Registrable Securities, the Company and the Guarantors agree to furnish to such Holders copies of any such supplement or amendment &nbsp;promptly after its being used or filed with the SEC.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to Section &nbsp;or Section &nbsp;hereof. &nbsp;Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder&#146;s Registrable Securities pursuant to the Shelf Registration Statement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">An Exchange Offer Registration Statement pursuant to Section &nbsp;hereof will not be deemed to have become effective unless it has been declared effective by the SEC. &nbsp;A Shelf Registration Statement pursuant to Section &nbsp;hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In the event that either the Exchange Offer is not consummated or the Shelf Registration Statement, if required pursuant to Section (i) hereof, has not become effective on or prior to the 360th day after the Issue Date (the &#147;Target Registration Date&#148;), the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period immediately following the Target Registration Date and (ii) 0.50% per annum thereafter, in each case until and ending on such date as the Exchange Offer is consummated or the Shelf Registration Statement, if required hereby, becomes effective. Following the consummation of the Exchange Offer or upon the effectiveness of such Shelf Registration Statement, as the case may be, with respect to any particular Registrable Securities, the interest rate borne by the relevant Registrable Securities will be reduced to the original interest rate borne by such Registrable Securities; <I>provided, however,</I> that, if after any such reduction in interest rate, a different event occurs that would give rise to such an increase, the interest rate borne by the relevant Registrable Securities shall again be increased pursuant to the foregoing provisions.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In the event that the Company receives a Shelf Request pursuant to Section (ii), and the Shelf Registration Statement required to be filed thereby has not become effective by the later of (x) the Target Registration Date and (y) 90 days after delivery of such Shelf Request (such later date, the &#147;Shelf Additional Interest Date&#148;), then the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period payable commencing from one day after the Shelf Additional Interest Date and (ii) 0.50% per annum thereafter, in each case until and ending on such date as the Shelf Registration Statement becomes effective.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Shelf Registration Statement, if required hereby, has become effective and thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 60 days, then the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period commencing on the 61st day after such Shelf Registration Statement cease to be effective or the Prospectus ceases to be useable and (ii) 0.50% per annum thereafter, in each case until and ending on such date that the Shelf Registration Statement has again become effective or the Prospectus again becomes usable.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Without limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantors acknowledge that any failure by the Company or any Guarantor to comply with their obligations under Sections &nbsp;and &nbsp;hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company&#146;s and the Guarantors&#146; obligations under Sections &nbsp;and &nbsp;hereof. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each of the Company and the Guarantors represents, warrants and covenants that it (including its agents and representatives) will not prepare, make, use, authorize, approve or refer to any Free Writing Prospectus.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>2.</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Registration Procedures.</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In connection with their obligations pursuant to Sections &nbsp;and &nbsp;hereof, the Company and the Guarantors shall as soon as practicable (unless otherwise stated below):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (x) shall be selected by the Company, (y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith; and use their commercially reasonable efforts (or reasonable best efforts, in the case of a Shelf Registration as provided in Section ) to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section &nbsp;hereof; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section &nbsp;hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Initial Purchasers, to counsel for such Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus or preliminary prospectus, and any amendment or supplement thereto, as such Holder, counsel or Underwriter may reasonably request in writing in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company and the Guarantors consent to the use of such Prospectus, preliminary prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or any amendment or supplement thereto in accordance with applicable law; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">use their commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Holders in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc.; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Holder to consummate the disposition in each such jurisdiction of the Registrable Securities owned by such Holder; <I>provided</I> that neither the Company nor any Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested by any such Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective and when any amendment or supplement to the Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement or Prospectus or for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company or any Guarantor contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company or any Guarantor receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not misleading and (6) of any determination by the Company that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus would be appropriate; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, at the earliest practicable date and provide prompt notice to each Holder of the withdrawal of any such order or such resolution; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of a Shelf Registration, upon the written request of Holders of Registrable Securities, furnish to such Holders, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested); </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(viii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of a Shelf Registration, unless any Registrable Securities shall be in book-entry only form, cooperate with the Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Holders may reasonably request at least two Business Days prior to the closing of any sale of Registrable Securities; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ix)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of a Shelf Registration, upon the occurrence of any event contemplated by Section (5) hereof, use their reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to such Shelf Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company shall notify the Holders of Registrable Securities to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and such Holders hereby agree to suspend use of the Prospectus until the Company and the Guarantors have amended or supplemented the Prospectus to correct such misstatement or omission; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(x)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus (other than any document that is to be incorporated by reference into a Registration Statement or a Prospectus after initial filing of a Registration Statement and does not name the Initial Purchasers or the Holders of Registrable Securities in their capacity as such), (i) provide copies of such document to the Initial Purchasers and their counsel (if the Initial Purchasers hold any Registrable Securities and, in the case of a Shelf Registration Statement, to the Holders of Registrable Securities and their counsel), and (ii) make such representatives of the Company and the Guarantors as shall be reasonably requested by the Initial Purchasers and their counsel (if the Initial Purchasers hold any Registrable Securities and, in the case of a Shelf Registration Statement, to the Holders of Registrable Securities and their counsel) available for discussion of such documents, which documents will be subject to review and reasonable comment of such Initial Purchasers and their counsel (if the Initial Purchasers hold any Registrable Securities and, in the case of a Shelf Registration Statement, to the Holders of Registrable Securities and their counsel) in connection with such sale, if any, for a period of five (5) Business Days; and neither the Company nor any Guarantor shall, at any time after initial filing of a Registration Statement, use or file any Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus (other than any document that is to be incorporated by reference into a Registration Statement or a Prospectus and does not name the Initial Purchasers or the Holders of Registrable Securities in their capacity as such), of which the Initial Purchasers and their counsel (if the Initial Purchasers hold any Registrable Securities and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) shall reasonably object in writing within five (5) Business Days after receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period); <I>provided</I> that the immediately foregoing sentence shall not prohibit the Company or any Guarantor from making any filing that is, in the opinion of counsel to the Company, necessary to comply with applicable law;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use their commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xiii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of a Shelf Registration, make available for inspection by a representative of the Holders of the Registrable Securities (an &#147;Inspector&#148;), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority of the Holders of Registrable Securities to be included in such Shelf Registration and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, pertinent documents and properties of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and the Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; <I>provided</I> that if any such information is identified by the Company or any Guarantor as being confidential or proprietary, each Person shall be entitled to receive such information only after entering into a non-disclosure agreement in a form acceptable to the Company;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xiv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if reasonably requested by any Holder of Registrable Securities covered by a Shelf Registration Statement, promptly include in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment promptly after the Company has received notification of the matters to be so included in such filing, and in any event within 30 days of the receipt of such notification by the Company; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the case of a Shelf Registration, enter into such customary agreements and take all such other reasonable actions in connection therewith (including those reasonably requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (1) to the extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (2) use commercially reasonable efforts to obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and such Underwriters and their respective counsel), addressed to each selling Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) use commercially reasonable efforts to obtain &#147;comfort&#148; letters from the independent certified public accountants of the Company (and, if necessary, any other certified public accountant of any direct or indirect subsidiary of the Company, or of any business acquired by the Company or the Guarantors for which financial statements and financial data are or are required to be included or incorporated by reference in the Registration Statement) addressed to each selling Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in &#147;comfort&#148; letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus or Prospectus and (4) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and the Guarantors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement; and </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xvi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">so long as any Registrable Securities remain outstanding, cause any succesor to either Guarantor to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart to the Initial Purchasers no later than five Business Days following the execution thereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In the case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company and the Guarantors may from time to time reasonably request in writing.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In the case of a Shelf Registration Statement, each Holder of Registrable Securities covered in such Shelf Registration Statement agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section (3) or (5) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Holder&#146;s receipt of the copies of the supplemented or amended Prospectus contemplated by Section &nbsp;hereof and, if so directed by the Company, such Holder will deliver to the Company all copies in its possession, other than permanent file copies then in such Holder&#146;s possession, of the Prospectus covering such Registrable Securities that is current at the time of receipt of such notice.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Company shall give any notice to suspend the disposition of Registrable Securities pursuant to a Shelf Registration Statement, the Company and the Guarantors shall extend the period during which such Shelf Registration Statement shall be maintained effective pursuant to this Agreement by the number of days equal to the number of days in the period from and including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions. The Company and the Guarantors may give any such notice only twice during any 365-day period and any such suspensions shall not exceed 60 days in any 365-day period and there shall not be more than two suspensions in effect during any 365-day period.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Holders of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. &nbsp;In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an &#147;Underwriter&#148;) that will administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering, subject to the Company&#146;s consent, not to be unreasonably withheld. Such Holders shall be responsible for all underwriting commissions and discounts in connection therewith. No Holder of Registrable Securities may participate in any Underwritten Offering unless such Holder (i) agrees to sell such Holder&#146;s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements, provided that the Holders are given 15 Business Days notice of such requests.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>3.</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Participation of Broker-Dealers in Exchange Offer.</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Staff has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a &#147;Participating Broker-Dealer&#148;) may be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company and the Guarantors understand that it is the Staff&#146;s position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In light of the above, and notwithstanding the other provisions of this Agreement, the Company and the Guarantors agree to use their reasonable best efforts to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section &nbsp;of this Agreement (in the case of a Shelf Registration Statement that is combined with an Exchange Offer Registration Statement)), if requested by the Initial Purchasers or by one or &nbsp;more Participating Broker-Dealers) in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section &nbsp;above. &nbsp;The Company and the Guarantors further agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section . The Participating Broker-Dealers shall not be authorized by the Company to deliver and shall not deliver such Prospectus after such period in connection with the resales contemplated by this Section 4(b).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Initial Purchasers shall have no liability to the Company, any Guarantor or any Holder with respect to any request that they may make pursuant to Section &nbsp;above.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>4.</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Indemnification and Contribution.</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company and the Guarantors, jointly and severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are reasonably incurred, promptly following receipt of a written request therefor), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, any Free Writing Prospectus used in violation of this Agreement or any &#147;issuer information&#148; (&#147;Issuer Information&#148;) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information furnished to the Company in writing through the Representatives or any selling Holder, respectively, expressly for use therein. &nbsp;In connection with any Underwritten Offering permitted by Section , the Company and the Guarantors, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Initial Purchasers and the other selling Holders, the directors of the Company and the Guarantors, each officer of the Company and the Guarantors who signs the Registration Statement and each Person, if any, who controls the Company, the Guarantors, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph &nbsp;above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information furnished to the Company in writing by such Holder expressly for use in any Registration Statement and any Prospectus.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph &nbsp;or &nbsp;above, such Person (the &#147;Indemnified Person&#148;) shall promptly notify the Person against whom such indemnification may be sought (the &#147;Indemnifying Person&#148;) in writing; <I>provided</I> that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section &nbsp;except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <I>provided</I>, <I>further</I>, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section . &nbsp;If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section &nbsp;that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. &nbsp;In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. &nbsp;It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. &nbsp;Any such separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by the Representatives, (y) for any Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Company. &nbsp;The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. &nbsp;No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To the extent the indemnification provided for in paragraphs &nbsp;or &nbsp;above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Guarantors on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. &nbsp;The relative fault of the Company and the Guarantors on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors or by the Holders and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Company, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this Section &nbsp;were determined by <I>pro rata</I> allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph &nbsp;above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph &nbsp;above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending any such action or claim. &nbsp;Notwithstanding the provisions of this Section , in no event shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. &nbsp;No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. &nbsp;The Holders&#146; obligations to contribute pursuant to this Section &nbsp;are several and not joint.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The remedies provided for in this Section &nbsp;are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The indemnity and contribution provisions contained in this Section &nbsp;shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or any Guarantor or the officers or directors of or any Person controlling the Company or any Guarantor, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>5.</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>General.</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>No Inconsistent Agreements.</I> &nbsp;The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the Company nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Amendments and Waivers. &nbsp;</I>&nbsp;The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; <I>provided</I> that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section &nbsp;hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Registrable Securities are being tendered pursuant to the Exchange Offer, and that does not affect directly or indirectly the rights of other Holders whose Registrable Securities are not being tendered pursuant to such Exchange Offer, may be given by the Holders of a majority of the outstanding principal amount of Registrable Securities subject to such Exchange Offer. &nbsp;Any amendments, modifications, supplements, waivers or consents pursuant to this Section &nbsp;shall be by a writing executed by each of the parties hereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Notices.</I> &nbsp;All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this Section , which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company or the Guarantors, initially at the Company&#146;s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section ; and (iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section . &nbsp;All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. &nbsp;Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Successors and Assigns. </I>This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; <I>provided</I> that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. &nbsp;If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. &nbsp;The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or any Guarantor with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Third Party Beneficiaries.</I> &nbsp;Each Holder shall be a third party beneficiary to the agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Counterparts.</I> This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Headings. &nbsp;</I>The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit or otherwise affect the meaning hereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Governing Law. &nbsp;</I>This Agreement, and any claim, controversy or dispute arising under or related to this Agreement, shall be governed by and construed in accordance with the laws of the State of New York without regard to conflict of law principles that would result in the application of any laws other than the laws of the State of New York. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Entire Agreement; Severability.</I> &nbsp;This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. &nbsp;If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. &nbsp;The Company, the Guarantors and the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which becomes as close as possible to that of the invalid, void or unenforceable provisions.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/AGTS/reg.rights.agt.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=3><P style="margin-top:0pt; margin-bottom:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=42.133>&nbsp;</TD><TD valign=top width=47.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
</TD><TD valign=top width=198.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=42.133>&nbsp;</TD><TD valign=top width=47.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
</TD><TD valign=top width=198.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=3><P style="margin-top:0pt; margin-bottom:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E.A. VINER INTERNATIONAL CO.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=42.133>&nbsp;</TD><TD valign=top width=47.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
</TD><TD valign=top width=198.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=42.133>&nbsp;</TD><TD valign=top width=47.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
</TD><TD valign=top width=198.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman</P>
</TD></TR>
</TABLE>
<P style="margin-top:12pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=3><P style="margin-top:0pt; margin-bottom:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">VINER FINANCE INC.</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=42.133>&nbsp;</TD><TD valign=top width=47.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
</TD><TD valign=top width=198.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=42.133>&nbsp;</TD><TD valign=top width=47.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
</TD><TD valign=top width=198.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman</P>
</TD></TR>
</TABLE>
<P style="margin-top:12pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:12pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>-<FONT FACE="Arial">2-</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/AGTS/reg.rights.agt.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR>
Confirmed and accepted as of the date first above written: </P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">MORGAN STANLEY &amp; CO. INCORPORATED</P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For itself and on behalf of the<BR>
several Initial Purchasers</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=37.8><P style="margin-top:0pt; margin-bottom:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD valign=top width=250.2 colspan=2><P style="margin-top:0pt; margin-bottom:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Morgan Stanley &amp; Co. Incorporated </P>
</TD></TR>
<TR><TD valign=top width=37.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=250.2 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Fred Stupart</P>
</TD></TR>
<TR><TD valign=top width=37.8>&nbsp;</TD><TD valign=top width=52.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
</TD><TD valign=top width=198.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fred Stupart</P>
</TD></TR>
<TR><TD valign=top width=37.8>&nbsp;</TD><TD valign=top width=52.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
</TD><TD valign=top width=198.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Executive Director</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>-<FONT FACE="Arial">3-</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/AGTS/reg.rights.agt.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Annex A</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Counterpart to Registration Rights Agreement</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement, dated as of April 12, 2011 by and among the Company, a Delaware limited liability company, E.A. Viner International Co., a Delaware corporation and Viner Finance Inc., a Delaware corporation and Morgan Stanley &amp; Co. Incorporated (on behalf of itself and the other Initial Purchasers) to be bound by the terms and provisions of such Registration Rights Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the undersigned has executed this counterpart as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[ &nbsp;&nbsp;].</P>
<P style="margin-top:0pt; margin-bottom:24pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[NAME]</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
<U><BR>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; text-indent:244.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"></U>Name:<BR>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/AGTS/reg.rights.agt.doc</P>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>ex103secagreemt.htm
<DESCRIPTION>SECURITY AGREEMENT
<TEXT>
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<TITLE>Converted by EDGARwiz</TITLE>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>EXECUTION VERSION</P>
<P style="margin-top:126pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SECURITY AGREEMENT<BR>
<BR>
<BR>
by and among<BR>
<BR>
OPPENHEIMER HOLDINGS INC. &nbsp;<BR>
as Grantor,<BR>
<BR>
and<BR>
<BR>
EACH OTHER GRANTOR <BR>
FROM TIME TO TIME PARTY HERETO<BR>
<BR>
<BR>
and<BR>
<BR>
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.<BR>
as Collateral Agent.<BR>
<BR>
<BR>
Dated as of April 12, 2011</P>
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<BR></P>
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<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><BR></P>
<P style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>TABLE OF AUTHORITIES</B></P>
<P style="margin:0pt; padding-left:144pt; padding-top:3pt; padding-right:144pt; font-family:Times New Roman; font-size:12pt; border-top:0.5pt solid #000000" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><U>Page</U></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632388"><U>ARTICLE 1<BR>
Definitions; Grant of Security</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632389"><U>Section 1.01</U><I><U>. &nbsp;General Definitions</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632389"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632390"><U>Section 1.02</U><I><U>. &nbsp;Definitions; Interpretation</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632390"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632391"><U>Section 1.03</U><I><U>. &nbsp;Grant of Security</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632391"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632392"><U>Section 1.04</U><I><U>. &nbsp;Certain Limited Exclusions</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632392"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632393"><U>ARTICLE 2<BR>
Security for Obligations; Grantors Remain Liable</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632394"><U>Section 2.01</U><I><U>. &nbsp;Security for Obligations</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632394"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632395"><U>Section 2.02</U><I><U>. &nbsp;Grantors Remain Liable.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632395"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632396"><U>ARTICLE 3<BR>
Representations and Warranties and Covenants</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632397"><U>Section 3.01</U><I><U>. &nbsp;Generally.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632397"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632400"><U>Section 3.02</U><I><U>. &nbsp;Investment Related Property.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632400"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632401"><U>Section 3.03</U><I><U>. &nbsp;Material Contracts.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632401"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632403"><U>Section 3.04</U><I><U>. &nbsp;Intellectual Property.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632403"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632405"><U>ARTICLE 4<BR>
Further Assurances; Additional Grantors</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632406"><U>Section 4.01</U><I><U>. &nbsp;Further Assurances.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632406"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632407"><U>Section 4.02</U><I><U>. &nbsp;Additional Grantors</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632407"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632408"><U>ARTICLE 5<BR>
Collateral Agent Appointed Attorney-in-fact</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632409"><U>Section 5.01</U><I><U>. &nbsp;Power of Attorney</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632409"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632410"><U>Section 5.02</U><I><U>. &nbsp;No Duty on the Part of Collateral Agent or </U></I><FONT COLOR=#000000><I>Secured Parties</I></FONT></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632410"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632411"><U>ARTICLE 6<BR>
Remedies</U></A><U></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632412"><U>Section 6.01</U><I><U>. &nbsp;Generally.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632412"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632413"><U>Section 6.02</U><I><U>. &nbsp;Investment Related Property.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632413"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632414"><U>Section 6.03</U><I><U>. &nbsp;Intellectual Property.</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632414"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632415"><U>Section 6.04</U><I><U>. &nbsp;Cash Proceeds</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632415"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; padding-right:25.2pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF"><U></U><A HREF="#_Toc288632416"><U>Section 6.05</U><I><U>. &nbsp;Application of Proceeds</U></I></A></P>
<P style="margin:0pt; padding-left:36pt; padding-right:25.2pt; text-indent:359.5pt; font-family:Times New Roman; font-size:12pt"><A HREF="#_Toc288632416"></A><FONT COLOR=#0000FF><U><BR></U></FONT></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632417"><U>ARTICLE 7<BR>
Collateral Agent</U></A><U></U></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632418"><U>ARTICLE 8<BR>
Continuing Security Interest; Transfer of notes; Termination and Releases</U></A><U></U></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632419"><U>ARTICLE 9<BR>
Standard of Care; Collateral Agent May Perform</U></A><U></U></P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; color:#0000FF" align=center><U></U><A HREF="#_Toc288632420"><U>ARTICLE 10<BR>
Miscellaneous</U></A><U></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>SCHEDULES:</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SCHEDULE 3.1 &#150; GENERAL INFORMATION<BR>
SCHEDULE 3.3 &#150; INVESTMENT RELATED PROPERTY </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SCHEDULE 3.4 &#150; DESCRIPTION OF MATERIAL CONTRACT <BR>
SCHEDULE 3.5 &#150; INTELLECTUAL PROPERTY </P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>EXHIBITS:</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBIT A &#150; PLEDGE SUPPLEMENT <BR>
EXHIBIT B &#150; SECURITIES ACCOUNT CONTROL AGREEMENT <BR>
EXHIBIT C &#150; DEPOSIT ACCOUNT CONTROL AGREEMENT <BR>
EXHIBIT D &#150; COPYRIGHT SECURITY INTEREST ASSIGNMENT <BR>
EXHIBIT E &#150; PATENT SECURITY INTEREST ASSIGNMENT <BR>
EXHIBIT F &#150; TRADEMARK SECURITY INTEREST ASSIGNMENT</P>
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<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>i</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Security Agreement, dated as of April 12, 2011 (this &#147;<B>Agreement</B>&#148;), by and among OPPENHEIMER HOLDINGS INC., a Delaware corporation (the &#147;<B>Company</B>&#148;) and each of the Subsidiary Guarantors referred to below (together with the Company, each a &#147;<B>Grantor</B>&#148; and, collectively together with any Additional Grantors, as defined herein, the &#147;<B>Grantors</B>&#148;) in favor of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as collateral agent for the Secured Parties (in such capacity, together with its successors and assigns in such capacity, if any, the &#147;<B>Collateral Agent</B>&#148;).</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>RECITALS</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, reference is made to that certain Indenture, dated as of April 12, 2011 (as it may be amended, restated, supplemented or otherwise modified from time to time, the &#147;<B>Indenture</B>&#148;), by and among the Company, as issuer, the guarantors party thereto (the &#147;<B>Subsidiary Guarantors</B>&#148;) and The Bank of New York Mellon Trust Company, N.A., as trustee (in such capacity, the &#147;<B>Trustee</B>&#148;), providing for the issuance of 8.75% Senior Secured Notes due 2018 (the &#147;<B>Notes</B>&#148;) of the Company, all as contemplated therein (the holders from time to time of the Notes being referred to herein as the &#147;<B>Noteholders</B>&#148;).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, pursuant to the Subsidiary Guarantees (as defined in the Indenture), each Subsidiary Guarantor has jointly and severally guaranteed to the Secured Parties the payment when due of all the Obligations (as defined in the Indenture);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, it is a condition precedent to the issuance of the Notes by the Company that each Grantor shall have executed and delivered to the Collateral Agent this Agreement;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, each Grantor will obtain benefits from the issuance of the Notes by the Company under the Indenture and, accordingly, desires to execute this Agreement in order to satisfy the condition described in the preceding recital;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt of which are hereby acknowledged, the parties hereto jointly and severally agree, with the Collateral Agent, for the benefit of the Secured Parties, as follows:</P>
<A NAME="_Toc288632388"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 1<BR>
Definitions; Grant of Security</P>
<A NAME="_Toc288632389"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 1.1. &nbsp;General Definitions</I>. &nbsp;<A NAME="_Toc520574718"></A><A NAME="_Toc520574901"></A><A NAME="_Toc520575084"></A><A NAME="_Toc520575250"></A><A NAME="_Toc524781138"></A>In this Agreement, the following terms shall have the following meanings:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Account</B>&#148; shall mean an &#147;<B>account</B>&#148; as defined in Article 9 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Account Debtor</B>&#148; shall mean each Person who is obligated on an Account, Chattel Paper, General Intangible, Receivable or any Supporting Obligation related thereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Additional Grantors</B>&#148; shall have the meaning assigned in Section 4.02.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Agreement</B>&#148; shall have the meaning set forth in the preamble.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Assigned Agreements</B>&#148; shall mean all agreements and contracts to which such Grantor is a party as of the date hereof, or to which such Grantor becomes a party after the date hereof, including each Material Contract, as each such agreement may be amended, supplemented or otherwise modified from time to time.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&quot;<B>Business Day</B>&quot; means &nbsp;a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City or the city in which the Trustee&#146;s designated corporate trust office is located.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Cash Proceeds</B>&#148; shall have the meaning assigned in .</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Chattel Paper</B>&#148; shall mean &#147;<B>chattel paper</B>&#148; as defined in Article 9 of the UCC, including &#147;<B>electronic chattel paper</B>&#148; or &#147;<B>tangible chattel paper</B>&#148;, as each term is defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Collateral</B>&#148; shall have the meaning assigned in .</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Collateral Agent</B>&#148; shall have the meaning set forth in the preamble.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Collateral Records</B>&#148; shall mean books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software, computer printouts, tapes, disks and related data processing software and similar items.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Collateral Support</B>&#148; shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Commodities Accounts</B>&#148; (i) shall mean all &#147;<B>commodity accounts</B>&#148; as defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC and (ii) shall include all of the accounts listed on Schedule 3.3 under the heading &#147;<B>Commodities Accounts</B>&#148; (as such schedule may be amended or supplemented from time to time).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Copyright Licenses</B>&#148; shall mean any and all agreements providing for the granting of any right in or to Copyrights (whether such Grantor is licensee or licensor thereunder) including each agreement referred to in Schedule 3.5(A) (as such schedule may be amended or supplemented from time to time).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Copyright Security Agreement</B>&#148; shall mean a security agreement substantially in the form of Exhibit D.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Copyrights</B>&#148; shall mean all United States and foreign copyrights, whether registered or unregistered, now or hereafter in force throughout the world, all registrations and applications therefor including the applications and registrations referred to in Schedule 3.5(A) (as such schedule may be amended or supplemented from time to time), all rights corresponding thereto throughout the world, all extensions and renewals of any thereof, the right to sue for past, present and future infringements of any of the foregoing, and all proceeds of the foregoing, including licenses, royalties, income, payments, claims, damages, and proceeds of suit.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Counterpart Agreement</B>&#148; has the meaning ascribed to such term in Section 4.02.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Deposit Account Control Agreement</B>&#148; shall mean an agreement substantially in the form of Exhibit C with such changes thereon as the Collateral Agent may agree.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Deposit Accounts</B>&#148; (i) shall mean all &#147;<B>deposit accounts</B>&#148; as defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC and (ii) shall include all of the accounts listed on Schedule 3.3(A) under the heading &#147;Deposit Accounts&#148; (as such schedule may be amended or supplemented from time to time).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Documents</B>&#148; shall mean all &#147;<B>documents</B>&#148; as defined in Article 9 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Equipment</B>&#148; shall mean: (i) all &#147;<B>equipment</B>&#148; as defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC, (ii) all machinery, manufacturing equipment, data processing equipment, computers, office equipment, furnishings, furniture, appliances, fixtures and tools (in each case, regardless of whether characterized as equipment under the UCC) and (iii) all accessions or additions thereto, all parts thereof, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefor, wherever located, now or hereafter existing, including any fixtures.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&quot;<B>Excluded Property</B>&quot; shall have the meaning assigned in Section 1.04. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&#147;<B>General Intangibles</B>&#148; (i) shall mean all &#147;<B>general intangibles</B>&#148; as defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC, including &#147;<B>payment intangibles</B>&#148; also as defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC and (ii) shall include all interest rate or currency protection or hedging arrangements, all tax refunds, all licenses, permits, concessions and authorizations, all Assigned Agreements and all Intellectual Property (in each case, regardless of whether characterized as general intangibles under the UCC).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Goods</B>&#148; (i) shall mean all &#147;<B>goods</B>&#148; as defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC and</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii) shall include all Inventory and Equipment (in each case, regardless of whether characterized as goods under the UCC).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Grantor</B>&#148; shall have the meaning set forth in the preamble.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Indenture</B>&#148; shall have the meaning set forth in the recitals hereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Instruments</B>&#148; shall mean all &#147;<B>instruments</B>&#148; as defined in Article 9 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Insurance</B>&#148; shall mean: (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Intellectual Property</B>&#148; means all intellectual and similar property of any Grantor of every kind and nature now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, confidential or proprietary technical and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, and all additions, improvements and accessions to, and books and records describing or used in connection with, any of the foregoing.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Intellectual Property Security Agreements</B>&#148; shall mean Copyright Security Agreements, Patent Security Agreements, and Trademark Security Agreements.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Intercompany Indebtedness</B>&#148; shall mean all Indebtedness of any Grantor to any other Grantor.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Intercreditor Agreement</B>&#148; shall have the meaning ascribed to such term in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Inventory</B>&#148; shall mean all &#147;<B>inventory</B>&#148; as defined in Article 9 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Investment Related Property</B>&#148; shall mean: (i) all &#147;<B>investment property</B>&#148; (as such term is defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC) and (ii) all of the following (regardless of whether classified as investment property under the UCC): all Pledged Equity Interests, Pledged Debt, Securities Accounts, Commodities Accounts, Deposit Accounts and certificates of deposit.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Issue Date</B>&#148; shall mean the date on which the Notes are originally issued under the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Material Adverse Effect</B>&#148; means a material adverse effect on (a) the business, operations, properties, assets or financial condition of the Grantors, <FONT FACE="TimesNewRoman">taken as a whole, (b) the ability of the Grantors to perform their obligations hereunder or under any other Notes Document or (c) the rights and remedies of the Trustee, the Collateral Agent or any Noteholder hereunder or under any other Notes Document.</FONT></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Material Contract</B>&#148; means (a) each &#147;material definitive agreement&#148; (as such term is defined in Item 1.01 of Form 8-K under the Securities Exchange Act) not made in the ordinary course of business to which the Borrower or any of its Subsidiaries is a party, (b) any employment, stock option, defined compensation or similar agreement with Jeffrey Alfano, A.G. Lowenthal, Dennis McNamara, E.K. Roberts, Robert Neuhoff, Robert Okin, Thomas Robinson and Lawrence Spaulding or (c) any agreement pursuant to which any Grantor is or may be obligated to pay or entitled to receive more than $10,000,000 per annum.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Material Impairment</B>&#148; shall mean a material adverse effect on the value of the Collateral, or the rights of any Secured Party in respect thereof, including the rights to levy legal process or to sell the Collateral upon foreclosure.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Money</B>&#148; shall mean all &#147;<B>money</B>&#148; as defined in the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Noteholders</B>&#148; shall have the meaning set forth in the recitals hereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Notes</B>&#148; shall have the meaning set forth in the recitals hereto.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Notes Documents</B>&#148; shall mean, collectively, the Indenture, the Subsidiary Guarantees, the Security Documents and all other agreements, instruments, and documents now or hereafter executed and or delivered by any Grantor to the Collateral Agent or any other Secured Party in order to evidence the Secured Obligations, as each may be amended, restated supplemented or otherwise modified from time to time.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Patent Security Agreement</B>&#148; shall mean a security agreement substantially in the form of Exhibit E.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Patent Licenses</B>&#148; shall mean all agreements providing for the granting of any right in or to Patents (whether such Grantor is licensee or licensor thereunder) including each agreement referred to in Schedule 3.5(A) (as such schedule may be amended or supplemented from time to time).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Patents</B>&#148; shall mean all United States and foreign patents and applications for letters patent throughout the world, including, but not limited to each patent and patent application referred to in Schedule 3.5(A) (as such schedule may be amended or supplemented from time to time), all reissues, divisions, continuations, continuations-in-part, extensions and reexaminations of any of the foregoing, all rights corresponding thereto throughout the world, and all proceeds of the foregoing including licenses, royalties, income, payments, claims, damages, and proceeds of suit and the right to sue for past, present and future infringements of any of the foregoing.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Payment Intangibles</B>&#148; shall mean all &#147;<B>payment intangibles</B>&#148; as defined in Article 9 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Permitted Lien</B>&#148; shall have the meaning ascribed to such term in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pledge Supplement</B>&#148; shall mean any supplement to this agreement in substantially the form of Exhibit A with such changes thereon as the Collateral Agent may agree.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pledged Debt</B>&#148; shall mean all monetary obligations owed to a Grantor evidenced by an instrument or a certificated security owed to such Grantor, including all Intercompany Indebtedness and all Indebtedness described on Schedule 3.3(A) under the heading &#147;<B>Pledged Debt</B>&#148; (as such schedule may be amended or supplemented from time to time), issued by the obligors named therein, the instruments evidencing such monetary obligations, and all interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such monetary obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pledged Equity Interests</B>&#148; shall mean all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust Interests.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pledged LLC Interests</B>&#148; shall mean all interests acquired in any limited liability company including all limited liability company interests listed on Schedule 3.3(A) under the heading &#147;Pledged LLC Interests&#148; (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such limited liability company interests and any interest of such Grantor on the books and records of such limited liability company or on the books and records of any securities intermediary pertaining to such interest and all dividends or other distributions from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such limited liability company interests.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pledged Partnership Interests</B>&#148; shall mean all interests acquired in any general partnership, limited partnership, limited liability partnership or other partnership including all partnership interests listed on Schedule 3.3(A) under the heading &#147;<B>Pledged Partnership Interests</B>&#148; (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books and records of any securities intermediary pertaining to such interest and all dividends or other distributions from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership interests.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pledged Stock</B>&#148; shall mean all shares of capital stock owned by such Grantor, including all shares of capital stock described on Schedule 3.3(A) under the heading &#147;<B>Pledged Stock</B>&#148; (as such schedule may be amended or supplemented from time to time), and the certificates, if any, representing such shares and any interest of such Grantor in the entries on the books of the issuer of such shares or on the books of any securities intermediary pertaining to such shares, and all dividends or other distributions from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Pledged Trust Interests</B>&#148; shall mean all interests acquired in a Delaware business trust or other statutory trust including all trust interests listed on Schedule 3.3(A) under the heading &#147;<B>Pledged Trust Interests</B>&#148; (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such trust interests and any interest of such Grantor on the books and records of such trust or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such trust interests.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Proceeds</B>&#148; shall mean: (i) all &#147;<B>proceeds</B>&#148; as defined in <FONT FACE="arrow">Article 9 </FONT>of the UCC, (ii) payments or distributions made with respect to any Investment Related Property and (iii) whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Receivables</B>&#148; shall mean all rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, including all such rights constituting or evidenced by any Account, Chattel Paper or Instrument, together with all of Grantor&#146;s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Receivables Records.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Receivables Records</B>&#148; shall mean (i) all original copies of all documents, instruments or other writings or electronic records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers relating to Receivables, including all tapes, cards, computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the control of Grantor or any computer bureau or agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings, including lien search reports, from filing or other registration officers, (iv) all credit information, reports and memoranda relating thereto and (v) all other written forms of information related in any way to the foregoing or any Receivable.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Records</B>&#148; shall mean all &#147;<B>records</B>&#148; as defined in Article 9 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Secured Obligations</B>&#148; shall have the meaning assigned in .</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Secured Parties</B>&#148; shall have the meaning ascribed to such term in the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Securities Account Control Agreement</B>&#148; shall mean an agreement substantially in the form of Exhibit B with such changes thereon as the Collateral Agent may agree.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Securities Accounts</B>&#148; (i) shall mean all &#147;<B>securities accounts</B>&#148; as defined in Article 8 of the UCC and (ii) shall include all of the accounts listed on Schedule 3.3(A) under the heading &#147;Securities Accounts&#148; (as such schedule may be amended or supplemented from time to time).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Securities Entitlements</B>&#148; shall mean all &#147;<B>securities entitlements</B>&#148; as such term is defined in Article 8 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Stock Restriction Agreement</B>&#148; means the Stock Restriction Agreement, &nbsp;dated March 31, 2010, by and among Oppenheimer Multifamily Housing &amp; &nbsp;Healthcare Finance, Inc. (formerly known as Evanston Financial Corporation), &nbsp;E.A. Viner International Co. and the other stockholders party thereto, as amended, restated, replaced, supplemented or otherwise modified from time to time.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Supporting Obligations</B>&#148; shall mean all &#147;<B>supporting obligations</B>&#148; as such term is defined in Article 9 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Tax Code</B>&#148; shall mean the United States Internal Revenue Code of 1986, as amended from time to time.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Trademark</B>&#148; means: &nbsp;(i) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos, brand names, trade dress, prints and labels on which any of the foregoing have appeared or appear, package and other designs, and all other source or business identifiers, and all general intangibles of like nature, and the rights in any of the foregoing which arise under applicable law, (ii) the goodwill of the business symbolized thereby or associated with each of them, (iii) all registrations and applications in connection therewith, including registrations and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, including those described in Schedule 1 to any Trademark Security Agreement, (iv) all renewals of any of the foregoing, (v) all claims for, and rights to sue for, past or future infringements of any of the foregoing and (vi) all income, royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future infringements thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Trademark Licenses</B>&#148; shall mean any and all agreements providing for the granting of any right in or to Trademarks (whether such Grantor is licensee or licensor thereunder) including each agreement referred to in Schedule 3.5(A) (as such schedule may be amended or supplemented from time to time).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Trademark Security Agreement</B>&#148; shall mean a security agreement substantially in the form of Exhibit F.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Trade Secrets</B>&#148; means confidential and proprietary information, trade secrets and know-how, including, without limitation, processes, schematics, databases, formulae, drawings, prototypes, models, designs and customer lists.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Trade Secret Licenses</B>&#148; shall mean any and all agreements providing for the granting of any right in or to Trade Secrets (whether such Grantor is licensee or licensor thereunder) including each agreement referred to in Schedule 3.5(G) (as such schedule may be amended or supplemented from time to time).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Uncertificated Securities Control Agreement</B>&#148; shall mean an agreement in form and substance reasonably satisfactory to the Collateral Agent pursuant to which such issuer agrees to comply with the Collateral Agent&#146;s instructions with respect to such uncertificated security without further consent by such Grantor.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<B>Uniform Commercial Code</B>&#148; or &#147;<B>UCC</B>&#148; means the New York Uniform Commercial Code as in effect from time to time, provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, &#147;<B>Uniform Commercial Code</B>&#148; or &#147;<B>UCC</B>&#148; means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.</P>
<A NAME="_Toc288632390"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 1.2. &nbsp;Definitions; Interpretation. &nbsp;</I>All capitalized terms used herein (including the preamble and recitals hereto) and not otherwise defined herein shall have the meanings ascribed thereto in the Indenture or, if not defined therein, in the UCC. &nbsp;References to &#147;Sections,&#148; &#147;Exhibits&#148; and &#147;Schedules&#148; shall be to Sections, Exhibits and Schedules, as the case may be, of this Agreement unless otherwise specifically provided. &nbsp;Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. &nbsp;Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. &nbsp;The use herein of the word &#147;include&#148; or &#147;including&#148;, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as &#147;without limitation&#148; or &#147;but not limited to&#148; or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. &nbsp;If any conflict or inconsistency exists between this Agreement and the Indenture, the Indenture shall govern. &nbsp;All references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of the UCC.</P>
<A NAME="_Toc288632391"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 1.3. &nbsp;Grant of Security</I>. &nbsp;Each Grantor hereby grants to the Collateral Agent for the ratable benefit of the Secured Parties a security interest in and continuing lien on, all of such Grantor&#146;s right, title and interest in, to and under all personal property of such Grantor including, but not limited to the following, in each case whether now owned or existing or hereafter acquired or arising and wherever located (all of which, except as provided in Section 1.04, being hereinafter collectively referred to as the &#147;<B>Collateral</B>&#148;):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Accounts;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chattel Paper;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Documents;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">General Intangibles;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Goods;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Instruments;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Insurance;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investment Related Property;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Money;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Receivables and Receivable Records;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(k)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all Collateral Records, Collateral Support and Supporting Obligations relating to any of the foregoing; and </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(l)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 1.4. &nbsp;<A NAME="_Toc288632392"></A>Certain Limited Exclusions. &nbsp;</I>Notwithstanding anything contained in &nbsp;hereof or anything else herein to the contrary, in no event shall the security interest granted hereby in the Collateral attach to any of such Grantor&#146;s right, title or interest in (collectively, the &quot;<B>Excluded Property</B>&quot;): </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any asset or property right of any Grantor of any nature:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">if the grant of such security interest shall constitute or result in (x) the abandonment, invalidation or rendering unenforceable of such asset or property right, or the Company or any Subsidiary Guarantor loss of use of such asset or property right or (y) a breach, termination or default under any lease, license, contract, property right, permit or agreement (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the U.S. Bankruptcy Code) or principles of equity) to which the Company or such Subsidiary Guarantor is party; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to the extent that any applicable law or regulation prohibits the creation of a security interest thereon (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or principles of equity); </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Equity Interests of each class of voting equity interests issued by any first-tier Subsidiary that is not a Domestic Subsidiary in excess of 65% of such class of voting Equity Interests issued by such first-tier Subsidiary and all the Equity Interests in Oppenheimer Cooperative U.A., an entity formed under the laws of the Netherlands;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Capital Stock of (i) Oppenheimer Trust Company, a corporation formed under the laws of New Jersey, and Oppenheimer Cooperative U.A., an entity formed under the laws of the Netherlands, (ii) any Foreign Subsidiary that is not a first-tier Foreign Subsidiary and (iii) in the case of Capital Stock of any Subsidiary, only to the extent that the value thereof, together with the value of all promissory notes or other instruments payable by such Subsidiary constituting Collateral, equals 20% or more of the notes plus the principal amount at maturity of any other collateral permitted to be taken into consideration in determining whether separate financial information with respect to the issuer thereof would be required to be filed pursuant to Rule 3-16 of Regulation S-X;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">promissory notes or other instruments payable by any Subsidiary, to the extent that the value thereof, together with the value of all Capital Stock of such Subsidiary constituting Collateral, equals 20% or more of the notes plus the principal amount at maturity of any other collateral permitted to be taken into consideration in determining whether separate financial information with respect to the issuer thereof would be required to be filed pursuant to Rule 3-16 of Regulation S-X;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any foreign intellectual property and any assets located outside the United States to the extent a Lien on such assets cannot be perfected by the filing of UCC financing statements;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any applications for Trademarks filed in the United States Patent and Trademark Office (the &#147;<B>PTO</B>&#148;) pursuant to 15 U.S.C. &nbsp;&#167; 1051 Section 1(b) unless and until acceptable evidence of use of the mark in interstate commerce is submitted to the PTO pursuant to 15 U.S.C. &nbsp;&#167; 1051 Section 1(c) or Section 1(d); </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i) Deposit Accounts and Securities Account accounts the balance of which consists exclusively of (x) withheld income taxes and federal, state or local employment taxes in such amounts as are required to be paid to the IRS or state or local government agencies within the following two months with respect to employees of any Grantor and (y) amounts required to be paid over to an employee benefit plan pursuant to DOL Reg. &nbsp;Sec. &nbsp;2510.3-102 on behalf of or for the benefit of employees of any Grantor, and (ii) all segregated deposit accounts constituting (and the balance of which consists solely of funds set aside in connection with) tax accounts, payroll accounts and trust accounts; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">cash and Cash Equivalents maintained in any account of any Subsidiary Guarantor that is an investment adviser registered under the Investment Advisers Act of 1940, as amended, so long as such account is maintained to satisfy qualified professional asset manager requirements under ERISA; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Deposit Accounts and Securities Accounts to the extent the aggregate value of assets therein does not exceed $2.0 million; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(j)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">motor vehicles and other similar assets in which a Lien may be perfected only through compliance with a non-UCC certificate of title statute of any state of the United States of America or the District of Columbia, letter of credit rights and commercial tort claims;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(k)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Equipment leased by the Company or any of its Subsidiaries under a lease that prohibits the granting of a Lien on such equipment; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(l)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">assets subject to a purchase money lien, capitalized lease obligation or similar arrangement, in each case as permitted by the Indenture, to the extent that the contract or other agreement in which such Lien is granted (or the documentation providing for such capitalized lease obligation or similar arrangement) prohibits such assets from being Collateral and only for so long as such Lien remains outstanding; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(m)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Capital Stock of or Equity Interests in any Person other than Wholly Owned Subsidiaries to the extent not permitted by the terms of such Person&#146;s organizational documents; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(n)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">any property and assets the pledge of which would require governmental consent, approval, license or authorization; and &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(o)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Proceeds and products of any and all of the foregoing excluded assets described in clauses (a) through (n) above only to the extent such Proceeds and products would constitute property or assets of the type described in clauses (a) through (n) above.</P>
<A NAME="_Toc288632393"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 2<BR>
Security for Obligations; Grantors Remain Liable</P>
<A NAME="_Toc288632394"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 2.1. &nbsp;Security for Obligations. &nbsp;</I>The security interests created by this Agreement secure, and the Collateral is collateral security for, the prompt and complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. &nbsp;&#167; 362(a) (and any successor provision thereof)), of all Notes Obligations with respect to every Grantor (the &#147;<B>Secured Obligations</B>&#148;).</P>
<A NAME="_Toc288632395"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 2.2. &nbsp;Grantors Remain Liable. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Anything contained herein to the contrary notwithstanding, but subject to the transfer of Pledged Equity Interests to the Collateral Agent or its nominee upon foreclosure or other analogous enforcement procedure:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">each Grantor shall remain liable under any partnership agreement or limited liability company agreement relating to any Pledged Partnership Interest or Pledged LLC Interest, any Assigned Agreement and/or any other contracts and agreements included in the Collateral, to the extent set forth therein, to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the exercise by the Collateral Agent of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">neither the Collateral Agent nor any Noteholder shall have any obligation or liability under any partnership agreement or limited liability company agreement relating to any Pledged Partnership Interests or Pledged LLC Interests, any Assigned Agreement or any other contracts and agreements included in the Collateral by reason of this Agreement, nor shall the Collateral Agent or any Noteholder be obligated to perform any of the obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Neither the Collateral Agent, any Noteholder nor any purchaser at a foreclosure sale under this Agreement shall be obligated to assume any obligation or liability under any partnership agreement or limited liability company agreement relating to any Pledged Partnership Interests or Pledged LLC Interests, any Assigned Agreement or any other contracts and agreements included in the Collateral unless the Collateral Agent, any Noteholder or any such purchaser otherwise expressly agrees in writing to assume any or all of said obligations.</P>
<A NAME="_Toc288632396"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 3<BR>
Representations and Warranties and Covenants</P>
<A NAME="_Toc288632397"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 3.1. &nbsp;Generally. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Representations and Warranties</I>. &nbsp;Each Grantor jointly and severally represents and warrants as follows:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it owns the Collateral purported to be owned by it or otherwise has the rights it purports to have in each item of Collateral and, as to all Collateral whether now existing or hereafter acquired, in each case free and clear of any and all Liens, rights or claims of all other Persons other than Permitted Liens and minor defects in title that do not interfere with its ability to conduct its business as conducted in the date hereof or to use such assets for their intended purposes;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the full legal name of such Grantor is as set forth on Schedule 3.1(A) and it has not done in the last five years, and does not do, business under any other name (including any trade-name or fictitious business name) except for those names set forth on Schedule 3.1(B) (as such schedule may be amended or supplemented from time to time);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it has indicated on Schedule 3.1(A) (as such schedule may be amended or supplemented from time to time): 1) the type of organization of such Grantor, 2) the jurisdiction of organization of such Grantor, 3) the chief executive office or sole place of business of such Grantor and 4) the Federal Taxpayer Identification Number, if any, of such Grantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">except as provided on Schedule 3.1(C), it has not changed its name, jurisdiction of organization, Federal Taxpayer Identification Number, chief executive office or sole place of business or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) within the past five years;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the filing of UCC-1 financing statements naming each Grantor as &#147;debtor&#148; and the Collateral Agent as &#147;secured party&#148; and describing the Collateral in the filing offices set forth opposite such Grantor&#146;s name on Schedule 3.1(D) hereof (as such schedule may be amended or supplemented from time to time), and compliance with the other requirements of Article &nbsp;of this Agreement, all actions and consents necessary to create and perfect first priority security interests in all of the Collateral (to the extent such perfection and priority may be achieved by filings made in the United States) will have been made or obtained and the security interests granted to the Collateral Agent hereunder will constitute valid and perfected (to the extent such perfection and priority may be achieved by filings made in the United States) first priority security interests in all of the Collateral; provided that, additional filings in the PTO and the U.S. Copyright Office may be necessary to perfect the Collateral Agent's security interest in Patents, Trademarks and Copyrights that are the subject of a registration or application and that are acquired by Grantors after the date hereof; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">other than the financing statements filed in favor of the Collateral Agent, no effective UCC financing statement, fixture filing or other instrument similar in effect under any applicable law covering all or any part of the Collateral is on file in any filing or recording office except for 5) financing statements for which proper termination statements have been filed (or will be filed promptly on or after the date hereof) and 6) financing statements, fixture filings or other instruments similar in effect filed in connection with Permitted Liens;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">except as has been obtained, no authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required for either 7) the pledge or grant by such Grantor of the Liens purported to be created in favor of the Collateral Agent hereunder or 8) subject to the Intercreditor Agreement (if applicable), the exercise by Collateral Agent of any rights or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except (i) for the filings contemplated by clause &nbsp;above and (ii) as may be required, in connection with the disposition of any Investment Related Property, by laws generally affecting the offering and sale of Securities; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">except as could not reasonably be expected to result in a Material Impairment, all information supplied by such Grantor with respect to the Collateral (taken as a whole) is accurate and complete in all material respects.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Covenants and Agreements</I>. &nbsp;Each Grantor hereby covenants and agrees that until the payment in full of all Secured Obligations:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>(i)</I></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>[Reserved]</I>;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall not produce, use or permit any Collateral to be used (A) in violation of any provision of this Agreement or (B) except as could not reasonably be expected to result in a Material Impairment, unlawfully or in material violation of any applicable material statute, regulation or ordinance or any policy of insurance covering the Collateral;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall not change its name, type of organization, jurisdiction of organization, Federal Taxpayer Identification Number or corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) unless it shall (A) promptly after such change or establishment notify the Collateral Agent in writing, by executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, of any such change or establishment, identifying such new proposed name, jurisdiction of organization, Federal Taxpayer Identification Number or corporate structure and providing the Collateral Agent with copies of any relevant filings and such other information in connection therewith as the Collateral Agent may reasonably request and (B) take all actions required by applicable law, to maintain the continuous validity, perfection and the same or better priority of the Collateral Agent&#146;s security interest in the Collateral intended to be granted and agreed to hereby;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to the extent required by the Indenture, it shall pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, the Collateral, except to the extent the validity thereof is being contested in good faith;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall not sell, transfer or assign (by operation of law or otherwise) any Collateral except as permitted under Section 4.10 of the Indenture; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">unless and until all of the Equity Interests of and intercompany notes issued by Oppenheimer &amp; Co., Inc. are pledged as Collateral without regard to the limitation described in Section 1.04(c) or (d), Oppenheimer &amp; Co., Inc. shall remain a direct Wholly-Owned Subsidiary of Viner Finance Inc. and the Company shall not permit such Equity Interests or intercompany loans to be subject to other Liens.</P>
<A NAME="_Toc288632400"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 8.b. &nbsp;Receivables.</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Representations and Warranties</I>. &nbsp;Each Grantor represents and warrants that no Receivable in excess of $5,000,000 individually or $10,000,000 in the aggregate is evidenced by, or constitutes, an Instrument or Chattel Paper which has not been delivered to, or otherwise subjected to the control of, the Collateral Agent to the extent required by, and in accordance with .</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Covenants and Agreements</I>: Each Grantor hereby covenants and agrees that until the payment in full of all Secured Obligations:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall keep and maintain at its own cost and expense satisfactory and complete records of the Receivables in its reasonable business judgment and consistent with its past practice including, but not limited to, the originals of all documentation with respect to all such Receivables and records of all payments received and all credits granted on such Receivables, all merchandise returned and all other dealings therewith;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall not amend, modify, terminate or waive any provision of any Receivable in any manner that could reasonably be expected to have a Material Adverse Effect. &nbsp;Other than in the ordinary course of business as generally conducted by it and, except as otherwise provided in subsection (iii) below, during the continuance of an Event of Default, such Grantor shall not (A) grant any extension or renewal of the time of payment of any Receivable, (B) compromise or settle any dispute, claim or legal proceeding with respect to any Receivable for less than the total unpaid balance thereof, (C) release, wholly or partially, any Person liable for the payment thereof, or (D) allow any credit or discount thereon;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">except as otherwise provided in this subsection, each Grantor shall continue to collect all amounts due or to become due to such Grantor under the Receivables and any Supporting Obligation and diligently exercise each material right it may have under any Receivable, any Supporting Obligation or Collateral Support, in each case, at its own expense, and in connection with such collections and exercise, such Grantor shall take such action as such Grantor or after the occurrence and during the continuance of an Event of Default, the Collateral Agent (acting pursuant to the direction it receives under the Indenture), may deem necessary or advisable. &nbsp;Notwithstanding the foregoing, subject to the Intercreditor Agreement (if applicable), the Collateral Agent shall have the right at any time during the continuance of an Event of Default to notify, or require any Grantor to notify, any Account Debtor of the Collateral Agent&#146;s security interest in the Receivables and any Supporting Obligation and, in addition, at any time following delivery by the Trustee to the Company of notice of an Event of Default, the Collateral Agent may, subject to the Intercreditor Agreement (if applicable) (A) direct the Account Debtors under any Receivables to make payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Agent; (B) notify, or require any Grantor to notify, each Person maintaining a lockbox or similar arrangement to which Account Debtors under any Receivables have been directed to make payment to remit all amounts representing collections on checks and other payment items from time to time sent to or deposited in such lockbox or other arrangement directly to the Collateral Agent; and (C) enforce, at the expense of such Grantor, collection of any such Receivables and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done. &nbsp;If the Collateral Agent notifies any Grantor that it has elected to collect the Receivables in accordance with the preceding sentence, any payments of Receivables received by such Grantor shall be promptly deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Collateral Agent if required, in a Securities Account or Deposit Account maintained under the sole dominion and control of the Collateral Agent, and until so turned over, all amounts and proceeds (including checks and other instruments) received by such Grantor in respect of the Receivables, any Supporting Obligation or Collateral Support shall be received in trust for the benefit of the Collateral Agent hereunder and shall be segregated from other funds of such Grantor and such Grantor shall not adjust, settle or compromise the amount or payment of any Receivable, or release wholly or partly any Account Debtor or obligor thereof, or allow any credit or discount thereon; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall use commercially reasonable efforts to keep in full force and effect any Supporting Obligation or Collateral Support relating to any Receivable.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Delivery and Control of Receivables</I>. &nbsp;With respect to any Receivables in excess of $5,000,000 individually or $10,000,000 in the aggregate that are evidenced by, or constitute, Chattel Paper or Instruments, each Grantor shall, subject to the Intercreditor Agreement (if applicable), cause each originally executed copy thereof to be delivered to the Collateral Agent (or its agent or designee) appropriately indorsed to the Collateral Agent or indorsed in blank: (i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof, and (ii) with respect to any such Receivables hereafter arising, within ten days of such Grantor acquiring rights therein. &nbsp;With respect to any Receivables in excess of $5,000,000 individually or $10,000,000 in the aggregate which would constitute &#147;electronic chattel paper&#148; under <FONT FACE="arrow">Article 9 </FONT>of the UCC, each Grantor shall, subject to the Intercreditor Agreement (if applicable), take all steps necessary to give the Collateral Agent control over such Receivables (within the meaning of Section 9-105 of the UCC): (i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof and (ii) with respect to any such Receivables hereafter arising, within ten Business Days of such Grantor acquiring rights therein. &nbsp;During the continuance of an Event of Default, any Receivable that is evidenced by, or constitutes, Chattel Paper or Instruments not otherwise required to be delivered or subjected to the control of the Collateral Agent in accordance with this subsection (c) shall be delivered or subjected to such control upon request of the Collateral Agent (acting pursuant to written direction received under the Indenture) at any time following delivery by the Trustee to the Company of notice of an Event of Default.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 8.c &nbsp;Investment Related Property. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Representations and Warranties</I>. &nbsp;Each Grantor hereby represents and warrants as follows:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Schedule 3.3(A) (as such schedule may be amended or supplemented from time to time) sets forth under the headings &#147;Pledged Stock, &#147;Pledged LLC Interests,&#148; &#147;Pledged Partnership Interests&#148; and &#147;Pledged Trust Interests,&#148; respectively, all of the Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust Interests owned by any Grantor and such Pledged Equity Interests constitute the percentage of issued and outstanding shares of stock, percentage of membership interests, percentage of partnership interests or percentage of beneficial interest of the respective issuers thereof indicated on such Schedule;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it is the record and beneficial owner of the Pledged Equity Interests free of all Liens, rights or claims of other Persons other than Permitted Liens and, other than the Stock Restriction Agreement, there are no outstanding warrants, options or other rights to purchase, or shareholder voting trusts or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any Pledged Equity Interests;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">no consent that has not been made or obtained of any Person including any other general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary or desirable in connection with the creation, perfection or first priority status of the security interest of the Collateral Agent in any Pledged Equity Interests or the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement or the exercise of remedies in respect thereof (it being understood that the rights and exercise of remedies by the Collateral Agent with respect to the Capital Stock of Oppenheimer Multifamily Housing &amp; Healthcare Finance, Inc. is subject to the Stock Restriction Agreement);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">none of the Pledged LLC Interests nor Pledged Partnership Interests with respect to any issuer which is a Subsidiary, if any, are or represent interests in issuers that are: (A) registered as investment companies, (B) are dealt in or traded on securities exchanges or markets or (C) have opted to be treated as securities under the UCC of any jurisdiction;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Schedule 3.3(A) (as such schedule may be amended or supplemented from time to time) sets forth under the heading &#147;Pledged Debt&#148; all of the Pledged Debt owned by any Grantor, and all of such Pledged Debt are to the knowledge of such Grantor valid and binding obligation of the issuers thereof subject to the effect of applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting rights of creditors and general principles of equity and is not in default and constitutes all of the issued and outstanding Indebtedness evidenced by an instrument or certificated security of the respective issuers thereof owing to such Grantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Schedule 3.3(A) (as such schedule may be amended or supplemented from time to time) sets forth under the headings &#147;Securities Accounts&#148; and &#147;Commodities Accounts,&#148; respectively, all of the Securities Accounts and Commodities Accounts in which any Grantor has an interest. &nbsp;The Grantors are the sole entitlement holders of each such respective Securities Account and Commodities Account, and no such Grantor has consented to, and is not otherwise aware of, any Person (other than the Collateral Agent pursuant hereto) having &#147;control&#148; (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodity Account or any securities or other property credited thereto, except to the extent such control would constitute a Permitted Lien;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Schedule 3.3(A) (as such schedule may be amended or supplemented from time to time) sets forth under the heading &#147;Deposit Accounts&#148; all of the Deposit Accounts in which each Grantor has an interest and the Grantors are the sole account holders of each such respective Deposit Account and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Collateral Agent pursuant hereto) having &#147;control&#148; (within the meaning of Section 9-104 of the UCC) over, or any other interest in, any such Deposit Account or any money or other property deposited therein except to the extent such control would constitute a Permitted Lien; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(viii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">subject to , each Grantor has taken all actions necessary, including those specified in , to: (iii)&nbsp;establish the Collateral Agent&#146;s &#147;control&#148; (within the meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the Investment Related Property constituting Certificated Securities, Uncertificated Securities, Securities Accounts or Commodities Accounts (each as defined in the UCC); (iv) except as otherwise in accordance with the last sentence of &nbsp;hereof, establish the Collateral Agent&#146;s &#147;control&#148; (within the meaning of Section 9-104 of the UCC) over all Deposit Accounts; and (v) to deliver all Instruments to the Collateral Agent.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Covenants and Agreements</I>. &nbsp;Each Grantor hereby covenants and agrees that until the payment in full of all Secured Obligations:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">without the prior written consent of the Collateral Agent, it shall not vote to enable or take any other action to: (A) amend or terminate any partnership agreement, limited liability company agreement, certificate of incorporation, by-laws or other organizational documents in any way that materially and adversely affects the validity, perfection or priority of the Collateral Agent&#146;s security interest, (B) other than as permitted under the Indenture, permit any issuer of any Pledged Equity Interest which is a Subsidiary to issue any additional stock, partnership interests, limited liability company interests or other equity interests of any nature or to issue securities convertible into or granting the right of purchase or exchange for any stock or other equity interest of any nature of such issuer, (C) other than as permitted under the Indenture, permit any issuer of any Pledged Equity Interest which is a Subsidiary to dispose of all or a material portion of their assets, (D) during the continuance of an Event of Default waive any material default under or breach of any material terms of any organizational document relating to the issuer of any Pledged Equity Interest or the terms of any Pledged Debt, or (E) cause any issuer of any Pledged Partnership Interests or Pledged LLC Interests in each case which is a Subsidiary which are not securities (for purposes of the UCC) on the date hereof to elect or otherwise take any action to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC or to cause the issuance of certificates or other evidence of Pledged Partnership Interests or Pledged LLC Interests, respectively, in such Grantor without the consent of the Collateral Agent; <I>provided, however</I>, that notwithstanding the foregoing, if any issuer of any Pledged Partnership Interests or Pledged LLC Interests takes any such action in violation of the foregoing in this clause (E), such Grantor shall promptly notify the Collateral Agent in writing of any such election or action and, in such event, shall take all steps necessary or advisable to establish the Collateral Agent&#146;s &#147;control&#148; thereof;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the event it acquires rights in any Investment Related Property after the date hereof, it shall promptly deliver to the Collateral Agent a completed Pledge Supplement, together with all Supplements to Schedules thereto, reflecting such new Investment Related Property and all other Investment Related Property. &nbsp;Notwithstanding the foregoing, it is understood and agreed that the security interest of the Collateral Agent shall attach to all Investment Related Property immediately upon any Grantor&#146;s acquisition of rights therein and shall not be affected by the failure of any Grantor to deliver a supplement to Schedule 3.3 as required hereby;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">except as provided in the next sentence or in the Indenture, in the event such Grantor receives any dividends, interest or distributions on any Investment Related Property, or any securities or other property upon the merger, consolidation, liquidation or dissolution of any issuer of any Investment Related Property, then (A) such dividends, interest or distributions and securities or other property shall be included in the definition of Collateral without further action and (B) such Grantor shall within ten days take all steps, if any, necessary or advisable to ensure the validity, perfection, priority and, if applicable, control of the Collateral Agent over such Investment Related Property (including delivery thereof to the Collateral Agent) and pending any such action such Grantor shall be deemed to hold such dividends, interest, distributions, securities or other property in trust for the benefit of the Collateral Agent and shall be segregated from all other property of such Grantor. &nbsp;Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing, the Collateral Agent authorizes each Grantor to retain all cash dividends and distributions and all payments of interest and principal;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall comply in all material respects with all of its obligations under any partnership agreement or limited liability company agreement relating to Pledged Partnership Interests or Pledged LLC Interests and shall enforce in all material respects all of its rights with respect to any Investment Related Property;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall notify the Collateral Agent, in writing, of any default under any Pledged Debt that has caused, either in any case or in the aggregate, reasonably be expected to have a Material Adverse Effect;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">without the prior written consent of the Collateral Agent or as permitted under the Indenture, it shall not permit any issuer of any Pledged Equity Interest which is a Subsidiary to merge or consolidate unless all the outstanding capital stock or other equity interests of the surviving or resulting corporation, limited liability company, partnership or other entity is, upon such merger or consolidation, pledged hereunder and no cash, securities or other property is distributed in respect of the outstanding equity interests of any other constituent company; <I>provided</I> that if the surviving or resulting company upon any such merger or consolidation involving an issuer which is not a Domestic Subsidiary, then such Grantor shall only be required to pledge equity interests in accordance with Section 1.04(b)<FONT FACE="arrow"> </FONT>hereof; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">each Grantor consents to the grant by each other Grantor of a security interest in all Investment Related Property to the Collateral Agent and, subject to the terms of the applicable partnership agreement or limited liability company agreement or operating agreement, to the transfer of any Pledged Partnership Interest and any Pledged LLC Interest to the Collateral Agent or its nominee following an Event of Default and to the substitution of the Collateral Agent or its nominee as a partner in any partnership or as a member in any limited liability company with all the rights and powers related thereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Delivery and Control</I>. &nbsp;Subject to Sections 1.04(g), (h) and (i) herein, each Grantor agrees that with respect to (vi)&nbsp;any Investment Related Property in which it currently has rights it shall comply with the provisions of this &nbsp;on or before the Issue Date and (vii) with respect to any Investment Related Property hereafter acquired by such Grantor it shall comply with the provisions of this &nbsp;within ten days upon acquiring rights therein. &nbsp;With respect to any Investment Related Property that is represented by a certificate or that is an &#147;instrument&#148; (other than any Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Collateral Agent, indorsed in blank by an &#147;effective indorsement&#148; (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a &#147;certificated security&#148; for purposes of the UCC. &nbsp;With respect to any Investment Related Property that is an &#147;uncertificated security&#148; for purposes of the UCC (other than any &#147;uncertificated securities&#148; credited to a Securities Account), it shall use commercially reasonable efforts to cause the issuer of such uncertificated security to either (i) register the Collateral Agent as the registered owner thereof on the books and records of the issuer or (ii) execute an Uncertificated Securities Control Agreement pursuant to which such issuer agrees to comply with the Collateral Agent&#146;s instructions with respect to such uncertificated security without further consent by such Grantor. &nbsp;With respect to any Investment Related Property consisting of Securities Accounts, Securities Entitlements or Commodities Accounts (other than to the extent constituting Excluded Property), it shall use commercially reasonable efforts to cause the securities intermediary maintaining such Securities Account, Securities Entitlements or Commodities Accounts to execute a Securities Account Control Agreement (or, in the case of Commodities Accounts, a substantially similar agreement in form and substance reasonably acceptable to the Collateral Agreement) pursuant to which it shall agree to comply with the Collateral Agent&#146;s &#147;entitlement orders&#148; during the continuance of an Event of Default without further consent by such Grantor. &nbsp;With respect to any Investment Related Property that is a &#147;Deposit Account&#148; (other than to the extent constituting Excluded Property), it shall use commercially reasonable efforts to cause the depositary institution maintaining such account to enter into a Deposit Account Control Agreement pursuant to which the Collateral Agent shall have &#147;control&#148; (within the meaning of Section 9-104 of the UCC) over such Deposit Account. &nbsp;Each Grantor shall have entered into such control agreement or agreements with respect to: (i) any Securities Accounts, Securities Entitlements or Deposit Accounts that exist on the Issue Date, as soon as practicable and in no event later than the date that is sixty days (or in the case of Deposit Accounts, ninety days) after the Issue Date, or at such other reasonable period agreed to by the Collateral Agent and (ii) any Securities Accounts, Securities Entitlements or Deposit Accounts that are created or acquired after the Issue Date, as of or prior to the deposit or transfer of any such Securities Entitlements or funds, whether constituting moneys or investments, into such Securities Accounts or Deposit Accounts. &nbsp;Notwithstanding anything to the contrary, no Grantor shall be required &nbsp;to take any actions hereunder with respect to any Securities Account or Deposit &nbsp;Account to the extent such Securities Account and/or Deposit Account constitutes &nbsp;Excluded Property. &nbsp;During the continuance of an Event of Default, the Collateral Agent shall, subject to the Intercreditor Agreement (if applicable), have the right, with prior written notice to any Grantor, to transfer all or any portion of the Investment Related Property to its name or the name of its nominee or agent. &nbsp;In addition, during the continuance of an Event of Default the Collateral Agent shall, subject to the Intercreditor Agreement (if applicable), have the right at any time, without notice to any Grantor, to exchange any certificates or instruments representing any Investment Related Property for certificates or instruments of smaller or larger denominations.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Voting and Distributions</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">So long as an Event of Default shall have not have occurred and be continuing:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">except as otherwise provided in &nbsp;of this Agreement, each Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Investment Related Property or any part thereof, <I>provided</I> that no Grantor shall exercise or refrain from exercising any such right (iii) that would have a Material Adverse Effect; or (iv) for any purpose inconsistent with the terms of this Agreement or the Indenture; it being understood, however, that for the purpose of clause &nbsp;neither the voting by such Grantor of any Pledged Stock for, or such Grantor&#146;s consent to, the election of directors (or similar governing body) at any meeting of stockholders or action by written consent in lieu thereof or with respect to incidental matters at any such meeting or in such consent, nor such Grantor&#146;s consent to or approval of any action otherwise permitted under this Agreement and the Indenture, shall be deemed inconsistent with the terms of this Agreement or the Indenture within the meaning of this ; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Collateral Agent shall promptly execute and deliver (or cause to be executed and delivered) to each Grantor all proxies, and other instruments as such Grantor may from time to time reasonably request for the purpose of enabling such Grantor to exercise the voting and other consensual rights when and to the extent which it is entitled to exercise pursuant to clause ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Upon the occurrence and during the continuation of an Event of Default, subject to the Intercreditor Agreement (if applicable):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease and all such rights shall thereupon become vested in the Collateral Agent who shall thereupon have the sole right but not the obligation to exercise such voting and other consensual rights; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:75.6pt; text-indent:57.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:75.6pt; text-indent:75.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in order to permit the Collateral Agent to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive hereunder: (v)&nbsp;each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Collateral Agent all proxies, dividend payment orders and other instruments as the Collateral Agent may from time to time reasonably request and (vi) each Grantor acknowledges that the Collateral Agent may utilize the power of attorney set forth in .</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>U.S. Broker-Dealer Subsidiaries</I>. &nbsp;Notwithstanding any contrary provision of this Agreement, (vii) no U.S. &nbsp;Broker-Dealer Subsidiary shall be a party to the Indenture or the Security Agreement or have any obligations thereunder and (viii) the Collateral Agent and the Secured Parties acknowledge that the exercise of any rights and remedies hereunder with respect to the capital stock of or other interests in any U.S. Broker-Dealer Subsidiary will be subject to the receipt of any approvals from any applicable SRO (including, without limitation, the New York Stock Exchange) then required for the exercise of such rights and remedies.</P>
<A NAME="_Toc288632401"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 8.b Material Contracts. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Representations and Warranties</I>. &nbsp;Each Grantor hereby represents and warrants as follows:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Schedule 3.4 (as such schedule may be amended or supplemented from time to time) sets forth all of the Material Contracts to which such Grantor has rights;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Material Contracts, true and complete copies (including any amendments or supplements thereof) of which have been furnished to the Collateral Agent, have been duly authorized, executed and delivered by the Grantors and, to the knowledge of the Grantors, the other parties thereto, are in full force and effect and are binding upon and enforceable against the Grantors and, to the knowledge of the Grantors, the other parties thereto in accordance with their respective terms subject to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting rights of creditors generally and general principles of equity.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Covenants and Agreements</I>. &nbsp;Each Grantor hereby covenants and agrees that until the payment in full of the Secured Obligations:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">during the continuance of an Event of Default, in addition to any rights under Section 3.03, the Collateral Agent may, subject to the Intercreditor Agreement (if applicable), if it deems reasonably necessary at any time notify, or require any Grantor to so notify, the counterparty on any Material Contract of the security interest of the Collateral Agent therein. &nbsp;In addition, after the occurrence and during the continuance of an Event of Default, the Collateral Agent may upon written notice to the applicable Grantor, notify, or require any Grantor to notify, the counterparty to make all payments under the Material Contracts directly to the Collateral Agent;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">after the occurrence and during the continuance of an Event of Default, each Grantor shall deliver promptly to the Collateral Agent a copy of each material demand, notice or document received by it relating in any way to any Material Contract;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall perform in all material respects all of its obligations with respect to the Material Contracts except where failure to do so could not reasonably be expected to have a Material Adverse Effect;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall in its reasonable business judgment and consistent with its past practice exercise each material right it may have under any Material Contract, any Supporting Obligation or Collateral Support, in each case, at its own expense, and in connection with such collections and exercise, such Grantor shall take such action as such Grantor or after the occurrence and during the continuance of an Event of Default, the Collateral Agent (acting pursuant to written direction received under the Indenture) may deem necessary or advisable;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall use its commercially reasonable business judgment in deciding whether or not to keep in full force and effect any Supporting Obligation or Collateral Support relating to any Material Contract.</P>
<A NAME="_Toc288632403"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 8.c. &nbsp;Intellectual Property. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Representations and Warranties</I>. &nbsp;Except as disclosed in Schedule 3.5(H) (as such schedule may be amended or supplemented from time to time), each Grantor hereby represents and warrants as follows:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Schedule 3.5(A) (as such schedule may be amended or supplemented from time to time) sets forth a true and complete list of (ix)&nbsp;all United States, state and foreign registrations of and applications for Patents, Trademarks, and Copyrights owned by each Grantor and material to the business of each Grantor and (x) all Patent Licenses, Trademark Licenses and Copyright Licenses material to the business of each Grantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it has executed and delivered to the Collateral Agent Intellectual Property Security Agreements for all registered United States Copyrights, Patents and Trademarks owned by such Grantor, including, but not limited to, all United States Copyrights, Patents and Trademarks on Schedule 3.5 (as such schedule may be amended or supplemented from time to time);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it is the sole and exclusive owner of the entire right, title, and interest in and to or has the valid right to use the material Intellectual Property on Schedule 3.5 (as such schedule may be amended or supplemented from time to time) listed under its respective name, and owns or has right to use all other material Intellectual Property used in or necessary to conduct its business, as currently conducted free and clear of all Liens, claims, encumbrances and licenses, except for Permitted Liens, licenses in existence as of the date hereof and licenses granted in the ordinary course of business (as each may be amended or supplemented from time to time);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to its knowledge, all Intellectual Property owned by such Grantor is subsisting and has not been adjudged invalid or unenforceable, in whole or in part, except as could not reasonably be expected to have a Material Adverse Effect or result in Material Impairment of the value of the Intellectual Property Collateral taken as a whole, and each Grantor has performed all acts and has paid all renewal, maintenance, and other fees required to maintain each and every registration and application of material Intellectual Property owned by such Grantor in full force and effect, except to the extent that a particular Patent, Trademark or Copyright is no longer material or necessary in any material respect to the business of such Grantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all material Intellectual Property owned by such Grantor is, to its knowledge, valid and enforceable in all material respects; no holding, decision, or judgment has been rendered in any action or proceeding before any court or administrative authority challenging the validity of, such Grantor&#146;s right to register, or such Grantor&#146;s rights to own or use, any Intellectual Property except as could not reasonably be expected to have a Material Adverse Effect or result in Material Impairment of the value of the Intellectual Property Collateral taken as a whole, and no such action or proceeding is pending or, to such Grantor&#146;s knowledge, threatened except as disclosed in Schedule 3.5(H) (as such schedule may be amended or supplemented from time to time);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all registrations and applications for Copyrights, Patents and Trademarks owned by such Grantor are standing in the name of such Grantor, and none of the material Trademarks, Patents, Copyrights or Trade Secret Collateral owned by such Grantor has been licensed to any affiliate or third party, except for Permitted Liens, licenses in existence as of the date hereof and licenses granted in the ordinary course of business (as each may be amended or supplemented from time to time);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(vii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it has been using appropriate statutory notice of registration in connection with its use of registered Trademarks, proper marking practices in connection with the use of Patents, and appropriate notice of copyright in connection with the publication of Copyrights material to the business of such Grantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(viii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it uses adequate standards of quality in the manufacture, distribution, and sale of all products sold and in the provision of all services rendered under or in connection with all material Trademarks to maintain the validity of such Trademarks and has taken all commercially reasonable action necessary to insure that all licensees of such Trademarks owned by such Grantor use such adequate standards of quality;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ix)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to its knowledge, the conduct of its business does not infringe upon any trademark, patent, copyright, trade secret or similar intellectual property right owned or controlled by a third party; no written claim has been made to such Grantor that the use of any material Intellectual Property owned or used by such Grantor (or any of its respective licensees) violates the asserted rights of any third party except as could not reasonably be expected to have a Material Adverse Effect or result in a Material Impairment of the value of the Intellectual Property Collateral taken as a whole,;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(x)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to its knowledge, no third party is infringing upon any Intellectual Property owned or used by such Grantor, or any of its respective licensees, except as could not reasonably be expected to have a Material Adverse Effect; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xi)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">no settlement or consents, covenants not to sue, nonassertion assurances, or releases have been entered into by such Grantor or to which such Grantor is bound that adversely affect its rights to own or use any Intellectual Property except as would not have a Material Adverse Effect or result in a Material Impairment of the value of the Intellectual Property Collateral taken as a whole, in each case individually or in the aggregate; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(xii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such Grantor has not made a previous assignment, sale, transfer or agreement constituting a present or future assignment, sale or transfer of any material Intellectual Property for purposes of granting a security interest or as Collateral that has not been terminated or released. &nbsp;There is no effective financing statement or other document or instrument now executed, or on file or recorded in any public office, granting a security interest in or otherwise encumbering any part of the Intellectual Property, other than in favor of the Collateral Agent or Permitted Liens.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Covenants and Agreements</I>. &nbsp;Each Grantor hereby covenants and agrees as follows until the payment in full of the Secured Obligations:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall not, unless consistent with reasonable commercial judgment, do any act or omit to do any act whereby any of the Intellectual Property which is material to the business of such Grantor may lapse, or become abandoned, dedicated to the public, or unenforceable, or which would adversely affect the validity, grant, or enforceability of the security interest granted therein, except to the extent that a particular item of Intellectual Property is no longer material or necessary to the business of such Grantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall not, unless consistent with reasonable commercial judgment, it shall not, with respect to any Trademarks which are material to the business of such Grantor, cease the use of any of such Trademarks or fail to maintain the level of the quality of products sold and services rendered under any of such Trademark at a level at least substantially consistent with the quality of such products and services as of the date hereof, and each Grantor shall take all commercially reasonable steps necessary to ensure that licensees of such Trademarks use such consistent standards of quality, except to the extent that a Trademark is no longer material or necessary to the business of such Grantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall promptly notify the Collateral Agent, in writing, if it knows or has reason to know that any item of the Intellectual Property that is material to the business of such Grantor is reasonably likely to become (xi) abandoned or dedicated to the public or placed in the public domain, (xii) invalid or unenforceable, or (xiii) subject to any material adverse determination or development, (including the institution of proceedings) in any action or proceeding in the United States Patent and Trademark Office, the United States Copyright Office, any state registry, any foreign counterpart of the foregoing, or any court, other than routine office actions in the ordinary course of prosecution;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall take all commercially reasonable steps in the United States Patent and Trademark Office, the United States Copyright Office, any state registry or any foreign counterpart of the foregoing, to pursue any material application and maintain any registration of each Trademark, Patent, and Copyright owned by such Grantor the maintenance or registration of which is material to its business including, but not limited to, those material items on Schedule 3.5(A) (as each may be amended or supplemented from time to time);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in the event that any material Intellectual Property owned by or exclusively licensed to such Grantor is infringed, misappropriated, or diluted by a third party in any material respect, such Grantor shall promptly take all commercially reasonable actions to protect such Intellectual Property including, but not limited to, the initiation of a suit for injunctive relief where appropriate and to recover damages;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall promptly (but in no event more than thirty days after the end of each quarterly period of the fiscal year in which such Grantor obtains knowledge thereof) report to the Collateral Agent (xiv) the filing of any application to register any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office, or any state registry or foreign counterpart of the foregoing (whether such application is filed by such Grantor or through any agent, employee, licensee, or designee thereof) and (xv) the registration of any Intellectual Property by any such office, in each case by executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall execute and deliver to the Collateral Agent Intellectual Property Security Agreements and such other document reasonably required to acknowledge, confirm, register, record, or perfect the Collateral Agent&#146;s interest in the United States in any part of the Intellectual Property, whether now owned or hereafter acquired, which is established under the laws of the United States or any state;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">except with the prior consent of the Collateral Agent or as permitted under the Indenture, (xvi) no Grantor shall execute, and there will not be on file in any public office, any financing statement or other document or instruments which remain in effect, except financing statements or other documents or instruments filed or to be filed in favor of the Collateral Agent or in connection with Permitted Liens and (xvii) such Grantor shall not sell, assign, transfer, grant any option, or create or suffer to exist any Lien upon or with respect to the Intellectual Property, except for the Lien created by and under this Security Agreement and the other Notes Documents or Permitted Liens and any licenses in existence on the date hereof or granted in the ordinary course of business;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall hereafter use commercially reasonable efforts so as not to permit the inclusion in any contract to which it hereafter becomes a party of any provision that would be reasonably likely to materially impair or prevent the creation of a security interest in, or the assignment of, such Grantor&#146;s rights and interests in any property included within the definitions of any Intellectual Property material to its business acquired under such contracts;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall take all commercially reasonable steps to protect the secrecy of all Trade Secrets relating to the products and services sold or delivered under or in connection with the Intellectual Property material to its business, including, for example, entering into confidentiality agreements with key employees and labeling and restricting access to secret information and documents, except to the extent that a Trade Secret is no longer material to the business of such Grantor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall use all necessary and proper statutory notice in connection with its use of any of the Intellectual Property material to its business; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(v)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">it shall continue to collect, at its own expense, all material amounts due or to become due to such Grantor in respect of the Intellectual Property material to its business or any portion thereof. &nbsp;In connection with such collections, such Grantor may take such action as such Grantor or after the occurrence and during the continuance of an Event of Default, the Collateral Agent (acting pursuant to written direction received under the Indenture) may deem reasonably necessary or advisable to enforce collection of such amounts.</P>
<A NAME="_Toc288632405"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 9<BR>
Further Assurances; Additional Grantors</P>
<A NAME="_Toc288632406"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 9.a. &nbsp;Further Assurances. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Grantor agrees that from time to time, at the expense of such Grantor, that it shall promptly execute and deliver all further instruments and documents, and take all further action, that may be reasonably necessary, or are required by applicable law in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted hereby or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral and with respect to Intellectual Property Collateral consistent with subsection (ii). &nbsp;Without limiting the generality of the foregoing, each Grantor shall:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">file such financing or continuation statements, or amendments thereto, and execute and deliver such other agreements, instruments, endorsements, powers of attorney or notices, as may be necessary, or are required by applicable law, in order to perfect and preserve the security interests granted or purported to be granted hereby and with respect to Intellectual Property Collateral consistent with subsection (ii);</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">take all actions reasonably necessary to ensure the recordation of appropriate evidence of the liens and security interests granted hereunder in the Intellectual Property material to the business of any Grantor with any intellectual property registry in the United States in which said material Intellectual Property is registered or in which an application for registration is pending including the United States Patent and Trademark Office, the United States Copyright Office and the various Secretaries of State; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">appear in and defend any action or proceeding that may affect such Grantor&#146;s title to or the Collateral Agent&#146;s security interest in all or any material part of the Collateral.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Grantor hereby authorizes (but does not obligate) the Collateral Agent to file a Record or Records, including financing or continuation statements, and amendments thereto, in all jurisdictions and with all filing offices as the Collateral Agent may determine (in accordance with written direction received by it pursuant to the Indenture) are necessary or advisable to perfect the security interest granted to the Collateral Agent herein and with respect to Intellectual Property Collateral consistent with subsection (a)(ii). &nbsp;Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as is necessary, advisable or prudent to ensure the perfection of the security interest in the Collateral granted to the Collateral Agent herein, including describing such property as &#147;all assets, whether now owned or hereafter acquired&#148; or &#147;all personal property, whether now owned or hereafter acquired&#148; or using words of similar import. &nbsp;&nbsp;Each Grantor shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Collateral Agent may reasonably request, all in reasonable detail. &nbsp;Notwithstanding anything to the contrary contained herein, the Collateral Agent shall have no duty as to any Collateral in its possession or control as to preservation of rights against third parties or any other rights pertaining thereto and the Collateral Agent shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Grantor hereby pledges to modify this Agreement by amending Schedule 3.5 (as such schedule may be amended or supplemented from time to time) to include reference to any right, title or interest in any existing material registered or applied-for Intellectual Property or any material registered or applied-for Intellectual Property acquired or developed by any Grantor after the execution hereof or to delete any reference to any right, title or interest in any such Intellectual Property in which any Grantor no longer has or claims any right, title or interest.</P>
<A NAME="_Toc288632407"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 9.b. &nbsp;Additional Grantors. &nbsp;</I>From time to time subsequent to the date hereof, additional Persons may become parties to this Agreement as additional Grantors (each, an &#147;<B>Additional Grantor</B>&#148;), by executing a counterpart agreement (each, a &#147;<B>Counterpart Agreement</B>&#148;). &nbsp;Upon delivery of any such Counterpart Agreement to the Collateral Agent, notice of which is hereby waived by Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if Additional Grantor were an original signatory hereto. &nbsp;Each Additional Grantor shall deliver to the Collateral Agent, together with such Counterpart Agreement, a completed Pledge Supplement together with all Supplements to Schedules thereto, reflecting all personal property to which it has rights that will be deemed Collateral pursuant to . &nbsp;Each Grantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Grantor hereunder, nor by any election of Collateral Agent not to cause any Subsidiary of the Company to become an Additional Grantor hereunder.</P>
<A NAME="_Toc288632408"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 10<BR>
Collateral Agent Appointed Attorney-in-fact</P>
<A NAME="_Toc288632409"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 10.a. &nbsp;Power of Attorney. &nbsp;</I>Each Grantor hereby irrevocably appoints the Collateral Agent (such appointment being coupled with an interest) as such Grantor&#146;s attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor, the Collateral Agent or otherwise, from time to time in the Collateral Agent&#146;s reasonable discretion (which shall be exercised in accordance with written direction received pursuant to the Indenture) to take any action and to execute any instrument that the Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, including the following (in each case, other than clause (e) below, subject to the Intercreditor Agreement (if applicable)) :</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the occurrence and during the continuance of any Event of Default, to obtain and adjust insurance required to be maintained by such Grantor or paid to the Collateral Agent pursuant to the Indenture;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the occurrence and during the continuance of any Event of Default, to ask for, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the occurrence and during the continuance of any Event of Default, to receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause ;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the occurrence and during the continuance of any Event of Default, to file any claims or take any action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to prepare and file any UCC financing statements against such Grantor as debtor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(f)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the occurrence and during the continuance of any Event of Default, to prepare, sign, and file for recordation in any intellectual property registry, appropriate evidence of the lien and security interest granted herein in the Intellectual Property in the name of such Grantor as assignor;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(g)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the occurrence and during the continuance of any Event of Default, to take or cause to be taken all actions necessary to perform or comply or cause performance or compliance with the terms of this Agreement, including access to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed upon or threatened against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Collateral Agent in its sole discretion, any such payments made by the Collateral Agent to become obligations of such Grantor to the Collateral Agent, due and payable immediately without demand; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(h)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon the occurrence and during the continuance of any Event of Default, generally, to the extent permitted by applicable law, to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes, and to do, at the Collateral Agent&#146;s option and such Grantor&#146;s expense, at any time or from time to time, all acts and things that, to the extent permitted by applicable law, the Collateral Agent deems reasonably necessary to protect, preserve or realize upon the Collateral and the Collateral Agent&#146;s security interest therein in order to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.</P>
<A NAME="_Toc288632410"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 10.b. &nbsp;No Duty on the Part of Collateral Agent or Secured Parties. &nbsp;</I>The powers conferred on the Collateral Agent hereunder are solely to protect the interests of the Secured Parties in the Collateral and shall not impose any duty upon the Collateral Agent or any Secured Creditor to exercise any such powers. &nbsp;The Collateral Agent and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their or their affiliates&#146; officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.</P>
<A NAME="_Toc288632411"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 11<BR>
Remedies</P>
<A NAME="_Toc288632412"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 11.a. &nbsp;Generally. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">During the continuance of an Event of Default, following delivery by the Trustee to the Company of notice of an Event of Default, the Collateral Agent or its designee may (but shall not be obligated to), subject to the Intercreditor Agreement (if applicable), exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) to collect, enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may pursue any of the following separately, successively or simultaneously:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">require any Grantor to, and each Grantor hereby agrees that it shall at its expense and promptly upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place to be designated by the Collateral Agent that is reasonably convenient to both parties;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">enter onto the property where any Collateral is located and take possession thereof with or without judicial process;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prior to the disposition of the Collateral, store, process, repair or recondition the Collateral or otherwise prepare the Collateral for disposition in any manner to the extent the Collateral Agent deems appropriate; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">without notice except as specified below or under the UCC or other applicable law, sell, assign, lease, license (on an exclusive or nonexclusive basis) or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent&#146;s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent or any Secured Creditor may be the purchaser of any or all of the Collateral at any public or private (to the extent such portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale in accordance with the UCC and other applicable law and the Collateral Agent, as collateral agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Agent at such sale. &nbsp;Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. &nbsp;Each Grantor agrees that, to the extent notice of sale shall be required by law (and unless otherwise provided by applicable law), at least ten days notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. &nbsp;The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. &nbsp;The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. &nbsp;Each Grantor agrees that it would not be commercially unreasonable for the Collateral Agent to dispose of the Collateral or any portion thereof by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets. &nbsp;Each Grantor hereby waives any claims against the Collateral Agent and the Secured Parties arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree, <I>provided</I> that this sentence shall not restrict the operation of Section 9-615(f) of the UCC or other applicable law. &nbsp;If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, Grantors shall be liable for the deficiency and the reasonable fees of any attorneys employed by the Collateral Agent to collect such deficiency and the Collateral Agent shall not be liable to any party for such deficiency. &nbsp;Each Grantor further agrees that a breach of any of the covenants contained in this Section will cause irreparable injury to the Collateral Agent, that the Collateral Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no default has occurred giving rise to the Secured Obligations becoming due and payable prior to their stated maturities. &nbsp;Nothing in this Section shall in any way alter the rights of the Collateral Agent hereunder.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent may sell the Collateral without giving any warranties as to the Collateral. &nbsp;The Collateral Agent may specifically disclaim or modify any warranties of title or the like. &nbsp;This procedure will not be considered to adversely effect the commercial reasonableness of any sale of the Collateral.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If the Collateral Agent sells any of the Collateral on credit, the Secured Obligations will be credited only with payments actually made by the purchaser and received by the Collateral Agent and applied to the indebtedness of the purchaser. &nbsp;In the event the purchaser fails to pay for the Collateral, the Collateral Agent may resell the Collateral.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(e)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent shall have no obligation to marshal any of the Collateral.</P>
<A NAME="_Toc288632413"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 11.b. &nbsp;Investment Related Property. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Investment Related Property conducted without prior registration or qualification of such Investment Related Property under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Investment Related Property for their own account, for investment and not with a view to the distribution or resale thereof. &nbsp;Each Grantor acknowledges that any such private sale may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, each Grantor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Investment Related Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it. &nbsp;If the Collateral Agent determines to exercise its right to sell any or all of the Investment Related Property, upon written request, each Grantor shall and shall cause each issuer of any Pledged Stock to be sold hereunder, each partnership and each limited liability company from time to time to furnish to the Collateral Agent all such information as the Collateral Agent may request in order to determine the number and nature of interest, shares or other instruments included in the Investment Related Property which may be sold by the Collateral Agent in exempt transactions under the Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">During the continuance of an Event of Default, following delivery by the Trustee to the Company of notice of an Event of Default, the Collateral Agent shall have the right to apply the balance from any Deposit Account or instruct the bank at which any Deposit Account is maintained to pay the balance of any Deposit Account to or for the benefit of the Collateral Agent.</P>
<A NAME="_Toc288632414"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 11.c. &nbsp;Intellectual Property. &nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Anything contained herein to the contrary notwithstanding, during the continuance of an Event of Default, following delivery by the Trustee to the Company of notice of an Event of Default, subject to the Intercreditor Agreement (if applicable):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Collateral Agent shall have the right (but not the obligation) to bring suit or otherwise commence any action or proceeding in the name of any Grantor, the Collateral Agent or otherwise, in the Collateral Agent&#146;s sole discretion, to enforce any Intellectual Property owned by a Grantor, in which event such Grantor shall, at the request of the Collateral Agent, do any and all lawful acts and execute any and all documents reasonably required by the Collateral Agent in aid of such enforcement and such Grantor shall promptly, upon demand, reimburse and indemnify the Collateral Agent and the Secured Parties as provided in Section 7.07 of the Indenture in connection with the exercise of its rights under this Section, and, to the extent that the Collateral Agent shall elect not to bring suit to enforce any material Intellectual Property owned by such Grantor as provided in this Section, each Grantor agrees to use all commercially reasonable efforts, whether by action, suit, proceeding or otherwise, to prevent the infringement of any of the Intellectual Property owned by such Grantor by others if appropriate in such Grantor&#146;s reasonable commercial judgment;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">upon written demand from the Collateral Agent, each Grantor shall grant, assign, convey or otherwise transfer to the Collateral Agent all of such Grantor&#146;s right, title and interest in and to the Intellectual Property and shall execute and deliver to the Collateral Agent such documents as are necessary or appropriate to carry out the intent and purposes of this Agreement;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">each Grantor agrees that such an assignment and/or recording shall be applied to reduce the Secured Obligations outstanding only to the extent that the Collateral Agent (or any Noteholder) receives cash proceeds in respect of the sale of, or other realization upon, the Intellectual Property;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iv)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Collateral Agent shall have the right to notify, or require each Grantor to notify, any obligors with respect to amounts due or to become due to such Grantor in respect of the Intellectual Property, of the existence of the security interest created herein, to direct such obligors to make payment of all such amounts directly to the Collateral Agent, and, upon such notification and at the expense of such Grantor, to enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done and such Grantor agrees that it shall not adjust, settle or compromise the amount or payment of any such amount or release wholly or partly any obligor with respect thereto or allow any credit or discount thereon.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If (i) an Event of Default shall have occurred and, by reason of cure, waiver, modification, amendment or otherwise, no longer be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer to the Collateral Agent of any rights, title and interests in and to the Intellectual Property shall have been previously made and shall have become absolute and effective, and (iv) the Secured Obligations shall not have become immediately due and payable, then upon the written request of any Grantor, the Collateral Agent shall promptly execute and deliver to such Grantor, at such Grantor&#146;s sole cost and expense, such assignments or other transfer as may be necessary to reassign to such Grantor any such rights, title and interests as may have been assigned to the Collateral Agent as aforesaid, subject to any disposition thereof that may have been made by the Collateral Agent; <I>provided</I> that, after giving effect to such reassignment, the Collateral Agent&#146;s security interest granted pursuant hereto, as well as all other rights and remedies of the Collateral Agent granted hereunder, shall continue to be in full force and effect; and provided further that the rights, title and interests so reassigned shall be free and clear of any Liens granted by or on behalf of the Collateral Agent and the Secured Parties. &nbsp;Prior to executing any documents to evidence any reassignment hereunder, the Collateral Agent shall be entitled to receive an Officers&#146; Certificate stating that such reassignment is permitted by the Security Documents.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:46.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:64.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Solely for the purpose of enabling the Collateral Agent to exercise rights and remedies under this &nbsp;during the continuance of an Event of Default and at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants during the continuance of an Event of Default, to the Collateral Agent, to the extent it has the right to do so, an irrevocable, until the termination of the Indenture and release of Liens hereunder or, as to any Intellectual Property that is sold, transferred or otherwise disposed of as permitted under the Notes Documents, upon the sale, transfer or other disposition of such Intellectual Property, nonexclusive license (exercisable without payment of royalty or other compensation to such Grantor), to use, operate under, license, or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, subject to (xviii) the maintenance of quality control standards with respect to all goods and services sold under any licensed Trademarks substantially consistent with those in effect immediately prior to the Event of Default in order to maintain the validity and enforceability of such Trademarks and (xix) exclusive licenses granted by such Grantor prior to the Event of Default to the extent such licenses conflict at the time of the Event of Default with the granting of other licenses in and to the same Intellectual Property.</P>
<A NAME="_Toc288632415"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 8.b. &nbsp;Cash Proceeds. &nbsp;</I>All proceeds of any Collateral received by any Grantor consisting of cash, checks and other near-cash items (collectively, &#147;<B>Cash Proceeds</B>&#148;) (xx) if no Event of Default shall have occurred and be continuing, shall be applied by such Grantor in a manner not inconsistent with the Indenture, and (xxi) if during the continuance of an Event of Default following delivery by the Trustee to the Company of notice of an Event of Default, shall, subject to the terms of the Intercreditor Agreement, if applicable, be held by such Grantor in trust for the Collateral Agent, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, unless otherwise provided pursuant to &nbsp;or the Intercreditor Agreement, if applicable, be turned over to the Collateral Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Collateral Agent, if required) and may (2) be held by the Collateral Agent for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations (whether matured or unmatured) and/or (3) then or at any time thereafter may be applied by the Collateral Agent against the Secured Obligations then due and owing.</P>
<A NAME="_Toc288632416"></A><P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Section 8.b. &nbsp;Application of Proceeds. &nbsp;</I>Except as expressly provided elsewhere in this Agreement, upon and during the continuance of an Event of Default, all proceeds received by the Collateral Agent in respect of any sale, any collection from, or other realization upon all or any part of the Collateral shall, subject to the Intercreditor Agreement, if applicable, be applied in full or in part by the Collateral Agent against the Secured Obligations in the order set forth in Section 6.13 of the Indenture.</P>
<A NAME="_Toc288632417"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 9<BR>
Collateral Agent</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 9.a</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Collateral Agent has been appointed to act as Collateral Agent hereunder by Noteholders and, by their acceptance of the benefits hereof, the other Secured Parties. The Collateral Agent shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including the release or substitution of Collateral), solely in accordance with this Agreement and the Indenture; <I>provided</I> that the Collateral Agent shall, after payment in full of all Obligations under the Indenture and the other Notes Documents, exercise, or refrain from exercising, any remedies provided for herein in accordance with the instructions of a majority of the Noteholders. The Collateral Agent may resign and a successor Collateral Agent may be appointed, all in accordance with Section 12.10 of the Indenture. After any retiring Collateral Agent&#146;s resignation as the Collateral Agent, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent hereunder.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The parties hereto agree that whenever the Collateral Agent is required or permitted to exercise discretion in the performance of its rights or duties or provide any discretionary direction or consent hereunder or under any of the Security Documents, before exercising any such discretion or providing any such direction or consent, the Collateral Agent shall be entitled to receive the written direction of the majority of Holders or if applicable, the Trustee, in accordance with the provisions of the Indenture and shall not be liable for refraining from acting until such direction is received.</P>
<A NAME="_Toc288632418"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 10<BR>
Continuing Security Interest; Transfer of notes; Termination and Releases </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the payment in full of all Secured Obligations, be binding upon each Grantor, its successors and assigns, and inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and its successors, transferees and assigns for the benefit and on behalf of the Secured Parties. &nbsp;Without limiting the generality of the foregoing, but subject to the terms of the Indenture, any Noteholder may assign or otherwise transfer any Notes held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to the Noteholders herein or otherwise. &nbsp;Upon the payment in full of all Secured Obligations, the security interest granted hereby shall terminate hereunder and of record and all rights to the Collateral shall revert to Grantors. &nbsp;Upon any such termination the Collateral Agent shall, at Grantors&#146; expense, reasonably promptly upon request by Grantor, upon receipt of the documents required by Section 12.03 of the Indenture, execute and deliver to Grantors such documents as Grantors shall reasonably request to evidence such termination.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If any of the Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by the Indenture, then the Collateral Agent, at the request and sole expense of such Grantor, upon receipt of the documents required by Section 12.03 of the Indenture, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral and the relinquishment of the license granted under Section 6.03(c) in such Collateral. &nbsp;At the request and sole expense of such Grantor, a Subsidiary Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock or substantially all of the assets of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Indenture (including by way of merger or consolidation). &nbsp;In the event that any Subsidiary is released from its obligations hereunder pursuant to this , any Mortgage granted by such Subsidiary to the Collateral Agent shall also be released.</P>
<A NAME="_Toc288632419"></A><P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 11<BR>
Standard of Care; Collateral Agent May Perform</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The powers conferred on the Collateral Agent hereunder are solely to protect its interest, for the benefit and on behalf of the Secured Parties, in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession or control and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession, so long as the Collateral Agent acts in accordance with the standard of care required by this Agreement. &nbsp;Neither the Collateral Agent nor any of its directors, officers, employees or agents shall be liable for any action taken or failure to take or delay in taking action under this Agreement except to the extent of its gross negligence or willful misconduct. &nbsp;The Collateral Agent shall not be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or otherwise. If any Grantor fails to perform any agreement contained herein, the Collateral Agent, or its designee, may itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by each Grantor under Section<A NAME="_Toc288632420"></A> 7.07 of the Indenture. &nbsp;The Collateral Agent shall have the benefit of all exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture (in addition to those set forth herein) in the acceptance, execution, delivery and performance of this Agreement as though fully set forth herein.</P>
<P style="margin-top:18pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>ARTICLE 12<BR>
Miscellaneous</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any notice required or permitted to be given under this Agreement shall be given in accordance with Section 14.02 of the Indenture. No failure or delay on the part of the Collateral Agent in the exercise of any power, right or privilege hereunder or under any other Notes Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. All rights and remedies existing under this Agreement and the other Notes Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. This Agreement shall be binding upon and inure to the benefit of the Collateral Agent and Grantors and their respective successors and assigns. &nbsp;Notwithstanding any other provision contained herein, if the Collateral Agent consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Collateral Agent hereunder. &nbsp;No Grantor shall, without the prior written consent of the Collateral Agent given in accordance with the Indenture, assign any right, duty or obligation hereunder except to the extent expressly permitted under the Indenture. This Agreement and the other Notes Documents embody the entire agreement and understanding between Grantors and the Collateral Agent and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof. Accordingly, the Notes Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>GOVERNING LAW</I>. &nbsp;THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>WAIVER OF JURY TRIAL</I>. &nbsp;EACH GRANTOR, NOTEHOLDER AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>INTERCREDITOR AGREEMENT</I>. &nbsp;NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THE EXERCISE OF ANY RIGHT OR REMEDY BY THE COLLATERAL AGENT HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT, IF APPLICABLE. &nbsp;IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Remainder of page intentionally left blank]</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, each Grantor and the Collateral Agent have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=271.6 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>GRANTORS:</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=288.467 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>OPPENHEIMER HOLDINGS INC.</B></P>
</TD></TR>
<TR><TD valign=top width=39.8>&nbsp;</TD><TD valign=top width=231.8>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=42.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=271.6 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=288.467 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.05pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:27.05pt; text-indent:39.55pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=271.6 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=288.467 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.05pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:27.05pt; text-indent:39.55pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman </P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>E.A. &nbsp;VINER INTERNATIONAL CO.</B></P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>VINER FINANCE INC.</B></P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal</P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=271.6 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>COLLATERAL AGENT:</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=288.467 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.<BR>
</B>as the Collateral Agent</P>
</TD></TR>
<TR><TD valign=top width=39.8>&nbsp;</TD><TD valign=top width=231.8>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=42.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Beth Mellinger</P>
</TD></TR>
<TR><TD valign=top width=271.6 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=288.467 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.05pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:27.05pt; text-indent:39.55pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Beth Mellinger</P>
</TD></TR>
<TR><TD valign=top width=271.6 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=288.467 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.05pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:27.05pt; text-indent:39.55pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Agent</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Schedule 3.1<BR>
<BR>
General Information</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>A.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Full Legal Name of Grantors, Organizational Information and Chief Executive Offices</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=bottom width=115.667><P style="margin-top:2pt; margin-bottom:2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center><B>Full Legal Name</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=82.2><P style="margin-top:2pt; margin-bottom:2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center><B>Type of Organization</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=75.6><P style="margin-top:2pt; margin-bottom:2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center><B>Jurisdiction</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=110.2><P style="margin-top:2pt; margin-bottom:2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center><B>Chief Executive Office</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=82.8><P style="margin-top:2pt; margin-bottom:2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center><B>Federal Taxpayer Identification Number</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=76><P style="margin-top:2pt; margin-bottom:2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center><B>Organizational Number</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=82.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=75.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=110.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=82.8>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=76>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>B.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Other names<BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>C.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Changes in Name, Jurisdiction, Federal Tax ID Number, Chief Executive Office, or Corporate Structure<BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>D. &nbsp;Filing Offices</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=240.6><P style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman" align=center><B>Entity</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=301.8><P style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman" align=center><B>Corresponding Filing Office</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=240.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=301.8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>S-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Schedule 3.3<BR>
<BR>
Investment Related Property</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>PART A:</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Pledged Stock</U>: <BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Pledged LLC Interests</U>: <BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Pledged Partnership Interests</U>: <BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Pledged Trust Interests</U>: <BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Pledged Debt</U>: <BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Securities Accounts</U>: <BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Commodities Accounts</U>: <BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Deposit Accounts</U>: <BR>
<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>PART B:</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Acquired Entity Interests <BR>
</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>S-2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Schedule 3.4</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Description of Material Contract</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>S-3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Schedule 3.5 <BR>
<BR>
Intellectual Property</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>A. &nbsp;Patents, Trademarks, Copyrights and Material Licenses</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>UNITED STATES PATENTS:<BR>
</B>None.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>UNITED STATES TRADEMARKS:<BR>
<BR>
</B>Registrations:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=223.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>MARK</B></P>
</TD><TD valign=bottom width=104><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>NUMBER</B></P>
</TD><TD valign=bottom width=78.6><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>STATUS</B></P>
</TD><TD valign=bottom width=183><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>USPTO: OWNER</B></P>
</TD></TR>
<TR><TD width=223.2>&nbsp;</TD><TD width=104>&nbsp;</TD><TD width=78.6>&nbsp;</TD><TD width=183>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Applications:<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Licenses:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>UNITED STATES COPYRIGHTS:<BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>OTHER INTELLECTUAL PROPERTY:</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Domain Names:<BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Other Intellectual Property:<BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>B. &nbsp;Liens on Intellectual Property<BR>
</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>D. &nbsp;Claims on Intellectual Property<BR>
</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>F. &nbsp;Encumbrances on Intellectual Property<BR>
</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>G. &nbsp;Licenses on Intellectual Property<BR>
</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>S-4</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT A <BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PLEDGE SUPPLEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This <B>PLEDGE SUPPLEMENT</B>, dated [<B>mm/dd/yy</B>], is delivered pursuant to the Security Agreement, dated as of [______ __, 2011] (as it may be from time to time amended, restated, modified or supplemented, the &#147;<B>Security Agreement</B>&#148;), among <B>OPPENHEIMER HOLDINGS, INC.</B>, the other Grantors named therein, and <B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, as the Collateral Agent. &nbsp;Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed thereto in the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Grantor hereby confirms the grant to the Collateral Agent set forth in the Security Agreement of, and does hereby grant to the Collateral Agent, a security interest in all of Grantor&#146;s right, title and interest in and to all of its Collateral to secure the Secured Obligations, in each case whether now or hereafter existing or in which Grantor now has or hereafter acquires an interest and wherever the same may be located. &nbsp;Grantor represents and warrants that the attached Supplements to Schedules accurately and completely set forth all additional information required pursuant to the Security Agreement and hereby agrees that such Supplements to Schedules shall constitute part of the Schedules to the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>IN WITNESS WHEREOF</B>, Grantor has caused this Pledge Supplement to be duly executed and delivered by its duly authorized officer as of [<B>mm/dd/yy</B>].<BR>
</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>NAME OF GRANTOR</B>]</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>A-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>SUPPLEMENT TO SCHEDULE 3.1 <BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Additional Information:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and Federal Taxpayer Identification Number of each Grantor:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Full Legal Name</B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Type of Organization</B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Jurisdiction of Organization</B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Chief Executive <BR>
Office/Sole Place of Business (or Residence if Grantor is a<BR>
Natural Person)</B></P>
</TD><TD valign=bottom width=108.533><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Federal Taxpayer Identification Number</B></P>
</TD></TR>
<TR><TD valign=bottom width=108.467>&nbsp;</TD><TD valign=bottom width=108.467>&nbsp;</TD><TD valign=bottom width=108.467>&nbsp;</TD><TD valign=bottom width=108.467>&nbsp;</TD><TD valign=bottom width=108.533>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Other Names (including any Trade-Name or Fictitious Business Name) under which each Grantor has conducted business for the past five years:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=109.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Name of Grantor</B></P>
</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Description of Agreement</B></P>
</TD></TR>
<TR><TD valign=top width=109.2>&nbsp;</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person), Federal Taxpayer Identification Number and Corporate Structure within past five years:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=109.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Name of Grantor</B></P>
</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Trade Name or Fictitious Business Name</B></P>
</TD></TR>
<TR><TD valign=top width=109.2>&nbsp;</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Agreements pursuant to which any Grantor is found as debtor within past five (5) years:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=109.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Name of Grantor</B></P>
</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2><P style="margin-top:0.65pt; margin-bottom:-7pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Date of Change</B></P>
<B><P style="margin-top:0pt; margin-bottom:1.35pt; padding-bottom:3pt; text-indent:144pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000">Description of Change</B></P>
</TD></TR>
<TR><TD valign=top width=109.2>&nbsp;</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(E)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Financing Statements:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=109.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Name of Grantor</B></P>
</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Filing Jurisdiction(s)</B></P>
</TD></TR>
<TR><TD valign=top width=109.2>&nbsp;</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>A-2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>SUPPLEMENT TO SCHEDULE 3.3 <BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Additional Information:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pledged Stock:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pledged Partnership Interests:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pledged LLC Interests:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pledged Trust Interests:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pledged Debt:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Securities Account:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Commodities Accounts:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Deposit Accounts:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Name of Grantor</B></P>
</TD><TD valign=bottom width=73.333>&nbsp;</TD><TD valign=bottom width=129.8><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Date of Acquisition</B></P>
</TD><TD valign=bottom width=77.2>&nbsp;</TD><TD valign=bottom width=151.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000" align=center><B>Description of Acquisition</B></P>
</TD></TR>
<TR><TD valign=bottom width=108.467>&nbsp;</TD><TD valign=bottom width=73.333>&nbsp;</TD><TD valign=bottom width=129.8>&nbsp;</TD><TD valign=bottom width=77.2>&nbsp;</TD><TD valign=bottom width=151.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>A-3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>SUPPLEMENT TO SCHEDULE 3.4 <BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Additional Information:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=109.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Name of Grantor</B></P>
</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Description of Material Contract</B></P>
</TD></TR>
<TR><TD valign=top width=109.2>&nbsp;</TD><TD valign=top width=123>&nbsp;</TD><TD valign=top width=310.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>A-4</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>SUPPLEMENT TO SCHEDULE 3.5 <BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Additional Information:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(A)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Copyrights</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(B)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Copyright Licenses</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(C)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Patents</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(D)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Patent Licenses</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(E)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Trademarks</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(F)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Trademark Licenses</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(G)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Trade Secret Licenses</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(H)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Intellectual Property Matters </P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>A-5</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT B <BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES ACCOUNT CONTROL AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Securities Account Control Agreement dated as of [<B>mm/dd/yy</B>] (this &#147;<B>Agreement</B>&#148;) is entered into by and among ____________________________ (the &#147;<B>Grantor</B>&#148;), <B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, as collateral agent for the Secured Parties (the &#147;<B>Collateral Agent</B>&#148;) and ____________, in its capacity as a &#147;securities intermediary&#148; as defined in Section&nbsp;8-102 of the UCC (in such capacity, the &#147;<B>Securities Intermediary</B>&#148;). &nbsp;Capitalized terms used but not defined herein shall have the meaning assigned thereto in the Security Agreement, dated April 12, 2011, among the Grantor, the other Grantors party thereto and the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<B>Security Agreement</B>&#148;). &nbsp;All references herein to the &#147;<B>UCC</B>&#148; shall mean the Uniform Commercial Code as in effect in the State of New York.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1<I>. &nbsp;Establishment Of Securities Account. &nbsp;</I>The Securities Intermediary hereby confirms and agrees that:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Securities Intermediary has established account number [<B>IDENTIFY ACCOUNT NUMBER</B>] in the name of &#147;[<B>IDENTIFY EXACT TITLE OF ACCOUNT</B>]&#148; (such account and any successor account, the &#147;<B>Securities Account</B>&#148;) and the Securities Intermediary shall not change the name or account number of the Securities Account without the prior written consent of the Collateral Agent;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All securities or other property underlying any financial assets credited to the Securities Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any financial asset credited to the Securities Account be registered in the name of the Grantor, payable to the order of the Grantor or specially indorsed to the Grantor except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All property delivered to the Securities Intermediary pursuant to the Security Agreement will be promptly credited to the Securities Account; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Securities Account is a &#147;securities account&#148; within the meaning of Section 8-501 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2<I>. &nbsp;Financial Assets Election. &nbsp;</I>The Securities Intermediary hereby agrees that each item of property (including, without limitation, any investment property, financial asset, security, instrument, general intangible or cash) credited to the Securities Account shall be treated as a &#147;financial asset&#148; within the meaning of Section 8-102(a)(9) of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3. &nbsp;<I>Control of the Securities Account</I>. &nbsp;If at any time the Collateral Agent delivers to the Securities Intermediary a Notice of Default and Sole Control in substantially the form set forth in Exhibit A hereto, the Securities Intermediary agrees that after receipt of such notice, it shall (a) comply with any entitlement order from the Collateral Agent directing transfer or redemption of any financial asset relating to the Securities Account without further consent by the Grantor or any other person and (b) take all instruction with respect to the Securities Account solely from the Collateral Agent (including in circumstances where such instruction conflicts with instructions received from Grantor). &nbsp;Until such time as the Securities Intermediary shall have received a Notice of Default and Sole Control, the Grantor shall be entitled to issue entitlement orders with respect to the Securities Account.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4. &nbsp;<I>Subordination of Lien; Waiver of Set-Off</I>. &nbsp;In the event that the Securities Intermediary has or subsequently obtains by agreement, by operation of law or otherwise a security interest in the Securities Account or any security entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Collateral Agent. &nbsp;The financial assets and other items deposited to the Securities Account will not be subject to deduction, set-off, banker&#146;s lien, or any other right in favor of any person other than the Collateral Agent (except that the Securities Intermediary may set off (i) all amounts due to the Securities Intermediary in respect of customary fees and expenses for the routine maintenance and operation of the Securities Account and (ii) the face amount of any checks which have been credited to such Securities Account but are subsequently returned unpaid because of uncollected or insufficient funds).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5. &nbsp;<I>Choice of Law</I>. &nbsp;This Agreement and the Securities Account shall each be governed by the laws of the State of New York. &nbsp;Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the Securities Intermediary&#146;s jurisdiction (within the meaning of Section 8-110 of the UCC) and the Securities Account (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6. &nbsp;<I>Conflict with Other Agreements</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">No amendment or modification of this Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Securities Intermediary hereby confirms and agrees that:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">There are no other agreements entered into between the Securities Intermediary and the Grantor with respect to the Securities Account;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">It has not entered into, and until the termination of this Agreement, without the consent of the Collateral Agent, will not enter into, any agreement with any other person relating to the Securities Account and/or any financial assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the UCC) of such other person; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">It has not entered into, and until the termination of this Agreement, without the consent of the Collateral Agent, will not enter into, any agreement with the Grantor or the Collateral Agent purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 3 hereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7. &nbsp;<I>Adverse Claims</I>. &nbsp;Except for the claims and interest of the Collateral Agent and of the Grantor in the Securities Account, the Securities Intermediary does not know of any claim to, or interest in, the Securities Account or in any &#147;financial asset&#148; (as defined in Section 8-102(a) of the UCC) credited thereto. &nbsp;If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Securities Account or in any financial asset carried therein, the Securities Intermediary will promptly notify the Collateral Agent and the Grantor thereof.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8. &nbsp;<I>Maintenance of Securities Account</I>. &nbsp;In addition to, and not in lieu of, the obligation of the Securities Intermediary to honor entitlement orders as agreed in Section 3 hereof, the Securities Intermediary agrees to maintain the Securities Account as follows:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Voting Rights. &nbsp;Until such time as the Securities Intermediary receives a Notice of Default and Sole Control pursuant to Section 3 hereof, the Grantor shall direct the Securities Intermediary with respect to the voting of any financial assets credited to the Securities Account.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Permitted Investments. &nbsp;Until such time as the Securities Intermediary receives a Notice of Default and Sole Control signed by the Collateral Agent, the Grantor shall direct the Securities Intermediary with respect to the selection of investments to be made for the Securities Account; <I>provided</I>, <I>however</I>, that the Securities Intermediary shall not honor any instruction to purchase any investments other than investments of a type described on Exhibit B hereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Statements and Confirmations. &nbsp;The Securities Intermediary will promptly send copies of all statements, confirmations and other correspondence concerning the Securities Account and/or any financial assets credited thereto simultaneously to each of the Grantor and the Collateral Agent at the address for each set forth in Section 12 of this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Tax Reporting. &nbsp;All items of income, gain, expense and loss recognized in the Securities Account shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of the Grantor.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 9. &nbsp;<I>Representations, Warranties and Covenants of the Securities Intermediary</I>. &nbsp;The Securities Intermediary hereby makes the following representations, warranties and covenants:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Securities Account has been established as set forth in Section 1 above and such Securities Account will be maintained in the manner set forth herein until termination of this Agreement; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Agreement is the valid and legally binding obligation of the Securities Intermediary, subject to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting rights of creditors generally (in the event of a bankruptcy, insolvency, reorganization, moratorium or similar circumstances affecting the Securities Intermediary) and general principles of equity.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 10. &nbsp;<I>Indemnification of Securities Intermediary</I>. &nbsp;The Grantor and the Collateral Agent hereby agree that (a) the Securities Intermediary is released from any and all liabilities to the Grantor and the Collateral Agent arising from the terms of this Agreement and the compliance of the Securities Intermediary with the terms hereof, except to the extent that such liabilities arise from the Securities Intermediary&#146;s gross negligence or willful misconduct and (b) the Grantor, its successors and assigns shall at all times indemnify and save harmless the Securities Intermediary from and against any and all claims, actions and suits of others arising out of the terms of this Agreement or the compliance of the Securities Intermediary with the terms hereof, except to the extent that such arises from the Securities Intermediary&#146;s gross negligence or willful misconduct, and from and against any and all liabilities, losses, damages, costs, charges, counsel fees and other expenses of every nature and character arising by reason of the same, until the termination of this Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 11. &nbsp;<I>Successors; Assignment</I>. &nbsp;The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors or heirs and personal representatives who obtain such rights solely by operation of law. &nbsp;The Collateral Agent may assign its rights hereunder only in accordance with the Security Agreement and by sending written notice of such assignment to the Securities Intermediary and the Grantor.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 12. &nbsp;<I>Notices</I>. &nbsp;Any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation of error free receipt is received or two (2) days after being sent by certified or registered United States mail, return receipt requested, postage prepaid, addressed to the party at the address set forth below.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Grantor: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:132pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>INSERT ADDRESS</B>]<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telecopier:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Collateral Agent:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:132pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Bank of New York Mellon Trust Company, N.A.<BR>
</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">525 William Penn Place<BR>
 &nbsp;38<SUP>th</SUP> Floor</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pittsburgh, PA 15259<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: Corporate Trust<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telephone: 412-236-1207<BR>
 &nbsp;Fascimile: 412-234-7535</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Email: Beth.Mellinger@bnymellon.com</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Securities Intermediary:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:132pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>INSERT ADDRESS</B>]<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telecopier:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any party may change its address for notices in the manner set forth above.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 13. &nbsp;<I>Termination</I>. &nbsp;The obligations of the Securities Intermediary to the Collateral Agent pursuant to this Agreement shall continue in effect until the security interest of the Collateral Agent in the Securities Account has been terminated pursuant to the terms of the Security Agreement and the Collateral Agent has notified the Securities Intermediary of such termination in writing. &nbsp;The Collateral Agent agrees to provide Notice of Termination in substantially the form of Exhibit C hereto to the Securities Intermediary upon the request of the Grantor on or after the termination of the Collateral Agent&#146;s security interest in the Securities Account pursuant to the terms of the Security Agreement. &nbsp;The termination of this Agreement shall not terminate the Securities Account or alter the obligations of the Securities Intermediary to the Grantor pursuant to any other agreement with respect to the Securities Account.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 14. &nbsp;<I>Counterparts</I>. &nbsp;This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 15. &nbsp;<I>Collateral Agent</I>. &nbsp;The Collateral Agent shall have the benefit of all exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture and the Security Documents (in addition to those set forth herein) in the acceptance, execution, delivery and performance of this Agreement as though fully set forth herein.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[<I>Remainder of page intentionally left blank</I>]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>B-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the parties hereto have caused this Securities Account Control Agreement to be executed as of the date first above written by their respective officers thereunto duly authorized.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[GRANTOR]</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>,<BR>
as Collateral Agent</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>B-2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>NAME OF SECURITIES INTERMEDIARY</B>], <BR>
as Securities Intermediary</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>B-3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT A <BR>
TO SECURITIES ACCOUNT CONTROL AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>[Letterhead of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.]</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[Date]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[Name and Address of Securities Intermediary]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Re: Notice of Default and Sole Control</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Ladies and Gentlemen:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">As referenced in the Securities Account Control Agreement dated as of _______, 2011 among [<B>NAME OF THE GRANTOR</B>], you and the undersigned (a copy of which is attached), we hereby (a) notify you that an Event of Default has occurred and (b) give you notice of our sole control over securities account number ____________ (the &#147;<B>Securities Account</B>&#148;) and all financial assets credited thereto. &nbsp;You are hereby instructed not to accept any direction, instructions or entitlement orders with respect to the Securities Account or the financial assets credited thereto from any person other than the undersigned, unless otherwise ordered by a court of competent jurisdiction.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">You are instructed to deliver a copy of this notice by facsimile transmission to [<B>NAME OF THE GRANTOR</B>].</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Very truly yours</P>
<P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, as Collateral Agent</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">cc: <B>[NAME OF THE GRANTOR]</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>B-4</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT B <BR>
TO SECURITIES ACCOUNT CONTROL AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Permitted Investments </U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[TO COME]</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>B-5</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT C <BR>
TO SECURITIES ACCOUNT CONTROL AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Letterhead of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Date]</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[Name and Address of Securities Intermediary]</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Re: Termination of Securities Account Control Agreement</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">You are hereby notified that the Securities Account Control Agreement dated as of _______, 2011 among you, [<B>NAME OF THE GRANTOR</B>] and the undersigned (a copy of which is attached) is terminated and you have no further obligations to the undersigned pursuant to such Agreement. &nbsp;Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions with respect to account number(s) _______from [<B>NAME OF THE GRANTOR</B>]. &nbsp;This notice terminates any obligations you may have to the undersigned with respect to such account, however nothing contained in this notice shall alter any obligations which you may otherwise owe to [<B>NAME OF THE GRANTOR</B>] pursuant to any other agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">You are instructed to deliver a copy of this notice by facsimile transmission to [<B>NAME OF THE GRANTOR</B>].</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Very truly yours</P>
<P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Collateral Agent</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>C-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT C<BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>DEPOSIT ACCOUNT CONTROL AGREEMENT</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Deposit Account Control Agreement (this &#147;<B>Control Agreement</B>&#148;) dated as of [<B>mm/dd/yy</B>] among [<B>NAME OF GRANTOR</B>] (the &#147;<B>Grantor</B>&#148;), <B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, as Collateral Agent for the benefit of the Noteholders, in such capacity, (the &#147;<B>Secured Party</B>&#148;) and [<B>NAME OF FINANCIAL INSTITUTION</B>], in its capacity as both a &#147;<B>bank</B>&#148; as defined in Section 9-102 of the UCC and a &#147;<B>securities intermediary</B>&#148; as defined in Section 8-102 of the UCC (in such capacities, the &#147;<B>Financial Institution</B>&#148;). &nbsp;Capitalized terms used but not defined herein shall have the meaning assigned in the Security Agreement, dated as of [______ __, 2011], between the Grantor, the other guarantors party thereto from time to time, and the Secured Party (the &#147;<B>Security Agreement</B>&#148;). &nbsp;All references herein to the &#147;<B>UCC</B>&#148; shall mean the Uniform Commercial Code as in effect in the State of New York.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 1. &nbsp;<I>Establishment of Pledged Accounts</I>. &nbsp;The Financial Institution hereby confirms and agrees that:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Description of Account</I>. &nbsp;The Financial Institution has established the following accounts:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<I>Payroll Account</I>&#148; with account number [<B>IDENTIFY ACCOUNT NUMBER</B>]; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<I>Operating Account</I>&#148; with account number [<B>IDENTIFY ACCOUNT NUMBER</B>].</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each account is referred to herein as a &#147;Pledged Account&#148; and collectively the &#147;Pledged Accounts&#148;. &nbsp;The term &#147;Pledged Accounts&#148; shall include any Investment Sweep Account tied thereto wherein funds held in the Deposit Accounts are swept daily into an investment account overnight and redeposited into the Pledged Accounts each morning.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Account Modifications</I>. &nbsp;Neither the Financial Institution nor the Grantor shall change the name or account number of any Pledged Account without the prior written consent of the Secured Party;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Type of Account</I>. &nbsp;Each Pledged Account is, and will be maintained as either a &#147;deposit account&#148; as defined in Section 9-102(a)(29) of the UCC or a &#147;securities account&#148; as defined in Section 8-501 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Securities Account Provisions</I>. &nbsp;If and to the extent any Pledged Account is a securities account (within the meaning of Section 8-501 of the UCC):</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all securities, financial assets or other property credited to each Pledged Account shall be registered in the name of the Financial Institution, indorsed to the Financial Institution or in blank or credited to another securities account maintained in the name of the Financial Institution. &nbsp;In no case will any financial asset credited to any Pledged Account be registered in the name of the Grantor, payable to the order of the Grantor or specially indorsed to the Grantor unless the foregoing have been specially indorsed to the Financial Institution or in blank;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">all financial assets delivered to the Financial Institution pursuant to the Security Agreement will be promptly credited to the appropriate Pledged Account; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the Financial Institution hereby agrees that each item of property (whether investment property, financial asset, security, instrument or cash) credited to any Pledged Account shall be treated as a &#147;financial asset&#148; within the meaning of Section 8-102(a)(9) of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 2. &nbsp;<I>Secured Party Control</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Control for Purposes of UCC</I>. &nbsp;The Financial Institution agrees that if at any time it shall receive any order from the Secured Party (i) directing disposition of funds in any Pledged Account or (ii) directing transfer or redemption of the financial assets relating to the Pledged Accounts (such order, the &#147;<B>Secured Party Order</B>&#148;), the Financial Institution shall comply with such entitlement order or instruction without further consent by the Grantor or any other person. &nbsp;Such order shall be in substantially the form set forth as Exhibit A to this Control Agreement; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Conflicting Orders or Instructions</I>. &nbsp;Notwithstanding anything to the contrary contained herein, if at any time the Financial Institution shall receive conflicting orders or instructions from the Secured Party and the Grantor, the Financial Institution shall follow the orders or instructions of the Secured Party and not such Grantor.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 3. &nbsp;<I>Waiver of Financial Institution&#146;s Lien; Waiver of Set-Off</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Security Interest</I>. &nbsp;In the event that the Financial Institution has, or subsequently obtains, by agreement, by operation of law or otherwise a security interest in any Pledged Account (or any portion thereof), the Financial Institution hereby releases and terminates such security interest.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Set-off and Recoupment</I>. &nbsp;The financial assets, money and other items credited to each Pledged Account will not be subject to deduction, set-off, recoupment, banker&#146;s lien, or any other right in favor of any person other than the Secured Party.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 4. &nbsp;<I>Governing Law</I>. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Location of Financial Institution</I>. &nbsp;Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be the location of the bank for purposes of Sections 9-301, 9-304 and 9-307 of the UCC and the securities intermediary for purposes of Sections 9-301, 9-307, 8-110 of the UCC.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Law Governing This Control Agreement</I>. &nbsp;This Control Agreement shall be governed by the laws of the State of New York.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Law Governing Pledged Account</I>. &nbsp;Each Pledged Account shall be governed by the laws of the State of New York.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Consent To Jurisdiction</I>. &nbsp;All judicial proceedings brought against any party arising out of or relating hereto may be brought in any state or federal court of competent jurisdiction located in the State of New York. &nbsp;By executing and delivering this agreement, each party hereto, for itself and in connection with its properties, irrevocably accepts generally and unconditionally the nonexclusive jurisdiction and venue of such courts.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 5. &nbsp;<I>Possible Conflict with Other Agreements</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Conflict With Other Agreement</I>. &nbsp;In the event of any conflict between this Control Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Control Agreement shall prevail.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Amendment</I>. &nbsp;No amendment or modification of this Control Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Existence of Other Agreements</I>. &nbsp;The Financial Institution hereby confirms and agrees that:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">There are no other agreements entered into between the Financial Institution and the Grantor with respect to any Pledged Account except for those agreements set forth on Schedule A hereto;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Financial Institution has not entered into, and until the termination of this Control Agreement will not enter into, any Agreement with any other person relating any Pledged Account pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the UCC) or instructions (within the meaning of Section 9-104 of the UCC) of such other person; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Financial Institution has not entered into, and until the termination of this Control Agreement will not enter into, any Agreement purporting to limit or condition the obligation of the Financial Institution to comply with entitlement orders or instructions.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 6. &nbsp;<I>Adverse Claims</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Adverse Claim</I>. &nbsp;Except for the claims and interests of the Secured Party and the Grantor, the Financial Institution does not know of any lien on, or claim to, or interest in, any Pledged Account or in any &#147;financial asset&#148; (as defined in Section 8-102(a) of the UCC), cash or funds credited thereto.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Notice</I>. &nbsp;If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Pledged Account (or in any financial asset, cash or funds carried therein), the Financial Institution will promptly notify the Secured Party; <I>provided</I>, <I>however</I>, that the Financial Institution shall not be liable to Secured Party for its failure to do so.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 7. &nbsp;<I>Maintenance of Account</I>. &nbsp;The Financial Institution shall promptly send copies of all statements, confirmations and other correspondence concerning any Pledged Account and, if applicable, any financial assets credited thereto, simultaneously to the Grantor and the Secured Party at the address for each set forth in Section 11 of this Control Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 8. &nbsp;<I>Representations of the Financial Institution</I>. &nbsp;The Financial Institution hereby represents that this Control Agreement is the valid and legally binding obligation of the Financial Institution.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 9. &nbsp;<I>Indemnification of Financial Institution</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Release</I>. &nbsp;The Grantor and the Secured Party hereby agree that the Financial Institution is released from any and all liabilities to the Grantor and the Secured Party arising from the terms of this Control Agreement and the compliance of the Financial Institution with the terms hereof, except to the extent that such liabilities arise from the Financial Institution&#146;s gross negligence or willful misconduct. &nbsp;Grantor and Secured Party acknowledge and agree that the Financial Institution is acting in the capacity of a depositary bank and not as a fiduciary.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Indemnification</I>. &nbsp;The Grantor shall at all times indemnify and save harmless the Financial Institution from and against any and all claims, actions and suits of others arising out of the terms of this Control Agreement or the compliance of the Financial Institution with the terms hereof, except to the extent that such arises from the Financial Institution&#146;s gross negligence or willful misconduct, and from and against any and all liabilities, losses, damages, costs, charges, counsel fees and other expenses of every nature and character arising by reason of the same, until the termination of this Control Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 10. &nbsp;<I>Successors; Assignment</I>.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Successors</I>. &nbsp;The terms of this Control Agreement shall be binding upon, and shall be for the benefit of, the parties hereto and their respective corporate successors or heirs and personal representatives who obtain such rights solely by operation of law.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Assignment by Secured Party</I>. &nbsp;The Secured Party may assign its rights hereunder only with the express written consent of the Financial institution and by sending prior written notice of such assignment to the Grantor.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Assignment by Grantor</I>. &nbsp;No Grantor shall assign any right, title or interest hereunder.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Successor Account</I>. &nbsp;The terms of this Control Agreement shall be binding on and shall apply to any successor account to any Pledged Account.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 11. &nbsp;<I>Notices</I>. &nbsp;Any notice, request or other communication required or permitted to be given under this Control Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy and electronic confirmation of error free receipt is received or three (3) days after being sent by certified or registered United States mail, return receipt requested, postage prepaid, addressed to the party at the address set forth below.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Grantor: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:132pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>INSERT ADDRESS</B>]<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telecopier:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Secured Party:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:132pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Bank of New York Mellon Trust Company, N.A.<BR>
</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">525 William Penn Place<BR>
 &nbsp;38<SUP>th</SUP> Floor</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pittsburgh, PA 15259<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: Corporate Trust<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telephone: 412-236-1207<BR>
 &nbsp;Fascimile: 412-234-7535</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Financial Institution:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:132pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>INSERT ADDRESS</B>]<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telecopier:</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any party may change its address for notices in the manner set forth above.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 12. &nbsp;Termination. &nbsp;The obligations of the Financial Institution to the Secured Party pursuant to this Control Agreement shall continue in effect until the security interests of the Secured Party in each Pledged Account have been terminated pursuant to the terms of the Security Agreement and the Secured Party has notified the Financial Institution of such termination in writing. &nbsp;The Secured Party agrees to provide a Notice of Termination in substantially the form Exhibit B hereto to the Financial Institution upon the request of the Grantor on or after the termination of the Secured Party&#146;s security interest in each Pledged Account pursuant to the terms of the Security Agreement. &nbsp;The termination of this Control Agreement shall not terminate any Pledged Account or alter the obligations of the Financial Institution to the Grantor pursuant to other agreement with respect to any Pledged Account.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 13. &nbsp;<I>Counterparts</I>. &nbsp;This Control Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Control Agreement by signing and delivering one or more counterparts.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 14. &nbsp;<I>Secured Party</I>. &nbsp;The Collateral Agent shall have the benefit of all exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture and the Security Documents (in addition to those set forth herein) in the acceptance, execution, delivery and performance of this Agreement as though fully set forth herein.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[SIGNATURE PAGE FOLLOWS]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>C-2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the parties hereto have caused this Deposit Account Control Agreement to be executed as of the date first above written by their respective officers thereunto duly authorized.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>[NAME OF GRANTOR]</B></P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, solely in its capacity as Collateral Agent for the Noteholders</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Authorized Signatory</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>C-3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>NAME OF FINANCIAL INSTITUTION</B>],</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>C-4</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>SCHEDULE A <BR>
TO DEPOSIT ACCOUNT CONTROL AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Other Agreements</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>[INSERT OTHER AGREEMENTS]</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>C-Schedule A-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT A <BR>
TO DEPOSIT ACCOUNT CONTROL AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Letterhead of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>[INSERT DATE]</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>NAME OF FINANCIAL INSTITUTION] <BR>
[INSERT ADDRESS</B>]</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">City Executive</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Re: Secured Party Order<BR>
</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Ladies and Gentlemen:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Reference is made to the Deposit Account Control Agreement, dated __________, 2011, among <B>[NAME OF GRANTOR]</B>, you and the undersigned (a copy of which is attached). &nbsp;The undersigned hereby orders you to transfer all property (including financial assets or funds credited thereto) credited to each Pledged Account identified in such Deposit Account Control Agreement to account number <B>[identify receiving account number of account to which property is to be transferred]</B> maintained by <B>[indicate exact legal name of institution maintaining the receiving account]</B> in the name <B>[identify exact name on receiving account as such name appears on records of the receiving institution]</B>.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Very truly yours</P>
<P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B></P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">cc: [<B>NAME OF GRANTOR</B>]</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>C-A-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT B<BR>
TO DEPOSIT ACCOUNT CONTROL AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Letterhead of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:271.35pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>INSERT DATE</B>]</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>NAME OF FINANCIAL INSTITUTION</B>] <BR>
[<B>INSERT ADDRESS</B>]</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">City Executive</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Re:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Termination of Deposit Account <BR>
Control Agreement</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">You are hereby notified that the Deposit Account Control Agreement among you, [<B>NAME OF GRANTOR</B>] and the undersigned (a copy of which is attached) is terminated and you have no further obligations to the undersigned pursuant to such agreement. &nbsp;Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions with respect to each Pledged Account identified in such agreement solely from the Grantor. &nbsp;This notice terminates any obligations you may have to the undersigned with respect to each Pledged Account; however, nothing contained in this notice shall alter any obligations which you may otherwise owe to the Grantor pursuant to any other agreement.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Very truly yours</P>
<P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B></P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">cc: [<B>NAME OF GRANTOR</B>]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>C-B-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT D<BR>
TO SECURITY AGREEMENT<BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITY AGREEMENT (COPYRIGHTS)</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, [<I>pledgor</I>], a [state of formation] [entity type] with an office at [<I>address</I>] (the &#147;<B>Assignor</B>&#148;) owns the copyrights listed on the annexed Schedule 1A, for which applications for registration and registrations are issued by or pending with the United States Copyright Office (the &#147;<B>Copyrights</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, the Assignor has entered into that certain Security Agreement dated as of April 12, 2011 (the &#147;<B>Effective Date</B>&#148;), in favor of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. &nbsp;(the &#147;<B>Assignee</B>&#148;) as Collateral Agent for Secured Creditors (as defined therein) (the &#147;<B>Security Agreement</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, pursuant to the Security Agreement, the Assignor has granted to the Assignee for the ratable benefit of the Secured Creditors, a security interest in and continuing lien on all of Assignor's right, title and interest in, to and under the Copyrights and the applications and registrations thereof, the right to sue for past, present and future infringements thereof and all proceeds thereof, including licenses, royalties, income, payments, claims, damages and proceeds of suit (collectively, the &#147;<B>Collateral</B>&#148;), to secure the prompt and complete payment or performance of the Secured Obligations (as defined in the Security Agreement);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Assignor hereby grants to the Assignee for the ratable benefit of the Secured Creditors, a security interest in and continuing lien on the Collateral to secure the prompt and complete payment or performance of the Secured Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Assignor does hereby further acknowledge and affirm that the rights and remedies of the Assignee with respect to the Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. &nbsp;In the event of any irreconcilable conflict between the terms of this Security Agreement (Copyrights) and the terms of the Security Agreement, the terms of the Security Agreement shall control.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The term of this Security Agreement (Copyrights) is coterminous with the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THIS SECURITY AGREEMENT (COPYRIGHTS) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Security Agreement (Copyrights) may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[<I>Signature Page Follows</I>]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>D-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the Assignor and the Assignee each has caused this Security Agreement (Copyrights) to be executed by its respective duly authorized representative as of the Effective Date.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<B>PLEDGOR</B>]</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, as Assignee</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>D-2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CERTIFICATE OF ACKNOWLEDGMENT</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=192><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">STATE OF __________</P>
</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">)</P>
</TD><TD valign=top width=19.2>&nbsp;</TD></TR>
<TR><TD valign=top width=192>&nbsp;</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">:</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ss</P>
</TD></TR>
<TR><TD valign=top width=192><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">COUNTY OF ________</P>
</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">)</P>
</TD><TD valign=top width=19.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">On this ____ day of _______________ 20__, before me personally came [name], to me known to be the person who executed the foregoing instrument, and who, being duly sworn by me, did depose and say that he is the [<B>office held</B>] of [<B>Pledgor</B>], a [<B>state of formation</B>] [<B>entity type</B>], and that he executed the foregoing instrument in the firm name of [<B>Pledgor</B>], and that he had authority to sign the same, and he acknowledged to me that he executed the same as the act and deed of said firm for the uses and purposes therein mentioned.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>________________________________<BR>
Notary Public - State of _____________<BR>
<BR>
Printed Name_____________________</P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">My Commission Expires:<BR>
<BR>
___________________________</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>D-3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Schedule 1A: Copyrights</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Title of Work</B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Reg. &nbsp;No. &nbsp;(App. &nbsp;No.)</B></P>
</TD><TD valign=bottom width=125.667><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Reg. &nbsp;Date (Filing Date)</B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Status</B></P>
</TD><TD valign=bottom width=108.533><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Record Owner</B></P>
</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>D-4</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT E <BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITY AGREEMENT (PATENTS)</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, [<B>pledgor</B>], a [<B>state of formation</B>] [<B>entity type</B>] with an office at [<B>address</B>] (the &#147;<B>Assignor</B>&#148;) owns the patents and patent applications listed on the annexed Schedule 1A, which are issued by or pending with the United States Patent and Trademark Office (the &#147;<B>Patents</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, the Assignor has entered into that certain Security Agreement dated as of April 12, 2011 (the &#147;<B>Effective Date</B>&#148;) in favor of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. &nbsp;(the &#147;<B>Assignee</B>&#148;) as Collateral Agent for the Secured Creditors (as defined therein) (the &#147;<B>Security Agreement</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, pursuant to the Security Agreement, the Assignor has granted to the Assignee for the ratable benefit of the Secured Creditors, a security interest in and continuing lien on all of Assignor's right, title, and interest in, to and under the Patents, all reissues, divisions, continuations, continuations-in-part, extensions and reexaminations thereof, and all proceeds thereof, including licenses, royalties, income, payments, claims, damage, and proceeds of suit and the right to sue for past, present and future infringements thereof (collectively, the &#147;<B>Collateral</B>&#148;), to secure the prompt and complete payment or performance of the Secured Obligations (as defined in the Security Agreement);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Assignor hereby grants to the Assignee for the ratable benefit of the Secured Creditors, a security interest in and continuing lien on the Collateral to secure the prompt and complete payment or performance of the Secured Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Assignor does hereby further acknowledge and affirm that the rights and remedies of the Assignee with respect to the Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. &nbsp;In the event of any irreconcilable conflict between the terms of this Security Agreement (Patents) and the terms of the Security Agreement, the terms of the Security Agreement shall control.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The term of this Security Agreement (Patents) is coterminous with the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THIS SECURITY AGREEMENT (PATENTS) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Security Agreement (Patents) may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[<I>Signature Page Follows</I>]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>E-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the Assignor and the Assignee each has caused this Security Agreement (Patents) to be executed by its respective duly authorized representative as of the Effective Date.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>[PLEDGOR]</B></P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</B>, as Assignee</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>E-2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CERTIFICATE OF ACKNOWLEDGMENT</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=192><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">STATE OF __________</P>
</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">)</P>
</TD><TD valign=top width=19.2>&nbsp;</TD></TR>
<TR><TD valign=top width=192>&nbsp;</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">:</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ss</P>
</TD></TR>
<TR><TD valign=top width=192><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">COUNTY OF ________</P>
</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">)</P>
</TD><TD valign=top width=19.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">On this ____ day of _______________ 20__, before me personally came [name], to me known to be the person who executed the foregoing instrument, and who, being duly sworn by me, did depose and say that he is the [office held] of [Pledgor], a [state of formation] [entity type], and that he executed the foregoing instrument in the firm name of [Pledgor], and that he had authority to sign the same, and he acknowledged to me that he executed the same as the act and deed of said firm for the uses and purposes therein mentioned.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>________________________________<BR>
Notary Public - State of _____________<BR>
<BR>
Printed Name_____________________</P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">My Commission Expires:<BR>
<BR>
___________________________</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>E-3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Schedule 1A: Patents and Patent Applications</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Title </B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Pat. &nbsp;No. &nbsp;(App. &nbsp;No.)</B></P>
</TD><TD valign=bottom width=125.667><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Issue Date (Filing Date)</B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Status</B></P>
</TD><TD valign=bottom width=108.533><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Record Owner</B></P>
</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>E-4</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>EXHIBIT F <BR>
TO SECURITY AGREEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITY AGREEMENT (TRADEMARKS)</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, [<B>pledgor</B>], a [<B>state of formation</B>] [<B>entity type</B>] with an office at [<B>address</B>] (the &#147;<B>Assignor</B>&#148;) owns the trademarks and service marks listed on the annexed Schedule 1A, for which applications for registration and registrations are issued by or pending with the United States Patent and Trademark Office (the &#147;<B>Trademarks</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, the Assignor has entered into that certain Security Agreement dated as of [______ __, 2011](the &#147;<B>Effective Date</B>&#148;) in favor of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. &nbsp;(the &#147;<B>Assignee</B>&#148;) as Collateral Agent for the Secured Creditors (as defined therein) (the &#147;<B>Security Agreement</B>&#148;);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">WHEREAS, pursuant to the Security Agreement, the Assignor has granted to the Assignee for the ratable benefit of the Secured Creditors, a security interest in and continuing lien on all of Assignor's right, title and interest in, to and under the Trademarks, the goodwill of the business symbolized thereby or associated with each of them, all registrations and applications in connection therewith, including registrations and application in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, all renewals of any of the foregoing, all claims for, and rights to sue for, past or future infringements of any of the foregoing, and all income, royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future infringements thereof (provided, that no security interest shall be granted in any applications for Trademarks filed in the United States Patent and Trademark Office pursuant to 15 U.S.C. &#167; 1051 Section 1(b) unless and until acceptable evidence of use of the mark in interstate commerce is submitted to the United States Patent and Trademark Office pursuant to 15 U.S.C. &#167; 1051 Section 1(c) or Section 1 (d)) (collectively, the &#147;<B>Collateral</B>&#148;), to secure the prompt and complete payment or performance &nbsp;of the Secured Obligations (as defined in the Security Agreement);</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Assignor hereby grants to the Assignee for the ratable benefit of the Secured Creditors, a security interest in and continuing lien on the Collateral to secure the prompt and complete payment or performance of the Secured Obligations.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Assignor does hereby further acknowledge and affirm that the rights and remedies of the Assignee with respect to the Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. &nbsp;In the event of any irreconcilable conflict between the terms of this Security Agreement (Trademarks) and the terms of the Security Agreement, the terms of the Security Agreement shall control.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The term of this Security Agreement (Trademarks) is coterminous with the Security Agreement.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THIS SECURITY AGREEMENT (TRADEMARKS) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This Security Agreement (Trademarks) may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[<I>Signature Page Follows</I>]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>F-1</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">IN WITNESS WHEREOF, the Assignor and the Assignee each has caused this Security Agreement (Trademarks) to be executed by its respective duly authorized representative as of the Effective Date.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>[PLEDGOR]</B></P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:24pt; padding-left:18pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">[<I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>]</P>
</TD></TR>
<TR><TD valign=top width=42.133><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=288 colspan=2><P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title:</P>
<P style="margin:0pt; padding-left:63pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>F-2</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CERTIFICATE OF ACKNOWLEDGMENT</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=192><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">STATE OF __________</P>
</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">)</P>
</TD><TD valign=top width=19.2>&nbsp;</TD></TR>
<TR><TD valign=top width=192>&nbsp;</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">:</P>
</TD><TD valign=top width=19.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ss</P>
</TD></TR>
<TR><TD valign=top width=192><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">COUNTY OF ________</P>
</TD><TD valign=top width=13.333><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">)</P>
</TD><TD valign=top width=19.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">On this ____ day of _______________ 20__, before me personally came [name], to me known to be the person who executed the foregoing instrument, and who, being duly sworn by me, did depose and say that he is the [<B>office held</B>] of [<B>Pledgor</B>], a [<B>state of formation</B>] [<B>entity type</B>], and that he executed the foregoing instrument in the firm name of [<B>Pledgor</B>], and that he had authority to sign the same, and he acknowledged to me that he executed the same as the act and deed of said firm for the uses and purposes therein mentioned.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>________________________________<BR>
Notary Public - State of _____________<BR>
<BR>
Printed Name_____________________</P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">My Commission Expires:<BR>
<BR>
___________________________</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>F-3</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Schedule 1A: Trademarks and Service Marks</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Mark</B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Reg. &nbsp;No. &nbsp;(App. &nbsp;No.)</B></P>
</TD><TD valign=bottom width=125.667><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Reg. &nbsp;Date (Filing Date)</B></P>
</TD><TD valign=bottom width=108.467><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Status</B></P>
</TD><TD valign=bottom width=108.533><P style="margin-top:0.65pt; margin-bottom:1.35pt; padding-bottom:3pt; line-height:9pt; font-family:Times New Roman; font-size:8pt; border-bottom:0.5pt solid #000000"><B>Record Owner</B></P>
</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
<TR><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=125.667>&nbsp;</TD><TD valign=top width=108.467>&nbsp;</TD><TD valign=top width=108.533>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>F-4</P>
<P style="margin:0pt; line-height:9pt; font-family:Times New Roman; font-size:7pt">(NY) 14017/972/SECURITY/Oppenheimer.Security.Agreement.doc</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>5
<FILENAME>ex312.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>CERTIFICATION</TITLE>
<META NAME="author" CONTENT="robertse">
<META NAME="date" CONTENT="05/05/2011">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CERTIFICATION EXHIBIT 31.2</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>I, Elaine K. Roberts, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1. I have reviewed this quarterly report on Form&nbsp;10-Q of Oppenheimer Holdings Inc.; </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c)&nbsp;Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and&nbsp;</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5. The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors (or persons performing the equivalent functions): </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>By:</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&#147;E.K. Roberts&#148;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Name: Elaine K. Roberts</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Title: Chief Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">May 5, 2011</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>6
<FILENAME>ex32.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>EXHIBIT 32</TITLE>
<META NAME="author" CONTENT="robertse">
<META NAME="date" CONTENT="05/05/2011">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>EXHIBIT 32.1</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>CERTIFICATION PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>18 U.S.C. SECTION 1350</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The undersigned, Albert G. Lowenthal, Chairman and Chief Executive Officer of Oppenheimer Holdings Inc. (the &quot;Company&quot;), and Elaine K. Roberts, President and Chief Financial Officer of the Company, hereby certify that to his/her knowledge the Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 of the Company filed with the Securities and Exchange Commission on the date hereof &nbsp;(the &#147;Report&#148;) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the period specified.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Signed at New York, New York, this 5th day of May, 2011.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&#147;A.G. Lowenthal&#148;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Albert G. Lowenthal</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chairman and Chief Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&#147;E.K. Roberts&#148;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Elaine K. Roberts</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>President and Chief Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>7
<FILENAME>ex311.htm
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<TITLE>CERTIFICATION</TITLE>
<META NAME="author" CONTENT="robertse">
<META NAME="date" CONTENT="05/05/2011">
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CERTIFICATION EXHIBIT 31.1</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>I, Albert G. Lowenthal, certify that: </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>I have reviewed this quarterly report on Form&nbsp;10-Q of Oppenheimer Holdings Inc.; </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c)&nbsp;Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors (or persons performing the equivalent functions): </P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>By:</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&#147;A.G. Lowenthal&#148;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Name: Albert G. Lowenthal</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Title: Chief Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">May 5, 2011</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-14
<SEQUENCE>8
<FILENAME>ex14codeconduct.htm
<DESCRIPTION>CODE OF CONDUCT
<TEXT>
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<TITLE>FEBRUARY 2004</TITLE>
<META NAME="author" CONTENT="dmcnamara">
<META NAME="date" CONTENT="04/19/2011">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER HOLDINGS INC. </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER &amp; CO. INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CODE OF CONDUCT AND BUSINESS ETHICS FOR </B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>DIRECTORS, OFFICERS AND EMPLOYEES </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>1. INTRODUCTION</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Code of Conduct and Business Ethics (the &quot;Code&quot;) applies to all directors, officers and employees of Oppenheimer Holdings Inc., Oppenheimer &amp; Co. Inc. and all other subsidiaries of Oppenheimer Holdings Inc. (collectively &quot;Oppenheimer&quot;). &nbsp;Some subsidiaries, departments and specialized areas have specific codes of conduct or ethics or the like in place that cover conduct or regulatory issues that only apply to that area or field. &nbsp;If you work for one of these subsidiaries, departments or specialized areas, such specific codes of conduct or ethics apply to you in addition to the Code. &nbsp;&nbsp;&nbsp;The policies set forth in this Code also apply to subsidiaries of Oppenheimer Holdings Inc. operating in jurisdictions outside of the United States. &nbsp;To the extent the word foreign is used herein, that term shall mean non-U.S. or outside the U.S.</P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>2. PURPOSE OF THE CODE</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The purpose of the Code is to promote and foster the honest and ethical conduct of the directors, officers and employees of Oppenheimer.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Our Basic Principles are to:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">adhere to the law wherever Oppenheimer does business;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">avoid putting yourself or Oppenheimer in a conflict of interest;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">conduct yourself honestly and with integrity; </FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">keep Oppenheimer transactions, communications and information, accurate, confidential and secure, and Oppenheimer assets safe; and </FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">treat everyone fairly and equitably &#150; whether customers, suppliers, competitors, employees or others who deal with Oppenheimer.</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>3. COMPLIANCE WITH LAW</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You must know, respect and comply with all laws, rules, and regulations applicable to the conduct of Oppenheimer's businesses in the areas in which you work. &nbsp;Oppenheimer actively promotes compliance with the laws, rules, and regulations that govern Oppenheimer's business. &nbsp;Obeying both the letter and spirit of the law is one of the foundations of Oppenheimer&#146;s ethical standards. &nbsp;You must follow and obey the laws of all the states and countries where we operate. &nbsp;While you are not expected to be an expert on every detail of all the laws that govern our business in every jurisdiction, you are expected to understand the laws and regulations applicable to your duties at Oppenheimer and to understand the regulatory environment within which the firm operates well enough to know when to seek advice from your Manager, or the Legal and Compliance Departments. &nbsp;In addition there may be instances when you may want to consult a department head, or director or executive officer of Oppenheimer (each, a &#147;Senior Officer&#148;).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>A.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Brokerage Accounts</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In accordance with industry regulations, Oppenheimer employees and officers and their immediate families must maintain their brokerage accounts at Oppenheimer. &nbsp;Exceptions to this policy must be approved by your Manager and the Chief Compliance Officer (currently Mr. Allen Holeman at (212) 668-8944 (the &#147;Chief Compliance Officer&#148;)) or his designee.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Trading in Securities</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer has adopted a Policy Statement on Trading in Securities which covers insider trading and reporting and related matters which is binding on all Oppenheimer officers, directors and employees.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>C.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Money Laundering and Antiterrorism Laws</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer complies with federal, state and international laws prohibiting money laundering and with the safeguards against terrorist activity contained in the U.S. Patriot Act and applicable foreign anti-money laundering and anti-terrorism laws. &nbsp;Under no circumstances should you participate in any money laundering activity. &nbsp;In addition to severe criminal penalties, money laundering by Oppenheimer employees and violations of the U.S. Patriot Act will result in disciplinary action, up to and including termination. &nbsp;Any suspicious deposits, or any other client activity that raises questions about the source of the client's funds, should be reported immediately to your Manager (and, if applicable, your local anti-money laundering officer), the firm&#146;s Anti-Money Laundering Officer (currently Mr. Andrew Palyvoda at (212) 668-5708), or the General Counsel of Oppenheimer &amp; Co. Inc. (currently Mr. Dennis McNamara at (212) 668-5771 (the &#147;General Counsel&#148;)).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>D.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Proper Record-Keeping and Disclosure Requirements</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer requires honest and accurate accounting and recording of financial and other information in order to make responsible business decisions and provide an accurate account of Oppenheimer's performance to stakeholders and regulators. &nbsp;It is a violation of law (in most, if not, all jurisdictions where Oppenheimer conducts business) and Oppenheimer policy for any employee to attempt to improperly influence or mislead any person engaged in auditing or reviewing our financial accounts and statements. &nbsp;Oppenheimer is committed to full compliance with all requirements applicable to its regulatory and public disclosures. &nbsp;Oppenheimer requires that its financial and other reporting fairly present the financial condition, results of operations, and cash flow of Oppenheimer and that it comply in all respects with applicable law, governmental rules, and regulations, including generally accepted accounting principles (GAAP) in the United States and/or International Financial Reporting Standards (IFRS) in those foreign jurisdictions where Oppenheimer conducts business as well as applicable rules of the U.S. Securities and Exchange Commission, the New York Stock Exchange and other securities regulators including non-U.S. securities regulators in those jurisdictions where Oppenheimer conducts business. &nbsp;Oppenheimer has implemented disclosure controls and procedures to ensure that its public disclosures are timely, compliant, and otherwise full, fair, accurate, and understandable. &nbsp;All employees and officers responsible for the preparation of Oppenheimer's public disclosures, or who provide information as part of that process, have a responsibility to ensure that such disclosures and information are complete, accurate, and in compliance with Oppenheimer's disclosure controls and procedures.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>E.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Document Retention and Destruction</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Without exception, all officers and employees must fully comply with Oppenheimer's &nbsp;document retention and destruction policy. &nbsp;It is a criminal offense in the U.S. and in most foreign jurisdictions to destroy documents that are subject to a subpoena or other legal process. &nbsp;Once a legal proceeding has begun, or even when one is threatened or reasonably likely, federal and state obstruction-of-justice statutes require Oppenheimer to preserve documents relevant to the issues in that proceeding even before specific documents are requested. &nbsp;Any Oppenheimer employee who fails to comply with this policy, as well as industry regulations and applicable laws, is subject to termination and may also face criminal or civil prosecution, with possible fines and prison terms.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>F.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Cooperation with Investigations and Law Enforcement</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>It is Oppenheimer's policy to cooperate with government investigators and law enforcement officials in each jurisdiction in which Oppenheimer operates. &nbsp;Every Oppenheimer employee must also cooperate with investigations by non-governmental regulators with oversight of our business, such as securities exchanges, as well as with internal Oppenheimer investigations. &nbsp;All inquiries or requests or demands for information from external investigators must be immediately referred to the Office of the General Counsel. &nbsp;The Office of the General Counsel &nbsp;must coordinate all responses to external investigators' questions. &nbsp;Failure to cooperate with legitimate investigations will result in disciplinary action, up to and including termination.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>G.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Privacy</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All Oppenheimer personnel must comply with all applicable privacy laws in their handling of client matters and client and Oppenheimer records. &nbsp;Any questions about the applicability of privacy laws should be referred to the General Counsel.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>4. CONFLICTS OF INTEREST</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A conflict of interest occurs when your private interests interfere, or appear to interfere, in any way, with the interests of Oppenheimer. &nbsp;Conflicts of interest can arise when you take action or have interests that may make it difficult for you to perform your duties to Oppenheimer effectively. &nbsp;Conflicts of interest also arise when you, or a member of your family, receives improper personal benefits as a result of your position with Oppenheimer. &nbsp;Loans to, or guarantees of obligations of, any employees, officers, directors or any of their family members are likely to pose conflicts of interest, as are transactions of any kind between Oppenheimer and any other organization in which you or any member of your family have an interest.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Engaging in any conduct that represents a conflict of interest is prohibited. &nbsp;If you have any doubt whether or not conduct would be considered a conflict of interest, please consult your Manager, a Senior Officer or the General Counsel. &nbsp;You must also disclose any material transaction or relationship that could reasonably be expected to give rise to such a conflict to your Manager, a Senior Officer, the Chief Compliance Officer or the General Counsel. &nbsp;If a conflict of interest cannot be avoided, it must be managed in an ethical, responsible manner, so as not to create the perception of impropriety.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>As a Director, Senior Officer, or financial officer or employee of Oppenheimer, it is imperative that you avoid any investment, interest or association that interferes, might interfere, or might be perceived to interfere, with your independent exercise of judgment in Oppenheimer's best interest.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Even if you do not have an actual conflict of interest, if other people think you do, they will be concerned that you cannot fulfill your obligations to Oppenheimer properly. &nbsp;It is, therefore, just as important to avoid the appearance or perception of a conflict of interest as it is to avoid an actual one. &nbsp;Being seen or thought to be in a conflict of interest can damage your reputation and Oppenheimer&#146;s.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Ownership of Securities and Outside Business Activities</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>As an employee of Oppenheimer, you must report all outside business activities, including ownership of privately held stock and limited partnership interests, to your Manager and to the appropriate Oppenheimer Compliance Officer so that a review for potential conflicts of interest can be conducted. &nbsp;Outside business activities and interests include serving as a partner or a stockholder in another business, as an officer in a family-owned business, or as an outside director of another company. &nbsp;The appropriateness of you engaging in these and other types of outside business activities, interests, or investment opportunities depends on many factors, including the nature and extent of the outside interest, the potential for conflicts of interest, the relationship between Oppenheimer and the outside entities, and the duties involved. &nbsp;You must receive prior written approval for any outside business activity and private investment from the Chief Compliance Officer or his designee. &nbsp;You have an obligation to keep Oppenheimer apprised of these activities and provide updated information about the outside interests. &nbsp;Service by you as a director, officer, or employee of any other corporation or business must be authorized in writing by the Chief Compliance Officer or his designee. &nbsp;Unless approved in writing by your Manager and the Chief Compliance Officer or his designee, you may not serve as a director of a publicly-traded company. &nbsp;</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Directors of Oppenheimer should inform the Chairman and Chief Executive Officer of Oppenheimer Holdings Inc. prior to accepting appointments to the boards of directors or advisory boards of any public or privately held company. &nbsp;The disclosure requirements and other possible conflict-of-interest issues involved must be analyzed and discussed.</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Public Office</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You are required to notify and receive the approval of your Manager and the Chief Compliance Officer or the General Counsel or their designee before committing to a candidacy for elective office or a formal position on a company committee and before accepting an appointment to a public or civic office. &nbsp;Oppenheimer must take steps to ensure that conflicts of interest are not raised by such campaign or public service. &nbsp;In general, you may run for and serve in local, elective, or appointed civic offices, provided the activity, including campaigning:</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">occurs outside work hours;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">involves no use of Oppenheimer's name, facilities, client lists, other corporate assets, or corporate funding;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">is confined solely to you in your capacity as a private citizen and not as a representative of Oppenheimer; and </FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">does not present an actual or perceived conflict of interest for Oppenheimer, as determined in the sole judgment of Oppenheimer.</FONT></P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>5. CORPORATE OPPORTUNITIES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You may not advance your personal interests at the expense of Oppenheimer. &nbsp;You owe a duty to Oppenheimer to advance Oppenheimer's legitimate interests to the best of your abilities whenever the opportunity arises. &nbsp;You must not take for yourself personal opportunities you discover through your employment with Oppenheimer or the use of Oppenheimer property, information, or position, which is in violation of Oppenheimer's policies. &nbsp;In addition, Oppenheimer property, information, or position must not be used for personal gain. &nbsp;You may not compete with Oppenheimer while employed by Oppenheimer.</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>6. CONFIDENTIALITY OBLIGATIONS</B></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Non-Public Information </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You must maintain the confidentiality of information entrusted to you by Oppenheimer and provided by our clients, suppliers and service providers. &nbsp;In the conduct of its business, Oppenheimer receives a great deal of non-public information. &nbsp;Much of this information may be sensitive, with the potential to affect market conditions, negotiations, strategic positioning, and relationships with clients, competitors, suppliers or service providers. &nbsp;You must exercise care not to misuse non-public information obtained during your employment, including client lists, information about Oppenheimer personnel and clients, and business plans and ideas. &nbsp;The obligation to maintain the confidentiality of information may be subject to legal or regulatory requirements to disclose that information. &nbsp;In such cases, the Office of the General Counsel will help determine what disclosure is required and how it is to be made. &nbsp;Reference is made to the Oppenheimer Policy Statement on Dealing in Securities.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Media, Publishing, and Public Appearances </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You may not provide non-public corporate information to persons outside Oppenheimer, including the media. &nbsp;Any inquiries or questions relative to the media should be referred to the Chief Executive Officer of Oppenheimer Holdings Inc. or the General Counsel. </P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>C.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Client Information Privacy </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer protects the confidentiality and security of client information. &nbsp;Oppenheimer's Privacy Policy for client information provides that:</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">Oppenheimer does not sell or rent clients' personal information;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">you may not discuss the business affairs of any client with any other person, except on a strict need-to-know basis;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">Oppenheimer does not release client information to third parties, except upon a client's authorization or when permitted or required by law; and </FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">third-party service providers and suppliers with access to client information are required to keep client information confidential and use it only to provide services to or for Oppenheimer.</FONT></P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>7. FAIR DEALING</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You must deal fairly with Oppenheimer's clients, suppliers, service providers, competitors, and employees. &nbsp;Competitive advantage must result from superior performance, not unethical or illegal business dealings. &nbsp;While Oppenheimer seeks to outperform our competitors, it must be done honestly and fairly.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Unethical Behavior, Relationships with Competitors </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You may not take unfair advantage of anyone through unethical or illegal measures, such as manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair practices. &nbsp;It is against Oppenheimer's policy to seek increased revenues by disparaging our competitors. &nbsp;Our goal is to increase business by offering superior and innovative financial products and services. &nbsp;Oppenheimer advertising must be truthful, not deceptive, and in compliance with applicable laws, regulations, and corporate policies. &nbsp;All advertising and marketing materials must be approved using the established approval procedures. &nbsp;You must guard against unfair competitive practices and exercise extreme caution to avoid conduct that might violate antitrust laws or other rules prohibiting anti-competitive activities. &nbsp;Violations may result in criminal, civil or regulatory proceedings and penalties. &nbsp;If a competitor or third-party proposes to discuss unfair collusion, price-fixing, or other anti-competitive activities, your responsibility is to object, terminate the conversation, or leave the meeting and report the incident promptly to your manager, a Senior Officer or the General Counsel. &nbsp;You must avoid any discussion with competitors of proprietary or confidential information, business plans, or topics such as pricing or sales policies &#150; the discussion of which could be viewed as an attempt to make joint rather than independent business decisions.</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Gifts, Gratuities, Political Contributions, and Other Payments Related to Oppenheimer Business </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You, your associates or members of your family may not, directly or indirectly, accept or receive bonuses, fees, gifts, frequent or excessive entertainment, or any similar form of consideration that is of more than nominal value from any person or entity with which Oppenheimer does, or seeks to do, business. &nbsp;It also is generally against corporate policy to give gifts or gratuities, other than within accepted guidelines, without receiving specific approval by the Chief Compliance Officer or the General Counsel. &nbsp;You may not give gifts of any value to government officials without specific approval by your Manager and the Chief Compliance Officer or the General Counsel. &nbsp;Oppenheimer policy forbids bribes, payoffs, contributions, or payments of any kind by any Oppenheimer employee, officer or director to any person, government official, or entity for the purpose of improperly obtaining or retaining business or influencing consideration of any business activity. &nbsp;This policy covers all types of payments that may or may not be considered legal under the circumstances. &nbsp;Special rules may apply to payments or gifts (including entertainment) to officers, directors, employees, or other affiliates of government owned or controlled entities and certain highly regulated entities (such as banks or insurance companies), as well as entities located in certain jurisdictions.</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>8. RESPECT FOR THE INDIVIDUAL</B></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Conduct Business Activities in an Atmosphere of Good Faith and Respect </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>It is Oppenheimer's policy to treat each individual and entity with dignity, consideration, and respect. &nbsp;All Oppenheimer employees should be honest and fair with others, share the credit when credit is due, avoid public criticism of one another, and encourage an atmosphere in which openness, cooperation, and consultation are the norms. &nbsp;Internal relationships with fellow employees should be based on the same high standards of integrity and ethical responsibility that are observed with Oppenheimer clients, shareholders, and the public.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer is committed to promoting diversity within its workforce; achieving diversity is an important competitive advantage in the global marketplace. &nbsp;Oppenheimer has a strict policy of equal opportunity in hiring, developing, promoting, and compensating employees. &nbsp;We seek to attract, retain, and reward employees who perform their work to the highest standards, basing promotions on qualification and merit. &nbsp;Discrimination is not tolerated on the grounds of race, national origin, religion, gender, age, disability, sexual orientation, or veteran status. &nbsp;Just as we do not tolerate illegal discrimination in any form, we also do not tolerate illegal sexual or any other form of harassment at any level of Oppenheimer. &nbsp;Employees who experience or observe work-related discrimination, harassment, or similar problems have an obligation to report it to their Manager, the Director of Human Resources, a Senior Officer or the General Counsel.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Indebtedness between employees is best avoided and must not reach a level that may compromise the objectivity essential in manager-employee relationships or in the discharge of job-related responsibilities. &nbsp;Any indebtedness between employees and their direct or indirect supervisors (regardless of which one is borrower or lender) must be limited to nominal amounts.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>9. PROTECTING OPPENHEIMER INFORMATION, ASSETS, AND PROPERTY</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Business Use</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You must protect Oppenheimer's assets and ensure their efficient use. &nbsp;You may only use Oppenheimer property for legitimate business purposes. &nbsp;Any suspected fraud or theft of Oppenheimer property must be reported to your Manager and the General Counsel for investigation immediately. &nbsp;Oppenheimer's assets include our capital, facilities, equipment, proprietary information, technology, business plans, ideas for new products and services, trade secrets, inventions, copyrightable materials, and client lists. &nbsp;Information owned by Oppenheimer must be treated with the same care as any other asset, and every Oppenheimer employee has a role in protecting its confidentiality and integrity.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Proprietary Information and Intellectual Property</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Your obligation to protect Oppenheimer's assets applies to our proprietary information. &nbsp;Proprietary information includes business, marketing, and service plans; unpublished financial data and analyst and other reports; databases; customer information; and salary and bonus information, as well as intellectual property such as trade secrets, patents, trademarks, and copyrights. &nbsp;Unauthorized use or distribution of this material is a violation of Oppenheimer's policy, and it may also be illegal and result in civil and criminal proceedings and penalties. &nbsp;Intellectual property refers to a company's intangible assets, such as the company's business methods, inventions, trademarks, and publications. &nbsp;All inventions, trademarks and copyrightable material conceived by an employee within the scope of his or her employment are the exclusive property of Oppenheimer, and as a condition of continued employment, the employee must do whatever is necessary to transfer to Oppenheimer the technical ownership of such inventions, trademarks or materials. &nbsp;It is the responsibility of every employee to protect Oppenheimer's intellectual property. &nbsp;In addition, Oppenheimer also respects the intellectual property of other parties. &nbsp;The unauthorized use of another party's patented, trademarked, or copyrighted (electronic, audio, video, text) materials is strictly prohibited, regardless of their source. &nbsp;In addition, Oppenheimer does not permit the use of software or other devices whose primary purpose is the circumvention or violation of another's intellectual property rights. &nbsp;Please contact the General Counsel with questions about the proposed use of another party's intellectual property and for appropriate contracts.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B.</B></P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Compliance with Internal Controls </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer maintains and enforces a strong, effective system of internal controls to safeguard and preserve its information and assets, its clients, and its investors. &nbsp;These controls are designed to ensure that business transactions are properly authorized and carried out, and that all reporting is truthful and accurate. &nbsp;These administrative and accounting control systems are the responsibility of each group in the Oppenheimer organization. &nbsp;All business transactions require authorization at an appropriate management level. &nbsp;Any employee who is responsible for the acquisition or disposition of assets for Oppenheimer, or who is authorized to incur liabilities on Oppenheimer's behalf, must act prudently in exercising this authority and must be careful not to exceed his or her authority. &nbsp;Equally important, every employee must help ensure that all business transactions are executed as authorized. &nbsp;Transactions must be properly reflected on Oppenheimer's books and records. &nbsp;Every employee is involved, if not in the authorization or execution of business transactions, in some level of reporting. &nbsp;This may include reporting travel and entertainment expenses or recording work hours on a timecard. &nbsp;It is important that all reporting be done honestly and accurately and that employees cooperate fully with both internal and independent audits.</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>10. OPPENHEIMER WRITTEN AND ELECTRONIC COMMUNICATIONS</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You must use Oppenheimer's information and communication systems properly and judiciously. Oppenheimer has strict policies on use of the Internet and on written and electronic communications with which you must comply.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Access to the Internet</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer has strict policies on Internet access. &nbsp;Only authorized connections are permitted, and access to the Internet must be accomplished via an approved security gateway. &nbsp;Furthermore, you are not permitted to link to the Internet from Oppenheimer offices via modem dial-up services or other external service providers without the express approval of the Chief Compliance Officer. &nbsp;Additionally, you should exercise good judgment when using the Internet during business hours for personal and non-business purposes. &nbsp;You may not do any of the following:</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">transmit, copy, or download any material, including sexually explicit images or messages and materials containing racial, ethnic, or other slurs, that may defame, embarrass, threaten, offend, or harm an Oppenheimer employee or client or the general public;</FONT></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">transmit or post non-public corporate information about Oppenheimer or any company to any organization or individual not authorized to receive or possess it;</FONT></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">attempt to gain access to any computer, database, or network without authorization or wilfully propagate computer viruses or other disruptive or destructive programs;</FONT></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">distribute unsolicited e-mail messages, advertisements, or postings to multiple newsgroups, individuals, or organizations (e.g., &quot;spamming&quot;); and</FONT></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">use electronic means for the purpose of gambling or to send or forward chain letters.</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You may not establish e-mail addresses or domain names that attempt to trade on, or are derived from, the Oppenheimer name or any corporate, brand names or domain names used within the Oppenheimer organization; if such use is identified, immediate relinquishment will be requested. &nbsp;You should not register domain names on behalf of Oppenheimer and may not establish Internet websites related to Oppenheimer business without approval from your Manager and the Chief Compliance Officer and Director of Information Technology. &nbsp;You are reminded to be sure that your system passwords are secure. &nbsp;Inappropriate conduct in respect of the usage of Oppenheimer's communications systems will lead to disciplinary action, including revocation of privileges, immediate termination, and referral to regulatory authorities.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Written and E-Mail Communications</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Electronic communications should be treated with the same care as any other business communication. &nbsp;Any communication relating to Oppenheimer business must be of an appropriate nature, must not violate the legal rights of Oppenheimer, any Oppenheimer employee, or third party, and must be transmitted, stored, and accessed in the manner that safeguards confidentiality and complies with applicable law. &nbsp;All written communications, including those electronically delivered, should be clear, concise, and professional in tone and content. &nbsp;Communications for personal, non-business purposes should be kept to a minimum.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B.</B></P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Communications Monitoring</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All electronic communications relating to Oppenheimer business must be made through the Oppenheimer network unless the Chief Compliance Officer or the Director of Information Technology has expressly authorized another means. &nbsp;Electronic communications, including connections to Internet and Intranet websites using Oppenheimer computing or network resources, are the property of Oppenheimer and are subject to monitoring and surveillance in accordance with applicable law. &nbsp;Communications by certain Oppenheimer personnel are subject to detailed supervisory requirements. &nbsp;Oppenheimer&#146;s personnel should use good judgement and not access, send, create or share information that they would not want to be seen or heard by others.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>11. REPORT PROBLEMS OR IRREGULARITIES </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If you believe that you may have breached the Code or a supplemental code or guideline that applies to you, or have observed:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">a breach of the Code or a supplemental code or guideline by another Oppenheimer employee; or </FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify>&#183;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Symbol; font-size:12pt" align=justify><FONT FACE="Times New Roman">a serious weakness or deficiency in Oppenheimer's policies, procedures or controls which might enable breaches to occur or go undetected;</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>you have a responsibility to Oppenheimer, your fellow Oppenheimer employees and yourself to report it to your Manager, that employee's Manager, a Senior Officer, the Chief Compliance Officer or the General Counsel.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Failure to report a known breach of the Code may result in serious consequences. &nbsp;If a problem or irregularity has been referred to you, you must resolve the issue or refer it appropriately using the chain of communication referred to below.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer recognizes that, from time to time, you may be uncertain about an appropriate course of action. &nbsp;In all such cases, immediately seek the advice of your Manager, a Senior Officer or the General Counsel. &nbsp;Consult a still more senior officer or one of the persons referred to below if you do not receive what you consider to be a reasonable response from any such person.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If you are not satisfied with the resulting response or action, you should contact or write without fear of reprisal to the Chief Executive Officer of Oppenheimer Holdings Inc. or the General Counsel. &nbsp;You will be protected by Oppenheimer from retaliation or reprisal if you, in good faith, report actual, suspected or perceived breaches of the Code, or supplemental codes or guidelines or problems with Oppenheimer policies, procedures or controls.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All complaints or concerns regarding accounting, internal accounting controls or auditing matters must be made in accordance with Oppenheimer's Financial Reporting Whistleblower Policy which appears as a supplement to the Code.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>12. WAIVERS OF THE CODE</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any waiver of the Code for Senior Officers, including directors or executive officers, may be made only by the Oppenheimer Holdings Inc. board of directors (&#147;Board&#148;) or a Board committee and will be promptly disclosed publicly as required by law or stock exchange regulations.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>13. BREACHES OF THE CODE</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Breaches of the Code (and supplemental codes or guidelines) or reported problems with Oppenheimer policies, procedures or controls will be dealt with promptly and fairly. &nbsp;Any breach of the Code (and supplemental codes or guidelines) is a serious matter, and can result in action up to and including termination of employment. &nbsp;Oppenheimer may be required to report certain types of breaches to regulatory authorities, in which case the director, officer or employee may be subject to civil or criminal proceedings and penalties.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>14. SOURCES OF ASSISTANCE </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>You are expected to know and understand this Code. &nbsp;If you have questions or concerns consult your supervisor or your Manager. &nbsp;If this is not appropriate or if you need further guidance, you may consult any of the following as you believe appropriate:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Ms. Lenore Denys</B></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Managing Director &#150; </P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director of Human Resources</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer &amp; Co. Inc.</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3310 W. Big Beaver Road, Suite 205</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Troy, MI 48084</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">U.S.A.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Tel: </P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(248) 637-8339</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fax: </P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(248) 637-8390</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18.6pt; text-indent:-0.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Email:</P>
<P style="margin:0pt; padding-left:18.6pt; text-indent:53.4pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">lenore.denys@opco.com</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Mr. Allen Holeman</B></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Managing Director &#150; </P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Compliance Officer</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer &amp; Co. Inc.</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">125 Broad Street, 16<SUP>th</SUP> Floor</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York, NY 10004</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">U.S.A.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Tel:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(212) 668-8944</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fax:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(212) 668-5896</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Email:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">allen.holeman@opco.com</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Dennis P. McNamara, Esq.</B></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Executive Vice President </P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and General Counsel</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer &amp; Co. Inc.</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">125 Broad Street, 16th Floor</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York, NY 10004</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">U.S.A.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Tel:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(212) 668-5771</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fax:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(212) 425-8627</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E-mail: </P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">dennis.mcnamara@opco.com</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Mr. Jeffrey Alfano</B></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Executive Vice President </P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and Chief Financial Officer</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer &amp; Co. Inc.</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>125 Broad Street, 16<SUP>th</SUP> Floor</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>New York, NY 10004</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>U.S.A.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Tel:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(212) 825-4331</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Fax:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(212) 825-4326</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Email:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>jeffrey.alfano@opco.com </P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Ms. Elaine K. Roberts </B></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">President and Treasurer</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer Holdings Inc.</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>20 Eglinton Avenue West, Suite 1110</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>P.O. Box 2015</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Toronto, Ontario M4R 1K8</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Canada</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Tel:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(416) 322-1515</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fax:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(416) 322-7007</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E-mail:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">eroberts@opy.ca </P>
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<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Mr. Albert G. Lowenthal </B></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chairman and CEO</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. and </P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer &amp; Co. Inc.</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">125 Broad Street, 16th Floor </P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York, NY 10004</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">U.S.A.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Tel:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(212) 668-5782</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fax:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(212) 943-8728</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E-mail: </P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">albert.lowenthal@opco.com </P>
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<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Mr. Kenneth W. McArthur </B></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Lead Director</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=319.2><P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer Holdings Inc. </P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1043 Annette Court</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>RR#1 P. I. Box AR-84</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Bowen Island, B.C. V0N 1G0</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Canada</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Tel:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(604) 947-0444</P>
<P style="margin:0pt; padding-left:84.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:84.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">or</P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Gulf Harbor Golf and Country Club</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14335 Harbor Links Ct., Unit 20B</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Fort Meyers, FL &nbsp;33908</P>
<P style="margin:0pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>U.S.A. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Tel:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(239) 481-0249</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Fax:</P>
<P style="margin:0pt; padding-left:18pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(239) 481-0249</P>
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<BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>1</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Code of Conduct</P>
<P style="margin:0pt; text-indent:396pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Updated April 2011</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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