Document:

EXHIBIT 99.1

	

AMENDED AND
RESTATED

ASSET
PURCHASE AGREEMENT

by and among

BRIDGE
INFORMATION SYSTEMS, INC.

And certain
of its subsidiaries

as Sellers

And certain of
its subsidiaries

as
Designated Entities

and

REUTERS
AMERICA INC. and REUTERS S.A.

as Purchaser

Dated as of May 3, 2001 

	

TABLE OF CONTENTS

Page 

SECTION 1 

DEFINED TERMS 

		1.1		Definitions		2

		1.2		Certain Rules of Construction		3

	

SECTION 2 

PURCHASE AND SALE OF
ASSETS 

		2.1		Acquired and Excluded Assets		3

		2.2		Purchase Price		4

		2.3		Working Capital Adjustment		4

		2.4		Contract Assumption		5

		2.5		Amounts Due Under Executory Contracts and Unexpired Leases; Cure Costs; Cure Costs for Undisclosed Contracts		7

		2.6		Assumed Liabilities		7

		2.7		Excluded Liabilities		8

		2.8		No Expansion of Third Party Rights		9

		2.9		Initial Deposit and Second Deposit		9

		2.10		Allocation of Purchase Price		9

		2.11		Section338(h)(10) Election		10

		2.12		Transfer Taxes		10

		2.13		Prorations		10

		2.14		Reconciliation and Allocations		11

	

SECTION 3 

CONDITIONS TO CLOSING 

		3.1		Conditions Precedent to Obligations of Sellers and Purchaser		11

		3.2		Conditions Precedent to Obligations of Sellers		12

		3.3		Conditions Precedent to the Obligations of Purchaser		12

	

SECTION 4 

THE CLOSING 

		4.1		Closing		13

	

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Page 

		4.2		Deliveries by Sellers at Closing		14

		4.3		Deliveries by Purchaser at Closing		15

		4.4		Instructions to Escrow Agent		15

		4.5		Delivery of Acquired Assets		15

	

SECTION 5 

REPRESENTATIONS AND
WARRANTIES OF SELLERS 

		5.1		Organization, Standing and Authority		15

		5.2		No Conflict; Required Filings and Consents		16

		5.3		Title To and Condition of Assets		16

		5.4		Real Property		17

		5.5		Personal Property		18

		5.6		Contracts		19

		5.7		Software and Other Intangibles		19

		5.8		Brokers		20

		5.9		Environmental Matters		20

		5.10		Litigation		21

		5.11		Employee Matters		22

		5.12		Taxes		23

		5.13		Financial Statements		25

		5.14		Licenses and Permits, Compliance with Laws		25

		5.15		No Undisclosed Liabilities		25

		5.16		Sufficiency of Acquired Assets and Designated Entities		25

		5.17		Capital Stock and Ownership of the Designated Entities		26

		5.18		Organization of the Designated Entities		26

		5.19		Broker-Dealer Status and other SEC Matters		27

		5.20		Insurance		29

		5.21		Full Disclosure		29

		5.22		WSOD/EJV Representations and Warranties		29

		5.23		StockVal Representations and Warranties		29

		5.24		Bridge Trading Representations and Warranties		29

	

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TABLE OF CONTENTS
(continued)

Page 

SECTION 6 

REPRESENTATIONS AND
WARRANTIES OF PURCHASER 

		6.1		Organization		29

		6.2		Authority		30

		6.3		Consents and Approvals		30

		6.4		No Violations		30

		6.5		Brokers		30

		6.6		Financing		31

	

SECTION 7 

COVENANTS 

		7.1		Approval Order and Designated Contracts Order		31

		7.2		Closing		33

		7.3		Conduct of Business by Sellers and Designated Entities		33

		7.4		Access and Information		34

		7.5		Notification		34

		7.6		No Inconsistent Action		34

		7.7		Satisfaction of Conditions		34

		7.8		Filings		35

		7.9		Employment Matters		35

		7.10		Additional Matters and Further Assurances		37

		7.11		Specific Enforcement of Covenants		38

		7.12		Other Assets and Agreements		38

		7.13		Post-Closing Services		39

		7.14		Director’s and Officer’s Indemnification		40

		7.15		Maintenance of Books and Records		40

		7.16		Confidentiality		40

		7.17		Right of Subrogation		41

		7.18		Survival of Representations, Warranties, and Agreements		41

		7.19		No Implied Warranties; No Liability of Agents		41

	

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		7.20		Insurance Proceeds		41

		7.21		No Shop		41

		7.22		Tax Matters		42

		7.23		Use of Marks		43

		7.24		Funding by Purchaser of Certain Businesses		44

		7.25		Cooperation in Disposition and Transition of Telerate Business		45

		7.26		Savvis Financing; Savvis Stock Option		45

		7.27		Reuters Benchmarks		47

	

SECTION 8 

TERMINATION 

		8.1		Termination		47

		8.2		Termination Payments		48

		8.3		Procedure and Effect of Termination		49

		8.4		Post-Closing; Termination Payments		50

	

SECTION 9 

WSOD/EJV PUT AND CALL
OPTION 

		9.1		Purchaser WSOD/EJV Call Option		51

		9.2		Sellers WSOD/EJV Put Option		51

		9.3		WSOD/EJV Option Closing		52

		9.4		Transitional Period		52

		9.5		Conditions Precedent to the WSOD/EJV Option Closing		53

		9.6		Closing Deliveries		54

		9.7		WSOD Assets and EJV Assets; WSOD/EJV Excluded Assets		55

		9.8		WSOD and EJV Contract Assumption		55

		9.9		Amounts Due Under WSOD/EJV Contracts		56

		9.10		Assumed Liabilities		56

		9.11		WSOD/EJV Excluded Liabilities		57

		9.12		No Expansion of Third Party Rights		58

		9.13		Allocation of WSOD/EJV Exercise Price		58

	

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TABLE OF CONTENTS
(continued)

Page 

		9.14		Transfer Taxes		59

		9.15		Prorations		59

		9.16		Reconciliation and Allocations		59

		9.17		WSOD/EJV Employment Matters		60

		9.18		WSOD/EJV Transitional Services		62

		9.19		WSOD/EJV Facilities and Subleasing Arrangements		62

		9.20		WSOD/EJV-Bridge Agreements		63

		9.21		WSOD/EJV Trademarks and Intellectual Property		63

		9.22		Conformity		63

	

SECTION 10 

STOCKVAL PUT AND CALL
OPTION 

		10.1		Purchaser StockVal Call Option		63

		10.2		Sellers StockVal Put Option		63

		10.3		StockVal Option Closing		64

		10.4		Transitional Period		65

		10.5		Conditions Precedent to the StockVal Option Closing		65

		10.6		Closing Deliveries		66

		10.7		StockVal Assets; StockVal Excluded Assets		67

		10.8		StockVal Contract Assumption		67

		10.9		Amounts Due Under StockVal Contracts; StockVal Cure Costs		68

		10.10		StockVal Assumed Liabilities		69

		10.11		StockVal Excluded Liabilities		69

		10.12		No Expansion of Third Party Rights		70

		10.13		Allocation of StockVal Exercise Price		70

		10.14		Transfer Taxes		71

		10.15		Prorations		71

		10.16		Reconciliation and Allocations		71

		10.17		StockVal Employment Matters		72

		10.18		StockVal Transitional Services		74

		10.19		StockVal Facilities and Subleasing Arrangements		75

	

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(continued)

Page 

		10.20		StockVal-Bridge Agreements		75

		10.21		StockVal Trademarks and Intellectual Property		75

		10.22		Conformity		75

	

SECTION 11 

BRIDGE TRADING PUT AND
CALL OPTION 

		11.1		Purchaser Bridge Trading Call Option		75

		11.2		Sellers Bridge Trading Put Option		76

		11.3		Bridge Trading Option Closing		77

		11.4		Transitional Period		77

		11.5		Conditions Precedent to the Bridge Trading Option Closing		77

		11.6		Bridge Trading Option Closing Deliveries		78

		11.7		Bridge Trading Assets; Bridge Trading Excluded Assets		79

		11.8		Bridge Trading Contract Assumption		80

		11.9		Amounts Due Under Bridge Trading Contracts; Bridge Trading Cure Costs		81

		11.10		Bridge Trading Assumed Liabilities		81

		11.11		Bridge Trading Excluded Liabilities		82

		11.12		No Expansion of Third-Party Rights		83

		11.13		Allocation of Bridge Trading Exercise Price		83

		11.14		Section338(h)(10) Election		84

		11.15		Transfer Taxes		84

		11.16		Prorations		84

		11.17		Reconciliation and Allocations		84

		11.18		Bridge Trading Employment Matters		85

		11.19		Bridge Trading Transitional Services		87

		11.20		Bridge Trading Facilities and Subleasing Arrangements		88

		11.21		Bridge Trading-Bridge Agreements		88

		11.22		Working Capital Adjustment		88

		11.23		Tax Matters		89

		11.24		Bridge Trading Trademarks and Intellectual Property		91

		11.25		Conformity		91

	

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TABLE OF CONTENTS
(continued)

Page 

SECTION 12 

GENERAL PROVISIONS 

		12.1		Notices		92

		12.2		Publicity		93

		12.3		Descriptive Headings		93

		12.4		Entire Agreement; Assignment		93

		12.5		Governing Law		93

		12.6		Expenses		94

		12.7		Amendment		94

		12.8		Waiver		94

		12.9		Counterparts; Effectiveness		94

		12.10		Severability; Validity; Parties in Interest		94

		12.11		Cooperation in Stock Transaction		94

		12.12		Representation		95

		12.13		Survival of Certain Sections		95

		12.14		Intention to Exercise Options		95

		12.15		Certain Representations, Warranties and Certain Covenants		96

		12.16		Amendment and Restatement		96

		12.17		Subsidiaries of Bridge		96
		12.18		Schedules to Asset Purchase Agreement 		96

	

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ANNEXES, SCHEDULES
AND EXHIBITS*

	Annex A		Definitions		

	Schedule 1A		Acquired Assets		

	Schedule 1B		Designated Entities		

	Schedule 1C		WSOD Assets to be Acquired		

	Schedule 1D		EJV Assets to be Acquired		

	Schedule 1E		StockVal Assets to be Acquired		

	Schedule 1FX		Bridge Transactions Services Assets to be Acquired		

	Schedule 1FY		DAIS Group Assets to be Acquired		

	Schedule 1FZ		Bridge Trading Designated Entities Assets to be Acquired		

	Schedule 2.1(b)		Excluded Assets		

	Schedule 2.4A		Schedule 2.4A Contracts		

	Schedule 2.4B		Assumable Designated Contracts		

	Schedule 2.4D		Non Filing Seller Contracts		

	Schedule 2.5B		Disclosed Cure Costs		

	Schedule 2.6		Assumed Liabilities		

	Schedule 3.1(d)		Pre-Closing Regulatory Consents and Filings		

	Schedule 3.2(c)		Security Deposits.		

	Schedule 3.3(g)(A)		Form of Estoppel Letter		

	Schedule 3.3(g)(B)		Key Leases		

	Schedule 5.4(a)		Owned Real Property		

	Schedule 5.4(a)(A)		Liens on Real Property		

	Schedule 5.4(b)		Leased Real Property		

	Schedule 5.4(d)		Third-Party Rights to Owned Real Property and Leased Real Property		

	Schedule 5.5		Liens on Personal Property		

	Schedule 5.6		Contracts		

	Schedule 5.7		Intellectual Property		

	Schedule 5.9		Environmental Matters		

	Schedule 5.10		Litigation		

	Schedule 5.11(a)		Acquired Business Employees		

	Schedule 5.11(b)		Pension Plans and Benefits Plans		

	Schedule 5.12		Taxes		

	Schedule 5.17		Capital Stock and Ownership of the Designated Entities		

	Schedule 5.18		Organization of the Designated Entities		

	Schedule 5.19		Broker-Dealer Status and other SEC Matters		

	Schedule 5.22		Representations and Warranties with respect to WSOD Assets, EJV Assets and WSOD/EJV Business		

	Schedule 5.23		Representations and Warranties with respect to StockVal Assets and StockVal Business		

	Schedule 5.24		Representations and Warranties with respect to the Bridge Trading Assets and Bridge Trading Business		

	Schedule 7.23(b)		CRB Index Marks		

	Schedule 7.23(d)		Retained CRB Marks		

	Schedule 9.8A		WSOD/EJV Acquired Executory Contracts and Unexpired Leases		

	Schedule 9.8B		WSOD/EJV Executory Contracts and Unexpired Leases that Purchaser may elect to Assume		

	Schedule 9.8C		WSOD/EJV Non Filing Seller Contracts		

	

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*Omitted  

	

ANNEXES, SCHEDULES
AND EXHIBITS*

     Page 

	Schedule 9.10		WSOD/EJV Assumed Liabilities		 

	Schedule 10.8A		StockVal Acquired Executory Contracts and Unexpired Leases		 

	Schedule 10.8B		StockVal Executory Contracts and Unexpired Leases that Purchaser may elect to Assume		 

	Schedule 10.8C		StockVal Non Filing Seller Contracts		 

	Schedule 10.10		StockVal Assumed Liabilities		 

	Schedule 11.8A		Bridge Trading Acquired Executory Contracts and Unexpired Leases		 

	Schedule 11.8B		Bridge Trading Executory Contracts and Unexpired Leases that Purchasermay elect to Assume		 

	Schedule 11.8C		Bridge Trading Non Filing Seller Contracts		 

	Schedule 11.10		Bridge Trading Assumed Liabilities		 

	

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*Omitted  

	

AMENDED AND
RESTATED 

ASSET
PURCHASE AGREEMENT

     THIS
AMENDED AND RESTATED ASSET PURCHASE AGREEMENT, dated as of May 3, 2001 (the “Agreement”),
is made among Bridge Information Systems, Inc. a Missouri corporation (“Bridge”), for
itself and on behalf of its wholly owned direct and indirect subsidiaries, Bridge
Information Systems America, Inc., Bridge Data Company, Bridge Information Systems
Canada, Inc., Bridge Information Systems International, Inc., Bridge News International,
Inc., Bridge Trading Technologies, Inc., Bridge Transaction Services, Inc., Bridge
Ventures, Inc., BTS Securities, Inc., BTT Investments, Inc., Wall Street on Demand, Inc.,
Bridge International Holdings, Inc., StockVal, Inc. (each a “Seller” and collectively,
“Sellers”), certain of Bridge’s direct and indirect subsidiaries as defined in Schedule
1B hereto (the “Designated Entities”), and Reuters America Inc., a
Delaware corporation (“RAM”), and Reuters S.A., a corporation organized under the laws of
Switzerland (together with RAM, “Purchaser”). 

RECITALS

     WHEREAS,
on February 1, 2001, an involuntary petition was filed in the United States
Bankruptcy Court for the Eastern District of Missouri (the “Bankruptcy
Court”) for the liquidation of certain Sellers (the “Filing
Sellers”) pursuant to Chapter 7 of the Bankruptcy Code, followed by the
filing by such Filing Sellers of voluntary petitions on February 15, 2001 for
reorganization under Chapter 11 of the Bankruptcy Code; 

     WHEREAS,
the Filing Sellers currently continue to operate the business as
debtors-in-possession pursuant to Sections 1107 and 1108 of the Bankruptcy
Code; 

     WHEREAS,
Purchaser desires to purchase certain assets and business operations of Sellers
as defined below and assume certain liabilities from Sellers in connection
therewith, and Sellers desire to sell, convey, assign, and transfer to Purchaser
certain of their assets as defined in Schedule 1A (the
“Acquired Assets”), together with certain obligations and
liabilities relating thereto, and all shares of capital stock in the Designated
Entities (and referred to, together with the Acquired Assets, as the
“Acquired Business”), pursuant to the terms and conditions of
this Agreement; 

     WHEREAS,
upon consummation of the transactions contemplated hereunder, the Acquired
Business will be sold pursuant to the terms of this Agreement and an order or
orders of the Bankruptcy Court approving such sale under Section 363 of the
Bankruptcy Code and the assumption, sale and assignment of certain executory
contracts and unexpired leases and liabilities under Sections 363 and 365
of the Bankruptcy Code; 

     WHEREAS,
Sellers wish to grant to Purchaser the right and option to purchase from
Sellers, and Purchaser wishes to grant to Sellers the right and option to
require Purchaser to purchase from Sellers, certain assets and business
operations of Sellers (i) necessary to conduct the business conducted by
Wall Street on Demand, Inc., as described on Schedule 1C (the
“WSOD Assets”) and (ii) necessary to conduct the EJV
Business, as described on Schedule 1D (the “EJV
Assets”), in each case together with certain rights and obligations
relating thereto (and referred to, together with the WSOD Assets and EJV Assets,
as the “WSOD/EJV Business”), pursuant to the terms and subject
to the conditions set forth in this Agreement; 

	

     WHEREAS,
Sellers wish to grant to Purchaser the right and option to purchase from
Sellers, and Purchaser wishes to grant to Sellers the right and option to
require Purchaser to purchase from Sellers, certain assets and business
operations of Sellers necessary to conduct the StockVal business, as described
on Schedule 1E (the “StockVal Assets”), together with
certain obligations and liabilities relating thereto (and referred to, together
with the StockVal Assets, as the “StockVal Business”); 

     WHEREAS,
Sellers wish to grant to Purchaser the right and option to purchase from
Sellers, and Purchaser wishes to grant to Sellers the right and option to
require Purchaser to purchase from Sellers, certain assets and business
operations of Sellers necessary to conduct the business of Bridge Trading
Technologies, Inc. and its subsidiaries (excluding Brut LLC), including Bridge
Trading Company (Delaware), Bridge Trading Company UK Limited, Bridge Trading
Company Asia, Ltd. (Hong Kong), Bridge Transaction Services, Inc., Bridge
Trading Company UK Nominees Ltd., Bridge Transaction Services Asia Pacific,
Limited and DAIS Group (excluding StockVal) businesses, as described on
Schedules 1FX, 1FY and 1FZ (the “Bridge Trading
Assets”); and references to Schedule 1F shall be construed as
references to Schedules 1FX, 1FY and 1FZ, as applicable, together with
certain obligations and liabilities relating thereto and all shares of capital
stock of the Designated Entities (and referred to, together with the Bridge
Trading Assets, as the “Bridge Trading Business”); 

     WHEREAS,
Sellers wish to grant to Purchaser the right and option to purchase from
Sellers, subject to the terms and conditions set forth herein, their equity
interest in Savvis Communications Corporation, a Delaware Corporation
(“Savvis”); 

     WHEREAS,
Sellers and Purchaser entered into that certain Asset Purchase Agreement dated
as of May 3, 2001 (the “APA”) which was approved and authorized
by Order of the Bankruptcy Court dated May 3, 2001; and 

     WHEREAS,
Sellers and Purchaser are desirous to amend and restate the APA to reflect
certain non-material amendments and corrections; 

     NOW,
THEREFORE, in consideration of the foregoing and the respective representations,
warranties, covenants, and agreements set forth herein, the Parties amend and
restate the APA in its entirety and agree as follows: 

SECTION 1

DEFINED TERMS

     1.1
Definitions. As used in this Agreement, unless the context otherwise
requires, capitalized terms used in this Agreement shall have the meanings set
forth in Annex A hereto. 

2

	

     1.2 Certain
Rules of Construction. 

     (a)
Any term defined herein in the singular form shall have a comparable meaning
when used in the plural form, and vice versa. 

     (b)
When used herein, the words “hereof”, “herein”
and “hereunder” and words of similar import shall refer to this
Agreement as a whole and not to any particular provision of this Agreement.
References to the Recitals, Sections, Schedules, Exhibits or Annexes shall refer
respectively to the recitals, sections, schedules, exhibits or annexes of this
Agreement, unless otherwise expressly provided. 

     (c)
When used herein, the terms “include”, “includes” and
“including” are not limiting. 

     (d)
Unless the context requires otherwise, derivative forms of any term defined
herein shall have a comparable meaning to that of such term. 

     (e)
When a Party’s consent is required hereunder, such Party’s consent may
be granted or withheld in such Party’s sole discretion, unless otherwise
specified. 

SECTION 2

PURCHASE AND
SALE OF ASSETS

     2.1 Acquired
and Excluded Assets. 

     (a)
Subject to the terms and conditions set forth herein, at the Closing, Sellers
shall sell, assign, transfer, convey, and deliver to Purchaser or
Purchaser’s Designees, and Purchaser or Purchaser’s Designees shall
purchase and accept from Sellers, all of Sellers’ right, title, and
interest in, to and under (i) all of the Acquired Assets described on
Schedule 1A hereto, wherever located, whether tangible or intangible, as
the same shall exist on the Closing Date, but not including Sellers’
cash, Sellers’ accounts receivable (other than any cash or accounts
receivable of the Designated Entities) or any Excluded Assets (as defined
below), free and clear of all Liens, other than Permitted Liens or Liens
referred to in Section 5.4 (a)(i), and (ii) all shares of capital
stock of each of the Designated Entities free and clear of all Liens. 

     (b)
All of the assets of Sellers which are not sold, assigned, transferred,
conveyed or delivered pursuant to Section 2.1(a) hereof, including, without
limitation, the assets described on Schedule 2.1(b) of this Agreement,
are expressly excluded and shall be retained by Sellers (the “Excluded
Assets”). Purchaser expressly agrees and understands that Sellers shall
not sell, assign, transfer, convey or deliver to Purchaser any of the Excluded
Assets. 

     (c)
Notwithstanding anything to the contrary in this Agreement, and for the
avoidance of doubt, Purchaser shall not assume any contracts, liabilities or
arrangements with or in respect of Cantor Fitzgerald Securities or Market Data
Corporation (except where Cantor Fitzgerald Securities or Market Data
Corporation are solely customers of the Acquired Business), and the foregoing
shall constitute Excluded Assets for all purposes hereof, including, without
limitation, the options contained in Sections 9, 10, 11, the Annexes and
Schedules. 

3

	

     2.2 Purchase
Price. 

     (a)
In consideration for the transfer of the Acquired Business to Purchaser or
Purchaser’s Designee, Purchaser shall pay to Sellers, or as directed by
Sellers, an amount equal to $275,000,000, plus the amount of any funding
provided by Purchaser pursuant to Section 7.24, subject to adjustment as
provided in Section 2.3 hereof (the “Purchase Price”),
consisting of the sum of (i) the Initial Deposit (to be applied in
accordance with Section 2.9(a) hereof), (ii) the Second Deposit
(payable in accordance with Section 2.9(b) hereof) and the interest and
other income that has accrued thereon through to the Closing Date plus (iii) the
amount of any funding provided by Purchaser pursuant to Section 7.24 hereof
and (iv) the balance, which balance is to be paid in cash due at the Closing. No
later than three (3) business days prior to the Closing, Sellers shall provide
to Purchaser its best estimate of the amount of interest that will have accrued
on the Second Deposit through to the Closing Date, and shall provide Purchaser
with a statement of the cash sum payable at the Closing. 

     (b)
Any funding provided by Purchaser or any of Purchaser’s Designees pursuant
to Section 7.24 of this Agreement to any of the Sellers prior to the Closing of
the transactions contemplated under this Agreement shall constitute a
non-refundable prepayment of the Purchase Price payable under
Section 2.2(a) hereof. 

     2.3 Working
Capital Adjustment. 

     (a)
Within thirty (30) business days after Closing, Purchaser shall prepare and
deliver to Sellers a statement (the “Closing Statement”) of Net
Working Capital of the Designated Entities as of the Closing Date. The Closing
Statement shall be prepared by Purchaser in good faith on a basis consistent in
all material respects with the methods, principles, practices and policies
employed in the preparation and presentation of the balance sheets of the
respective Designated Entities as of December 31, 2000 (the “December
Statement”), and in accordance with GAAP consistently applied (without
regard to consummation of the transactions contemplated by this Agreement). 

     (b)
After receipt of the Closing Statement, Bridge (including its advisors), shall
have ten (10) business days to review it together with the work papers used in
the preparation thereof. Unless Bridge delivers written notice to Purchaser on
or prior to the tenth business day after Bridge’s receipt of the Closing
Statement stating that it has objections thereto, Sellers shall be deemed to
have accepted and agreed to the Closing Statement. If, however, Bridge notifies
Purchaser of objections to the Closing Statement on or prior to the tenth
business day after Bridge’s receipt of the Closing Statement, the Parties
shall in good faith attempt to resolve their differences with respect to such
objections within ten (10) business days (or such longer period as the Parties
may agree in writing) following such notice (the “Resolution
Period”), and any resolution by them as to any disputed amounts shall
be final, binding and conclusive. In so doing, the Parties (sharing any fees and
expenses equally) may engage Arthur Andersen LLP or another mutually agreed upon
independent accounting firm experienced in audit projects to assist such
resolution by acting as a non-binding mediator. Sellers shall not object to any
method, principle, practice or policy employed in the preparation of the Closing
Statement if such method, principle, practice or policy is consistent in all
material respects with that employed in the preparation and presentation of the
December Statement (provided that such method, principle, practice or
policy is also in accordance with GAAP). 

4

	

     (c)
Amounts relating to any working capital and other accounts set forth in the
Closing Statement remaining in dispute at the conclusion of the Resolution
Period shall be promptly submitted to the Bankruptcy Court for determination. 

     (d)
Once the Closing Statement has been finalized in accordance with this
Section 2.3 (as so finalized, the “Final Closing
Statement”), the Purchase Price shall be adjusted as follows: the
Purchase Price shall be (i) increased by the amount, if any, by which the
Net Working Capital is greater than $0, or (ii) decreased by the amount, if
any, by which the Net Working Capital is less than $0. 

     (e)
If the Purchase Price as adjusted pursuant to Section 2.3(d) is less than
the Purchase Price paid at Closing, Sellers, jointly and severally, shall
promptly pay Purchaser an amount of cash equal to the difference obtained by
subtracting the Purchase Price as adjusted pursuant to Section 2.3(d) from
the Purchase Price paid at Closing. If the Purchase Price as adjusted pursuant
to Section 2.3(d) is greater than the Purchase Price paid at Closing,
Purchaser shall promptly pay Sellers an amount of cash equal to the difference
obtained by subtracting the Purchase Price paid at Closing from the Purchase
Price as adjusted pursuant to Section 2.3(d). 

     (f)
During the preparation of the Closing Statement and the period of any review or
dispute within the contemplation of this Section 2.3, each of Sellers and
Purchaser shall (i) provide the other and their authorized representatives
(including their respective auditors) with reasonable access at reasonable
times, and in a manner so as not to interfere in any material respect with
normal business operations, to all relevant books, records, work papers,
information and employees, and (ii) cooperate fully for the preparation,
calculation and reviews of the Closing Statement or for the resolution of any
dispute relating thereto. 

     2.4 Contract
Assumption. 

     (a)
Schedule 2.4A sets forth a list of executory contracts and unexpired
leases related to the Acquired Assets (other than Non Filing Seller Contracts)
that Purchaser has elected to have Sellers assume and assign to Purchaser or
Purchaser’s Designees at Closing (including assumptions and assignments
that would occur upon consummation of the option transactions referred to in
Sections 9, 10 and 11) (“Schedule 2.4A Contracts”).
Schedule 2.4B sets forth a list of executory contracts or unexpired
leases (other than Non Filing Seller Contracts) that Purchaser may elect to have
Sellers assume and assign to Purchaser or Purchaser’s Designees at Closing
(“Schedule 2.4B Contracts” and, together with the Schedule 2.4A
Contracts, the “Specified Contracts” and each, individually, a
“Specified Contract”). Except as provided in Section 2.4(d)
below, Purchaser shall have until July 15, 2001 to designate (i) the
Pre-petition Contracts it wishes Sellers to assume and assign to Purchaser at
Closing and (ii) the Contracts (other than Non Filing Seller Contracts)
entered into subsequent to the commencement of the Chapter 11 Cases it
wishes to have Sellers assign to Purchaser at Closing (such date being referred
to as the “Contract Designation Date”). In all cases,
appropriate additions and deletions to Schedule 2.4A shall be made to
reflect such elections by Purchaser when made. The Contracts listed on
Schedule 2.4A and any other Contracts (other than Non Filing Seller
Contracts) designated by Purchaser on or prior to the Contract Designation Date
in accordance with the terms of Sections 2.4(a) and 2.4(b) hereof, are
referred to as the “Designated Contracts” and each,
individually, a “Designated Contract.” The procedures for
assumption and assignment of the Designated Contracts shall be mutually
acceptable to Purchaser and Sellers. In addition to Purchaser’s rights
under Section 2.4 hereof, Sellers shall permit Purchaser to include as
Designated Contracts, Contracts that are not so designated (including contracts
that are excluded) as of the date hereof during the 20 days following the date
hereof. 

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     (b)
If prior to the Closing, any Party becomes aware of any executory Contract or
unexpired lease not set forth on Schedule 2.4A, Schedule 2.4B or
Schedule 2.4D (each an “Undisclosed Contract”), the
discovering Party shall immediately notify the other Parties in writing of such
Undisclosed Contract, and Purchaser may elect, no later than the later of
(i) 20 days after such notice and (ii) the Contract Designation Date
or the Non Filing Seller Contracts Designation Date, as applicable, to assume
such Undisclosed Contract. If Purchaser becomes aware or is notified of any
Undisclosed Contract, Purchaser may notify Sellers that Purchaser is electing as
of such date to include such Undisclosed Contract as a Designated Contract or
Non Filing Seller Designated Contract. If Purchaser elects as of the applicable
date to assume such Undisclosed Contract, the Cure Costs associated with such
Undisclosed Contract shall be allocated among Sellers and Purchaser as provided
in Section 2.5(b) of this Agreement. Notwithstanding the foregoing, and
subject to the Bankruptcy Code, if any Undisclosed Contract is entered into
after the date of the Approval Order and such Undisclosed Contract contains
language allowing the Sellers to assign the Contract to Purchaser, then such
Contract may be assigned without the entry of a Bankruptcy Court order. 

     (c)
The Parties agree that it is in the best interests of both Sellers and Purchaser
for the lists of Specified Contracts to be kept confidential and not to be
revealed, disclosed or divulged to any other party (specifically excluding any
“Competing Bidder,” “Qualified Credit Bidder,”
the “DIP Lenders,” the “Committee” and
“GECC” and their respective advisors (as those terms are
defined in Standing Order #4 issued by the Bankruptcy Court in the Chapter 11
Cases, as the same has been or may be amended (“Standing Order
#4”) and the Bankruptcy Court (the “Bankruptcy Auction
Interested Parties”)) prior to the date on which the counterparties to
the Specified Contracts are given notice of the filing of a motion with the
Bankruptcy Court to have Sellers assign the Specified Contracts to Purchaser or
Purchaser’s Designee. The Parties agree that neither shall disclose to any
third party (other than the Bankruptcy Auction Interested Parties), specifically
including any of the other parties to any of the Specified Contracts
(“Contract Parties”), the lists of or any other information
regarding the Specified Contracts, specifically including the identity of any of
the Contract Parties (such information, the “Specified Contract
Confidential Information”). The Specified Contract Confidential
Information shall be kept confidential from and shall not be disclosed to any
party (other than any Bankruptcy Auction Interested Party) entitled to receive
notice in the Chapter 11 Cases until after the Contract Designation Date.
Notwithstanding any of the foregoing, Sellers acknowledge that Purchaser may
contact any of the Contract Parties in order to negotiate with such Contract
Parties regarding the possible assumption and assignment of any of the Specified
Contracts. 

     (d)
Schedule 2.4D sets forth a list of Non Filing Seller Contracts. Purchaser
shall have the right to elect to have any or all of the Non Filing Seller
Contracts assigned to it (each, a “Non Filing Seller Designated
Contract”), by notice to Sellers not later than 15 calendar days prior
to the scheduled Closing Date (the “Non Filing Seller Contracts
Designation Date”). 

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     2.5 Amounts
Due Under Executory Contracts and Unexpired Leases; Cure Costs; Cure Costs for
Undisclosed Contracts. 

     (a)
Purchaser shall be obligated to pay any amounts for services rendered and goods
provided under the Designated Contracts from and after Closing. Any amounts for
services rendered and goods provided under the Designated Contracts during the
period until Closing shall be a retained liability of Sellers, except as
provided in the next sentence. Except as provided in Section 2.5(b) hereof,
and subject to Sellers’ compliance with Section 2.5(c) hereof,
Purchaser shall pay the cure costs for services rendered and goods provided
before February 15, 2001 (collectively, the “Cure Costs”) of or
relating to the assumption and assignment of the Designated Contracts to
Purchaser or Purchaser’s Designee as contemplated under the terms of this
Agreement. 

     (b)
Notwithstanding the provisions of Section 2.5(a) hereof, Sellers shall be
liable for all Cure Costs in excess of $2,000,000 in the aggregate that are
(i) in excess of the amount of the Cure Costs disclosed by Sellers in
Schedule 2.5B with respect to the Specified Contracts set forth on
Schedule 2.4A and Schedule 2.4B or (ii) related to the
Undisclosed Contracts; provided that the Parties shall share equally the
Cure Costs with respect to the Designated Contracts listed on Schedule
2.5B that are marked “Telerate” and that are not marked with an
asterisk. 

     (c)
Subject to Sections 2.5(a) and 2.5(b) hereof, and other than by prior
written agreement by the Purchaser, the satisfaction of any and all cure amounts
is and shall remain the obligation of the Sellers, and Purchaser shall have no
responsibility to any third party therefor. Sellers are responsible for the
verification of all cure amounts, including all administrative responsibilities
associated therewith, in their Chapter 11 Cases and otherwise and shall use
their reasonable best efforts to establish the proper cure amount, if any, for
each Specified Contract and Undisclosed Contract, including the filing and
prosecution of any and all appropriate proceedings in the Bankruptcy Court. The
Cure Costs shall be paid at or as soon as practicable after Closing and, to the
extent Purchaser satisfies any cure amount in excess of its obligation under
this Section 2.5, such excess shall be a credit against the Purchase Price. 

     2.6
Assumed Liabilities. Subject to the terms and conditions set forth in
this Agreement (including, without limitation, the terms and conditions set
forth in Section 2.4 and Section 2.5 hereof), at the Closing,
Purchaser or Purchaser’s Designees shall assume from Sellers and thereafter
pay, perform, or discharge in accordance with their terms and hold Sellers
harmless in respect of, all (i) payables, obligations and liabilities with
respect to, arising out of, or associated with the ownership, possession or use
of the Acquired Assets or the Designated Entities, arising on or after the
Closing Date; (ii) obligations that arise or which by their terms are to be
observed, paid, discharged or performed, as the case may be, on or after the
Closing under the Designated Contracts and Non Filing Seller Designated
Contracts that the Purchaser has elected to assume pursuant to Section 2.4
hereof and for such goods and services as are provided in the ordinary course to
the Acquired Business on or subsequent to the Closing Date; (iii) those
liabilities listed on Schedule 2.6; (iv) the Purchaser’s share
of prorated liabilities of Sellers pursuant to Section 2.13 hereof; and
(v) liabilities and obligations as set forth in Section 7.9
hereof. The liabilities to be assumed pursuant to this Agreement and the
liabilities related to the Designated Entities shall be referred to herein as
the “Assumed Liabilities.” 

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     2.7
Excluded Liabilities. Notwithstanding anything contained in this
Agreement to the contrary, Purchaser does not assume or agree to pay, satisfy,
discharge or perform, and shall not be deemed by virtue of the execution and
delivery of this Agreement or any document delivered at the Closing pursuant to
this Agreement, or as a result of the consummation of the transactions
contemplated by this Agreement, to have assumed, or to have agreed to pay,
satisfy, discharge or perform, any liability, obligation or indebtedness of any
Seller, whether primary or secondary, direct or indirect, other than the Assumed
Liabilities and liability to Sellers for the amount of Cure Costs as provided in
Section 2.5 hereof. Purchaser shall not be liable for any liabilities,
Contracts, agreements or other obligations of Sellers that are not expressly
assumed by Purchaser or Purchaser’s Designee pursuant to Section 2.6
or the Cure Costs to the extent provided in Section 2.5 of this Agreement,
including, without limitation, those set forth below (all such liabilities and
obligations that are not Assumed Liabilities are referred to herein as
the “Excluded Liabilities”): 

     (a)
all obligations or liabilities of Sellers or any predecessor(s) or Affiliate(s) of
Sellers that relate to any of the Excluded Assets;  

     (b)
all obligations or liabilities of Sellers or any predecessor(s) or Affiliate(s)
of Sellers (other than with respect to Taxes of a Designated Entity not
reportable on a consolidated, combined or unitary Tax Return) relating to Taxes
(including with respect to the Acquired Assets or otherwise) for all periods, or
portions thereof, ending on or prior to the Closing Date; 

     (c)
all obligations or liabilities for any legal, accounting, investment, banking,
brokerage or similar fees or expenses incurred by any Seller in connection with,
resulting from or attributable to the transactions contemplated by this
Agreement and the DIP Financing; 

     (d)
all obligations or liabilities for any borrowed money incurred by Sellers or any
predecessor(s) or Affiliate(s) of Sellers (other than the Designated Entities); 

     (e)
all obligations of Sellers related to the right to or issuance of any capital
stock or other equity interest of Sellers or any Designated Entity, including,
without limitation, any stock options or warrants; 

     (f)
all liabilities and obligations from Sellers or any predecessor(s) or
Affiliate(s) of Sellers, other than the Designated Entities, resulting from,
caused by or arising out of, directly or indirectly, the conduct of the business
or ownership or lease of any properties or assets or any properties or assets
previously used by Sellers at any time prior to or on the Closing Date,
including, without limitation, such of the foregoing (i) as constitute, may
constitute or are alleged to constitute a tort, breach of contract or violation
of requirement of any law, (ii) that relate to, result in or arise out of
the existence or imposition of any liability or obligation to remediate or
contribute or otherwise pay any amount under or in respect of any environmental,
superfund or other environmental cleanup or remedial laws, occupational safety
and health laws or other laws or (iii) that relate to any and all claims,
disputes, demands, actions, liabilities, damages, suits in equity,
administrative proceedings, accounts, costs, expenses, setoffs, contributions,
attorneys’ fees and/or causes of action of whatever kind or character
against Sellers or any predecessor(s) or Affiliate(s) of Sellers, other than the
Designated Entities, whether past, present, future, known or unknown, liquidated
or unliquidated, accrued or unaccrued; 

8

	

     (g)
any and all Taxes of any member of an Affiliated Group of which Sellers or any
of the Designated Entities (or any predecessor of Sellers or the Designated
Entities) is or was a member on or prior to the Closing Date, by reason of the
liability of such entity pursuant to Treasury Regulation
Section 1.1502-6(a) or any comparable provision of State, local or foreign
law; 

     (h)
any obligations under the Worker’s Adjustment and Retraining Notification
Act (“WARN”) or Section 4980B of the Code and
Sections 601 through 608 of ERISA (“COBRA”), and any
severance or notice obligations to former employees of Sellers (other than the
Transferred Employees to the extent that severance or notice obligations may
take place in connection with Transferred Employees’ employment with
Purchaser or Purchaser’s Designee); and 

     (i)
all liabilities, known or unknown, of Sellers relating to the recruitment,
employment or termination of employment on or prior to the Closing Date,
including, with respect to Transferred Employees, all Benefit Plans and all
Contracts pertaining thereto, except as set forth in Section 7.9(b) hereof. 

     2.8
No Expansion of Third Party Rights. The assumption by Purchaser of the
Assumed Liabilities shall in no way expand the rights or remedies of any third
party against Purchaser or Sellers as compared to the rights and remedies which
such third party would have had against Sellers absent the Chapter 11 Cases, had
Purchaser not assumed such Assumed Liabilities. Without limiting the generality
of the preceding sentence, the assumption by Purchaser of the Assumed
Liabilities shall not create any third-party beneficiary rights other than with
respect to the Person that is the obligee of such Assumed Liability. 

     2.9 Initial
Deposit and Second Deposit. 

     (a)
In the event Closing occurs, the Initial Deposit shall be applied toward the
Purchase Price. If Closing does not occur, and unless otherwise agreed by
Purchaser and Sellers and approved by the Bankruptcy Court, an amount equal to
the Initial Deposit shall be paid by Sellers to Purchaser or retained by Sellers
as set forth in Section 8.2 hereof. 

     (b)
Purchaser shall deposit, on the business day immediately following the entry by
the Bankruptcy Court of the Approval Order, the Second Deposit in the amount of
$50,000,000 in the Second Deposit Escrow Account in accordance with the terms of
the Second Securities Account Agreement. The Second Deposit shall be retained in
the Second Deposit Escrow Account in accordance with the terms of the Second
Securities Account Agreement prior to the Closing and at the Closing shall,
together with interest accruing thereon, be applied toward the Purchase Price,
or, unless otherwise agreed by Purchaser and Sellers and approved by the
Bankruptcy Court, the Second Deposit shall be returned to Purchaser or paid to
Sellers as set forth in Section 8 hereof. 

     2.10
Allocation of Purchase Price. Purchaser shall, within sixty (60) days
after the Closing Date, prepare and deliver to Sellers for their consent (which
consent shall not be unreasonably withheld) a schedule allocating the Purchase
Price (and any other items that are required to be treated as Purchase Price)
among the respective Sellers and the Acquired Assets, Designated Contracts and
Designated Entities (and, in the case of any Designated Entities for which
Purchaser desires to make an election under Section 338(h)(10) of the Code
in accordance with Section 2.11 below, Purchaser shall reallocate the
portion of the Purchase Price allocated to such Designated Entities among the
underlying assets of the respective entities) in accordance with the applicable
Treasury Regulations (or any comparable provisions of State or local tax law).
If Sellers raise objections, Purchaser and Sellers will negotiate in good faith
to resolve such objections. Purchaser and Sellers shall report and file all Tax
Returns (including amended Tax Returns and claims for refund) consistent with
the allocation, and shall take no position contrary thereto or inconsistent
therewith (including, without limitation, in any audits or examinations by any
taxing authority or any other proceedings). Purchaser and Sellers shall
cooperate in the filing of any forms (including Form 8594) with respect to such
allocation, including any amendments to such forms required with respect to any
adjustment to the Purchase Price, pursuant to this Agreement. If and to the
extent the Parties are unable to agree on such allocation, the Parties shall
retain an independent third party accounting firm to resolve such dispute.
Notwithstanding any other provisions of this Agreement, the foregoing agreement
shall survive the Closing Date without limitation. 

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     2.11
Section 338(h)(10) Election. Upon the written request by Purchaser
to Bridge, and to the extent permissible under Law, Sellers shall cooperate with
Purchaser to make an election in respect of the transfers of stock in the U.S.
Designated Entities or any other U.S. corporation that may be acquired by
Purchaser under this Agreement under Section 338(h)(10) of the Code and any
comparable provision under State and local law. 

     2.12
Transfer Taxes. Any sales, use, transfer or recording taxes with respect
to real or personal property due as a result of the transactions provided for
herein shall be paid by Purchaser. The Parties will reasonably cooperate to
minimize any such taxes, including with respect to delivery location. 

     2.13
Prorations. Sellers shall bear all personal property and ad valorem tax
liability with respect to the Acquired Assets if the Lien or assessment arises
with respect to periods prior to the Closing irrespective of the reporting and
payment dates of such taxes. All other property taxes, ad valorem taxes and
similar recurring taxes and fees on the Acquired Assets, and all lease payments,
salaries and other compensation payable to employees or officers or similar
recurring payments under agreements that are Designated Contracts, shall be pro
rated for the applicable period between Purchaser and the applicable Seller as
of 12:01 a.m. local time on the Closing Date. All payments to be made by
Purchaser or Sellers in accordance with this Section 2.13 shall be made, to
the extent then determinable (and to the extent not determinable as shall be
estimated in good faith by Purchaser as of the Closing), at the Closing with
such payments deposited into escrow until due, or to the extent not determinable
as of the Closing, promptly following the determination thereof, with such
payments deposited into escrow until due. Purchaser shall have the right of
reasonable review and approval of Sellers’ property Tax Returns and
assessments and the right to contest any assessments by which Purchaser may be
adversely affected. Purchaser and Sellers shall reasonably cooperate with
respect to any review, contest or challenge of any tax return or assessment.
Sellers and Purchaser shall also undertake a reconciliation and allocation
procedure using the mechanism set out above for the reconciliation and
allocation of payroll expenses and costs. 

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     2.14
Reconciliation and Allocations. Beginning on the Closing Date,
(a) all payments received by Sellers on account of the accounts receivable
and all other payments received by Sellers which are properly allocable to the
conduct of the Acquired Business with respect to periods after the Closing Date,
other than relating to Excluded Assets, shall be held in trust for Purchaser and
shall be promptly paid to Purchaser, and (b) all payments received by
Purchaser which are properly allocable to the conduct of the Acquired Business
with respect to periods before the Closing Date shall be held in trust for
Sellers and shall be promptly paid to Sellers. At Closing and, thereafter, on
the last day of each month during the six (6)-month period beginning on the
Closing Date, Sellers and Purchaser shall report to each other and reconcile the
amounts of such payments and the reconciled net amount shall be paid by
Purchaser to Sellers, or by Sellers to Purchaser, as the case may be. After such
six (6)-month period, the Parties shall cooperate with each other to allocate
and remit to the appropriate Party any account receivables collected, and shall
continue to hold such payments in trust for the other Party and remit them
periodically as received. 

SECTION 3

CONDITIONS
TO CLOSING

     3.1
Conditions Precedent to Obligations of Sellers and Purchaser. The
respective obligations of each Party to effect the transactions contemplated by
this Agreement shall be subject to the satisfaction at or prior to the Closing
Date of the following conditions precedent: 

     (a) on
or before May 5, 2001, an Approval Order shall be entered; 

     (b) a
Designated Contracts Order shall be entered; 

     (c)
the waiting period, if any, under the HSR Act shall have expired, and no
condition or requirement unacceptable to Purchaser in its reasonable opinion
shall be imposed on or required of Purchaser or any of its subsidiaries or
affiliates as a result of or as a condition to the foregoing; 

     (d)
the material regulatory consents, approvals and filings that are set out in
Schedule 3.1(d) shall have been obtained or made in form and
substance reasonably satisfactory to the Parties; 

     (e)
no action, suit or proceeding (including any proceeding over which the
Bankruptcy Court has jurisdiction under 28 U.S.C. § 157(b) and (c)) shall
be pending by any Governmental Authority to enjoin, restrain, prohibit or obtain
substantial damages or significant equitable relief in respect of or related to
the transactions contemplated by this Agreement, or that would be reasonably
likely to prevent or make illegal the consummation of the transactions
contemplated by this Agreement or that, if adversely determined, would
constitute or reasonably be expected to constitute a Material Adverse Effect;
and 

     (f)
there shall not be in effect any Law of any Governmental Authority of competent
jurisdiction restraining, enjoining or otherwise preventing consummation of the
transactions contemplated by this Agreement. 

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     3.2
Conditions Precedent to Obligations of Sellers. The obligation of Sellers
to effect the transactions contemplated by this Agreement shall be subject to
the satisfaction or waiver at or prior to the Closing Date of the following
additional conditions precedent: 

     (a)
the representations and warranties of Purchaser contained in this Agreement
shall be true and correct in all material respects as of the Closing Date as if
made on such date (except for representations and warranties that relate to a
specific date); 

     (b)
Purchaser shall have performed in all material respects its obligations under
this Agreement required to be performed at or prior to the Closing Date,
including, without limitation, payment of the Purchase Price; and 

     (c)
Purchaser shall use reasonable best efforts to provide such security as may be
necessary to relieve Sellers of their obligations to provide security deposits
for the Real Property Leases included in the Designated Contracts,
provided that the amounts of such security deposits have been disclosed
to Purchaser on Schedule 3.2(c); Purchaser shall have made arrangements
satisfactory to Sellers providing for the replacement of the letters of credit
disclosed on Schedule 3.2(c). 

     3.3
Conditions Precedent to the Obligations of Purchaser. The obligation of
Purchaser to effect the transactions contemplated by this Agreement shall be
subject to the satisfaction or waiver at or prior to the Closing Date of the
following additional conditions precedent: 

     (a)
the representations and warranties of Sellers and/or the Designated Entities
contained in this Agreement qualified by Material Adverse Effect shall be true
and correct in all respects without further qualification as of the Closing Date
as if made on such date (except for representations and warranties that relate
to a specific date), and all representations and warranties of Sellers and/or
the Designated Entities contained in this Agreement that are not so qualified
shall be true and correct with only such exceptions as, individually or in the
aggregate, do not constitute and would not be reasonably expected to constitute
a Material Adverse Effect; 

     (b)
each Seller shall have performed in all material respects its covenants and
obligations under this Agreement required to be performed by such Seller at or
prior to the Closing Date with only such exceptions as, individually or in the
aggregate, do not constitute and would not reasonably be expected to constitute
a Material Adverse Effect; 

     (c)
Purchaser shall have received a certificate, in form and substance to the
reasonable satisfaction of Purchaser, dated as of the Closing Date, executed on
behalf of Sellers by an authorized executive officer of Bridge, certifying in
such detail as Purchaser may reasonably request, that the conditions in
Section 3.1 hereof and this Section 3.3 have been fulfilled; 

     (d)
Purchaser and Savvis shall have entered into a binding letter agreement setting
forth the terms and conditions of a network services agreement between Purchaser
and Savvis to be in effect immediately following the Closing (the “NSA
Letter Agreement”) or a definitive network services agreement based
thereon, and the NSA Letter Agreement or a definitive network services agreement
based thereon shall be in full force and effect at the Closing (other than as a
result of the insolvency or any bankruptcy filing of Savvis); 

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     (e)
(i) there shall not have been a substantial disruption in the services
(taken as a whole) to be provided to Bridge and its customers under the Network
Services Agreement between Bridge and Savvis or any agreement related to
services provided pursuant to such Network Services Agreement, other than any
such disruption resulting primarily from the inability of Savvis to pay its
existing known, as of the date hereof, financial obligations or those
obligations that arise in the ordinary course (the “Ordinary Course
Obligations”) (provided that Ordinary Course Obligations shall
not include or be deemed to result from any extraordinary or unexpected
liabilities or operational events, such as force majeure, technical failures,
failures of third-party suppliers, tortious litigation or similar events); and
(ii) Bridge shall have continued to pay on behalf of Savvis all costs which it
is currently paying on its behalf, including any payments to telecommunications
and other network services providers; 

     (f)
no Material Adverse Effect shall have occurred or be reasonably expected to
occur, provided that in the event the Outside Date is extended by
Purchaser beyond August 31, 2001 in accordance with the terms of
Section 8.1(b)(i) hereof, the occurrence of a Material Adverse Effect for
purposes of the condition set forth in this Section 3.3(f) shall be
measured as if the Closing had occurred on August 31, 2001; 

     (g)
subject to Purchaser’s compliance with Section 7.7, Sellers shall have
provided Purchaser with original, executed estoppel letters in the form attached
hereto as Schedule 3.3(g)(A) from those landlords in
whose properties data centers and/or computer rooms are located as listed on
Schedule 3.3(g)(B), except where such leases shall have been assumed
and assigned to Purchaser pursuant to a Bankruptcy Court order identifying the
correct version of the lease and the cure amount, and that enjoins the other
party to such leases from asserting, after the date of assumption and
assignment, that there are any uncured defaults under such lease or any defaults
arising from or relating to such assumption and assignment; 

     (h)
[INTENTIONALLY DELETED]; and 

     (i)
Purchaser shall be reasonably satisfied that Purchaser shall have no liability
(including, without limitation, liabilities that may arise under COBRA, WARN or
under any other U.S. or non-U.S. law) with respect to any employees who do not
accept an offer of employment from and commence employment with Purchaser or
Purchaser’s Designee. 

SECTION 4

THE CLOSING

     4.1
Closing. The consummation of the transactions for the purchase and sale
of the Acquired Business contemplated by this Agreement (the
“Closing”) shall take place at the offices of Cleary, Gottlieb,
Steen & Hamilton at 10:00 a.m. on the earlier of (i) the first business
day after all the conditions to Closing set forth in Section 3 have been
met or waived and (ii) such other time, date, and place as shall be agreed
upon by the Parties (the date of the Closing being herein referred to as the
“Closing Date”). 

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     4.2 Deliveries
by Sellers at Closing. At the Closing, Sellers shall deliver to Purchaser, or in the
case of (e), make available to Purchaser: 

     (a)
a general bill of sale and assignment, in form and substance reasonably
satisfactory to Purchaser (the “Bill of Sale”), with respect to
the Acquired Assets other than real estate to be conveyed by Sellers at the
Closing, and any other documents reasonably requested by Purchaser so as to
convey to Purchaser good title, free and clear of all Liens (other than
Permitted Liens), to all of Sellers’ right, title and interest in and to
the Acquired Assets (other than the Designated Entities and the Owned Real
Property) to be conveyed at Closing, each executed by the applicable Seller and,
where relevant, the applicable subsidiary of Bridge; 

     (b)
special or limited warranty deeds and owner’s title insurance policy
commitments, each in form and substance reasonably satisfactory to Purchaser,
with respect to the Owned Real Property; 

     (c)
an assignment and assumption of leases, security deposits and prepaid rents
assigning to Purchaser all of any Seller’s right, title and interest in and
to the Leased Real Property and all security deposits and prepaid rents
thereunder (provided that Purchaser shall assume all obligations of
Sellers under the applicable leases as of the Closing Date); 

     (d)
[INTENTIONALLY DELETED]; 

     (e)
all of Sellers’ books and records, customer files and related business
records pertaining to the Acquired Assets or for the Designated Entities,
including the original corporate records of the Designated Entities, the
originals of all Designated Contracts and Non Filing Seller Designated Contracts
in Sellers’ possession, the originals of all permits and warranties, and
copies of all maintenance records and operating manuals in Sellers’
possession pertaining to the personal property or any portion of the Owned Real
Property or Leased Real Property included in the Acquired Assets; 

     (f)
a certificate of non-foreign status in accordance with Section 1445 of the
Code, and any similar State-required documents requested by Purchaser or in
respect of which there is Sellers’ Knowledge; 

     (g)
the original landlord estoppels required hereunder; 

     (h)
an accurate and complete list of all bank accounts, other accounts, safe deposit
boxes, lock boxes and safes of each of the Designated Entities, and the names of
all officers, employees or other individuals who have access thereto or are
authorized to make withdrawals therefrom or dispositions thereof, and Sellers
shall use reasonable best efforts to make such information available to
Purchaser at least ten (10) days prior to the Closing; and 

     (i)
instruments of transfer and completed copies of all required filings in each
relevant jurisdiction necessary or required to transfer all of the issued and
outstanding shares of capital stock of the Designated Entities, and all other
documents, certificates, instruments or writings reasonably requested by
Purchaser in connection herewith. 

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     4.3 Deliveries
by Purchaser at Closing. At the Closing, Purchaser shall deliver to Sellers: 

     (a)
such documents, instruments or certificates required to be delivered in
connection with Purchaser’s obligations under this Agreement, or as Sellers
or their counsel may reasonably request; 

     (b)
the Purchase Price, as payable under Section 2.2, by wire transfer of immediately
available funds to an account or accounts designated by Bridge; and 

     (c)
an assumption agreement in form and substance acceptable to Sellers, providing
for the assignment by Sellers and the assumption by Purchaser of the Designated
Contracts and the assignment of Non Filing Seller Designated Contracts. 

     4.4
Instructions to Escrow Agent. Sellers and Purchaser shall provide written
instructions to the Escrow Agent providing for the payment of the Second Deposit
and all interest that has accrued thereon to an account or accounts designated
by Sellers in accordance with Section 3(ii) of the Second Securities
Account Agreement. 

     4.5
Delivery of Acquired Assets. At Closing, Sellers shall place Purchaser in
full possession and control of the Acquired Assets and the stock in the
Designated Entities, provided that Purchaser and Sellers agree to use
their reasonable best efforts, at Purchaser’s sole expense, to coordinate
such delivery in a mutually agreeable manner in order to permit the avoidance,
to the maximum extent possible, of any Taxes. 

SECTION 5

REPRESENTATIONS
AND WARRANTIES OF SELLERS

     Sellers,
jointly and severally make, and each Designated Entity makes as to itself only,
the following representations and warranties to Purchaser, each of which shall
be true and correct as of the date of this Agreement and at the Closing Date,
except to the extent expressly relating to a specific date, in which event it
shall be true and correct as of such date, and each of which shall not survive
the Closing Date: 

     5.1
Organization, Standing and Authority. Each Seller is a corporation duly
organized, validly existing and in good standing under the Laws of its
jurisdiction of incorporation. Subject to compliance with applicable provisions
of the Bankruptcy Code, each Seller and each Designated Entity has all requisite
corporate power and authority to (i) own, lease and operate its properties,
to carry on its business as it is now being conducted or presently being
proposed to be conducted, except where the failure to hold such corporate
authority or carry on its business would not constitute or be reasonably
expected to constitute a Material Adverse Effect and (ii) enter into the
transactions contemplated hereby. The execution, delivery and performance of
this Agreement by Sellers and the consummation by Sellers of the transactions
contemplated hereby have been duly authorized by all requisite corporate
actions. This Agreement has been duly and validly executed and delivered by
Sellers and constitutes a valid and binding obligation of Sellers in accordance
with its terms, subject to applicable bankruptcy, reorganization, insolvency,
moratorium and other Laws affecting creditors’ rights generally from time
to time in effect and to general equitable principles. Each Seller is duly
qualified as a foreign corporation to do business, and is in good standing, in
each jurisdiction where the character of its properties owned or held under
lease or the nature of its activities make such qualification necessary, except
where the failure to be so qualified would not constitute or be reasonably
expected to constitute a Material Adverse Effect. 

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     5.2
No Conflict; Required Filings and Consents. Assuming the satisfaction of
the conditions set forth in Section 3 of this Agreement and compliance with
the applicable requirements for consents, approvals, authorizations, permits or
filings referred to in this Section 5.2, no consent, approval,
authorization or permit of, or filing with or notification to, any Governmental
Authority, domestic or foreign, or of any other Person is required to be made or
obtained by any Seller in connection with the execution, delivery, and
performance of this Agreement and the consummation of the transactions
contemplated hereby except as set forth in Schedule 3.1(d) and except
(i) approvals of the Bankruptcy Court, (ii) applicable requirements,
if any, of the HSR Act and (iii) where the failure to obtain such consents,
approvals, authorizations or permits, or to make such filings or notifications
would neither (x) prevent or materially delay the consummation by Sellers
of the transactions contemplated by this Agreement nor (y) individually or
in the aggregate, constitute nor be reasonably expected to constitute a Material
Adverse Effect. With respect to each of the Designated Entities and with respect
to each Seller which is not a Filing Seller, neither the execution, delivery, or
performance of this Agreement by such entity, nor the consummation of the
transactions contemplated hereby by such entity, nor compliance with any of the
provisions hereof by such entity, will (a) conflict with or result in any
breach of any provisions of the certificate of incorporation or bylaws of such
entity, (b) result in a violation or breach of, or constitute (with or
without due notice or lapse of time) a default (or give rise to any right of
termination, cancellation, acceleration, vesting, payment, exercise, suspension,
or revocation) under any of the terms, conditions, or provisions of any note,
bond, mortgage, deed of trust, security interest, indenture, license, contract,
agreement, plan, or other instrument or obligation to which such entity is a
party or by which such entity or its properties or assets may be bound or
affected, (c) violate any order, writ, injunction, decree, statute, rule,
or regulation applicable to such entity or its properties or assets,
(d) result in the creation or imposition of any encumbrance on any asset of
such entity, or (e) cause the suspension or revocation of any permit,
license, governmental authorization, consent, or approval necessary for such
entity to conduct its business as currently conducted, except in the case of
clauses (b), (c), (d), and (e) for violations, breaches, defaults, terminations,
cancellations, accelerations, creations, impositions, suspensions, or
revocations that would not individually or in the aggregate constitute or be
reasonably expected to constitute a Material Adverse Effect. 

     5.3
Title To and Condition of Assets. Upon entry of the Approval Order and
Designated Contracts Order, Sellers (a) shall have the power and the right
to sell, convey, transfer, assign and deliver the Acquired Assets and Designated
Entities and (b) on the Closing Date shall sell, convey, transfer, assign
and deliver the Acquired Assets and Designated Entities free and clear of all
Liens, claims, encumbrances and security interests, except for and subject to
the Assumed Liabilities and Permitted Liens. 

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     5.4 Real
Property. 

     (a)
Schedule 5.4(a) sets forth a true and complete list of the Owned Real
Property. At the Closing and after the entry of the Approval Order and
Designated Contracts Order, the Owned Real Property shall be conveyed to
Purchaser free and clear of all Liens other than (i) Liens set forth in
Schedule 5.4(a)(A), (ii) Liens for Taxes not yet due and payable,
subject to proration through the Closing Date, (iii) matters of record and
imperfections of title, easements and encumbrances, in each case, that would
not, individually or in the aggregate, as of the Closing Date, have a Material
Adverse Effect, and (iv) Permitted Liens. 

     (b)
Schedule 5.4(b) sets forth a true and complete list of the Leased Real
Property. True and complete copies of the written leases affecting the Leased
Real Property which are in effect as of the date hereof have heretofore been
delivered or made available by Sellers to Purchaser. Except for those Real
Property Leases that have expired pursuant to their terms or which Purchaser has
not requested Sellers to assume in the Chapter 11 Cases, subject to any
condemnation or casualty and such limitations arising under the Chapter 11
Cases: (i) all of the Real Property Leases are currently and shall be as of
Closing, valid, binding leases, in full force and effect and enforceable by the
applicable Seller or Designated Entity in accordance with their respective
terms, except (x) as the same may be limited by applicable bankruptcy,
insolvency, moratorium, fraudulent conveyance, reorganization or similar Laws of
general application relating to or affecting creditor’s rights, and
(y) for the limitations imposed by general principles of equity;
(ii) to Sellers’ Knowledge, the applicable Seller or Designated Entity
has the full right to occupy the real property leased under such real property
leases; (iii) none of the Real Property Leases has been modified, altered,
or amended in any respect, and no counterparty has the right to cancel or
terminate its lease due to default on the part of any Seller; and (iv) such
Real Property Leases have not been assumed or rejected (as such terms are used
in Section 365 of the Bankruptcy Code) except as required under this
Agreement. 

     (c)
To Sellers’ Knowledge, all of the Owned Real Property is structurally sound
and in good condition, ordinary wear and tear excepted, and is reasonably
sufficient to satisfy the current operational requirements of Sellers. None of
the Owned Real Property, nor the ownership, possession, occupancy, maintenance
or use thereof, is materially in violation of, or breach or default under, any
Contract or Law. No notice or threat from any lessor, governmental body or other
Person has been received by any Seller or served upon any such Owned Real
Property claiming any material violation of, or breach, default or liability
under, any Contract or Law, or requiring or calling attention to the need for
any material work, repairs, construction, alteration, installations or
environmental remediation. No accident has occurred with respect to any of the
Owned Real Property within the last six (6) months which does or would
reasonably be expected to constitute a Material Adverse Effect on the use or
operation of the Owned Real Property. No proceedings are pending or to
Sellers’ Knowledge threatened which would affect the current zoning or use
of any of the Owned Real Property. 

     (d)
The applicable Seller or Designated Entity is the sole occupant of the Owned
Real Property with the exception of employees of Savvis who occupy material
portions of the buildings located at 717 Office Parkway and 795 Office
Parkway in Creve Coeur, Missouri. No Person other than Savvis has any right or
option to acquire the Owned Real Property or any portion thereof or lease or
occupy any space in the Owned Real Property, except as specified in
Schedule 5.4(d). 

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     (e)
The applicable Seller or Designated Entity is the sole occupant of the Leased
Real Property with the exception of employees of Savvis who occupy portions of
the Leased Real Property located in Atlanta, Georgia, Chicago (10 S. LaSalle),
Illinois, Los Angeles (333 S. Grand), California, Miami, Florida, San
Francisco (44 Montgomery), California, Palo Alto, California, and New York
(3 World Financial Center), New York pursuant to an oral arrangement. No
Person has any right or option to acquire the Leased Real Property or any
portion thereof and no person other than Savvis has the right to lease or occupy
any space in the Leased Real Property, except as specified in
Schedule 5.4(d). 

     (f)
No applicable Seller or Designated Entity is currently contesting the real
estate tax assessments for the Owned Real Property. With the exception of 744
Office Parkway and 760 Office Parkway, which are assessed as a single parcel,
the Owned Real Property is separately assessed for real property tax assessment
purposes and is not combined with any other real property for tax assessment
purposes. 

     (g)
The Owned Real Property is presently zoned for its current uses, and, to
Sellers’ Knowledge, the improvements thereon comply with the particular
zoning classification and zoning requirements. To Sellers’ Knowledge, there
is no fact, action or proceeding, whether actual, pending or threatened against
any Seller, which would affect such zoning or could result in an adverse
modification or termination of such zoning. 

     (h)
To Sellers’ Knowledge, the Owned Real Property and the present uses are in
material compliance with the requirements of any insurance policy, board of fire
underwriters or any board exercising similar functions, and all licenses and
permits are in full force and effect and are registered in the name of the
applicable Seller or the applicable Designated Entity. 

     (i)
There are no offsite parking facilities used in connection with the operation of this
Owned Real Property. 

     (j)
There are no real property interests (whether fee or leasehold interests),
buildings, structures or other improvements that are used by Sellers to conduct
the Acquired Business that are not included in the Owned Real Property or Leased
Real Property, other than leases that have been rejected prior to the date
hereof or after the date hereof in accordance with the terms hereof. 

     5.5 Personal
Property. 

     (a)
Except for any Excluded Assets, Sellers and the Designated Entities own or have
valid leasehold interests in or have legal right to use all of the tangible
personal property used in the conduct of their respective portions of the
Acquired Business consistent with past practice and free and clear of all Liens
other than (i) Liens set forth in Schedule 5.5 that upon the Closing
will be released, or (ii) Permitted Liens. The Acquired Assets and the
Designated Entities constitute all assets, other than the Excluded Assets, used
by Sellers in the operation of the Acquired Business. The Acquired Assets and
the assets of the Designated Entities are in good working order and condition,
except for reasonable wear and tear and decommissioned or obsolete assets. 

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     (b)
Sellers maintain, and have in full force and effect, insurance policies in
respect of the Acquired Assets in amounts and types that are customary in the
industry for similar assets. 

     5.6
Contracts. Each of the Designated Contracts, Non Filing Seller Designated
Contracts and material Contracts relating to the Acquired Business, to the
extent such Contracts are to be transferred to or assumed by Purchaser directly
or indirectly (including through the acquisition of an entity), is valid and
enforceable in accordance with its terms, subject to applicable bankruptcy,
reorganization, moratorium, and similar Laws affecting creditors’ rights
and remedies generally and subject, as to enforceability, to general principles
of equity. Except with respect to any default arising solely as a consequence of
the commencement of a case under Chapter 7 or Chapter 11 of the
Bankruptcy Code with respect to the Sellers and any defaults occurring in the
period prior to the commencement of such cases which shall be cured in
connection with the assumption and assignment of the Designated Contracts, each
of the Designated Contracts, Non Filing Seller Designated Contracts and each of
the material Contracts relating to the Acquired Business, to the extent such
Contracts are to be transferred to or assumed by Purchaser directly or
indirectly (including through the acquisition of an entity), are in full force
and effect and no event has occurred which, with or without the giving of notice
or lapse of time, or both, would constitute a default thereunder. Upon entry of
the Approval Order and Designated Contracts Order and except as set forth
on Schedule 5.6 hereto, none of the Designated Contracts or Non Filing
Seller Designated Contracts requires the consent of any party to its assignment
in connection with the transactions contemplated hereby, and none of the
material Contracts relating to the Acquired Business, to the extent such
Contracts are to be transferred to or assumed by Purchaser directly or
indirectly (including through the acquisition of an entity), requires the
consent of any party to a change in control of the applicable Seller or
Designated Entity. True and complete copies or descriptions (as to oral
Contracts) of all Contracts used to operate or relating to the Acquired
Business, including, without limitation, the Specified Contracts, Non Filing
Seller Designated Contracts, Undisclosed Contracts and all material Contracts
relating to the Acquired Business, to the extent such contracts are to be
transferred to or assumed by Purchaser directly or indirectly (including through
the acquisition of an entity), have been (or for Undisclosed Contracts, will be)
delivered or made available to Purchaser. Schedule 5.6 hereto sets out a
complete and accurate list of all executory Contracts and unexpired leases
relating to the Acquired Business. There are no oral Designated Contracts or Non
Filing Seller Designated Contracts relating to or affecting the Acquired
Business which differ in any material respect from the standard written
Contracts utilized by such Acquired Business as provided or made available to
Purchaser in connection with its due diligence. 

     5.7
Software and Other Intangibles.  Set forth on
Schedule 5.7 (or incorporated by reference therein) is an accurate
and complete list of all Software and other material Intangibles owned,
marketed, licensed, supported, maintained, used or under development by Sellers
in connection with the Acquired Business, and, in the case of Software, a
product description. Except as indicated on Schedule 5.7, Sellers
have good title to, and have the full right to use, all of the Software and
other Intangibles listed on Schedule 5.7 free and clear of any Liens.
Except as indicated on Schedule 5.7, no rights of any third party
are necessary to market, license, sell, modify, update, and/or create derivative
works for the proprietary Software or other Intangibles listed on Schedule
5.7. Except as set forth on Schedule 5.7, all of such proprietary
Software and other Intangibles were created by regular full-time employees of
Sellers as a work for hire (as defined under U.S. copyright Law). With respect
to the proprietary Software listed on Schedule 5.7, (a) Sellers maintain
machine-readable master-reproducible copies, technical documentation, user
manuals and source code listings for the most current releases or versions
thereof and for all earlier releases or versions thereof currently being
supported by them; (b) in each case, the machine-readable copy
substantially conforms to the corresponding source code listing; (c) it can
be maintained and modified by reasonably competent programmers of appropriate
skill and experience and familiarity with such language, hardware and operating
systems; and (d) with the exception of Software under development, it
operates without material operating defects. None of the proprietary Software or
other Intangibles listed on Schedule 5.7, or their respective past or
current uses, including the preparation, distribution, marketing or licensing,
has violated or infringed upon, or is violating or infringing upon, any
Software, technology, patent, copyright, trade secret or other Intangible of any
Person. Sellers have maintained trade secret rights and unregistered copyrights
relating to the Software as indicated on Schedule 5.7. To Sellers’
Knowledge, no Person is violating or infringing upon, or has violated or
infringed upon at any time, any of the proprietary Software or other Intangibles
listed on Schedule 5.7 in any material respect. None of the proprietary
Software or other Intangibles listed on Schedule 5.7 is owned by or
registered in the name of any current or former owner, shareholder, partner,
director, executive, officer, employee, salesman, agent, customer,
representative or contractor of Sellers or any of their affiliates, nor does any
such Person have any interest therein or right thereto, including the right to
royalty payments. 

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     5.8
Brokers. No Person, other than Bear Stearns, Alvarez & Marsal, or as
provided in the Management Retention Plan, is entitled to any brokerage,
financial advisory, finder’s or similar fee or commission payable by
Sellers or the Designated Entities in connection with the transactions
contemplated by this Agreement based upon arrangements made by or on behalf of
Sellers. Sellers shall pay any such fees due and payable to Bear Stearns and
Alvarez & Marsal out of the proceeds of the Closing. 

     5.9 Environmental
Matters. 

     Except
as set forth on Schedule 5.9: 

     (a)
Neither Sellers nor any Designated Entity have caused or permitted any Hazardous
Substances to have been stored, used, generated, manufactured, refined, treated,
discharged, disposed of, deposited, transported, handled, released or otherwise
present on any of the Owned Real Property or, to Sellers’ Knowledge, Leased
Real Property, and no Hazardous Substances currently are stored, used,
generated, transported, handled or otherwise present thereon (with respect to
the Leased Real Property, to Sellers’ Knowledge), except for (i) any
concentrations or quantities that occur naturally thereon or that are present in
construction materials, office equipment or other office furnishings used in the
existing improvements thereon, and (ii) normal quantities of those
Hazardous Substances customarily used in the conduct of general administrative
and executive office activities and use and maintenance of computer systems
(e.g., copier fluids and cleaning supplies), all in material compliance
with applicable Law. 

     (b)
The Acquired Business has been operated in compliance in all material respects
with applicable Environmental Laws and Sellers and each of the Designated
Entities have been issued, and are in compliance with, all permits,
certificates, approvals, licenses and registrations required under Environmental
Laws with respect to the Acquired Business. There is not any radon, asbestos or
PCBs or any condition with respect to surface soil, subsurface soil, ambient
air, surface waters, groundwaters, leachate, run-on or run-off, stream or other
sediments, wetlands or similar environmental media on, in, under, above, from or
off any of the Owned Real Property or, to Sellers’ Knowledge, Leased Real
Property, which radon, asbestos, PCBs or condition does or may (i) require
investigation and/or remedial or corrective action on or off such Owned Real
Property or, to Sellers’ Knowledge, Leased Real Property by Sellers or any
Designated Entity or any other owner thereof, (ii) require compliance by
any Seller or any Designated Entity with Environmental Laws, and/or (iii) 
result in any claim for personal injury, property damage or natural resources
damage or any other proceeding against Purchaser or any of its affiliates by any
Governmental Authority or other Person pursuant to Environmental Law. 

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     (c)
Neither any Seller nor any Designated Entity has received any written notice
that any part of the Owned Real Property or, to Sellers’ Knowledge, Leased
Real Property or the operations thereon, including with respect to off-site
waste disposal, is the subject of any proceeding or judgment, and, to such
Party’s Knowledge, no part of the Owned Real Property or, to Sellers’
Knowledge, Leased Real Property or the operations thereon is the subject of any
pending, threatened or actual claims, complaints, proceeding or judgment with
respect to any alleged violation of any Environmental Laws with respect to the
Acquired Business. Neither any Seller nor any Designated Entity has received any
written notice from any Governmental Authority or other Person regarding any
material environmental, health or safety concerns. 

     (d)
To Sellers’ Knowledge, there is no sinkhole, coastal zone, flood plain,
flood hazard area or wetlands in or on the Owned Real Property or Leased Real
Property, which would restrict any use of the Owned Real Property or Leased Real
Property as an office, data processing facility and electronic communications
network facility. 

     (e)
Either Sellers or the Designated Entities have made available to Purchaser
copies of any and all applications, correspondence and studies relating to
environmental, health and safety matters in their possession, custody or
control. These studies shall include, but not be limited to, any environmental
engineering studies, any tests or testing performed on the Owned Real Property
or Leased Real Property or any site or facility previously owned, operated or
leased by Sellers or any Designated Entity, and copies of any reports issued by
any Governmental Authority regarding such Owned Real Property or Leased Real
Property. 

     (f)
No information request has been issued to any Seller or Designated Entity
pursuant to Section 104 of the Comprehensive Environmental Response,
Compensation and Liability Act, as amended, 42 U.S.C. 9601 et seq.
or any other Environmental Laws with regard to the Owned Real Property or Leased
Real Property or any activities conducted thereon, including off-site waste
disposal. 

     (g) No
underground storage tanks are or have been located at the Owned Real Property. 

     5.10
Litigation. Except as set forth in Schedule 5.10, there are no
judicial, regulatory or administrative actions, proceedings or investigations
pending against any Seller or any of the Designated Entities in connection with
any part of the Acquired Business except in the Bankruptcy Court. Except as set
forth in Schedule 5.10, there are no judicial, regulatory or
administrative actions, proceedings or investigations pending, or, to
Sellers’ Knowledge, threatened, against Sellers or any of the Designated
Entities. Neither any Seller nor any of the Designated Entities is (a) in
violation of any applicable Laws in any material respect or (b) subject to
or in default, in any material respect, with respect to any final judgment,
writs, injunctions, decrees, rules or regulations of any court or any federal,
State, or municipal or other governmental department, commission, board, bureau,
agency or instrumentality, domestic or foreign, provided that this
representation shall not require disclosure of any matter specifically disclosed
as threatened or actual litigation under Section 5.19 hereof, Section 5.12
hereof and paragraphs 10 and 19 of Schedule 5.24. 

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     5.11
Employee Matters. 

     (a)
Schedule 5.11(a) sets forth a true and complete list of all the employees
of Sellers and of the Designated Entities as of the date of this Agreement who
are employed in essential positions or primarily in respect of the Acquired
Business or whose services are material to the operation of the Acquired
Business (“Acquired Business Employees”), their hire date,
their current respective positions or job classifications and their current
respective wage scales or salaries, as the case may be, as of the date hereof.
Sellers and the Designated Entities are, in respect of the Acquired Business, in
compliance in all respects with all applicable Laws respecting employment and
employment practices, terms and conditions of employment and wages and hours,
and are not engaged in any unfair labor practice, except where the failure to be
in compliance does not constitute and would not be reasonably expected to
constitute a Material Adverse Effect. 

     (b)
Schedule 5.11(b) sets forth a true and complete list of each
“employee pension benefit plan” (as defined in
Section 3(2) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”)) (“Pension Plan”), each
“employee welfare benefit plan” (as defined in
Section 3(1) of ERISA) and each stock option or other equity based, bonus,
retention, incentive or deferred compensation, salary continuation, vacation or
severance plan or arrangement maintained, contributed to or required to be
contributed to by Sellers and/or the Designated Entities for the benefit of any
current or former employees of the Acquired Business or their beneficiaries
(collectively, “Benefit Plans”). Sellers have made available to
Purchaser true and complete copies of (i) each Pension Plan, (ii) the
Benefit Plans and any amendments thereto and (iii) the most recent summary
plan description for each Benefit Plan (if any such description was required).
Except as disclosed in Schedule 5.11(b), the accrued benefit obligations
under each Benefit Plan primarily covering non-United States employees is fully
funded by insurance, trust assets or financial statement accruals. 

     (c)
As of the Closing Date, Sellers and the Designated Entities have paid all
contributions which are due and required by the Benefit Plans and are otherwise
compliant with the terms of the Benefit Plans and all applicable Laws. All of
the Benefit Plans are, and have been, operated in material compliance with their
provisions and with all applicable Laws, including ERISA and the Code. 

     (d)
As soon as reasonably practicable following July 25, 2001, Purchaser shall
provide to Sellers a list of all of the employees who exclusively render
services with respect to the Telerate Business whom Purchaser believes would be
needed to provide reasonable transition services to the Telerate Business (the
“Telerate Transition Employees”). With respect to each such individual
on the foregoing list, as amended from time to time by Purchaser, (i) Sellers
shall not encourage or otherwise facilitate any Person other than Purchaser (or
Purchaser’s Designee) or a purchaser of all or substantially all of the
assets and operations of the Telerate Business, to employ or offer to employ any
Telerate Transition Employee, or to encourage any such employee to terminate
employment, and (ii) shall use reasonable efforts to enforce its right under
covenants (other than against a purchaser of all or substantially all of the
assets and operations of the Telerate Business), including covenants contained
in non-disclosure or confidentiality agreements, entered into in favor of
Sellers by third parties to the extent they provide restrictions on the
solicitation of or entering into contracts of employment with employees of the
Telerate Business or prohibit the use of confidential information of Sellers for
any such purpose. Sellers shall not terminate the employment of any Telerate
Transition Employee other than for cause, provided that the issuance of
any notice intended to comply with WARN shall not, by itself, be prohibited. 

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     5.12
Taxes. Except as disclosed in Schedule 5.12 to this Agreement: 

     (a)
(i) all Tax Returns required to be filed by or on behalf of any of the
Designated Entities (or Sellers with respect to the Acquired Business) or any
Affiliated Group of which the Designated Entities (or Sellers with respect to
the Acquired Business) are or were a member have been properly prepared and duly
and timely filed with the appropriate taxing authorities in all jurisdictions in
which such Tax Returns are required to be filed (after giving effect to any
valid extensions of time in which to make such filings), (ii) all such Tax
Returns were true, complete and correct in all material respects, (iii) all
Taxes payable by or on behalf of the Designated Entities (or Sellers with
respect to the Acquired Business), either directly, as part of the consolidated,
combined or unitary Tax Return of another taxpayer, or otherwise, have been
fully and timely paid, and adequate reserves or accruals for Taxes have been
provided in the Financial Statements with respect to any period for which Tax
Returns have not yet been filed or for which Taxes are not yet due and owing and
(iv) no agreement, waiver or other document or arrangement extending or
having the effect of extending the period for assessment or collection of Taxes
(including, but not limited to, any applicable statute of limitation), has been
executed or filed with the IRS or any other taxing authority by or on behalf of
the Designated Entities. 

     (b)
Schedule 5.12 lists all material types of Taxes paid and material types
of Tax Returns filed by or on behalf of the Designated Entities and indicates
those Taxes with respect to which each such Designated Entity is or has been a
member of an Affiliated Group. Except as set forth on Schedule 5.12, no
claim has been made by a taxing authority in a jurisdiction where a Designated
Entity does not file Tax Returns such that it is or may be subject to taxation
by that jurisdiction. 

     (c)
All deficiencies asserted or assessments made as a result of any examinations by
the IRS or any other taxing authority of the Tax Returns of or covering or
including Sellers with respect to the Acquired Business or the Designated
Entities have been fully paid, and there are no other audits or investigations
by any taxing authority in progress, nor have the Sellers with respect to the
Acquired Business or Designated Entities received any notice from any taxing
authority that it intends to conduct such an audit or investigation. No issue
has been raised by a federal, State, local or foreign taxing authority in any
prior examination of a Designated Entity which, by application of the same or
similar principles, could reasonably be expected to result in a proposed
deficiency for any subsequent taxable period. 

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     (d)
None of the Designated Entities nor any other person (including Sellers) on
behalf of any such Designated Entities has (i) filed a consent pursuant to
Section 341(f) of the Code or agreed to have Section 341(f)(2) of the
Code apply to any disposition of a subsection (f) asset (as such term is
defined in Section 341(f)(4) of the Code) owned by such Designated
Entities, (ii) agreed to or is required to make any adjustments pursuant to
Section 481(a) of the Code or any similar provision of State, local or
foreign law by reason of a change in accounting method or has any application
pending with any taxing authority requesting permission for any changes in
accounting methods that relate to the business or operations of such Designated
Entities, (iii) executed or entered into a closing agreement pursuant to
Section 7121 of the Code or any predecessor provision thereof or any
similar provision of State, local or foreign law with respect to such Designated
Entities, or (iv) requested any extension of time within which to file any
Tax Return, which Tax Return has since not been filed. 

     (e)
No property owned by any of the Designated Entities is (i) property
required to be treated as being owned by another Person pursuant to the
provisions of Section 168(f)(8) of the Internal Revenue Code of 1954, as
amended and in effect immediately prior to the enactment of the Tax Reform Act
of 1986, (ii) “tax-exempt use property” within the meaning
of Section 168(h)(1) of the Code, or (iii) is “tax-exempt bond
financed property” within the meaning of Section 168(g) of the
Code, or (iv) “limited use property” within the meaning of
Rev. Proc. 76-30. 

     (f)
None of the Designated Entities is a party to, and none of the Designated
Contracts or Non Filing Seller Designated Contracts, contain any tax sharing or
similar agreement or arrangement (whether or not written) pursuant to which it
will have any obligation to make any payments after the Closing. 

     (g)
There is no Contract, agreement, plan or arrangement covering any person that,
individually or collectively, could give rise to the payment of any amount that
would not be deductible by any of the Designated Entities, Purchaser, or their
respective affiliates by reason of Section 280G of the Code. 

     (h)
None of the Designated Entities is subject to any private letter ruling of the
IRS or comparable rulings of other taxing authorities. 

     (i)
There are no Liens, other than in respect of Taxes that are not yet due and
payable, as a result of any unpaid Taxes upon any of the Acquired Assets, the
equity interests of the Designated Entities transferred to Purchaser, or any of
the assets of the Designated Entities. 

     (j)
None of the Designated Entities (or any predecessor) has ever been a member of
any Affiliated Group other than the group of which Bridge is the common parent. 

     (k)
Bridge and the United States Designated Entities (along with the other
subsidiaries of Bridge) file a consolidated federal income Tax Return. 

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     (l)
No prior ownership change (within the meaning of Section 382 of the Code
and the applicable treasury regulations) has occurred (i) that would result
in the imposition of a limitation upon the future deductibility of any tax basis
or built-in loss deduction of any of the Designated Entities, or (ii) that
resulted in a readjustment of the tax basis of the Designated Entities under
Section 56(g)(4)(G). 

     (m)
No ownership change (within the meaning of Section 382 of the Code and the
applicable treasury regulations) has occurred that would result in the
imposition of a limitation upon the net operating loss carryforward of the
Affiliated Group of which Bridge is the common parent. 

     (n)
None of the Designated Entities has constituted either a “distributing
corporation” or a “controlled corporation” (within the
meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock
qualifying for tax-free treatment under Section 355 of the Code (A) in
the two (2) years prior to the date of this Agreement or (B) in a
distribution which could otherwise constitute part of a “plan”
or “series of related transactions” (within the meaning of
Section 355(e) of the Code) in conjunction with the transaction
contemplated by this Agreement. 

     5.13
Financial Statements. Copies of the audited financial statements of the
Designated Entities as of and for the 12-month period ending on December 31,
2000, in each case including all schedules and notes thereto, have previously
been made available to Purchaser. Such statements have been prepared in
accordance with GAAP of their respective jurisdiction of incorporation (except
as described in the notes thereto) applied on a consistent basis, and fairly
present, in all material respects, the financial condition, results of
operations and cash flows of each Designated Entity for the periods set forth
therein. 

     5.14
Licenses and Permits, Compliance with Laws. Each of the Sellers and each
of the Designated Entities have all material licenses, permits, registrations
and authorizations necessary in order to operate and conduct the Acquired
Business as presently conducted and as proposed to be conducted by Sellers where
applicable. Each of the Designated Entities has obtained all exemptive or other
necessary relief from the SEC, NASD, NYSE and any applicable State, local or
foreign regulatory authority as necessary to conduct its business, and currently
is operating in compliance with any and all conditions imposed by the SEC, NASD,
NYSE and any applicable State, local or foreign regulatory authority in granting
such relief. 

     5.15
No Undisclosed Liabilities. Except (i) as disclosed in the December
Statement and (ii) liabilities incurred in the ordinary course of business
since the date of such December Statement which are not material in amount, none
of the Designated Entities has any material liabilities, in each case of a
nature required to be reflected on a balance sheet prepared in accordance with
the GAAP of their respective jurisdiction of incorporation, applied on a
consistent basis. 

     5.16
Sufficiency of Acquired Assets and Designated Entities. The Acquired
Assets and the assets held by the Designated Entities constitute all of the
assets, rights and interests necessary to operate the Acquired Business in the
manner and to the extent presently conducted by Sellers. 

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     5.17
Capital Stock and Ownership of the Designated Entities.
For each of the Designated Entities, Schedule 5.17 sets forth the number
of shares of capital stock authorized, including the par value per share, the
number of shares of capital stock issued, and the number of shares of capital
stock outstanding. Each of the Designated Entities is a wholly owned direct or
indirect subsidiary of a Seller except for nominal shares owned by individual
employees or representatives where required by local Law. Save as aforesaid, all
of the shares of capital stock of each Designated Entity are owned directly or
indirectly by a Seller free and clear of all Liens, and such owner has good and
marketable title thereto. Except as set forth in this Section 5.17, there
are no other record or beneficial owners of any shares of any of the Designated
Entities, nor are there any other issued or outstanding shares of capital stock.
All of the issued and outstanding shares of capital stock of each of the
Designated Entities have been duly authorized and validly issued, and are fully
paid and nonassessable, with no liability attaching to the ownership thereof.
All offerings, sales and issuances by each of the Designated Entities of any
shares of capital stock or membership interests were conducted in material
compliance with all applicable securities Laws and all applicable corporation
and limited liability company Laws. There are no outstanding options, puts,
calls, warrants, convertible or exchangeable securities or other agreements or
instruments (other than this Agreement), subscriptions, stock appreciation
rights, phantom stock rights, or other rights arising under a Contract with a
third party relating to the offering, sale, issuance, redemption or disposition
of any shares of capital stock, or other securities of any of the Designated
Entities. 

     5.18
Organization of the Designated Entities. Each of the Designated Entities
is a corporation duly organized, validly existing and in good standing under the
Laws of the jurisdiction of its formation. Each of the Designated Entities is
duly qualified or registered to do business in each jurisdiction where it
currently conducts operations and such qualification or registration is required
by applicable Law. Except as set forth on Schedule 5.18, none of the
Designated Entities owns any securities of any corporation or any other interest
in any Person. None of the Designated Entities has any predecessors other than
as otherwise set forth on Schedule 5.18. Schedule 5.18 states, for
each of the Designated Entities (a) its exact legal name; (b) its
corporate business form and jurisdiction and date of formation; (c) in the case
of U.S. entities, its federal employer identification number; (d) its
headquarters address, telephone number and facsimile number; (e) its
directors and officers; (f) its registered agent and/or office in its
jurisdiction of formation (if applicable); (g) all material foreign
jurisdictions in which it is qualified or registered to do business, the date it
so qualified or registered, and its registered agent and/or office in each such
jurisdiction (if applicable); (h) all fictitious, assumed or other names of
any type that are registered or used by it; and (i) any name changes,
recapitalizations, mergers, reorganizations or similar events since its date of
formation. Accurate and complete copies of articles or certificates of
incorporation, bylaws, and other organization and related documents, each as
amended to date, and all Contracts relating to the acquisition of each of the
Designated Entities (or their affiliates or predecessors) have been made
available to Purchaser. Accurate and complete copies of the contents of the
minute books and stock books of each of the Designated Entities have been made
available to Purchaser. Such minute books and stock books include
(a) minutes of all meetings of the shareholders, members, board of
directors and any committees of the board of directors or members at which any
material action was taken, which minutes accurately record all material actions
taken at such meetings, (b) accurate and complete written statements of all
material actions taken by the shareholders, members, board of directors and any
committees of the board of directors or members without a meeting, and
(c) accurate and complete records of the subscription, issuance, transfer
and cancellation of all shares of capital stock, all membership interests and
all other securities since the date of incorporation or formation. 

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     5.19
Broker-Dealer Status and other SEC Matters. 

     (a)
Bridge Trading Company is duly registered as a broker-dealer with the SEC and
each of the State regulatory agencies listed on Schedule 5.19. Bridge
Trading Company is a member in good standing of the NASD and is a member
organization in good standing of the NYSE. Other than Bridge Trading Company,
none of the other Bridge Trading Designated Entities is registered as, or
required to be registered as, a broker-dealer, investment advisor or any other
regulated entity with the SEC or any applicable State regulatory agency. None of
the Bridge Trading Designated Entities is a self-clearing broker, and
Schedule 5.19 identifies the name of the clearing firm used by each of
the Bridge Trading Designated Entities. Bridge Trading Company has timely filed
or given all reports, registrations, filings and notices required to be filed or
given by it with or to the SEC, the NASD, the NYSE and each of the State
regulatory agencies listed on Schedule 5.19, all of which reports,
registrations, filings and notices were accurately and properly completed.
Accurate and complete copies of the applications for registration as a
broker-dealer, all amendments to such applications, and the periodic
broker-dealer reports for periods after December 31, 1998, in each case as filed
by Bridge Trading Company with the SEC, the NASD, the NYSE and/or each of the
State regulatory agencies listed on Schedule 5.19, have previously been
made available to Purchaser. Copies of all such other broker-dealer reports,
filings and notices, including quarterly Part II FOCUS Reports, filed by Bridge
Trading Company with the SEC, the NASD, the NYSE and/or each of the State
regulatory agencies listed on Schedule 5.19 have been made available to
Purchaser. A computation of net capital under SEC Rule 15c3 for Bridge Trading
Company, Inc. shall be delivered to Purchaser no earlier than ten (10) days
before the Closing Date. 

     (b)
The operations of each of the Bridge Trading Designated Entities as a
broker-dealer, as such operations were and presently are conducted, and the
status of each of the Bridge Trading Designated Entities as a registered
broker-dealer, (a) have complied with and currently comply with all
federal, State and applicable foreign securities Laws, including the Exchange
Act and (b) have not required and currently do not require any of the
Bridge Trading Designated Entities to register or qualify as a broker-dealer in
any jurisdiction other than the States listed on Schedule 5.19. All
Affiliates (as such term is defined in Rule 405 of the Securities Act) of the
Bridge Trading Designated Entities and all associated persons to the Bridge
Trading Designated Entities (as such term is defined in Section 3(18) of
the Exchange Act) are either registered or qualified, or are not required to be
registered or qualified, under all applicable federal and State securities Laws
and rules of the NYSE and the NASD. 

     (c)
Except as set forth on Schedule 5.19, none of the Bridge Trading
Designated Entities, nor any associated person, has been censured, has had
limitations placed on any of their activities, functions or operations, has been
suspended or had any registration revoked, or has been subjected to any other
type of disciplinary action or complaint by any federal or State securities
agency or authority or by the NASD or any stock exchange. No disciplinary action
or any formal or informal investigation by the staff of the SEC, any State
securities regulator, the NYSE or the NASD is pending or, to Sellers’
Knowledge, threatened against any of the Bridge Trading Designated Entities or
any such Affiliate or associated person. Except as set forth on Schedule
5.19, no material compliance deficiencies have been brought to the attention
of any of the Bridge Trading Designated Entities or any such Affiliate or
associated person as a consequence of an inspection by the staff of the SEC, any
State or foreign securities regulator, the NYSE or the NASD. 

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     (d)
Copies of all correspondence for the period from December 1, 2000 to March 31,
2001 between any of the Bridge Trading Designated Entities and the NASD, NYSE
and State securities regulators, have been made available to Purchaser. Each of
the Bridge Trading Designated Entities has responded to each matter identified
by the staff of the SEC, NASD, NYSE or State securities regulators, as the case
may be, in any such correspondence. To Sellers’ Knowledge, each of the
Bridge Trading Designated Entities has in such responses, or otherwise,
adequately and fully addressed each concern identified by the staff of the SEC,
NASD, NYSE or State securities regulators, as the case may be, with respect to
its operations. 

     (e)
Except for “directed business arrangements,” the standard form
customer contracts provide for the sale of services and products that constitute
“brokerage and research services” under Section 28(e) of
the Exchange Act or such provisions, if any, as are applicable in the foreign
jurisdiction where the relevant Bridge Trading Designated Entity conducts its
business. Except for “directed business arrangements,” the services
and products provided by Bridge Trading Company to its customers constitute
“brokerage and research services” under Section 28(e) of
the Exchange Act. 

     (f)
None of Sellers or the Bridge Trading Designated Entities is an investment
adviser within the meaning of Section 2(20) of the Investment Company Act
of 1940, as amended (“1940 Act”), for an investment company
which is registered under the 1940 Act, and none of Bridge Trading Designated
Entities’ Contracts is required to comply with Section 15 of the 1940
Act. 

     (g)
Bridge Trading Company (UK), Ltd. (“Bridge Trading UK”) is duly
registered as a broker-dealer with the Securities and Futures Authority
(“SFA”). The business of Bridge Trading UK has been and is
being conducted in compliance with the Financial Services Act 1986 so far as
relevant to the validity or conduct of the business. Bridge Trading UK holds all
necessary licenses and authorizations under the Financial Services Act 1986 and
no such license or authorization has been revoked, suspended, cancelled, varied
or not renewed. Bridge Trading UK has at all times been in compliance with the
rules and requirements of such licenses, including the SFA Rules. Bridge Trading
UK has in the past three years made all filings and returns, provided all
information, maintained all records and paid all fees and assessments as it is
required to make, provide or maintain within the applicable time limits under
the Financial Services Act 1986 and no such filing or return (and nothing in a
filing or return) is, or has in the past three years been, disputed or subject
to agreement with the SFA. Neither Bridge Trading UK nor any of its directors,
officers or employees have, in the past three years, been the subject of any
disputes, disciplinary proceedings, exercise of powers of intervention or orders
of the SFA arising under the Financial Services Act 1986 and no such disputes,
disciplinary proceedings, exercise of powers of intervention or orders are
pending or have been threatened in writing by the SFA. Bridge Trading Company
Asia, Ltd. is duly registered as a securities dealer with the Securities and
Futures Commission (“SFC”). 

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     (h)
Bridge Trading Company Asia, Ltd. is not a member of, and is not required to be
registered with, The Stock Exchange of Hong Kong Limited. Bridge Trading Company
Asia, Ltd. has timely filed or given all reports, registrations, filings and
notices required to be filed or given by it with or to the SFC and each of the
other regulatory agencies listed on Schedule 5.19, all of which reports,
registrations, filings and notices were accurately and properly completed.
Accurate and complete copies of the applications for registration as a
broker-dealer, all amendments to such applications and the periodic
broker-dealer reports for periods after December 31, 1998, in each case as filed
by Bridge Trading Company Asia, Ltd. with the SFC, have previously been made
available to Purchaser. Copies of all such other broker-dealer reports, filings
and notices filed by Bridge Trading Company Asia, Ltd. with the SFC and other
applicable regulatory authorities have been made available to Purchaser. Bridge
Trading Company Asia, Ltd. is in material compliance with all applicable
provisions of the Securities Ordinance of Hong Kong, the Securities and Futures
Ordinance of Hong Kong, and the Financial Resources Rules and all other
applicable rules of the SFC. 

     5.20
Insurance. Sellers have in place insurance policies with respect to the
Acquired Assets, in amounts and types that are customary in the industry for
similar assets, and all such policies are in full force and effect. 

     5.21
Full Disclosure. No representation or warranty made by
Sellers or any Designated Entity in this Agreement or pursuant hereto
(a) contains any untrue statement of any material fact, or (b) omits
to state any fact that is necessary to make the statements made, in the context
in which made, not false or misleading in any material respect. 

     5.22
WSOD/EJV Representations and Warranties. Schedule 5.22 sets forth
the representations and warranties of Sellers with respect to the WSOD Assets,
EJV Assets and the WSOD/EJV Business. 

     5.23
StockVal Representations and Warranties. Schedule 5.23 sets forth
the representations and warranties of Sellers with respect to the StockVal
Assets and the StockVal Business. 

     5.24
Bridge Trading Representations and Warranties. Schedule 5.24 sets forth the
representations and warranties of Sellers with respect to the Bridge Trading Assets and
the Bridge Trading Business. 

SECTION 6

REPRESENTATIONS
AND WARRANTIES OF PURCHASER

     Purchaser
makes the following representations to Sellers, each of which shall be true and
correct as of the date of this Agreement and the Closing Date, except to the
extent relating to a specific date, in which event it shall be true and correct
as of such date, and each of which shall not survive the Closing Date: 

     6.1
Organization. Purchaser is a corporation validly existing and in good
standing under the Laws of its jurisdiction of incorporation and has the
corporate power and authority and all necessary governmental approvals to own,
lease, and operate its properties and to carry on its business as it is now
being conducted or presently proposed to be conducted. Purchaser is duly
qualified as a foreign corporation to do business, and is in good standing, in
each jurisdiction where the character of its properties owned or held under
lease or the nature of its activities make such qualification necessary, except
where the failure to be so qualified would not individually or in the aggregate
have a material adverse effect on Purchaser. 

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     6.2
Authority. Purchaser has the corporate power and authority to enter into
this Agreement and to carry out its obligations hereunder. The execution,
delivery, and performance of this Agreement by Purchaser and the consummation by
Purchaser of the transactions contemplated hereby have been duly authorized by
all requisite corporate actions. This Agreement has been duly and validly
executed and delivered by Purchaser and constitutes a valid and binding
agreement of Purchaser, enforceable against Purchaser in accordance with its
terms, subject to applicable bankruptcy, reorganization, insolvency, moratorium,
and other Laws affecting creditors’ rights generally from time to time in
effect and to general equitable principles. 

     6.3
Consents and Approvals. Except as required under Section 3.1(d) hereof
and except for consents, approvals or authorizations which may be required under
the HSR Act or with respect to the Designated Entities, no consent, approval,
authorization or permit of, or filing with or notification to, any Governmental
Authority, domestic or foreign, or of any other Person is required to be made or
obtained by Purchaser in connection with the execution, delivery, and
performance of this Agreement and the consummation of the transactions
contemplated hereby. 

     6.4
No Violations. Neither the execution, delivery, or performance of this
Agreement by Purchaser, nor the consummation by Purchaser of the transactions
contemplated hereby, nor compliance by Purchaser with any of the provisions
hereof, will (a) conflict with or result in any breach of any provisions of
the certificate of incorporation or bylaws of Purchaser, (b) result in a
violation or breach of, or constitute (with or without due notice or lapse of
time) a default (or give rise to any right of termination, cancellation,
acceleration, vesting, payment, exercise, suspension, or revocation) under any
of the terms, conditions, or provisions of any note, bond, mortgage, deed of
trust, security interest, indenture, license, contract, agreement, plan, or
other instrument or obligation to which Purchaser is a party or by which
Purchaser or Purchaser’s properties or assets may be bound or affected,
(c) violate any order, writ, injunction, decree, statute, rule, or
regulation applicable to Purchaser or Purchaser’s properties or assets,
(d) result in the creation or imposition of any encumbrance on any asset of
Purchaser, or (e) cause the suspension or revocation of any permit,
license, governmental authorization, consent, or approval necessary for
Purchaser to conduct its business as currently conducted, except in the case of
clauses (b), (c), (d) and (e) for violations, breaches, defaults, terminations,
cancellations, accelerations, creations, impositions, suspensions, or
revocations that would not individually or in the aggregate have a material
adverse effect on Purchaser. 

     6.5
Brokers. No Person, other than Lehman Brothers, Inc., is entitled to any
brokerage, financial advisory, finder’s or similar fee or commission
payable by Purchaser in connection with the transactions contemplated by this
Agreement based upon arrangements made by or on behalf of Purchaser. Purchaser
shall pay any such fees due and payable to Lehman Brothers, Inc. 

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     6.6 Financing.
Purchaser has cash on hand or commitments for financing sufficient to deliver the
Purchase Price to Sellers. 

SECTION 7

COVENANTS

     7.1 Approval
Order and Designated Contracts Order. 

     (a)
Approval Order. Prior to the Closing, and subject to the provisions of
this Agreement, including the provisions of Section 8, Sellers and
Purchaser shall use their reasonable best efforts to obtain entry of the
Approval Order (which shall contain, but may not be limited to, the provisions
contained below) by the Bankruptcy Court pursuant to Sections 363 and 365
of the Bankruptcy Code. Sellers and Purchaser agree to use their reasonable best
efforts to cause the Bankruptcy Court to enter an Approval Order which contains,
among other provisions reasonably requested by Purchaser, the following
provisions (it being understood that certain of such provisions may be contained
in either the findings of fact or conclusions of Law to be made by the
Bankruptcy Court as part of the Approval Order): (i) the transfers of the
Acquired Assets and the Designated Entities by Sellers to Purchaser (A) are
or will be legal, valid and effective transfers of the Acquired Assets and the
Designated Entities, (B) vest or will vest Purchaser with all right, title
and interest of Sellers in and to the Acquired Assets and the Designated
Entities free and clear of all Liens and Claims (as defined in
Section 101(5) of the Bankruptcy Code) pursuant to Section 363(f) of
the Bankruptcy Code (other than Liens created by Purchaser) whatsoever known or
unknown, fixed, liquidated, contingent or otherwise, including, but not limited
to, any of Sellers’ creditors, vendors, suppliers, employees or lessors
specifically naming Sellers’ vendor, Cantor Fitzgerald Securities, and any
other person that is the holder of one of the Claims (collectively
“Claimants”) and that neither Purchaser nor Purchaser’s
Designees shall be liable in any way (as successor entity or otherwise) for any
Claims that any of the Claimants or any other third party may have against any
of the Sellers, the business of Sellers and the Acquired Business and the
Designated Entities and permanently enjoins and restrains the assertion and
prosecution of any Claims by Claimants or any other third party against
Purchaser, Purchaser’s affiliates, and/or Purchaser’s Designees and
the ownership, use and operation of the Acquired Business, other than claims on
the account of Assumed Liabilities; and (C) constitute transfers for
reasonably equivalent value and fair consideration under the Bankruptcy Code,
the Laws of the State of New York and the State of Missouri and all other
applicable State laws, including those relating to fraudulent conveyance and
fraudulent transfers; (ii) all amounts to be paid to Purchaser pursuant to
this Agreement, including (x) any payments with respect to working capital
adjustments pursuant to Section 2.3, (y) any payments for post-closing
services pursuant to Section 7.13, and (z) any termination payments
pursuant to Section 8.2 shall constitute administrative expenses under
Sections 503(b) and 507(a)(1) of the Bankruptcy Code, and shall be
immediately payable if and when they arise under this Agreement without any
further order of the Bankruptcy Court, provided that Sellers shall have
the right to reasonably contest the amount of such asserted claims; (iii) all
Persons are enjoined from taking any action against Purchaser, Purchaser’s
affiliates (as they existed immediately prior to the Closing), Purchaser’s
Designees or Sellers to recover any claim which such Person has solely against
Sellers or any of Sellers’ affiliates (as they existed immediately
following the Closing); (iv) the Bankruptcy Court retains exclusive
jurisdiction to interpret, construe and enforce the provisions of this Agreement
and the Approval Order in all respects, provided that in the event the
Bankruptcy Court abstains from exercising or declines to exercise jurisdiction
with respect to any matter provided for in this clause (iv) or is without
jurisdiction, such abstention, refusal or lack of jurisdiction shall have no
effect upon and shall not control, prohibit or limit the exercise of
jurisdiction of any other court having competent jurisdiction with respect to
any such matter; (v) the provisions of the Approval Order are nonseverable
and mutually dependent; (vi) the transactions contemplated by this
Agreement are undertaken by Purchaser and Sellers at arm’s length, without
collusion and in good faith within the meaning of Section 363(m) of the
Bankruptcy Code, and such Parties are entitled to the protections of
Section 363(m) of the Bankruptcy Code; (vii) a determination that not
selling the Acquired Assets and Designated Entities free and clear of Liens and
Claims would impact adversely on Sellers’ bankruptcy estates; (viii) a
determination that a sale of the Acquired Assets and Designated Entities other
than one free and clear of Liens and Claims would be of substantially less
benefit to the estate of Sellers; (ix) Sellers may assign and transfer to
Purchaser or Purchaser’s Designees all of Sellers’ right, title and
interest (including common law rights) to all of their intangible property
included in the Acquired Assets; (x) provides for the retention of
jurisdiction by the Bankruptcy Court to resolve any and all disputes that may
arise under this Agreement as between Sellers and Purchaser, and further to hear
and determine any and all disputes between Sellers and/or Purchaser, as the case
may be, and any non-Sellers party to, among other things, any Designated
Contracts, concerning inter alia, Sellers’ assignment thereof
to Purchaser or Purchaser’s Designees under this Agreement and any
non-Seller’s claims arising under any agreements relating to Excluded
Liabilities; (xi) provides that the sale is deemed to be part of a plan
pursuant to Section 1146(c) of the Bankruptcy Code and provides for the
exemption of the transactions contemplated herein from transfer, stamp, use and
certain other taxes, and provides for the waiver of so-called
“bulk-sale” laws in all necessary jurisdictions;
(xii) provides that any stay of orders authorizing the use, sale or lease
of property as provided for in Fed. R. Bankr. Proc. 6004(g) shall not apply to
the Approval Order and that the Approval Order is immediately effective and
enforceable; (xiii) provides that the Purchaser will not have any successor
or transferee liability for liabilities of the Sellers (whether under federal or
State law or otherwise) as a result of the sale of the Acquired Assets and
Designated Entities; and (xiv) provides that Purchaser shall not assume
liabilities of Sellers other than the Assumed Liabilities and the Cure Costs
pursuant to Section 2.5; 

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     (b)
Designated Contracts Order. Prior to the Closing, (including for purposes
of this provision, consummation of the option transactions contemplated in
Sections 9, 10 and 11) and subject to the provisions of this Agreement,
including the provisions of Section 8, Sellers and Purchaser shall use
their reasonable best efforts to obtain entry of the Designated Contracts Order
(which shall contain, but may not be limited to, the provisions contained below)
by the Bankruptcy Court pursuant to Sections 363 and 365 of the Bankruptcy
Code. Sellers and Purchaser agree to use their reasonable best efforts to cause
the Bankruptcy Court to enter the Designated Contracts Order which contains,
among other provisions reasonably requested by Purchaser, the following
provisions (it being understood that certain of such provisions may be contained
in either the findings of fact or conclusions of Law to be made by the
Bankruptcy Court as part of the Approval Order): (i) the transfers of the
Designated Contracts by Sellers to Purchaser (A) are or will be legal,
valid and effective transfers of the Designated Contracts, (B) vest or will
vest Purchaser with all right, title and interest of Sellers in and to the
Designated Contracts free and clear of all Liens and Claims (as defined in
Section 101(5) of the Bankruptcy Code) pursuant to Section 363(f) of
the Bankruptcy Code (other than Liens created by Purchaser) whatsoever known or unknown, fixed,
liquidated, contingent or otherwise, including, but not limited to, any of the Claimants
and that Purchaser shall not be liable in any way (as successor entity or otherwise) for
any Claims that any of the Claimants or any other third party may have against any of
Sellers, the business of Sellers and the Designated Contracts and permanently enjoins and
restrains the assertion and prosecution of any Claims by Claimants or any other third
party against Purchaser, Purchaser’s affiliates and the ownership, use and operation
of the Designated Contracts, other than claims on the account of Assumed Liabilities, and
(C) constitute transfers for reasonably equivalent value and fair consideration
under the Bankruptcy Code, the Laws of the States of New York and the State of Missouri
and all other applicable State Laws, including those relating to fraudulent conveyance
and fraudulent transfers; (ii) all Persons are enjoined from taking any action
against Purchaser, Purchaser’s affiliates (as they existed immediately prior to the
Closing) or Sellers to recover any claim which such Person has solely against Sellers or
any of Sellers’affiliates (as they existed immediately following the Closing); (iii) the
Bankruptcy Court retains exclusive jurisdiction to interpret, construe and enforce the
provisions of this Agreement and the Designated Contracts Order in all respects, provided that
in the event the Bankruptcy Court abstains from exercising or declines to exercise
jurisdiction with respect to any matter provided for in this clause (iii) or is without
jurisdiction, such abstention, refusal or lack of jurisdiction shall have no effect upon
and shall not control, prohibit or limit the exercise of jurisdiction of any other court
having competent jurisdiction with respect to any such matter; (iv) the provisions
of the Designated Contracts Order are nonseverable and mutually dependent; (v) the
transactions contemplated by this Agreement are undertaken by Purchaser and Sellers at arm’s
length, without collusion and in good faith within the meaning of Section 363(m) of
the Bankruptcy Code, and such Parties are entitled to the protections of Section 363(m)
of the Bankruptcy Code; (vi) Sellers may assign and transfer to Purchaser all of Sellers’right,
title and interest (including common law rights) to all of their intangible property
included in the Designated Contracts; (vii) approves Sellers’assignment of the
Designated Contracts pursuant to Sections 363 and 365 of the Bankruptcy Code,
defines the relevant cure amounts, identifies the correct version of the contract,
enjoins the other party to such Designated Contract from raising after the date of the
assumption and assignment that there are any uncured defaults under such contract, holds
that any party that may have had the right to consent to the assignment of its Designated
Contract is deemed to have consented to such assignment as required by Section 365(c)
of the Bankruptcy Code if it fails to object to the assumption and assignment and orders
Sellers to pay any cure amounts payable to the other parties to the Designated Contracts
consistent with the terms of this Agreement; (viii) provides that there shall be no
rent accelerations, assignment fees, increases or any other fee charged to Purchaser as a
result of the assignment of the Designated Contracts, and the validity of the assumption,
assignment and sale to Purchaser shall not be affected by any dispute between any Seller
and any party to a Designated Contract regarding the payment of any cure amount; (ix) the
Designated Contracts, upon assignment to Purchaser, shall still be deemed valid and
binding, in full force and effect in accordance with their terms, including that any
provision conditioning assignment or approval by the non-debtor party is an enforceable
restriction on assignment pursuant to Section 365 of the Bankruptcy Code; (x) provides
for the retention of jurisdiction by the Bankruptcy Court to resolve any and all disputes
that may arise under this Agreement as between Sellers and Purchaser, and further to hear
and determine any and all disputes between Sellers and/or Purchaser, as the case may be,
and any non-Sellers party to, among other things any Designated Contracts, concerning inter alia, Sellers’ assignment
thereof to Purchaser under this Agreement and any non-Seller’s claims arising under
any agreements relating to Excluded Liabilities; (xi) provides that the assumption,
assignment and sale of the Designated Contracts is deemed to be part of a plan pursuant
to Section 1146(c) of the Bankruptcy Code and provides for the exemption of the
transactions contemplated herein from transfer, stamp, use and certain other taxes, and
provides for the waiver of so-called “bulk-sale” laws in all necessary
jurisdictions; (xii) provides that Purchaser shall not assume liabilities other than
the Assumed Liabilities and the Cure Costs pursuant to Section 2.5; (xiii) provides
that any stay of orders authorizing the assignment of an executory contract or unexpired
lease, as provided in Fed. R. Bankr. Pro. 6006(d), shall not apply to the Designated
Contracts Order and that the Designated Contracts Order is immediately effective and
enforceable; and (xiv) provides that Purchaser will not have any successor or
transferee liability for liabilities of the Sellers (whether under federal or State law
or otherwise) as a result of the assignment of the Designated Contracts.  

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     (c)
If the Approval Order, Designated Contracts Order or any other orders of the
Bankruptcy Court relating to this Agreement shall be appealed by any Person (or
a petition for certiorari or motion for rehearing, reargument or stay shall be
filed with respect thereto), Sellers agree to take all steps as may be
reasonable and appropriate to defend against such appeal, petition or motion,
and Purchaser agrees to cooperate in such efforts. Each Party hereto agrees to
use its reasonable best efforts to obtain an expedited resolution of such
appeal, provided that nothing herein shall preclude the Parties hereto
from consummating the transactions contemplated herein if the Approval Order and
the Designated Contracts Order shall have been entered and have not been stayed
and Purchaser has waived in writing the requirement that the Approval Order and
the Designated Contracts Order be Final Orders, in which event Purchaser shall
be able to assert the benefits of Section 363(m) of the Bankruptcy Code as
a consequence of which such appeal shall become moot. 

     (d)
Sellers shall cooperate reasonably with Purchaser and its representatives in
connection with the Approval Order and the Designated Contracts Order and the
related bankruptcy proceedings. Such cooperation shall include, but not be
limited to, consulting with Purchaser at Purchaser’s reasonable request
concerning the status of such proceedings and providing Purchaser with copies of
requested pleadings, notices, proposed orders and other documents relating to
such proceedings as soon as reasonably practicable in connection with any
submission thereof to the Bankruptcy Court. Sellers further covenant and agree
that the terms of any plan submitted by Sellers to the Bankruptcy Court for
confirmation shall not conflict with, supersede, abrogate, nullify, modify or
restrict the terms of this Agreement and the rights of Purchaser hereunder, or
in any way prevent or interfere with the consummation or performance of the
transactions contemplated by this Agreement, including, without limitation, any
transaction that is contemplated by or approved pursuant to the Approval Order
and the Designated Contracts Order. 

     7.2
Closing. Sellers and Purchaser shall use reasonable best efforts to move
to Closing as soon as possible following satisfaction or waiver of the
conditions precedent to Closing. 

     7.3
Conduct of Business by Sellers and Designated Entities. From the date
hereof until the date of Closing, as applicable, each Seller shall comply in all
material respects with the terms and conditions of the Bankruptcy Code, and each
Seller and Designated Entity shall comply in all material respects with the
terms and conditions of applicable Laws. Sellers and the Designated Entities
(a) shall operate the Acquired Business and maintain the level of
operations, capital expenditures and maintenance expenses at an adequate level,
all in the ordinary course of business consistent with recent past practices
since the filing of the Chapter 11 Cases, (b) use their reasonable
best efforts to preserve, with respect to the Acquired Business, their present
business operations, organization (including, without limitation, management and
the sales force) and goodwill and preserve their present relationship with
Persons having business dealings with them, (c) with respect to each
Designated Entity, maintain sufficient net capital to comply with all applicable
Laws and otherwise take such other actions as are necessary to remain in good
standing as a regulated entity in the jurisdictions where they are registered,
and (d) maintain, with respect to the Acquired Business, all their assets
and properties in their current condition, ordinary wear and tear excepted. It
is acknowledged, in each case above, that Sellers are not prohibited from
terminating or selling assets, businesses or operations, or terminating
employees, that are not part of, or required for, the conduct of the business or
operations of, or services provided to, the Acquired Business, all in the
ordinary course of business consistent with recent past practices since the
filing of the Chapter 11 Cases. In addition, from the date hereof, each
Seller and each Designated Entity shall not (i) with respect to the
Acquired Business, enter into any transaction other than in the ordinary course
of business; (ii) sell, transfer, or otherwise dispose of or encumber any
material tangible or intangible assets comprising the Acquired Business (other
than in the provision of services in the ordinary course of business in
accordance with past practice or, as regards encumbrances only, as permitted
under the terms of the DIP Financing); (iii) grant any increase in the
compensation or benefits of any employee who is employed primarily by the
Acquired Business or for any purpose by any Designated Entity (other than
pursuant to the terms of any employee retention, incentive, or severance plan
approved by the Bankruptcy Court); (iv) enter into any transaction with
respect to the Acquired Business with any affiliate of any Seller, including
Savvis; (v) make any dividend or distribution of any nature (except
pursuant to an order of the Bankruptcy Court after prior notice to Purchaser);
(vi) with respect to each Designated Entity, fail to maintain sufficient
net capital to comply with all applicable Laws or otherwise omit to take such
other actions as are necessary to remain in good standing as a regulated entity
in the jurisdictions where it is registered; (vii) knowingly waive any
right of material value to the Acquired Business or settle or compromise any
material claim; (viii) with respect to each Designated Entity, and other
than to give effect to the terms of this Agreement, amend its charter, bylaws or
other governing document or make any change in capitalization or in the number
of authorized, issued or outstanding shares of capital stock or other security;
(ix) with respect to each Designated Entity, incur or assume any debt or
assume, guarantee, endorse or otherwise become liable or responsible for the
obligations of any other Person; (x) commit or enter into any agreement to
do any of the foregoing, save, in all cases, with the prior written consent of
Purchaser; or (xi) without consulting Purchaser, assign, modify, cancel,
reject, fail to exercise a right of renewal or extension under or otherwise
impair or permit to lapse any Designated Contract or Non Filing Seller
Designated Contract. Sellers and the Designated Entities shall, to the fullest
extent permitted by Law, consult in good faith with Purchaser on a regular and
ongoing basis as requested by Purchaser and inform Purchaser of all important
developments and events in respect of the conduct of the Acquired Business. 

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     7.4
Access and Information. Sellers shall afford to Purchaser and to
Purchaser’s financial advisors, legal counsel, accountants, consultants,
financing sources, and other authorized representatives reasonable access during
normal business hours throughout the period prior to the Closing Date to all
books, records, non-privileged documents, properties, and personnel of Sellers
that pertain to the Acquired Business and, during such period, shall furnish as
promptly as practicable to Purchaser any and all such information as Purchaser
may reasonably request pertaining to the Acquired Business. Sellers shall
reasonably cooperate with Purchaser throughout the period prior to the Closing
in Purchaser’s efforts to implement additional network and data feed
connections and otherwise cooperate with Purchaser to facilitate a transition to
Purchaser’s ownership and operation of the Acquired Business. Sellers shall
promptly provide to Purchaser all non-privileged documents and material relating
to the proposed sale of the Acquired Assets, Designated Contracts, Non Filing
Seller Designated Contracts or any portion thereof, including, without
limitation, with respect to competing bids, and otherwise cooperate with
Purchaser, to the extent reasonably necessary in connection with
Purchaser’s preparation for or participation in any part of the Chapter 11
Cases in which Purchaser’s participation is necessary, required or
reasonably appropriate. Sellers shall promptly deliver to Purchaser all
pleadings, motions, notices, statements, schedules, applications, reports and
other papers filed in any other judicial or administrative proceeding as
Purchaser may reasonably request. In addition, Sellers shall reasonably consult
with Purchaser with respect to any public written or oral communication
concerning, in whole or in part, the transactions contemplated by this
Agreement. Sellers shall reasonably cooperate with Purchaser to efficiently and
expeditiously transfer the Transferred Employees. Nothing contained in this
Section 7.4 shall require Sellers to take any action prohibited by
applicable Law, provided that in the event Sellers do not take any action
on such basis, then upon Purchaser’s request, Sellers shall furnish a
reasonable basis therefor. 

     7.5 Notification. 

     (a)
Each Party shall promptly notify the other of any litigation, arbitration or
administrative proceeding pending or, to the relevant Party’s Knowledge,
threatened against such Party, which challenges or, if adversely determined,
could materially affect the transactions contemplated by this Agreement. 

     (b)
Sellers shall promptly provide written notice to Purchaser of any change in any
of the information contained in the representations or warranties made by
Sellers in Section 5 hereof or any of the Schedules attached hereto and
shall promptly furnish any information that Purchaser may reasonably request in
relation to such change, provided that such notice shall not operate to
cure any breach of the representations and warranties made by Sellers in
Section 5 above or in any exhibits or schedules referred to herein save to
the extent that such breach relates solely to the failure to include such
information in a timely manner. 

     7.6
No Inconsistent Action. Neither Purchaser nor any Seller shall take any
action that is materially inconsistent with its obligations under this
Agreement, and Bridge shall cause each other Person that is a Seller hereunder
and each of the Designated Entities to refrain from taking such action. 

     7.7
Satisfaction of Conditions. Prior to Closing, each of the Parties shall
use reasonable best efforts with due diligence and in good faith to promptly
satisfy all the conditions precedent to Closing set out in Section 3 hereof
in order to expedite the consummation of the transactions contemplated hereby. 

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     7.8
Filings. As promptly as practicable after the execution of this
Agreement, each Party shall use its reasonable efforts to obtain, and to
cooperate with the other Party in obtaining, the approvals and consents referred
to in Sections 3.1 (c) and (d), to take all reasonable actions to avoid the
entry of any order or decree by any Governmental Authority prohibiting the
consummation of the transactions contemplated hereby and furnish to the other
all such information in its possession as may be necessary for the completion of
the notifications to be filed by the other, provided that in complying
with this Section 7.8, neither Purchaser, nor Sellers or their respective
affiliates (in respect of the Acquired Business) shall be required to, and
Sellers (in respect of the Acquired Business), shall not agree to,
(i) divest any assets or discontinue or modify any of its operations or
(ii) accept or become subject to any condition or requirement. No Party
shall withdraw any such filing or submission prior to the termination of this
Agreement without the written consent of the other Party. In furtherance of the
foregoing, it is understood and agreed that the Parties shall use all reasonable
best efforts to provide any information requested by any Governmental Authority
as promptly as practicable and otherwise proceed with due diligence and in good
faith in order to expedite the consummation of the transactions contemplated
hereby. Purchaser and Sellers agree that the filing fee required to be paid in
connection with the filing under any regulatory filings (including, without
limitation, under the HSR Act) shall be paid by Purchaser. 

     7.9 Employment
Matters. 

     (a)
No later than ten (10) days before the Closing, Purchaser or one of
Purchaser’s Designees shall offer employment to no fewer than 1,579
Acquired Business Employees, reduced by any voluntary resignations since the
date hereof not resulting from receipt of a WARN Act notice to the employees who
are identified as the employees who will not receive an offer of employment by
Purchaser as provided below or other similar notice intended to comply with
applicable Law that the Parties may mutually agree to send to such employees
pursuant to Section 7.9(g), who remain actively employed with any Sellers or
Designated Entities on the Closing Date, with at least the same base salary
(exclusive of bonuses, stock options, restricted stock and other similar forms
of discretionary compensation) and substantially equivalent position as in
effect immediately prior to the Closing, and with each such offer being
contingent upon completion of the Closing and on the offeree’s compliance
with the standard hiring practices of Purchaser (or the applicable
Purchaser’s Designee), including the assignment of intellectual property
rights, if any, retroactive to such employee’s date of hire with the
applicable Seller. A full list of employees whom Purchaser elects to employ
shall be submitted to Sellers no later than twenty (20) days prior to Closing.
Each such employee who accepts such employment as of the Closing, shall be
referred to herein as a “Transferred Employee.” As soon as
practicable hereafter, Sellers and Purchaser shall cooperate and use reasonable
best efforts to establish the list of employees who will not be offered
employment by Purchaser or one of Purchaser’s Designees. In connection with
the provisions of this Section 7.9(a), Sellers shall permit Purchaser to
meet with, distribute materials to and/or communicate with such employees prior
to the Closing Date. For purposes of this Section 7.9, an employee shall be
treated as “actively employed” notwithstanding that such
employee may be absent from work on the Closing Date solely by reason of any
holiday, vacation, scheduled day off or non-medical leave of absence. 

     (b)
Purchaser (or the applicable Purchaser’s Designee) shall provide the
Transferred Employees with employee benefits plans that are substantially
comparable, in the aggregate, to the Sellers’ employee benefit plans,
within the meaning of ERISA as in effect on the date hereof. Purchaser (or the
applicable Purchaser’s Designee) shall treat prior service with Sellers as
service with Purchaser (or the applicable Purchaser’s Designee) for
purposes of eligibility to participate and vesting with respect to all employee
benefit plans (other than retiree medical and life insurance plans) covering
Transferred Employees. Purchaser (or the applicable Purchaser’s Designee)
will assume and recognize vacation entitlements payable to Transferred Employees
accrued but unpaid prior to Closing, provided that Purchaser and
Purchaser’s Designees shall not be required to assume or recognize such
accrued vacation entitlements where, but only to the extent that, such
entitlements in the aggregate exceed $5,000,000. Nothing herein limits
Purchaser’s (or the applicable Purchaser Designee’s) right to amend,
modify or terminate its employee benefit plans. To the fullest extent permitted
under its medical and dental plans, Purchaser (or the applicable
Purchaser’s Designee) shall give credit for all current year deductibles
and co-payments paid by any Transferred Employee in respect of claims incurred
by such Transferred Employee during the portion of the current calendar year
prior to the Closing, and Purchaser shall waive any pre-existing conditions
provisions under any such plan covering Transferred Employees to the same extent
that such provisions were waived with respect to Transferred Employees pursuant
to the terms of Sellers’ or any Designated Entities’ plans. 

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     (c)
From the date of signing of this Agreement, Sellers and Purchaser shall use
commercially reasonable efforts to provide appropriate transitional arrangements
for Transferred Employees in possession of L-1B and H1-B visas, or other permits
to work for the Acquired Business in the United States or other jurisdictions,
and shall take such steps as are necessary and appropriate to ensure, to the
extent possible, that such employees are transferred to the Purchaser (or the
applicable Purchaser’s Designee) without disruption of employment. Sellers
and Purchaser shall also use commercially reasonable efforts to ensure that
there is no disruption to Transferred Employees’ applications for visas or
work permits sponsored by the Acquired Business. 

     (d)
As soon as is practical after the Closing, Sellers shall (i) take all
actions as are necessary or appropriate to fully vest, as of the Closing Date,
the interests of the Transferred Employees and the employees of the Designated
Entities under Sellers’ defined contribution retirement plan(s);
(ii) provide such employees an election to roll over their vested interests
to Purchaser’s defined contribution retirement plan, including appropriate
arrangements for loans provided to them under Sellers’ plan; and
(iii) roll over the full amount of the vested interests which the employees
have elected to roll over, as soon as possible but not later than six (6) months
after the Closing Date, to the accounts of such employees under Purchaser’s
defined contribution retirement plan in accordance with Section 402 of the
Code. Purchaser shall reasonably cooperate with Sellers in respect of the
foregoing actions and shall accept such rollovers and have no liability for any
discontinuance, termination or other charges that may be due to any investment
option or management providers or to any plan record keeping or other agents
with respect to such termination and rollover of such employees’ interests
from Sellers’ retirement plan(s) to Purchaser’s retirement plan. 

     (e)
With respect to Transferred Employees, Sellers shall cause all accrued and
unpaid vacation and sick leave entitlements exceeding $5,000,000 as of the
Closing Date and all salary, bonuses (including retention bonuses), commissions
or other cash incentive compensation with respect to the portion of the calendar
year prior to the Closing Date to be fully paid on or before the Closing Date.
Sellers shall have sole responsibility for “continuation
coverage” benefits provided under group health plans to all current or
former employees of any Seller (other than Transferred Employees) and qualified
beneficiaries relating thereto for whom a qualifying event has occurred on,
prior to, or after the Closing Date. Terms used in this subsection and not
otherwise defined herein shall have the meanings ascribed to them under COBRA. 

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     (f)
Sellers shall institute a reasonable retention program, as specified, funded and
approved by Purchaser, with respect to the Acquired Business Employees. Sellers
shall not terminate the employment of any employee listed on Schedule
5.11(a) other than for cause, provided that the issuance of any
notice intended to comply with WARN shall not, by itself, be prohibited. In
addition, (i) Sellers shall not encourage or otherwise facilitate any Person
other than Purchaser (or Purchaser’s Designee) to employ or offer to employ
any employee listed on Schedule 5.11(a) hereto (other than Released
Employees) or any of the DAIS Consultants, or to encourage any such employee to
terminate employment, or to encourage any such DAIS Consultant to terminate the
relevant consultancy contract and (ii) shall use reasonable efforts to enforce
its right under covenants (other than in respect of Released Employees),
including covenants contained in non-disclosure or confidentiality agreements,
entered into in favor of Sellers by third parties to the extent they provide
restrictions on the solicitation of or entering into contracts of employment
with employees of the Acquired Business or DAIS Consultants or prohibit the use
of confidential information of Sellers for any such purpose. 

     (g)
Notwithstanding Section 2.7 of the Agreement, the Parties shall use reasonable
efforts to give any notices required under applicable Law to mitigate
Sellers’ liability for COBRA and WARN obligations to Acquired Business
Employees. 

     (h)
The obligations in Section 7.9(a) hereof to offer employment to Acquired
Business Employees shall not apply to employees of the Designated Entities
because such employees’ employment will be transferred as a result of the
transactions contemplated hereunder, provided that such employees shall
be considered Transferred Employees for the purposes of this Section 7.9 and the
number of such employees shall be taken into account in determining the number
of employees who have been offered employment by Purchaser or Purchaser’s
Designees for the purposes of Section 7.9(a). 

     7.10
Additional Matters and Further Assurances. 

     (a)
Subject to the terms and conditions of this Agreement, each of the Parties
agrees to use all commercially reasonable efforts to take, or cause to be taken,
all action and to do, or cause to be done, all things necessary, proper, or
advisable under applicable Laws and regulations to consummate and make effective
the transactions contemplated by this Agreement, including using all
commercially reasonable efforts to obtain all necessary waivers, consents, and
approvals required under this Agreement. 

     (b)
In addition to the provisions of this Agreement, from time to time after the
Closing Date, Sellers and Purchaser will use all commercially reasonable efforts
to execute and deliver such other instruments of conveyance, transfer or
assumption (or, in the case of exercise of an option pursuant to Sections 9, 10
or 11, to implement more effectively the conveyance, transfer or assumption
contemplated thereby), as the case may be, and take such other actions as may be
reasonably requested to implement more effectively, the conveyance and transfer
of the Acquired Assets, Designated Entities, Designated Contracts and Non Filing
Seller Designated Contracts to Purchaser and the assumption of the Assumed
Liabilities by Purchaser. 

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     (c)
Sellers and Purchaser shall cooperate and take such actions as may be reasonably
requested by the other in order to effect an orderly transfer of the Acquired
Business with a minimum of disruption to the operations and employees of the
businesses of the Parties. 

     (d)
To the extent that, under applicable Law, any Seller’s rights under any
Designated Contract, Non Filing Seller Designated Contract or any material
Contract relating to the Acquired Business may not be assigned by Sellers or
transferred upon a change of control without the consent of a third party and
such consent has not been obtained, this Agreement shall not constitute an
agreement to assign or transfer the same if an attempted assignment would
constitute a breach thereof or be unlawful, and Sellers and Purchaser shall, to
the extent permitted by Law and any terms of or limitations relating to such
Designated Contract, Non Filing Seller Designated Contract or material Contract
relating to the Acquired Business, (1) use their reasonable best efforts to
obtain prior to the Closing (or in the case of the options described in Sections
9, 10 and 11, the applicable option closing date) for Purchaser the benefits
thereunder and (2) cooperate in establishing any reasonable arrangement designed
to provide such benefits to Purchaser or a Purchaser’s Designee, including
any sublicense, sublease, subcontract, escrow or similar arrangement. Upon
Purchaser and Sellers obtaining such consents or entering into a reasonable
arrangement designed to provide such benefits to Purchaser, Purchaser shall
discharge Sellers’ obligations under such Designated Contract, Non Filing
Seller Designated Contract or material Contract relating to the Acquired
Business benefiting Purchaser from and after the Closing Date (or in the case of
the options described in Sections 9, 10 and 11, the applicable option closing
date). In the event that Sellers receive any rents, revenues, security deposits
or any other dollar amounts, notices or documents under any such Designated
Contract, Non Filing Seller Designated Contract or material Contract relating to
the Acquired Business after the Closing Date (or in the case of the options
described in Sections 9, 10 and 11, the applicable option closing date), Sellers
shall remit the applicable amounts, notices or documents to Purchaser within
five (5) business days of receipt thereof. 

     7.11
Specific Enforcement of Covenants. The Parties acknowledge that
irreparable damage would occur in the event that any of their respective
covenants and agreements set forth in this Agreement were not timely performed
in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that each Party shall be entitled to an injunction or
injunctions to prevent or cure any breach of such covenants and agreements of
the other Party and to enforce specifically the terms and provisions thereof,
this being in addition to any other remedy to which it may be entitled at law or
in equity, it being understood that the Bankruptcy Court shall have exclusive
jurisdiction over such matters, provided that in the event the Bankruptcy
Court abstains from exercising or declines to exercise jurisdiction with respect
to any matter provided for in this sentence or is without jurisdiction, such
abstention, refusal or lack of jurisdiction shall have no effect upon and shall
not control, prohibit or limit the exercise of jurisdiction of any other court
having competent jurisdiction with respect to any such matter. 

     7.12
Other Assets and Agreements. If, after the date hereof, Sellers or any
Designated Entity should enter into any Contract, agreement or other
arrangement, customer or vendor Contracts entered into in the ordinary course of
business, that would have constituted an Acquired Asset if entered into prior to
the date of this Agreement, Sellers shall (i) as soon as practicable
deliver written notice to Purchaser of the occurrence of such event and provide
Purchaser with all the information about and with access to such items as
Purchaser may reasonably request and (ii) if notified in writing by
Purchaser prior to Closing, transfer, convey or assign to Purchaser such item in
the manner and on the terms and conditions as if it were an Acquired Asset,
Designated Contract or Non Filing Seller Designated Contract under this
Agreement. 

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     7.13
Post-Closing Services. 

     (a)
Without prejudice to Section 7.25, for a reasonable period of time following
Closing, not to exceed six months, (i) Sellers shall have limited access
to, and support from, the Acquired Business, as mutually agreed by Bridge and
Purchaser, including, to the extent permitted under applicable Contracts and
Laws, use of facilities, equipment, Software, data-feeds, and administrative
services, to the extent reasonably required by the Sellers with respect to their
businesses that are not included in the Acquired Business, on mutually agreeable
terms and (ii) Sellers shall provide to Purchaser or Purchaser’s
Designee such transitional services, including, without limitation, the use of
communication networks, computers and other systems to effect the gathering and
dissemination of data, the collecting, reporting and editing of news,
administrative services, contract services, payroll services, system management
functions, technical services, provision of information, application support,
infrastructure and human resources support, as may be reasonably requested by
Purchaser or the applicable Purchaser Designee to conduct the Acquired Business,
provided that (A) the Party requesting the transitional services
pursuant to this Section 7.13 (the “Service Requester”)
shall compensate the Party providing such services hereunder (the
“Service Provider”) on a current basis, at market rates and
terms as mutually agreed, or, if higher, at the cost to Service Provider,
(B) the Service Provider shall render such services subject to the
availability of resources and capacity constraints, it being understood that,
based upon current circumstances, each Service Provider anticipates that there
will be limited availability of resources, and (C) the Service Requester
shall have the right to terminate such arrangements without liability subject to
reasonable notice and payment of all amounts due to the Service Provider up to
the date of termination, provided further, that, notwithstanding
anything to the contrary contained in clause (B) above, Purchaser or a Purchaser
Designee may request Sellers, for the purpose of providing transitional service,
to maintain services that would otherwise be discontinued and Sellers shall
maintain such services subject to Purchaser or a Purchaser Designee paying
Sellers’ costs therefor. Sellers and Purchaser shall use commercially
reasonable efforts to negotiate appropriate and orderly termination and
phase-out arrangements with respect to Sellers’ businesses and activities
that are discontinued following the Closing. 

     (b)
Purchaser shall negotiate in good faith Contracts for the limited use of certain
intellectual property rights included in the Acquired Assets, including use of
applicable trademarks and service marks in territories other than the U.S.
(including Puerto Rico) and Canada, Bermuda and the Caribbean Islands, by the
retained businesses of the Sellers for a reasonable period of time on terms
permitting such retained businesses to continue their operations by Sellers or
any third parties who acquire such retained businesses, provided that the
Parties acknowledge that Purchaser is generally under no obligation to enter
into any contract related thereto and that such arrangements will be subject to
Purchaser’s operation of and strategic direction for the Acquired Business
and its rights and obligations under contracts with third parties, except
for all historical futures pricing data and databases associated with the
CRB Index Business, for which Purchaser hereby agrees, subject to Sellers
obtaining the prior written consent of the New York Board of Trade (and
Purchaser shall use reasonable efforts to assist Sellers in obtaining such
consent) to grant to Sellers or purchasers of their retained businesses a
royalty-free and automatically renewable license for the use by the retained
Commodity Research Bureau businesses to use such data and databases on an end of
day, volume, open interest, open/high/low/close basis for publication in weekly
print and daily electronic publications and for historic analysis;
provided, that (i) Sellers or purchasers of their retained business shall
not permit such data or databases to be used by retained businesses other than
the Commodity Research Bureau businesses, and (ii) Sellers or purchasers of
their retained businesses, including the retained Commodity Research Bureau
businesses, shall not distribute electronic real-time data from such databases. 

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     7.14
Director’s and Officer’s Indemnification. For a period of not
less than four (4) years from the Closing, Purchaser shall maintain, and cause
to be maintained in force and effect, indemnification of the directors and
officers, or persons in other jurisdictions performing comparable functions, of
the Designated Entities on a basis no less extensive or favorable than that
currently provided to directors and officers of existing operating subsidiaries
of Purchaser. 

     7.15
Maintenance of Books and Records. Sellers and Purchaser shall preserve
until the seventh (7th) anniversary of the Closing Date (or, with
respect to any Seller, until such time as such Seller is liquidated) all records
possessed by such Party relating to the assets, liabilities or operations of the
Acquired Assets or the Designated Entities prior to the Closing Date,
provided that books and records relating to Taxes shall be retained until
the expiration of the applicable statute of limitations. After the Closing Date,
where there is a legitimate purpose, each Party shall provide the other Party
with access, upon prior reasonable written request specifying the need therefor,
during regular business hours, to (i) the relevant officers and employees of
such Party and (ii) the books of account and records of such Party, but, in
each case, only to the extent relating to the assets, liabilities and operations
of the Acquired Assets or the Designated Entities prior to the Closing Date, and
the other Party and its representatives shall have the right to make copies of
such books and records, provided that the foregoing right of access shall
not be exercisable in such a manner as to interfere unreasonably with the normal
operations and business of such Party, provided further, that as
to such information as constitutes trade secrets or confidential business
information of such Party the provisions of Section 7.16 shall apply. Such
records may nevertheless be destroyed by a Party if such Party sends the other
Party written notice of its intent to destroy records, specifying with
reasonable particularity the contents of the records to be destroyed. Such
records may then be destroyed after the thirtieth (30th) day
following delivery of such notice unless the other Party objects to the
destruction, in which case the Party seeking to destroy the records shall either
agree to retain such records or to deliver such records to the objecting Party. 

     7.16
Confidentiality. Each Party hereto acknowledges that the other Parties
have legitimate and continuing proprietary interests in the protection of their
confidential information and that the Parties have invested substantial sums and
will continue to invest substantial sums to develop, maintain and protect such
confidential information. Prior to and after the Closing, each Party agrees not
to disclose, furnish or make accessible to anyone or use for its own benefit
(other than as contemplated hereby) any trade secrets or other confidential or
proprietary information of another Party relating to any Seller, Designated
Entity, Purchaser and/or their respective businesses (it being understood that
the Acquired Business and/or any business subject to the options set forth in
Sections 9, 10 and 11 hereof, constitute businesses of Purchaser from and after
the Closing (or the applicable option closing)) or the other Parties including
information obtained by or revealed during any investigations, negotiations or
review relating to this Agreement and any other document contemplated hereby or
thereby or any past or future actions taken in connection with, pursuant to, in
accordance with, or under this Agreement including any business plans, marketing
plans, financial information, strategies, systems, programs, methods and
computer programs, provided that such protected information shall not
include (i) information required to be disclosed by Law, legal or judicial
process (including a court order, subpoena or order of a Governmental Authority)
or the rules of any stock exchange, subject to prior consultation with the other
Party to the extent reasonably practicable, (ii) information that is or
becomes available to the receiving Party on a non-confidential basis from a
source other than the other Parties and not obtained in violation of this
Agreement, (iii) information that is independently developed by the
receiving Party without reference to or use of any information obtained in
connection with this Agreement; and (iv) information known to the public or
otherwise in the public domain without violation of this Section 7.16,
provided that (ii) and (iii) above shall not apply for the benefit of
Sellers with respect to the Acquired Business from and after the Closing (or
with respect to any business subject to the options set forth in Sections 9, 10
and 11 hereof, from and after the applicable option closing date) and, from and
after the Closing, Sellers shall, through assignment of rights or otherwise,
provide Purchaser with the benefit of any confidentiality or non-disclosure
agreement with third parties relating to the protection of information
concerning the Acquired Business (or concerning the businesses transferred at
the applicable option closing) to the extent that Sellers have the right to do
so, and, provided further, that this Section 7.16 shall not in any
way limit the disclosure of information by Sellers to the extent reasonably
required in connection with the commencement and prosecution of the Chapter 11
Cases. As soon as practicable, Sellers and Purchasers shall, in good faith,
agree upon a reasonable plan for communication with customers and suppliers, and
shall promptly put such plan into operation. 

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     7.17
Right of Subrogation. In connection with Purchaser’s right of
subrogation included among the Acquired Assets and described on Schedule
1A hereto, upon the written request of Purchaser, and at the expense of
Purchaser, Sellers shall cooperate with Purchaser in connection with any action
or proceeding by Purchaser (whether or not in the name of any Seller) to enforce
any such subrogation right. 

     7.18
Survival of Representations, Warranties, and Agreements. No
representations or warranties in this Agreement or in any instrument delivered
pursuant to this Agreement shall survive beyond the Closing Date or, in the
event the WSOD/EJV Option, StockVal Option or Bridge Trading Options are
exercised, the representations and warranties set out in Sections 5.22, 5.23 and
5.24, shall not survive beyond the WSOD/EJV Option Closing Date, the StockVal
Option Closing Date or the Bridge Trading Option Closing Date, respectively. 

     7.19
No Implied Warranties; No Liability of Agents. 

     (a)
Except for the specific representations and warranties of the Sellers in this
Agreement, none of the Sellers, none of the Designated Entities, and none of
their respective directors, officers, employees, affiliates, controlling
Persons, agents, advisors or representatives makes or shall be deemed to have
made any representation or warranty, either express or implied, to any Person as
to the Acquired Business or the information related thereto; 

     (b)
The directors, officers, employees, affiliates, controlling Persons, agents,
advisors or representatives of Sellers and the Designated Entities shall not
have any liability whatsoever to Purchaser or any of its directors, officers,
employees, affiliates, controlling Persons, agents, advisors or representatives
in respect of the specific representations and warranties of the Sellers and the
Designated Entities in this Agreement; and 

     (c)
The Acquired Assets of or pertaining to Bridge Information Systems Canada, Inc.
are transferred on an “as is, where is” basis, without representations
and warranties. Notwithstanding anything to the contrary in this Agreement, the
liabilities of Bridge Information Systems Canada, Inc. under this Agreement are
limited to its obligation to sell, transfer and convey the Acquired Assets that
it owns and are several and not joint. Sellers will assign at Closing any
Contracts of Bridge Information Systems Canada, Inc. requested by Purchaser,
provided that in the case of customer and vendor Contracts only,
Purchaser may also instruct Sellers to terminate Contracts which Purchaser has
not elected to be assigned and Sellers will then terminate such Contracts. 

     7.20
Insurance Proceeds. From the date of signing of this Agreement, in the
event any of the Acquired Assets are damaged, destroyed or in any other way lost
in circumstances giving rise to a claim for the value thereof under a policy of
insurance, any amounts so recoverable shall, in the event that the Closing
occurs (or the closing of an option under Section 9, 10 or 11 that would have
provided for the transfer of such Acquired Assets occurs), be paid to Purchaser
and, if such sums are paid after the Closing Date (or an applicable option
closing date), Sellers shall direct the relevant insurer to pay the amount
directly to the Purchaser. Sellers shall maintain their real and personal
property insurance policies in effect until Closing. 

     7.21
No Shop. From the date of the Final Order and until the Closing Date,
Sellers shall not discuss, negotiate or consummate any transaction involving
(i) the issuance, redemption, sale, exchange or other disposition of any
equity interest in any of the Designated Entities or (ii) the sale,
exchange or other disposition of all or any material part of the Acquired
Business. 

41

	

     7.22
Tax Matters. 

     (a) Preparation
of Tax Returns; Payment of Taxes. 

	 	     (i)
Each Seller shall timely file all of its income and other Tax Returns which include, or
otherwise relate to, the sale of the Acquired Assets and the Designated Entities. Bridge
shall include each United States Designated Entity in, and shall file or cause to be
filed, (A) the United States consolidated federal income Tax Returns of Bridge or
its affiliates for all taxable periods of the Designated Entities ending on or prior to
the Closing Date and (B) where applicable, all other consolidated, combined or
unitary Tax Returns of Bridge or its affiliates for all taxable periods of the Designated
Entities ending (or the portion of any taxable period ending) on or prior to the Closing
Date. Such Tax Returns referred to in clause (A) and (B) above are referred to as the
“Seller Consolidated Returns”). Sellers also shall file or shall cause
to be filed all other Tax Returns of or which include any Designated Entity required to
be filed on or prior to the Closing Date. Sellers shall timely pay or cause to be paid
any and all Taxes due with respect to all Tax Returns required to be filed by Sellers
under this Section 7.22(a)(i). All Tax Returns described in this Section 7.22(a)
shall be prepared in a manner consistent with prior practice unless a past practice has
been finally determined to be incorrect by the applicable taxing authority or a contrary
treatment is required by applicable tax laws (or the judicial or administrative
interpretations thereof). Bridge shall provide the Purchaser with copies of such Tax
Returns (or, in the case of Seller Consolidated Returns, the portion of such Tax Returns
relating to the Designated Entities) at least 10 business days prior to the filing
date, and Purchaser shall be provided an opportunity to review such returns and
supporting workpapers and schedules prior to the filing of such Tax Returns. Bridge
shall, subsequent to the Closing Date, provide written notice to Purchaser of the filing
of any amended Seller Consolidated Returns or claim for refund with respect to such
Returns with respect to any taxable period ending on or prior to the Closing Date and, if
such filing would have a material adverse effect on Purchaser, any Designated Entity, or
their affiliates for any taxable period including or ending after the Closing Date,
Bridge will not make such filing without the consent of Purchaser, which consent will not
be unreasonably withheld. 

	 	     (ii)
Bridge shall, in the event of an ownership change (within the meaning of Section 382
of the Code and applicable Treasury Regulations) of the Affiliated Group of which Bridge
is the common parent during the taxable year in which Closing occurs, elect to utilize
the closing-of-the-books method with respect to the utilization of its loss and tax
credit carryforwards in accordance with Treasury Regulation Section 1.382-6 if doing
so would minimize the income tax liability for which the Designated Entities may be
jointly or severally liable for the taxable year. 

	 	     (iii)
Following the Closing, Purchaser shall file or cause to be filed all Tax Returns, other
than Seller Consolidated Returns, required to be filed by the Designated Entities after
the Closing Date and shall cause each such entity to pay the Taxes shown due thereon. 

	 	     (iv)
Sellers and Purchaser will, unless prohibited by applicable Law, close the taxable period
of each Designated Entity as of the close of the Closing Date. Neither Seller nor
Purchaser shall take any position inconsistent with the preceding sentence on any Tax
Return. 

	

     (b)
Determination of Income Tax Liability for the Taxable Year of the
Transaction. Bridge agrees to file or cause to be filed, within one hundred
and twenty (120) days of the end of its taxable year in which the Closing
occurs, its consolidated federal income tax return for such taxable year and any
consolidated, combined or unitary Tax Returns that include any of the Designated
Entities. Each Seller shall use its reasonable best efforts to expedite the
determination of its income tax liability for such taxable year with respect to
such Tax Returns (including by means of requesting a prompt determination of
Taxes pursuant to Section 505(b) of the Bankruptcy Code), consistent with
minimizing the Taxes payable by Bridge and its affiliates. Purchaser shall have
standing to seek to have the Bankruptcy Court compel Sellers to take such
actions as are necessary to comply with the foregoing requirement and to raise
with the Bankruptcy Court the need for, or adequacy of, reserves for Taxes in
connection with the confirmation of any plan of reorganization. Each Seller
shall provide in any plan of reorganization proposed by it for the Bankruptcy
Court to retain jurisdiction after confirmation of any plan of reorganization
proposed by it over resolution of disputes between it and any taxing authority
regarding the determination of the income tax liability for taxable periods
prior to confirmation of such plan. 

42

	

     (c) Tax
Audits. 

	 	     (i)
Bridge shall have the sole right to represent the interests of each Designated Entity in
any Tax audit or administrative or court proceeding relating to taxable periods ending on
or before the Closing Date and to employ counsel of its choice and at its expense to the
extent that such proceedings relate solely to Seller Consolidated Returns, provided that
if the results of such Tax audit or proceeding could reasonably be expected to have an
adverse effect on the assets, business, operations, or financial condition of Purchaser,
any affiliate of Purchaser or any Designated Entity for taxable periods ending after the
Closing Date, then there shall be no settlement or closing or other agreement with
respect thereto without the written consent of Purchaser (which consent shall not be
unreasonably withheld). 

	 	     (ii)
Purchaser shall have the sole right to represent the interests of each Designated Entity
in all other Tax audits or administrative or court proceedings. Each Seller agrees that
it will cooperate fully with Purchaser and its counsel in the defense against or
compromise of any claim in any said proceeding, as and to the extent reasonably requested
by Purchaser. 

	 	     (iii)
Each of Purchaser and the Sellers shall promptly notify the other of any notice either
receives of any Tax audit for which the other is responsible for the underlying Taxes. 

	

     7.23
Use of Marks. 

     (a)
Subject to the provisions of Section 7.13(b), Sellers agree that, as soon as
practicable after the Closing, (i) they will cease to use in any manner, and
shall cause each of their subsidiaries to cease to use in any manner, the name
“Bridge” as part of their entity name or as part of any trade name,
trademark, servicemark, or logo in connection with their business, and (ii)
Sellers shall not register or apply to register the trademark or service mark
“CRB Index” alone or in conjunction with another term,
provided, however, that Sellers may register and/or use the marks
“CRB” and “Index” together in a manner consistent with the
Retained CRB Marks listed on Schedule 7.23(d). 

     (b)
Sellers hereby undertake not to oppose an application by Purchaser or
Purchaser’s Designee to register in Purchaser’s or Purchaser’s
Designee’s name the trademarks listed on Schedule 7.23(b),
provided that such trademarks can only be registered or used in
conjunction with another identifying term among the following:
“Bridge” or “Reuters”; such trademarks being referred to
collectively herein as “CRB Index Marks”. Sellers hereby agree
and covenant not to commence any suit or other proceedings alleging any
infringement by Purchaser on the ground of the use of the CRB Index Marks in
businesses of Purchaser or Purchaser’s Designee, provided that such
use is limited to the CRB Index Business. 

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     (c)
The Parties acknowledge and agree that (i) Intangibles relating to the CRB Index
Business are subject to the License Agreement (the “License
Agreement”) entered into between Knight-Ridder Financial, Inc. (which
subsequently changed its name into Bridge Information Systems America, Inc.) and
the New York Cotton Exchange on January 1, 1995, which agreement is attached to
Schedule 5.7, and (ii) the assumption by Sellers and assignment to
Purchaser or Purchaser’s Designee of the License Agreement or the rejection
by Sellers of the License Agreement, will be subject to further order or
orders of the Bankruptcy Court. 

     (d)
Except for CRB Index Marks, Sellers shall retain all right, title and ownership
in and to all of the other trademarks and service marks owned by, or currently
used by, incorporating, or relating to, “Commodity Research Bureau” or
the initials “CRB”, including without limitation all trademarks listed
on Schedule 7.23(d). 

     (e)
Sellers agree that should the mark “CRB” cease to be used in
connection with any businesses of the Sellers, and unless Purchaser previously
ceased to use the CRB Index Marks in connection with the CRB Business, (i)
Sellers shall transfer “CRB” and all marks incorporating the name
“CRB” (collectively, the “CRB Marks”) owned by
Sellers to Purchaser for a commercially reasonable consideration to be agreed
upon and (ii) upon such transfer Purchaser shall no longer be bound by Section
7.23 (b) hereof. 

     (f)
Sellers agree that, in the event the CRB Marks are transferred, sold or assigned
to a third party purchaser, (i) Sellers shall cause such third-party to agree in
writing to be bound by the terms and conditions of Section 7.23(b), as and to
the extent as if it were a Seller hereunder or the licensor thereunder; and (ii)
Sellers shall notify Purchaser of the transfer, sale or assignment prior to any
such transfer, sale or assignment. 

     (g)
Sellers agree that the tangible assets and Intangibles relating to the CRB Index
Business to be transferred by Sellers to Purchaser under this Agreement shall
include all historical futures pricing data and databases associated with the
CRB Index Business, including historical prices of underlying commodity futures
and historical pricing of futures based on, and the historical database of, the
indices comprising the CRB Index Business, subject to the provisions of Section
7.13(b). 

     7.24
Funding by Purchaser of Certain Businesses. For the period commencing on
July 1, 2001 and continuing through the earlier to occur of (i) the Closing
Date or (ii) the termination of this Agreement, Purchaser shall fund, on a
non-refundable basis, (A) the operating expenses of the Acquired Business
and the U.S. business and operations of Telerate Holdings, Inc. and (B) the
reasonable professional fees and bankruptcy administrative expenses (including
fees and expenses in respect of debtor-in-possession financing) of Sellers (in
each case as approved by the Bankruptcy Court), provided that such
operating expenses and professional fees and bankruptcy administrative expenses
payable by Purchaser shall not (x) exceed, in the aggregate,
$10,000,000 per month, or (y) include any fees and expenses related to the
Closing of the sale of the Acquired Business (other than those directly related
to the receipt of approvals under the HSR Act), any success or similar fees
payable to Bear Stearns, Alvarez & Marsal, any other broker, finder or
professional advisor or as otherwise provided in Section 5.8, or (z) any
operating expenses, professional fees and bankruptcy administrative expenses
related to the maintenance (other than with respect to the maintenance of the
U.S. business and operations of Telerate Holdings, Inc.) or divestiture of any
Excluded Assets. The expenses for which Purchaser is providing funding pursuant
to this Section 7.24 are referred to as “Section 7.24
Expenses.” The Parties shall establish as soon as practicable a
procedure for funding of Section 7.24 Expenses. 

44

	

     7.25
Cooperation in Disposition and Transition of Telerate Business. Purchaser
shall, in good faith, negotiate with any third party that seeks to acquire the
Telerate Business and has been identified to Purchaser as having expressed a
specific interest in acquiring the Telerate Business under the auction process
(a “Potential Telerate Purchaser”) with respect to arrangements
under which Purchaser would provide data aggregation, data-feeds, and licensing
of intellectual property and all rights pertaining thereto from the Acquired
Business, and for a transitional period, other limited services using the assets
of or related to the Acquired Business, to the extent such services are
reasonably necessary to permit the Potential Telerate Purchaser to continue
operation of the Telerate Business in the same manner as currently operated by
Sellers and as such services have historically been provided by the Acquired
Business; it being understood and agreed that Purchaser shall provide such
services on terms it, in good faith, determines to be commercially reasonable
third-party terms (taking into account market rates as well as Purchaser’s
costs (including a reasonable allocation of overhead and other fixed costs) with
a reasonable margin of profit for Purchaser). The arrangements shall contemplate
that the Potential Telerate Purchaser would over a period of time transition the
Telerate Business to stand-alone operations, and will do so not more than three
(3) years after the Closing in the case of the data aggregation, data feed and
licensing of intellectual property and all rights pertaining thereto. 

     7.26
Savvis Financing; Savvis Stock Option. 

     (a)
Upon satisfaction (or waiver by Purchaser) of the condition contained in
Section 3.1(a) hereof and upon execution of the NSA Letter Agreement
described in Section 3.3(d) hereof, Purchaser shall offer to finance the
operations of Savvis through the earlier to occur of the Closing Date and the
termination of this Agreement, in an amount averaging at least $7,500,000 per
month (“Savvis Financing”), provided that the Savvis
Financing shall be in the form of debt and convertible subordinated debt
reasonably satisfactory to Purchaser and that neither Savvis nor Sellers shall
be required to use proceeds from Savvis’ next permanent financing to repay
amounts advanced under the Savvis Financing by Purchaser to Savvis. The Savvis
Financing shall be secured by a leasehold mortgage on Savvis’ interest in
the lease to be entered into between Sellers and Savvis with respect to the
property located at 587 McDonald Boulevard, Hazelwood, Missouri, and, as soon as
reasonably practicable, but in no event later than two (2) weeks from the date
of the Approval Order, be further secured by that certain parcel of land located
at 587 McDonald Boulevard, Hazelwood, Missouri, evidenced by documentation in
form and substance reasonably satisfactory to Purchaser. 

45

	

     (b)
In consideration of the amounts advanced or to be advanced to Savvis under the
Savvis Financing, Sellers shall (i) cause Purchaser to be provided with the
right to designate one (1) director to the board of directors of Savvis (the
“Savvis Board”) and/or select a designee to attend all meetings
of the Savvis Board and any committee thereof as an observer and
(ii) provide Purchaser with the Savvis Stock Option described in
Section 7.26(c) hereof. 

     (c)
Sellers hereby grant to Purchaser the right and option (the “Savvis
Stock Option”) to purchase the 45,483,702 shares of common stock of
Savvis held as of the date hereof, directly or indirectly, by Sellers in Savvis
(the “Savvis Shares”), which Savvis Stock Option shall be
exercisable from time to time in whole or in part upon five (5) business days
notice to Sellers either before the Closing, at the Closing or within ninety
(90) days after the Closing (provided that if a filing under the HSR Act
is required for such exercise, a notice of exercise may be made subject to the
making of all requisite filings under the HSR Act (which may be made at the
election of the Purchaser, and in which Sellers agree to cooperate as
contemplated in Section 7.8 hereof) and the expiration of the waiting period
thereunder, and such notice shall be deemed timely if given prior to the
expiration of the option period), at a per share exercise price of the higher of
(i) $2.50 (subject to adjustment to reflect stock splits and similar
changes in the capital structure of Savvis) or (ii) the volume weighted
average trading price of the Savvis Shares during the five (5) trading day
period immediately preceding the date on which the Purchaser gives notice of its
exercise of the Savvis Stock Option, provided that until such time as
Purchaser or Purchaser’s Designee otherwise first becomes an
“interested stockholder” as defined in Section 203 of the
Delaware General Corporation Law (“DGCL”), the exercise of the
option shall be limited to such number of shares of stock of Savvis as would not
at the time result in the holder becoming such an “interested
stockholder” unless and until the Savvis Board shall have approved such
acquisition, provided further, that until such time as the Savvis
Stock Option is exercised in full or Purchaser’s right to exercise the
Savvis Stock Option expires, Purchaser shall enjoy the right to vote a number of
the Savvis Shares equal to the lesser of (x) the number of Savvis Shares for
which the option is exercisable from time to time and (y) unless and until the
waiting period has expired with respect to any requisite filing under the HSR
Act (which may be made at the election of the Purchaser, and in which Sellers
agree to cooperate as contemplated in Section 7.8 hereof), such number of Savvis
Shares which may be acquired by Purchaser without the making of a filing under
the HSR Act, on all matters with respect to which such shares are entitled to
vote under either the DGCL or Savvis’ certificate of incorporation or
by-laws, and Sellers shall retain the right to designate one (1) director to the
Savvis Board. If Sellers or any of their affiliates shall at any time seek to
transfer any of the Savvis Shares, any transferee thereof shall be required to
take subject to the provisions hereof and to execute an acknowledgment to such
effect in form and substance satisfactory to Purchaser. The Parties shall record
their agreement with respect to the Savvis Stock Option in a separate stock
option agreement. 

     (d)
In connection with the Savvis Financing, Sellers shall resolve the following
issues, which issues shall not be a condition of or affect either the
transaction contemplated under this Agreement or any of Purchaser’s
arrangements with Savvis under this Agreement or otherwise, except that the
lease described in clause (D) below shall be assumed by Purchaser or one of the
Purchaser’s Designees upon the Closing:  (A) all pre-petition
claims by Savvis against Sellers; (B) the promissory note issued by Savvis
in favor of Sellers; (C) any costs associated with the termination of
network services or telecommunications resulting from the discontinuation of
Bridge businesses not part of the Acquired Business; and (D) Bridge and
Savvis shall enter into a property lease, which shall be on terms and conditions
reasonably satisfactory to Purchaser, for the property used or held for use by
Sellers in connection with the Savvis business. Purchaser shall reasonably
cooperate with Sellers and Savvis to permit Sellers to give Savvis notice
regarding the termination of network services or telecommunications referenced
in clause (C) above, as early as reasonably practicable. Purchaser shall
indemnify Sellers for any increase in termination costs resulting from
Purchaser’s failure to give notice of termination of network services or
telecommunications by July 2, 2001. 

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     7.27
Reuters Benchmarks. In the event Bridge determines to discontinue
Telerate services in any region, area or other segment and is aware of certain
Telerate pages or other sets of information that are used as a specified
standard reference point by third parties in such region, area or other segment
(“Telerate Benchmarks”), Bridge shall give Reuters an
opportunity to suggest substitute pages or other sets of information available
on Reuters products which can be used in similar fashion thereto
(“Reuters Benchmarks”), and if Bridge is reasonably satisfied
that any such Reuters Benchmarks could serve as an acceptable substitute to any
such Telerate Benchmarks, Bridge shall use all commercially reasonable efforts
to recommend substitution of such Reuters Benchmarks for such Telerate
Benchmarks upon the discontinuation of such Telerate services, including by
publicly nominating or recommending such Reuters Benchmarks as successor to such
Telerate Benchmarks for purposes of third-party agreements, which contemplate
such nominations or otherwise, and making such recommendations to any relevant
industry governing or standards-setting bodies. 

SECTION 8 

TERMINATION

     8.1 Termination.
This Agreement may be terminated and the transactions contemplated hereby may be
abandoned at any time prior to the Closing: 

     (a) by
mutual consent of Sellers and Purchaser; 

     (b)
by either Sellers or Purchaser (provided that any such Party seeking
termination is not then in material breach of any provision of this Agreement): 

	 	     (i)
if the Closing has not occurred on or before August 31, 2001, provided that
Purchaser may, upon five (5) days prior notice to Sellers, extend the date set forth in
this Section 8.1(b)(i) by one month increments to no later than October 31, 2001
(such date, the “Outside Date”); 

	 	     (ii)
if a Governmental Authorityshall have issued an order, decree or ruling or taken
any other action (which order, decree or ruling the Parties hereto shall use their
reasonable best efforts to lift), in each case permanently restraining, enjoining or
otherwise prohibiting the transactions contemplated by this Agreement and such order,
decree, ruling or other action shall have become final and non-appealable; or 

	 	     (iii)
[INTENTIONALLY DELETED].

	

47

	

     (c) by
Purchaser (provided that Purchaser is not then in material breach of any provision
of this Agreement): 

	 	     (i)
[INTENTIONALLY DELETED];

	 	     (ii)
subject to Purchaser’s right to waive this condition as provided in Section 7.1(c),
if the Approval Order and the Designated Contracts Order have not become a Final Order by
the Outside Date; 

	 	     (iii)
if a default or breach shall be made by Sellers with respect to the due and timely
performance of any of their covenants or agreements contained herein, or if their
representations or warranties contained in this Agreement shall have become inaccurate if
such default, breach or inaccuracy has not been cured (if capable of being cured) or
waived within fifteen (15)days after written notice to such Seller specifying, in
reasonable detail, such claimed default, breach or inaccuracy and demanding its cure or
satisfaction and such default, breach or misrepresentation would, if not cured,
constitute or would reasonably be expected to constitute a Material Adverse Effect, provided that
if and to the extent that a misrepresentation consists of the failure to provide
information relative to certain facts, circumstances or matters, the provision of the
information in question shall not constitute cure if the facts, circumstances or matters
previously undisclosed, individually or in the aggregate, constitute or would be
reasonably expected to constitute a Material Adverse Effect and are not capable of cure
and effectively cured within such fifteen (15)-day period; 

	 	     (iv)
if any of the conditions set forth in Sections 3.1 or 3.3 shall have become incapable of
fulfillment or cure and shall not have been waived by Purchaser; or

	 	     (v)
[INTENTIONALLY DELETED].

	

     (d) by
Sellers (provided that no Seller is then in material breach of any provision of
this Agreement): 

	 	     (i)
if a material default or material breach shall be made by Purchaser with respect to the
due and timely performance of any of its covenants or agreements contained herein or if
its representations or warranties contained in this Agreement shall have become
inaccurate in any material respect, if such default, breach or inaccuracy has not been
cured (if capable of being cured) or waived within fifteen (15) days after written notice
to Purchaser specifying in reasonable detail such claimed default, breach or inaccuracy
and demanding its cure or satisfaction; or 

	 	     (ii)
if any of the conditions set forth in Sections 3.1 or 3.2 shall have become
incapable of fulfillment or cure and shall not have been waived by Bridge. 

	

     8.2 Termination
Payments. 

     (a)
If this Agreement is terminated (i) by Sellers other than as permitted in
this Agreement, or (ii) pursuant to Section 8.1(c)(iii) hereof, then
Purchaser shall immediately and without obtaining a further order of the
Bankruptcy Court have an allowed administrative expense priority claim pursuant
to Sections 503(b) and 507(a)(i) of the Bankruptcy Code for an amount equal
to the entirety of the Initial Deposit that will be paid by Seller to Purchaser
immediately thereon. 

48

	

     (b)
If this Agreement is terminated by Sellers other than as permitted in this
Agreement, or pursuant to Section 8.1(b)(i), Section 8.1(c)(iii) or
(iv) in circumstances which are directly attributable to a material default,
breach, action or omission of any of the Sellers or Designated Entities, then
Sellers, jointly and severally, shall forthwith pay Purchaser, in cash as an
administrative expense priority claim pursuant to Sections 503(b) and 507(a)(i)
of the Bankruptcy Code and without obtaining a further order of the Bankruptcy
Court, an amount (not to exceed $2,000,000) on account of the reasonable costs
and expenses (subject to certification by Purchaser with reasonable detail),
including the fees of outside counsel and other external advisors, incurred by
the Purchaser in negotiating and entering into this Agreement, which expenses
shall include, for the avoidance of doubt, expenses incurred in connection with
due diligence undertaken on the Acquired Business. 

     (c)
[INTENTIONALLY DELETED]. 

     (d)
If (i) this Agreement is terminated by Purchaser primarily as a result of
the inability to satisfy the condition precedent to Closing set forth in
Sections 3.1(c), 3.1(e) (to the extent that such event relates to
competition law) or 3.1(f) (limited to judgments, orders or decrees relating to
competition law) hereof (the “HSR Condition”), (ii) the
Closing shall not have occurred on or before the Outside Date primarily as a
result of the inability to satisfy the HSR Condition, (iii) Purchaser
terminates this Agreement other than as permitted by this Agreement,
(iv) Purchaser fails to close the purchase when it is obligated to do so
under the terms of this Agreement, or (v) Sellers terminate this Agreement
due to Purchaser’s material breach pursuant to Section 8.1(d)(i),
then, in each case, the Sellers shall be entitled to receive the Second Deposit,
and Purchaser and Sellers shall immediately give written notice to the Escrow
Agent under the Second Securities Account Agreement providing instructions for
the payment of the Second Deposit to Sellers pursuant to Section 3(i) of
the Second Securities Account Agreement, subject to any rights pursuant to
Section 7.11 hereof. Payment of the Second Deposit, together with Sellers’
right to exercise the WSOD/EJV Put Option, StockVal Put Option and Bridge
Trading Put Option, shall constitute full discharge of any liability of
Purchaser to Sellers pursuant to this Agreement, if any of the events described
in this Section 8.2(d) shall occur on or before July 2, 2001. If this
Agreement is terminated by Purchaser or Sellers otherwise than as provided in
the first sentence of this Section 8.2(d), then Purchaser shall be entitled to
receive the Second Deposit, and Purchaser and Sellers shall immediately give
written notice to the Escrow Agent under the Second Securities Account Agreement
providing instructions for the payment of the Second Deposit to Purchaser
pursuant to Section 3(i) of the Second Securities Account Agreement. 

     (e)
[INTENTIONALLY DELETED]. 

     8.3 Procedure
and Effect of Termination. 

     (a)
If this Agreement is terminated under Section 8.1, written notice thereof
shall forthwith be given to the other Parties to this Agreement and this
Agreement shall terminate (subject to the provisions of Sections 8.2, 8.3
and 12.13 hereof) and the transactions for the purchase and sale of the Acquired
Business contemplated hereby shall be abandoned without further action by any of
the Parties hereto. 

49

	

     (b) If
this Agreement is terminated as provided herein, then: 

	 	     (i)
upon request therefor each Party shall redeliver all documents, work papers and other
material of any other Party relating to the transactionscontemplated hereby,
whether obtained before or after the execution hereof, to the Party furnishing the same;
and 

	 	     (ii)
the Parties shall be released from future performance and no Party hereto shall have any
liability or further obligation to any other Party resulting from such termination under
this Agreement or otherwise except (x) any Party entitled to the payment of any sum,
expense reimbursement or the Second Deposit pursuant to the terms and conditions set
forth in this Section 8 shall be entitled to enforce such obligation; and (y) Sections 2.9,
7.16, 8.3, 8.4 and Sections 9, 10, 11 and 12 hereof, shall survive such termination. 

	

     8.4 Post-Closing;
Termination Payments. 

     (a)
In the event that the Second Deposit is paid to Sellers as provided in
Section 8.2(d) hereof and any “Covered Assets” (as hereinafter
defined) are sold in one or more transactions to any Person or Persons
(including, without limitation, to Purchaser pursuant to the exercise of any of
the options referred to in Sections 9, 10 and 11 hereof) that, in the
aggregate, generate net proceeds to Sellers in excess of an amount equal to
(x) $195,000,000, less (y) the amount of the Second Deposit, plus
(z) an amount equal to any Allocated Burn Costs as of the date of receipt
of such proceeds, Sellers shall pay to Purchaser eighty percent (80%) of such
excess proceeds until Purchaser shall have received $50,000,000 in the
aggregate, and Sellers shall have no further obligation to Purchaser under this
Section 8.4(a) with respect to any additional proceeds from the sales of
Covered Assets. For purposes of this Section 8.4, “Covered
Assets” shall mean (i) all assets that would have been purchased by
SunGard Data Systems, Inc. pursuant to its last bid for assets of the Sellers
set forth in the record of the Auction (including, without limitation, any
assets subject to any of the options set forth as part of the last bid by
SunGard Data Systems, Inc.), including, without limitation, the assets subject
to any of the options referred to in Sections 9, 10 and 11 hereof, ADP,
Telerate and any Asian or European subsidiaries and/or operations of Sellers or
any assets relating thereto, whether sold before or after termination of this
Agreement and (ii) any other assets of Sellers (other than any shares,
assets or business operations of Bridge/DFS Pty. Ltd. and any shares of capital
stock of Savvis owned by Sellers) sold after termination of this Agreement.
Accounts Receivable shall not constitute Covered Assets. 

     (b)
In the event the Closing of the transactions contemplated under this Agreement
occurs, eighty percent (80%) of any net proceeds received by Sellers pursuant to
the sale of any stock or assets of the Telerate Business, or of Sellers’
European or Asian subsidiaries and/or operations related thereto shall
(i) be applied to the Purchase Price payable at Closing in the event such
proceeds from any such sales are received by Sellers prior to or simultaneously
with the Closing, and (ii) promptly remitted to Purchaser or
Purchaser’s Designee if such proceeds from any such sales are received by
Sellers after the Closing. 

50

	

     (c)
Any amounts payable to Purchaser pursuant to this Section 8.4 shall be paid
by Sellers to Purchaser as soon as possible after Sellers’ receipt of any
such proceeds, but in any event within three (3) business days after any such
proceeds have been received by Sellers, by wire transfer of immediately
available funds to an account or accounts designated in writing by Purchaser. 

     (d)
For purposes of this Section 8.4, “net proceeds” of any sales of stock
or assets shall mean the proceeds received by Sellers less applicable
transaction costs. 

SECTION 9 

WSOD/EJV PUT
AND CALL OPTION

     9.1 Purchaser
WSOD/EJV Call Option. 

     (a)
Subject to the conditions set forth in Section 9.1(b) hereof, Sellers
hereby grant to Purchaser the right and option (hereinafter, the
“WSOD/EJV Call Option”) during the WSOD/EJV Call Option Period
(as defined below), exercisable by prior written notice to Sellers as provided
in Section 9.1(b) hereof (such notice, the “WSOD/EJV Call Exercise
Notice”) to purchase the WSOD/EJV Business for the aggregate price of
$50,000,000 plus 18% of the funding provided by Purchaser pursuant to Section
7.24 (the “WSOD/EJV Exercise Price”), which WSOD/EJV Exercise
Price shall consist of the amount of 18% of the funding provided by Purchaser
pursuant to Section 7.24 and the balance, which balance is to be paid in cash
due at the WSOD/EJV Closing (as defined below). 

     (b)
The WSOD/EJV Call Option may be exercised by Purchaser at any time on or after
June 1, 2001 through and including the Outside Date (the “WSOD/EJV Call
Option Period”), provided that the WSOD/EJV Call Option shall
terminate and no longer be exercisable by Purchaser upon the occurrence of the
Closing provided for in this Agreement. 

     9.2 Sellers
WSOD/EJV Put Option. 

     (a)
Subject to the conditions set forth in Section 9.2(b) hereof, Purchaser
hereby grants to Sellers the right and option (hereinafter, the
“WSOD/EJV Put Option”), exercisable by prior written notice to
Purchaser as provided in Section 9.2(b) hereof (such notice, the
“WSOD/EJV Put Exercise Notice”), to require Purchaser to
purchase, or cause to be purchased, and upon receipt of the WSOD/EJV Put
Exercise Notice, Purchaser shall be obligated to purchase, or cause to be
purchased, the WSOD/EJV Business at the WSOD/EJV Exercise Price. 

     (b)
The WSOD/EJV Put Option shall be exercisable by Sellers only in the event that
(i) the Closing hereunder shall not have occurred on or before August 31,
2001 (or such other time as may be agreed upon in writing by Purchaser and
Sellers), or (ii) this Agreement shall have been terminated by either party
in accordance with the terms hereof, primarily as a result of the inability to
satisfy the HSR Condition, or (iii) Purchaser terminates this Agreement
when it is not otherwise entitled to do so, or (iv) Purchaser fails to
close the purchase when it is obligated to do so under the terms of this
Agreement, or (v) Sellers terminate this Agreement pursuant to
Section 8.1(d) due to Purchaser’s material breach hereof (the date of
each such event, a “WSOD/EJV Put Option Triggering Date”),
provided that in the case of clause (i) above, the WSOD/EJV Put Option
shall only be exercisable by Sellers’ delivery of the WSOD/EJV Put Exercise
Notice any time from August 31, 2001 and any time prior to or on the Outside
Date (or such other time as may be agreed upon in writing by Purchaser and
Sellers) upon at least five (5) business days’ prior written notice to
Purchaser and, in the case of clauses (ii) through (v) above, the WSOD/EJV Put
Option shall only be exercisable by Sellers’ delivery of the WSOD/EJV Put
Exercise Notice within five (5) business days after the WSOD/EJV Put Option
Triggering Date. The WSOD/EJV Put Option shall terminate and no longer be
exercisable by Sellers upon the occurrence of the Closing provided for in this
Agreement. 

51

	

     (c)
In the event that Sellers exercise the WSOD/EJV Put Option but the conditions to
closing set forth in Sections 9.5(b), (c) or (e) (limited to judgments or
orders relating to competition law) hereof have not been satisfied or waived as
provided for in this Agreement or if Sellers are limited in the effective
exercise of such option for any regulatory reason, Purchaser shall,
notwithstanding the fact that the WSOD/EJV Option Closing shall not have
occurred, pay to Sellers the WSOD/EJV Exercise Price forthwith. Sellers shall
continue to operate the WSOD/EJV Business at the risk and expense of Purchaser
pending the WSOD/EJV Option Closing or, in the event the conditions to closing
set forth in Section 9.5(b), (c) or (e) (limited to judgments or orders
relating to competition law) are not satisfied or waived or if Sellers are
limited in the effective exercise of such option for any regulatory reasons,
until such conditions are satisfied or limitation no longer applies or Purchaser
determines that such WSOD Assets and EJV Assets are to be sold to a third party.
In the event of such a determination, Sellers shall cooperate with Purchaser at
Purchaser’s expense to consummate such transfer or sale to such third party
and all net proceeds of such sale shall be paid to Purchaser. 

     9.3 WSOD/EJV
Option Closing. 

     (a)
The closing of the purchase and sale of the WSOD/EJV Business pursuant to either
Section 9.1 or Section 9.2 hereof (the “WSOD/EJV Option
Closing”) shall take place at the offices of Cleary, Gottlieb, Steen
& Hamilton at 10:00 a.m. on such date as shall be mutually agreed upon by
Sellers and Purchaser, but in no event later than ten (10) business days after
the receipt by Sellers or Purchaser of the WSOD/EJV Put Exercise Notice (or, if
later, ten (10) days after the expiration of the applicable waiting period under
the HSR Act, if any), or WSOD/EJV Call Exercise Notice, as applicable (such date
being referred to herein as the “WSOD/EJV Option Closing
Date”). 

     (b)
If the WSOD/EJV Option is exercised, and the WSOD/EJV Exercise Price is paid,
the WSOD/EJV Business shall no longer constitute part of the Acquired Business,
and the WSOD/EJV Exercise Price, to the extent received by Sellers, shall be
deducted from the Purchase Price, provided that except as follows
expressly from this Section, the other Sections of this Agreement shall not be
affected. 

     9.4
Transitional Period. During the period between the date hereof and the
WSOD/EJV Option Closing Date, Sellers shall operate the WSOD/EJV Business in the
ordinary course in the context of a Chapter 11 Case and in the same manner as
Sellers are required to operate the Acquired Business pursuant to their
obligation under Section 7.3 hereof, pending the WSOD/EJV Option Closing
Date, and, to the extent permitted by Law, cooperate with Purchaser, including,
without limitation, by complying with any reasonable requests of Purchaser for
the books and records relating to the WSOD/EJV Business and any other reasonable
due diligence requests and by obtaining any required regulatory approvals. 

52

	

     9.5
Conditions Precedent to the WSOD/EJV Option Closing. Except as otherwise
provided in Section 9.2(c), (i) the obligations of Purchaser to effect the
transactions contemplated by this Section 9 shall be subject to the
satisfaction or waiver at or prior to the WSOD/EJV Option Closing Date of the
following conditions precedent, and (ii) the obligations of Sellers to effect
the transactions contemplated by this Section 9 shall be subject to the
satisfaction or waiver at or prior to the WSOD/EJV Option Closing Date of the
conditions precedent set out in 9.5 (a), (b), (c) and (e) (provided that
the Parties shall cooperate to achieve fulfillment of such conditions): 

     (a)
there shall be a Designated Contracts Order; 

     (b)
the waiting period, if any, under the HSR Act shall have expired, and no
condition or requirement unacceptable to Purchaser in its reasonable opinion
shall be imposed on or required of Purchaser or any of its subsidiaries or
affiliates as a result of or as a condition to the foregoing; 

     (c)
the material regulatory conditions, approvals and filings with respect to the
WSOD/EJV Business, which are set out in Schedule 3.1(d) hereto, shall
have been obtained or made in form and substance reasonably satisfactory to the
Parties; 

     (d)
the representations and warranties of Sellers set forth on Schedule 5.22
hereto shall be true and correct as of the date of this Agreement and as of the
WSOD/EJV Option Closing Date, with only such exceptions as, individually or in
the aggregate, do not constitute and would not be reasonably expected to
constitute a WSOD/EJV Material Adverse Effect, provided that the
foregoing requirement, as applied to any representations and warranties set
forth in paragraphs 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15 and 16 of Schedule
5.22 hereto, shall be as of the date hereof only; 

     (e)
there shall not be in effect any Law of any Governmental Authority of competent
jurisdiction restraining, enjoining or otherwise preventing consummation of the
transactions contemplated under this Section 9; 

     (f)
each Seller shall have performed in all material respects its covenants and
obligations under this Section 9 required to be performed by such Seller
prior to the WSOD/EJV Option Closing Date with only such exceptions which,
individually or in the aggregate, do not constitute and would not reasonably be
expected to constitute a WSOD/EJV Material Adverse Effect; 

     (g)
no WSOD/EJV Material Adverse Effect that would result in a diminution of the
value to the WSOD/EJV Business in an amount greater than one-third (1/3) of the
WSOD/EJV Exercise Price shall have occurred or be reasonably expected to occur,
provided that if the WSOD/EJV Option Closing occurs after August 31,
2001, the occurrence of a Material Adverse Effect for the purposes of the
condition set forth in this Section 9.5(g) shall be measured as if the WSOD/EJV
Option Closing had occurred on August 31, 2001; 

53

	

     (h)
Purchaser shall have received a certificate, in form and substance to the
reasonable satisfaction of Purchaser, dated as of the WSOD/EJV Closing Date,
executed by an authorized executive officer of Bridge, certifying in such detail
as Purchaser may reasonably request, that the conditions in this Section 9.5
have been fulfilled; and 

     (i)
Purchaser shall be reasonably satisfied that Purchaser shall have no liability
(including, without limitation, liabilities that may arise under COBRA, WARN or
under any other U.S. or non-U.S. Law) with respect to any employees who do not
accept an offer of employment from and commence employment with Purchaser or
Purchaser’s Designee. 

     9.6 Closing
Deliveries. 

     (a)
At the WSOD/EJV Option Closing, Sellers shall deliver to Purchaser, or in the
case of clause (iv) below, make available to Purchaser: 

	 	     (i)
general bills of sale and assignment, in form and substance reasonably satisfactory to
Purchaser, with respect to the WSOD Assets and the EJV Assets (other than real estate)
and any other documents reasonably requested by Purchaser so as to convey to Purchaser
good title, free and clear of all Liens (other than Permitted Liens), to all of Sellers’right,
title and interest in and to the WSOD Assets and the EJV Assets, each executed by the
Sellers; 

	 	     (ii)
special or limited warranty deeds and owner’s title insurance policy commitments,
each in form and substance reasonably satisfactory to Purchaser, with respect to any
owned real property used in the WSOD/EJV Business; 

	 	     (iii)
an assignment and assumption of leases, security deposits and prepaid rents assigning to
Purchaser all of Sellers’right, title and interest in and to leased real property
used in the WSOD/EJV Business and all security deposits and prepaid rents thereunder; 

	 	     (iv)
all of Sellers’books and records, customer files and related business records
pertaining to the WSOD Assets and the EJV Assets, the originals of all contracts included
in the WSOD Assets and the EJV Assets in Sellers’possession, the originals of all
permits and warranties, and copies of all maintenance records and operating manuals in
Sellers’possession pertaining to the personal property or any portion of their
respective owned or leased real property used in the WSOD/EJV Business; 

	 	     (v)
a certificate of non-foreign status relating to the WSOD/EJV Business in accordance with
Section 1445 of the Code, and any similar State-required documents requested by
Purchaser or in respect of which there is Sellers’Knowledge; and 

	 	     (vi)
all other documents, certificates, instruments or writings reasonably requested by
Purchaser in connection with any purchase of the WSOD Assets and EJV Assets pursuant to
Sections 9.1 or 9.2 hereof. 

	

54

	

     (b) At
the WSOD/EJV Option Closing, Purchaser shall deliver to Bridge: 

	 	     (i)
the WSOD/EJV Exercise Price by wire transfer of immediately available funds to an account
or accounts designated in writing by Bridge; and

	 	     (ii)
an assumption agreement in form and substance reasonably acceptable to Bridge, providing
for the assignment by Sellers and the assumption by Purchaser of the WSOD/EJV Designated
Contracts Purchaser has elected to assume and have assigned to it or Purchaser’s
Designee pursuant to the terms of this Agreement. 

	

     9.7 WSOD
Assets and EJV Assets; WSOD/EJV Excluded Assets. 

     (a)
Subject to the terms and conditions set forth in this Section 9, as of the
WSOD/EJV Option Closing Date, Sellers shall sell, assign, transfer, convey, and
deliver to Purchaser and Purchaser shall purchase, or cause to be purchased and
accept, or cause to be accepted, from Sellers, all of Sellers’ right,
title, and interest in, to and under all of the WSOD Assets and EJV Assets,
wherever located, whether tangible or intangible, as the same shall exist on the
WSOD/EJV Option Closing Date, but not including cash of WSOD and EJV, the
accounts receivable of WSOD and EJV, or any WSOD/EJV Excluded Assets (as defined
below), free and clear of all Liens other than the Liens referred to in
Schedule 5.22, paragraph 4(a) or any Permitted Liens. 

     (b)
All of the assets of Sellers which are not WSOD Assets and EJV Assets,
are expressly excluded and shall be retained by Sellers (the “WSOD/EJV
Excluded Assets”). Purchaser expressly agrees and understands that,
except as otherwise expressly provided in this Agreement in connection with the
Closing or the exercise of any other option to purchase specific assets of the
Sellers set forth in this Agreement, Sellers shall not sell, assign, transfer,
convey or deliver to Purchaser any of the WSOD/EJV Excluded Assets. 

     9.8 WSOD
and EJV Contract Assumption. 

     (a)
Schedule 9.8A sets forth a list of executory contracts and unexpired
leases used in the WSOD/EJV Business (other than WSOD/EJV Non Filing Seller
Contracts) that, in the event that the WSOD/EJV Call Option or WSOD/EJV Put
Option is exercised, Purchaser wishes to assume and Sellers wish to assign to
Purchaser at the WSOD/EJV Option Closing (“Schedule 9.8A
Contracts”). Schedule 9.8B sets forth a list of executory
Contracts or unexpired leases, other than WSOD/EJV Non Filing Seller Contracts,
that, in the event that the WSOD/EJV Call Option or WSOD/EJV Put Option is
exercised, Purchaser may elect to assume at the WSOD/EJV Option Closing
(“Schedule 9.8B Contracts”) in the same manner as provided for
in Section 2.4. The Schedule 9.8A Contracts and the Schedule 9.8B Contracts
that are actually assumed by and assigned to Purchaser or Purchaser’s
Designee at the WSOD/EJV Option Closing are hereinafter referred to collectively
as the “WSOD/EJV Designated Contracts” and each a
“WSOD/EJV Designated Contract”. Purchaser shall be responsible
for and bear any WSOD/EJV Cure Costs in connection with Purchaser’s
assumption of the WSOD/EJV Designated Contracts at the WSOD/EJV Option Closing,
and Sellers shall have no liability for WSOD/EJV Cure Costs in connection with
Purchaser’s assumption of the WSOD/EJV Designated Contracts, and shall only
be liable for WSOD/EJV Cure Costs in respect of WSOD/EJV Undisclosed Contracts
(as defined in Section 9.8(b) hereof) in excess of $830,000 (such amount is
referred to as the “WSOD/EJV Seller Cure Liability Amount”);
provided that the Parties shall share equally the Cure Costs with respect
to the WSOD/EJV Designated Contracts listed on Schedule 9.8B that are
marked “Telerate” and that are not marked with an asterisk. 

55

	

     (b)
If prior to the WSOD/EJV Option Closing Date any Party becomes aware of any
executory contract or unexpired lease used in the WSOD/EJV Business not
previously listed in Schedules 9.8A, 9.8B or 9.8C (any such contract, a
“WSOD/EJV Undisclosed Contract”), the discovering Party shall
immediately notify the other Parties of such WSOD/EJV Undisclosed Contract, and
Purchaser may elect, on or prior to the WSOD/EJV Option Closing Date, to
assume such WSOD/EJV Undisclosed Contract. Notwithstanding the foregoing, and
subject to the Bankruptcy Code, if any WSOD/EJV Undisclosed Contract is entered
into after the date of the Approval Order and such WSOD/EJV Undisclosed Contract
contains language allowing the Sellers to assign the Contract to Purchaser, then
such Contract may be assigned without the entry of a Bankruptcy Court order. 

     (c)
Schedule 9.8C sets forth a list of WSOD/EJV Non Filing Seller Contracts.
Purchaser shall have the right to elect to have any or all of the WSOD/EJV Non
Filing Seller Contracts assigned to it, by notice to Sellers not later than 15
calendar days prior to the scheduled WSOD/EJV Option Closing Date and any such
WSOD/EJV Non Filing Seller Contract that Purchaser has so elected to have
assigned to it shall, except for the purposes of Section 9.8(a), be deemed to
constitute a WSOD/EJV Designated Contract for the purposes of Section 9. 

     9.9 Amounts
Due Under WSOD/EJV Contracts. 

     (a)
Purchaser shall be obligated to pay any amounts for services rendered and goods
provided under the WSOD/EJV Designated Contracts from and after the WSOD/EJV
Option Closing Date. Any amounts for services rendered and goods provided under
the WSOD/EJV Designated Contracts during the period until the WSOD/EJV Option
Closing Date shall be a retained liability of Sellers, except as provided in
Section 9.8(a) above. 

     (b)
Subject to Sections 9.8 and 9.9(a), the satisfaction of any and all cure
amounts is and shall remain the obligation of the Sellers, and Purchaser shall
have no responsibility to any third party therefor. Sellers are responsible for
the verification of all cure amounts, including all administrative
responsibilities associated therewith, in their Chapter 11 Cases and otherwise
and shall use their reasonable best efforts to establish the proper cure amount,
if any, for each executory contract and unexpired lease relating to the WSOD/EJV
Business, including the filing and prosecution of any and all appropriate
proceedings in the Bankruptcy Court. Such WSOD/EJV Cure Costs shall be paid at
or as soon as practicable after the WSOD/EJV Option Closing Date, and to the
extent Purchaser satisfies any cure amount in excess of its obligation under
Sections 9.8 and 9.9(a), such excess shall be a credit against the WSOD/EJV
Exercise Price. 

     9.10
Assumed Liabilities. Subject to (i) the occurrence of the WSOD/EJV
Option Closing, and (ii) the terms and conditions set forth in this
Section 9 (including, without limitation, the terms and conditions set
forth in Section 9.8 and Section 9.9 hereof), at the WSOD/EJV Option
Closing, Purchaser shall assume from Sellers and thereafter pay, perform, or
discharge in accordance with their terms and hold Sellers harmless in respect
of, all (i) payables, obligations and liabilities with respect to, arising
out of, or associated with the ownership, possession or use of the WSOD/EJV
Assets arising on or after the WSOD/EJV Option Closing; (ii) obligations
that arise or which by their terms are to be observed, paid, discharged or
performed, as the case may be, on or after the WSOD/EJV Option Closing Date
under the WSOD/EJV Designated Contracts that the Purchaser has elected to assume
pursuant to Section 9.8 hereof and for such goods and services as are
provided in the ordinary course to the WSOD/EJV Business on or subsequent to the
WSOD/EJV Option Closing Date; (iii) those liabilities listed on Schedule
9.10 hereto; (iv) the Purchaser’s share of prorated liabilities of
Sellers pursuant to Section 9.15 hereof; and (v) liabilities and
obligations set forth in Section 9.17. The liabilities to be assumed
pursuant to this Section 9 shall be referred to herein as the
“WSOD/EJV Assumed Liabilities”. 

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     9.11
WSOD/EJV Excluded Liabilities. Subject to Sections 9.8, 9.9 and
9.10, Purchaser does not assume or agree to pay, satisfy, discharge or perform,
and shall not be deemed by virtue of the execution and delivery of this
Agreement, delivery of any document in connection with the exercise of the
WSOD/EJV Call Option and/or WSOD/EJV Put Option or any document delivered at the
WSOD/EJV Option Closing Date pursuant to this Section 9, or as a result of
the consummation of the transactions contemplated by this Section 9, to
have assumed, or to have agreed to pay, satisfy, discharge or perform, any
liability, obligation or indebtedness of any Seller, whether primary or
secondary, direct or indirect, other than the WSOD/EJV Assumed Liabilities.
Purchaser shall not be liable for any liabilities, contracts, agreements or
other obligations of Sellers which are not expressly assumed by Purchaser or
Purchaser’s Designee pursuant to Section 9.10 hereof or the WSOD/EJV Cure
Costs to the extent provided in Sections 9.8 and 9.9, including, without
limitation, those set forth below (all such liabilities and obligations that are
not WSOD/EJV Assumed Liabilities are referred to herein as the
“WSOD/EJV Excluded Liabilities”): 

     (a)
all obligations or liabilities of any Sellers or any predecessor(s) or affiliate(s) of
Sellers that relate to any of the WSOD/EJV Excluded Assets; 

     (b)
all obligations or liabilities of Sellers or any predecessor(s) or affiliate(s)
of Sellers relating to Taxes (including with respect to the WSOD Assets or EJV
Assets or otherwise) for all periods, or portions thereof, ending on or prior to
the WSOD/EJV Option Closing Date; 

     (c)
all obligations or liabilities for any legal, accounting, investment, banking,
brokerage or similar fees or expenses incurred by any Sellers in connection
with, resulting from or attributable to the transactions contemplated by this
Agreement and the DIP Financing; 

     (d)
all obligations or liabilities for any borrowed money incurred by Sellers or any
predecessor(s) or affiliate(s) of Sellers; 

     (e)
all liabilities and obligations from Sellers or any predecessor(s) or
Affiliate(s) of Sellers resulting from, caused by or arising out of, directly or
indirectly, the conduct of the business or ownership or lease of any properties
or assets previously used by Sellers in connection with the WSOD/EJV Business at
any time prior to or on the WSOD/EJV Option Closing Date, including, without
limitation, such of the foregoing (i) as constitute, may constitute or are
alleged to constitute a tort, breach of contract or violation of requirement of
any law, (ii) that relate to, result in or arise out of the existence or
imposition of any liability or obligation to remediate or contribute or
otherwise pay any amount under or in respect of any environmental, superfund or
other environmental cleanup or remedial laws, occupational safety and health
laws or other laws or (iii) that relate to any and all claims, disputes,
demands, actions, liabilities, damages, suits in equity, administrative
proceedings, accounts, costs, expenses, setoffs, contributions, attorneys’
fees and/or causes of action of whatever kind or character against Sellers or
any predecessor(s) or affiliate(s) of Sellers, whether past, present, future,
known or unknown, liquidated or unliquidated, accrued or unaccrued; 

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     (f)
any and all Taxes of any member of an Affiliated Group of which Sellers (or any
predecessor of Sellers) is or was a member on or prior to the WSOD/EJV Option
Closing Date, by reason of the liability of such entity pursuant to Treasury
Regulation Section 1.1502-6(a) or any comparable provision of State, local
or foreign law; 

     (g)
any obligations under WARN or COBRA, and any severance or notice obligations to
former employees of Sellers (other than the Transferred WSOD/EJV Employees to
the extent that severance or notice obligations may take place in connection
with Transferred WSOD/EJV Employees’ employment with Purchaser or
Purchaser’s Designee); and 

     (h)
all liabilities, known or unknown, of Sellers relating to the recruitment,
employment or termination of employment on or prior to the WSOD/EJV Option
Closing Date, including, with respect to the Transferred WSOD/EJV Employees, all
WSOD/EJV Plans and all Contracts pertaining thereto, except as set forth in
Section 9.17(b) hereof. 

     9.12
No Expansion of Third Party Rights. The assumption by Purchaser or
Purchaser’s Designee of the WSOD/EJV Assumed Liabilities shall in no way
expand the rights or remedies of any third party against Purchaser or Sellers as
compared to the rights and remedies which such third party would have had
against Sellers absent the Chapter 11 Cases, had Purchaser not assumed such
WSOD/EJV Assumed Liabilities. Without limiting the generality of the preceding
sentence, the assumption by Purchaser of the WSOD/EJV Assumed Liabilities shall
not create any third-party beneficiary rights other than with respect to the
Person that is the obligee of such Assumed Liabilities. 

     9.13
Allocation of WSOD/EJV Exercise Price. Purchaser shall, within sixty (60)
days after the WSOD/EJV Option Closing Date, prepare and deliver to Sellers for
their consent (which consent shall not be unreasonably withheld) a schedule
allocating the WSOD/EJV Exercise Price (and any other amounts required to be
treated as additional purchase price) among the respective Sellers and the WSOD
Assets, EJV Assets and the WSOD/EJV Designated Contracts in accordance with the
applicable Treasury Regulations (or any comparable provisions of State or local
tax law). If Sellers raise objections, Purchaser and Sellers will negotiate in
good faith to resolve such objections. Purchaser and Bridge shall report and
file all Tax Returns (including amended Tax Returns and claims for refund)
consistent with the allocation, and shall take no position contrary thereto or
inconsistent therewith (including, without limitation, in any audits or
examinations by any taxing authority or any other proceedings). Purchaser and
Sellers shall cooperate in the filing of any forms (including Form 8594) with
respect to such allocation. If and to the extent the Parties are unable to agree
on such allocation, the Parties shall retain an independent third party
accounting firm to resolve such dispute. Notwithstanding any other provisions of
this Agreement, the provisions of this Section 9.13 shall survive the
WSOD/EJV Option Closing Date without limitation. 

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     9.14
Transfer Taxes. Any sales, use, transfer or recording Taxes with respect
to real or personal property due as a result of the transactions provided for in
this Section 9 (including, without limitation, any Taxes payable as a
result of the exercise of the WSOD/EJV Call Option or the WSOD/EJV Put Option)
shall be paid by Purchaser. The Parties will reasonably cooperate to minimize
any such taxes, including with respect to delivery location. 

     9.15
Prorations. Sellers shall bear all personal property and ad valorem tax
liability with respect to the WSOD Assets and the EJV Assets if the Lien or
assessment arises with respect to periods prior to the WSOD/EJV Option Closing
Date irrespective of the reporting and payment dates of such taxes. All other
property taxes, ad valorem taxes and similar recurring taxes and fees on the
WSOD Assets and the EJV Assets, and all lease payments, salaries and other
compensation payable to employees or officers or similar recurring payments
under agreements that are WSOD/EJV Designated Contracts, shall be prorated for
the applicable period between Purchaser and the applicable Seller as of 12:01
a.m. local time on the WSOD/EJV Option Closing Date. All payments to be made by
Purchaser or Sellers in accordance with this Section 9.15 shall be made, to
the extent then determinable (and to the extent not determinable as shall be
estimated by Purchaser in good faith as of the WSOD/EJV Option Closing), at the
WSOD/EJV Option Closing Date with such payments deposited into escrow until due,
or to the extent not determinable as of the WSOD/EJV Option Closing Date,
promptly following the determination thereof, with such payments deposited into
escrow until due. Purchaser shall have the right of reasonable review and
approval of Sellers’ property Tax Returns and assessments with respect to
the WSOD/EJV Business and the right to contest any assessments by which
Purchaser may be adversely affected. Purchaser and Sellers shall reasonably
cooperate with respect to any review, contest or challenge of any tax return or
assessment. Sellers and Purchaser shall also undertake a reconciliation and
allocation procedure using the mechanism set out above for the reconciliation
and allocation of payroll expenses and costs. 

     9.16
Reconciliation and Allocations. Beginning on the WSOD/EJV Option Closing
Date, (a) all payments received by Sellers on account of the accounts
receivable and all other payments received by Sellers which are properly
allocable to the conduct of the WSOD/EJV Business with respect to periods after
the WSOD/EJV Option Closing Date, other than relating to WSOD/EJV Excluded
Assets, shall be held in trust for Purchaser and shall be promptly paid to
Purchaser, and (b) all payments received by Purchaser which are properly
allocable to the conduct of the WSOD/EJV Business with respect to periods before
the WSOD/EJV Option Closing Date shall be held in trust for Sellers and shall be
promptly paid to Sellers. On the WSOD/EJV Option Closing Date and, thereafter,
on the last day of each month during the six (6)-month period beginning on the
WSOD/EJV Option Closing Date, Sellers and Purchaser shall report to each other
and reconcile the amounts of such payments and the reconciled net amount shall
be paid by Purchaser to Sellers, or by Sellers to Purchaser, as the case may be.
After such six (6)-month period, the Parties shall cooperate with each other to
allocate and remit to the appropriate Party any account receivables collected,
and shall continue to hold such payments in trust for the other Party and remit
them periodically as received. 

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     9.17
WSOD/EJV Employment Matters. 

     (a)
No later than ten (10) days before the WSOD/EJV Option Closing, Purchaser or one
of Purchaser’s Designees shall offer employment to not less than 235
WSOD/EJV Employees, any development staff employees who perform services for the
WSOD/EJV Business, and other employees of Sellers who are employed in essential
positions or primarily in respect of the WSOD/EJV Business or whose services are
material to the operation of the WSOD/EJV Business, reduced by any voluntary
resignations since the date hereof not resulting from receipt of a WARN Act
notice to the employees who are identified as the employees who will not receive
an offer of employment by Purchaser as provided below or similar notice,
intended to comply with applicable Law, that the Parties may mutually agree to
send to such employees pursuant to Section 9.17(g) and any employees erroneously
included on Annex 12 to Schedule 5.22 hereto, and further
equitably reduced by any employees identified by Purchaser who do not spend 100%
of their time in the WSOD/EJV Business, whom Purchaser desires to employ and who
remain actively employed with any Seller on the WSOD/EJV Option Closing Date,
with at least the same base salary (exclusive of bonuses, stock options,
restricted stock and other similar forms of discretionary compensation) and
substantially equivalent position as in effect immediately prior to the WSOD/EJV
Option Closing, and with each such offer being contingent on completion of the
WSOD/EJV Option Closing and on the offeree’s compliance with the standard
hiring practices of Purchaser (or the applicable Purchaser’s Designee),
including the assignment of intellectual property rights, if any, retroactive to
such employee’s date of hire with the applicable Seller. A full list of
employees whom Purchaser elects to employ shall be submitted to Sellers no later
than twenty (20) days prior to WSOD/EJV Option Closing. Each such employee who
accepts such employment as of the WSOD/EJV Option Closing shall be referred to
herein as a “Transferred WSOD/EJV Employee.” In connection with
the foregoing provisions of this Section 9.17(a), Sellers shall permit
Purchaser to meet with, distribute materials to and/or communicate with such
employees prior to the WSOD/EJV Option Closing Date. For purposes of this
Section 9.17(a), an employee shall be treated as “actively
employed” notwithstanding that such employee may be absent from work on
the WSOD/EJV Option Closing Date solely by reason of any holiday, vacation,
scheduled day off or non-medical leave of absence. As soon as practicable
hereafter, Sellers and Purchaser shall cooperate and use reasonable best efforts
to establish the list of WSOD/EJV Employees who will not be offered employment
by Purchaser or a Purchaser’s Designee. 

     (b)
Purchaser (or the applicable Purchaser’s Designee) shall provide the
Transferred WSOD/EJV Employees with employee benefits plans that are
substantially comparable, in the aggregate, to the Sellers’ employee
benefit plans, within the meaning of ERISA as in effect on the date hereof.
Purchaser (or the applicable Purchaser’s Designee) shall treat prior
service with Sellers as service with Purchaser (or the applicable
Purchaser’s Designee) for purposes of eligibility to participate and
vesting with respect to all employee benefit plans (other than retiree medical
and life insurance plans) covering Transferred WSOD/EJV Employees. Purchaser (or
the applicable Purchaser’s Designee) will assume and recognize vacation
entitlements payable to Transferred WSOD/EJV Employees accrued but unpaid prior
to WSOD/EJV Option Closing, provided that Purchaser and Purchaser’s
Designees shall not be required to assume or recognize such accrued vacation
entitlements where, but only to the extent that, such entitlements in the
aggregate exceed $750,000. Nothing herein limits Purchaser’s (or the
applicable Purchaser Designee’s) right to amend, modify or terminate its
employee benefit plans. To the fullest extent permitted under their medical and
dental plans, Purchaser (or the applicable Purchaser’s Designee) shall give
credit for all current year deductibles and co-payments paid by any Transferred
WSOD/EJV Employee in respect of claims incurred by such Transferred WSOD/EJV
Employee during the portion of the current calendar year prior to the WSOD/EJV
Option Closing, and Purchaser shall waive any pre-existing conditions provisions
under any such plan covering Transferred WSOD/EJV Employees to the same extent
that such provisions were waived with respect to Transferred WSOD/EJV Employees
pursuant to the terms of Sellers’ plans. Sellers shall reasonably cooperate
with Purchaser or one of Purchaser’s Designees in the implementation,
transfer or transition of any of Sellers’ employee benefit plans with
regard to Purchaser’s obligation hereunder. 

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     (c)
From the date of signing of this Agreement, Sellers and Purchaser shall use
commercially reasonable efforts to provide appropriate transitional arrangements
for Transferred WSOD/EJV Employees in possession of L-1B and H1-B visas, or
other permits to work for the WSOD/EJV Business in the United States or other
jurisdictions, and shall take such steps as are necessary and appropriate to
ensure, to the extent possible, that such employees are transferred to the
Purchaser (or the applicable Purchaser’s Designee) without disruption of
employment. Sellers and Purchaser shall also use commercially reasonable efforts
to ensure that there is no disruption to Transferred WSOD/EJV Employees’
applications for visas or work permits sponsored by the WSOD/EJV Business. 

     (d)
As soon as is practical after the WSOD/EJV Option Closing, Sellers shall
(i) take all actions as are necessary or appropriate to fully vest, as of
the WSOD/EJV Option Closing Date, the interests of the Transferred WSOD/EJV
Employees under Sellers’ defined contribution retirement plan(s);
(ii) provide such employees an election to roll over their vested interests
to Purchaser’s defined contribution retirement plan, including appropriate
arrangements for loans provided to them under Sellers’ plan; and
(iii) roll over the full amount of the vested interests which the employees
have elected to roll over, as soon as possible but not later than six (6) months
after the WSOD/EJV Option Closing Date, to the accounts of such employees under
Purchaser’s defined contribution retirement plan in accordance with
Section 402 of the Code. Purchaser shall reasonably cooperate with Sellers
in respect of the above actions and shall accept such rollovers and have no
liability for any discontinuance, termination or other charges that may be due
to any investment option or management providers or to any plan record keeping
or other agents with respect to such termination and rollover of such
employees’ interests from Sellers’ retirement plan(s) to
Purchaser’s retirement plan. 

     (e)
With respect to Transferred WSOD/EJV Employees, Sellers shall cause all accrued
and unpaid vacation and sick leave entitlements exceeding $750,000 as of the
WSOD/EJV Option Closing Date and all salary, bonuses (including retention
bonuses), commissions or other cash incentive compensation with respect to the
portion of the calendar year prior to the WSOD/EJV Option Closing Date to be
fully paid on or before the WSOD/EJV Option Closing Date. Sellers shall have
sole responsibility for “continuation coverage” benefits
provided under group health plans to all current or former employees of any
Seller (other than Transferred WSOD/EJV Employees) and qualified beneficiaries
relating thereto for whom a “qualifying event” has occurred on, prior
to or after the WSOD/EJV Option Closing Date, and any severance or notice
obligations to former employees of Sellers (other than the Transferred WSOD/EJV
Employees to the extent that severance or notice obligations may take place in
connection with Transferred WSOD/EJV Employees’ employment with Purchaser
or Purchaser’s Designee). Terms used in this subsection and not otherwise
defined herein shall have the meanings ascribed to them under COBRA. 

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     (f)
Sellers shall institute a reasonable retention program, as specified, funded and
approved by Purchaser, with respect to the WSOD/EJV Employees. Sellers shall not
terminate the employment of any employee listed on Annex 12 to
Schedule 5.22 hereto other than for cause, provided that the
issuance of notices intended to comply with WARN to such employees, by itself,
shall not be prohibited. In addition, (i) Sellers shall not encourage or
otherwise facilitate any Person other than the Purchaser (or Purchaser’s
Designee) to employ or offer to employ any employee listed on Annex 12 to
Schedule 5.22 hereto, or to encourage any such employee to terminate
employment, and (ii) shall use reasonable efforts to enforce its rights under
covenants, including covenants contained in non-disclosure or confidentiality
agreements, entered into in favor of Sellers by third parties to the extent they
provide restrictions on the solicitation of or entering into contracts of
employment with employees of the WSOD/EJV Business or prohibit the use of
confidential information of Sellers for any such purpose. 

     (g)
Notwithstanding Section 9.11(g) of this Agreement, the Parties shall use
reasonable efforts to give any notices required under applicable Law to mitigate
Sellers’ liability for COBRA and WARN obligations to WSOD/EJV Employees who
do not become Transferred WSOD/EJV Employees. 

     9.18
WSOD/EJV Transitional Services. For a reasonable period of time following
the WSOD/EJV Option Closing, Sellers shall provide to Purchaser or
Purchaser’s Designee such transitional services, including, without
limitation, the use of communication networks, computers and other systems to
effect the gathering and dissemination of data (including, without limitation,
data provided pursuant to contracts held by Bridge to support the WSOD/EJV
Business), the collecting, reporting and editing of news, administrative
services, contract services, payroll services, system management functions,
technical services, provision of information, application support,
infrastructure and human resources support, as may be reasonably requested by
Purchaser or the applicable Purchaser Designee to conduct the WSOD/EJV Business,
as well as those services set forth on Annex 13 to Schedule 5.22
hereto, provided that (A) the Purchaser or Purchaser’s Designee
shall compensate the Sellers on a current basis, at market rates and terms as
mutually agreed, or, if higher, at the cost to the Sellers, (B) the Sellers
shall render such services subject to the availability of resources and capacity
constraints, it being understood that, based upon current circumstances, the
Sellers anticipate that there will be limited availability of resources, and
(C) the Purchaser shall have the right to terminate such arrangements
without liability subject to reasonable notice and payment of all amounts due to
the Sellers up to the date of termination and, provided further
that notwithstanding anything to the contrary contained in clause (B) above,
Purchaser or a Purchaser Designee may request Sellers, for the purpose of
providing transitional service, to maintain services that would otherwise be
discontinued and Sellers shall maintain such services subject to Purchaser or a
Purchaser Designee paying Sellers’ costs therefor. Sellers and Purchaser
shall use commercially reasonable efforts to negotiate appropriate and orderly
termination and phase-out arrangements with respect to the WSOD/EJV Business and
activities that are discontinued following the WSOD/EJV Option Closing. 

     9.19
WSOD/EJV Facilities and Subleasing Arrangements. Sellers shall enter into
and, for a reasonable period of time following the WSOD/EJV Option Closing,
maintain facilities and subleasing arrangements with Purchaser in respect of the
properties set forth on Annex 13 to Schedule 5.22 hereto. 

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     9.20
WSOD/EJV-Bridge Agreements. Effective immediately upon the WSOD/EJV
Option Closing, Sellers or any of their subsidiaries, as appropriate, shall
enter into agreements covering the matters described on Annex 14 to
Schedule 5.22 hereto. 

     9.21
WSOD/EJV Trademarks and Intellectual Property. The Parties shall
negotiate in good faith and, on or prior to the WSOD/EJV Option Closing, shall
enter into a license agreement pursuant to which Sellers shall grant to
Purchaser or any of Purchaser’s Designees a license to use any trademarks
and other intellectual property and any rights pertaining thereto that are owned
or used by Sellers in connection with conducting the WSOD/EJV Business (and that
are not otherwise transferred to Purchaser or a Purchaser’s Designee at the
WSOD/EJV Option Closing), which license shall be granted to Purchaser for a
reasonable period of time commencing immediately following the WSOD/EJV Option
Closing and on such terms and conditions as shall be set forth in the license
agreement. 

     9.22
Conformity. The Parties acknowledge the intention that the mechanisms for
the transfer of the WSOD/EJV Business shall be substantially the same as the
mechanisms for the transfer of the Acquired Business and will modify in good
faith the above provisions (except 9.1, 9.2, 9.3, 9.4, 9.5 and 9.8) as necessary
to reflect such intention. 

SECTION 10 

STOCKVAL PUT
AND CALL OPTION

     10.1
Purchaser StockVal Call Option. 

     (a)
Subject to the conditions set forth in Section 10.1(b) hereof, Sellers
hereby grant to Purchaser the right and option (hereinafter, the
“StockVal Call Option”) during the StockVal Call Option Period
(as defined below), exercisable by prior written notice to Sellers as provided
in Section 10.1(b) hereof (such notice, the “StockVal Call Exercise
Notice”) to purchase the StockVal Business for the aggregate price of
$15,000,000 plus 5.5% of the funding provided by Purchaser pursuant to Section
7.24 (the “StockVal Exercise Price”), which StockVal Exercise
Price shall consist of the amount of 5.5% of the funding provided by Purchaser
pursuant to Section 7.24 and the balance, which balance is to be paid in cash
due at the StockVal Option Closing (as defined below). 

     (b)
The StockVal Call Option may be exercised by Purchaser at any time on or after
June 1, 2001 through and including the Outside Date (the “StockVal Call
Option Period”), provided that the StockVal Call Option shall
terminate and no longer be exercisable by Purchaser upon the occurrence of the
Closing provided for in this Agreement. 

     10.2
Sellers StockVal Put Option. 

     (a)
Subject to the conditions set forth in Section 10.2(b) hereof, Purchaser
hereby grants to Sellers the right and option (hereinafter, the
“StockVal Put Option”), exercisable by prior written notice to
Purchaser as provided in Section 10.2(b) hereof (such notice, the
“StockVal Put Exercise Notice”), to require Purchaser to
purchase, or cause to be purchased, and upon receipt of the StockVal Put
Exercise Notice, Purchaser shall be obligated to purchase, or cause to be
purchased, the StockVal Business at the StockVal Exercise Price. 

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     (b)
The StockVal Put Option shall be exercisable by Sellers only in the event that
(i) the Closing hereunder shall not have occurred on or before
August 31, 2001 (or such other time as may be agreed upon in writing by
Purchaser and Sellers), or (ii) this Agreement shall have been terminated
by either party in accordance with the terms hereof, primarily as a result of
the inability to satisfy the HSR Condition, or (iii) Purchaser terminates
this Agreement when it is not otherwise entitled to do so, or
(iv) Purchaser fails to close the purchase when it is obligated to do so
under the terms of this Agreement, or (v) Sellers terminate this Agreement
pursuant to Section 8.1(d) due to Purchaser’s material breach hereof
(the date of each such event a “StockVal Put Option Triggering
Date”), provided that in the case of clause (i) above, the
StockVal Put Option shall only be exercisable by Sellers’ delivery of the
StockVal Put Exercise Notice any time from August 31, 2001 and any time prior to
or on the Outside Date (or such other time as may be agreed upon in writing by
Purchaser and Sellers) upon at least five (5) business days’ prior written
notice to Purchaser and, in the case of clauses (ii) through (v) above, the
StockVal Put Option shall only be exercisable by Sellers’ delivery of the
StockVal Put Exercise Notice within five (5) business days after the date of the
StockVal Put Option Triggering Date. The StockVal Put Option shall terminate and
no longer be exercisable by Sellers upon the occurrence of the Closing provided
for in this Agreement. 

     (c)
In the event that Sellers exercise the StockVal Put Option but the conditions to
closing set forth in Sections 10.5(b), (c) or (e) (limited to judgments or
orders relating to competition law) hereof have not been satisfied or waived as
provided for in this Agreement or if Sellers are limited in the effective
exercise of such option for any regulatory reasons, Purchaser shall,
notwithstanding the fact that the StockVal Option Closing shall not have
occurred, pay to Sellers the StockVal Exercise Price forthwith. Sellers shall
continue to operate the StockVal Business at the risk and expense of Purchaser
pending the StockVal Option Closing or, in the event the conditions to closing
set forth in Sections 10.5(b), (c) or (e) (limited to judgments or orders
relating to competition law) are not satisfied or waived or if Sellers are
limited in the effective exercise of such option for any regulatory reasons,
until such conditions are satisfied or limitation no longer applies or Purchaser
determines that such StockVal Assets are to be sold to a third party. In the
event of such a determination, Sellers shall cooperate with Purchaser at
Purchaser’s expense to consummate such transfer or sale to such third party
and all net proceeds of such sale shall be paid to Purchaser. 

     10.3
StockVal Option Closing. 

     (a)
The closing of the purchase and sale of the StockVal Business pursuant to either
Section 10.1 or Section 10.2 hereof (the “StockVal Option
Closing”) shall take place at the offices of Cleary, Gottlieb, Steen
& Hamilton at 10:00 a.m. on such date as shall be mutually agreed upon by
Sellers and Purchaser, but in no event later than ten (10) business days after
the receipt by Sellers or Purchaser of the StockVal Put Exercise Notice (or, if
later, ten (10) days after the expiration of the applicable waiting period under
the HSR Act, if any) or StockVal Call Exercise Notice, as applicable (such date
being referred to herein as the “StockVal Option Closing
Date”). 

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     (b)
If the StockVal Option is exercised, and the StockVal Exercise Price is paid,
the StockVal Business shall no longer constitute part of the Acquired Business,
and the StockVal Exercise Price, to the extent received by Sellers, shall be
deducted from the Purchase Price, provided that except as follows
expressly from this Section, the other Sections of this Agreement shall not be
affected. 

     10.4
Transitional Period. During the period between the date hereof and the
StockVal Option Closing Date, Sellers shall operate the StockVal Business in the
ordinary course in the context of the Chapter 11 Cases and in the same manner as
Sellers are required to operate the Acquired Business pursuant to their
obligation under Section 7.3 hereof, pending the StockVal Option Closing
Date, and to the extent permitted by Law, cooperate with Purchaser, including,
without limitation, by complying with any reasonable requests of Purchaser for
the books and records relating to the StockVal Business and any other reasonable
due diligence requests and by obtaining any required regulatory approvals. 

     10.5
Conditions Precedent to the StockVal Option Closing. Except as otherwise
provided in Section 10.2(c), (i) the obligations of Purchaser to effect the
transactions contemplated by this Section 10 shall be subject to the
satisfaction or waiver at or prior to the StockVal Option Closing Date of the
following conditions precedent and (ii) the obligations of Sellers to effect the
transactions contemplated by this Section 10 shall be subject to the
satisfaction or waiver at or prior to the StockVal Option Closing Date of the
conditions precedent set out in Sections 10.5 (a), (b), (c) and (e)
(provided that the Parties shall cooperate to achieve fulfillment of such
conditions): 

     (a)
there shall be a Designated Contracts Order (to the extent appropriate); 

     (b)
the waiting period, if any, under the HSR Act shall have expired, and no
condition or requirement unacceptable to Purchaser in its reasonable opinion
shall be imposed on or required of Purchaser or any of its subsidiaries or
affiliates as a result of or as a condition to the foregoing; 

     (c)
the material regulatory conditions, approvals and filings with respect to the
StockVal Business which are set out in Schedule 3.1(d) hereto shall have
been obtained or made in form and substance reasonably satisfactory to the
Parties; 

     (d)
the representations and warranties of Sellers set forth on Schedule 5.23
hereto shall be true and correct as of the date of this Agreement and as of the
StockVal Option Closing Date, with only such exceptions as, individually or in
the aggregate, do not constitute and would not be reasonably expected to
constitute a StockVal Material Adverse Effect, provided that the
foregoing requirement, as applied to any representations and warranties set
forth in paragraphs 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15 and 16 of Schedule
5.23 hereto, shall be as of the date hereof only; 

     (e)
there shall not be in effect any Law of any Governmental Authority of competent
jurisdiction restraining, enjoining or otherwise preventing consummation of the
transactions contemplated under this Section 10; 

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     (f)
each Seller shall have performed in all material respects its covenants and
obligations under this Section 10 required to be performed by such Seller
prior to the StockVal Option Closing Date with only such exceptions which,
individually or in the aggregate, do not constitute and would not reasonably be
expected to constitute a StockVal Material Adverse Effect; 

     (g)
no StockVal Material Adverse Effect that would result in a diminution of the
value to the StockVal Business in an amount greater than one-third (1/3) of the
StockVal Exercise Price shall have occurred or be reasonably expected to occur,
provided that if the StockVal Option Closing occurs after August 31,
2001, the occurrence of a Material Adverse Effect for the purposes of the
condition set forth in this Section 10.5(g) shall be measured as if the StockVal
Option Closing had occurred on August 31, 2001; 

     (h)
Purchaser shall have received a certificate, in form and substance to the
reasonable satisfaction of Purchaser, dated as of the StockVal Closing Date,
executed by an authorized executive officer of Bridge, certifying in such detail
as Purchaser may reasonably request, that the conditions in this
Section 10.5 have been fulfilled; and 

     (i)
Purchaser shall be reasonably satisfied that Purchaser shall have no liability
(including, without limitation, liabilities that may arise under COBRA, WARN or
under any other U.S. or non-U.S. Law) with respect to any employees who do not
accept an offer of employment from and commence employment with Purchaser or
Purchaser’s Designee. 

     10.6
Closing Deliveries. 

     (a)
At the StockVal Option Closing, Sellers shall deliver to Purchaser, or in the
case of clause (iv) below, make available to Purchaser: 

	 	     (i)
general bills of sale and assignment, in form and substance reasonably satisfactory to
Purchaser, with respect to the StockVal Assets (other than real estate) and any other
documents reasonably requested by Purchaser so as to convey to Purchaser good title, free
and clear of all Liens (other than Permitted Liens), to all of Sellers’right, title
and interest in and to the StockVal Assets, each executed by the Sellers; 

	 	     (ii)
special or limited warranty deeds and owner’s title insurance policy commitments,
each in form and substance reasonably satisfactory to Purchaser, with respect to any
owned real property used in the StockVal Business; 

	 	     (iii)
an assignment and assumption of leases, security deposits and prepaid rents assigning to
Purchaser all of Sellers’right, title and interest in and to leased real property
used in the StockVal Business and all security deposits and prepaid rents thereunder; 

	 	     (iv)
all of Sellers’books and records, customer files and related business records
pertaining to the StockVal Assets, the originals of all contracts included in the
StockVal Assets, in Sellers’possession, the originals of all permits and warranties,
and copies of all maintenance records and operating manuals in Sellers’possession
pertaining to the personal property or any portion of their respective owned or leased
real property used in the StockVal Business; 

	

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	 	     (v)
a certificate of non-foreign status relating to the StockVal Business in accordance with
Section 1445 of the Code, and any similar State required documents requested by
Purchaser or in respect of which there is Sellers’Knowledge; and 

	 	     (vi)
all other documents, certificates, instruments or writings reasonably requested by
Purchaser in connection with any purchase of the StockVal Assets pursuant to Sections 10.1
or 10.2 hereof. 

	

     (b) At
the StockVal Option Closing, Purchaser shall deliver to Bridge: 

	 	     (i)
the StockVal Exercise Price by wire transfer of immediately available funds to an account
or accounts designated in writing by Bridge; and

	 	     (ii)
an assumption agreement in form and substance reasonably acceptable to Bridge, providing
for the assignment by Sellers and the assumption by Purchaser of the StockVal Designated
Contracts Purchaser has elected to assume and have assigned to it or Purchaser’s
Designee pursuant to the terms of this Agreement. 

	

     10.7
StockVal Assets; StockVal Excluded Assets. 

     (a)
Subject to the terms and conditions set forth in this Section 10, as of the
StockVal Option Closing Date, Sellers shall sell, assign, transfer, convey, and
deliver to Purchaser and Purchaser shall purchase, or cause to be purchased, and
accept, or cause to be accepted, from Sellers, all of Sellers’ right,
title, and interest in, to and under all of the StockVal Assets, wherever
located, whether tangible or intangible, as the same shall exist on the StockVal
Option Closing Date, but not including cash of StockVal, the accounts
receivable of StockVal, or any StockVal Excluded Assets (as defined below), free
and clear of all Liens other than the Liens referred to in Schedule 5.23,
paragraph 4(a) or any Permitted Liens. 

     (b)
All of the assets of Sellers which are not StockVal Assets, are expressly
excluded and shall be retained by Sellers (the “StockVal Excluded
Assets”). Purchaser expressly agrees and understands that, except as
otherwise expressly provided in this Agreement in connection with the Closing or
the exercise of any other option to purchase specific assets of the Sellers set
forth in this Agreement, Sellers shall not sell, assign, transfer, convey or
deliver to Purchaser any of the StockVal Excluded Assets. 

     10.8
StockVal Contract Assumption. 

     (a)
Schedule 10.8A sets forth a list of executory contracts and unexpired
leases used in the StockVal Business (other than StockVal Non Filing Seller
Contracts) that, in the event that the StockVal Call Option or StockVal Put
Option is exercised, Purchaser wishes to assume and Sellers wish to assign to
Purchaser at the StockVal Option Closing (“Schedule 10.8A
Contracts”). Schedule 10.8B sets forth a list of executory
contracts or unexpired leases, other than the StockVal Non Filing Seller
Contracts, that, in the event that the StockVal Call Option or StockVal Put
Option is exercised, Purchaser may elect to assume at the StockVal Option
Closing (“Schedule 10.8B Contracts”) in the same manner as
provided for in Section 2.4. The Schedule 10.8A Contracts and the Schedule
10.8B Contracts that are actually assumed by and assigned to the Purchaser or
Purchaser’s Designee at the StockVal Option Closing are hereinafter
referred to collectively as the “StockVal Designated Contracts”
and each a “StockVal Designated Contract.” Purchaser shall be
responsible for and bear any StockVal Cure Costs in connection with
Purchaser’s assumption of the StockVal Designated Contracts at the StockVal
Option Closing and Sellers shall have no liability for StockVal Cure Costs in
connection with Purchaser’s assumption of the StockVal Designated
Contracts, and shall only be liable for StockVal Cure Costs in respect of
StockVal Cure Costs for StockVal Undisclosed Contracts (as defined in
Section 10.8(b) hereof) in excess of $250,000 (such amount is referred to
as the “StockVal Seller Cure Liability Amount”),
provided that the Parties shall share equally the Cure Costs with respect
to the StockVal Designated Contracts listed on Schedule 10.8B that are
marked “Telerate” and that are not marked with an asterisk. 

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     (b)
If prior to the StockVal Option Closing Date any Party becomes aware of any
executory contract or unexpired lease used in the StockVal Business not
previously listed in Schedules 10.8A, 10.8B or 10.8C (any such contract,
a “StockVal Undisclosed Contract”), the discovering Party shall
immediately notify the other Parties of such StockVal Undisclosed Contract, and
Purchaser may elect, on or prior to the StockVal Option Closing Date, to
assume such StockVal Undisclosed Contract. Notwithstanding the foregoing, and
subject to the Bankruptcy Code, if any StockVal Undisclosed Contract is entered
into after the date of the Approval Order and such StockVal Undisclosed Contract
contains language allowing the Sellers to assign the Contract to Purchaser, then
such Contract may be assigned without the entry of a Bankruptcy Court order. 

     (c)
Schedule 10.8C sets forth a list of StockVal Non Filing Seller Contracts.
Purchaser shall have the right to elect to have any or all of the StockVal Non
Filing Seller Contracts assigned to it, by notice to Sellers not later than 15
calendar days prior to the scheduled StockVal Option Closing Date and any such
StockVal Non Filing Seller Contract that Purchaser has so elected to have
assigned to it shall, except for the purposes of Section 10.8(a), be deemed to
constitute a StockVal Designated Contract for the purposes of Section 10. 

     10.9
Amounts Due Under StockVal Contracts; StockVal Cure Costs. 

     (a)
Purchaser shall be obligated to pay any amounts for services rendered and goods
provided under the StockVal Designated Contracts from and after the StockVal
Option Closing Date. Any amounts for services rendered and goods provided under
the StockVal Designated Contracts during the period until the StockVal Option
Closing Date shall be a retained liability of Sellers, except as provided in
Section 10.8(a) above. 

     (b)
Subject to Sections 10.8 and 10.9(a), the satisfaction of any and all cure
amounts is and shall remain the obligation of the Sellers, and Purchaser shall
have no responsibility to any third party therefor. Sellers are responsible for
the verification of all cure amounts, including all administrative
responsibilities associated therewith, in its Chapter 11 Cases and otherwise and
shall use their reasonable best efforts to establish the proper cure amount, if
any, for each executory contract and unexpired lease relating to the StockVal
Business, including the filing and prosecution of any and all appropriate
proceedings in the Bankruptcy Court. Such StockVal Cure Costs shall be paid at
or as soon as practicable after the StockVal Option Closing Date, and to the
extent Purchaser satisfies any cure amount in excess of its obligation under
Sections 10.8 and 10.9(a), such excess shall be a credit against the
StockVal Exercise Price. 

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     10.10
StockVal Assumed Liabilities. Subject to (i) the occurrence of the
StockVal Option Closing, and (ii) the terms and conditions set forth in
this Section 10 (including, without limitation, the terms and conditions
set forth in Section 10.8 and Section 10.9 hereof), at the StockVal
Option Closing, Purchaser shall assume from Sellers and thereafter pay, perform,
or discharge in accordance with their terms and hold Sellers harmless in respect
of, all (i) payables, obligations and liabilities with respect to, arising
out of, or associated with the ownership, possession or use of the StockVal
Assets arising on or after the StockVal Option Closing Date;
(ii) obligations that arise or which by their terms are to be observed,
paid, discharged or performed, as the case may be, on or after the StockVal
Option Closing Date under the StockVal Designated Contracts that the Purchaser
has elected to assume pursuant to Section 10.8 hereof and for such goods
and services as are provided in the ordinary course to the StockVal Business on
or subsequent to the StockVal Option Closing Date; (iii) those liabilities
listed on Schedule 10.10 hereto; (iv) the Purchaser’s share of
prorated liabilities of Sellers pursuant to Section 10.15 hereof; and (v)
liabilities and obligations set forth in Section 10.17. The liabilities to be
assumed pursuant to this Section 10 shall be referred to herein as the
“StockVal Assumed Liabilities”. 

     10.11
StockVal Excluded Liabilities. Subject to Sections 10.8, 10.9 and
10.10, Purchaser does not assume or agree to pay, satisfy, discharge or perform,
and shall not be deemed by virtue of the execution and delivery of this
Agreement, delivery of any document in connection with the exercise of the
StockVal Call Option and/or StockVal Put Option or any document delivered at the
StockVal Option Closing Date pursuant to this Section 10, or as a result of
the consummation of the transactions contemplated by this Section 10, to
have assumed, or to have agreed to pay, satisfy, discharge or perform, any
liability, obligation or indebtedness of any Seller, whether primary or
secondary, direct or indirect, other than the StockVal Assumed Liabilities.
Purchaser shall not be liable for any liabilities, Contracts, agreements or
other obligations of Sellers which are not expressly assumed by Purchaser or
Purchaser’s Designee pursuant to Section 10.10 hereof or the StockVal Cure
Costs to the extent provided in Section 10.8 and 10.9, including, without
limitation, those set forth below (all such liabilities and obligations that are
not StockVal Assumed Liabilities are referred to herein as the
“StockVal Excluded Liabilities”): 

     (a)
all obligations or liabilities of any Sellers or any predecessor(s) or affiliate(s) of
Sellers that relate to any of the StockVal Excluded Assets; 

     (b)
all obligations or liabilities of Sellers or any predecessor(s) or affiliate(s)
of Sellers relating to Taxes (including with respect to the StockVal Assets or
otherwise) for all periods, or portions thereof, ending on or prior to the
StockVal Option Closing Date; 

     (c)
all obligations or liabilities for any legal, accounting, investment, banking,
brokerage or similar fees or expenses incurred by any Sellers in connection
with, resulting from or attributable to the transactions contemplated by this
Agreement and the DIP Financing; 

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     (d)
all obligations or liabilities for any borrowed money incurred by Sellers or any
predecessor(s) or affiliate(s) of Sellers; 

     (e)
all liabilities and obligations from Sellers or any predecessor(s) or
affiliate(s) of Sellers resulting from, caused by or arising out of, directly or
indirectly, the conduct of the business or ownership or lease of any properties
or assets or any properties or assets previously used by Sellers in connection
with the StockVal Business at any time prior to or on the StockVal Option
Closing Date, including, without limitation, such of the foregoing (i) as
constitute, may constitute or are alleged to constitute a tort, breach of
contract or violation of requirement of any law, (ii) that relate to, result in
or arise out of the existence or imposition of any liability or obligation to
remediate or contribute or otherwise pay any amount under or in respect of any
environmental, superfund or other environmental cleanup or remedial laws,
occupational safety and health laws or other laws or (iii) that relate to
any and all claims, disputes, demands, actions, liabilities, damages, suits in
equity, administrative proceedings, accounts, costs, expenses, setoffs,
contributions, attorneys’ fees and/or causes of action of whatever kind or
character against Sellers or any predecessor(s) or affiliate(s) of Sellers,
whether past, present, future, known or unknown, liquidated or unliquidated,
accrued or unaccrued; 

     (f)
any and all Taxes of any member of an Affiliated Group of which Sellers (or any
predecessor of Sellers) is or was a member on or prior to the StockVal Option
Closing Date, by reason of the liability of such entity pursuant to Treasury
Regulation Section 1.1502-6(a) or any comparable provision of State, local
or foreign law; 

     (g)
any obligations under WARN or COBRA, and any severance or notice obligations to
former employees of Sellers (other than the Transferred StockVal Employees to
the extent that severance or notice obligations may take place in connection
with Transferred StockVal Employees’ employment with Purchaser or
Purchaser’s Designee); and 

     (h)
all liabilities, known or unknown, of Sellers relating to the recruitment,
employment or termination of employment on or prior to the StockVal Option
Closing Date, including, with respect to Transferred StockVal Employees, all
StockVal Plans and all Contracts pertaining thereto, except as set forth in
Section 10.17(b) hereof. 

     10.12
No Expansion of Third Party Rights. The assumption by Purchaser or
Purchaser’s Designee of the StockVal Assumed Liabilities shall in no way
expand the rights or remedies of any third party against Purchaser or Sellers as
compared to the rights and remedies which such third party would have had
against Sellers absent the Chapter 11 Cases, had Purchaser not assumed such
StockVal Assumed Liabilities. Without limiting the generality of the preceding
sentence, the assumption by Purchaser of the StockVal Assumed Liabilities shall
not create any third-party beneficiary rights other than with respect to the
Person that is the obligee of such Assumed Liabilities. 

     10.13
Allocation of StockVal Exercise Price. Purchaser shall, within sixty (60)
days after the StockVal Option Closing Date, prepare and deliver to Sellers for
their consent (which consent shall not be unreasonably withheld) a schedule
allocating the StockVal Exercise Price (and any other amounts required to be
treated as additional purchase price) among the respective Sellers, the StockVal
Assets and the StockVal Designated Contracts in accordance with the applicable
Treasury Regulations (or any comparable provisions of State or local tax law).
If Sellers raise objections, Purchaser and Sellers will negotiate in good faith
to resolve such objections. Purchaser and Bridge shall report and file all Tax
Returns (including amended Tax Returns and claims for refund) consistent with
the allocation, and shall take no position contrary thereto or inconsistent
therewith (including, without limitation, in any audits or examinations by any
taxing authority or any other proceedings). Purchaser and Sellers shall
cooperate in the filing of any forms (including Form 8594) with respect to such
allocation. If and to the extent the Parties are unable to agree on such
allocation, the Parties shall retain an independent third party accounting firm
to resolve such dispute. Notwithstanding any other provisions of this Agreement,
the provisions of this Section 10.13 shall survive the StockVal Option
Closing Date without limitation. 

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     10.14
Transfer Taxes. Any sales, use, transfer or recording taxes with respect
to real or personal property due as a result of the transactions provided for in
this Section 10 (including, without limitation, any Taxes payable as a
result of the exercise of the StockVal Call Option or the StockVal Put Option)
shall be paid by Purchaser. The Parties will reasonably cooperate to minimize
any such taxes, including with respect to delivery location. 

     10.15
Prorations. Sellers shall bear all personal property and ad valorem tax
liability with respect to the StockVal Assets if the Lien or assessment arises
with respect to periods prior to the StockVal Option Closing Date irrespective
of the reporting and payment dates of such taxes. All other property taxes, ad
valorem taxes and similar recurring taxes and fees on the StockVal Assets, and
all lease payments, salaries and other compensation payable to employees or
officers or similar recurring payments under agreements that are StockVal
Designated Contracts, shall be pro rated for the applicable period between
Purchaser and the applicable Seller as of 12:01 a.m. local time on the StockVal
Option Closing Date. All payments to be made by Purchaser or Sellers in
accordance with this Section 10.15 shall be made, to the extent then
determinable (and to the extent not determinable as shall be estimated by
Purchaser in good faith as of the StockVal Option Closing), at the StockVal
Option Closing Date with such payments deposited into escrow until due, or to
the extent not determinable as of the StockVal Option Closing Date, promptly
following the determination thereof, with such payments deposited into escrow
until due. Purchaser shall have the right of reasonable review and approval of
Sellers’ property Tax Returns and assessments with respect to the StockVal
Business and the right to contest any assessments by which Purchaser may be
adversely affected. Purchaser and Sellers shall reasonably cooperate with
respect to any review, contest or challenge of any tax return or assessment.
Sellers and Purchaser shall also undertake a reconciliation and allocation
procedure using the mechanism set out above for the reconciliation and
allocation of payroll expenses and costs. 

     10.16
Reconciliation and Allocations. Beginning on the StockVal Option Closing
Date, (a) all payments received by Sellers on account of the accounts
receivable and all other payments received by Sellers which are properly
allocable to the conduct of the StockVal Business with respect to periods after
the StockVal Option Closing Date, other than relating to StockVal Excluded
Assets, shall be held in trust for Purchaser and shall be promptly paid to
Purchaser, and (b) all payments received by Purchaser which are properly
allocable to the conduct of the StockVal Business with respect to periods before
the StockVal Option Closing Date shall be held in trust for Sellers and shall be
promptly paid to Sellers. On the StockVal Option Closing Date and, thereafter,
on the last day of each month during the six (6)-month period beginning on the
StockVal Option Closing Date, Sellers and Purchaser shall report to each other
and reconcile the amounts of such payments and the reconciled net amount shall
be paid by Purchaser to Sellers, or by Sellers to Purchaser, as the case may be.
After such six (6)-month period, the Parties shall cooperate with each other to
allocate and remit to the appropriate Party any account receivables collected,
and shall continue to hold such payments in trust for the other Party and remit
them periodically as received. 

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     10.17
StockVal Employment Matters. 

     (a)
No later than ten (10) days before the StockVal Option Closing, Purchaser or one
of Purchaser’s Designees shall offer employment to not less than 64
StockVal Employees, any development staff employees who perform services for the
StockVal Business, and other employees of Sellers who are employed in essential
positions or primarily in respect of the StockVal Business, or whose services
are material to the operation of the StockVal Business, reduced by any voluntary
resignations since the date hereof not resulting from receipt of a WARN Act
notice to the employees who are identified as the employees who will not receive
an offer of employment by Purchaser as provided below or other similar notice,
intended to comply with applicable Law, that the Parties may mutually agree to
send to such employees pursuant to Section 10.17(g) and any employees
erroneously included on Annex 12 to Schedule 5.23 hereto, and
further equitably reduced by any employees identified by Purchaser who do not
spend 100% of their time in the StockVal Business, whom Purchaser desires to
employ and who remain actively employed with any Seller on the StockVal Option
Closing Date, with at least the same base salary (exclusive of bonuses, stock
options, restricted stock and other similar forms of discretionary compensation)
and substantially equivalent position as in effect immediately prior to the
StockVal Option Closing, and with each such offer being contingent on completion
of the StockVal Option Closing and on the offeree’s compliance with the
standard hiring practices of Purchaser (or the applicable Purchaser’s
Designee), including the assignment of intellectual property rights, if any,
retroactive to such employee’s date of hire with the applicable Seller. A
full list of employees whom Purchaser elects to employ shall be submitted to
Sellers no later than twenty (20) days prior to StockVal Option Closing. Each
such employee who accepts such employment as of the StockVal Option Closing
shall be referred to herein as a “Transferred StockVal
Employee”. In connection with the foregoing provisions of this
Section 10.17(a), Sellers shall permit Purchaser to meet with, distribute
materials to and/or communicate with such employees prior to the StockVal Option
Closing Date. For purposes of this Section 10.17(a), an employee shall be
treated as “actively employed” notwithstanding that such
employee may be absent from work on the StockVal Option Closing Date solely by
reason of any holiday, vacation, scheduled day off or non-medical leave of
absence. As soon as practicable hereafter, Sellers and Purchaser shall cooperate
and use reasonable best efforts to establish the list of StockVal Employees who
will not be offered employment by Purchaser or Purchaser’s Designee. 

     (b)
Purchaser (or the applicable Purchaser’s Designee) shall provide the
Transferred StockVal Employees with employee benefits plans that are
substantially comparable, in the aggregate, to the Sellers’ employee
benefit plans, within the meaning of ERISA as in effect on the date hereof.
Purchaser (or the applicable Purchaser’s Designee) shall treat prior
service with Sellers as service with Purchaser (or the applicable
Purchaser’s Designee) for purposes of eligibility to participate and
vesting with respect to all employee benefit plans (other than retiree medical
and life insurance plans) covering Transferred StockVal Employees. Purchaser (or
the applicable Purchaser’s Designee) will assume and recognize vacation
entitlements payable to Transferred StockVal Employees accrued but unpaid prior
to the StockVal Option Closing, provided that Purchaser and
Purchaser’s Designees shall not be required to assume or recognize such
accrued vacation entitlements where, but only to the extent that, such
entitlements in the aggregate exceed $200,000. Nothing herein limits
Purchaser’s (or the applicable Purchaser Designee’s) right to amend,
modify or terminate its employee benefit plans. To the fullest extent permitted
under their medical and dental plans, Purchaser (or the applicable
Purchaser’s Designee) shall give credit for all current year deductibles
and co-payments paid by any Transferred StockVal Employee in respect of claims
incurred by such Transferred StockVal Employee during the portion of the current
calendar year prior to the StockVal Option Closing, and Purchaser shall waive
any pre-existing conditions provisions under any such plan covering Transferred
StockVal Employees to the same extent that such provisions were waived with
respect to Transferred StockVal Employees pursuant to the terms of Sellers’
plans. Sellers shall reasonably cooperate with Purchaser or one of
Purchaser’s Designees in the implementation, transfer or transition of any
of Sellers’ employee benefit plans with regard to Purchaser’s
obligation hereunder. 

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     (c)
From the date of signing of this Agreement, Sellers and Purchaser shall use
commercially reasonable efforts to provide appropriate transitional arrangements
for Transferred StockVal Employees in possession of L-1B and H1-B visas, or
other permits to work for the StockVal Business in the United States or other
jurisdictions, and shall take such steps as are necessary and appropriate to
ensure, to the extent possible, that such employees are transferred to the
Purchaser (or the applicable Purchaser’s Designee) without disruption of
employment. Sellers and Purchaser shall also use commercially reasonable efforts
to ensure that there is no disruption to Transferred StockVal Employees’
applications for visas or work permits sponsored by the StockVal Business. 

     (d)
As soon as is practical after the StockVal Option Closing, Sellers shall
(i) take all actions as are necessary or appropriate to fully vest, as of
the StockVal Option Closing Date, the interests of the Transferred StockVal
Employees under Sellers’ defined contribution retirement plan(s);
(ii) provide such employees an election to roll over their vested interests
to Purchaser’s defined contribution retirement plan including appropriate
arrangements for loans provided to them under Sellers’ plan; and
(iii) roll over the full amount of the vested interests which the employees
have elected to roll over, as soon as possible but not later than six (6) months
after the StockVal Option Closing Date, to the accounts of such employees under
Purchaser’s defined contribution retirement plan in accordance with
Section 402 of the Code. Purchaser shall reasonably cooperate with Sellers
in respect of the above actions and shall accept such rollovers and have no
liability for any discontinuance, termination or other charges that may be due
to any investment option or management providers or to any plan record keeping
or other agents with respect to such termination and rollover of such
employees’ interests from Sellers’ retirement plan(s) to
Purchaser’s retirement plan. 

     (e)
With respect to Transferred StockVal Employees, Sellers shall cause all accrued
and unpaid vacation and sick leave entitlements exceeding $200,000 as of the
StockVal Option Closing Date and all salary, bonuses (including retention
bonuses), commissions or other cash incentive compensation with respect to the
portion of the calendar year prior to the StockVal Option Closing Date to be
fully paid on or before the StockVal Option Closing Date. Sellers shall have
sole responsibility for “continuation coverage” benefits
provided under group health plans to all current or former employees of any
Seller (other than Transferred StockVal Employees) and qualified beneficiaries
relating thereto for whom a “qualifying event” has occurred on, prior
to or after the StockVal Option Closing Date, and any severance or notice
obligations to former employees of Sellers (other than the Transferred StockVal
Employees to the extent that severance or notice obligations may take place in
connection with Transferred StockVal Employees’ employment with Purchaser
or Purchaser’s Designee). Terms used in this subsection and not otherwise
defined herein shall have the meanings ascribed to them under COBRA. 

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     (f)
Sellers shall institute a reasonable retention program, as specified, funded and
approved by Purchaser, with respect to the StockVal Employees. Sellers shall not
terminate the employment of any employee listed on Annex 12 to
Schedule 5.23 hereto other than for cause, provided that the
issuance of notices intended to comply with WARN to such employees, by itself,
shall not be prohibited. In addition, (i) Sellers shall not encourage or
otherwise facilitate any Person other than the Purchaser (or Purchaser’s
Designee) to employ or offer to employ any employee listed on Annex 12 to
Schedule 5.23 hereto, or to encourage any such employee to terminate
employment, and (ii) shall use reasonable efforts to enforce its rights under
covenants, including covenants contained in non-disclosure or confidentiality
agreements, entered into in favor of Sellers by third parties to the extent they
provide restrictions on the solicitation of or entering into Contracts of
employment with employees of the StockVal Business or prohibit the use of
confidential information of Sellers for any such purpose. 

     (g)
Notwithstanding Section 10.11(g) of this Agreement, the Parties shall use
reasonable efforts to give any notices required under applicable Law to mitigate
Sellers’ liability for COBRA and WARN obligations to StockVal Employees who
do not become Transferred StockVal Employees. 

     10.18
StockVal Transitional Services. For a reasonable period of time following
StockVal Option Closing, Sellers shall provide to Purchaser or Purchaser’s
Designee such transitional services, including, without limitation, the use of
communication networks, computers and other systems to effect the gathering and
dissemination of data (including, without limitation, data provided pursuant to
contracts held by Bridge to support the StockVal Business), the collecting,
reporting and editing of news, administrative services, contract services,
payroll services, system management functions, technical services, provision of
information, application support, infrastructure and human resources support, as
may be reasonably requested by Purchaser or the applicable Purchaser Designee to
conduct the StockVal Business, as well as those services set forth on Annex
13 to Schedule 5.23 hereto, provided that (A) the Purchaser or
Purchaser’s Designee shall compensate the Sellers on a current basis, at
market rates and terms as mutually agreed, or, if higher, at the cost to the
Sellers, (B) the Sellers shall render such services subject to the
availability of resources and capacity constraints, it being understood that,
based upon current circumstances, the Sellers anticipate that there will be
limited availability of resources, and (C) the Purchaser shall have the
right to terminate such arrangements without liability subject to reasonable
notice and payment of all amounts due to the Sellers up to the date of
termination and, provided further, that notwithstanding anything
to the contrary contained in clause (B) above, Purchaser or a Purchaser Designee
may request Sellers, for the purpose of providing transitional service, to
maintain services that would otherwise be discontinued and Sellers shall
maintain such services subject to Purchaser or a Purchaser Designee paying
Sellers’ costs therefor. Sellers and Purchaser shall use commercially
reasonable efforts to negotiate appropriate and orderly termination and
phase-out arrangements with respect to the StockVal Business and activities that
are discontinued following the StockVal Option Closing. 

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     10.19
StockVal Facilities and Subleasing Arrangements. Sellers shall enter into
and, for a reasonable period of time following StockVal Option Closing, maintain
facilities and subleasing arrangements with Purchaser in respect of the
properties set forth on Annex 13 to Schedule 5.23 hereto. 

     10.20
StockVal-Bridge Agreements. Effective immediately upon the StockVal
Option Closing, Sellers or any of their subsidiaries, as appropriate, shall
enter into agreements covering the matters described on Annex 14 to
Schedule 5.23 hereto. 

     10.21
StockVal Trademarks and Intellectual Property. The Parties shall
negotiate in good faith and, on or prior to the StockVal Option Closing, shall
enter into a license agreement pursuant to which Sellers shall grant to
Purchaser or any of Purchaser’s Designees a license to use any trademarks
and other intellectual property and any rights pertaining thereto that are owned
or used by Sellers in connection with conducting the StockVal Business (and that
are not otherwise transferred to Purchaser or a Purchaser’s Designee at the
StockVal Option Closing), which license shall be granted to Purchaser for a
reasonable period of time commencing immediately following the StockVal Option
Closing and on such terms and conditions as shall be set forth in the license
agreement. 

     10.22
Conformity. The Parties acknowledge the intention that the mechanisms for
the transfer of the StockVal Business shall be substantially the same as the
mechanisms for the transfer of the Acquired Business and will modify in good
faith the above provisions (except 10.1, 10.2, 10.3, 10.4, 10.5 and 10.8) as
necessary to reflect such intention. 

SECTION 11

BRIDGE
TRADING PUT AND CALL OPTION

     11.1
Purchaser Bridge Trading Call Option. 

     (a)
Subject to the conditions set forth in Section 11.1(b) hereof, Sellers
hereby grant to Purchaser the right and option (hereinafter, the “Bridge
Trading Call Option”) during the Bridge Trading Call Option Period (as
defined below), exercisable by prior written notice to Sellers as provided in
Section 11.1(b) hereof (such notice, the “Bridge Trading Call
Exercise Notice”) to purchase the Bridge Trading Business for the
aggregate price of $55,000,000 plus 20% of the funding provided by Purchaser
pursuant to Section 7.24 (the “Bridge Trading Exercise Price”)
which Bridge Trading Exercise Price shall consist of the amount of 20% of the
funding provided by the Purchaser pursuant to Section 7.24 and the balance,
which balance is to be paid in cash due at the Bridge Trading Closing (as
defined below). 

     (b)
The Bridge Trading Call Option may be exercised by Purchaser at any time on or
after June 1, 2001 through and including the Outside Date (the “Bridge
Trading Call Option Period”), provided that the Bridge Trading
Call Option shall terminate and no longer be exercisable by Purchaser upon the
occurrence of the Closing provided for in this Agreement. 

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     11.2
Sellers Bridge Trading Put Option. 

     (a)
Subject to the conditions set forth in Section 11.2(b) hereof, Purchaser
hereby grants to Sellers the right and option (hereinafter, the “Bridge
Trading Put Option”) exercisable by prior written notice to Purchaser
as provided in Section 11.2(b) hereof (such notice, the “Bridge
Trading Put Exercise Notice”), to require Purchaser to purchase, or
cause to be purchased, and upon receipt of the Bridge Trading Put Exercise
Notice, Purchaser shall be obligated to purchase, or cause to be purchased, the
Bridge Trading Business at the Bridge Trading Exercise Price. 

     (b)
The Bridge Trading Put Option shall be exercisable by Sellers only in the event
that (i) the Closing hereunder shall not have occurred on or before
August 31, 2001 (or such other time as may be agreed upon in writing by
Purchaser and Sellers), or (ii) this Agreement shall have been terminated
by either party in accordance with the terms hereof, primarily as a result of
the inability to satisfy the HSR Condition, or (iii) Purchaser terminates
this Agreement when it is not otherwise entitled to do so, or (iv)
Purchaser fails to close the purchase when it is obligated to do so under the
terms of this Agreement, or (v) Sellers terminate this Agreement pursuant
to Section 8.1(d) due to Purchaser’s material breach hereof (the date
of each such event a “Bridge Trading Put Option Triggering
Date”), provided that in the case of clause (i) above, the
Bridge Trading Put Option shall only be exercisable by Sellers’ delivery of
the Bridge Trading Put Exercise Notice any time from August 31, 2001 and any
time prior to or on the Outside Date (or such other time as may be agreed upon
in writing by Purchaser and Sellers) upon at least five (5) business days prior
written notice to Purchaser and, in the case of clauses (ii) through (v) above,
the Bridge Trading Put Option shall only be exercisable by Sellers’
delivery of the Bridge Trading Put Exercise Notice within five (5) business days
after the Bridge Trading Put Option Triggering Date. The Bridge Trading Put
Option shall terminate and no longer be exercisable by Sellers upon the
occurrence of the Closing provided for in this Agreement. 

     (c)
In the event that Sellers exercise the Bridge Trading Put Option but the
conditions to closing set forth in Sections 11.5(b), (c) or (e) (limited to
judgments or orders relating to competition law) hereof have not been satisfied
or waived as provided for in this Agreement or if Sellers are limited in the
effective exercise of such option for any regulatory reason, Purchaser shall,
notwithstanding the fact that the Bridge Trading Option Closing shall not have
occurred, pay to Sellers the Bridge Trading Exercise Price forthwith. Sellers
shall continue to operate the Bridge Trading Business at the risk and expense of
Purchaser pending the Bridge Trading Option Closing or, in the event the
conditions to closing set forth in Section 11.5(b), (c) or (e) (limited to
judgments or orders relating to competition law) are not satisfied or waived or
if Sellers are limited in the effective exercise of such option for any
regulatory reasons, until such conditions are satisfied or limitation no longer
applies or Purchaser determines that such Bridge Trading Assets are to be sold
to a third party. In the event of such a determination, Sellers shall cooperate
with Purchaser at Purchaser’s expense to consummate such transfer or sale
to such third party and all net proceeds of such sale shall be paid to
Purchaser. 

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     11.3
Bridge Trading Option Closing. 

     (a)
The closing of the purchase and sale of Bridge Trading Business pursuant to
either Section 11.1 or Section 11.2 hereof (the “Bridge
Trading Option Closing”) shall take place at the offices of Cleary,
Gottlieb, Steen & Hamilton at 10:00 a.m. on such date as shall be mutually
agreed upon by Sellers and Purchaser, but in no event later than ten (10)
business days after the receipt by Sellers or Purchaser of the Bridge Trading
Put Exercise Notice (or, if later, ten (10) days after the expiration of the
applicable waiting period under the HSR Act, if any) or Bridge Trading Call
Exercise Notice, as applicable (such date being referred to herein as the
“Bridge Trading Option Closing Date”). 

     (b)
If the Bridge Trading Option is exercised, and the Bridge Trading Exercise Price
is paid, the Bridge Trading Business shall no longer constitute the Acquired
Business, and the Bridge Trading Exercise Price, to the extent received by
Sellers, shall be deducted from the Purchase Price, provided that except
as follows expressly from this Section, the other Sections of this Agreement
shall not be affected. 

     (c)
Sections 11.8, 11.9, 11.10, 11.11, 11.12, 11.16 and 11.17 shall not apply to the
Designated Entities. 

     11.4
Transitional Period. During the period between the date hereof and the
Bridge Trading Option Closing Date, Sellers shall operate the Bridge Trading
Business in the ordinary course in the context of a Chapter 11 Case and in the
same manner as Sellers are required to operate the Acquired Business pursuant to
their obligation under Section 7.3 hereof, pending the Bridge Trading
Option Closing Date, and, to the extent permitted by Law, cooperate with
Purchaser, including, without limitation, by complying with any reasonable
requests of Purchaser for the books and records relating to the Bridge Trading
Business and any other reasonable due diligence requests and by obtaining any
required regulatory approvals. 

     11.5
Conditions Precedent to the Bridge Trading Option Closing. Except as
otherwise provided in Section 11.2(c), (i) the obligations of Purchaser to
effect the transactions contemplated by this Section 11 shall be subject to
the satisfaction or waiver at or prior to the Bridge Trading Option Closing Date
of the following conditions precedent, and (ii) the obligations of Sellers to
effect the transactions contemplated by this Section 11 shall be subject to
the satisfaction or waiver at or prior to the Bridge Trading Option Closing Date
of the conditions precedent set out in Sections 11.5 (a), (b), (c) and (e)
(provided that the Parties shall cooperate to achieve fulfillment of such
conditions): 

     (a)
there shall be a Designated Contracts Order; 

     (b)
the waiting period, if any, under the HSR Act shall have expired, and no
condition or requirement unacceptable to Purchaser in its reasonable opinion
shall be imposed on or required of Purchaser or any of its subsidiaries or
affiliates as a result of or as a condition to the foregoing; 

     (c)
the material regulatory conditions, approvals and filings with respect to the
Bridge Trading Business which are set out in Schedule 3.1(d) hereto shall
have been obtained or made in form and substance reasonably satisfactory to the
Parties; 

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     (d)
the representations and warranties of Sellers set forth on Schedule 5.24
hereto shall be true and correct as of the date of this Agreement and as of the
Bridge Trading Option Closing Date, with only such exceptions as, individually
or in the aggregate, do not constitute and would not be reasonably expected to
constitute a Bridge Trading Material Adverse Effect, provided that the
foregoing requirement, as applied to any representations and warranties set
forth in paragraphs 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15, 16, 20 and 21 of
Schedule 5.24 hereto, shall be as of the date hereof only; 

     (e)
there shall not be in effect any Law of any Governmental Authority of competent
jurisdiction restraining, enjoining or otherwise preventing consummation of the
transactions contemplated under this Section 11; 

     (f)
each Seller shall have performed in all material respects its covenants and
obligations under this Section 11 required to be performed by such Seller
prior to the Bridge Trading Option Closing Date, with only such exceptions
which, individually or in the aggregate, do not constitute and would not
reasonably be expected to constitute a Bridge Trading Material Adverse Effect; 

     (g)
no Bridge Trading Material Adverse Effect that would result in a diminution of
the value to the Bridge Trading Business in an amount greater than one-third
(1/3) of the Bridge Trading Exercise Price shall have occurred or be reasonably
expected to occur, provided that if the Bridge Trading Option Closing
occurs after August 31, 2001, the occurrence of a Material Adverse Effect for
the purposes of the condition set forth in this Section 11.5(g) shall be
measured as if the Bridge Trading Option Closing had occurred on August 31,
2001; 

     (h)
Purchaser shall have received a certificate, in form and substance to the
reasonable satisfaction of Purchaser, dated as of the Bridge Trading Closing
Date, executed on behalf of Sellers by an authorized executive officer of
Bridge, certifying in such detail as Purchaser may reasonably request, that the
conditions in this Section 11.5 have been fulfilled; and 

     (i)
Purchaser shall be reasonably satisfied that Purchaser shall have no liability
(including, without limitation, liabilities that may arise under COBRA, WARN or
under any other U.S. or non-U.S. Law) with respect to any employees who do not
accept an offer of employment from and commence employment with Purchaser or
Purchaser’s Designee. 

     11.6
Bridge Trading Option Closing Deliveries. 

     (a)
At the Bridge Trading Option Closing, Sellers shall deliver to Purchaser, or in
the case of clause (v) below, make available to Purchaser: 

	 	     (i)
general bills of sale and assignment, in form and substance reasonably satisfactory to
Purchaser, with respect to the Bridge Trading Assets (other than real estate) and any
other documents reasonably requested by Purchaser so as to convey to Purchaser good
title, free and clear of all Liens (other than Permitted Liens), to all of Sellers’right,
title and interest in and to the Bridge Trading Assets, each executed by the Sellers; 

	

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	 	     (ii)
stock certificates or stock power duly signed and endorsed in blank in respect of all the
capital stock of the Designated Entities (except for qualifying shares as required by
law) or such other instruments of transfer as are required to effect a valid transfer of
such shares in each relevant jurisdiction; 

	 	     (iii)
special or limited warranty deeds and owner’s title insurance policy commitments,
each in form and substance reasonably satisfactory to Purchaser, with respect to any
owned real property used in the Bridge Trading Business; 

	 	     (iv)
an assignment and assumption of leases, security deposits and prepaid rents assigning to
Purchaser all of Sellers’right, title and interest in and to leased real property
used in the Bridge Trading Business and all security deposits and prepaid rents
thereunder; 

	 	     (v)
all of Sellers’books and records, customer files and related business records
pertaining to the Bridge Trading Assets, the originals of all contracts included in the
Bridge Trading Assets in Sellers’possession, the originals of all permits and
warranties, and copies of all maintenance records and operating manuals in Sellers’possession
pertaining to the personal property or any portion of their respective owned or leased
real property used in the Bridge Trading Business; 

	 	     (vi)
a certificate of non-foreign status relating to the Bridge Trading Business in accordance
with Section 1445 of the Code, and any similar State required documents requested by
Purchaser or in respect of which there is Sellers’Knowledge; and 

	 	     (vii)
all other documents, certificates, instruments or writings reasonably requested by
Purchaser in connection with any purchase of the Bridge Trading Assets pursuant to
Sections 11.1 or 11.2 hereof. 

	

     (b) At
the Bridge Trading Option Closing, Purchaser shall deliver to Bridge: 

	 	     (i)
the Bridge Trading Exercise Price by wire transfer of immediately available funds to an
account or accounts designated in writing by Bridge; and

	 	     (ii)
an assumption agreement in form and substance reasonably acceptable to Bridge, providing
for the assignment by Sellers and the assumption by Purchaser of the Bridge Trading
Designated Contracts Purchaser has elected to assume and have assigned to it or Purchaser’s
Designee pursuant to the terms of this Agreement. 

	

     11.7
Bridge Trading Assets; Bridge Trading Excluded Assets. 

     (a)
Subject to the terms and conditions set forth in this Section 11, as of the
Bridge Trading Option Closing Date, Sellers shall sell, assign, transfer,
convey, and deliver to Purchaser and Purchaser shall purchase, or cause to be
purchased and accept, or cause to be accepted, from Sellers, all of
Sellers’ right, title, and interest in, to and under (i) all of the
Bridge Trading Assets, wherever located, whether tangible or intangible, as the
same shall exist on the Bridge Trading Option Closing Date, but not
including cash of Bridge Trading, the accounts receivable of Bridge Trading
(other than any accounts receivable of the Designated Entities), or any Bridge
Trading Excluded Assets (as defined below), free and clear of all Liens and
(ii) all shares of capital stock of each of the Designated Entities free
and clear of all Liens other than the Liens referred to in Schedule 5.24,
paragraph 4(a) or any Permitted Liens. 

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     (b)
All of the assets of Sellers which are not Bridge Trading Assets, are
expressly excluded and shall be retained by Sellers (the “Bridge Trading
Excluded Assets”). Purchaser expressly agrees and understands that,
except as otherwise expressly provided in this Agreement in connection with the
Bridge Trading Option Closing or the exercise of any other option to purchase
specific assets of the Sellers set forth in this Agreement, Sellers shall not
sell, assign, transfer, convey or deliver to Purchaser any of the Bridge Trading
Excluded Assets. 

     11.8
Bridge Trading Contract Assumption. 

     (a)
Schedule 11.8A sets forth a list of executory contracts and unexpired
leases used in the Bridge Trading Business (other than the Bridge Trading Non
Filing Seller Contracts) that, in the event that the Bridge Trading Call Option
or Bridge Trading Put Option is exercised, Purchaser wishes to assume and
Sellers wish to assign to Purchaser at the Bridge Trading Option Closing
(“Schedule 11.8A Contracts”). Schedule 11.8B sets forth
a list of executory contracts or unexpired leases, other than Bridge Trading Non
Filing Seller Contracts, that, in the event that the Bridge Trading Call Option
or Bridge Trading Put Option is exercised, Purchaser may elect to assume at the
Bridge Trading Option Closing (“Schedule 11.8B Contracts”) in
the same manner as provided for in Section 2.4. The Schedule 11.8A
Contracts and the Schedule 11.8B Contracts that are actually assumed by
Purchaser or Purchaser’s Designee at the Bridge Trading Option Closing are
hereinafter referred to collectively as the “Bridge Trading Designated
Contracts” and each a “Bridge Trading Designated
Contract”. Purchaser shall be responsible for and bear Bridge Trading
Cure Costs in connection with Purchaser’s assumption of the Bridge Trading
Designated Contracts at the Bridge Trading Option Closing, and Sellers shall
have no liability for Bridge Trading Cure Costs in connection with the
Purchaser’s assumption of the Bridge Trading Designated Contracts, and
shall only be liable for Bridge Trading Cure Costs in respect of the Bridge
Trading Cure Costs for Bridge Trading Undisclosed Contracts (as defined in
Section 11.8(b) hereof) in excess of $920,000 (such amount is referred to
as the “Bridge Trading Seller Cure Liability Amount”),
provided that the Parties shall share equally the Cure Costs with respect
to the Bridge Trading Designated Contracts listed on Schedule 11.8B that
are marked “Telerate” and that are not marked with an asterisk. 

     (b)
If prior to the Bridge Trading Option Closing Date any Party becomes aware of
any executory contract or unexpired lease used in the Bridge Trading Business
not previously listed in Schedule 11.8A, 11.8B or 11.8C (any such
contract, a “Bridge Trading Undisclosed Contract”), the
discovering Party shall immediately notify the other Parties of such Bridge
Trading Undisclosed Contract, and Purchaser may elect, on or prior to the Bridge
Trading Option Closing Date, to assume such Bridge Trading Undisclosed
Contract. Notwithstanding the foregoing, and subject to the Bankruptcy Code, if
any Bridge Trading Undisclosed Contract is entered into after the date of the
Approval Order and such Bridge Trading Undisclosed Contract contains language
allowing the Sellers to assign the Contract to Purchaser, then such Contract may
be assigned without the entry of a Bankruptcy Court order. 

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     (c)
Schedule 11.8C sets forth a list of Bridge Trading Non Filing Seller
Contracts. Purchaser shall have the right to elect to have any or all of the
Bridge Trading Non Filing Seller Contracts assigned to it, by notice to Sellers
not later than 15 calendar days prior to the scheduled Bridge Trading Option
Closing Date and any such Bridge Trading Non Filing Seller Contract that
Purchaser has so elected to have assigned to it shall, except for the purposes
of Section 11.8(a), be deemed to constitute a Bridge Trading Designated Contract
for the purposes of Section 11. 

     11.9
Amounts Due Under Bridge Trading Contracts; Bridge Trading Cure Costs. 

     (a)
Purchaser shall be obligated to pay any amounts for services rendered and goods
provided under the Bridge Trading Designated Contracts from and after the Bridge
Trading Option Closing Date. Any amounts for services rendered and goods
provided under the Bridge Trading Designated Contracts during the period until
the Bridge Trading Option Closing Date shall be a retained liability of Sellers,
except as provided in Section 11.8(a) above. 

     (b)
Subject to Sections 11.8 and 11.9(a), the satisfaction of any and all cure
amounts is and shall remain the obligation of the Sellers, and Purchaser shall
have no responsibility to any third party therefor. Sellers are responsible for
the verification of all cure amounts, including all administrative
responsibilities associated therewith, in its Chapter 11 Cases and otherwise and
shall use their reasonable best efforts to establish the proper cure amount, if
any, for each executory contract and unexpired lease relating to the Bridge
Trading Business, including the filing and prosecution of any and all
appropriate proceedings in the Bankruptcy Court. Such Bridge Trading Cure Costs
shall be paid at or as soon as practicable after the Bridge Trading Option
Closing Date, and to the extent Purchaser satisfies any cure amount in excess of
its obligation under Sections 11.8 and 11.9(a), such excess shall be a
credit against the Bridge Trading Exercise Price. 

     11.10
Bridge Trading Assumed Liabilities. Subject to (i) the occurrence of
the Bridge Trading Option Closing and (ii) the terms and conditions set
forth in this Section 11 (including, without limitation, the terms and
conditions set forth in Section 11.8 and Section 11.9 hereof), at the
Bridge Trading Option Closing, Purchaser shall assume from Sellers and
thereafter pay, perform, or discharge in accordance with their terms and hold
Sellers harmless in respect of, all (i) payables, obligations and
liabilities with respect to, arising out of, or associated with the ownership,
possession or use of the Bridge Trading Assets arising on or after the Bridge
Trading Option Closing Date, (ii) obligations that arise or which by their
terms are to be observed, paid, discharged or performed, as the case may be, on
or after the Bridge Trading Option Closing under the Bridge Trading Designated
Contracts that the Purchaser has elected to assume pursuant to Section 11.8
hereof and for such goods and services as are provided in the ordinary course to
the Bridge Trading Business on or subsequent to the Bridge Trading Option
Closing; (iii) those liabilities listed on Schedule 11.10 hereto;
(iv) the Purchaser’s share of prorated liabilities of Sellers pursuant
to Section 11.16 hereof; and (v) liabilities and obligations set forth in
Section 11.18. The liabilities to be assumed pursuant to this
Section 11 and the liabilities related to the Designated Entities shall be
referred to herein as the “Bridge Trading Assumed Liabilities”. 

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     11.11
Bridge Trading Excluded Liabilities. Subject to Sections 11.8, 11.9
and 11.10, Purchaser does not assume or agree to pay, satisfy, discharge or
perform, and shall not be deemed by virtue of the execution and delivery of this
Agreement, delivery of any document in connection with the exercise of the
Bridge Trading Call Option and/or Bridge Trading Put Option or any document
delivered at the Bridge Trading Option Closing Date pursuant to this
Section 11, or as a result of the consummation of the transactions
contemplated by this Section 11, to have assumed, or to have agreed to pay,
satisfy, discharge or perform, any liability, obligation or indebtedness of any
Seller, whether primary or secondary, direct or indirect, other than the Bridge
Trading Assumed Liabilities. Purchaser shall not be liable for any liabilities,
Contracts, agreements or other obligations of Sellers which are not expressly
assumed by Purchaser or Purchaser’s Designee pursuant to Section 11.10
hereof or the Bridge Trading Cure Costs to the extent provided in Sections 11.8
and 11.9, including, without limitation, those set forth below (all such
liabilities and obligations that are not Bridge Trading Assumed
Liabilities are referred to herein as the “Bridge Trading Excluded
Liabilities”): 

     (a)
all obligations or liabilities of any Sellers or any predecessor(s) or affiliate(s) of
Sellers that relate to any of the Bridge Trading Excluded Assets; 

     (b)
all obligations or liabilities of Sellers or any predecessor(s) or affiliate(s)
of Sellers relating to Taxes (other than with respect to Taxes of a Designated
Entity not reportable on a consolidated or unitary Tax Return) (including with
respect to the Bridge Trading Assets or otherwise) for all periods, or portions
thereof, ending on or prior to the Bridge Trading Option Closing Date; 

     (c)
all obligations or liabilities for any legal, accounting, investment, banking,
brokerage or similar fees or expenses incurred by any Sellers in connection
with, resulting from or attributable to the transactions contemplated by this
Agreement and the DIP Financing; 

     (d)
all obligations or liabilities for any borrowed money incurred by Sellers or any
predecessor(s) or affiliate(s) of Sellers other than the Designated Entities; 

     (e)
all obligations of Sellers related to the right to or issuance of any capital
stock or other equity interest of Sellers or any Designated Entity, including,
without limitation, any stock options or warrants; 

     (f)
all liabilities and obligations from Sellers or any predecessor(s) or
affiliate(s) of Sellers (other than Designated Entities) resulting from, caused
by or arising out of, directly or indirectly, the conduct of the business or
ownership or lease of any properties or assets or any properties or assets
previously used by Sellers in connection with the Bridge Trading Business at any
time prior to or on the Bridge Trading Option Closing Date, including, without
limitation, such of the foregoing (i) as constitute, may constitute or are
alleged to constitute a tort, breach of contract or violation of requirement of
any law, (ii) that relate to, result in or arise out of the existence or
imposition of any liability or obligation to remediate or contribute or
otherwise pay any amount under or in respect of any environmental, superfund or
other environmental cleanup or remedial laws, occupational safety and health
laws or other laws or (iii) that relate to any and all claims, disputes,
demands, actions, liabilities, damages, suits in equity, administrative
proceedings, accounts, costs, expenses, setoffs, contributions, attorneys’
fees and/or causes of action of whatever kind or character against Sellers or
any predecessor(s) or affiliate(s) of Sellers (other than Designated Entities),
whether past, present, future, known or unknown, liquidated or unliquidated,
accrued or unaccrued; 

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     (g)
any obligations under WARN or COBRA, and any severance or notice obligations to
former employees of Sellers (other than the Transferred Bridge Trading Employees
to the extent that severance or notice obligations may take place in connection
with Transferred Bridge Trading Employees’ employment with Purchaser or
Purchaser’s Designee); 

     (h)
any and all Taxes of any member of an Affiliated Group of which Sellers or any
of the Designated Entities (or any predecessor of Sellers or the Designated
Entities) is or was a member on or prior to the Bridge Trading Option Closing
Date, by reason of the liability of such entity pursuant to Treasury Regulation
Section 1.1502-6(a) or any comparable provision of State, local or foreign
law; and 

     (i)
all liabilities, known or unknown, of Sellers relating to the recruitment,
employment or termination of employment on or prior to the Bridge Trading Option
Closing Date, including, with respect to Transferred Bridge Trading Employees,
all Bridge Trading Plans and all Contracts pertaining thereto, except as set
forth in Section 11.18(b) hereof. 

     11.12
No Expansion of Third-Party Rights. The assumption by Purchaser or
Purchaser’s Designee of the Bridge Trading Assumed Liabilities shall in no
way expand the rights or remedies of any third party against Purchaser or
Sellers as compared to the rights and remedies which such third party would have
had against Sellers absent the Chapter 11 Cases, had Purchaser not assumed such
Bridge Trading Assumed Liabilities. Without limiting the generality of the
preceding sentence, the assumption by Purchaser of the Bridge Trading Assumed
Liabilities shall not create any third-party beneficiary rights other than with
respect to the Person that is the obligee of such Assumed Liabilities. 

     11.13
Allocation of Bridge Trading Exercise Price. Purchaser shall, within
sixty (60) days after the Bridge Trading Option Closing Date, prepare and
deliver to Sellers for their consent (which consent shall not be unreasonably
withheld) a schedule allocating the Bridge Trading Exercise Price (and any other
amounts required to be treated as additional purchase price) among the
respective Sellers and the Bridge Trading Assets, Designated Contracts and
Designated Entities (and, in the case of any Designated Entities for which
Purchaser desires to make an election under Section 338(h)(10) in
accordance with Section 11.14 below, Purchaser shall reallocate the portion
of the Purchase Price allocated to such Designated Entities among the underlying
assets of the respective entities) in accordance with the applicable Treasury
Regulations (or any comparable provisions of State or local tax law). If Sellers
raise objections, Purchaser and Sellers will negotiate in good faith to resolve
such objections. Purchaser and Bridge shall report and file all Tax Returns
(including amended Tax Returns and claims for refund) consistent with the
allocation, and shall take no position contrary thereto or inconsistent
therewith (including, without limitation, in any audits or examinations by any
taxing authority or any other proceedings). Purchaser and Sellers shall
cooperate in the filing of any forms (including Form 8594) with respect to such
allocation. If, and to the extent, the Parties are unable to agree on such
allocation, the Parties shall retain an independent third party accounting firm
to resolve such dispute. Notwithstanding any other provisions of this Agreement,
the provisions of this Section 11.13 shall survive the Bridge Trading
Option Closing Date without limitation. 

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     11.14
Section 338(h)(10) Election. Upon the written request by Purchaser
to Bridge, and to the extent permissible under Law, Sellers shall cooperate with
Purchaser to make an election in respect of the transfers of stock in the U.S.
Designated Entities or any other U.S. corporation in the event Purchaser elects
to purchase the stock of any of the applicable entities conducting the Bridge
Trading Business under Section 338(h)(10) of the Code and any comparable
provision under State and local law. 

     11.15
Transfer Taxes. Any sales, use, transfer or recording taxes with respect
to real or personal property due as a result of the transactions provided for in
this Section 11 (including, without limitation, any Taxes payable as a
result of the exercise of the Bridge Trading Call Option or the Bridge Trading
Put Option) shall be paid by Purchaser. The Parties will reasonably cooperate to
minimize any such taxes, including with respect to delivery location. 

     11.16
Prorations. Sellers shall bear all personal property and ad valorem tax
liability with respect to the Bridge Trading Assets if the Lien or assessment
arises with respect to periods prior to the Bridge Trading Option Closing Date
irrespective of the reporting and payment dates of such taxes. All other
property taxes, ad valorem taxes and similar recurring taxes and fees on the
Bridge Trading Assets, and all lease payments, salaries and other compensation
payable to employees or officers or similar recurring payments under agreements
that are Bridge Trading Designated Contracts, shall be prorated for the
applicable period between Purchaser and the applicable Seller as of 12:01 a.m.
local time on the Bridge Trading Option Closing Date. All payments to be made by
Purchaser or Sellers in accordance with this Section 11.16 shall be made,
to the extent then determinable (and to the extent not determinable as shall be
estimated by Purchaser in good faith as of the Bridge Trading Option Closing),
at the Bridge Trading Option Closing Date with such payments deposited into
escrow until due, or to the extent not determinable as of the Bridge Trading
Option Closing Date, promptly following the determination thereof, with such
payments deposited into escrow until due. Purchaser shall have the right of
reasonable review and approval of Sellers’ property Tax Returns and
assessments with respect to the Bridge Trading Business and the right to contest
any assessments by which Purchaser may be adversely affected. Purchaser and
Sellers shall reasonably cooperate with respect to any review, contest or
challenge of any tax return or assessment. Sellers and Purchaser shall also
undertake a reconciliation and allocation procedure using the mechanism set out
above for the reconciliation and allocation of payroll expenses and costs. 

     11.17
Reconciliation and Allocations. Beginning on the Bridge Trading Option
Closing Date, (a) all payments received by Sellers on account of the
accounts receivable and all other payments received by Sellers which are
properly allocable to the conduct of the Bridge Trading Business with respect to
periods after the Bridge Trading Option Closing Date, other than relating to
Bridge Trading Excluded Assets, shall be held in trust for Purchaser and shall
be promptly paid to Purchaser, and (b) all payments received by Purchaser
which are properly allocable to the conduct of the Bridge Trading Business with
respect to periods before the Bridge Trading Option Closing Date shall be held
in trust for Sellers and shall be promptly paid to Sellers. On the Bridge
Trading Option Closing Date and, thereafter, on the last day of each month
during the six (6)-month period beginning on the Bridge Trading Option Closing
Date, Sellers and Purchaser shall report to each other and reconcile the amounts
of such payments and the reconciled net amount shall be paid by Purchaser to
Sellers, or by Sellers to Purchaser, as the case may be. After such six
(6)-month period, the Parties shall cooperate with each other to allocate and
remit to the appropriate Party any account receivables collected, and shall
continue to hold such payments in trust for the other Party and remit them
periodically as received. 

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     11.18
Bridge Trading Employment Matters. 

     (a)
No later than ten (10) days before the Bridge Trading Option Closing, Purchaser
or one of Purchaser’s Designees shall offer employment to not less than 113
Bridge Trading Employees, any development staff employees who perform services
for the Bridge Trading Business, and other employees of Sellers who are employed
in essential positions or primarily in respect of the Bridge Trading Business,
or whose services are material to the operation of the Bridge Trading Business,
reduced by any voluntary resignations since the date hereof not resulting from
receipt of a WARN Act notice to the employees who are identified as the
employees who will not receive an offer of employment by Purchaser as provided
below or other similar notice, intended to comply with applicable Law, that the
Parties may mutually agree to send to such employees pursuant to Section
11.18(g) and any employees erroneously included on Annex 12 to
Schedule 5.24 hereto, and further equitably reduced by any employees
identified by Purchaser who do not spend 100% of their time in the Bridge
Trading Business whom Purchaser desires to employ and who remain actively
employed with any Seller on the Bridge Trading Option Closing Date, with at
least the same base salary (exclusive of bonuses, stock options, restricted
stock and other similar forms of discretionary compensation) and substantially
equivalent position as in effect immediately prior to the Bridge Trading Option
Closing, and with each such offer being contingent on completion of the Bridge
Trading Option Closing and on the offeree’s compliance with the standard
hiring practices of Purchaser (or the applicable Purchaser’s Designee),
including the assignment of intellectual property rights, if any, retroactive to
such employee’s date of hire with the applicable Seller. A full list of
employees whom Purchaser elects to employ shall be submitted to Sellers no later
than twenty (20) days prior to Bridge Trading Option Closing. Each such employee
who accepts such employment as of the Bridge Trading Option Closing shall be
referred to herein as a “Transferred Bridge Trading Employee”.
In connection with the foregoing provisions of this Section 11.18(a),
Sellers shall permit Purchaser to meet with, distribute materials to and/or
communicate with such employees prior to the Bridge Trading Option Closing Date.
For purposes of this Section 11.18(a), an employee shall be treated as
“actively employed” notwithstanding that such employee may be
absent from work on the Bridge Trading Option Closing Date solely by reason of
any holiday, vacation, scheduled day off or non-medical leave of absence. As
soon as practicable hereafter, Sellers and Purchaser shall cooperate and use
reasonable best efforts to establish the list of Bridge Trading Employees who
will not be offered employment by Purchaser or Purchaser’s Designee. 

     (b)
Purchaser (or the applicable Purchaser’s Designee) shall provide the
Transferred Bridge Trading Employees with employee benefits plans that are
substantially comparable, in the aggregate, to the Sellers’ employee
benefit plans, within the meaning of ERISA as in effect on the date hereof.
Purchaser (or the applicable Purchaser’s Designee) shall treat prior
service with Sellers as service with Purchaser (or the applicable
Purchaser’s Designee) for purposes of eligibility to participate and
vesting with respect to all employee benefit plans (other than retiree medical
and life insurance plans) covering Transferred Bridge Trading Employees.
Purchaser (or the applicable Purchaser’s Designee) will assume and
recognize vacation entitlements payable to Transferred Bridge Trading Employees
accrued but unpaid prior to the Bridge Trading Option Closing, provided
that Purchaser and Purchaser’s Designees shall not be required to assume or
recognize such accrued vacation entitlements where, but only to the extent that,
such entitlements in the aggregate exceed $500,000. Nothing herein limits
Purchaser’s (or the applicable Purchaser Designee’s) right to amend,
modify or terminate its employee benefit plans. To the fullest extent permitted
under their medical and dental plans, Purchaser (or the applicable
Purchaser’s Designee) shall give credit for all current year deductibles
and co-payments paid by any Transferred Bridge Trading Employee in respect of
claims incurred by such Transferred Bridge Trading Employee during the portion
of the current calendar year prior to the Bridge Trading Option Closing, and
Purchaser shall waive any pre-existing conditions provisions under any such plan
covering Transferred Bridge Trading Employees to the same extent that such
provisions were waived with respect to Transferred Bridge Trading Employees
pursuant to the terms of Sellers’ or any Designated Entities’ plans.
Sellers shall reasonably cooperate with Purchaser or one of Purchaser’s
Designees in the implementation, transfer or transition of any of Sellers’
employee benefit plans with regard to Purchaser’s obligation hereunder. 

85

	

     (c)
From the date of signing of this Agreement, Sellers and Purchaser shall use
commercially reasonable efforts to provide appropriate transitional arrangements
for Transferred Bridge Trading Employees in possession of L-1B and H1-B visas,
or other permits to work for the Bridge Trading Business in the United States or
other jurisdictions, and shall take such steps as are necessary and appropriate
to ensure, to the extent possible, that such employees are transferred to the
Purchaser (or the applicable Purchaser’s Designee) without disruption of
employment. Sellers and Purchaser shall also use commercially reasonable efforts
to ensure that there is no disruption to Transferred Bridge Trading
Employees’ applications for visas or work permits sponsored by the Bridge
Trading Business. 

     (d)
As soon as is practical after the Bridge Trading Option Closing, Sellers shall
(i) take all actions as are necessary or appropriate to fully vest, as of
the Bridge Trading Option Closing Date, the interests of the Transferred Bridge
Trading Employees under Sellers’ defined contribution retirement plan(s);
(ii) provide such employees an election to roll over their vested interests
to Purchaser’s defined contribution retirement plan including appropriate
arrangements for loans provided to them under Sellers’ plan; and
(iii) roll over the full amount of the vested interests which the employees
have elected to roll over, as soon as possible but not later than six (6) months
after the Bridge Trading Option Closing Date, to the accounts of such employees
under Purchaser’s defined contribution retirement plan in accordance with
Section 402 of the Code. Purchaser shall reasonably cooperate with Sellers
in respect of the above actions and shall accept such rollovers and have no
liability for any discontinuance, termination or other charges that may be due
to any investment option or management providers or to any plan record keeping
or other agents with respect to such termination and rollover of such
employees’ interests from Sellers’ retirement plan(s) to
Purchaser’s retirement plan. 

     (e)
With respect to Transferred Bridge Trading Employees, Sellers shall cause all
accrued and unpaid vacation and sick leave entitlements exceeding $500,000 as of
the Bridge Trading Option Closing Date and all salary, bonuses (including
retention bonuses), commissions or other cash incentive compensation with
respect to the portion of the calendar year prior to the Bridge Trading Option
Closing Date to be fully paid on or before the Bridge Trading Option Closing
Date. Sellers shall have sole responsibility for “continuation
coverage” benefits provided under group health plans to all current or
former employees of any Seller (other than Transferred Bridge Trading Employees)
and qualified beneficiaries relating thereto for whom a “qualifying
event” has occurred on, prior to or after the Bridge Trading Option Closing
Date, and any severance or notice obligations to former employees of Sellers
(other than the Transferred Bridge Trading Employees to the extent that
severance or notice obligations may take place in connection with Transferred
Bridge Trading Employees’ employment with Purchaser or Purchaser’s
Designee). Terms used in this subsection and not otherwise defined herein shall
have the meanings ascribed to them under COBRA. 

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     (f)
Sellers shall institute a reasonable retention program, as specified, funded and
approved by Purchaser, with respect to the Bridge Trading Employees. Sellers
shall not terminate the employment of any employee listed on Annex 12 to
Schedule 5.24 hereto other than for cause, provided that the
issuance of notices intended to comply with WARN to such employees, by itself,
shall not be prohibited. In addition, (i) Sellers shall not encourage or
otherwise facilitate any Person other than Purchaser (or Purchaser’s
Designee) to employ or offer to employ any employee listed on Annex 12 to
Schedule 5.24 hereto or any of the DAIS Consultants, or to encourage any
such employee to terminate employment, or to encourage such DAIS Consultant to
terminate the relevant consultancy contract and (ii) shall use reasonable
efforts to enforce its rights under covenants, including covenants contained in
non-disclosure or confidentiality agreements, entered into in favor of Sellers
by third parties to the extent they provide restrictions on the solicitation of
or entering into contracts of employment with employees of the Bridge Trading
Business or DAIS Consultants, or prohibit the use of confidential information of
Sellers for any such purpose. 

     (g)
Notwithstanding Section 11.11(g) of this Agreement, the Parties shall use
reasonable efforts to give any notices required under applicable Law to mitigate
Sellers’ liability for COBRA and WARN obligations to Bridge Trading
Employees who do not become Transferred Bridge Trading Employees. 

     (h)
The obligations in Section 11.18(a) hereof to offer employment to Bridge Trading
Employees shall not apply to employees of the Bridge Trading Designated Entities
because such employees’ employment will be transferred as a result of the
transactions contemplated under this Section 11, provided that such
employees shall be considered Transferred Bridge Trading Employees for the
purposes of this Section 11.18 and the number of such employees shall be taken
into account in determining the number of employees who have been offered
employment by Purchaser or Purchaser’s Designee for the purposes of Section
11.18(a). 

     11.19
Bridge Trading Transitional Services. For a reasonable period of time
following Bridge Trading Option Closing, Sellers shall provide to Purchaser or
Purchaser’s Designee such transitional services, including, without
limitation, the use of communication networks, computers and other systems to
effect the gathering and dissemination of data (including, without limitation,
data provided pursuant to contracts held by Bridge to support the Bridge Trading
Business), the collecting, reporting and editing of news, administrative
services, contract services, payroll services, system management functions,
technical services, provision of information, application support,
infrastructure and human resources support, as may be reasonably requested by
Purchaser or the applicable Purchaser Designee to conduct the Bridge Trading
Business, as well as those services set forth on Annex 13 to Schedule
5.24, provided that: (A) the Purchaser or Purchaser’s
Designee shall compensate the Sellers on a current basis, at market rates and
terms as mutually agreed, or, if higher, at the cost to the Sellers,
(B) the Sellers shall render such services subject to the availability of
resources and capacity constraints, it being understood that, based upon current
circumstances, the Sellers anticipate that there will be limited availability of
resources, and (C) the Purchaser shall have the right to terminate such
arrangements without liability subject to reasonable notice and payment of all
amounts due to the Sellers up to the date of termination and, provided
further, that notwithstanding anything to the contrary contained in
clause (B) above, Purchaser or a Purchaser Designee may request Sellers, for the
purpose of providing transitional service, to maintain services that would
otherwise be discontinued and Sellers shall maintain such services subject to
Purchaser or a Purchaser Designee paying Sellers’ costs therefor. Sellers
and Purchaser shall use commercially reasonable efforts to negotiate appropriate
and orderly termination and phase-out arrangements with respect to the Bridge
Trading Business and activities that are discontinued following the Bridge
Trading Option Closing. 

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     11.20
Bridge Trading Facilities and Subleasing Arrangements. Sellers shall
enter into and, for a reasonable period of time following Bridge Trading Option
Closing, maintain facilities and subleasing arrangements with Purchaser in
respect of the properties set forth on Annex 13 to Schedule 5.24
hereto. 

     11.21
Bridge Trading-Bridge Agreements. Effective immediately upon the Bridge
Trading Option Closing, Sellers or any of their subsidiaries, as appropriate,
shall enter into agreements covering the matters described on Annex 14 to
Schedule 5.24 hereto. 

     11.22
Working Capital Adjustment. 

     (a)
Within thirty (30) business days after the Bridge Trading Option Closing,
Purchaser shall prepare and deliver to Sellers a statement (the “Bridge
Trading Closing Statement”) of Net Working Capital of the Bridge
Trading Designated Entities as of the Bridge Trading Option Closing Date. The
Bridge Trading Closing Statement shall be prepared by Purchaser in good faith on
a basis consistent in all material respects with the methods, principles,
practices and policies employed in the preparation and presentation of the
December Statement and in accordance with GAAP consistently applied (without
regard to consummation of the transactions contemplated by this Agreement). 

     (b)
After receipt of the Bridge Trading Closing Statement, Bridge (including its
advisors), shall have ten (10) business days to review it together with the work
papers used in the preparation thereof. Unless Bridge delivers written notice to
Purchaser on or prior to the tenth business day after Bridge’s receipt of
the Bridge Trading Closing Statement stating that it has objections thereto,
Sellers shall be deemed to have accepted and agreed to the Bridge Trading
Closing Statement. If, however, Bridge notifies Purchaser of objections to the
Bridge Trading Closing Statement on or prior to the tenth business day after
Bridge’s receipt of the Bridge Trading Closing Statement, the Parties shall
in good faith attempt to resolve their differences with respect to such
objections, within ten (10) business days (or such longer period as the Parties
may agree in writing) following such notice (the “Bridge Trading
Resolution Period”), and any resolution by them as to any disputed
amounts shall be final, binding and conclusive. In so doing, the Parties
(sharing any fees and expenses equally) may engage Arthur Andersen LLP or
another mutually agreed upon independent accounting firm experienced in audit
projects to assist such resolution by acting as a non-binding mediator. Sellers
shall not object to any method, principle, practice or policy employed in the
preparation of the Bridge Trading Closing Statement if such method, principle,
practice or policy is consistent in all material respects with that employed in
the preparation and presentation of the December Statement (provided that
such method, principle, practice or policy is also in accordance with GAAP). 

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     (c)
Amounts relating to any working capital and other accounts set forth in the
Bridge Trading Closing Statement remaining in dispute at the conclusion of the
Bridge Trading Resolution Period shall be promptly submitted to the Bankruptcy
Court for determination. 

     (d)
Once the Bridge Trading Closing Statement has been finalized in accordance with
this Section 11.22 (as so finalized, the “Final Bridge Trading
Closing Statement”), the Bridge Trading Exercise Price shall be
adjusted as follows: the Bridge Trading Exercise Price shall be
(i) increased by the amount, if any, by which the Net Working Capital is
greater than $0, or (ii) decreased by the amount, if any, by which the Net
Working Capital is less than $0. 

     (e)
If the Bridge Trading Exercise Price as adjusted pursuant to
Section 11.22(d) is less than the Bridge Trading Exercise Price paid at the
Bridge Trading Option Closing, Sellers, jointly and severally, shall promptly
pay Purchaser an amount of cash equal to the difference obtained by subtracting
the Bridge Trading Exercise Price as adjusted pursuant to Section 11.22(d)
from the Bridge Trading Exercise Price paid at the Bridge Trading Option
Closing. If the Bridge Trading Exercise Price as adjusted pursuant to
Section 11.22(d) is greater than the Bridge Trading Exercise Price paid at
the Bridge Trading Option Closing, Purchaser shall promptly pay Sellers an
amount of cash equal to the difference obtained by subtracting the Bridge
Trading Exercise Price paid at the Bridge Trading Option Closing from the Bridge
Trading Exercise Price as adjusted pursuant to Section 11.22(d). 

     (f)
During the preparation of the Bridge Trading Closing Statement and the period of
any review or dispute within the contemplation of Section 11.22, each of
Sellers and Purchaser shall (i) provide the other and their authorized
representatives (including their respective auditors) with reasonable access at
reasonable times, and in a manner so as not to interfere in any material respect
with normal business operations, to all relevant books, records, work papers,
information and employees, and (ii) cooperate fully for the preparation,
calculation and reviews of the Bridge Trading Closing Statement or for the
resolution of any dispute relating thereto. 

     11.23
Tax Matters. 

     (a) Preparation
of Tax Returns; Payment of Taxes. 

	 	     (i)
Each Seller shall timely file all of its income and other Tax Returns which include, or
otherwise relate to, the sale of the Bridge Trading Assets and the Designated Entities.
Bridge shall include each United States Designated Entity in, and shall file or cause to
be filed, (A) the United States consolidated federal income Tax Returns of Bridge or its
affiliates for all taxable periods of the Bridge Trading Designated Entities ending on or
prior to the Bridge Trading Option Closing Date and (B) where applicable, all other
consolidated, combined or unitary Tax Returns of Bridge or its affiliates for all taxable
periods of the Designated Entities ending (or the portion of any taxable period ending)
on or prior to the Bridge Trading Option Closing Date. Such Tax Returns referred to in
clauses (A) and (B) above are referred to as the “Bridge Trading Consolidated Returns”).
Sellers also shall file or shall cause to be filed all other Tax Returns of or which
include any Designated Entity required to be filed on or prior to the Bridge Trading
Option Closing Date. Sellers shall timely pay or cause to be paid any and all Taxes due
with respect to all Tax Returns required to be filed by Sellers under this Section
11.24(a)(i). All Tax Returns described in this Section 11.24(a) shall be prepared in a
manner consistent with prior practice unless a past practice has been finally determined
to be incorrect by the applicable taxing authority or a contrary treatment is required by
applicable tax laws (or the judicial or administrative interpretations thereof). Bridge
shall provide the Purchaser with copies of such Tax Returns (or, in the case of Bridge
Trading Consolidated Returns, the portion of such Tax Returns relating to the Designated
Entities) at least 10 business days prior to the filing date, and Purchaser shall be
provided an opportunity to review such returns and supporting workpapers and schedules
prior to the filing of such Tax Returns. Bridge shall, subsequent to the Bridge Trading
Option Closing Date, provide written notice to Purchaser of the filing of any amended
Bridge Trading Consolidated Returns or claim for refund with respect to such Returns with
respect to any taxable period ending on or prior to the Bridge Trading Option Closing
Date and, if such filing would have a material adverse effect on Purchaser, any
Designated Entity, or their affiliates for any taxable period including or ending after
the Bridge Trading Option Closing Date, Bridge will not make such filing without the
consent of Purchaser, which consent will not be unreasonably withheld. 

	

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	 	     (ii)
Bridge shall, in the event of an ownership change (within the meaning of Section 382 of
the Code and applicable Treasury Regulations) of the Affiliated Group of which Bridge is
the common parent, during the taxable year in which the Bridge Trading Option Closing
occurs, elect to utilize the closing-of-the-books method with respect to the utilization
of its loss and tax credit carryforwards in accordance with Treasury Regulation Section
1.382-6 if doing so would minimize the income tax liability for which the Designated
Entities may be jointly or severally liable for the taxable year. 

	 	     (iii)
Following the Bridge Trading Option Closing, Purchaser shall file or cause to be filed
all Tax Returns, other than Bridge Trading Consolidated Returns, required to be filed by
the Designated Entities after the Bridge Trading Option Closing Date and shall cause each
such entity to pay the Taxes shown due thereon. 

	 	     (iv)
Sellers and Purchaser will, unless prohibited by applicable law, close the taxable period
of each Designated Entity as of the close of the Bridge Trading Option Closing Date.
Neither Seller nor Purchaser shall take any position inconsistent with the preceding
sentence on any Tax Return. 

	

     (b)
Determination of Income Tax Liability for the Taxable Year of the
Transaction. Bridge agrees to file or cause to be filed, within one hundred
and twenty (120) days of the end of its taxable year in which the Bridge
Trading Option Closing occurs, its consolidated federal income tax return for
such taxable year and any consolidated, combined or unitary Tax Returns that
include any of the Designated Entities. Each Seller shall use its reasonable
best efforts to expedite the determination of its income tax liability for such
taxable year with respect to such Tax Returns (including by means of requesting
a prompt determination of taxes pursuant to Section 505(b) of the
Bankruptcy Code), consistent with minimizing the taxes payable by Bridge and its
affiliates. Purchaser shall have standing to seek to have the Bankruptcy Court
compel Sellers to take such actions as are necessary to comply with the
foregoing requirement and to raise with the Bankruptcy Court the need for, or
adequacy of, reserves for Taxes in connection with the confirmation of any plan
of reorganization. Each Seller shall provide in any plan of reorganization
proposed by it for the Bankruptcy Court to retain jurisdiction after
confirmation of any plan of reorganization proposed by it over resolution of
disputes between it and any taxing authority regarding the determination of the
income tax liability for taxable periods prior to confirmation of such plan. 

90

	

     (c) Tax
Audits. 

	 	     (i)
Bridge shall have the sole right to represent the interests of each Designated Entity in
any Tax audit or administrative or court proceeding relating to taxable periods ending on
or before the Bridge Trading Option Closing Date and to employ counsel of its choice and
at its expense to the extent that such proceedings relate solely to Bridge Trading
Consolidated Returns, provided that if the results of such Tax audit or proceeding
could reasonably be expected to have an adverse effect on the assets, business,
operations, or financial condition of Purchaser, an affiliate of Purchaser or any
Designated Entity for taxable periods ending after the Bridge Trading Option Closing
Date, then there shall be no settlement or closing or other agreement with respect
thereto without the written consent of Purchaser (which consent shall not be unreasonably
withheld). 

	 	     (ii)
Purchaser shall have the sole right to represent the interests of each Designated Entity
in all other Tax audits or administrative or court proceedings. Each Seller agrees that
it will cooperate fully with Purchaser and its counsel in the defense against or
compromise of any claim in any said proceeding, as and to the extent reasonably requested
by Purchaser. 

	 	     (iii)
Each of Purchaser and the Sellers shall promptly notify the other of any notice either
receives of any Tax audit for which the other is responsible for the underlying Taxes in
connection with the Bridge Trading Business. 

	

     11.24
Bridge Trading Trademarks and Intellectual Property. The Parties shall
negotiate in good faith and, on or prior to the Bridge Trading Option Closing,
shall enter into a license agreement pursuant to which Sellers shall grant to
Purchaser or any of Purchaser’s Designees a license to use any trademarks
and other intellectual property and any rights pertaining thereto that are owned
or used by Sellers in connection with conducting the Bridge Trading Business
(and that are not otherwise transferred to Purchaser or a Purchaser’s
Designee at the Bridge Trading Option Closing), which license shall be granted
to Purchaser for a reasonable period of time commencing immediately following
the Bridge Trading Option Closing and on such terms and conditions as shall be
set forth in the license agreement. 

     11.25
Conformity. The Parties acknowledge the intention that the mechanisms for
the transfer of the Bridge Trading Business shall be substantially the same as
the mechanisms for the transfer of the Acquired Business and will modify in good
faith the above provisions (except 11.1, 11.2, 11.3, 11.4, 11.5 and 11.8) as
necessary to reflect such intention. 

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SECTION 12

GENERAL
PROVISIONS

     12.1
Notices. All notices, claims, demands, and other communications hereunder
shall be in writing and shall be deemed given upon (a) confirmation of
receipt of a facsimile transmission, (b) confirmed delivery by a standard
overnight carrier or when delivered by hand, or (c) the expiration of five
(5) business days after the day when mailed by registered or certified mail
(postage prepaid, return receipt requested), addressed to the respective Parties
at the following addresses (or such other address for a Party as shall be
specified by like notice): 

     (a) If
to Purchaser, to 

	 	
                           Reuters America Inc.

                           The Reuters Building

                           3 Times Square

                           20th Floor

                           New York, New York  10036

                           Telecopy:  (646) 223-4239

                           Attention:  General Counsel

                           with a copy to

                           Weil, Gotshal & Manges LLP

                           767 Fifth Avenue

                           New York, New York  10153

                           Telecopy:  (212) 310-8007

                           Attention:     David Zeltner, Esq.

                    S. Wade Angus, Esq.

	

     (b) If
to Sellers or to the Designated Entities, to 

	 	
                           Bridge Information Systems, Inc.

                           3 World Financial Center

                           New York, New York  10281

                           Telecopy:  (212) 372-7148

                           Attention:     Sankar Krishnan

                    Zachary Snow, Esq.

                           with copies to

                           Cleary, Gottlieb, Steen & Hamilton

                           1 Liberty Plaza

                           New York, New York  10006

                           Telecopy:  (212) 225-3999

                           Attention:     Thomas Moloney, Esq.

                     Filip Moerman, Esq.

                           and:

                           Bear Stearns  & Co, Inc.

                           245 Park Avenue

                           New York, New York  10107

                           Telecopy:  (212) 881-9627

                           Attention:     Mr. Davies Beller

                     Mr. Jeff Brandon

	

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     12.2
Publicity. The Parties hereto shall consult with each other and shall
mutually agree (the agreement of each party not to be unreasonably withheld or
delayed) upon the content and timing of any press release or other public
statements with respect to the transactions contemplated by this Agreement and
shall not issue any such press release or other public statement prior to such
consultation and agreement, except as may be required by applicable law or by
obligations pursuant to any listing agreement with any securities exchange or
any stock exchange regulations as advised by counsel, provided that to
the extent practicable, each Party shall give prior notice to the other parties
of the content and timing of any such press release or other public statements
prior to issuance. 

     12.3
Descriptive Headings. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. 

     12.4
Entire Agreement; Assignment. 

     (a)
This Agreement (including the Annexes, Schedules, Exhibits, and the other
documents and instruments referred to herein) (i) constitutes the entire
agreement and supersedes all other prior agreements and understandings, both
written and oral, among the Parties or any of them, with respect to the subject
matter hereof, including, without limitation, any transaction between or among
the Parties hereto, provided that the terms of any confidentiality
agreement executed in connection with Purchaser’s investigation and due
diligence of the Acquired Businesses shall survive execution of this Agreement,
and (ii) shall not be assigned by operation of Law or otherwise other than
to a Purchaser Designee. 

     (b)
Notwithstanding the above, any obligations of Purchaser hereunder may be
performed by a Purchaser Designee and any rights of Purchaser may be exercised
by a Purchaser Designee but any such performance or exercise by a Purchaser
Designee shall not relieve Purchaser of any obligations hereunder. References to
Purchaser hereunder shall be deemed to include or refer to Purchaser’s
Designees, unless the context otherwise requires. 

     12.5
Governing Law; Jurisdiction. This Agreement shall be governed by and
construed in accordance with the Laws of the State of New York without regard to
the rules of conflict of Laws of the State of New York or any other
jurisdiction. Each of the Parties irrevocably and unconditionally consents to
submit to the jurisdiction of the courts of the Eastern District of Missouri,
including the Bankruptcy Court, for any litigation arising out of or relating to
this Agreement and the transactions contemplated thereby (and agrees not to
commence any litigation relating thereto except in such courts), waives any
objection to the laying of venue of any such litigation therein, and agrees not
to plead or claim that such litigation has been brought in an inconvenient
forum. 

93

	

     12.6
Expenses. Except as expressly provided herein, whether or not the
transactions contemplated by this Agreement are consummated, all costs and
expenses incurred in connection with this Agreement and the transactions
contemplated thereby shall be paid by the Party incurring such expenses. The
foregoing shall not affect the legal right, if any, that any Party hereto may
have to recover expenses from any other Party that breaches its obligations
hereunder. 

     12.7
Amendment. This Agreement may not be amended except by an instrument in writing
signed on behalf of all the Parties hereto. 

     12.8
Waiver. At any time prior to the Closing Date, the Parties hereto may
(a) extend the time for the performance of any of the obligations or other
acts of the other Parties hereto, (b) waive any inaccuracies in the
representations and warranties contained herein or in any document delivered
pursuant hereto, and (c) waive compliance with any of the agreements or
conditions contained herein. Any agreement on the part of a Party hereto to any
such extension or waiver shall be valid only if set forth in an instrument in
writing signed on behalf of such Party. 

     12.9
Counterparts; Effectiveness. This Agreement may be executed in two or
more counterparts, including by facsimile, each of which shall be deemed to be
an original but all of which shall constitute one and the same agreement. This
Agreement shall be binding on the Parties only upon both (i) execution and
delivery by the Parties hereto and (ii) the entry of the Approval Order by
the Bankruptcy Court. 

     12.10
Severability; Validity; Parties in Interest. If any provision of this
Agreement or the application thereof to any Person or circumstance is held
invalid or unenforceable, the remainder of this Agreement, and the application
of such provision to other Persons or circumstances, shall not be affected
thereby, and to such end, the provisions of this Agreement are agreed to be
severable. Nothing in this Agreement, express or implied, is intended to confer
upon any Person (other than Purchaser’s Designees) not a party to this
Agreement any rights or remedies of any nature whatsoever under or by reason of
this Agreement. 

     12.11
Cooperation in Stock Transaction. The Parties acknowledge and agree that,
subject to holding Sellers harmless against any adverse tax arrangement or other
expenses occasioned thereby, in lieu of purchasing the Acquired Assets (or in
the case of the exercise of any of the options provided for in this Agreement,
the specific assets of Sellers subject to such option) as contemplated
hereunder, Purchaser shall have the right to restructure the acquisition of the
Acquired Assets (or in the case of the exercise of any of the options provided
for in this Agreement, the specific assets of Sellers subject to such option) in
whole or in part, as purchase of the stock of one or more subsidiaries of Bridge
owning all or a portion of the Acquired Assets (or in the case of the exercise
of any of the options provided for in this Agreement, the specific assets of
Sellers subject to such option). Sellers agree to cooperate with Purchaser in
the event the Purchaser decides to engage in the transactions contemplated in
this Section 12.11. Notwithstanding anything to the contrary in this
provision, Sellers shall not be limited in their rights to enjoy the economic
benefits of the transactions in this Agreement on the terms and the dates
contemplated in this Agreement. 

94

	

     12.12
Representation. 

     (a)
Bridge shall represent all Sellers and all Designated Entities for the purposes
of this Agreement, including, without limitation, with respect to any waivers,
consents and any allocations described in Sections 2.10, 9.13, 10.13 and 11.13
hereof. Any notice given or communication, including, without limitation, any
required deliveries of any documents or reports required hereunder, made to
Purchaser on behalf of any Seller or Designated Entity by Bridge shall
constitute effective notice or communication to Purchaser. Any notice given or
communication, including, without limitation, any required deliveries of any
documents or reports required hereunder, made by Purchaser to Bridge shall
constitute effective notice or communication to all Sellers and Designated
Entities. Any action, approval, or consent by Bridge, including, without
limitation, with respect to any waivers, consents and any allocations described
in Sections 2.10, 9.13, 10.13 and 11.13 hereof, under or with respect to this
Agreement shall bind all Sellers and Designated Entities. 

     (b)
RAM shall represent Reuters S.A. for the purposes of this Agreement, including,
without limitation, with respect to any waivers, consents and allocations
described in Sections 2.10, 9.13, 10.13 and 11.13 hereof. Any notice given or
communication made to RAM on behalf of any Seller or Designated Entity by Bridge
shall constitute effective notice or communication, including, without
limitation, any required deliveries of any documents or reports required
hereunder, to RAM and to Reuters S.A. Any notice given or communication made by
RAM to Bridge shall constitute effective notice or communication, including,
without limitation, any required deliveries of any documents or reports required
hereunder, to all Sellers and Designated Entities by RAM and Reuters S.A. Any
action, approval or consent, including, without limitation, with respect to any
waivers, consents and allocations described in Sections 2.10, 9.13, 10.13 and
11.13 hereof, by RAM under or with respect to this Agreement shall bind RAM and
Reuters S.A. 

     (c)
In connection with the transfer of the Acquired Assets to Purchaser, Bridge
shall act as agent for any of its direct or indirect subsidiaries that is not a
Party and who has any interest in any of the Acquired Assets or shares of any of
the Designated Entities. Bridge represents that it has the authority to act on
behalf of all Sellers and all Designated Entities as provided in this
Section 12.12. Notwithstanding the preceding provisions of this
Section 12.12, Bridge’s representation of and authority to bind the
Designated Entities shall end at the earlier to occur of (i) the Closing
contemplated under this Agreement and (ii) the Bridge Trading Option Closing. 

     12.13
Survival of Certain Sections. Notwithstanding anything to the contrary
contained in this Agreement, Sections 2.9, 7.16, 7.18, 8.3, 8.4, 9,
10, 11 and 12 hereof shall survive the termination of this Agreement. 

     12.14
Intention to Exercise Options. [INTENTIONALLY DELETED] 

95

	

     12.15
Certain Representations, Warranties and Certain Covenants. The
representations and warranties set forth on Schedules 5.22, 5.23 and 5.24 shall
be amended by agreement of the Parties (which shall not be unreasonably withheld
or delayed) to conform to the comparable representations and warranties
contained in Section 5 of this Agreement. In addition, it is contemplated
that the provisions of Sections 9, 10 and 11 relating to the assumption of
Contracts function in like manner to those contained in Section 2 of this
Agreement so as to make such options fully operable such that Purchaser acquires
the business contemplated thereby, and Sellers receive the proceeds payable upon
exercise, on the terms and dates specified and appropriate conforming
amendments, if any, shall be made (with agreement of the Parties not to be
unreasonably withheld or delayed). 

     12.16
Amendment and Restatement. This Amended and Restated Asset Purchase
Agreement supersedes and replaces the APA in its entirety, effective as of May
3, 2001. 

     12.17
Subsidiaries of Bridge. In the event and to the extent any of the
Acquired Assets are owned by subsidiaries of Bridge that are not parties hereto,
Bridge shall cause such subsidiaries to sell, assign, transfer, convey and
deliver such Acquired Assets to Purchaser or a Purchaser’s Designee as
contemplated hereby as if such subsidiaries were parties hereto. 

     12.18
Schedules to Asset Purchase Agreement. 

     (a)
In the event that, on or before August 15, 2001, Bridge demonstrates to the
reasonable satisfaction of Reuters that one or more of the Contracts listed as
Undisclosed Contracts on Schedule 2.4B were, in fact, disclosed on the
Schedule G that was attached to Schedule 2.4B to the Agreement on May 3,
2001, whether represented as a part of the Contracts listed under a particular
vendor code or otherwise, Schedule 2.4B shall be amended to provide that
such Contract or Contracts will no longer be listed as Undisclosed Contracts. 

     (b)
Bridge acknowledges that Schedules 2.4B, 2.4D, 11.8B and 11.8C do not, in all
cases, identify the Seller or other Bridge affiliate that is a party to the
Contracts listed thereon. Bridge agrees that, on or before August 1, 2001, it
shall provide Reuters with the identities of such Sellers or affiliates and the
Parties agree that (i) such Schedules shall be amended to include this
information, including, where appropriate, deleting Contracts from Schedules
2.4B, 2.4D, 11.8B or 11.8C and adding them to Schedules 2.4B, 2.4D, 11.8B or
11.8C, as applicable; and (ii) Bridge shall, on or before August 1, 2001, amend
Schedule 5.6 to reflect any changes in the matters set forth thereon
resulting from the amendments referred to in clause (i) above, which amendment
shall be subject to Purchaser’s consent (which shall not be unreasonably
withheld or delayed). 

96

	

     IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed on their
behalf by their officers thereunto duly authorized, as of the date first above
written. 

			BRIDGE INFORMATION SYSTEMS, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE INFORMATION SYSTEMS AMERICA, INC.,

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE DATA COMPANY

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE NEWS INTERNATIONAL, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE TRADING TECHNOLOGIES, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE TRANSACTION SERVICES, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

	

97

	

			BRIDGE VENTURES, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BTS SECURITIES, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BTT INVESTMENTS, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			WALL STREET ON DEMAND, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE TRADING COMPANY

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE INFORMATION SYSTEMS CANADA, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

	

98

	

			BRIDGE TRADING COMPANY UK LTD.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE TRADING COMPANY ASIA, LTD.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			STOCKVAL, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

			BRIDGE INTERNATIONAL HOLDINGS, INC.

By:

——————————————

Name: Sankar Krishnan

Title:   Chief Restructuring Officer

	

99

	

			
REUTERS AMERICA INC.

   REUTERS S.A.

By:

——————————————

Name: Devin Wenig

Title:   President, Reuters Information of Reuters America Inc. and Attorney-in-fact for Reuters S.A.

	

100

	

Annex A

     Unless
otherwise defined herein, terms used herein shall have the meanings set forth
below: 

     “1940
Act” shall have the meaning set forth in Section 5.19(f) hereof. 

     “Acquired
Assets” means the assets listed in Schedule 1A. 

     “Acquired Business”
means the businesses comprising the Acquired Assets and the Designated Entities,
subject to the Assumed Liabilities. 

     “Acquired
Business Employees” shall have the meaning set forth in
Section 5.11 hereof. 

     “Affiliated
Group” shall mean an affiliated group within the meaning of
Section 1504(a)(1) of the Internal Revenue Code. 

     “Agreement”
means this Amended and Restated Asset Purchase Agreement, including all Annexes,
Exhibits and Schedules hereto, as the same may be amended from time to time in
accordance with its terms. 

     “Allocated
Burn Costs” shall mean the sum of (i) in the event the Outside
Date is extended by Purchaser beyond August 31, 2001 pursuant to the terms of
Section 8.1(b)(i) hereof and the actual Section 7.24 Expenses per
month during such period exceed the payments made by Purchaser in respect
thereof pursuant to Section 7.24, the amount of such excess, and
(ii) fifty percent (50%) of any Section 7.24 Expenses paid by Sellers
after termination of this Agreement, in excess of $30,000,000. 

     “APA”
shall have the meaning set forth in the Recitals hereof. 

     “Approval
Order” shall be an order, acceptable to Purchaser, entered by the
Bankruptcy Court on or before May 5, 2001 (or such date as may be agreed to by
Purchaser), and containing such findings and rulings as Purchaser may request,
which order shall not have been stayed, modified, reversed or amended in any
manner materially adverse to Purchaser or Sellers. 

     “Assumed
Liabilities” shall have the meaning set forth in Section 2.6
hereof. 

     “Auction”
shall have the meaning given to it in Standing Order #4 approved by the
Bankruptcy Court on March 29, 2001 and including any amendments thereof. 

     “Bankruptcy
Auction Interested Parties” shall have the meaning set forth in
Section 2.4(c) hereof. 

     “Bankruptcy
Code” means title 11 of the United States Code §§ 101-1330. 

S-2-1-1

	

     “Bankruptcy Court”
means the United States Bankruptcy Court for the Eastern District of Missouri,
having jurisdiction over Sellers and certain of their direct and indirect
subsidiaries and their assets in the Chapter 11 Cases. 

     “Bear
Stearns” means Bear, Stearns  & Co., Inc. 

     “Benefit
Plans” shall have the meaning set forth in Section 5.11(b) hereof. 

     “Bidding Procedures”
means the provisions of Standing Order #4 approved by the Bankruptcy Court on
March 29, 2001 and including any amendments thereof. 

     “Bill
of Sale” shall have the meaning set forth in Section 4.2(a)
hereof. 

     “Bridge”
shall have the meaning set forth in the first paragraph of this Agreement. 

     “Bridge
Trading” or “Bridge Trading Business” means the
business comprising the Bridge Trading Assets and the Designated Entities. 

     “Bridge
Trading Assets” means the assets (excluding StockVal) listed in
Schedules 1FX, 1FY and 1FZ. 

     “Bridge
Trading Assumed Liabilities” shall have the meaning set forth in
Section 11.10 hereof. 

     “Bridge
Trading Call Exercise Notice” shall have the meaning set forth in
Section 11.1(a) hereof. 

     “Bridge
Trading Call Price” shall have the meaning set forth in
Section 11.1(a) hereof. 

     “Bridge
Trading Call Option” shall have the meaning set forth in
Section 11.1(a) hereof. 

     “Bridge
Trading Call Option Period” shall have the meaning set forth in
Section 11.1(b) hereof. 

     “Bridge
Trading Closing Statement” shall have the meaning set forth in Section
11.23(a) hereof. 

     “Bridge
Trading Consolidated Returns” shall have the meaning set forth in
Section 11.23(a) hereof. 

     “Bridge
Trading Designated Contracts” shall have the meaning set forth in
Section 11.8(a) hereof. 

     “Bridge
Trading Designated Entities” are the Designated Entities referred to as
such on Schedule 1B hereto. 

S-5.24-2

	

     “Bridge
Trading Employees” shall have the meaning set forth in paragraph 11(a)
of Schedule 5.24. 

     “Bridge
Trading Excluded Assets” shall have the meaning set forth in
Section 11.7(b) hereof. 

     “Bridge
Trading Excluded Liabilities” shall have the meaning set forth in
Section 11.11 hereof. 

     “Bridge
Trading Leased Real Property” means all real property leased and used
or held for use by Sellers or any Designated Entity in the operation of the
Bridge Trading Business. 

     “Bridge
Trading Material Adverse Effect” means (a) any event, change,
conditions or matters in respect of the Bridge Trading Business (other than any
events, changes, conditions or matters resulting from or related to the Savvis
business, except for events set forth in Section 3.3(e)) that, individually
or in the aggregate, results in or would be reasonably expected to result in a
material adverse effect on the business, results of operations, assets or
condition (financial or otherwise) of the Bridge Trading Business, taken as a
whole, excluding any such effect to the extent resulting from or arising in
connection with (i) the filing of the Chapter 11 Cases, or
(ii) macro-economic changes or general market-related changes unless the
Bridge Trading Business is affected by such changes in a manner that is
substantially disproportionate when compared with competitive or peer
businesses; or (b) any events, conditions or matters, (other than events,
changes, conditions or matters resulting from or related to the Savvis business
other than events set forth in Section 3.3(e) or relating to the HSR
Condition), that would have a material adverse effect on the legality, validity
or enforceability of this Agreement and the agreements and instruments to be
entered into in connection herewith, the consummation of the transactions
contemplated hereby, or the realization of the rights and remedies hereunder,
provided that no Bridge Trading Material Adverse Effect shall be deemed
to occur unless the effects of the foregoing conditions result in a diminution
of value of the Bridge Trading Business in an amount that is greater than
one-third (1/3) of the Bridge Trading Exercise Price. 

     “Bridge
Trading Non Filing Seller Contract” shall mean a Contract used in or
pertaining to the Bridge Trading Business and to which an affiliate of Bridge
(other than a Filing Seller or a Designated Entity) is a Party. 

     “Bridge
Trading Option” means the Bridge Trading Call Option or the Bridge
Trading Put Option, as applicable. 

     “Bridge
Trading Option Closing” shall have the meaning set forth in
Section 11.3(a) hereof. 

     “Bridge
Trading Option Closing Date” means the date set forth in
Section 11.3(a) hereof. 

S-5.24-3

	

     “Bridge
Trading Owned Real Property” means all real property owned by Sellers
or the Designated Entities relating to the operation of the Bridge Trading
Business. 

     “Bridge
Trading Plans” shall have the meaning set forth in Annex 12 of
Schedule 5.24. 

     “Bridge
Trading Put Exercise Notice” shall have the meaning set forth in
Section 11.2(a) hereof. 

     “Bridge
Trading Put Option” shall have the meaning set forth in
Section 11.2(a) hereof. 

     “Bridge
Trading Put Option Triggering Date” shall have the meaning set forth in
Section 11.2(b) hereof. 

     “Bridge
Trading Real Property Leases” means all written leases in effect as of
the date hereof with respect to the Bridge Trading Leased Real Property. 

     “Bridge
Trading Resolution Period” shall have the meaning set forth in Section
11.23 hereof. 

     “Bridge
Trading Seller Cure Liability Amount” shall have the meaning set forth
in Section 11.8(a) hereof. 

     “Bridge
Trading UK” shall have the meaning set forth in Section 5.19(g)
hereof. 

     “Bridge
Trading Undisclosed Contract” shall have the meaning set forth in
Section 11.8(b) hereof. 

     “Bridge
Transaction Services” shall mean the business and operations relating
to the Bridge Transaction Services Assets. 

     “Bridge
Transaction Services Assets” means the assets listed on Schedule 1FX. 

     “Cantor
Fitzgerald Securities” means Cantor Fitzgerald, L.P. and any of its subsidiaries or
affiliates. 

     “Chapter
11 Cases” means the pending cases commenced by Sellers on February 15,
2001 under Chapter 11 of the Bankruptcy Code, pending in the Bankruptcy Court
under docket no. 01-41593-293, jointly administered. 

     “Claim”
shall have the meaning set forth in Section 7.1(a) hereof. 

     “Claimants”
shall have the meaning set forth in Section 7.1(a) hereof. 

     “Closing”
shall have the meaning set forth in Section 4.1 hereof. 

S-5.24-4

	

     “Closing
Date” means the date set forth in Section 4.1 hereof. 

     “Closing Statement”
shall have the meaning set forth in Section 2.3(a) hereof. 

     “COBRA”
shall have the meaning set forth in Section 2.7(h) hereof. 

     “Code”
means the United States Internal Revenue Code of 1986, as amended. 

     “Committee”
shall have the meaning set forth in the Bidding Procedures. 

     “Competing
Bidder” shall have the meaning set forth in the Bidding Procedures. 

     “Contract”
means any agreement, contract, commitment, or other binding arrangement or
understanding, whether written or oral. 

     “Contract
Designation Date” shall have the meaning set forth in
Section 2.4(a) hereof. 

     “Contract
Parties” shall have the meaning set forth in Section 2.4(c)
hereof. 

     “Covered
Assets” shall have the meaning set forth in Section 8.4(a) hereof. 

     “CRB
Index Business” means the business, operations and Intangibles of the
indices and sub-indices designated by the trademarks set forth on Schedule
7.23(b). 

     “CRB
Index Marks” has the meaning set forth in Section 7.23(b). 

     “CRB License
Agreement” shall have the meaning set forth in Section 7.23(b) hereof. 

     “CRB
Marks” has the meaning set forth in Section 7.23(c). 

     “Cure
Costs” shall have the meaning set forth in Section 2.5(a) hereof. 

     “DAIS Group”
shall mean the business and operations relating to the DAIS Group Assets
(excluding StockVal). 

     “DAIS
Consultants” means Vito Renna, Stephen Spewock and Carlos Simoes who
provide services to the DAIS Group pursuant to consultancy agreements. 

     “DAIS
Group Assets” means the assets listed on Schedule 1FY. 

     “December
Statement” shall have the meaning set forth in Section 2.3(a)
hereof. 

     “Designated
Contracts” shall have the meaning set forth in Section 2.4(a)
hereof. 

     “Designated
Contracts Order” shall mean an order (or orders), in form and substance
consistent with this Agreement and acceptable to Purchaser, authorizing the
Seller’s assumption of the Designated Contracts (or the WSOD/EJV Designated
Contracts, StockVal Designated Contracts or Bridge Trading Designated Contracts,
as applicable), assignment of the Designated Contracts (or the WSOD/EJV
Designated Contracts, StockVal Designated Contracts or Bridge Trading Designated
Contracts, as applicable) to Purchaser or Purchaser’s Designee and the
procedure for determination of cure costs associated therewith, in accordance
with Section 7.1 hereof, entered by the Bankruptcy Court which order shall
not have been stayed, modified, revised or amended in any manner materially
adverse to Purchaser or Sellers. 

S-5.24-5

	

     “Designated
Entities” means the companies listed in Schedule 1B, or,
depending on the context, all the stock of such companies owned, directly or
indirectly, by Sellers. 

     “DGCL” means
the Delaware General Corporation Law. 

     “DIP
Financing” means the credit facility entered into between Sellers and
certain financial institutions pursuant to the Debtor-In-Possession Credit
Agreement approved by Bankruptcy Court on March 14, 2001. 

     “DIP
Lenders” shall have the meaning set forth in the Bidding Procedures. 

     “Dollars”
or “$” means dollars of the United States of America. 

     “EJV”
means the business and operations relating to the EJV Assets and includes the
business known as the Bridge Fixed Income Services. 

     “EJV
Assets” shall mean the assets listed on Schedule 1D. 

     “Environmental
Laws” means all applicable Laws (including consent decrees and
administrative orders) relating to the public health and safety and protection
of the environment including those governing the use, generation, handling,
storage and disposal or cleanup of Hazardous Substances, all as amended. 

     “ERISA”
shall have the meaning set forth in Section 5.11(b) hereof. 

     “Escrow
Account” means account number 021850 at The Bank of Nova Scotia
Trust Company of New York. 

     “Escrow
Agent” means The Bank of Nova Scotia Trust Company of New York. 

     “Exchange
Act” means Securities Exchange Act of 1934, as amended. 

     “Excluded Assets”
shall have the meaning set forth in Section 2.1(b) hereof. 

     “Excluded
Liabilities” shall have the meaning set forth in Section 2.7
hereof. 

     “Filing
Sellers” shall have the meaning set forth in the recitals hereof. 

S-5.24-6

	

     “Final
Bridge Trading Closing Statement” shall have the meaning set forth in
Section 11.23(d) hereof. 

     “Final
Closing Statement” shall have the meaning set forth in
Section 2.3(d) hereof. 

     “Final
Order” shall mean an order as to which the time to file an appeal, a
motion for rehearing or reconsideration or a petition for a writ of certiori has
expired and no such appeal, motion or petition is pending. 

     “GAAP”
means generally accepted accounting principles. 

     “GECC” shall
have the meaning set forth in the Bidding Procedures. 

     “Governmental
Authority” means any federal, State, local or foreign government or any
subdivision, agency, instrumentality, authority, department, commission, board
or bureau thereof, provided, in each case, that the relevant action in
any given circumstance has the force of Law, or any federal, State, local or
foreign court, tribunal or arbitrator of competent jurisdiction (including,
without limitation, the Bankruptcy Court). 

     “Hazardous
Substances” means any substance, waste, contaminant, pollutant or
material that has been determined by any Governmental Authority in, under or
pursuant to any Environmental Law to be capable of posing a risk of injury or
damage to health, safety, property or the environment including (a) all
substances, wastes, contaminants, pollutants and materials defined, designated
or regulated as hazardous, dangerous or toxic pursuant to any Law, and
(b) asbestos, polychlorinated biphenyls (“PCBs”),
petroleum, petroleum products and urea formaldehyde. 

     “HSR
Act” means the Hart-Scott-Rodino Anti-Trust Improvements Act of 1976. 

     “HSR Condition”
shall have the meaning set forth in Section 8.2(d) hereof. 

     “Initial
Deposit” means the amount equal to the $5,000,000 deposited by
Purchaser on March 30, 2001 under Standing Order #4, plus the interest accrued
thereon through May 9, 2001. 

     “Intangible”
means any corporate name, fictitious name, trademark, trademark application,
service mark, service mark application, trade name, brand name, product name,
slogan, trade secret, know-how, patent, patent application, copyright, copyright
application, design, logo, formula, invention, product right, technology, domain
names, process, logarithms, historical futures pricing data, databases or other
intangible asset of any nature in use in the Acquired Business. 

     “IRS” means
the U.S. Internal Revenue Service. 

     “Law”
means any provision of any federal, State, local or foreign law, statute,
ordinance, charter, constitution, treaty, code, rule, regulation or guidelines
(including those of self-regulatory organizations such as the New York Stock
Exchange and the National Association of Securities Dealers, Inc), or any order,
decree or ruling. 

S-5.24-7

	

     “Leased
Real Property” means all real property leased and used or held for use
by Sellers or the Designated Entities in the operation of the Acquired Business. 

     “Liability”
means any debt, liability or obligation of any nature, whether secured,
unsecured, recourse, nonrecourse, liquidated, unliquidated, accrued, absolute,
fixed, contingent, ascertained, unascertained, known, unknown or otherwise. 

     “License
Agreement” shall have the meaning set forth in Section 7.23(c) hereof. 

     “Licensee”
shall have the meaning set forth in Section 7.13(b) hereof. 

     “Lien”
means any security, interest, lien, charge, mortgage, deed, assignment, pledge,
hypothecation, claim, encumbrance, easement, restriction or interest of another
Person of any kind or nature, other than the liens referred to in Section
5.4(a). 

     “Management
Retention Plan” means the management retention and benefit plan
approved by the Bankruptcy Court on April 4, 2001 and all amendments and
supplements thereto. 

     “Market
Data Corporation” means Market Data Corporation and any of its
affiliates or subsidiaries. 

     “Material
Adverse Effect” means (a) any event, change, conditions or matters
in respect of the Acquired Business (other than any events, changes, conditions
or matters resulting from or related to the Savvis business, except for events
or changes set forth in Section 3.3(e)), that, individually or in the
aggregate, result in or would be reasonably expected to result in a material
adverse effect on the business, results of operations, assets or condition
(financial or otherwise) of the Acquired Business, taken as a whole, excluding
any such effect to the extent resulting from or arising in connection with
(i) the filing of the Chapter 11 Cases, or (ii) macro-economic changes
or general market-related changes unless the Acquired Business is affected by
such changes in a manner that is substantially disproportionate when compared
with competitive or peer businesses; or (b) any events, conditions or
matters, other than any events, changes, conditions or matters resulting from or
related to the Savvis business other than events or changes set forth in
Section 3.3(e) or relating to the HSR Condition, that would have a material
adverse effect on the legality, validity or enforceability of this Agreement and
the agreements and instruments to be entered into in connection herewith, the
consummation of the transactions contemplated hereby, or the realization of the
rights and remedies hereunder, provided that in the case of both (a) or
(b) above, if the Closing occurs after August 31, 2001, a Material Adverse
Effect shall be measured as if the Closing had occurred on August 31, 2001. 

     “NASD”
means the National Association of Securities Dealers. 

S-5.24-8

	

     “Net
Working Capital” means, with respect to the Designated Entities,
(x) the sum of (i) cash, (ii) cash equivalents, (iii) the
net book value of earned accounts receivable (other than accounts receivable due
from any of the Sellers or subsidiaries of any of the Sellers), (iv) the
net book value of earned accounts receivable due from broker-dealers, and
(v) marketable securities, minus (y) all Liabilities (other
than accounts payable to any of the Sellers or subsidiaries of any of the
Sellers), and minus (z) reserves for contingencies including, if
appropriate, the pending NASD arbitration with Bridge Trading, with each
component calculated in accordance with generally accepted accounting
principles. 

     “Non
Filing Seller Contract” shall mean a Contract used in or pertaining to
the Acquired Business and to which an affiliate of Bridge (other than a Filing
Seller or a Designated Entity) is a Party. 

     “Non
Filing Seller Contracts Designation Date” shall have the meaning set
forth in Section 2.4(d) hereof. 

     “Non
Filing Seller Designated Contract” shall have the meaning set forth in
Section 2.4(d) hereof. 

     “Notice
of Intent” shall have the meaning set forth in Section 12.14
hereof. 

     “NSA
Letter Agreement” shall have the meaning set forth in
Section 3.3(d) hereof. 

     “NYSE” means
the New York Stock Exchange. 

     “Ordinary
Course Obligations” shall have the meaning set forth in
Section 3.3(e) hereof. 

     “Outside
Date” shall have the meaning set forth in Section 8.1(b)(i)
hereof. 

     “Owned
Real Property” means all real property owned by Sellers or the
Designated Entities relating to the operation of the Acquired Business. 

     “Party”
or “Parties” are those Persons listed in the first paragraph of
this Agreement. 

     “Pension
Plan” shall have the meaning set forth in Section 5.11(b) hereof. 

     “Permitted
Liens” means any non-material Liens on Acquired Assets or assets of the
Designated Entities and Liens that will be released before or on Closing (or, in
the case of the options referred to in Sections 9, 10 and 11, the applicable
option closing date). 

     “Person”
means any corporation, partnership, joint venture, limited liability company,
organization, entity, authority or individual. 

S-5.24-9

	

     “Potential
Telerate Purchaser” shall have the meaning set forth in
Section 7.25. 

     “Pre-petition
Contracts” means all executory contracts and unexpired leases of Filing
Sellers entered into prior to February 15, 2001. 

     “Purchase
Price” shall have the meaning set forth in Section 2.2 hereof. 

     “Purchaser” means
collectively, Reuters America Inc. and Reuters S.A. 

     “Purchaser’s
Designee” means any entity, including any of Purchaser’s direct or
indirect subsidiaries that Purchaser may appoint to (i) purchase all or certain
Acquired Assets, WSOD Assets, EJV Assets, StockVal Assets, Bridge Trading Assets
or Designated Entities, (ii) assume all or certain Assumed Liabilities, WSOD/EJV
Assumed Liabilities, StockVal Assumed Liabilities or Bridge Trading Assumed
Liabilities, (iii) exercise any of Purchaser’s rights hereunder as
contemplated by Section 12.4 (b), or (iv) employ all or certain Transferred
Employees, Transferred WSOD/EJV Employees, Transferred StockVal Employees or
Transferred Bridge Trading Employees on the applicable closing date, subject to
satisfaction of the requirements of Section 365 of the Bankruptcy Code
including the provision of adequate assurances for future performance. 

     “RAM” means
Reuters America Inc. 

     “Real
Property Leases” means all written leases in effect as of the date
hereof with respect to the Leased Real Property. 

     “Released
Employee” means a person listed on Schedule 5.11(a), (i) in respect of
whom the Purchaser has given notice to Sellers that the Purchaser does not wish
to extend an employment offer to such person, or (ii) who has formally declined
an offer of employment by Purchaser, provided that, in either case, such
person has agreed not to solicit for employment other persons listed on Schedule
5.11(a), other than such persons who also fall within (i) or (ii) above. 

     “Resolution
Period” shall have the meaning set forth in Section 2.3(b) hereof. 

     “Retained
CRB Marks” shall have the meaning set forth in Section 7.23(d) hereof. 

     “Reuters
Benchmarks” shall have the meaning set forth in Section 7.27 hereof. 

     “Savvis” means
Savvis Communications Corporation. 

     “Savvis
Board” shall have the meaning set forth in Section 7.26(b). 

     “Savvis Financing”
shall have the meaning set forth in Section 7.26(a). 

     “Savvis
Shares” shall have the meaning set forth in Section 7.26(c). 

     “Savvis Stock
Option” shall have the meaning set forth in Section 7.26(c). 

S-5.24-10

	

     “Schedule
2.4A Contract” shall have the meaning set forth in Section 2.4(a)
hereof. 

     “Schedule
2.4B Contract” shall have the meaning set forth in Section 2.4(a)
hereof. 

     “Schedule
9.8A Contract” shall have the meaning set forth in Section 9.8(a)
hereof. 

     “Schedule
9.8B Contract” shall have the meaning set forth in Section 9.8(a)
hereof. 

     “Schedule
10.8A Contract” shall have the meaning set forth in
Section 10.8(a) hereof. 

     “Schedule
10.8B Contract” shall have the meaning set forth in
Section 10.8(a) hereof. 

     “Schedule
11.8A Contract” shall have the meaning set forth in
Section 11.8(a) hereof. 

     “Schedule
11.8B Contract” shall have the meaning set forth in
Section 11.8(a) hereof. 

     “Schedules”
means the schedules hereto. 

     “SEC”
means the Securities and Exchange Commission. 

     “Second
Deposit” means the amount of $50,000,000 deposited in the Second
Deposit Escrow Account and held in accordance with the Second Securities Account
Agreement. 

     “Second
Deposit Escrow Account” means the account established at The Bank of
Nova Scotia Trust Company of New York to hold the Second Deposit in accordance
with the Second Securities Account Agreement. 

     “Second
Securities Account Agreement” shall mean the agreement by and among
Purchaser, Bridge and Nova Scotia, as escrow agent, signed as of the date
hereof. 

     “Section 7.24
Expenses” shall have the meaning set forth in Section 7.24 hereof. 

     “Securities
Act” means the Securities Act of 1933, as amended. 

     “Seller”
and “Sellers” shall have the meaning set forth in the first
paragraph of this Agreement. 

S-5.24-11

	

     “Seller
Consolidated Returns” shall have the meaning set forth in
Section 7.22(a)(i) hereof. 

     “Sellers’
Knowledge” shall mean the actual knowledge of either of Messrs. David
Roscoe, Rick Snape, Zachary Snow, Steve Wilson, Joseph Ratterman or Mark
Minister, and Knowledge of Sellers or any of the Designated Entities shall have
a correlated meaning. 

     “Service
Provider” shall have the meaning set forth in Section 7.13(a)
hereof. 

     “Service
Requester” shall have the meaning set forth in Section 7.13(a)
hereof. 

     “SFA”
shall have the meaning set forth in Section 5.19(g) hereof. 

     “SFC” means
the Securities and Futures Commission. 

     “Software”
means any computer program, operating system, applications system or software of
any nature (other than commercially-available “shrink-wrap” software
and software of a value less than $1,000), whether operational, or under
development, including all object code, source code, technical manuals, user
manuals and other documentation therefor, whether in machine-readable form,
programming language or any other language or symbols, and whether stored,
encoded, recorded or written on disk, tape, film, memory device, paper or other
media of any nature. 

     “Specified
Contract” shall have the meaning set forth in Section 2.4(a)
hereof. 

     “Specified
Contract Confidential Information” shall have the meaning set forth in
Section 2.4 hereof. 

     “Specified
Designated Entities” means Bridge Trading Company UK Ltd., Bridge Trading Company
UK Nominees Ltd. and Bridge Trading Company Asia, Ltd. 

     “Standing
Order #4” shall have the meaning set forth in Section 2.4(c)
hereof. 

     “StockVal”
or “StockVal Business” means the business and operations
relating to the StockVal Assets. 

     “StockVal
Assets” shall mean the assets listed in Schedule 1E. 

     “StockVal Assumed
Liabilities” shall have the meaning set forth in Section 10.10 hereof. 

     “StockVal
Call Exercise Notice” shall have the meaning set forth in
Section 10.1(a) hereof. 

     “StockVal
Call Option” shall have the meaning set forth in Section 10.1(a)
hereof. 

S-5.24-12

	

     “StockVal
Call Option Period” shall have the meaning set forth in
Section 10.1(b) hereof. 

     “StockVal
Contract Designation Date” shall have the meaning set forth in
Section 10.8(b) hereof. 

     “StockVal
Designated Contracts” shall have the meaning set forth in
Section 10.8(a) hereof. 

     “StockVal
Employees” shall have the meaning set forth in paragraph 11(a) of
Schedule 5.23. 

     “StockVal
Excluded Assets” shall have the meaning set forth in
Section 10.7(b) hereof. 

     “StockVal
Excluded Liabilities” shall have the meaning set forth in
Section 10.11 hereof. 

     “StockVal
Exercise Price” shall have the meaning set forth in
Section 10.1(a) hereof. 

     “StockVal
Leased Real Property” means all real property leased and used or held
for use by Sellers in the operation of the StockVal Business. 

     “StockVal
Material Adverse Effect” means (a) any event, change, conditions
or matters in respect of the StockVal Business (other than any events, changes,
conditions or matters resulting from or related to the Savvis business, except
for events set forth in Section 3.3(e)) that, individually or in the
aggregate, result in or would be reasonably expected to result in a material
adverse effect on the business, results of operations, assets, condition
(financial or otherwise) of the StockVal Business, taken as a whole, excluding
any such effect to the extent resulting from or arising in connection with
(i) the filing of the Chapter 11 Cases, or (ii) macro-economic changes
or general market-related changes unless the StockVal Business is affected by
such changes in a manner that is substantially disproportionate when compared
with competitive or peer businesses; or (b) any events, conditions or
matters that (other than any events, changes, conditions or matters resulting
from or related to the Savvis business other than events set forth in
Section 3.3(e) or relating to the HSR Condition),would have a material
adverse effect on the legality, validity or enforceability of this Agreement and
the agreements and instruments to be entered into in connection herewith, the
consummation of the transactions contemplated hereby, or the realization of the
rights and remedies hereunder, provided that no StockVal Material Adverse
Effect shall be deemed to occur unless the effects of the foregoing conditions
result in a diminution of value of the StockVal Business in an amount that is
greater than one-third (1/3) of the StockVal Exercise Price. 

S-5.24-13

	

     “StockVal
Non Filing Seller Contract” shall mean a Contract used in or pertaining
to the StockVal Business and to which an affiliate of Bridge (other than a
Filing Seller or a Designated Entity) is a Party. 

     “StockVal
Option” means the StockVal Call Option or the StockVal Put Option, as
applicable. 

     “StockVal
Option Closing” shall have the meaning set forth in
Section 10.3(a) hereof. 

     “StockVal
Option Closing Date” means the date set forth in Section 10.3(a)
hereof. 

     “StockVal
Owned Real Property” means all real property owned by Sellers relating
to the operation of the StockVal Business. 

     “StockVal
Plans” shall have the meaning set forth in Section 5.23 hereof. 

     “StockVal Put
Exercise Notice” shall have the meaning set forth in
Section 10.2(a) hereof. 

     “StockVal
Put Option” shall have the meaning set forth in Section 10.2(a)
hereof. 

     “StockVal
Put Option Triggering Date” shall have the meaning set forth in
Section 10.2(b) hereof. 

     “StockVal
Real Property Leases” means all written leases in effect as of the date
hereof with respect to the StockVal Leased Real Property. 

     “StockVal
Seller Cure Liability Amount” shall have the meaning set forth in
Section 10.8(a) hereof. 

     “StockVal
Undisclosed Contract” shall have the meaning set forth in
Section 10.8(b) hereof. 

     “Tax
Return” means any report, return (including any consolidated, combined
or unitary return in which any Seller or any of the Designated Entities, as the
case may be, is or was included or includable) or other information required to
be supplied to a taxing authority in connection with Taxes. 

     “Taxes”
means all taxes, charges, fees, duties, levies or other assessments, including,
without limitation, income, gross receipts, net proceeds, ad valorem, turnover,
real and personal property (tangible and intangible), sales, use, franchise,
excise, value added, license, payroll, unemployment, environmental, customs
duties, capital stock, disability, stamp, leasing, lease, user, transfer, fuel,
excess profits, occupational and interest equalization, windfall profits,
severance and employees’ income withholding and Social Security taxes
imposed by the United States or any other country or by any State, municipality,
subdivision or instrumentality of the United States or of any other country or
by any other tax authority, including interest, penalties or additions to tax
attributable to such Taxes or any Tax Return, and shall include any transferee
or successor liability in respect of Taxes (whether by contract or otherwise)
and any liability in respect of any Taxes as a result of being a member of any
Affiliated Group, including any consolidated, combined, unitary or similar
group. 

S-5.24-14

	

     “Telerate
Benchmarks” shall have the meaning set forth in Section 7.27 hereof. 

     “Telerate
Business” means the business and operations of Telerate Holdings, Inc. and its
direct and indirect subsidiaries. 

     “Transferred
Bridge Trading Employee” shall have the meaning set forth in
Section 11.18(a) hereof. 

     “Transferred
Employee” shall have the meaning set forth in Section 7.9(a)
hereof. 

     “Transferred
StockVal Employee” shall have the meaning set forth in
Section 10.17(a) hereof. 

     “Transferred
WSOD/EJV Employee” shall have the meaning set forth in
Section 9.17(a) hereof. 

     “Treasury
Regulations” means the regulations promulgated by the U.S. Treasury
Department pursuant to the Code. 

     “Undisclosed
Contract” shall have the meaning set forth in Section 2.4(b)
hereof. 

     “WARN”
shall have the meaning set forth in Section 2.7(h) hereof. 

     “WSOD” means
the business and operations relating to the WSOD Assets. 

     “WSOD
Assets” shall mean the assets listed in Schedule 1C. 

     “WSOD/EJV
Assumed Liabilities” shall have the meaning set forth in
Section 9.10 hereof. 

     “WSOD
Business” means the business comprising the WSOD Acquired Assets,
subject to the WSOD Assumed Liabilities. 

     “WSOD/EJV
Business” means the business comprising WSOD and EJV. 

     “WSOD/EJV Call
Exercise Notice” shall have the meaning set forth in
Section 9.1(a). 

     “WSOD/EJV
Call Option” shall have the meaning set forth in Section 9.1(a). 

S-5.24-15

	

     “WSOD/EJV Call
Option Period” shall have the meaning set forth in Section 9.1(b). 

     “WSOD/EJV
Designated Contracts” shall have the meaning set forth in
Section 9.8(a) hereof. 

     “WSOD/EJV
Employees” shall have the meaning set forth in paragraph 11(a) of
Schedule 5.22. 

     “WSOD/EJV
Excluded Assets”shall have the meaning set forth in Section 9.7(b) hereof.  

     “WSOD/EJV
Excluded Liabilities” shall have the meaning set forth in
Section 9.11 hereof. 

     “WSOD/EJV
Exercise Price” shall have the meaning set forth in
Section 9.1(a). 

     “WSOD/EJV
Leased Real Property” means all real property leased and used or held
for use by Sellers in the operation of the WSOD/EJV Business. 

     “WSOD/EJV
Material Adverse Effect” means (a) any event, change, conditions
or matters in respect of the WSOD/EJV Business (other than any events, changes,
conditions or matters resulting from or related to the Savvis business, except
for events set forth in Section 3.3(e)), individually or in the aggregate,
result in or would be reasonably expected to result in a material adverse effect
on the business, results of operations, assets, condition (financial or
otherwise) of the WSOD/EJV Business, taken as a whole, excluding any such effect
to the extent resulting from or arising in connection with (i) the filing
of the Chapter 11 Cases, or (ii) macro-economic changes or general
market-related changes unless the WSOD/EJV Business is affected by such changes
in a manner that is substantially disproportionate when compared with
competitive or peer businesses; or (b) any events, conditions or matters
that (other than any events, changes, conditions or matters resulting from or
related to the Savvis business other than events set forth in
Section 3.3(e) or relating to the HSR Condition), would have a material
adverse effect on the legality, validity or enforceability of this Agreement and
the agreements and instruments to be entered into in connection herewith, the
consummation of the transactions contemplated hereby, or the realization of the
rights and remedies hereunder, provided that no WSOD/EJV Material Adverse
Effect shall be deemed to occur unless the effects of the foregoing conditions
result in a diminution of value of the WSOD/EJV Business in an amount that is
greater than one-third (1/3) of the WSOD/EJV Exercise Price. 

     “WSOD/EJV
Non Filing Seller Contract” shall mean a Contract used in or pertaining
to the WSOD/EJV Business and to which an affiliate of Bridge (other than a
Filing Seller or a Designated Entity) is a Party. 

S-5.24-16

	

     “WSOD/EJV
Option” means the WSOD/EJV Call Option or the WSOD/EJV Put Option, as
applicable. 

     “WSOD/EJV
Option Closing” shall have the meaning set forth in Section 9.3(a)
hereof. 

     “WSOD/EJV
Option Closing Date” means the date set forth in Section 9.3(a)
hereof. 

     “WSOD/EJV
Owned Real Property” means all real property owned by Sellers relating
to the operation of the WSOD/EJV Business. 

     “WSOD/EJV
Plans” shall have the meaning set forth in Schedule 5.22 hereof. 

     “WSOD/EJV Put
Exercise Notice” shall have the meaning set forth in
Section 9.2(a) hereof. 

     “WSOD/EJV
Put Option” shall have the meaning set forth in Section 9.2(a)
hereof. 

     “WSOD/EJV
Put Option Triggering Date” shall have the meaning set forth in
Section 9.2(b) hereof. 

     “WSOD/EJV
Real Property Leases” means all written leases in effect as of the date
hereof with respect to the WSOD/EJV Leased Real Property. 

     “WSOD/EJV
Seller Cure Liability Amount” shall have the meaning set forth in
Section 9.8(a) hereof. 

     “WSOD/EJV
Undisclosed Contract” shall have the meaning set forth in
Section 9.8(b) hereof. 

S-5.24-17Exhibit 4.4/99.7???????

	

CONFORMED COPY 

AGREEMENT 

Dated 17th December,
2001 

£500,000,000 

SYNDICATED CREDIT
FACILITY 

FOR 

REUTERS GROUP plc 

ARRANGED BY 

HSBC INVESTMENT BANK plc 

and 

J.P. MORGAN PLC 

ALLEN & OVERY

London
BK:908176.6  

	

INDEX

	Clause 		Page 
	 
	 
	1	 	Interpretation	 	1	 
	2	 	The Facility	 	13	 
	3	 	Purpose	 	14	 
	4	 	Conditions Precedent	 	14	 
	5	 	Advances	 	15	 
	6	 	Repayment	 	15	 
	7	 	Prepayment and Cancellation	 	16	 
	8	 	Interest	 	18	 
	9	 	Payments	 	19	 
	10	 	Taxes	 	21	 
	11	 	Market Disruption	 	22	 
	12	 	Increased Costs	 	24	 
	13	 	Illegality and Mitigation	 	25	 
	14	 	Guarantee	 	26	 
	15	 	Representations and Warranties	 	28	 
	16	 	Undertakings	 	31	 
	17	 	Financial Covenant	 	33	 
	18	 	Default	 	33	 
	19	 	The Agent and the Mandated Arrangers	 	35	 
	20	 	Fees	 	39	 
	21	 	Expenses	 	40	 
	22	 	Stamp Duties	 	41	 
	23	 	Indemnities	 	41	 
	24	 	Evidence and Calculations	 	42	 
	25	 	Amendments and Waivers	 	43	 
	26	 	Changes to the Parties	 	43	 
	27	 	Disclosure of Information	 	47	 
	28	 	Set-Off	 	47	 
	29	 	Pro Rata Sharing	 	47	 
	30	 	Severability	 	48	 
	31	 	Counterparts	 	48	 
	32	 	Notices	 	49	 
	33	 	Language	 	50	 
	34	 	Jurisdiction	 	50	 
	35	 	Governing Law	 	51	 

	

	

	Schedule		Page
			 
			 
	1	 	Banks and Commitments	 	52	 
	2	 	Conditions Precedent Documents	 	53	 
	 	 	Part I - To be delivered before the First Advance	 	53	 
	 	 	Part II - To be delivered by an Additional Borrower	 	54	 
	 	 	Part III - To be delivered by an Additional Guarantor	 	55	 
	3	 	Calculation of the Mandatory Cost	 	57	 
	 	 	Part I - Prior to Notification of Revised Charges by the Board of The Financial Services	 
	 	 	Authority	 	57	 
	 	 	Part II - Following Notification of Revised Charges by The Board of the Financial Services	 
	 	 	Authority	 	59	 
	4	 	Form of Request	 	61	 
	5	 	Forms of Accession Documents	 	62	 
	 	 	Part I - Novation Certificate	 	63	 
	 	 	Part II - Borrower Accession Agreement	 	64	 
	 	 	Part III - Guarantor Accession Agreement	 	65	 
	 	 	Part IV - Form of Borrower Novation Agreement	 	66	 
	6	 	Form of Compliance Certificate	 	68	 
	7	 	Form of Confidentiality Undertaking	 	69	 

		
	Signatories	 	70	 

	

	

THIS AGREEMENT is dated
17th December, 2001 BETWEEN: 

	(1) 		REUTERS
GROUP plc (Company No. 3296375) (the “Parent”); 

	(2) 		HSBC
INVESTMENT BANK plc and J.P. MORGAN plc as mandated arrangers (the “Mandated Arrangers”); 

	(3) 		THE
FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders; and 

	(4) 		HSBC
INVESTMENT BANK plc as agent (the “Agent”). 

	

IT IS AGREED as follows: 

	1. 		INTERPRETATION 

	1.1 		Definitions 

	 	
In
this Agreement:

	 	
“Additional Borrower”

	 	
means
a wholly owned Subsidiary of the Parent approved in writing by all the Lenders which
becomes a Borrower in accordance with Clause 26.4 (Additional Borrowers).

	 	
“Additional Guarantor”

	 	
means
an Affiliate of the Parent which becomes a Guarantor in accordance with Clause 26.5
(Additional Guarantors).

	 	
“Advance”

	 	
means
an advance made to a Borrower under the Facility.

	 	
“Affiliate”

	 	
for
the purposes of this Agreement means a Subsidiary or a holding company (as defined in
Section 736 of the Companies Act 1985) of a person and any other Subsidiary of that
holding company.

	 	
“Agent’s Spot Rate of Exchange”

	 	
means
the spot rate of exchange as determined by the Agent for the purchase of the relevant
Optional Currency in the London foreign exchange market with Sterling at the relevant
time on a particular day.

	 	
“Anniversary”

	 	
means
an anniversary of the Signing Date.

	 	
“Availability Period”

	 	
means
the period from and including the Signing Date up to and including the date falling one
month before the Final Maturity Date.

	

	

2 

	 	“Back
to Back Loan”

	 	means
any Indebtedness made available to a member of the Group to the extent that the creditor
has recourse directly or indirectly to a deposit of cash or cash equivalent investments
beneficially owned by any member of the Group placed, as part of a related transaction,
with that creditor (or an affiliate of that creditor) or a financial institution approved
by that creditor on the basis that the deposit be available, directly or indirectly, so
as to reduce the economic exposure of the creditor to the Group, when looking at the
related transactions together, to a net amount.

	 	“Borrower”

	 	means
the Parent or an Additional Borrower.

	 	“Borrower
Accession Agreement”

	 	means
a letter substantially in the form of Part II of Schedule 5 with such amendments as the
Agent may approve or reasonably require.

	 	“Borrowings”

	 	means
any Indebtedness in respect of the following:

			(a) 		money
borrowed or raised and debit balances at banks; 

			(b) 		any
bond, note, loan stock, debenture or similar debt instrument; 

			(c) 		acceptance
credit facilities and documentary credit facilities; 

			(d) 		receivables
sold or discounted (otherwise than on a non-recourse basis); 

			(e) 		finance
leases and hire purchase contracts which are required to be capitalised under generally
accepted accounting principles in the UK in force as at the Signing Date; 

			(f) 		any
other transaction (including without limitation forward sale or purchase agreements)
having the commercial effect of a borrowing or raising of money or of any of paragraphs
(b) to (e) (both inclusive) above; 

			(g) 		for
the purposes of Clause 18.8 (Cross Default) only, the net amount of any liability under
any swap, hedging or similar treasury instrument; and 

			(h) 		guarantees
in respect of Indebtedness of any person falling within any of paragraphs (a) to (g)
(both inclusive) above, 

	 	provided
that Indebtedness owing by one member of the Group to another member of the Group shall
not be taken into account as Borrowings.

	 	“Business
Day”

	 	means
a day (other than a Saturday or Sunday) on which banks and the interbank and foreign
exchange markets are open for business in London and:

	

	

3 

			(a) 		(in
respect of a day on which a payment in, or purchase of, an Optional Currency (other than
euro) is required hereunder) the principal financial centre of the country of such
Optional Currency; or 

			(b) 		(in
respect of a day on which a payment in or purchase of euro is required hereunder) which
is also a TARGET Day. 

	 	“Commitment”

	 	means,
in respect of a Lender, the amount in Sterling set opposite the name of that Lender in
Schedule 1, to the extent not cancelled or reduced under this Agreement.

	 	“Consolidated
Net Finance Charges”

	 	means,
in respect of any financial period of the Group, the aggregate amount of the interest
(including, without limitation, the interest element of finance leases and hire purchase
payments but, for the avoidance of doubt, excluding any deemed interest on operating
leases), commission and other finance charges payable by the Group in respect of that
financial period less the amount of interest receivable by the Group during such
financial period, as determined from the consolidated financial statements of the Group
for that financial period delivered pursuant to Clause 16.2(a) and/or (b) (Financial
Information).

	 	“Consolidated
Profits before Interest, Tax and Amortisation”

	 	means,
in respect of any financial period of the Group, consolidated trading profit of the Group
from continuing operations, acquisitions (as a component of continuing operations) and
discontinued operations as set out in FRS 3 (excluding exceptional profits or losses and
extraordinary items for such financial year as set out in FRS 3) prior to deduction of:

			(a) 		Consolidated
Net Finance Charges for that financial period; 

			(b) 		tax
on the overall income of the Group payable in respect of that financial period; and 

			(c) 		amortisation
of goodwill and intangible assets for that financial period, 

	 	all
as determined from the consolidated financial statements of the Group for that financial
period delivered pursuant to Clause 16.2(a) and/or (b) (Financial Information).

	 	“Default”

	 	means
an Event of Default or an event which, with the giving of notice, determination of
materiality or expiry of any grace period, each as referred to in Clause 18 (Default),
(or any combination of the foregoing), would constitute an Event of Default.

	 	“Encumbrance”

	 	means
a mortgage, charge, pledge, lien or other security interest.

	 	“euro”

	 	means
the single currency of the Participating Member States.

	

	

4 

	 	“EURIBOR”

	 	means
in relation to any Advance or unpaid sum denominated in euros:

			(a) 		the
applicable Screen Rate; or 

			(b) 		if
no Screen Rate is available for that Term of that Advance or unpaid sum, the arithmetic
mean (rounded upwards, if necessary, to the nearest four decimal places) of the
respective rates, as supplied to the Agent at its request, quoted by the Reference Banks
to leading banks in the European interbank market, 

	 	as
of 11.00 a.m. (Brussels time) on the Rate Fixing Day for the offering of deposits in euro
for a period comparable to that Term.

	 	“Event
of Default”

	 	means
an event specified as such in Clause 18 (Default).

	 	“Facility”

	 	means
the facility referred to in Clause 2.1 (Facility).

	 	“Facility
Office”

	 	means
the office(s) notified by a Lender to the Agent:

			(a) 		on
or before the date it becomes a Lender; or 

			(b) 		by
not less than five Business Days’ notice, 

	 	as
the office(s) through which it will perform all or any of its obligations under this
Agreement.

	 	“Fee
Letters”

	 	means
:

			(a) 		the
letter between the Agent and the Parent dated 19th November, 2001; and 

			(b) 		the
letters between, inter alia, the Mandated Arrangers, and the Parent and the respective
Mandated Arrangers dated 19th November, 2001, 

	 	in
each case setting out the amount of various fees referred to in Clause 20 (Fees).

	 	“Final
Maturity Date”

	 	means
the fifth Anniversary.

	 	“Finance
Document”

	 	means
this Agreement, each Fee Letter, a Novation Certificate, a Borrower Accession Agreement,
each Novation Agreement entered into as contemplated by Clause 7.6(b)(iii) (Changes to
Borrowers), a Guarantor Accession Agreement or any other document designated in writing
as such by the Agent and the Parent.

	

	

5 

	 	“Finance
Party”

	 	means
a Mandated Arranger, a Lender or the Agent.

	 	“Group”

	 	means
the Parent and its Subsidiaries.

	 	“Guarantor”

	 	means
each of:

			(a) 		the
Parent; and 

			(b) 		each
Additional Guarantor. 

	 	“Guarantor
Accession Agreement”

	 	means
a deed substantially in the form of Part III of Schedule 5 with such amendments as the
Agent may approve or reasonably require.

	 	“Indebtedness”

	 	means
any obligation (whether incurred as principal or as surety) for the payment or repayment
of moneys, whether present or future, actual or contingent.

	 	“Information
Memorandum”

	 	means
the Information Memorandum dated November, 2001 prepared in connection with this
Agreement and approved by the Parent.

	 	“Instinet
Group”

	 	means
Instinet Group Inc. and its Subsidiaries.

	 	“Lenders”

	 	means
those financial institutions listed in Schedule 1 and their respective successors and
assigns which are for the time being participating in the Facility.

	 	“LIBOR”

	 	means
in relation to any Advance or unpaid sum in sterling or in Optional Currency (other than
euro): 

	

	

6 

			(a) 		the
applicable Screen Rate; or 

			(b) 		if
no Screen Rate is available for the relevant currency or Term of that Advance or unpaid
sum, the arithmetic mean (rounded upwards, if necessary, to the nearest four decimal
places) of the respective rates, as supplied to the Agent at its request, quoted by the
Reference Banks to leading banks in the London interbank market, 

	 	as
of 11.00 a.m. on the Rate Fixing Day for the offering of deposits in the currency of that
Advance or unpaid sum for a period comparable to that Term.

	 	“Majority
Lenders”

	 	means,
at any time:

			(a) 		if
any Advances are outstanding, Lenders with an aggregate Original Sterling Amount of
participations in Advances at that time of more than 66 2/3 per cent. of the aggregate
Original Sterling Amount of all Advances then outstanding; or 

			(b) 		if
no Advances are outstanding, Lenders whose Commitments then aggregate more than 66 2/3
per cent. of the Total Commitments (or if the Total Commitments have been reduced to
zero, aggregated more than 66 2/3 per cent. of the Total Commitments immediately before
the reduction). 

	 	“Mandatory
Cost”

	 	means
the cost of complying with certain regulatory requirements expressed as a percentage rate
per annum and calculated by the Agent under:

			(a) 		Part
I of Schedule 3, prior to 17th January, 2002 or such later date as the board of the
Financial Services Authority confirms the amount of any charges payable under the fees
rules (as defined in Part II of Schedule 3) (the “Relevant Date”); or 

			(b) 		Part
II of Schedule 3, on or after the Relevant Date. 

	 	“Mandatory
Prepayment Event”

	 	means
an event specified in paragraph (a), (b) or (c) of Clause 7.4 (Mandatory Prepayment
Events). 

	 	“Margin”

	 	means
0.25 per cent. per annum from the Signing Date until the third Anniversary and 0.275 per
cent. per annum thereafter.

	 	“Material
Adverse Effect”

	 	means
a material adverse effect on the Group taken as a whole which would affect the ability of
any Obligor to perform or observe any of its obligations under any of the Finance
Documents.

	 	“Material
Subsidiary”

	 	means
at any particular time, a member of the Restricted Group (other than an Obligor) whose
gross assets or pre-taxation profits, as at the end of or (as the case may be) of the
latest financial year of the Group and as taken into account for the purpose of the
audited consolidated financial statements of the Group for such financial year, represent
at least ten per cent. of the consolidated gross assets or pre-taxation profits of the
Group as determined from those audited consolidated financial statements of the Group.
For this purpose:

	

	

7 

			(a) 		in
the case of a member of the Group which itself has Subsidiaries, the calculation shall be
made by comparing the consolidated gross assets or pre-taxation profits of it and its
Subsidiaries to those of the Group; 

			(b) 		assets
which arise from transactions between members of the Group and which would be eliminated
in the consolidated financial statements of the Group shall be excluded; and 

			(c) 		if
a Subsidiary which is not a Material Subsidiary on the basis of the most recent such
accounts receives a transfer of assets or the right to receive any trading profits which
taken together with the existing assets or trading profits of that Subsidiary, as the
case may be, would satisfy any of the tests above, then that Subsidiary shall also be a
Material Subsidiary on and from the date it receives such transfer. If a Material
Subsidiary disposes of any assets or the right to receive any trading profits such that
it would on the basis of the most recent such accounts cease to be a Material Subsidiary,
then it shall be excluded as a Material Subsidiary on and from the date the Parent next
notifies the Agent of the identity of the Material Subsidiaries under Clause 16.2(f)
(Financial Information). 

	 	“Maturity
Date”

	 	means
the last day of the Term of an Advance.

	 	“Novation
Certificate”

	 	has
the meaning given to it in Clause 26.3(a)(i) (Procedure for novations).

	 	“Obligor”

	 	means
the Parent, each Borrower and each Guarantor.

	 	“Optional
Currency”

	 	means,
in relation to any Advance or proposed Advance, U.S. Dollars, euro or any other currency
other than Sterling which all the Lenders have confirmed in relation to the proposed
Advance is readily available and freely transferable in the London foreign exchange
market in sufficient amounts to fund that Advance.

	 	“Original
Group Accounts”

	 	means
the audited consolidated financial statements of the Parent and its Subsidiaries for the
year ended 31st December, 2000.

	 	“Original
Sterling Amount”

	 	means:

			(a) 		the
principal amount of an Advance denominated in Sterling; or 

	

	

8 

			(b) 		the
principal amount of an Advance denominated in any other currency, translated into
Sterling on the basis of the Agent’s Spot Rate of Exchange at or about 11.00 a.m. on
the date of receipt by the Agent of the Request for that Advance. 

	 	“Participating
Member State”

	 	means
a member state of the European Communities that adopts or has adopted the euro as its
lawful currency under the legislation of the European Union for European Monetary Union.

	 	“Party”

	 	means
a party to this Agreement.

	 	“Permitted
Encumbrance”

	 	means:

			(a) 		a
lien or right of set-off arising solely by operation of law or by agreement and in the
ordinary course of business; 

			(b) 		an
Encumbrance in existence as at the Signing Date and disclosed in writing prior to the
Signing Date to the Agent; 

			(c) 		an
Encumbrance granted over any real property of a member of the Restricted Group at the
time of purchase thereof for any loan or other obligation raised or undertaken for the
sole purpose of financing the purchase of that real property; 

			(d) 		any
Encumbrance securing any Indebtedness of any company which becomes a member of the
Restricted Group after the date hereof and which was in existence when such company
became a member of the Restricted Group provided that each such Encumbrance is discharged
in full within 180 days after such company becomes a member of the Restricted Group; 

			(e) 		an
Encumbrance over an asset purchased by a member of the Restricted Group (otherwise than
from another member of the Restricted Group) after the date hereof and to which such
asset was subject at the time of such purchase provided that such Encumbrance is
discharged in full within 180 days after the date of purchase of such asset by such
member of the Restricted Group; 

			(f) 		any
retention of title reserved by any seller of goods in the normal course of business, or
any Encumbrance imposed, reserved or granted over goods supplied by such seller in
respect of the unpaid price of goods supplied in the ordinary course of business; 

			(g) 		an
Encumbrance granted by any member of the Restricted Group which carries on a broking or
similar business, in each case in the ordinary course of that broking or similar business
over any asset deposited with either a bank in connection with the clearance of traded
securities, landlord, securities exchange or clearing system as security for the relevant
company’s obligations to such bank, landlord, securities exchange or clearing
system; 

	

	

9 

			(h) 		an
Encumbrance which the Majority Lenders have at any time agreed in writing shall be a
Permitted Encumbrance; 

			(i) 		an
Encumbrance granted in respect of a Back to Back Loan over the cash or cash equivalent
deposits concerned; 

			(j) 		any
Encumbrance granted by any member of the Restricted Group in the ordinary course of
business in respect of any assets deposited with a central bank or other regulatory body
in compliance with the requirements of that central bank or regulatory body; and 

			(k)		Encumbrances
(other than Encumbrances permitted by paragraphs (a) to (j) above) which secure, in
aggregate, Indebtedness in an amount not exceeding £100,000,000 or its equivalent
in other currencies.

	 	“Qualifying
Lender”

	 	means:

			(a) 		a
bank as defined in Section 840A of the Income and Corporation Taxes Act 1988 which is
within the charge to corporation tax as regards any interest received by it under this
Agreement; or 

			(b) 		a
UK Non-Bank Lender; or 

			(c) 		a
person which is resident (as such term is defined in the appropriate double taxation
treaty) in a country with which the United Kingdom has an appropriate double taxation
treaty under which that person is entitled, having regard to its own circumstances but
not to the circumstances of any Obligor, to exemption from United Kingdom tax on interest
and is entitled to apply under the Double Taxation Relief (Taxes on Income) (General)
Regulations 1970 to have interest paid to its Facility Office without withholding or
deduction for or on account of United Kingdom tax (and does not carry on business in the
United Kingdom through a permanent establishment with which the investments under this
Agreement in respect of which the interest is paid is effectively connected) and for this
purpose “double taxation treaty” means any convention or agreement between the
government of the United Kingdom and any other government for the avoidance of double
taxation and the prevention of fiscal evasion with respect to taxes on income and capital
gains. 

	 	“Rate
Fixing Day” 

	 	means: 

			(a) 		the
Utilisation Date for an Advance denominated in Sterling; or 

			(b) 		the
second Business Day before the Utilisation Date for an Advance denominated in any
Optional Currency (other than euro); or 

			(c) 		the
second TARGET Day before the Utilisation Date for an Advance denominated in euro, 

	

	

10 

	 	or
such other day as the Agent determines is generally treated as the rate fixing day by
market practice in the relevant interbank market. 

	 	“Reference
Banks” 

	 	means,
subject to Clause 26.6 (Reference Banks), HSBC Bank plc, JPMorgan Chase Bank and Barclays
Bank PLC. 

	 	“Request” 

	 	means
a request made by a Borrower to utilise the Facility, substantially in the form of
Schedule 4. 

	 	“Requested
Amount” 

	 	means
the amount requested in a Request. 

	 	“Restricted
Group” 

	 	means
the Group excluding members of the Instinet Group. 

	 	“Rollover” 

	 	means,
in relation to a particular date, one or more Advances: 

			(a) 		whose
proposed Utilisation Date is the same as the Maturity Date of one or more existing
Advances; 

			(b) 		whose
aggregate principal amount is the same as or less than the aggregate outstanding
principal amount of all existing Advances whose Maturity Date is the same as that
Utilisation Date; and 

			(c) 		which
are to be denominated in the same currency as the existing Advance(s) whose Maturity Date
is the same as that Utilisation Date (or, if there is more than one such existing Advance
and such Advances are denominated in different currencies, in the same or lesser
respective amounts of the same currencies as for such existing Advances). 

	 	“Screen
Rate” 

	 	means: 

			(a) 		for
LIBOR, the British Bankers Association Interest Settlement Rate (if any); and 

			(b) 		for
EURIBOR, the percentage rate per annum determined by the Banking Federation of the
European Union, 

	 	for
the relevant currency and Term displayed on the appropriate page of the Reuters screen
selected by the Agent. If the relevant page is replaced or the service ceases to be
available, the Agent (after consultation with the Parent and the Lenders) may specify
another page or service displaying the appropriate rate. 

	

	

11 

	 	“Signing
Date” 

	 	means
the date of this Agreement. 

	 	“Subsidiary” 

	 	means: 

			(a) 		a
subsidiary within the meaning of Section 736 of the Companies Act 1985, as amended by
Section 144 of the Companies Act 1989; and 

			(b) 		unless
the context otherwise requires, a subsidiary undertaking within the meaning of Section 258
of the Companies Act 1985 (as inserted by Section 21 of the Companies Act 1989). 

	 	“TARGET
Day” 

	 	means
a day on which the Trans European Automated Real-time Gross Settlement Express Transfer
payment system is open for the settlement of payments in euro. 

	 	“Term” 

	 	means
the period selected by a Borrower in a Request for which the relevant Advance is to be
outstanding. 

	 	“Total
Commitments” 

	 	means
the aggregate for the time being of the Commitments, being £500,000,000 at the date
of this Agreement. 

	 	“UK”
or “United Kingdom” 

	 	means
the United Kingdom of Great Britain and Northern Ireland. 

	 	“UK
Non-Bank Lender” 

	 	means: 

			(a) 		a
company resident in the UK for tax purposes; or 

			(b) 		a
partnership each member of which is a company resident in the UK for tax purposes; or 

			(c) 		a
company not resident in the UK for tax purposes which carries on a trade in the U.K.
through a branch or agency and brings into account payments made to it under this
Agreement in computing its chargeable profits for the purpose of section 11(2) of the
Income and Corporation Taxes Act 1988, 

	 	
which,
in each case, is beneficially entitled to payments made to it under this Agreement and
which has provided to the Parent, and not retracted, confirmation of the above. 

	

	

12 

	 	“Utilisation
Date”

	 	means
the date for the making of an Advance.

	1.2 		Construction 

	(a) 		In
this Agreement, unless the contrary intention appears, a reference to:  

			(i) 		“assets”
includes properties, revenues and rights of every description; 

	 	an
“authorisation” includes an authorisation, consent, approval, resolution, licence,
exemption, filing, registration and notarisation;

	 	a
“month” is a reference to a period starting on one day in a calendar month and ending on
the numerically corresponding day in the next calendar month, except that, if there is no
numerically corresponding day in the month in which that period ends, that period shall
end on the last Business Day in that calendar month;

	 	a
“regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental body, agency, department or
regulatory, self-regulatory or other authority or organisation; and

	 	a
reference to the currency of a country is to the lawful currency of that country for the
time being, £ and “Sterling” is a reference to the lawful currency of the United
Kingdom for the time being and “U.S. $” and “U.S. Dollars” is a reference to the lawful
currency of the United States of America for the time being;

			(ii) 		a
provision of a law is a reference to that provision as amended or re-enacted;

			(iii) 		a
Clause or a Schedule is a reference to a clause of or a schedule to this Agreement; 

			(iv) 		a
person includes its successors and assigns;

			(v) 		a
Finance Document or another document is a reference to that Finance Document or that
other document as amended, novated or supplemented; and

			(vi) 		a
time of day is a reference to London time.

	(b)		
Unless expressly provided to the contrary in a Finance Document, a person who is
not a party to a Finance Document may not enforce any of its terms under the
Contracts (Rights of Third Parties) Act 1999 and, notwithstanding any term of
any Finance Document, the consent of any third party is not required for any
variations (including any release or compromise of any liability) or termination
of that Finance Document. 

	(c)		
Unless the contrary intention appears, a term used in any other Finance Document
or in any notice given under or in connection with any Finance Document has the
same meaning in that Finance Document or notice as in this Agreement. 

	(d) 		The
index to and the headings in this Agreement are for convenience only and are to be
ignored in construing this Agreement. 

	

	

13 

	(e)		
The definitions of “Consolidated Net Finance Charges” and
“Consolidated Profits before Interest Tax  and
Amortisation” and any calculations made for the purposes of Clause 17
(Financial Covenant) shall be construed or, as the case may be, made in
accordance with generally accepted accounting principles in the UK in force as
at the Signing Date. If there is any change to those accounting principles after
the Signing Date the financial statements referred to in paragraphs (a) and (b)
of Clause 16.2 (Financial Information) shall be accompanied by a reconciliation
of the differences between the accounting principles in force as at the Signing
Date and the accounting principles applied in the preparation of those financial
statements in sufficient detail to calculate those definitions as though there
had been no such change. 

	2. 		THE FACILITY 

	2.1 		Facility 

	 	
The
Lenders grant to the Borrowers a committed multicurrency revolving credit facility, under
which the Lenders will, when requested by a Borrower, make cash advances in Sterling or
Optional Currencies to that Borrower on a revolving basis, subject to the terms of this
Agreement.

	2.2 		Overall
facility limit 

			(a) 		The
aggregate Original Sterling Amount of all outstanding Advances shall not at any time
exceed the Total Commitments at that time.

			(b) 		The
aggregate Original Sterling Amount of participations of a Lender in Advances shall not at
any time exceed its Commitment at that time.

	2.3 		Number
of Requests and Advances 

	 	
No
more than one Request may be delivered on any one day and not more than 10 Advances may
be outstanding at any time but, subject to the foregoing, that Request may specify any
number of Advances.

	2.4 		Nature of
a Finance Party’s rights and obligations 

	(a)		The
obligations of a Finance Party under the Finance Documents are several. Failure of a
Finance Party to carry out those obligations does not relieve any other Party of its
obligations under the Finance Documents. No Finance Party is responsible for the
obligations of any other Finance Party under the Finance Documents.  

	(b)		The
rights of a Finance Party under the Finance Documents are divided rights. A Finance Party
may, except as otherwise stated in the Finance Documents, separately enforce those
rights.  

	2.5 		Obligors Agent 

	 	
Each
Obligor irrevocably authorises and instructs the Parent to give and receive as agent on
its behalf all notices (including Requests) and sign all documents in connection with the
Finance Documents on its behalf (including Novation Agreements under Clause 7.6(b)
(Changes to Borrowers)) and take such other action as may be necessary or desirable under
or in connection with the Finance Documents and confirms that it will be bound by any
action taken by the Parent under or in connection with the Finance Documents.

	

	

14 

	2.6 		Actions
of Parent 

	 	
The
respective liabilities of each of the Obligors under the Finance Documents shall not be
in any way affected by:

			(a) 		any
irregularity (or purported irregularity) in any act done by or any failure (or purported
failure) by the Parent; or

			(b) 		the
Parent acting (or purporting to act) in any respect outside any authority conferred upon
it by any Obligor; or

			(c)		the
failure (or purported failure) by, or inability (or purported inability) of, the Parent
to inform any Obligor of receipt by it of any notification under a Finance Document.

	3. 		PURPOSE 

	(a)		
Each Advance will be applied in or towards the general corporate purposes of the
Group including, without limitation, capital expenditure, working capital
financing and providing standby liquidity for commercial paper. 

	(b)		
Without affecting the obligations of any Borrower in any way, no Finance Party
is bound to monitor or verify the application of the proceeds of any Advance. 

	4. 		CONDITIONS PRECEDENT 

	4.1 		Documentary conditions precedent 

	 	
The
obligations of each Finance Party to any Borrower under this Agreement are subject to the
condition precedent that the Agent has notified the Parent and the Lenders that it has
received all of the documents set out in Part I of Schedule 2 in form and substance
satisfactory to the Agent. The Agent will promptly notify the Parent upon such receipt.

	4.2 		Further
conditions precedent 

	 	
The
obligations of each Lender to participate in an Advance are subject to the further
conditions precedent that on the date of the Request for the Advance and on its
Utilisation Date:

			(a)		
except in the case of a Rollover, the representations and warranties in
Clause 15 (Representations and Warranties) to be repeated in accordance
with Clause 15.13(c) (Times for making representations and warranties) on those
dates are correct and will be correct immediately after the disbursement of the
Advance;

			(b) 		except
in the case of a Rollover, no Default or Mandatory Prepayment Event is outstanding or
would result from the disbursement of the Advance; and

			(c) 		the
Advance would not cause Clause 2.2 (Overall facility limit) to be contravened.

	

	

15 

	5. 		ADVANCES 

	5.1 		Receipt
of Requests 

	 	
A
Borrower may borrow Advances if the Agent receives, not later than 5.00 p.m. on the third
Business Day before the proposed Utilisation Date, or, in the case of an Advance in
Sterling, not later than 8.00 a.m. on the proposed Utilisation Date, a duly completed
Request.

	5.2 		Completion of Requests 

	 	
A
Request will not be regarded as having been duly completed unless: 

			(a) 		the
Utilisation Date is a Business Day during the Availability Period;

			(b)		
only one currency is specified for each separate Advance and the Requested
Amount for each separate Advance is in a minimum Original Sterling Amount of
£50,000,000 (rounded to the nearest convenient 100,000 units in the case
of currencies other than Sterling);

			(c) 		only
one Term for each separate Advance is specified which:

					(i)  		does
not overrun the Final Maturity Date; and 

					(ii)  		is
a period of one month, two, three or six months (or, in any case, such other period as
all the Lenders may previously have agreed for the purposes of such Advance); 

			(d) 		the
currency specified is either Sterling or an Optional Currency; and

			(e) 		the
payment instructions comply with Clause 9.1 (Place of Payment).

	5.3 		Amount
of each Lender’s participation 

	 	
The
amount of a Lender’s participation in an Advance will be the proportion of the
Requested Amount which its Commitment bears to the Total Commitments, on the date of
receipt of the relevant Request.

	5.4 		Notification
of the Lenders 

	 	
The
Agent shall promptly notify each Lender of the details of the requested Advance(s) and
the amount of its participation(s) in Advance(s).

	5.5 		Payment
of Proceeds 

	 	
Subject
to the terms of this Agreement, each Lender shall make its participation in an Advance
available to the Agent for the Borrower for value on the relevant Utilisation Date.

	6. 		REPAYMENT 

	 	
Each
Borrower shall repay each Advance made to it in full on its Maturity Date to the Agent
for the relevant Lenders, but, since the Facility is available on a revolving basis,
amounts repaid may be reborrowed subject to the terms of this Agreement. No Advance may
be outstanding after the Final Maturity Date.

	

	

16 

	7. 		PREPAYMENT
AND CANCELLATION 

	7.1 		Automatic
Cancellation of the Total Commitments 

	 	
The
undrawn Commitment of each Lender shall be automatically cancelled at the close of
business in London on the last day of the Availability Period and the balance (if any) of
a Lender’s Commitment shall be cancelled on the Final Maturity Date.

	7.2 		Voluntary
Cancellation 

	 	
The
Parent may, by giving not less than 15 days’ prior written notice to the Agents
cancel the unutilised portion of the Total Commitments in whole or in part (but, if in
part, in a minimum amount of £50,000,000). Any cancellation in part of the Total
Commitments shall be applied against the Commitment of each Lender pro rata.

	7.3 		Voluntary
prepayment 

	(a)		
Any Borrower may, by giving not less than 10 Business Days’ prior notice to
the Agent, prepay without premium or penalty the whole or any part of the
Advances made to it (but, if in part, in an aggregate minimum Original Sterling
Amount, taking all prepayments made by all the Borrowers on the same day
together, of £50,000,000). 

	(b)		
Any voluntary prepayment under paragraph (a) above will be applied against the
Advances pro rata (or against such Advances as the relevant Borrower shall
designate in the notice of prepayment) and pro rata between the participations
of the Lenders in such Advances. 

	7.4 		Mandatory
Prepayment Events 

	 	
If
at any time:

			(a) 		it
is or becomes unlawful for any Obligor to perform any of its obligations under the
Finance Documents in any material respect; or

			(b) 		the
guarantee of any Guarantor under Clause 14 (Guarantee) is not effective or is alleged by
that Guarantor to be ineffective for any reason; or

			(c) 		any
single person, or group of persons acting in concert (as defined in the City Code on
Takeovers and Mergers), acquires control (as defined in Section 416 of the Income and
Corporation Taxes Act 1988) of the Parent,

	 	
then
the Agent shall, if instructed to do so by the Majority Lenders, by notice to the Parent:

			(i)		
call for prepayment of all the Advances on such date as it may specify in such
notice whereupon all the Advances shall become due and payable on such date
together with accrued interest and any other sums then owed by the Obligors
under the Finance Documents; and

			(ii)		
declare that the Total Commitments shall be cancelled, whereupon the Total
Commitments shall be cancelled and the Commitments of each Lender shall be
cancelled and reduced to zero.

	

	

17 

	7.5 		Mandatory
Prepayment by Borrowers 

	 	
If
any Borrower (other than the Parent) ceases to be a wholly-owned Subsidiary of the Parent
it shall forthwith prepay all Advances made to it together with all amounts payable by it
under this Agreement and thereupon cease to be a Borrower.

	7.6 		Changes
to Borrowers 

	(a)		
Any Borrower (other than the Parent) in respect of which no Advance is
outstanding hereunder (including any other amounts outstanding in relation
thereto) may, at the request of the Parent, cease to be a Borrower by entering
into a supplemental agreement to this Agreement in such form as the Agent may
reasonably require which shall discharge that Borrower’s obligations
hereunder. 

	(b)		
Any Borrower (other than the Parent) (the “Existing Borrower”)
may be released from its obligations under this Agreement as a Borrower provided
that another Borrower (the “Substitute Borrower”) assumes the
obligations in respect thereof of the Existing Borrower and provided further
that: 

			(i)		
any such substitution shall take effect on and from the later of the day upon
which the Agent notifies the Parent in writing that it is satisfied with the
compliance with the matters set out in paragraph (b)(iii) below and the date for
substitution specified in the relevant notice under paragraph (b)(ii) below;

			(ii) 		notice
of the proposed substitution has been delivered by the Parent to the Agent not less than
14 days prior to the proposed substitution; and

			(iii)		
the Substitute Borrower enters into a Novation Agreement with the Existing
Borrower, the Parent and the Agent on behalf of the Lenders in the form of Part
IV of Schedule 5 together with such amendments as the Agent may reasonably
require.

	 	
Each
Lender authorises the Agent to sign on its behalf any Novation Agreement entered into in
accordance with this paragraph (b).

	7.7 		Right
of prepayment and cancellation 

	 	
If
any Borrower is required to pay or is notified by any Lender in writing that it will be
required to pay any amount to a Lender under Clause 10 (Taxes) or Clause 12 (Increased
Costs), or if circumstances exist such that a Borrower will be required to pay any amount
to a Lender under Clause 10 (Taxes), the Parent may, whilst the circumstances giving rise
or which will give rise to the requirement continue, serve a notice of prepayment and
cancellation on that Lender through the Agent. On the date falling five Business Days
after the date of service of the notice:

			(a) 		each
Borrower shall prepay all of that Lender’s participations in outstanding Advances;
and

			(b) 		the
Lender’s Commitment shall be permanently cancelled on the date of service of the
notice.

	

	

18 

	7.8 		Miscellaneous
provisions 

	(a)		
Any notice of prepayment and/or cancellation under this Agreement is
irrevocable. The Agent shall notify the Lenders promptly of receipt of any such
notice. 

	(b)		
All prepayments under this Agreement shall be made together with accrued
interest on the amount prepaid and any other amounts due under this Agreement in
respect of that prepayment (including, but not limited to, any amounts payable
under Clause 23.2(c) (Other indemnities) if not made on a Maturity Date for the
Advance ). 

	(c) 		No
prepayment or cancellation is permitted except in accordance with the express terms of
this Agreement. 

	(d)		
Subject to the terms of this Agreement, any amount prepaid under Clause 7.3
(Voluntary Prepayment) may be reborrowed. No amount of the Total Commitments
cancelled under this Agreement may subsequently be reinstated. 

	8. 		INTEREST 

	8.1 		Interest
rate for all Advances 

	 	
The
rate of interest on each Advance for its Term is the rate per annum determined by the
Agent to be the aggregate of:

			(a) 		the
relevant Margin;

			(b) 		LIBOR
or, in the case of an Advance denominated in euros, EURIBOR; and

			(c) 		the
applicable Mandatory Cost.

	8.2 		Due dates 

	 	
Except
as otherwise provided in this Agreement, accrued interest on each Advance is payable by
the relevant Borrower on its Maturity Date and also, in the case of any Advance with a
Term longer than six months, at six-monthly intervals after its Utilisation Date for so
long as the Term is outstanding.

	8.3		
     Non-Business Days

	 	
If
a Term would otherwise end on a day which is not a Business Day, that Term shall instead
end on the next Business Day in that calendar month (if there is one) or the preceding
Business Day (if there is not).

	8.4 		Default interest 

	(a)		
If a Borrower fails to pay any amount payable by it under this Agreement, it
shall forthwith on demand by the Agent pay interest on the overdue amount from
the due date up to the date of actual payment, both before and after judgment,
at a rate (the “default rate”) determined by the Agent to be
one per cent. per annum above the higher of: 

			(i) 		the
rate on the overdue amount under Clause 8.1 (Interest rate for all Advances) immediately
before the due date (in the case of principal); and

	

	

19 

			(ii)		
the rate which would have been payable if the overdue amount had, during the
period of non-payment, constituted an Advance in the currency of the overdue
amount for such successive Terms of such duration as the Agent may determine
(each a “Designated Term”).

	(b)		
The default rate will be determined on each Business Day or the first day of, or
two Business Days before the first day of, the relevant Designated Term, as
appropriate. 

	(c)		
If the Agent determines that deposits in the currency of the overdue amount are
not at the relevant time being made available by the Reference Banks to leading
banks in the London interbank market, the default rate will be determined by
reference to the cost of funds to the Agent from whatever sources it selects
after consultation with the Reference Banks. 

	(d) 		Default
interest will be compounded at the end of each Designated Term. 

	8.5 		Notification
of rates of interest 

	 	
The
Agent will promptly notify each relevant Party of the determination of a rate of interest
under this Agreement.

	9. 		PAYMENTS 

	9.1 		Place
of Payment 

	 	
All
payments by an Obligor or a Lender under this Agreement shall be made to the Agent to its
account at such office or bank in the principal financial centre of the country of the
currency concerned (or, in the case of euro, the financial centre of such of the
Participating Member States or London) as it may notify to the Obligor or Lender for this
purpose.

	9.2 		Funds 

	 	
Payments
under this Agreement to the Agent shall be made for value on the due date at such times
and in such funds as the Agent may specify to the Party concerned as being customary at
the time for the settlement of transactions in the relevant currency in the place for
payment.

	9.3 		Distribution 

	(a)		
Each payment received by the Agent under this Agreement for another Party shall,
subject to paragraphs (b) and (c) below, be made available by the Agent to
that Party by payment (on the date and in the currency and funds of receipt) to
its account with such bank in the principal financial centre of the country of
the relevant currency (or, in the case of euro, the financial centre of such of
the Participating Member States or London) as it may notify to the Agent for
this purpose by not less than five Business Days’ prior notice. 

	(b)		
The Agent may apply any amount received by it for an Obligor in or towards
payment (on the date and in the currency and funds of receipt) of any amount due
from an Obligor under this Agreement or in or towards the purchase of any amount
of any currency to be so applied. 

	(c)		
Where a sum is to be paid under this Agreement to the Agent for the account of
another Party, the Agent is not obliged to pay that sum to that Party until it
has established that it has actually received that sum. The Agent may, however,
assume that the sum has been paid to it in accordance with this Agreement and,
in reliance on that assumption, make available to that Party a corresponding
amount. If the sum has not been made available but the Agent has paid a
corresponding amount to another Party, that Party shall forthwith on demand
refund the corresponding amount to the Agent together with interest on that
amount from the date of payment to the date of receipt, calculated at a rate
reasonably determined by the Agent to reflect its cost of funds. 

	

	

20 

	9.4 		Currency 

	(a) 		A
repayment or prepayment of an Advance is payable in the currency in which the Advance is
denominated. 

	(b) 		Interest
is payable in the currency in which the relevant amount in respect of which it is payable
is denominated. 

	(c) 		Amounts
payable in respect of costs, expenses, taxes and the like are payable in the currency in
which they are incurred. 

	(d)		
Any other amount payable under this Agreement is, except as otherwise provided
in this Agreement, payable in Sterling. 

	9.5 		Set-off
and counterclaim 

	 	
All
payments made by an Obligor under this Agreement shall be made without set-off or
counterclaim. 

	9.6 		Non-Business
Days 

	(a)		
If a payment under this Agreement is due on a day which is not a Business Day,
the due date for that payment shall instead be the next Business Day in the same
calendar month (if there is one) or the preceding Business Day (if there is
not). 

	(b)		
During any extension of the due date for payment of any principal under this
Agreement interest is payable on the principal at the rate payable on the
original due date. 

	9.7 		Partial payments 

	(a)		
If the Agent receives a payment insufficient to discharge all the amounts then
due and payable by an Obligor under this Agreement, the Agent shall apply that
payment towards the obligations of the Obligors under this Agreement in the
following order: 

			(i) 		first,
in or towards payment pro rata of any unpaid costs, fees and expenses of the Agent under
this Agreement;

			(ii) 		secondly,
in or towards payment pro rata of any accrued fees due but unpaid under Clause 20 (Fees);

			(iii) 		thirdly,
in or towards payment pro rata of any interest due but unpaid under this Agreement;

			(iv) 		fourthly,
in or towards payment pro rata of any principal due but unpaid under this Agreement; and

	

	

21 

			(v) 		fifthly,
in or towards payment pro rata of any other sum due but unpaid under this Agreement.

	(b) 		The
Agent shall, if so directed by all the Lenders, vary the order set out in sub-paragraphs
(a)(ii) to (v) above. 

	(c) 		Paragraphs
(a) and (b) above shall override any appropriation made by any Obligor. 

	10. 		TAXES 

	10.1 		Gross-up 

	(a)		
All payments by an Obligor under the Finance Documents shall be made free and
clear of and without deduction for or on account of any taxes, except to the
extent that the Obligor is required by law to make payment subject to any taxes.
Subject to paragraph (b) below, if any tax or amounts in respect of tax must be
deducted from any amounts payable or paid by an Obligor, or paid or payable by
the Agent to a Finance Party, under the Finance Documents, the Obligor shall pay
such additional amounts as may be necessary to ensure that the relevant Finance
Party receives a net amount equal to the full amount which it would have
received had payment not been made subject to tax. 

	(b)		
An Obligor is not obliged to pay any additional amount pursuant to paragraph (a)
above in respect of any deduction which would not have been required if the
relevant Finance Party had completed a declaration, claim or exemption or other
form which it is able to complete. 

	10.2 		Tax
receipts 

	 	
All
taxes required by law to be deducted or withheld by an Obligor from any amounts paid or
payable under the Finance Documents shall be paid by the relevant Obligor when due and
the Obligor shall, within 15 days of the payment being made, deliver to the Agent for the
relevant Lender evidence satisfactory to that Lender (including any relevant tax
receipts) that the payment has been duly remitted to the appropriate authority.

	10.3 		Qualifying
Lender 

	(a) 		If: 

			(i) 		on
the Signing Date, any Lender which is a Party on the Signing Date is not a Qualifying
Lender; or

			(ii)		
after the first Utilisation Date, a Lender ceases to be a Qualifying Lender
other than as a result of the introduction of, suspension, withdrawal or
cancellation of, or change in, or change in the interpretation, administration
or application by the UK Inland Revenue or any other relevant taxing or fiscal
authority in any jurisdiction with which the relevant Lender has a connection
of, any law, regulation having the force of law, tax treaty or any published
practice or published concession of the UK Inland Revenue or any other relevant
taxing or fiscal authority in any jurisdiction with which the relevant Lender
has a connection, occurring after the Signing Date; or

			(iii)		
on the date of any novation under Clause 26 (Changes to the Parties), a New
Lender (as such term is defined in that Clause) is not a Qualifying Lender,

	

	

22 

	 	then
no Obligor shall be liable to pay to that Lender under Clause 10.1 (Gross-up) any amount
in respect of taxes levied or imposed by the UK or any taxing authority of or in the UK
in excess of the amount it would have been obliged to pay if that Lender had been a
Qualifying Lender on such date.

	(b)		
Any confirmation by a UK Non-Bank Lender of its status as described in the
definition of UK Non-Bank Lender in Clause 1.1 (Definitions) must be given to
the Agent on or promptly after the date that the UK Non-Bank Lender becomes a
Lender. The Agent must promptly forward any confirmation received by it to the
Parent. A UK Non-Bank Lender must promptly notify the Parent through the Agent
of any change to its status that may affect any confirmation made by it. 

	10.4 		Tax
Credit 

	(a)		
If an Obligor makes a payment pursuant to Clause 10.1 (Gross up) for the account
of any Finance Party and such Finance Party has received or been granted a
credit against, or relief or remission or repayment of, any tax paid or payable
by it (a “Tax Credit”) which is attributable to that payment or
the corresponding payment under the Finance Document such Finance Party shall,
to the extent that it can do so without prejudice to the retention of the amount
of such credit, relief, remission or repayment, pay to the Obligor concerned
such amount as the Finance Party shall have reasonably determined to be
attributable to such payments and which will leave the Finance Party (after such
payment) in no better or worse position than it would have been if the Obligor
concerned had not been required to make any deduction or withholding identified
under Clause 10.1 (Gross-up). 

	(b)		
Nothing in this Clause 10.4 shall interfere with the right of a Finance
Party to arrange its tax affairs in whatever manner it thinks fit and without
limiting the foregoing no Finance Party shall be under any obligation to claim a
Tax Credit or to claim a Tax Credit in priority to any other claims, relief,
credit or deduction available to it. No Finance Party shall be obliged to
disclose any information relating to its tax affairs or any computations in
respect thereof. Unless it would in a Lender’s reasonable judgement be
prejudicial to its interests, such Lender shall seek any Tax Credit available to
it consequent upon any deductions for tax being made from any payment to it
under Clause 10.1 (Gross up). 

	11. 		MARKET DISRUPTION 

	11.1 		Market disturbance 

	 	
Notwithstanding
anything to the contrary herein contained, if and each time that prior to or on a
Utilisation Date relative to an Advance to be made:

			(a) 		only
one or no Reference Bank supplies a rate for the purposes of determining LIBOR (if that
Advance is denominated in a currency other than euros) or EURIBOR (if that Advance is
denominated in euros); or

			(b) 		the
Agent is notified by Lenders whose Commitments represent 35 per cent. or more of the
Total Commitments that deposits in the currency of that Advance are not in the ordinary
course of business available in the London Interbank Market (or if the Advance is
denominated in euros the European Interbank Market) for a period equal to the Term
concerned in amounts sufficient to fund their participations in that Advance; or

	

	

23 

			(c) 		the
Agent (after consultation with the Reference Banks) shall have determined (which
determination shall be conclusive and binding upon all Parties) that by reason of
circumstances affecting the London Interbank Market (or if the Advance is denominated in
euros the European Interbank Market) generally, adequate and fair means do not exist for
ascertaining the LIBOR or EURIBOR applicable to such Advance during its Term or LIBOR or
EURIBOR (as applicable) does not adequately represent the cost of funding to the Lenders,

	 	
the
Agent shall promptly give written notice of such determination or notification to the
Parent and to each of the Lenders.

	11.2 		Alternative Rates 

	 	
If
the Agent gives a notice under Clause 11.1 (Market disturbance): 

			(a) 		the
Parent and the Lenders may (through the Agent) agree that the Advance concerned shall not
be borrowed; or

			(b) 		in
the absence of such agreement:

					(i)  		the
Term of the Advance concerned shall be one month; 

					(ii)  		in
the case of Clause 11.1(b) (Market disturbance), the Advance shall be made in Sterling in
an amount equal to the Original Sterling Amount of the Advance concerned; and 

					(iii)  		during
the Term of each Advance the rate of interest applicable to the participation of each
Lender in such Advance shall be the applicable Margin plus applicable Mandatory Cost plus
the rate per annum notified by the Lender concerned to the Agent before the last day of
such Term to be that which expresses as a percentage rate per annum the cost to such
Lender of funding its participation in such Advance from whatever sources it may
reasonably select. 

	11.3 		Non-availability
of currency 

	 	
If
any Lender notifies the Agent before 10.00 a.m. two Business Days prior to the proposed
Utilisation Date of an Advance to be denominated in an Optional Currency (other than U.S.
Dollars) that it is unable for any reason to fund its participation in such Advance in
the Optional Currency concerned, the Agent shall notify the Parent and such Lender shall
make its participation in the Advance available in Sterling for the period in question.

	11.4 		Change
in circumstances 

	 	
If
before 9.00 a.m. on the proposed Utilisation Date of an Advance which is to be
denominated in an Optional Currency (other than U.S. Dollars) there occurs any change in
national or international financial, political or economic conditions, currency
availability, currency exchange rates or exchange controls, which in the opinion of the
Agent renders the making of the Advance in such currency impracticable:

	

	

24 

			(a) 		the
Agent shall give notice to each of the Lenders and the Parent to that effect as soon as
practicable but in any event before 11.00 a.m. on the proposed Utilisation Date;

			(b) 		unless
the Parent and the Lenders agree otherwise, the Advance shall be made in Sterling and the
Rate Fixing Date for the Term of the Advance shall be the Utilisation Date; and

			(c) 		the
relevant Borrower shall pay to the Agent on behalf of the Lenders any amount claimed in
accordance with Clause 23.2 (Other Indemnities).

	11.5 		Change
in currency 

	(a)		
If more than one currency or currency unit are at the same time recognised by
the central bank of any country as the lawful currency of that country, then: 

			(i)		
any reference in the Finance Documents to, and any obligations arising under the
Finance Documents in, the currency of that country shall be translated into, or
paid in, the currency or currency unit of that country designated by the Agent;
and

			(ii)		
any translation from one currency or currency unit to another shall be at the
official rate of exchange recognised by the central bank for the conversion of
that currency or currency unit into the other, rounded up or down by the Agent
acting reasonably.

	(b)		
If any change in any currency of a country occurs, this Agreement will be
amended to the extent the Agent specifies to be necessary to reflect the change
in the currency and to put the Finance Parties in the same position, so far as
possible, that they would have been in if no change in currency has occurred. 

	12. 		INCREASED COSTS 

	12.1 		Increased
costs 

	(a)		
Subject to Clause 12.2 (Exceptions), the Parent shall forthwith on demand by a
Finance Party pay that Finance Party the amount of any increased cost incurred
by it or any of its holding companies as a result of any change in or
introduction of any law or regulation (including any relating to taxation or
reserve asset, special deposit, cash ratio, liquidity or capital adequacy
requirements or any other form of banking or monetary control). 

	(b) 		In
this Agreement “increased cost” means: 

			(i) 		an
additional cost incurred by a Finance Party or any of its holding companies as a result
of it performing, maintaining or funding its obligations under, this Agreement; or

			(ii)		
that portion of an additional cost incurred by a Finance Party or any of its
holding companies in making, funding or maintaining all or any advances
comprised in a class of advances formed by or including the participations in
Advances made or to be made by it under this Agreement as is attributable to it
making, funding or maintaining its participations in Advances; or

	

	

25 

			(iii)		
a reduction in any amount payable to a Finance Party or the effective return to
a Finance Party under this Agreement or on its capital (or the capital of any of
its holding companies); or

			(iv)		
the amount of any payment made by a Finance Party, or the amount of interest or
other return foregone by a Finance Party, calculated by reference to any amount
received or receivable by a Finance Party from any other Party under this
Agreement.

	12.2 		Exceptions 

	 	
Clause
12.1 (Increased costs) does not apply to any increased cost: 

			(a) 		compensated
for by the payment of the Mandatory Cost; or

			(b) 		attributable
to any tax or amounts in respect of tax which must be deducted from any amounts payable
or paid by a Borrower or paid or payable by the Agent to a Finance Party under the
Finance Documents; or

			(c) 		which
is, or is attributable to, any tax on the overall net income, profits or gains of a
Lender or any of its holding companies (or the overall net income, profits or gains of a
division or branch of the Lender or any of its holding companies).

	13. 		ILLEGALITY AND MITIGATION 

	13.1 		Illegality 

	 	
If
it becomes unlawful in any jurisdiction for a Lender to give effect to any of its
obligations as contemplated by this Agreement or to fund or maintain its participation in
any Advance, then the Lender may notify the Parent through the Agent accordingly and
following notice from the Agent to the Parent:

			(a) 		each
Borrower shall repay the participations of that Lender in any Advances made to it
together with all other amounts payable by it to that Lender under this Agreement on such
date as the Agent may specify in such notice, such date not to be earlier than:

					(i)  		the
last day of the Term for each Advance occurring after the date of such notice; or 

					(ii)  		if
earlier, the date specified by the Lender in the notice delivered to the Agent (being no
earlier than the last day of any applicable grace period permitted by law); and 

			(b) 		the
Lender’s Commitment shall be immediately cancelled.

	13.2 		Mitigation 

	 	
Notwithstanding
the provisions of Clauses 10 (Taxes), 12 (Increased Costs) and 13.1 (Illegality), if in
relation to a Lender or (as the case may be) the Agent circumstances arise which would
result in:

			(a) 		any
deduction, withholding or payment of the nature referred to in Clause 10 (Taxes); or

	

	

26 

			(b) 		any
increased cost of the nature referred to in Clause 12 (Increased Costs); or

			(c) 		a
notification pursuant to Clause 13.1 (Illegality),

	 	
then
without in any way limiting, reducing or otherwise qualifying the rights of such Lender
or the Agent, such Lender shall promptly upon becoming aware of the same notify the Agent
thereof (whereupon the Agent shall promptly notify the Parent) and such Lender shall use
reasonable endeavours to transfer its participation in the Facility and its rights
hereunder and under the Finance Documents to another financial institution or Facility
Office not affected by the circumstances having the results set out in (a), (b) or (c)
above and shall otherwise take such reasonable steps as may be open to it to mitigate the
effects of such circumstances provided that such Lender shall not be under any obligation
to take any such action if, in its opinion, to do so would or would be likely to have an
adverse effect upon its business, operations or financial condition or would involve it
in any unlawful activity or any activity that is contrary to its policies or any request,
guidance or directive of any competent authority (whether or not having the force of law)
or (unless indemnified to its satisfaction) would involve it in any significant expense
or tax disadvantage. 

	14. 		GUARANTEE 

	14.1 		Guarantee 

	 	
Each
Guarantor jointly and severally irrevocably and unconditionally: 

			(a) 		as
principal obligor, guarantees to each Finance Party prompt performance by each Borrower
of all its obligations under the Finance Documents;

			(b) 		undertakes
with each Finance Party that whenever a Borrower does not pay any amount when due under
or in connection with any Finance Document, each Guarantor shall forthwith on demand by
the Agent pay that amount as if that Guarantor instead of the relevant Borrower were
expressed to be the principal obligor; and

			(c) 		indemnifies
each Finance Party on demand against any loss or liability suffered by it if any
obligation guaranteed by any Guarantor is or becomes unenforceable, invalid or illegal.

	14.2 		Continuing
guarantee 

	 	
This
guarantee is a continuing guarantee and will extend to the ultimate balance of all sums
payable by the Borrowers under the Finance Documents, regardless of any intermediate
payment or discharge in part.

	14.3 		Reinstatement 

	(a)		
Where any discharge (whether in respect of the obligations of any Borrower or
any security for those obligations or otherwise) is made in whole or in part or
any arrangement is made on the faith of any payment, security or other
disposition which is avoided or must be restored on insolvency, liquidation or
otherwise without limitation, the liability of the Guarantors under this Clause
14 shall continue as if the discharge or arrangement had not occurred (but only
to the extent that such payment, security or other disposition is avoided or
restored). 

	

	

27 

	(b)		
Each Finance Party may concede or compromise any claim that any payment,
security or other disposition is liable to avoidance or restoration. 

	14.4 		Waiver
of defences 

	 	
The
obligations of the Guarantors under this Clause 14 will not be affected by any act,
omission, matter or thing which, but for this provision, would reduce, release or
prejudice any of its obligations under this Clause 14 or prejudice or diminish those
obligations in whole or in part, including (whether or not known to it or any Finance
Party):

			(a) 		any
time or waiver granted to, or composition with, any Borrower or other person;

			(b) 		the
taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to
perfect, take up or enforce, any rights against, or security over assets of, any Borrower
or other person or any non-presentation or non-observance of any formality or other
requirement in respect of any instrument or any failure to realise the full value of any
security;

			(c) 		any
incapacity or lack of powers, authority or legal personality of or dissolution or change
in the members or status of a Borrower or any other person;

			(d) 		any
variation (however fundamental) or replacement of a Finance Document or any other
document or security so that references to that Finance Document in this Clause 14 shall
include each variation or replacement;

			(e) 		any
unenforceability, illegality or invalidity of any obligation of any person under any
Finance Document or any other document or security, to the intent that the Guarantors’ obligations
under this Clause 14 shall remain in full force and their guarantee be construed
accordingly, as if there were no unenforceability, illegality or invalidity; and

			(f) 		any
postponement, discharge, reduction, non-provability or other similar circumstance
affecting any obligation of any Borrower under a Finance Document resulting from any
insolvency, liquidation or dissolution proceedings or from any law, regulation or order
so that each such obligation shall for the purposes of the Guarantors’ obligations
under this Clause 14 shall be construed as if there were no such circumstance.

	14.5 		Immediate
recourse 

	 	
Each
Guarantor waives any right it may have of first requiring any Finance Party (or any
trustee or agent on its behalf) to proceed against or enforce any other rights or
security or claim payment from any person before claiming from that Guarantor under this
Clause 14.

	14.6 		Appropriations 

	 	
Until
all amounts which may be or become payable by the Borrowers under or in connection with
the Finance Documents have been irrevocably paid in full, each Finance Party (or any
trustee or agent on its behalf) may:

			(a) 		refrain
from applying or enforcing any other moneys, security or rights held or received by that
Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or
apply and enforce the same in such manner and order as it sees fit (whether against those
amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

	

	

28 

			(b) 		hold
in a suspense account any moneys received from any Guarantor or on account of that
Guarantor’s liability under this Clause 14, without liability to pay interest on
those moneys.

	14.7 		Non-competition 

	 	
Until
all amounts which may be or become payable by the Borrowers under or in connection with
the Finance Documents have been paid in full, no Guarantor shall, after a claim has been
made or by virtue of any payment or performance by it under this Clause 14:

			(a) 		be
subrogated to any rights, security or moneys held, received or receivable by any Finance
Party (or any trustee or agent on its behalf) or be entitled to any right of contribution
or indemnity in respect of any payment made or moneys received on account of that
Guarantor’s liability under this Clause 14; or

			(b) 		claim,
rank, prove or vote as a creditor of any Borrower or its estate in competition with any
Finance Party (or any trustee or agent on its behalf); or

			(c) 		receive,
claim or have the benefit of any payment, distribution or security from or on account of
any Borrower or exercise any right of set-off as against any Borrower.

	 	
Each
Guarantor shall hold in trust for and forthwith pay or transfer to the Agent for the
Finance Parties any payment or distribution or benefit of security received by it
contrary to this Clause 14.7.

	14.8 		Additional
security 

	 	
This
guarantee is in addition to and is not in any way prejudiced by any other security now or
hereafter held by any Finance Party.

	14.9 		Removal
of Guarantors 

	 	
Any
Guarantor (other than the Parent or any other Borrower) may, at the request of the Parent
and if no Default or Mandatory Prepayment Event is continuing, cease to be a Guarantor by
entering into a supplemental agreement to this Agreement at the cost of the Parent in
such form as the Agent may reasonably require which shall discharge that Guarantor’s
obligations as a Guarantor under this Agreement.

	15. 		REPRESENTATIONS AND WARRANTIES 

	15.1 		Representations and warranties 

	 	
Each
Obligor makes the representations and warranties set out in this Clause 15
(Representations and Warranties) to each Finance Party (but in the case of an Obligor
other than the Parent only in respect of itself).

	

	

29 

	15.2 		Status,
Powers and authority 

	 	
It
is duly incorporated under the laws of the country in which it is incorporated and has
power and is able lawfully to execute and deliver the Finance Documents to which it is a
party and to exercise its rights and perform its obligations thereunder and all corporate
or other action required to be taken by it in order to authorise the execution and
delivery by it of the Finance Documents to which it is a party and the performance by it
of its obligations thereunder has been duly taken.

	15.3 		Legal
Validity 

	 	
The
Finance Documents to which it is a party constitute (or will, when drawn in the manner
contemplated herein, constitute) its legal, valid, binding and enforceable obligations.

	15.4 		Non-Conflict 

	 	
The
execution, delivery and performance by it of the Finance Documents to which it is a party
will not:

			(a) 		contravene
any provision of any law, statute, decree, rule or regulation to which it or any of its
assets or revenues is subject, or of any order, judgment, injunction, decree, resolution,
determination or award of any court or any judicial, administrative or governmental
authority or organisation having applicability to it or any of its assets or revenues; or

			(b) 		result
in any breach of any of the terms, covenants, conditions or provisions of, or constitute
default under, any indenture, mortgage, deed of trust, bond, agreement or other
instrument or obligation to which it is a party or by which it or any of its assets or
revenues may be bound or affected; or

			(c) 		violate
any provision of its Memorandum and Articles of Association or other constitutive
documents.

	15.5 		No
Default 

	(a) 		No
Event of Default has occurred and is continuing which has not been remedied. 

	(b) 		No
Default has occurred and is continuing which has not been remedied. 

	15.6 		Authorisations 

	 	
It
has obtained (and there are in full force and effect) any governmental and other consents
necessary to enable it to enter into and perform its obligations under each Finance
Document.

	15.7 		Accounts 

	(a)		
The most recently published audited consolidated financial statements of the
Group give (in conjunction with the notes thereto) a true and fair view of the
financial condition of the Group as at the date as of which the same were
prepared. 

	(b)		
The Original Group Accounts were prepared in accordance with accounting
principles generally accepted in England and consistently applied and give (in
conjunction with the notes thereto) a true and fair view of the consolidated
financial condition of the Group as at the date as of which they were prepared
and the consolidated results of the operations of the Group during the financial
year then ended. 

	

	

30 

	(c)		
As at the date as of which the most recently published audited consolidated
financial statements of the Group were prepared no member of the Group had any
material liabilities which were not disclosed thereby (or by the notes thereto)
or provided for therein and which should at that date have been so disclosed or
provided for. 

	(d)		
The financial information supplied by it or on behalf of it by any other member
of the Group to the Lenders relating to any member of the Group in connection
with this Agreement is true and accurate in all material respects. 

	15.8 		Litigation 

	 	
No
action or proceeding of or before any court or administrative tribunal has been
commenced, or (to its knowledge) is threatened:

			(a) 		to
restrain or affect the execution or delivery by it of any of the Finance Documents to
which it is a party or the performance and compliance by it of, and with, the obligations
expressed to be assumed by it therein or the legality, validity or enforceability
thereof; or

			(b) 		which
would be reasonably expected to succeed and, if successful, to have a Material Adverse
Effect.

	15.9 		Pari
Passu 

	 	
Its
Indebtedness under the Finance Documents to which it is a party will rank at least pari
passu with all its other unsecured Indebtedness with the exception of that which is
preferred by operation of law.

	15.10 		Encumbrances 

	 	
Its
execution of the Finance Documents and its exercise of its rights and performance of its
obligations thereunder will not result in the existence of, nor oblige any member of the
Restricted Group to create, any Encumbrance over all or any of its present or future
revenues or assets.

	15.11 		Material
Adverse Change 

	 	
There
has been no material adverse change in the business or financial condition of the Group
when compared with the business or financial condition of the Group (as shown in the
Original Group Accounts ) taken as a whole which could reasonably be expected to have a
Material Adverse Effect.

	15.12 		Information 

	(a)		
The factual information in relation to the Group in the Information Memorandum
was to the best of the Parent’s knowledge and belief true and accurate in
all material aspects as at the date of the Information Memorandum and any
opinion expressed about the Group in the Information Memorandum was honestly
held as at that date and all such factual information and opinions were provided
in good faith and after due enquiry as to their accuracy. 

	

	

31 

	(b) 		The
Information Memorandum did not omit at its date any information which made misleading any
information in the Information Memorandum. 

	15.13 		Times
for making representations and warranties 

	 	
The
representations and warranties set out in this Clause 15: 

			(a) 		are
made on the Signing Date;

			(b) 		(except
for Clause 15.5(b) (No Default), Clause 15.7 (Accounts), Clause 15.8 (Litigation), Clause
15.11 (Material Adverse Change) and Clause 15.12 (Information)) in the case of an Obligor
which becomes a Party after the date of this Agreement, will be deemed to be made by that
Obligor on the date it executes a Borrower Accession Agreement or, as the case may be, a
Guarantor Accession Agreement; and

			(c) 		(except
for Clause 15.5(b) (No Default), Clause 15.7(b) (Accounts), Clause 15.8 (Litigation),
Clause 15.11 (Material Adverse Change) and Clause 15.12 (Information)) are deemed to be
repeated by each Obligor on:

					(i)  		the
date of each Request; and 

					(ii)  		each
Utilisation Date with reference to the facts and circumstances then existing. 

	16. 		UNDERTAKINGS 

	16.1 		Duration 

	 	
The
undertakings in this Clause 16 (Undertakings) will remain in force from the Signing Date
for so long as any amount is or may be outstanding under this Agreement or any Commitment
is in force.

	16.2 		Financial
Information 

	(a)		
In the case of the Parent, it will as soon as the same become available, but in
any event within 120 days after the end of each financial year, procure the
delivery to each of the Lenders through the Agent of one copy (or such other
number of copies as the Agent shall reasonably request) of the audited
consolidated financial statements (including balance sheet and profit and loss
account) of the Group together with the audited financial statements of the
Parent for such financial year. 

	(b)		
In the case of the Parent, it will as soon as the same become available, but in
any event within 60 days after the end of the first half of each financial year,
procure the delivery to each of the Lenders through the Agent of one copy (or
such other number of copies as the Agent shall reasonably request) of the
published interim consolidated financial statements of the Group for such
financial half-year. 

	

	

32 

	(c)		
In the case of each other Obligor, it will as soon as the same become available,
but in any event within 120 days after the end of each financial year, procure
the delivery to each of the Lenders through the Agent of one copy (or such other
number of copies as the Agent shall reasonably request) of its audited financial
statements (including balance sheet and profit and loss account) for such
financial year. 

	(d)		
It will ensure that each set of financial statements delivered by it pursuant to
paragraphs (a) and (b) above, in the case of the Parent, and paragraph (c)
above, in the case of each other Obligor, is prepared and audited in accordance
with United Kingdom accounting principles generally accepted and consistently
applied (save for changes in accounting principles disclosed in the relevant
financial statements) except (in the case of an Obligor incorporated outside the
United Kingdom) where the relevant Obligor is required to prepare its financial
statements in accordance with accounting principles generally accepted in a
jurisdiction other than the United Kingdom in which case its financial
statements will be prepared and audited in accordance with the accounting
principles of that jurisdiction generally accepted and consistently applied
(save for changes in accounting principles disclosed in the relevant financial
statements). 

	(e)		
In the case of the Parent, it will supply to the Lenders through the Agent one
copy (or such other number of copies as the Agent shall reasonably request) (as
and when the same are distributed to its shareholders) of all information and
circulars from time to time distributed by Parent to its shareholders. 

	(f)		
In the case of the Parent, together with the accounts specified in paragraphs
(a) and (b) above, a certificate signed by two officers of the Parent in the
form of Schedule 6: 

			(i) 		setting
out in reasonable detail computations establishing compliance with Clause 17 (Financial
Covenant) as at the date to which those accounts were drawn-up; and

			(ii) 		identifying
the Material Subsidiaries on the basis of those accounts.

	16.3 		Notification
of Default 

	 	
Each
Obligor shall, promptly upon becoming aware of the same, inform the Lenders through the
Agent of the occurrence of any Default, and upon receipt of a notice to that effect from
the Agent, confirm to the Lenders that, save as previously notified to the Lenders or as
notified in such confirmation, and so far as it is aware having made reasonable enquiry,
no such event has occurred.

	16.4 		Negative
Pledge/Subsidiaries 

	 	
Each
Obligor will not, and will procure that no member of the Restricted Group shall, create
or permit to subsist any Encumbrance (other than Permitted Encumbrances) upon the whole
or any part of its present or future revenues or assets.

	16.5 		Upstream
Guarantees 

	 	
The
Parent shall procure that no member of the Group (other than a Guarantor) will give any
guarantee or undertake any similar liability in respect of any Borrowings of any Borrower.

	

	

33 

	17. 		FINANCIAL
COVENANT 

	 	
The
Parent shall ensure that the ratio of Consolidated Profits before Interest, Tax and
Amortisation in respect of each period of 12 months ending on 30th June and 31st December
in each year to Consolidated Net Finance Charges for such period shall exceed 2.75:1.

	18. 		DEFAULT 

	18.1 		Events of Default 

	 	
Each
of the events set out in Clauses 18.2 (Non-Payment) to 18.11 (Execution or distress)
(inclusive) is an Event of Default (whether or not caused by any reason whatsoever
outside the control of any Obligor or any other person).

	18.2 		Non-payment 

	 	
An
Obligor fails to pay in the currency or in the manner specified therein any sum due from
it under any Finance Document within three Business Days, in the case of any principal
sum, or within five Business Days, in the case of any other sum, of the due date therefor.

	18.3 		Breach
of other obligations 

	 	
An
Obligor fails to perform or observe any other obligation binding on it under any of the
Finance Documents and such default is (if capable of remedy) not remedied within thirty
days after the Agent has given notice to that Obligor requiring remedy.

	18.4 		Misrepresentation 

	 	
Any
representation or statement made or deemed to be made by any Obligor herein or pursuant
hereto is or proves to be incorrect or misleading in any material respect when made or
deemed to be made and, if capable of remedy, is not remedied within 30 days after the
Agent has given notice to that Obligor requiring remedy.

	18.5 		Insolvency 

	 	
Any
order(s) is or are made or effective resolution(s) is or are passed for the liquidation,
administration, winding-up or dissolution of any Obligor or any Material Subsidiary or
for the reorganisation of any Obligor or any Material Subsidiary except, in the case of
any Material Subsidiary, for:

			(a) 		the
purpose of and followed by an amalgamation and reconstruction the terms of which have
first been approved by the Majority Lenders in writing such approval not to be
unreasonably withheld or delayed; or

			(b) 		a
voluntary solvent liquidation, winding-up, dissolution or reorganisation in connection
with the transfer of the business, undertaking and assets of such Material Subsidiary to
another member of the Group; or

			(c) 		where
such liquidation, administration, winding-up, dissolution or reorganisation could not
reasonably be expected to have a Material Adverse Effect.

	

	

34 

	18.6 		Insolvency
Proceedings 

	 	
Any
Obligor or any Material Subsidiary takes any corporate action or other steps are taken or
legal proceedings are started for the appointment of a receiver, administrative receiver,
trustee or similar officer (other than an administrator) of it or of any or all of its
revenues and assets (or any order(s) is or are made or effective resolution(s) is or are
passed for the appointment of an administrator of it) which, in the case of any Material
Subsidiary, could reasonably be expected to have a Material Adverse Effect.

	18.7 		Creditors
Process 

	 	
Any
Obligor or any Material Subsidiary is unable or admits in writing its inability to pay
its debts as they fall due or commences negotiations with a view to, or takes any
proceedings under any law for, a readjustment, rescheduling or deferment of all or any of
its obligations (or proposes, makes or enters into a general assignment, arrangement or
composition with or for the benefit of its creditors) which, in the case of any Material
Subsidiary, could reasonably be expected to have a Material Adverse Effect.

	18.8 		Cross
Default 

	 	
Any
other Borrowings of any Obligor or any Material Subsidiary: 

			(a) 		are
not paid when due nor within any applicable grace period in any agreement or instrument
relating to those Borrowings; or

			(b) 		becomes
due and payable before its normal or agreed maturity through the occurrence of an event
of default (howsoever described),

	 	
and
such other Borrowings, when aggregated with any other Borrowings of any Obligor or
Material Subsidiary which falls within the terms of paragraph (a) or (b) above, is in
excess of £20,000,000 (or its equivalent in other currencies) except that this
Clause 18.8 does not apply during the period of 180 days beginning on the date any
company becomes a member of the Group to any Borrowings of that company outstanding as at
the date it becomes a member of the Group which, but for this proviso, would have caused
an Event of Default under this Clause 18.8 at that date.

	18.9 		Suspension
of Business 

	 	
Save
as previously approved in writing by the Majority Lenders, any Obligor or any Material
Subsidiary shall suspend or threaten to suspend all or a substantial part of its
operations or ceases, or threatens to cease, to carry on its business which, in the case
of any such Material Subsidiary could reasonably be expected to have a Material Adverse
Effect and except, in the case of any such Material Subsidiary, for the purpose of and
followed by an amalgamation, the terms of which have first been approved by the Majority
Lenders in writing or in connection with the transfer of the business, undertaking and
assets of such Material Subsidiary to another member of the Group.

	18.10 		Invalidity
of any Finance Document 

	 	
Any
Finance Document shall at any time for any reason cease to be in full force and effect
(other than in accordance with its terms or by agreement with the Lenders).

	

	

35 

	18.11 		Execution
or distress 

	 	
Any
execution or distress is levied against, or an encumbrancer takes possession of the whole
or any part of, the property, undertaking or assets of any Obligor or any Material
Subsidiary and it is not satisfied, removed or discharged within seven days and which, in
the case of any Material Subsidiary could reasonably be expected to have a Material
Adverse Effect.

	18.12 		Acceleration 

	 	
On
and at any time after the occurrence of an Event of Default while such event is
continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to
the Parent, declare that an Event of Default has occurred and:

			(a) 		cancel
the Total Commitments; and/or

			(b) 		demand
that all the Advances, together with accrued interest, and all other amounts accrued
under this Agreement be immediately due and payable, whereupon they shall become
immediately due and payable; and/or

			(c) 		demand
that all the Advances be payable on demand, whereupon they shall immediately become
payable on demand.

	18.13 		Notice 

	 	
The
Agent will, if practicable to do so, notify the Parent prior to issuing a notice under
Clause 18.12 (Acceleration) in respect of a default by any Obligor other than the Parent
provided that the Agent shall not be liable to any Obligor if it fails to give such
notice and provided that any failure by the Agent to give such notice shall not
prejudice, in any way, the rights of each Finance Party under the Finance Documents
including, without limitation, the Agent’s right to deliver a notice under Clause
18.12 (Acceleration).

	19. 		THE AGENT AND
THE MANDATED ARRANGERS 

	19.1 		Appointment
and duties of the Agent 

	 	
Each
Finance Party (other than the Agent) irrevocably appoints the Agent to act as its agent
under and in connection with the Finance Documents, and irrevocably authorises the Agent
on its behalf to perform the duties and to exercise the rights, powers and discretions
that are specifically delegated to it under or in connection with the Finance Documents,
together with any other incidental rights, powers and discretions. The Agent shall have
only those duties which are expressly specified in this Agreement. Those duties are
solely of a mechanical and administrative nature.

	19.2 		Role
of the Mandated Arrangers 

	 	
Except
as otherwise provided in this Agreement, no Mandated Arranger has any obligations of any
kind to any other Party under or in connection with any Finance Document.

	19.3 		Relationship 

	 	
The
relationship between the Agent and the other Finance Parties is that of agent and
principal only. Nothing in this Agreement constitutes the Agent as trustee or fiduciary
for any other Party or any other person and the Agent need not hold in trust any moneys
paid to it for a Party or be liable to account for interest on those moneys.

	

	

36 

	19.4 		Majority Lenders’ directions 

	 	
The
Agent will be fully protected if it acts in accordance with the instructions of the
Majority Lenders in connection with the exercise of any right, power or discretion or any
matter not expressly provided for in the Finance Documents. Any such instructions given
by the Majority Lenders will be binding on all the Lenders. In the absence of such
instructions the Agent may act as it considers to be in the best interests of all the
Lenders.

	19.5 		Delegation 

	 	
The
Agent may act under the Finance Documents through its personnel and agents. 

	19.6 		Responsibility
for documentation 

	 	
Neither
the Agent nor either Mandated Arranger is responsible to any other Party for: 

			(a) 		the
execution, genuineness, validity, enforceability or sufficiency of any Finance Document
or any other document; or

			(b) 		the
collectability of amounts payable under any Finance Document; or

			(c) 		the
accuracy of any statements (whether written or oral) made in or in connection with any
Finance Document.

	19.7 		Default 

	(a)		
The Agent is not obliged to monitor or enquire as to whether or not a Default or
a Mandatory Prepayment Event has occurred. The Agent will not be deemed to have
knowledge of the occurrence of a Default or a Mandatory Prepayment Event.
However, if the Agent receives notice from a Party referring to this Agreement,
describing the Default or Mandatory Prepayment Event and stating that the event
is a Default or a Mandatory Prepayment Event, it shall promptly notify the
Lenders. 

	(b)		
The Agent may require the receipt of security satisfactory to it, whether by way
of payment in advance or otherwise, against any liability or loss which it will
or may incur in taking any proceedings or action arising out of or in connection
with any Finance Document before it commences these proceedings or takes that
action. 

	19.8 		Exoneration 

	(a)		
Without limiting paragraph (b) below, the Agent will not be liable to any other
Party for any action taken or not taken by it under or in connection with any
Finance Document, unless directly caused by its negligence or wilful misconduct. 

	(b)		
No Party may take any proceedings against any officer, employee or agent of the
Agent in respect of any claim it might have against the Agent or in respect of
any act or omission of any kind (including negligence or wilful misconduct) by
that officer, employee or agent in relation to any Finance Document. 

	

	

37 

	19.9 		Reliance 

	 	
The
Agent may:

			(a) 		rely
on any notice or document believed by it to be genuine and correct and to have been
signed by, or with the authority of, the proper person;

			(b) 		rely
on any statement made by a director or employee of any person regarding any matters which
may reasonably be assumed to be within his knowledge or within his power to verify; and

			(c) 		engage,
pay for and rely on legal or other professional advisers selected by it (including those
in the Agent’s employment and those representing a Party other than the Agent).

	19.10 		Credit approval and appraisal 

	 	
Without
affecting the responsibility of any Obligor for information supplied by it or on its
behalf in connection with any Finance Document, each Lender confirms that it:

			(a) 		has
made its own independent investigation and assessment of the financial condition and
affairs of each Obligor and its related entities in connection with its participation in
this Agreement and has not relied exclusively on any information provided to it by the
Agent or a Mandated Arranger in connection with any Finance Document; and

			(b) 		will
continue to make its own independent appraisal of the creditworthiness of each Obligor
and its related entities while any amount is or may be outstanding under the Finance
Documents or any Commitment is in force.

	19.11 		Information 

	(a)		
The Agent shall promptly forward to the person concerned the original or a copy
of any document which is delivered to the Agent by a Party for that person. 

	(b)		
The Agent shall promptly supply a Lender with a copy of each document received
by the Agent under Clauses 4 (Conditions Precedent), 26.4 (Additional
Borrowers) or 26.5 (Additional Guarantors) upon the request and at the expense
of that Lender. 

	(c)		
Except where this Agreement specifically provides otherwise, the Agent is not
obliged to review or check the accuracy or completeness of any document it
forwards to another Party. 

	(d) 		Except
as provided above, the Agent has no duty: 

			(i)		
either initially or on a continuing basis to provide any Lender with any credit
or other information concerning the financial condition or affairs of any
Obligor or any related entity of any Obligor whether coming into its possession
or that of any of its related entities before, on or after the date of this
Agreement; or

			(ii)		
unless specifically requested to do so by a Lender in accordance with this
Agreement, to request any certificates or other documents from any Obligor.

	

	

38 

	19.12 		The Agent and the Mandated
Arrangers individually 

	(a)		
If it is also a Lender, each of the Agent and each Mandated Arranger has the
same rights and powers under this Agreement as any other Lender and may exercise
those rights and powers as though it were not the Agent or a Mandated Arranger. 

	(b) 		Each
of the Agent and each Mandated Arranger may: 

			(i) 		carry
on any business with an Obligor or its related entities;

			(ii) 		act
as agent or trustee for, or in relation to any financing involving, an Obligor or its
related entities; and

			(iii)		
retain any profits or remuneration in connection with its activities under this
Agreement or in relation to any of the foregoing.

	19.13 		Indemnities 

	(a)		
Without limiting the liability of any Obligor under the Finance Documents, each
Lender shall forthwith on demand indemnify the Agent for its proportion of any
liability or loss incurred by the Agent in any way relating to or arising out of
its acting as the Agent, except to the extent that the liability or loss arises
directly from the Agent’s negligence or wilful misconduct. 

	(b)		
A Lender’s proportion of the liability or loss set out in
paragraph (a) above is the proportion which the Original Sterling Amount of
its participation(s) in Advance(s) bears to the Original Sterling Amount of all
Advances outstanding on the date of the demand. If, however, no Advances are
outstanding on the date of demand, then the proportion will be the proportion
which its Commitment bears to the Total Commitments at the date of demand or, if
the Total Commitments have been cancelled, bore to the Total Commitments
immediately before being cancelled. 

	(c)		
The Parent shall forthwith on demand reimburse each Lender for any payment made
by it under paragraph (a) above. 

	19.14 		Compliance 

	(a)		
The Agent may refrain from doing anything which might, in its opinion,
constitute a breach of any law or regulation or be otherwise actionable at the
suit of any person, and may do anything which, in its opinion, is necessary or
desirable to comply with any law or regulation of any jurisdiction. 

	(b)		
Without limiting paragraph (a) above, the Agent need not disclose any
information relating to any Obligor or any of its related entities if the
disclosure might, in the opinion of the Agent, constitute a breach of any law or
regulation or any duty of secrecy or confidentiality or be otherwise actionable
at the suit of any person. 

	19.15 		Resignation of Agent 

	(a)		
Notwithstanding its irrevocable appointment, the Agent may resign by giving
notice to the Lenders and the Parent, in which case the Agent may forthwith
appoint one of its Affiliates as successor Agent or, failing that, the Majority
Lenders may, following consultation with the Parent, appoint a successor Agent. 

	

	

39 

	(b)		
If the appointment of a successor Agent is to be made by the Majority Lenders
but they have not, within 30 days after notice of resignation, appointed a
successor Agent which accepts the appointment, the retiring Agent may, following
consultation with the Parent, appoint a successor Agent. 

	(c)		
The resignation of the retiring Agent and the appointment of any successor Agent
will both become effective only upon the successor Agent notifying all the
Parties that it accepts the appointment and provided the successor Agent has, if
required under paragraph (a) above, been approved by the Parent. On giving the
notification and receiving such approval, the successor Agent will succeed to
the position of the retiring Agent and the term “Agent” will
mean the successor Agent. 

	(d)		
The retiring Agent shall, at its own cost, make available to the successor Agent
such documents and records and provide such assistance as the successor Agent
may reasonably request for the purposes of performing its functions as the Agent
under this Agreement. 

	(e)		
Upon its resignation becoming effective, this Clause 19 shall continue to
benefit the retiring Agent in respect of any action taken or not taken by it
under or in connection with the Finance Documents while it was the Agent, and,
subject to paragraph (d) above, it shall have no further obligation under any
Finance Document. 

	19.16 		Lenders 

	 	
The
Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as
acting through its Facility Office(s) until it has received notice from the Lender to the
contrary by not less than five Business Days prior to the relevant payment.

	19.17 		Chinese
Wall 

	 	
In
acting as Agent or a Mandated Arranger, the agency and syndications division of each of
the Agent and each Mandated Arranger shall be treated as a separate entity from its other
divisions and departments. Any information acquired at any time by the Agent or a
Mandated Arranger otherwise than in the capacity of Agent or Mandated Arranger through
its agency and syndications division (whether as financial advisor to any member of the
Group or otherwise) may be treated as confidential by the Agent or that Mandated Arranger
and shall not be deemed to be information possessed by the Agent or Mandated Arranger in
its capacity as such. Each Finance Party acknowledges that the Agent and the Mandated
Arrangers may, now or in the future, be in possession of, or provided with, information
relating to the Obligors which has not or will not be provided to the other Finance
Parties. Each Finance Party agrees that, except as expressly provided in this Agreement,
neither the Agent nor either Mandated Arranger will be under any obligation to provide,
or under any liability for failure to provide, any such information.

	20. 		FEES 

	20.1 		Commitment fee 

	(a)		
The Parent shall pay to the Agent for distribution to each Lender pro rata to
the proportion its Commitment bears to the Total Commitments from time to time a
commitment fee at the rate of 0.10 per cent. per annum from the Signing Date
until the third Anniversary and 0.11 per cent. per annum thereafter, on any
undrawn, uncancelled amount of the Total Commitments on each day. 

	

	

40 

	(b)		
The commitment fee is calculated and accrues on a daily basis from the Signing
Date and is payable quarterly in arrear with the first payment due three months
after the Signing Date. Accrued commitment fee is also payable to the Agent for
the relevant Lender(s) on the cancelled amount of its Commitment at the time the
cancellation takes effect. 

	20.2 		Agent’s fee 

	 	
The
Parent shall pay to the Agent for its own account an agency fee in the amounts and on the
dates agreed in the relevant Fee Letter.

	20.3 		Participation
fee 

	 	
The
Parent shall pay to the Agent for the Mandated Arrangers a participation fee in the
amount and on the date specified in the relevant Fee Letter.

	20.4 		Management
Fee 

	 	
The
Parent shall pay to the Mandated Arrangers management fees in amounts and on the dates
set out in the relevant Fee Letters.

	20.5 		Utilisation
Fee 

	(a)		
The Parent shall pay to the Agent for distribution to each Lender pro rata to
the proportion its outstanding participations in Advances bears to the aggregate
outstanding Advances on each day a utilisation fee at the rate of 0.05 per cent.
per annum on the aggregate outstanding Advances on that day, provided that the
fee will only accrue on any day on which the aggregate outstanding Advances on
such day exceeds 50 per cent. of the Total Commitments as at that day. 

	(b)		
Utilisation fee is calculated and accrues on a daily basis and is payable
quarterly in arrear with the first such payment due three months after the
Signing Date. Accrued utilisation fee is also payable to the Agent for the
relevant Lenders on the Final Maturity Date. 

	20.6 		VAT 

	 	
Any
fee referred to in this Clause 20 is exclusive of any United Kingdom value added tax. If
any value added tax is so chargeable, it shall be paid by the Parent at the same time as
it pays the relevant fee.

	21. 		EXPENSES 

	21.1 		Initial
and special costs 

	 	
The
Parent shall forthwith on demand pay the Agent and the Mandated Arrangers the amount of
all out-of-pocket costs and expenses (including legal fees) reasonably incurred by any of
them in connection with:

			(a) 		the
arranging, underwriting and primary syndication of the Facilities;

	

	

41 

			(b) 		the
negotiation, preparation, printing and execution of:

					(i)  		this
Agreement and any other documents referred to in this Agreement; and 

					(ii)  		any
other Finance Document (other than a Novation Certificate) executed after the date of
this Agreement; 

			(c) 		any
amendment, waiver, consent or suspension of rights (or any proposal for any of the
foregoing) requested by or on behalf of an Obligor and relating to a Finance Document or
a document referred to in any Finance Document; and

			(d) 		any
other matter, not of an ordinary administrative nature, arising out of or in connection
with a Finance Document.

	21.2 		Enforcement
costs 

	 	
The
Parent shall forthwith on demand pay to each Finance Party the amount of all costs and
expenses (including legal fees) incurred by it:

			(a) 		in
connection with the enforcement of, or the preservation of any rights under, any Finance
Document; or

			(b) 		in
investigating any possible Default or Mandatory Prepayment Event.

	22. 		STAMP DUTIES 

	 	
The
Parent shall pay and forthwith on demand indemnify each Finance Party against any
liability it incurs in respect of any stamp, registration and similar tax which is or
becomes payable in connection with the entry into, performance or enforcement of any
Finance Document other than a Novation Certificate.

	23. 		INDEMNITIES 

	23.1 		Currency indemnity 

	(a)		
If a Finance Party receives an amount in respect of an Obligor’s liability
under the Finance Documents or if that liability is converted into a claim,
proof, judgment or order in a currency other than the currency (the
“contractual currency”) in which the amount is expressed to be
payable under the relevant Finance Document: 

			(i) 		that
Obligor shall indemnify that Finance Party as an independent obligation against any loss
or liability arising out of or as a result of the conversion;

			(ii)		
if the amount received by that Finance Party, when converted into the
contractual currency at a market rate in the usual course of its business, is
less than the amount owed in the contractual currency, the Obligor concerned
shall forthwith on demand pay to that Finance Party an amount in the contractual
currency equal to the deficit; and

			(iii)		
the Obligor shall pay to the Finance Party concerned on demand any exchange
costs and taxes payable in connection with any such conversion.

	

	

42 

	(b)		
Each Obligor waives any right it may have in any jurisdiction to pay any amount
under the Finance Documents in a currency other than that in which it is
expressed to be payable. 

	23.2 		Other indemnities 

	 	
The
Parent shall forthwith on demand indemnify each Finance Party against any loss or
liability which that Finance Party incurs as a consequence of:

			(a) 		the
occurrence of any Event of Default or Mandatory Prepayment Event;

			(b) 		the
operation of Clauses 18.12 (Acceleration), 7.4 (Mandatory Prepayment Events) or Clause 29
(Pro Rata Sharing);

			(c) 		any
payment of principal or an overdue amount being received from any source otherwise than
on its Maturity Date (and, for the purposes of this paragraph (c), the Maturity Date of
an overdue amount is the last day of each Designated Term (as defined in Clause 8.3
(Default interest)));

			(d) 		the
occurrence of a change described in, and the operation of Clause 11.4 (Change in
circumstances) in relation to, an Optional Currency; or

			(e) 		(other
than by reason of negligence or default by a Finance Party) an Advance not being
disbursed after a Borrower has delivered a Request for that Advance.

	 	
The
Parent’s liability in each case includes any loss or expense on account of funds
borrowed, contracted for or utilised to fund any amount payable under any Finance
Document, any amount repaid or prepaid or any Advance.

	24. 		EVIDENCE
AND CALCULATIONS 

	24.1 		Accounts 

	 	
Accounts
maintained by a Finance Party in connection with this Agreement are prima facie evidence
of the matters to which they relate.

	24.2 		Certificates and determinations 

	 	
Any
certification or determination by a Finance Party of a rate or amount under this
Agreement is, in the absence of manifest error, conclusive evidence of the matters to
which it relates.

	24.3 		Calculations 

	 	
Interest
(and any Mandatory Cost) and the fees payable under Clause 20.1 (Commitment fee) and
Clause 20.5 (Utilisation fee) accrue from day to day and are calculated on the basis of
the actual number of days elapsed and a year of 365 days, or, in the case of interest
payable on an amount denominated in a currency other than Sterling (including any
applicable Mandatory Cost), 360 days.

	

	

43 

	25. 		AMENDMENTS AND WAIVERS 

	25.1 		Procedure 

	(a)		
Subject to Clause 25.2 (Exceptions), any provision of the Finance Documents
may be amended or waived with the agreement of the Parent, the Majority Lenders
and the Agent. The Agent may effect, on behalf of the Majority Lenders, an
amendment or waiver to which they have agreed. 

	(b)		
The Agent shall promptly notify the other Parties of any amendment or waiver
effected under paragraph (a) above, and any such amendment or waiver shall be
binding on all the Parties. 

	25.2 		Exceptions 

	 	
An
amendment or waiver which relates to: 

			(a) 		the
definition of “Majority Lenders” in Clause 1.1 (Definitions); or

			(b) 		an
extension of the date for, or a decrease in an amount or a change in the currency of, any
payment under the Finance Documents; or

			(c) 		an
increase in a Lender’s Commitment; or

			(d) 		a
change in the guarantee under Clause 14 (Guarantee) otherwise than in accordance with
Clause 26.5 (Additional Guarantors) or Clause 14.9 (Removal of Guarantors); or

			(e) 		a
term of a Finance Document which expressly requires the consent of each Lender; or

			(f) 		Clause
29 (Pro Rata Sharing) or this Clause 25 (Amendments and Waivers),

	 	
may
not be effected without the consent of each Lender.

	25.3 		Waivers
and remedies cumulative 

	 	
The
rights of each Finance Party under the Finance Documents: 

			(a) 		may
be exercised as often as necessary;

			(b) 		are
cumulative and not exclusive of its rights under the general law; and

			(c) 		may
be waived only in writing and specifically.

	 	
Delay
in exercising or non-exercise of any such right is not a waiver of that right. 

	26. 		CHANGES
TO THE PARTIES 

	26.1 		Transfers
by Obligors 

	 	
No
Obligor may assign, transfer, novate or dispose of any of, or any interest in, its rights
and/or obligations under this Agreement.

	

	

44 

	26.2 		Transfers
by Lenders 

	(a)		
A Lender (the “Existing Lender”) may at any time assign,
transfer or novate any of its rights and/or obligations under this Agreement to
another bank or financial institution (the “New Lender”) with
the prior consent of the Parent unless: 

			(i) 		the
New Lender is another Lender or an Affiliate of a Lender; or

			(ii) 		a
Default is outstanding,

	 	
in
which case no such consent is required. The prior written consent of the Parent must not
be unreasonably withheld or delayed and will be deemed to be given if, within 14 days of
receipt by the Parent of an application for consent, it has not been expressly refused.

	(b) 		A
transfer of obligations will be effective only if either: 

			(i) 		the
obligations are novated in accordance with Clause 26.3 (Procedure for novations); or

			(ii)		
the New Lender confirms to the Agent and the Parent that it undertakes to be
bound by the terms of this Agreement as a Lender in form and substance
satisfactory to the Agent and the Parent. On the transfer becoming effective in
this manner the Existing Lender shall be relieved of its obligations under this
Agreement to the extent that they are transferred to the New Lender.

	(c)		
Nothing in this Agreement restricts the ability of a Lender to sub-contract an
obligation if that Lender remains liable under this Agreement for that
obligation. 

	(d)		
On each occasion an Existing Lender assigns, transfers or novates any of its
rights and/or obligations under this Agreement (other than to an Affiliate), the
New Lender shall, on the date the assignment, transfer and/or novation takes
effect, pay to the Agent for its own account a fee of £1,000. 

	(e) 		An
Existing Lender is not responsible to a New Lender for: 

			(i) 		the
execution, genuineness, validity, enforceability or sufficiency of any Finance Document
or any other document; or

			(ii) 		the
collectability of amounts payable under any Finance Document; or

			(iii)		
the accuracy of any statements (whether written or oral) made in or in
connection with any Finance Document.

	(f) 		Each
New Lender confirms to the Existing Lender and the other Finance Parties that it: 

			(i)		
has made its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection
with its participation in this Agreement and has not relied exclusively on any
information provided to it by the Existing Lender in connection with any Finance
Document; and

	

	

45 

			(ii)		
will continue to make its own independent appraisal of the creditworthiness of
each Obligor and its related entities while any amount is or may be outstanding
under this Agreement or any Commitment is in force.

	(g) 		Nothing
in any Finance Document obliges an Existing Lender to: 

			(i) 		accept
a re-transfer from a New Lender of any of the rights and/or obligations assigned,
transferred or novated under this Clause; or

			(ii)		
support any losses incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under this Agreement or otherwise.

	(h)		
Any reference in this Agreement to a Lender includes a New Lender but excludes a
Lender if no amount is or may be owed to or by it under this Agreement and its
Commitment has been cancelled or reduced to nil. 

	26.3 		Procedure
for novations 

	(a) 		A
novation is effected if: 

			(i)		
the Existing Lender and the New Lender deliver to the Agent a duly completed
certificate (a “Novation Certificate”), substantially in the
form of Part I of Schedule 5 or such other form as the Agent may require or
approve (which may be delivered by fax and confirmed by delivery of a hard copy
original but the fax will be effective irrespective of whether confirmation is
received); and

			(ii) 		the
Agent executes it.

	(b)		
Each Party (other than the Existing Lender and the New Lender) irrevocably
authorises the Agent to execute any duly completed Novation Certificate on its
behalf. 

	(c) 		To
the extent that they are expressed to be the subject of the novation in the Novation
Certificate: 

			(i)		
the Existing Lender and the other Parties (the “existing
Parties”) will be released from their obligations to each other (the
“discharged obligations”);

			(ii)		
the New Lender and the existing Parties will assume obligations towards each
other which differ from the discharged obligations only insofar as they are owed
to or assumed by the New Lender instead of the Existing Lender;

			(iii)		
the rights of the Existing Lender against the existing Parties and vice versa
(the “discharged rights”) will be cancelled; and

			(iv)		
the New Lender and the existing Parties will acquire rights against each other
which differ from the discharged rights only insofar as they are exercisable by
or against the New Lender instead of the Existing Lender,

	 	
all
on the date of execution of the Novation Certificate by the Agent or, if later, the date
specified in the Novation Certificate.

	

	

46 

	26.4 		Additional
Borrowers 

	(a)		
If the Parent wishes one of its wholly-owned Subsidiaries to become an
Additional Borrower, then it may (if all the Lenders have approved the identity
of the Additional Borrower in writing) deliver to the Agent the documents listed
in Part II of Schedule 2 in each case in form and substance
satisfactory to the Agent. 

	(b)		
On delivery of a Borrower Accession Agreement, executed by the relevant
Subsidiary and the Parent, the Subsidiary concerned will become an Additional
Borrower. However, it may not submit a Request until the Agent confirms to the
other Finance Parties and the Parent that it has received all the documents
referred to in paragraph (a) above in form and substance satisfactory to it. 

	(c)		
Delivery of a Borrower Accession Agreement, executed by the relevant Subsidiary
and the Parent, constitutes confirmation by that Subsidiary and the Parent that
the representations and warranties set out in Clause 15.13(b) (Representations
and Warranties) to be made by them on the date of the Borrower Accession
Agreement are correct, as if made by them with reference to the facts and
circumstances then existing. 

	26.5 		Additional
Guarantors 

	(a) 	(i)	
Subject to paragraph (b) below, a Subsidiary of the Parent may become an Additional
Guarantor by delivering to the Agent a Guarantor Accession Agreement, duly executed by
that company. 

			(ii)		
Upon execution and delivery of a Guarantor Accession Agreement, the relevant
company will become an Additional Guarantor even if the Guarantor Accession
Agreement is amended or the liability of the proposed Additional Guarantor is
limited or qualified provided the Agent is satisfied (acting on the advice of
the legal advisers giving the opinion referred to in sub-paragraph (iii) below)
that the limit or qualification arises by reason of a legal limitation on the
ability of that Additional Guarantor to enter into, or its directors’
ability to authorise the giving of, that guarantee.

			(iii)		
The Parent shall procure that, at the same time as a Guarantor Accession
Agreement is delivered to the Agent, there is also delivered to the Agent all
those other documents listed in Part III of Schedule 2, in each case
in form and substance satisfactory to the Agent.

	(b)		
The execution of a Guarantor Accession Agreement constitutes confirmation by the
Additional Guarantor concerned that the representations and warranties set out
in Clause 15.13(b) (Representations and Warranties) to be made by it on the date
of the Guarantor Accession Agreement are correct, as if made with reference to
the facts and circumstances then existing. 

	26.6 		Reference
Banks 

	 	
If
a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an
Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Parent)
appoint another Lender or an Affiliate of a Lender which is not a Reference Bank to
replace that Reference Bank.

	

	

47 

	26.7 		Register 

	 	
The
Agent shall keep a register of all the Parties (including in the case of Lenders the
details of their Facility Office notified to the Agent from time to time) and shall
supply any other Party (at that Party’s expense) with a copy of the register on
request.

	27. 		DISCLOSURE OF INFORMATION 

	 	
A
Lender may disclose to one of its Affiliates or any person with whom it is proposing to
enter, or has entered into, any kind of transfer, participation or other agreement in
relation to this Agreement:

			(a) 		a
copy of any Finance Document; and

			(b) 		any
information which that Lender has acquired under or in connection with any Finance
Document,

	 	
provided
that a Lender shall not disclose any such information to a person other than one of its
Affiliates unless that person has provided to that Lender a confidentiality undertaking
addressed to that Lender and the Parent substantially in the form of Schedule 7 or such
other form as the Parent may approve.

	28. 		SET-OFF 

	 	
After
a Default which is continuing, a Finance Party may set off any matured obligation owed by
an Obligor under this Agreement (to the extent beneficially owned by that Finance Party)
against any obligation (whether or not matured) owed by that Finance Party to that
Obligor, regardless of the place of payment, booking branch or currency of either
obligation. If the obligations are in different currencies, the Finance Party may convert
either obligation at a market rate of exchange in its usual course of business for the
purpose of the set-off. If either obligation is unliquidated or unascertained, the
Finance Party may set off in an amount estimated by it in good faith to be the amount of
that obligation.

	29. 		PRO
RATA SHARING 

	29.1 		Redistribution 

	 	
If
any amount owing by an Obligor under this Agreement to a Finance Party (the “recovering
Finance Party”) is discharged by payment, set-off or any other manner other than
through the Agent in accordance with Clause 9 (Payments) (a “recovery”), then: 

			(a) 		the
recovering Finance Party shall, within three Business Days, notify details of the
recovery to the Agent;

			(b) 		the
Agent shall determine whether the recovery is in excess of the amount which the
recovering Finance Party would have received had the recovery been received by the Agent
and distributed in accordance with Clause 9 (Payments);

			(c) 		subject
to Clause 29.3 (Exception), the recovering Finance Party shall, within three Business
Days of demand by the Agent, pay to the Agent an amount (the “redistribution”)
equal to the excess;

	

	

48 

			(d) 		the
Agent shall treat the redistribution as if it were a payment by the Obligor concerned
under Clause 9 (Payments) and shall pay the redistribution to the Finance Parties (other
than the recovering Finance Party) in accordance with Clause 9.7 (Partial payments); and

			(e) 		after
payment of the full redistribution, the recovering Finance Party will be subrogated to
the portion of the claims paid under paragraph (d) above and that Obligor will owe the
recovering Finance Party a debt which is equal to the redistribution, immediately payable
and of the type originally discharged.

	29.2 		Reversal
of redistribution 

	 	
If
under Clause 29.1 (Redistribution):

			(a) 		a
recovering Finance Party must subsequently return a recovery, or an amount measured by
reference to a recovery, to an Obligor; and

			(b) 		the
recovering Finance Party has paid a redistribution in relation to that recovery,

	 	
each
Finance Party shall, within three Business Days of demand by the recovering Finance Party
through the Agent, reimburse the recovering Finance Party all or the appropriate portion
of the redistribution paid to that Finance Party. Thereupon the subrogation in Clause
29.1(e) (Redistribution) will operate in reverse to the extent of the reimbursement.

	29.3 		Exception 

	 	
A
recovering Finance Party need not pay a redistribution to the extent that it would not,
after the payment, have a valid claim against the Obligor concerned in the amount of the
redistribution pursuant to Clause 29.1(e) (Redistribution).

	30. 		SEVERABILITY 

	 	
If
a provision of any Finance Document is or becomes illegal, invalid or unenforceable in
any jurisdiction, that shall not affect:

			(a) 		the
legality, validity or enforceability in that jurisdiction of any other provision of the
Finance Documents; or

			(b) 		the
legality, validity or enforceability in other jurisdictions of that or any other
provision of the Finance Documents.

	31. 		COUNTERPARTS 

	 	
This
Agreement may be executed in any number of counterparts, and this has the same effect as
if the signatures on the counterparts were on a single copy of this Agreement.

	

	

49 

	32. 		NOTICES 

	32.1 		Giving of notices 

	 	
All
notices or other communications under or in connection with this Agreement shall be given
in writing by post, or facsimile or any electronic communication approved by the Agent.
Any such notice will be deemed to be given as follows:

			(a) 		if
delivered in person or posted, when delivered;

			(b) 		if
by facsimile, when received; and

			(c) 		if
by email or any other electronic communication when received.

	 	
However,
a notice given in accordance with the above but received on a non-working day or after
business hours in the place of receipt will only be deemed to be given on the next
working day in that place. Facsimile Requests are to be confirmed by the relevant
Borrower in writing (but may be relied upon by the Agent and the Lenders irrespective of
receipt of such confirmation).

	32.2 		Addresses
for notices 

	(a)		
The address and facsimile number of each Party (other than the Agent and the
Parent) for all notices under or in connection with this Agreement are: 

			(i) 		that
notified by that Party for this purpose to the Agent on or before it becomes a Party; or

			(ii)		
any other notified by that Party for this purpose to the Agent by not less than
five Business Days’ notice.

	(b) 		The
address and facsimile numbers of the Agent are: 

	 	
HSBC Investment Bank plc
 City Place House
 55 Basinghall Street
London
 EC2V 5DU

	 	
Attention:          Syndicated Finance Agency

	 	
Facsimile:          +44 20 7779 1717/1718

	 	
or
such other as the Agent may notify to the other Parties by not less than five Business
Days’ notice.

	(c) 		The
address and facsimile number of the Parent are: 

	 	
Reuters Group plc
 85 Fleet Street
 London
 EC4P 4AJ

	

	

50 

	 	
Attention:          Group Treasurer

	 	
Facsimile:          +44 20 7542 5404

	 	
or
such other as the Parent may notify to the other Parties by not less than five Business
Days’ notice.

	(d)		
The Agent shall, promptly upon request from any Party, give to that Party the
address, telex number or facsimile number of any other Party applicable at the
time for the purposes of this Clause. 

	33. 		LANGUAGE 

	(a) 		Any
notice given under or in connection with any Finance Document shall be in English. 

	(b) 		All
other documents provided under or in connection with any Finance Document shall be: 

			(i) 		in
English; or

			(ii)		
if not in English, accompanied by a certified English translation and, in this
case, the English translation shall prevail unless the document is a statutory
or other official document.

	34. 		JURISDICTION 

	34.1 		Submission 

	 	
For
the benefit of each Finance Party, each Obligor agrees that the courts of England have
jurisdiction to settle any disputes in connection with any Finance Document and
accordingly submits to the jurisdiction of the English courts.

	34.2 		Service
of process 

	 	
Without
prejudice to any other mode of service, each Obligor (other than an Obligor incorporated
in England and Wales):

			(a) 		irrevocably
appoints the Parent as its agent for service of process relating to any proceedings
before the English courts in connection with any Finance Document;

			(b) 		agrees
that failure by a process agent to notify the Obligor of the process will not invalidate
the proceedings concerned; and

			(c) 		consents
to the service of process relating to any such proceedings by prepaid posting of a copy
of the process to its address for the time being applying under Clause 32.2 (Addresses
for notices).

	34.3 		Forum
convenience and enforcement abroad 

	 	
Each
Obligor:

			(a) 		waives
objection to the English courts on grounds of inconvenient forum or otherwise as regards
proceedings in connection with a Finance Document; and

	

	

51 

			(b) 		agrees
that a judgment or order of an English court in connection with a Finance Document is
conclusive and binding on it and may be enforced against it in the courts of any other
jurisdiction.

	34.4 		Non-exclusivity 

	 	
Nothing
in this Clause 34 limits the right of a Finance Party to bring proceedings against an
Obligor in connection with any Finance Document:

			(a) 		in
any other court of competent jurisdiction; or

			(b) 		concurrently
in more than one jurisdiction.

	35. 		GOVERNING
LAW 

	 	
This
Agreement is governed by English law. 

	

THIS AGREEMENT has been
entered into on the date stated at the beginning of this Agreement. 

	

52 

SCHEDULE 1

LENDERS AND COMMITMENTS

	Lender		Commitments
		 		 
	HSBC Bank plc	 	£35,714,285.80	 
		 		 
	JPMorgan Chase Bank	 	£35,714,285.80	 
		 		 
	Barclays Bank PLC	 	£35,714,285.70	 
		 		 
	BNP Paribas London Branch	 	£35,714,285.70	 
		 		 
	Citibank, N.A	 	£35,714,285.70	 
		 		 
	Commerzbank Aktiengesellschaft, London Branch	 	£35,714,285.70	 
		 		 
	Credit Suisse First Boston	 	£35,714,285.70	 
		 		 
	Deutsche Bank AG London	 	£35,714,285.70	 
		 		 
	ING Bank N.V., London Branch	 	£35,714,285.70	 
		 		 
	Standard Chartered Bank	 	£35,714,285.70	 
		 		 
	Sumitomo Mitsui Banking Corporation	 	£35,714,285.70	 
		 		 
	The Bank of Tokyo-Mitsubishi, Ltd. London Branch	 	£35,714,285.70	 
		 		 
	The Governor and Company of the Bank of Scotland	 	£35,714,285.70	 
		 		 
	UBS AG	 	£35,714,285.70	 
		

		Total          	£500,000,000.00	 
		

	

	

53 

SCHEDULE 2

CONDITIONS
PRECEDENT DOCUMENTS

PART I

TO BE
DELIVERED BEFORE THE FIRST ADVANCE

	1. 		Constitutional
Documents 

	 	
A
copy of the memorandum and articles of association and certificate of incorporation (or
equivalent constituent documents) of the Parent.

	2. 		Corporate
Authorisations 

	(a) 		A
copy of a resolution of the board of directors of the Parent: 

			(i)		
approving the terms of, and the transactions contemplated by, the Finance
Documents and resolving that it execute and, where applicable, deliver the
Finance Documents to which it is a party;

			(ii) 		authorising
a specified person or persons to execute and, where applicable, deliver the Finance
Documents to which it is a party on its behalf; and

			(iii)		
authorising a specified person or persons, on its behalf, to sign and/or
despatch all documents and notices (including Requests) to be signed and/or
despatched by it under or in connection with the Finance Documents;

	(b) 		a
specimen of the signature of each person authorised by the resolution referred to in
paragraph (a) above; 

	(c) 		a
certificate of a director of the Parent confirming that the borrowing of the Total
Commitments in full would not cause any borrowing limit binding on any Obligor to be
exceeded; and 

	(d)		
a certificate of an Authorised Signatory of the Parent certifying that each copy
document specified in Part I of this Schedule 2 is correct, complete
and in full force and effect as at a date no earlier than the Signing Date. 

	3. 		Existing
Facility 

	 	
Evidence
that no amount is outstanding under the Parent’s £1.5 billion facility dated
4th December, 1997 and the total commitments under that facility have been irrevocably
cancelled.

	4. 		Legal
Opinion 

	 	
A
legal opinion of Allen & Overy in relation to English law. 

	

	

54 

PART II

TO BE
DELIVERED BY AN ADDITIONAL BORROWER

	1. 		A
Borrower Accession Agreement, duly executed by the Additional Borrower and the Parent. 

	2. 		A
copy of the memorandum and articles of association and certificate of incorporation of
the Additional Borrower. 

	3. 		A
copy of a resolution of the board of directors of the Additional Borrower: 

			(a) 		approving
the terms of, and the transactions contemplated by, the Borrower Accession Agreement and
resolving that it execute the Borrower Accession Agreement;

			(b) 		authorising
a specified person or persons to execute the Borrower Accession Agreement on its behalf;
and

			(c)		
authorising a specified person or persons, on its behalf, to sign and/or
despatch all other documents and notices (including Requests) to be signed
and/or despatched by it under or in connection with this Agreement.

	4.		
A copy of any other authorisation or other document, opinion or assurance which
the Agent considers to be necessary or desirable in connection with the entry
into and performance of, and the transactions contemplated by, the Borrower
Accession Agreement or for the validity and enforceability of any Finance
Document. 

	5. 		A
specimen of the signature of each person authorised by the resolution referred to in
paragraph 3 above. 

	6. 		A
copy of the latest audited accounts of the Additional Borrower (if any). 

	7.		
A legal opinion of Allen & Overy, legal advisers to the Agent and, if
applicable, other lawyers approved by the Agent in the place of incorporation of
the Additional Borrower, addressed to the Finance Parties. 

	8.		
A certificate of an Authorised Signatory of the Additional Borrower certifying
that each copy document specified in Part II of this Schedule 2 is
correct, complete and in full force and effect as at a date no earlier than the
date of the Borrower Accession Agreement. 

	9.		
A certificate of a director of the Additional Borrower certifying that the
borrowing of the Total Commitments in full would not cause any borrowing limit
binding on it to be exceeded. 

	

	

55 

PART III

TO BE
DELIVERED BY AN ADDITIONAL GUARANTOR

	1. 		A
Guarantor Accession Agreement, duly executed as a deed by the Additional Guarantor. 

	2. 		A
copy of the memorandum and articles of association and certificate of incorporation (or
other equivalent constitutional documents) of the Additional Guarantor. 

	3. 		A
copy of a resolution of the board of directors of the Additional Guarantor: 

			(a) 		approving
the terms of, and the transactions contemplated by, the Guarantor Accession Agreement and
resolving that it execute the Guarantor Accession Agreement as a deed;

			(b) 		authorising
a specified person or persons to execute and deliver the Guarantor Accession Agreement as
a deed; and

			(c)		
authorising a specified person or persons, on its behalf, to sign and/or
despatch all documents to be signed and/or despatched by it under or in
connection with this Agreement.

	4.		
If the lawyers referred to in paragraph 10 below so advise, a copy of a
resolution, signed by all the holders of the issued or allotted shares in the
Additional Guarantor, approving the terms of, and the transactions contemplated
by, the Guarantor Accession Agreement. 

	5. 		A
copy of a resolution of the Board of Directors of each corporate shareholder in the
Additional Guarantor: 

			(a) 		approving
the terms of the resolution referred to in paragraph 4 above; and

			(b) 		authorising
a specified person or persons to sign the resolution on its behalf.

	6.		
A certificate of a director of the Additional Guarantor certifying that the
borrowing of the Total Commitments in full would not cause any borrowing limit
binding on it to be exceeded. 

	7.		
A copy of any other authorisation or other document, opinion or assurance which
the Agent considers to be necessary or desirable in connection with the entry
into and performance of, and the transactions contemplated by, the Guarantor
Accession Agreement or for the validity and enforceability of any Finance
Document. 

	8. 		A
specimen of the signature of each person authorised by the resolutions referred to in
paragraphs 3 and 5 above. 

	9. 		A
copy of the latest audited accounts of the Additional Guarantor. 

	10.		
A legal opinion of Allen & Overy, legal advisers to the Agent, and, if
applicable, other lawyers approved by the Agent in the place of incorporation of
the Additional Guarantor addressed to the Finance Parties. 

	

	

56 

	11.		
A certificate of an Authorised Signatory of the Additional Guarantor certifying
that each copy document specified in Part III of this Schedule 2 is correct,
complete and in full force and effect as at a date no earlier than the date of
the Guarantor Accession Agreement. 

	

	

57 

SCHEDULE 3

CALCULATION
OF THE MANDATORY COST

PART I

PRIOR TO NOTIFICATION
OF REVISED CHARGES BY THE BOARD OF THE
 FINANCIAL SERVICES AUTHORITY

	1. 		General 

	 	
The
Mandatory Cost is the weighted average of the rates for each Lender calculated below by
the Agent on the first day of a Term. The Agent must distribute each amount of Mandatory
Cost among the Lenders on the basis of the rate for each Lender.

	2. 		For
a Lender lending from a Facility Office in the UK 

	(a)		
The relevant rate for a Lender lending from a Facility Office in the UK is
calculated in accordance with the following formulae: 

	 	
for
an Advance in Sterling:

	 	
AB + C(B-D) + E x 0.01 per cent. per annum

	 	100-(A
+ C)

	 	
for
any other Advance:

	 	
E x 0.01 per cent. per annum

	 	
     300

	 	
where
on the day of application of the formula:

			A		
is the percentage of that Lender’s eligible liabilities (in excess of any
stated minimum) which the Bank of England requires it to hold on a
non-interest-bearing deposit account in accordance with its cash ratio
requirements;

			B 		is
LIBOR for that Term;

			C 		is
the percentage of that Lender’s eligible liabilities which the Bank of England
requires it to place as a special deposit;

			D 		is
the interest rate per annum allowed by the Bank of England on a special deposit; and

			E		
is the charge payable by each Lender to the Financial Services Authority under
the fees regulations (but, for this purpose, ignoring any minimum fee required
under the fees regulations) and expressed in pounds per £1 million of the
fee base of that Lender.

	(b) 		For
the purposes of this paragraph 2: 

	

	

58 

			(i) 		eligible
liabilities and special deposit have the meanings given to them at the time of
application of the formula by the Bank of England;

			(ii) 		fee
base has the meaning given to it in the fees regulations; and

			(iii)		
fees regulations means the then current Financial Services Banking
Supervision (Fees) Regulations.

	(c) 	(i)	
In the application of the formulae, A, B, C and D are included as figures and not as
percentages, e.g. if A = 0.5% and B = 15%, AB is calculated as 0.5 x 15. A negative
result obtained by subtracting D from B is taken as zero. 

			(ii)		
Each rate calculated in accordance with a formula is, if necessary, rounded
upward to four decimal places.

	(d) 	(i)	
Each Lender must supply to the Agent the information required by it to make a calculation
of the rate for that Lender. The Agent may assume that this information is correct in all
respects. 

			(ii)		
If a Lender fails to do so, the Agent may assume that the Lender’s
obligations in respect of cash ratio deposits, special deposits and the fees
regulations are the same as those of a typical bank from its jurisdiction of
incorporation with a Facility Office in the same jurisdiction as its Facility
Office.

			(iii)		
The Agent has no liability to any Party if its calculation over or under
compensates any Lender.

	3. 		For
a Lender lending from a Facility Office in a Participating Member State 

	(a)		
The relevant rate for a Lender lending from a Facility Office in a Participating
Member State is the percentage rate per annum notified by that Lender to the
Agent as its cost of complying with the minimum reserve requirements of the
European Central Bank. 

	(b)		
If a Lender fails to specify a rate under paragraph (a) above, the Agent
will assume that the Lender has not incurred any such cost. 

	4. 		Changes 

	 	
The
Agent may, after consultation with the Parent and the Lenders, notify all the Parties of
any amendment to this Schedule which is required to reflect:

			(a) 		any
change in law or regulation; or

			(b)		
any requirement imposed by the Bank of England, the Financial Services Authority
or the European Central Bank (or, in any case, any successor authority).

	 	
Any
notification will be, in the absence of manifest error, conclusive and binding on all the
Parties.

	

	

59 

PART II

FOLLOWING NOTIFICATION
OF REVISED CHARGES BY THE BOARD OF THE
 FINANCIAL SERVICES AUTHORITY

	1. 		General 

	 	
The
Mandatory Cost is the weighted average of the rates for each Lender calculated below by
the Agent on the first day of a Term. The Agent must distribute each amount of Mandatory
Cost among the Lenders on the basis of the rate for each Lender.

	2. 		For
a Lender lending from a Facility Office in the UK 

	(a)		
The relevant rate for a Lender lending from a Facility Office in the UK is
calculated in accordance with the following formulae: 

	 	
for
an Advance in Sterling:

	 	
AB + C(B-D) + E x 0.01 per cent. per annum 

	 	100-(A
+ C)

	 	
for
any other Advance:

	 	
E x 0.01 per cent. per annum 

	 	
     300

	 	
where
on the day of application of the formula:

			A		
is the percentage of that Lender’s eligible liabilities (in excess of any
stated minimum) which the Bank of England requires it to hold on a
non-interest-bearing deposit account in accordance with its cash ratio
requirements;

			B 		is
LIBOR for that Term;

			C 		is
the percentage of that Lender’s eligible liabilities which the Bank of England
requires it to place as a special deposit;

			D 		is
the interest rate per annum allowed by the Bank of England on a special deposit; and

			E		
is the charge payable by each Lender to the Financial Services Authority under
the fees rules (but, for this purpose, ignoring any minimum fee required under
the fees rules) and expressed in pounds per £1 million of the tariff base
of that Lender.

	(b) 		For
the purposes of this paragraph 2: 

			(i) 		eligible
liabilities and special deposit have the meanings given to them at the time of
application of the formula by the Bank of England;

			(ii) 		tariff
base has the meaning given to it in the fees rules; and

	

	

60 

			(iii)		
fees rules means the then current rules on periodic fees in the
Supervision Manual in the FSA Handbook.

	(c) 	(i)	
In the application of the formulae, A, B, C and D are included as figures and not as
percentages, e.g. if A = 0.5% and B = 15%, AB is calculated as 0.5 x 15. A negative
result obtained by subtracting D from B is taken as zero. 

			(ii)		
Each rate calculated in accordance with a formula is, if necessary, rounded
upward to four decimal places.

	(d) 	(i)	
Each Lender must supply to the Agent the information required by it to make a calculation
of the rate for that Lender. The Agent may assume that this information is correct in all
respects. 

			(ii)		
If a Lender fails to do so, the Agent may assume that the Lender’s
obligations in respect of cash ratio deposits, special deposits and the fees
rules are the same as those of a typical bank from its jurisdiction of
incorporation with a Facility Office in the same jurisdiction as its Facility
Office.

			(iii)		
The Agent has no liability to any Party if its calculation over or under
compensates any Lender.

	3. 		For
a Lender lending from a Facility Office in a Participating Member State 

	(a)		
The relevant rate for a Lender lending from a Facility Office in a Participating
Member State is the percentage rate per annum notified by that Lender to the
Agent as its cost of complying with the minimum reserve requirements of the
European Central Bank. 

	(b)		
If a Lender fails to specify a rate under paragraph (a) above, the Agent
will assume that the Lender has not incurred any such cost. 

	4. 		Changes 

	(a)		
The Agent may, after consultation with the Parent and the Lenders, notify all
the Parties of any amendment to this Schedule which is required to reflect: 

			(a) 		any
change in law or regulation; or

			(b)		
any requirement imposed by the Bank of England, the Financial Services Authority
or the European Central Bank (or, in any case, any successor authority).

	 	
Any
notification will be, in the absence of manifest error, conclusive and binding on all the
Parties.

	(b)		
For the avoidance of doubt, the Agent shall, following receipt of or credit in
respect of such amount from the Financial Services Authority, refund to the
Parent any amounts previously paid by the Parent to the Agent in respect of
charges payable to the Financial Services Authority in relation to the period
from the date of this Agreement until the Relevant Date (the “Transition
 Period”) which were in excess of the amount which would have
been payable by the Parent had the charges applicable to the formulae above been
applied during the Transition Period. 

	

	

61 

SCHEDULE 4

FORM OF
REQUEST

To: HSBC Investment Bank plc as Agent 

From: [BORROWER] 

     Date:
[               ] 

Reuters
Group plc – £500,000,000 Syndicated Credit Facility
 dated 17th
December, 2001

	1. 		We
wish to utilise the Facility by way of Advance(s) as follows: 

				
	 	(a)	Utilisation Date:	[               ]	 		 
	 	(b)	Requested Amount (including currency):	[               ]	 		 
	 	(c)	Term:	[               ]	 		 
	 	(d)	Payment Instructions:	[               ]	 		 

	2.		
We confirm that each condition specified in Clause 4.2 (Further conditions
precedent) is satisfied on the date of this Request and this Advance would not
cause any borrowing limit binding on us to be exceeded. 

	

By: 

[BORROWER] 

Authorised Signatory 

	

62 

SCHEDULE 5

FORMS OF
ACCESSION DOCUMENTS

PART I

NOVATION
CERTIFICATE

To:   HSBC
Investment Bank plc as Agent

From: [THE EXISTING LENDER] and [THE
NEW LENDER]         Date: [   ] 

Reuters Group plc
– £500,000,000 Syndicated Credit Agreement dated
 17th December, 2001

We refer to Clause 26.3
(Procedure for novations). 

	1.		
We [           ] (the
“Existing Lender”) and
[           ] (the
“New Lender”) agree to the Existing Lender and the New Lender
novating all the Existing Lender’s rights and obligations referred to in
the Schedule in accordance with Clause 26.3 (Procedure for novations). 

	2. 		The
specified date for the purposes of Clause 26.3(c) (Procedure for novations) is [date of
novation]. 

	3. 		The
Facility Office and address for notices of the New Lender for the purposes of Clause 32.2
(Addresses for notices) are set out in the Schedule. 

	4. 		This
Novation Certificate is governed by English law. 

	

	

63 

THE SCHEDULE

Rights and
obligations to be novated

[Details of the rights and
obligations of the Existing Lender to be novated]. 

	[New Lender]		

	[Facility Office	Address for notices]	

	[Existing Lender]	[New Lender] 	[                              ]

	By: 	By:	By:

	Date: 	Date:	Date:

	

	

64 

PART II

BORROWER
ACCESSION AGREEMENT

To: HSBC Investment Bank plc as Agent 

From: [PROPOSED BORROWER] and
Reuters Group plc 

     [Date] 

Reuters Group plc
– £ 500,000,000 Syndicated Credit Facility dated
 17th December, 2001 (the “Credit
Agreement”)

We refer to Clause 26.4 (Additional
Borrowers). 

[Name of company] of
[Registered Office] (Registered no.
[       ]) (the “Proposed
Borrower”) agrees to become an Additional Borrower and to be bound by
the terms of the Credit Agreement as an Additional Borrower in accordance with
Clause 26.4 (Additional Borrowers). 

The address for notices of
the Proposed Borrower for the purposes of Clause 32.2 (Addresses for
notices) is: 

[ 

	 	                    ] 

	

This Agreement is governed
by English law. 

By: 

[PROPOSED BORROWER] 

Authorised Signatory 

By: 

REUTERS GROUP PLC 

Authorised Signatory 

	

65 

PART III

GUARANTOR
ACCESSION AGREEMENT

To: HSBC Investment Bank plc as Agent 

From: [PROPOSED GUARANTOR] 

     Date:
[          ] 

Reuters
Group plc — £500,000,000 Syndicated Credit Facility dated
17th December,
2001 (the “Credit Agreement”)

We refer to Clause 26.5 (Additional
Guarantors). 

We, [name of company] of
[Registered Office] (Registered no.
[                    ])
agree to become an Additional Guarantor and to be bound by the terms of the
Credit Agreement as an Additional Guarantor in accordance with Clause 26.5
(Additional Guarantors). 

Our address for notices for
the purposes of Clause 32.2 (Addresses for notices) is: 

[ 

	 	                              ]

	

This Deed is governed by
English law. 

	Executed as
a deed by 	)	 Director

	[PROPOSED GUARANTOR]	)	

	acting by	)	Director/Secretary

	and 	)	

	

	

66 

PART IV

FORM OF
BORROWER NOVATION AGREEMENT

A NOVATION AGREEMENT dated [               ] 

BETWEEN: 

	(1) 		[               ]
(the “Existing Borrower”); 

	(2) 		[               ]
(the “Substitute Borrower”); 

	(3)		
REUTERS GROUP plc on behalf of itself, each other Borrower and each other
Guarantor (as both such capitalised terms are defined in the Credit Agreement
referred to below) (the “Parent”); and 

	(4) 		HSBC
INVESTMENT BANK plc as agent (the “Agent”) on behalf of itself and the Lenders
(as defined in the Credit Agreement referred to below), 

	

and is supplemental to the
Syndicated Credit Agreement dated 17th December, 2001 and made between Reuters
Group plc, the financial institutions listed in Schedule 1 thereto, J.P. Morgan
plc and HSBC Investment Bank plc as Mandated Arrangers and the Agent (the
“Credit Agreement”). 

IT IS AGREED: 

	1. 		Novation 

	 	
In
consideration of a payment made by the Existing Borrower to the Substitute Borrower and
the release of the Existing Borrower from its obligations and liabilities (actual or
contingent) specified in the Schedule hereto under the Credit Agreement and with effect
on and from [               ]
(the “Effective Date”) the Substitute Borrower hereby
undertakes to observe and perform all the obligations and liabilities (actual or
contingent) of the Existing Borrower under the Credit Agreement in respect of the
Advances specified in the Schedule (including any such obligations or liabilities as may
have accrued or become due in respect thereof prior to the Effective Date).

	2. 		Integration 

	 	
This
Novation Agreement shall be read as one with the Credit Agreement so that any reference
therein to “this Agreement”, “hereunder”and similar shall include and
be deemed to include this Novation Agreement.

	3. 		Continuing
Liability 

	 	
The
Parent on behalf of itself and each other Guarantor acknowledges and confirms that the
Guarantors’ obligations under Clause 14 of the Credit Agreement apply to the
obligations and liabilities assumed by the Substitute Borrower hereunder.

	

	

67 

SCHEDULE

	 	
[

	 	         
                    
                    
                    
                    
                    
                     ]

	 	
IN
WITNESS whereof the parties hereto have caused this Novation Agreement to be duly
executed on the date first written above.

	 	
..........................................

	 	
For
and on behalf of
 [The Existing Borrower]

	 	
..........................................

	 	
For
and on behalf of
 [The Substitute Borrower]

	 	
..........................................

	 	
For
and on behalf of each 
Guarantor, each Borrower and the

	 	
Parent

	 	
..........................................

	 	
For
and on behalf of each
Lender and the Agent

	

	

68 

SCHEDULE 6

FORM OF
COMPLIANCE CERTIFICATE

To: HSBC Investment Bank plc 

From: Reuters Group plc 

Reuters
Group plc — £500,000,000 Syndicated Credit Facility dated
17th December,
2001 (the “Credit Agreement”)

	1. 		Terms
defined in the Credit Agreement have the same meaning in this Certificate. 

	2.		 We
hereby certify that based on the [annual] consolidated financial statements of
the Group for the financial [year/period] ended
[            ] (the
“Testing Date”): 

			(a)		
in respect of the financial [year/period] ending on the Testing Date,
Consolidated Profits before Interest and Taxes was
[             ]
and Consolidated Net Finance Charges was [             ] and accordingly the ratio of
Consolidated Profits before Interest and Taxes to Consolidated Net Finance
Charges for that financial [year/period] was [             ]; and

			[(b) 		the
Material Subsidiaries were:

	 	[                                                    ]].

	3.		
The information in this certificate is based on information which has been
properly extracted from the [consolidated financial statements of the Parent for
the periods ending [         ]/
audited consolidated accounts of the Parent for the year ended
[                    ]],
is clerically accurate and has been calculated in accordance with the Credit
Agreement. 

	[Officer] 	[Officer]

	............................... 	.......................................

	for and
on behalf of 	for and on behalf of

	Reuters 	Group
plc Reuters Group plc

	

	

69 

SCHEDULE 7

FORM OF
CONFIDENTIALITY UNDERTAKING

	 	
To:     [Lender]

           Reuters Group plc 

	

Dear Sirs 

We refer to the
£500,000,000 Syndicated Credit Facility dated 17th December, 2001 (the
“Credit Agreement”) between, among others, Reuters Group plc,
J.P. Morgan plc and HSBC Investment Bank plc. 

This is a confidentiality
undertaking referred to in Clause 27 (Disclosure of Information) of the Credit
Agreement. A term defined in the Credit Agreement has the same meaning in this
undertaking. 

We are considering entering
into contractual relations with [insert name of Lender] (the
“Lender”) and understand that it is a condition of our
receiving information about Reuters Group plc and its related companies and any
Finance Document and/or any information under or in connection with any Finance
Document (the “Information”) that we execute this undertaking. 

We undertake to treat as
confidential any Information and to use the Information solely for the purposes
of determining whether or not to enter into the contractual relations and to
keep any Information under secured and controlled conditions. We will not
disclose any of the Information to any third party (other than our directors,
officers, employees or outside advisors, who shall be advised of and agree to
those confidentiality obligations) without the prior written consent of the
Reuters Group plc. 

The foregoing undertakings
do not apply to any Information that is publicly available when provided or that
thereafter becomes publicly available other than through a breach by us of the
above undertakings, or that is required to be disclosed by us by judicial or
administrative process in connection with any action, suit, proceedings or claim
or in order to comply with a request from any fiscal, monetary or other
authority with which we are accustomed to comply or otherwise by applicable law.
Information shall be deemed “publicly available” if it becomes a
matter of public knowledge or is contained in materials available to the public
or is obtained by us from any source other than the Lender or from you (or its
or your directors, officers, employees or outside advisors), provided that such
source has not entered into a confidentiality agreement with you with respect to
the Information. 

Yours faithfully, 

	

70 

SIGNATORIES

Parent

REUTERS GROUP plc 

By: DAVID GRIGSON 

Mandated
Arrangers

HSBC INVESTMENT BANK plc 

By: ANDY SMITH 

J.P. MORGAN PLC 

By: MIKE GEROUX 

Lenders

BARCLAYS BANK PLC 

By: RICHARD STANNING 

BNP PARIBAS, LONDON BRANCH 

By: CLARE WEBB 

	

71 

CITIBANK, N.A. 

By: MICHAEL LLEWELYN-JONES 

COMMERZBANK AKTIENGESELLSCHAFT,
LONDON BRANCH 

By: ZARIF IMAM 

CREDIT SUISSE FIRST BOSTON 

By: NICK BURNHAM and SEAN WATHERSTON 

DEUTSCHE BANK AG, LONDON 

By: MARTYN NICHOLAS 

HSBC BANK plc 

By: MARK LEAHY 

ING BANK N.V., LONDON BRANCH 

By: GERALD WALKER 

JPMORGAN CHASE BANK 

By: MIKE GEROUX 

	

72 

STANDARD CHARTERED BANK 

By: PHIL REES and JACKIE EDWARDS 

SUMITOMO MITSUI BANKING CORPORATION 

By: STEVE ODELL 

THE BANK OF TOKYO MITSUBISHI, LTD.
LONDON BRANCH 

By: IAN COUTTS-WOOD 

THE GOVERNOR AND COMPANY OF THE BANK
OF SCOTLAND 

By: RONNIE ALLEN 

UBS AG 

By: ANNETTE ALFORD 

Agent 

HSBC INVESTMENT BANK plc 

By: ANDY SMITH

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