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Exhibit 4.3    
    

 

TRINET CORPORATE REALTY TRUST, INC.

Issuer  

to 

BNY MIDWEST TRUST COMPANY

(as successor to the Harris Trust and Savings Bank)  

 Trustee  

Amended and Restated Supplemental Indenture No. 2 

Dated
as of December    , 2004 

$100,000,000

of

7.70% Notes due 2017 

 

  

 
 

AMENDED AND RESTATED
  SUPPLEMENTAL INDENTURE NO. 2    
    

        Amended and Restated Supplemental Indenture No. 2, dated as of December    , 2004 (the "Supplemental Indenture"), to the Senior Indenture dated
as of May 22, 1996 (the "Senior Indenture") between TriNet Corporate Realty Trust, Inc., a corporation duly organized and existing under the laws of the State of Maryland (the
"Company"), and BNY Midwest Trust Company, an Illinois banking corporation duly organized and existing under the laws of the State of Illinois, as successor Trustee to Harris Trust and Savings Bank
(the "Trustee"). 

 
 

RECITALS OF THE COMPANY:    
    

        WHEREAS, pursuant to a Prospectus dated December     , 2004 (the "Prospectus") the Company solicited the consents of holders of the Company's
7.70% Notes due 2017 (the "Notes") to certain amendments and waivers of provisions of the original Supplemental Indenture No. 2, dated as of July 14, 1997, between the Company and Harris
Trust and Savings Bank as the original trustee (the "Original Supplemental Indenture") pursuant to which the terms of the Notes were established and the Senior Indenture, which amendments and waivers
have been approved by holders of a majority in principal amount of the Notes; and 

        WHEREAS,
Section 902 of the Senior Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Senior Indenture with the consent of holders
of not less than a majority in principal amount of all securities affected by such supplemental indenture, for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the Senior Indenture; and 

        WHEREAS,
Section 2.16 of the Original Supplemental Indenture provides for the Company to waive compliance with certain covenants, and any other term, provision or condition with
respect to the Notes, if before or after the time for such compliance the holders of at least a majority in principal amount of all outstanding notes, waive such compliance; and 

        WHEREAS,
this Supplemental Indenture gives effect to the amendments and waivers contemplated by the Prospectus by amending and restating in its entirety the Original Supplemental
Indenture. 

        NOW
THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

        For
and in consideration of the premises and the purchase of the series of Securities provided for herein by the Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Notes, as follows: 

 
 

ARTICLE I
  TO SENIOR INDENTURE; DEFINITIONS    
    

        SECTION 1.1.    RELATION TO SENIOR INDENTURE.    This Supplemental Indenture constitutes an integral part of
the Senior Indenture. 

        SECTION 1.2.    DEFINITIONS.    For all purposes of this Supplemental Indenture, except as otherwise expressly
provided for or unless the context otherwise requires: 

        (1)   Capitalized
terms used but not defined herein shall have the respective meanings assigned to them in the Senior Indenture; and 

        (2)   All
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture. 

2

 

        "Business
Day" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in the City of New York or in the City of Chicago
are authorized or required by law, regulation or executive order to close. 

        "Make-Whole
Amount" means, in connection with any optional redemption or accelerated payment of any of the Notes, as the case may be, the excess, if any, of (i) the
aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the
date of redemption or accelerated payment) that would have been payable in respect of such dollar if such redemption or accelerated payment had not been made, determined by discounting, on a
semi-annual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of Redemption is given or declaration of
acceleration is made) from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had not been made, over (ii) the aggregate
principal amount of the Notes being redeemed or paid. 

        "Notes"
has the meaning specified in Section 2.1 hereof. 

        "Reinvestment
Rate" means .25% (twenty-five one hundredths of one percent) plus the arithmetic mean of the yields under the respective headings "This Week" and "Last Week"
published in the Statistical Release under the caption "Treasury Constant Maturities" for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity, as of the payment
date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be
calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of
such relevant periods to the nearest month. For such purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the
Make-Whole Amount shall be used. 

        "Statistical
Release" means the statistical release designated "H.15(519)" or any successor publication which is published weekly by the Federal Reserve System and which establishes
yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination of the
Make-Whole Amount, then such other reasonably comparable index which shall be designated by the Company. 

        "Subsidiary"
means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the
outstanding equity interests of which are owned, directly or indirectly, by such Person. For the purposes of this definition, "voting equity securities" means equity securities having voting power for
the election of directors, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency. 

 
 

ARTICLE II
  THE SERIES OF NOTES    
    

        SECTION 2.1    TITLE OF THE SECURITIES.    There shall be a series of Securities designated the "7.70% Notes
due 2017" (the "Notes"). 

        SECTION 2.2    LIMITATION ON AGGREGATE PRINCIPAL AMOUNT.    The aggregate principal amount of the Notes shall
be limited to $100,000,000, and, except as provided in this Section and in Section 306 of the Senior Indenture, the Company shall not execute and the Trustee shall not authenticate or deliver
Notes in excess of such aggregate principal amount. 

        Nothing
contained in this Section 2.2 or elsewhere in this Supplemental Indenture, or in the Notes, is intended to or shall limit execution by the Company or authentication or
delivery by the Trustee of 

3

 

Notes
under the circumstances contemplated by Sections 303, 304, 305, 306, 906, 1107 and 1305 of the Senior Indenture. 

        SECTION 2.3    INTEREST AND INTEREST RATES; MATURITY DATE OF NOTES.    The Notes will bear interest at a rate
of 7.70% per annum from July 14, 1997 or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually in arrears
on January 15 and July 15 of each year, commencing January 15, 1998 (each, an "Interest Payment Date"), to the Person in whose name such Note is registered at the close of
business on January 1 or July 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date (each, a "Regular Record Date"). Interest will be computed
on the basis of a 360-day year comprised of twelve 30-day months. The interest so payable on any Note which is not punctually paid or duly provided for on any Interest Payment
Date shall forthwith cease to be payable to the Person in whose name such Note is registered on the relevant Regular Record Date, and such defaulted interest shall instead be payable to the Person in
whose name such Note is registered on the Special Record Date or other specified date determined in accordance with the Senior Indenture. 

        If
any Interest Payment Date or Maturity falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date such
payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Maturity, as the case may be. 

        The
Notes will mature on July 15, 2017. 

        SECTION 2.4    LIMITATIONS ON INCURRENCE OF INDEBTEDNESS.    Section 2.4 of the Original Supplemental
Indenture is hereby eliminated in its entirety. 

        SECTION 2.5    REDEMPTION.    The Notes may be redeemed at any time at the option of the Company, in whole or
in part, at a redemption price equal to the sum of (i) the principal amount of the Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the
Make-Whole Amount, if any, with respect to such Notes (the "Redemption Price"). 

        SECTION 2.6    PLACES OF PAYMENT.    The Places of Payment where the Notes may be presented or surrendered for
payment, where the Notes may be surrendered for registration of transfer or exchange and where notices and demands to and upon the Company in respect of the Notes and the Senior Indenture may be
served shall be in the City of Chicago, Illinois and the office or agency for such purpose shall initially be located at BNY Midwest Trust Company, 2 N. La Salle Street,
Suite 1020, Chicago, IL 60602. 

        SECTION 2.7    METHOD OF PAYMENT.    Payment of the principal of and interest on the Notes will be made at the
office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York (which shall initially be an office or agency of the Trustee), in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and private debts; PROVIDED, HOWEVER, that at the option of the Company, payments of principal and interest
on the Notes (other than payments of principal and interest due at Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto located within the United States. 

        SECTION 2.8    CURRENCY.    Principal and interest on the Notes shall be payable in U.S. dollars. 

        SECTION 2.9    REGISTERED SECURITIES; GLOBAL FORM.    The Notes shall be issuable and transferable in fully
registered form as Registered Securities, without coupons. The Notes shall be issued in the form of one or more permanent Global Securities. The depository for the Notes shall be The Depository Trust
Company ("DTC"). The Notes shall not be issuable in definitive form except as provided in Section 305 of the Senior Indenture. 

4

 

        SECTION 2.10    FORM OF NOTES.    The Notes shall be substantially in the form attached as Exhibit A
hereto. 

        SECTION 2.11    REGISTRAR AND PAYING AGENT.    The Trustee shall initially serve as Registrar and Paying Agent
for the Notes. 

        SECTION 2.12    DEFEASANCE.    The provisions of Sections 1402 and 1403 of the Senior Indenture, together with
the other provisions of Article Fourteen of the Senior Indenture, shall be applicable to the Notes. The provisions of Section 1403 of the Senior Indenture shall apply to the covenants set forth
in Sections 2.4 and 2.15 of this Supplemental Indenture and to those covenants specified in Section 1403 of the Senior Indenture. 

        SECTION 2.13    EVENTS OF DEFAULT.    The provisions of clause (5) of Section 501 of the Senior
Indenture as applicable with respect to the Notes shall be deemed to be amended and restated in their entirety to read as follows: 

        (5)   default
under any bond, debenture, note, mortgage or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money
borrowed by the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), having an
aggregate principal amount outstanding of at least $10,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall have resulted in such indebtedness becoming or
being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness being discharged, or such acceleration having been rescinded or
annulled, within a period of 10 days after there shall have been given written notice, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 10% in principal amount of the Outstanding Securities of that series a written notice specifying such default and requiring the Company to cause such indebtedness to be
discharged or cause such acceleration to be rescind or annulled and stating that such is a "Notice of Default" hereunder; 

5

  

        The provisions of Section 501 of the Senior Indenture as applicable with respect to the Notes shall be further deemed to be amended by renumbering existing clause (8) to be
clause (9) and by adding the following new clause (8): 

        (8)   the
entry by a court of competent jurisdiction of one or more judgments, orders or decrees against the Company or any of its Subsidiaries in an aggregate amount
(excluding amounts covered by insurance) in excess of $10,000,000 and such judgments, orders or decrees remain undischarged, unstayed and unsatisfied in an aggregate amount (excluding amount covered
by insurance) in excess of $10,000,000 for a period of 30 consecutive days. 

        SECTION 2.14.    ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.    The provisions of the first paragraph
of Section 502 of the Senior Indenture as applicable with respect to the Notes shall be deemed to be amended and restated in their entirety to read as follows: 

        If
an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25%
in principal amount of the Outstanding Securities of that series may declare the principal (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the
principal as may be specified in the terms thereof) of, and the Make-Whole Amount, if any, on, all the Securities of that series to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable. If an Event of Default
with respect to the Securities of any series set forth in Section 501(6) of the Senior Indenture occurs and is continuing, then in every such case all the Securities of that series shall become
immediately due and payable, without notice to the Company, at the principal amount thereof (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the
principal as may be specified in the terms thereof) plus accrued interest to the date the Securities of that series are paid plus the Make-Whole Amount, if any, on the Securities of that
series. 

        SECTION 2.15.    PROVISION OF FINANCIAL INFORMATION.    Section 2.15 of the Original Supplemental
Indenture is hereby eliminated in its entirety. 

        SECTION 2.16.    WAIVER OF CERTAIN COVENANTS.    Notwithstanding the provisions of Section 1009 of the
Senior Indenture, the Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1004 to 1008, inclusive, of the Senior Indenture, with Sections
2.4 and 2.15 of this Supplemental Indenture and with any other term, provision or condition with respect to the Notes (except any such term, provision or condition which could not be amended without
the consent of all Holders of the Notes or such series thereof, as applicable), if before or after the time for such compliance the Holders of at least a majority in principal amount of all
outstanding Notes, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition. Except to the extent so expressly waived, and
until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

6

 

 
 

ARTICLE III    
    
    WAIVERS    
    

        SECTION 3.1.    WAIVERS.    The Company's obligations to comply with the following provisions of the Senior
Indenture, are hereby waived in relation to the Notes during the remaining term of the Notes: 

        (A)  The
Company's obligations to comply with Senior Indenture Section 801 "Consolidations and Mergers of Company and Sales; Leases and Conveyances Permitted Subject
to Certain Conditions" are hereby waived in relation to the Notes during the remaining term of the Notes. 

        (B)  The
Company's obligations to comply with Senior Indenture Section 1004 "Existence" are hereby waived in relation to the Notes during the remaining term of the
Notes. 

        (C)  The
Company's obligations to comply with Senior Indenture Section 1005 "Maintenance of Properties" is waived in relation to the Notes during the remaining term of
the Notes. 

        (D)  The
Company's obligations to comply with Senior Indenture Section 1006 "Insurance" are hereby waived in relation to the Notes during the remaining term of the
Notes. 

        (E)  The
Company's obligations to comply with Senior Indenture Section 1007 "Payment of Taxes and Other Claims" are hereby waived in relation to the Notes during the
remaining term of the Notes. 

 
 

ARTICLE IV    
    
    MISCELLANEOUS PROVISIONS    
    

        SECTION 4.1.    RATIFICATION OF SENIOR INDENTURE.    Except as expressly modified or amended hereby, the Senior
Indenture continues in full force and effect and is in all respects confirmed and preserved. 

        SECTION 4.2.    GOVERNING LAW.    This Supplemental Indenture and the Notes shall be governed by and construed
in accordance with the laws of the State of New York. This Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be
governed by such provisions. 

        SECTION 4.3.    COUNTERPARTS.    This Supplemental Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

[Remainder
of Page Intentionally Left Blank.] 

7

   
        IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Supplemental Indenture to be duly executed by their respective officers hereunto duly authorized, all as of
the day and year first written above. 

	 	 	TRINET CORPORATE REALTY TRUST, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	
BNY MIDWEST TRUST COMPANY
     as Trustee
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

8

  

 
 

EXHIBIT A TO AMENDED AND RESTATED SUPPLEMENTAL INDENTURE    
    

        UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 55 WATER STREET, NEW YORK, NEW
YORK, TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

        THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY DTC TO A NOMINEE OF DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ITS NOMINEE TO A SUCCESSOR DEPOSITORY OR ITS NOMINEE. 

 
 

TRINET CORPORATE REALTY TRUST, INC.
  7.70% NOTE DUE 2017    
    

	Registered No.	 	PRINCIPAL AMOUNT
	CUSIP No.:	 	$100,000,000

        TRINET
CORPORATE REALTY TRUST, INC., a corporation duly organized and existing under the laws of the State of Maryland (herein referred to as the "Company" which term shall
include any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, upon presentation, the principal
sum of $100,000,000 on July 15, 2017 and to pay interest on the outstanding principal amount thereon from July 14, 1997, or from the immediately preceding Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on January 15 and July 15 in each year, commencing January 15, 1998, at the rate of 7.70% per
annum, until the entire principal hereof is paid or made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest which shall be January 1 or July 1
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Securities not more than 15 days and not less than 10 days prior to such Special Record Date, or may
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. Payment of the principal of and interest on this Security will be made at the office or agency maintained for that purpose in the City of New
York, New York, or elsewhere as provided in the Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
PROVIDED, 

A-1

 

HOWEVER,
that at the option of the Company payments of principal and interest on the Notes (other than payments of principal and interest due at Maturity) may be made (i) by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account of the Person entitled thereto located within the United
States. 

        Securities
of this series are one of a duly authorized issue of securities of the Company (herein called the "Securities"), issued and to be issued in one or more series under an
Indenture, dated as of May 22, 1996, as supplemented by Supplemental Indenture No. 2, dated as of July 14, 1997 and as amended by the Amended and Restated Supplemental Indenture
No. 2 dated as of December    , 2004 (as so supplemented, herein called the "Indenture"), between the Company and Harris Trust and Savings Bank (herein called the "Trustee," which
term includes any successor trustee under the Indenture, which currently is BNY Midwest Trust Company), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are
authenticated and delivered. This Security is one of the series designated in the first page thereof, limited in aggregate principal amount to $100,000,000. 

        Securities
of this series may be redeemed at any time at the option of the Company, in whole or in part, upon notice of not more than 60 nor less than 30 days prior to the
Redemption Date, at a redemption price equal to the sum of (i) the principal amount of the Securities being redeemed plus
accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Securities. 

        The
Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and the
related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions apply to this
Security. 

        If
an Event of Default with respect to the Securities shall occur and be continuing, the principal of the Securities may be declared due and payable in the manner and with the effect
provided in the Indenture. 

        As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given written notice to the Trustee of a continuing Event of Default with respect to
the Securities, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of
this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any interest on or after the
respective due dates expressed herein. 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series of Securities then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this 

A-2

 

Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

        No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of (and Make-Whole Amount, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

        As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment where the principal of (and Make-Whole Amount, if any) and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. 

        The
Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same. 

        No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. 

        Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 

        No
recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had
against any promoter, as such, or against any past, present or future shareholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any
successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of this Security by the Holder thereof and as part of the consideration for the issue of the Securities of this series. 

        All
capitalized terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

        THE
INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

A-3

   
        Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused "CUSIP" numbers to be printed on the Securities of this
series as a convenience to the Holders of such Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed
only on the other identification numbers printed hereon. 

        Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 

        IN
WITNESS WHEREOF, TRINET CORPORATE REALTY TRUST, INC. has caused this instrument to be duly executed under its corporate seal. 

Dated:

	 	 	TRINET CORPORATE REALTY TRUST, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

	[Corporate Seal]	 	 	 	 
	 	 	 	 	 
	Attest:	 	 	 	 
	 	 	 	 	 
	
 Secretary	 	 	 	 
	 	 	 	 	 

TRUSTEE'S
CERTIFICATE OF AUTHENTICATION: 

        This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

	 	 	BNY MIDWEST TRUST COMPANY,

    as Trustee
	

 	
 	

By:	

 
	 	 	 	
 Authorized Signatory

A-4

   

 

ASSIGNMENT
FORM

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto 

PLEASE
INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE 

	
	 	 
	 	 	 
	
	 	

	 	 	 
	 	 	 
	
 (Please Print or Typewrite Name and Address

including Zip Code of Assignee)
	 	 	 
	
 the within Security of TriNet Corporate Realty Trust, Inc. and hereby does irrevocably constitute and appoint
	 	 	 
	
 Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises.

	 	 	 	 	 
	Dated:	 	 	 	 
	 	 	
	 	

	 	 	 	 	 
	 	 	 	 	

NOTICE:
The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change
whatever. 

 

A-5

QuickLinks

Exhibit 4.3

AMENDED AND RESTATED SUPPLEMENTAL INDENTURE NO. 2

RECITALS OF THE COMPANY

ARTICLE I TO SENIOR INDENTURE; DEFINITIONS

ARTICLE II THE SERIES OF NOTES

ARTICLE III WAIVERS

ARTICLE IV MISCELLANEOUS PROVISIONS

EXHIBIT A TO AMENDED AND RESTATED SUPPLEMENTAL INDENTURE

TRINET CORPORATE REALTY TRUST, INC. 7.70% NOTE DUE 2017Exhibit 10.16

MANAGEMENT
AGREEMENT

This Management
Agreement (this “Agreement”) is entered into as of the 5th day of
August, by and between New Refco Group Ltd., LLC, a Delaware limited liability
company
(the “Company”), Refco Group Ltd., LLC, a Delaware limited liability
company (“Refco”), and THL Managers V, LLC, a Delaware limited liability
company (the “Sponsor”).

WHEREAS, certain affiliates of Thomas H. Lee Partners,
L.P. (“THL”) and certain other parties have made an equity investment in
the Company pursuant to the transactions contemplated by that certain Equity
Purchase and Merger Agreement, dated as of June 8, 2004, as amended by that
certain First Amendment to Equity Purchase and Merger Agreement, dated as of
July 9, 2004, by and among the Company, Refco, Refco Group Holdings, Inc., a
Delaware corporation, and THL Refco Acquisition Partners, a Delaware general
partnership (as amended, the “Purchase Agreement”).

WHEREAS, the Company is the sole owner of Refco.

WHEREAS, the Sponsor has staff specifically skilled in
corporate finance, strategic corporate planning, and other management skills
and advisory services.

WHEREAS, the Company will require the Sponsor’s
special skills and management advisory services in connection with its business
operations and execution of its strategic plan.

WHEREAS, the Sponsor is willing to provide such skills
and services to the Company.

NOW, THEREFORE, in consideration of the mutual
covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

1.             Services.  The Sponsor hereby agrees that if, during
the term of this Agreement (the “Term”), the Company or Refco reasonably
and specifically requests that the Sponsor provide the services set forth below
and the Sponsor agrees to provide such services, the Sponsor or one of its
affiliates will provide the following services to the Company and its
subsidiaries:

 

(a)           advice in connection with the
negotiation and consummation of agreements, contracts, documents and
instruments related to the Company’s or any of its subsidiaries’ finances or
relationships with banks or other financial institutions; or

(b)           advice with respect to the development
and implementation of strategies for improving the operating, marketing and
financial performance of the Company and , and other senior management matters
related to the business, administration and policies of the Company and its
subsidiaries.

The parties hereto
expressly acknowledge that the services to be performed hereunder by the
Sponsor shall not include investment banking or other financial advisory
services rendered by Sponsor or its affiliates to the Company or any of its
subsidiaries in connection with any specific acquisition, divestiture,
refinancing or recapitalization by the Company or any of its subsidiaries.  This Agreement shall in no way prohibit the
Sponsor or any of its affiliates or any of their respective partners (both
general and limited), members (both managing and otherwise), officers,

 

directors,
employees, agents or representatives from engaging in other activities, whether
or not competitive with any business of the Company or any of its affiliates.

2.             Payment of Fees.  In exchange for the Sponsor’s arrangement of the equity financing
and agreement to provide the services set forth herein, Refco and the Company
hereby agree to pay to the Sponsor (or its designee) the following fees:

                                (a)           a transaction fee in connection with
the transactions contemplated in the Purchase Agreement payable at the Closing
(as defined in the Purchase Agreement) of $30,000,000; and

                                (b)           a management fee (the “Fee”)
equal to the greater of (i) $2,500,000 per year or (ii) 1% of EBITDA (as defined
in the Securityholders Agreement of even date herewith among the Company and
the securityholders of the Company described therein) before deducting the Fee
payable pursuant to this Section 2(b) (“Adjusted EBITDA”),
commencing at the Closing.  The Fee shall
be payable semi-annually in advance (based on the prior year’s Adjusted EBITDA)
on March 2nd and September 2nd of each year, with an adjustment of the Fee for
any fiscal year payable promptly following the determination of Adjusted EBITDA
for such fiscal year or on termination of this Agreement.  The first installment of the Fee shall be
payable at the Closing.  The initial Fee
shall be for the period through March 2, 2005 and shall include a pro rata
portion of the 2005 fiscal year based on the number of days in the 2005 fiscal
year following the Closing.  All
references to “per annum” or “annual” herein refer to the fiscal year of the
Company.

                Each payment made
pursuant to this Section 2 shall be paid by wire transfer of immediately
available funds to the accounts specified on Exhibit A attached hereto,
or to such other account(s) as the Sponsor may specify in writing to Refco.

3.             Term.  This
Agreement shall be effective as of the date hereof and shall continue in full
force and effect, unless and until (a) terminated by the Sponsor, (b)
terminated automatically on the date which the Sponsor and its affiliates no
longer beneficially own at least twenty-five percent (25%) of the equity
securities of the Company, or (c) terminated by the Sponsor upon the consummation
of any public offering of the equity securities of the Company or any successor
entity.  Upon any termination of this
Agreement, each of (A) the obligations of the Company under Section 4
below, (B) any and all owed and unpaid obligations of the Company under Section
2 above and (C) the provisions of Section 7 shall survive any
termination of this Agreement to the maximum extent permitted under applicable
law.  In the event that the Sponsor
terminates this Agreement in accordance with clause (c) above of this Section
3, Refco and the Company agree to pay the Sponsor a cash lump-sum
termination fee equal to the net present value of the fees that would have been
payable to such Sponsor (but for the termination hereof) pursuant to Section
2(b) hereof for a period of five (5) years from the date of such
termination calculated using the Fee paid for the fiscal year ended prior to
such termination and a discount rate equal to the ten-year treasury rate on the
date of such termination.  Such
termination fee shall be payable by wire transfer of immediately available
funds within ten (10) days after the date of termination to the account
specified on Exhibit A attached hereto, or to such other account(s) as
the Sponsor may specify in writing to Refco. 
As used herein, the term “Person” shall be construed in the
broadest sense and means and includes a natural person, a partnership, a
corporation, an association, a joint stock company, a limited liability
company, a trust, a joint venture, an unincorporated organization and any other
entity and any federal, state, municipal, foreign or other government,
governmental

 

2

 

department,
commission, board, bureau, agency or instrumentality, or any private or public
court or tribunal.

4.             Expenses; Indemnification.

(a)           Expenses.  In addition to the fees set forth
in Section 2 hereof, Refco and the Company agree to pay on demand all
reasonable costs and expenses incurred by the Sponsor and its affiliates or any
of them in connection with this Agreement and in connection with performing
services hereunder including but not limited to air travel charged at charter
equivalent rates, legal, consulting, out of pocket and other expenses,
including but not limited to the fees and disbursements of Weil, Gotshal &
Manges LLP, counsel to the Sponsor, and any other consultants or advisors
retained by the Sponsor or its respective counsel arising in connection
therewith, including but not limited to the preparation, negotiation and execution
of this Agreement and the performance of services hereunder (including, without
limitation, fees and expenses of independent professionals, research,
transportation and per diem costs).

(b)           Indemnity
and Liability.  Refco and the Company will indemnify and
hold harmless the Sponsor, its affiliates and their respective partners (both
general and limited), members (both managing and otherwise), officers,
directors, employees, agents and representatives (each such Person being an “Indemnified
Party”) from and against any and all losses, claims, damages and
liabilities, whether joint or several, expenses of any nature (including
reasonable attorneys’ fees and disbursements), judgments, fines, settlements
and other amounts arising from any and all claims, demands, actions, suits or
proceedings, whether civil, criminal, administrative, arbitral or
investigative, in which an Indemnified Party was involved or may be involved,
or threatened to be involved, as a party or otherwise (the “Liabilities”),
related to, arising out of or in connection with the advisory and consulting
services contemplated by this Agreement or the engagement of the Sponsor
pursuant to, and the performance by the Sponsor of the services contemplated
by, this Agreement, and any other action taken by an Indemnified Party on
behalf of the Company in connection with this Agreement, whether or not pending
or threatened, whether or not resulting in any liability and whether or not
such action, claim, suit, investigation or proceeding is initiated or brought
by the Company, provided that the Indemnified Party acted in good faith and in
the best interests of the Company, and provided further that any such losses,
claims, damages, liabilities, judgments, fines, or settlements did not result
from the Indemnified Party’s willful misconduct or gross negligence.  Refco and the Company will reimburse any
Indemnified Party for all reasonable costs and expenses (including reasonable
attorneys’ fees and expenses) as they are incurred in connection with investigating,
preparing, pursuing, defending or assisting in the defense of any action,
claim, suit, investigation or proceeding for which the Indemnified Party would
be entitled to indemnification under the terms of the previous sentence, or any
action or proceeding arising therefrom, whether or not such Indemnified Party
is a party thereto, provided, that subject to the following sentence,
the Company shall be entitled to assume the defense thereof at its own expense,
with counsel satisfactory to such Indemnified Party in its reasonable
judgment.  Any Indemnified Party may, at
its own expense, retain separate counsel to participate in such defense; provided,
however, that with respect to any action, claim, suit, investigation or
proceeding in which both the Company and/or one or more of its subsidiaries, on
the one hand, and an Indemnified Party, on the other hand, is, or is reasonably
likely to become, a party, such Indemnified Party shall have the right to
employ separate counsel at the expense of Refco and the Company and to control
its own defense of such action, claim, suit, investigation or proceeding if, in
the reasonable opinion of counsel to such Indemnified Party, a conflict or
potential conflict exists between the Company, on the one

3

 

hand, and such
Indemnified Party, on the other hand, that would make such separate
representation advisable; provided, however, that Refco and the
Company shall not be required to pay the fees of more than one separate counsel
for such Indemnified Parties in any jurisdiction in any single action or
proceeding.  The Company agrees that it
will not, without the prior written consent of the applicable Indemnified
Party, settle, compromise or consent to the entry of any judgment in any
pending or threatened claim, suit, investigation, action or proceeding relating
to the matters contemplated hereby (if any Indemnified Party is a party thereto
or has been threatened to be made a party thereto) unless such settlement,
compromise or consent includes an unconditional release of the applicable
Indemnified Party and each other Indemnified Party from all liability arising
or that may arise out of such claim, suit, investigation, action or proceeding.  Provided the Company is not in breach of its
indemnification obligations hereunder, no Indemnified Party shall settle or
compromise any claim subject to indemnification hereunder without the consent
of the Company.  Neither Refco or the
Company will be liable under the foregoing indemnification provision with
respect to any Indemnified Party, to the extent that any loss, claim, damage,
liability, cost or expense is determined by a court, in a final judgment from
which no further appeal may be taken, to have resulted primarily from the gross
negligence or willful misconduct by an Indemnified Party.  If an Indemnified Party is reimbursed
hereunder for any expenses, such reimbursement of expenses shall be refunded to
the extent it is finally judicially determined that the Liabilities in question
resulted from the gross negligence or willful misconduct of such Indemnified
Party.

Refco and the Company
agree that if any indemnification sought by any Indemnified Party pursuant to
this Section 4 is unavailable for any reason or is insufficient to hold
the Indemnified Party harmless against any Liabilities referred to herein, then
Refco and the Company shall contribute to the Liabilities for which such
indemnification is held unavailable or insufficient in such proportion as is
appropriate to reflect the relative benefits received by the Company, on the
one hand, and the Indemnified Party, on the other hand, in connection with the
transactions which gave rise to such Liabilities or, if such allocation is not
permitted by applicable law, not only such relative benefits but also the
relative faults of the Company, on the one hand, and the Indemnified Party, on
the other hand, as well as any other equitable considerations, subject to the
limitation that in any event the aggregate contribution by the Indemnified
Parties to all Liabilities with respect to which contribution is available
hereunder shall not exceed the fees actually received by the Indemnified
Parties hereunder.

5.             Assignment, etc.  Except as provided below, none of the
Sponsor, the Company or Refco shall have the right to assign this
Agreement.  The Sponsor acknowledges
that its services under this Agreement are unique.  Accordingly, any purported assignment by the Sponsor shall be
void.  Notwithstanding the foregoing,
the Sponsor may assign all or part of its rights and obligations hereunder to
any affiliate of such Sponsor which provides services similar to those called
for by this Agreement.

6.             Amendments and Waivers. 
No amendment or waiver of any term, provision or condition of this
Agreement shall be effective, unless in writing and executed by the Sponsor,
the Company and Refco.  No waiver on any
one occasion shall extend to or effect or be construed as a waiver of any right
or remedy on any future occasion.  No
course of dealing of any Person nor any delay or omission in exercising any
right or remedy shall constitute an amendment of this Agreement or a waiver of
any right or remedy of any party hereto.

 

4

 

7.             Miscellaneous.

(a)           Choice
of Law.  This Agreement shall
be governed by and construed in accordance with the domestic substantive laws
of the State of New York without giving effect to any choice or conflict of law
provision or rule that would cause the application of the domestic substantive
laws of any other jurisdiction.

(b)           Consent
to Jurisdiction.  Each of the
parties agrees that all actions, suits or proceedings arising out of or based
upon this Agreement or the subject matter hereof shall be brought and
maintained exclusively in the federal and state courts of the State of New York
located in the Borough of Manhattan, City of New York.  Each of the parties hereto by execution
hereof (i) hereby irrevocably submits to the jurisdiction of the federal and
state courts in the State of New York located in the Borough of Manhattan, City
of New York, for the purpose of any action, suit or proceeding arising out of
or based upon this Agreement or the subject matter hereof and (ii) hereby
waives to the extent not prohibited by applicable law, and agrees not to
assert, by way of motion, as a defense or otherwise, in any such action, suit
or proceeding, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that it is immune from extraterritorial injunctive relief
or other injunctive relief, that its property is exempt or immune from
attachment or execution, that any such action, suit or proceeding may not be
brought or maintained in one of the above-named courts, that any such action,
suit or proceeding brought or maintained in one of the above-named courts
should be dismissed on grounds of forum  non  conveniens,
should be transferred to any court other than one of the above-named courts,
should be stayed by virtue of the pendency of any other action, suit or proceeding
in any court other than one of the above-named courts, or that this Agreement
or the subject matter hereof may not be enforced in or by any of the
above-named courts.  Each of the parties
hereto hereby consents to service of process in any such suit, action or
proceeding in any manner permitted by the laws of the State of New York, City
of New York, agrees that service of process by registered or certified mail,
return receipt requested, at the address specified in or pursuant to Section
10 is reasonably calculated to give actual notice and waives and agrees not
to assert by way of motion, as a defense or otherwise, in any such action, suit
or proceeding any claim that service of process made in accordance with Section
10 does not constitute good and sufficient service of process.  The provisions of this Section 7(b)
shall not restrict the ability of any party to enforce in any court any
judgment obtained hereunder.

(c)           Waiver
of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH
CANNOT BE WAIVED, EACH OF THE PARTIES HERETO HEREBY WAIVES, AND COVENANTS THAT
IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT, OR OTHERWISE), ANY RIGHT
TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, CAUSE OF
ACTION, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT
OR THE SUBJECT HEREOF, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING
AND WHETHER IN CONTRACT OR TORT OR OTHERWISE. 
Each of the parties hereto acknowledges that it has been informed by
each other party that the provisions of this Section 7(c) constitute a
material inducement upon which such party is relying and will rely in entering
into this Agreement and the transactions contemplated hereby.  Any of the parties hereto may file an
original counterpart or a copy of this Agreement with any court as written
evidence of the consent of each of the parties hereto to the waiver of its
right to trial by jury.

 

5

 

8.             Independent Contractor.  The parties agree and understand that the
Sponsor is and shall act as an independent contractor of the Company in the
performance of its duties hereunder. 
The Sponsor is not, and in the performance of its duties hereunder will
not hold itself out as, an employee, agent or partner of the Company.

9.             Merger/Entire Agreement.  This Agreement contains the entire
understanding of the parties with respect to the subject matter hereof and
supersedes any prior communication or agreement with respect thereto.

10.           Notice. 
All notices, demands, and communications of any kind which any party may
require or desire to serve upon any other party under this Agreement shall be
in writing and shall be served upon such other party and such other party’s
copied persons as specified below by personal delivery to the address set forth
for it below or to such other address as such party shall have specified by
notice to each other party or by mailing a copy thereof by certified or
registered mail, or by Federal Express or any other reputable overnight courier
service, postage prepaid, with return receipt requested, addressed to such
party and copied persons at such addresses. 
In the case of service by personal delivery, it shall be deemed complete
on the first business day after the date of actual delivery to such
address.  In case of service by mail or
by overnight courier, it shall be deemed complete, whether or not received, on
the third day after the date of mailing as shown by the registered or certified
mail receipt or courier service receipt. 
Notwithstanding the foregoing, notice to any party or copied Person of
change of address shall be deemed complete only upon actual receipt by an
officer or agent of such party or copied person.

	
   

  	
  If
  to the Company, to it at:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  New Refco Group Ltd., LLC

  
	
   

  	
  One World Financial Center

  
	
   

  	
  200 Liberty Street

  	
   

  
	
   

  	
  New York, NY 10281

  	
   

  
	
   

  	
  Attention:

  	
  Chief Executive Officer

  
	
   

  	
  Telecopier:

  	
  (212) 693-7686

  
	
   

  	
   

  	
   

  
	
   

  	
  If
  to Refco, to it at:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Refco Group Ltd., LLC

  	
   

  
	
   

  	
  One World Financial Center

  	
   

  
	
   

  	
  200 Liberty Street

  	
   

  
	
   

  	
  New York, NY 10281

  	
   

  
	
   

  	
  Attention:

  	
  Chief Executive Officer

  
	
   

  	
  Telecopier:

  	
  (212) 693-7686

  
					

 

6

 

	
   

  	
   

  	
   

  
	
   

  	
  If to Sponsor, to it at:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THL Managers V, LLC

  	
   

  
	
   

  	
  c/o Thomas H. Lee
  Partners, L.P.

  	
   

  
	
   

  	
  100 Federal Street

  	
   

  
	
   

  	
  Boston, MA 02110

  	
   

  
	
   

  	
  Attention:

  	
  Mr. Scott A. Schoen

  
	
   

  	
   

  	
  Mr. Scott Jaeckel

  
	
   

  	
   

  	
  Mr. George Taylor

  
	
   

  	
  Telecopier:

  	
  (617) 227-3514

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Weil, Gotshal & Manges
  LLP

  	
   

  
	
   

  	
  100 Federal Street

  	
   

  
	
   

  	
  Boston, Massachusetts
  02110

  	
   

  
	
   

  	
  Attention:

  	
  James Westra, Esq.

  
	
   

  	
  Telecopier:

  	
  (617) 772-8333

  
					

 

11.           Severability.  If in any judicial or arbitral proceedings a
court or arbitrator shall refuse to enforce any provision of this Agreement,
then such unenforceable provision shall be deemed eliminated from this Agreement
for the purpose of such proceedings to the extent necessary to permit the
remaining provisions to be enforced.  To
the full extent, however, that the provisions of any applicable law may be
waived, they are hereby waived to the end that this Agreement be deemed to be a
valid and binding agreement enforceable in accordance with its terms, and in
the event that any provision hereof shall be found to be invalid or
unenforceable, such provision shall be construed by limiting it so as to be
valid and enforceable to the maximum extent consistent with and possible under
applicable law.

12.           Counterparts.  This Agreement may be executed in any number
of counterparts and by each of the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which together shall constitute one and the same agreement.

13.           Headings.  All descriptive headings in this Agreement
are inserted for convenience only and shall be disregarded in construing or
applying any provision of this Agreement.

14.           Prevailing Party. 
If any legal action or other proceedings is brought for a breach of this
Agreement or any of the warranties herein, the prevailing party shall be
entitled to recover its reasonable attorneys’ fees and other costs incurred in
bringing such action or proceeding, in addition to any other relief to which
such party may be entitled.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

 

7

 

IN WITNESS WHEREOF, each of the parties has caused
this Agreement to be executed on its behalf as an instrument under seal as of
the date first above written by its officer or representative thereunto duly
authorized.

	
   

  	
   

  	
   

  	
   

  	
  NEW
  REFCO GROUP LTD., LLC

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:
  

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  REFCO GROUP LTD., LLC

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  THL
  MANAGERS V, LLC

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  Thomas
  H. Lee Partners, L.P., its 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Managing
  Member

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  THL
  Equity Advisors V, L.P., its

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  General
  Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Scott A. Schoen

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Scott
  A. Schoen

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
														

 

 

8

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