Document:

EX-10.15:

 

Exhibit 10.15

CREDIT AGREEMENT

dated as of November 17, 2004,

by and between

INTERCONTINENTALEXCHANGE, INC.,

as Borrower,

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Lender

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1 DEFINITIONS
	 	 	1	 
	SECTION 1.01 Definitions
	 	 	1	 
	SECTION 1.02 General
	 	 	15	 
	SECTION 1.03 Other Definitions and Provisions
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 2 REVOLVING CREDIT FACILITY
	 	 	17	 
	SECTION 2.01 Loans
	 	 	17	 
	SECTION 2.02 Procedure for Advances of Loans
	 	 	17	 
	SECTION 2.03 Repayment of Loans
	 	 	17	 
	SECTION 2.04 Revolving Credit Note
	 	 	18	 
	SECTION 2.05 Permanent Reduction of the Commitment
	 	 	18	 
	SECTION 2.06 Termination of Revolving Credit Facility
	 	 	19	 
	SECTION 2.07 Use of Proceeds
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 3. [INTENTIONALLY OMITTED]
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 4 GENERAL LOAN PROVISIONS
	 	 	19	 
	SECTION 4.01 Interest
	 	 	19	 
	SECTION 4.02 Notice and Manner of Conversion or Continuation of Loans
	 	 	21	 
	SECTION 4.03 Unused Line Fee
	 	 	22	 
	SECTION 4.04 Manner of Payment
	 	 	22	 
	SECTION 4.05 Crediting of Payments and Proceeds
	 	 	22	 
	SECTION 4.06 Changed Circumstances
	 	 	23	 
	SECTION 4.07 Indemnity
	 	 	24	 
	SECTION 4.08 Capital Requirements
	 	 	25	 
	SECTION 4.09 Taxes
	 	 	25	 
	 
	 	 	 	 
	ARTICLE 5 CLOSING; CONDITIONS OF CLOSING AND BORROWING
	 	 	26	 
	SECTION 5.01 Conditions to Closing
	 	 	26	 
	SECTION 5.02 Conditions to Initial Loan
	 	 	29	 
	SECTION 5.03 Conditions to All Loans
	 	 	31	 
	 
	 	 	 	 
	ARTICLE 6 REPRESENTATIONS AND WARRANTIES
	 	 	31	 
	SECTION 6.01 Existence, Qualification and Power; Compliance with Laws
	 	 	31	 
	SECTION 6.02 Authorization; No Contravention
	 	 	32	 
	SECTION 6.03 Governmental Authorization
	 	 	32	 
	SECTION 6.04 Binding Effect
	 	 	32	 

i

 

	 	 	 	 	 
	SECTION 6.05 Financial Statements; No Material Adverse Effect
	 	 	32	 
	SECTION 6.06 Litigation
	 	 	33	 
	SECTION 6.07 Absence of Defaults
	 	 	33	 
	SECTION 6.08 Environmental Compliance
	 	 	33	 
	SECTION 6.09 Insurance
	 	 	33	 
	SECTION 6.10 Taxes
	 	 	33	 
	SECTION 6.11 ERISA Compliance
	 	 	34	 
	SECTION 6.12 Investments
	 	 	34	 
	SECTION 6.13 Disclosure
	 	 	34	 
	SECTION 6.14 Compliance with Laws
	 	 	35	 
	SECTION 6.15 Margin Regulations; Investment Company Act; Public
Utility Holding Company Act
	 	 	35	 
	SECTION 6.16 Titles to Properties
	 	 	35	 
	SECTION 6.17 Liens
	 	 	35	 
	SECTION 6.18 Rights in Collateral; Priority of Lender’s Liens
	 	 	36	 
	SECTION 6.19 Intellectual Property Matters
	 	 	36	 
	SECTION 6.20 Material Contracts
	 	 	36	 
	SECTION 6.21 Employee Relations
	 	 	36	 
	SECTION 6.22 Intentionally Deleted
	 	 	36	 
	SECTION 6.23 Solvency
	 	 	36	 
	SECTION 6.24 Debt
	 	 	36	 
	SECTION 6.25 Salary Pension Scheme
	 	 	37	 
	SECTION 6.26 Anti-Terrorism Laws
	 	 	37	 
	SECTION 6.27 Existing Business
	 	 	38	 
	SECTION 6.28 Survival of Representations and Warranties Etc.
	 	 	38	 
	 
	 	 	 	 
	ARTICLE 7 FINANCIAL INFORMATION AND NOTICES
	 	 	38	 
	SECTION 7.01 Financial Statements and Projections
	 	 	38	 
	SECTION 7.02 Officer’s Compliance Certificate
	 	 	39	 
	SECTION 7.03 Accountants’ Certificate
	 	 	39	 
	SECTION 7.04 Other Reports
	 	 	40	 
	SECTION 7.05 Notice of Litigation and Other Matters
	 	 	40	 
	SECTION 7.06 Accuracy of Information
	 	 	41	 
	 
	 	 	 	 
	ARTICLE 8 AFFIRMATIVE COVENANTS
	 	 	41	 
	SECTION 8.01 Payment of Obligations
	 	 	41	 
	SECTION 8.02 Preservation of Existence, Etc
	 	 	41	 
	SECTION 8.03 Maintenance of Properties
	 	 	41	 
	SECTION 8.04 Maintenance of Insurance
	 	 	42	 
	SECTION 8.05 Compliance with Applicable Laws
	 	 	42	 
	SECTION 8.06 Books and Records
	 	 	42	 
	SECTION 8.07 Inspection Rights
	 	 	42	 
	SECTION 8.08 Use of Proceeds
	 	 	43	 
	SECTION 8.09 Security Interests
	 	 	43	 
	SECTION 8.10 Creation or Acquisition of Subsidiaries
	 	 	43	 

ii

 

	 	 	 	 	 
	SECTION 8.11 Collateral Records
	 	 	44	 
	SECTION 8.12 Permitted Acquisitions
	 	 	44	 
	SECTION 8.13 Compliance With All Material Contracts
	 	 	46	 
	SECTION 8.14 Conduct of Business
	 	 	46	 
	SECTION 8.15 Further Assurances
	 	 	46	 
	SECTION 8.16 Deposit Accounts
	 	 	46	 
	 
	 	 	 	 
	ARTICLE 9 FINANCIAL COVENANTS
	 	 	46	 
	SECTION 9.01 Cash Flow Leverage Ratio
	 	 	46	 
	SECTION 9.02 Tangible Net Worth Ratio
	 	 	46	 
	 
	 	 	 	 
	ARTICLE 10 NEGATIVE COVENANTS
	 	 	47	 
	SECTION 10.01 Liens
	 	 	47	 
	SECTION 10.02 Investments
	 	 	48	 
	SECTION 10.03 Debt
	 	 	49	 
	SECTION 10.04 Fundamental Changes
	 	 	49	 
	SECTION 10.05 Dispositions
	 	 	50	 
	SECTION 10.06 Restricted Payments
	 	 	50	 
	SECTION 10.07 Transactions with Affiliates
	 	 	51	 
	SECTION 10.08 Change of Name or Jurisdiction of Formation
	 	 	51	 
	SECTION 10.09 Certain Accounting Changes
	 	 	51	 
	SECTION 10.10 Anti-Terrorism Laws
	 	 	51	 
	SECTION
10.11 Organizational Documents
	 	 	51	 
	 
	 	 	 	 
	ARTICLE 11 DEFAULT AND REMEDIES
	 	 	52	 
	SECTION 11.01 Events of Default
	 	 	52	 
	SECTION 11.02 Remedies
	 	 	54	 
	SECTION 11.03 Rights and Remedies Cumulative; Non-Waiver; etc
	 	 	54	 
	SECTION 11.04 Application of Funds
	 	 	55	 
	 
	 	 	 	 
	ARTICLE 12 MISCELLANEOUS
	 	 	55	 
	SECTION 12.01 Notices
	 	 	55	 
	SECTION 12.02 Attorney Costs, Expenses, and Taxes
	 	 	57	 
	SECTION 12.03 Indemnification by Borrower
	 	 	57	 
	SECTION 12.04 Set-off
	 	 	58	 
	SECTION 12.05 Governing Law
	 	 	58	 
	SECTION 12.06 Consent to Jurisdiction
	 	 	59	 
	SECTION 12.07 Binding Arbitration; Waiver of Jury Trial
	 	 	59	 
	SECTION 12.08 Reversal of Payments
	 	 	60	 
	SECTION 12.09 Injunctive Relief; Punitive Damages
	 	 	60	 
	SECTION 12.10 Accounting Matters
	 	 	61	 
	SECTION 12.11 Successors and Assigns; Confidentiality
	 	 	61	 
	SECTION 12.12 Amendments, Waivers and Consents
	 	 	62	 
	SECTION 12.13 Performance of Duties
	 	 	62	 
	SECTION 12.14 All Powers Coupled with Interest
	 	 	62	 
	SECTION 12.15 Survival of Indemnities
	 	 	62	 

iii

 

	 	 	 	 	 
	SECTION 12.16 Titles and Captions
	 	 	63	 
	SECTION 12.17 Severability of Provisions
	 	 	63	 
	SECTION 12.18 Counterparts
	 	 	63	 
	SECTION 12.19 Term of Agreement
	 	 	63	 

EXHIBITS

	 	 	 	 	 
	Exhibit A

	 	-
	 	Form of Revolving Credit Note
	Exhibit B

	 	-
	 	Form of Notice of Borrowing
	Exhibit C

	 	-
	 	Form of Notice of Conversion/Continuation
	Exhibit D

	 	-
	 	Form of Officer’s Compliance Certificate

SCHEDULES

	 	 	 	 	 
	Schedule 6.01

	 	-
	 	Jurisdictions of Organization and
Qualification
	Schedule 6.06

	 	-
	 	Litigation
	Schedule 6.20

	 	-
	 	Material Contracts
	Schedule 6.24

	 	-
	 	Debt and Contingent Obligations
	Schedule 10.01

	 	-
	 	Liens to be Terminated Prior to Initial Loan
	Schedule 10.07

	 	-
	 	Transactions With Affiliates

iv

 

CREDIT AGREEMENT

          THIS CREDIT AGREEMENT, dated as of the 17th day of November, 2004, by and between
INTERCONTINENTALEXCHANGE, INC., a corporation organized under the laws of Delaware (the
“Borrower”), and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (the
“Lender”).

STATEMENT OF PURPOSE

          The Borrower has requested, and the Lender has agreed, to extend a revolving credit facility
to the Borrower on the terms and conditions of this Agreement.

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

ARTICLE 1

DEFINITIONS

          SECTION 1.01 Definitions. The following terms when used in this Agreement shall have
the meanings assigned to them below:

          “Acquisition” means any transaction or series of related transactions, consummated on
or after the date hereof, by which Borrower directly, or indirectly through one or more
Subsidiaries, (i) acquires any going business, or all or substantially all of the assets, of any
Person, whether through purchase of assets, contribution of capital, merger or otherwise, or (ii)
acquires securities or other ownership interests of any Person having at least a majority of
combined voting power of the then outstanding securities or other ownership interests of such
Person.

          “Acquisition Amount” means, with respect to any Acquisition, the sum (without
duplication) of (i) the amount of cash paid by Borrower and its Subsidiaries in connection with
such Acquisition, (ii) the fair market value of all Capital Stock of Borrower issued or given in
connection with such Acquisition, (iii) the amount (determined by using the face amount or the
amount payable at maturity, whichever is greater) of all Debt incurred, assumed or acquired by
Borrower and its Subsidiaries in connection with such Acquisition, (iv) all additional purchase
price amounts in connection with such Acquisition in the form of earnouts and other contingent
obligations that should be recorded as a liability on the balance sheet of Borrower and its
Subsidiaries or expensed, in either event in accordance with GAAP, Regulation S-X under the
Securities Act of 1933, as amended, or any other rule or regulation of the Securities and Exchange
Commission, (v) all amounts paid in respect of covenants not to compete and consulting agreements
in connection with such Acquisition, (vi) the amount of all transaction fees and expenses
(including, without limitation, legal, accounting and finders’ fees and expenses) incurred by
Borrower and its Subsidiaries in connection with such Acquisition and

 

 

(vii) the aggregate fair
market value of all other consideration given by Borrower and its Subsidiaries in
connection with such Acquisition. For purposes of this Agreement, all amounts included in
calculating the Acquisition Amount with respect to any Acquisition for which the Acquisition Amount
is payable or determinable in a currency other than Dollars shall be valued at the Dollar
equivalent thereof as of the relevant date of determination.

          “Affiliate” means, with respect to any Person, any other Person (other than a
Subsidiary) which directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such first Person or any of its Subsidiaries. The
term “control” means (a) the power to vote twenty percent (20%) or more of the securities or other
equity interests of a Person having ordinary voting power, or (b) the possession, directly or
indirectly, of any other power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise.

          “Agreement” means this Credit Agreement, as amended or modified from time to time.

          “Anti-Terrorism Law” means the USA Patriot Act or any other law pertaining to the
prevention of future acts of terrorism, in each case as such law may be amended from time to time.

          “Applicable Law” means all applicable provisions of constitutions, statutes, laws,
rules, treaties, regulations and orders of all Governmental Authorities and all orders and decrees
of all courts and arbitrators.

          “Applicable Margin” means

	 	(i)  	with respect to LIBOR Rate Loans, LIBOR Market Index Loans and
all other Obligations, 0.85% per annum; and
	 
	 	(ii)  	with respect to the Unused Line Fee, 0.15% per annum.

The Applicable Margins shall be adjusted (up or down) prospectively on a quarterly basis as
determined by the Cash Flow Leverage Ratio for the trailing twelve month period, commencing January
1, 2005 (with the first such adjustment based upon the October 31, 2004 pro forma covenant
calculations). Adjustments in Applicable Margins shall be determined by reference to the following
grids:

	 	 	 	 	 	 
	 
	 	If the Cash Flow Leverage	 	 	Level of	 
	 	Ratio is:	 	 	Applicable Margins:	 
	 	< 0.50

	 	 	Level I	 
	 	>=0.50 but < 1.0

	 	 	Level II	 
	 	>=1.00

	 	 	Level III	 
	 

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	Applicable Margins	 
	 	 	 	 	Level I	 	 	 	Level II	 	 	 	Level III	 	 
	 	LIBOR Rate Loans
	 	 	 	0.85	%	 	 	 	0.95	%	 	 	 	1.05	%	 
	 	LIBOR Market Index Loans
	 	 	 	0.85	%	 	 	 	0.95	%	 	 	 	1.05	%	 
	 	Prime Rate Loans
	 	 	 	0.0	%	 	 	 	0.0	%	 	 	 	0.00	%	 
	 	Unused Line Fee
	 	 	 	0.15	%	 	 	 	0.15	%	 	 	 	0.25	%	 
	 

Adjustments thereafter, if any, in the Applicable Margin shall be implemented quarterly on a
prospective basis for each calendar quarter commencing at least five (5) days after the date of
delivery to the Lender of the quarterly unaudited or annual audited (as applicable) Consolidated
financial statements for the Borrower and its Subsidiaries evidencing the need for an adjustment.
Concurrent with the delivery of such financial statements, the Borrower shall deliver to the Lender
an accompanying Officer’s Compliance Certificate setting forth the Cash Flow Leverage Ratio of the
Borrower and its Subsidiaries as of the trailing twelve month period. Subject to Section 4.01(e)
in the event the Borrower fails to deliver such financial statements and certificate within the
time required by Section 7.01 and Section 7.02 hereof, the Applicable Margin shall be the highest
Applicable Margin set forth above until the delivery of such financial statements and certificate.

          “Arbitration Rules” shall have the meaning assigned thereto in Section 12.07.

          “Attorney Costs” means and includes all Lender’s reasonable attorneys’ fees, and all
other fees, expenses and disbursements of Lender.

          “Audited Financial Statements” means the audited Consolidated balance sheet of
Borrower and its Subsidiaries for the fiscal year ended December 31, 2003, and the related
Consolidated statements of income or operations, shareholders’ equity and cash flows for such
fiscal year of Borrower and its Subsidiaries, including the notes thereto.

          “Blocked Person” shall have the meaning set forth in Section 6.26.

          “Borrower” means IntercontinentalExchange, Inc. in its capacity as borrower hereunder.

          “Business Day” means (a) for all purposes other than as set forth in clause (b) below,
any day other than a Saturday, Sunday or legal holiday on which banks in Charlotte, North Carolina
and New York, New York, are open for the conduct of their commercial banking business, and (b) with
respect to all notices and determinations in connection with, and payments of principal and
interest on, any LIBOR Rate Loan, any day that is a Business Day described in clause (a) and that
is also a day for trading by and between banks in Dollar deposits in the London interbank market.

          “Capital Expenditures” means all payments due (whether or not paid during any fiscal
period) in respect of the cost of any Fixed Asset or improvement, or replacement, substitution, or
addition thereto, which is properly capitalized pursuant to GAAP.

3

 

          “Capital Lease” means, with respect to the Borrower and its Subsidiaries, any lease of
any property that should, in accordance with GAAP, be classified and accounted for as a capital
lease on a Consolidated balance sheet of the Borrower and its Subsidiaries.

          “Capital Stock” means (i) with respect to any Person that is a corporation, any and
all shares, interests or equivalents in capital stock (whether voting or nonvoting, and whether
common or preferred) of such corporation, and (ii) with respect to any Person that is not a
corporation, any and all partnership, membership, limited liability company or other equity
interests of such Person; and in each case, any and all warrants, rights or options to purchase any
of the foregoing.

          “Capitalized Software Development Costs” means those capitalized costs both internal
and external, direct and incremental incurred related to software developed or obtained for
internal use in accordance with AICPA Statement of Position 98-1 “Accounting for Costs of Computer
Software Developed or Obtained for Internal Use.”

          “Cash Flow Leverage Ratio” means, measured as of the trailing twelve (12) month
period, the ratio of (a) Total Funded Debt to (b) EBITDA less Capital Expenditures
less Capitalized Software Development Costs.

          “Change in Control” means, with respect to any Person, an event or series of events by
which there is a change of more than thirty five percent (35%) in the direct or indirect capital
ownership of such Person as such existed on the Closing Date. Notwithstanding the foregoing, the
Borrower’s redemption of the Class B Shares shall not constitute a Change in Control.

          “Class B Shares” means shares of Borrower’s Class B Common Stock.

          “Class B Trustee” means The Bank of New York in its capacity as Trustee for the
holders of the Class B Shares pursuant to an Amended and Restated Deed of Appointment dated
November 8, 2004.

          “Closing Date” means the date of this Agreement or such later Business Day upon which
each condition described in Section 5.01 shall be satisfied or waived in all respects in a manner
acceptable to the Lender, in its sole discretion.

          “Code” means the Internal Revenue Code of 1986, and the rules and regulations
thereunder, each as amended or supplemented from time to time.

          “Collateral” means the collateral pledged by Borrower pursuant to the Stock Pledge
Agreement, or any other stock pledge agreement to be delivered to the Lender pursuant to Section
8.10, to secure the Obligations.

4

 

          “Collateral Documents” means the Stock Pledge Agreement and all other agreements,
documents and instruments now or hereafter executed and delivered in connection with this
Agreement pursuant to which Liens are granted or purported to be granted to the Lender in
Collateral, and all financing statements, filings and registrations related thereto.

          “Commitment” means the obligation of the Lender to make Loans to the Borrower
hereunder in an aggregate principal or face amount at any time outstanding not to exceed
$25,000,000, as the same may be reduced or modified at any time or from time to time pursuant to
the terms hereof.

          “Consolidated” means, when used with reference to financial statements or financial
statement items of the Borrower and its Subsidiaries, such statements or items on a consolidated
basis in accordance with applicable principles of consolidation under GAAP.

          “Consolidating” means, when used with reference to financial statements or financial
statement items of the Borrower and its Subsidiaries, such statements or items on a consolidating
basis in accordance with applicable principles of consolidation under GAAP.

          “Contingent Obligation” means, with respect to the Borrower and its Subsidiaries,
without duplication, any obligation, contingent or otherwise, of any such Person pursuant to which
such Person has directly or indirectly guaranteed any Debt or other obligation of any other Person
and, without limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of any such Person (a) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership
arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to
take-or-pay, or to maintain financial statement condition or otherwise) or (b) entered into for the
purpose of assuring in any other manner the obligee of such Debt or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part);
provided, that the term Contingent Obligation shall not include endorsements for collection
or deposit in the ordinary course of business.

          “Control” has the meaning specified in the definition of “Affiliate”.

          “Credit Party” means each of Borrower and its Domestic Subsidiaries.

          “Debt” means, with respect to the Borrower and its Subsidiaries at any date and
without duplication, the sum of the following calculated whether or not included as indebtedness or
liabilities in accordance with GAAP: (a) all liabilities, obligations and indebtedness for
borrowed money, including but not limited to, obligations evidenced by bonds, debentures, notes or
other similar instruments of any such Person, (b) all obligations to pay the deferred purchase
price of property or services of any such Person, (c) all obligations of any such Person as lessee
under Capital Leases, (d) all debt of any other Person secured by a Lien on any asset of any such
Person, (e) all Contingent Obligations of any such Person, (f) all obligations, contingent or
otherwise, of any such Person relative to the face amount of letters of credit, whether or not

5

 

drawn, including without limitation any reimbursement obligation, and banker’s acceptances issued
for the account of any such Person, (g) net obligations incurred by any such Person pursuant to
Swap Contracts, and (h) all Synthetic Lease Obligations. For all purposes hereof, the Debt of the
Borrower and its
Subsidiaries shall include the Debt of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Borrower or
Subsidiary is a general partner or a joint venturer, unless such Debt is expressly made
non-recourse. The amount of any net obligation under any Swap Contract on any date shall be Swap
Termination Value thereof as of such date. Notwithstanding the foregoing, “Debt” shall not include
trade accounts payable in the ordinary course of business.

          “Debtor Relief Law” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

          “Default” means any of the events specified in Section 11.01 which with the passage of
time, the giving of notice or any other condition, would constitute an Event of Default.

          “Default Rate” means the rate of interest from time to time in effect pursuant to
Section 4.01(e).

          “Disposition” or “Dispose” means the sale, transfer, exclusive license, lease
or other disposition (including any sale and leaseback transaction) of any property by any Person,
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes
or accounts receivable or any rights and claims associated therewith.

          “Disputes” shall have the meaning assigned thereto in Section 12.07.

          “Dollars” or “$” means, unless otherwise qualified, dollars in lawful currency of the
United States.

          “Domestic Subsidiary” means any direct or indirect Subsidiary of Borrower that is
organized under the laws of the United States of America or any state thereof or the District of
Columbia, whenever formed or acquired.

          “EBITDA” means net income, excluding income or loss from discontinued operations and
extraordinary items, plus income taxes, plus interest expense, plus
depreciation, depletion and amortization to the extent those items have been deducted from net
income in accordance with GAAP.

          “Employee Benefit Plan” means any employee benefit plan within the meaning of Section
3(3) of ERISA which (a) is maintained for employees of the Borrower or any ERISA Affiliate or

6

 

(b)
has at any time within the preceding six years been maintained for the employees of the Borrower or
any current or former ERISA Affiliate.

          “Environmental Laws” means any and all federal, state and local laws, statutes,
ordinances, rules, regulations, permits, licenses, approvals, interpretations and orders of courts
or
Governmental Authorities, relating to the protection of human health or the environment,
including, but not limited to, requirements pertaining to the manufacture, processing,
distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing,
permitting, investigation or remediation of Hazardous Materials.

          “ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and
regulations thereunder, each as amended or modified from time to time.

          “ERISA Affiliate” means any Person who together with the Borrower is treated as a
single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section
4001(b) of ERISA.

          “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA
during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by Borrower or any ERISA Affiliate from a Multiemployer
Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of
intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or
4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or
Multiemployer Plan; (e) an event or condition which might reasonably be expected to constitute
grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under
Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA,
upon Borrower or any ERISA Affiliate.

          “Event of Default” means any of the events specified in Section 11.01, provided that
any requirement for passage of time, giving of notice, or any other condition, has been satisfied.

          “FDIC” means the Federal Deposit Insurance Corporation, or any successor thereto.

          “Firebird Guaranty” means that certain Guaranty Agreement dated as of June 18, 2001
among the Borrower, Firebird, LLC, and Bank of America, N.A.

          “Fiscal Year” means the fiscal year of the Borrower and its Subsidiaries ending on
December 31.

7

 

          “Fixed Assets” mean, as to the Borrower or any Subsidiary, the equipment, buildings
and real estate of such Person, and any other asset that is reflected as a fixed asset in the
balance sheet of such Person.

          “Foreign Subsidiary” means any direct or indirect Subsidiary of Borrower that is
organized under the laws of any nation, state or jurisdiction other than the United States of
America or any state thereof or the District of Columbia, whenever formed or acquired.

          “FRB” means the Board of Governors of the Federal Reserve System, United States
Department of the Treasury.

          “GAAP” means generally accepted accounting principles, as recognized by the American
Institute of Certified Public Accountants and the Financial Accounting Standards Board,
consistently applied and maintained on a consistent basis for the Borrower and its Subsidiaries
throughout the period indicated and consistent with the prior financial practice of the Borrower
and its Subsidiaries, allowing for any changes required by the American Institute of Certified
Public Accountants and the Financial Accounting Standards Board to remain in compliance with GAAP.

          “Governmental Approvals” means all authorizations, consents, approvals, licenses and
exemptions of, registrations and filings with, and reports to, all Governmental Authorities.

          “Governmental Authority” means any nation, province, state or political subdivision
thereof, and any government or any Person exercising executive, legislative, regulatory or
administrative functions of or pertaining to government, and any corporation or other entity owned
or controlled, through stock or capital ownership or otherwise, by any of the foregoing.

          “Guarantee Facility Agreement” shall have the meaning assigned thereto in Section
5.02(a)(v).

          “Guaranty” means the Guaranty Agreement made by the Domestic Subsidiaries in favor of
Lender, in form and substance satisfactory to Lender.

          “Hazardous Materials” means any substances or materials (a) which are or become
defined as hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or
mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive,
corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to
human health or the environment and are or become regulated by any Governmental Authority, (c) the
presence of which require investigation or remediation under any Environmental Law or common law,
(d) the discharge or emission or release of which requires a permit or license under any
Environmental Law or other Governmental Approval, (e) which are deemed to constitute a nuisance, a
trespass or pose a health or safety hazard to persons or neighboring properties, (f) which are
materials consisting of underground or aboveground storage tanks, whether empty, filled or
partially filled with any substance, or (g) which contain, without

8

 

limitation, asbestos,
polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum
derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.

          “Indemnified Liabilities” shall have the meaning assigned thereto in Section 12.03.

          “Indemnitees” shall have the meaning assigned thereto in Section 12.03.

          “Interest Period” shall have the meaning assigned thereto in Section 4.01(c).

          “Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution to, guaranty or
assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of assets of another Person that constitute a business unit. For purposes of covenant compliance
as it pertains to this Agreement, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment.

          “Lender” means Wachovia Bank, National Association, a national banking association,
and its successors and assigns.

          “Lender’s Office” means the office of the Lender specified in or determined in
accordance with the provisions of Section 12.01.

          “Lending Office” means the office of the Lender maintaining the Loans.

          “LIBOR Market Index Loan” means any Loan bearing interest at a rate based upon the
LIBOR Market Index Rate as provided in Section 4.01(a).

          “LIBOR Market Index Rate” means for any day, the rate for 1-month U.S. dollar deposits
as reported on Telerate page 3750 of the Telerate Service as of 11:00 a.m., London time, on such
day, or if such day is not a Business Day, then the immediately preceding Business Day (or if not
so reported, then as determined by the Lender from another recognized source or interbank
quotation), as such rate shall be adjusted for reserves by dividing that rate by 1.00 minus the
LIBOR Reserve.

          “LIBOR Rate” is the rate (rounded to the next higher 1/100 of 1%) for U.S. dollar
deposits of that many months maturity as reported on Telerate page 3750 as of 11:00 a.m., London
time, on the second Business Day before the relevant Interest Period begins (or if not so reported,
then as determined by Bank from another recognized source of interbank quotation), adjusted for
reserves by dividing that rate by 1.00 minus the LIBOR Reserve.

9

 

          “LIBOR Rate Loan” means any Loan bearing interest at a rate based upon the LIBOR Rate
as provided in Section 4.01(a).

          “LIBOR Reserve” is the maximum percentage reserve requirement (rounded to the next
higher 1/100 of 1% and expressed as a decimal) in effect for any day during the Interest Period
under the Federal Reserve Board’s Regulation D for Eurocurrency Liabilities as defined therein.

          “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset. For the purposes of this Agreement,
a Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject
to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease or other
title retention agreement relating to such asset.

          “Loan” means any revolving loan made to the Borrower pursuant to Section 2.01, and all
such Loans collectively as the context requires.

          “Loan Documents” means, collectively, this Agreement, the Note, the Stock Pledge
Agreement and the other Collateral Documents, the Guaranty and each other document, instrument and
agreement executed and delivered by the Borrower, or its Subsidiaries in connection with this
Agreement or otherwise referred to herein or contemplated hereby, all as may be amended, restated
or otherwise modified.

          “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual and contingent),
financial condition or business prospects of Borrower or Borrower and its Subsidiaries taken as a
whole or the Collateral; (b) a material impairment of the ability of the Credit Parties taken as a
whole to perform the obligations of any such Credit Party under any Loan Document to which any such
Credit Party is a party; or (c) a material adverse effect upon the legality, validity, binding
effect or enforceability against any Credit Party of any Loan Document to which it is a party.

          “Material Contract” means (a) any written contract or other written agreement of the
Borrower or any of its Subsidiaries involving monetary liability of or to any such Person in an
amount in excess of $500,000 per annum, or (b) any other written contract or written agreement of
the Borrower or any of its Subsidiaries, the failure to comply with which could reasonably be
expected to have a Material Adverse Effect.

          “Maximum Revolver Amount” means $25,000,000.

          “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of
ERISA to which the Borrower or any ERISA Affiliate is making, or is accruing an obligation to make,
contributions within the preceding six years.

          “Note” means the Revolving Credit Note made by the Borrower payable to the order of
the Lender, substantially in the form of Exhibit A hereto, evidencing the Revolving Credit

10

 

Facility, and any amendments and modifications thereto, any substitutes therefore, and any
replacements, restatements, renewals or extension thereof, in whole or in part.

          “Notice of Borrowing” shall have the meaning assigned thereto in Section 2.02(a).

          “Notice of Conversion/Continuation” shall have the meaning assigned thereto in Section
4.02.

          “Obligations” means, with respect to any Credit Party, in each case, whether now in
existence or hereafter arising: (a) the principal of and interest on (including interest accruing
after the filing of any proceeding under any Debtor Relief Law) the Loans, (b) all payment and
other obligations owing by the Borrower to the Lender or any Affiliate of the Lender under any Swap
Contract, (c) all overdrafts and related charges on deposit accounts maintained by such Person or
any Subsidiary thereof with the Lender, and (d) all other commissions and fees (including
attorney’s fees), charges (including fees and charges arising after the filing of any proceeding
under any Debtor Relief Law), indebtedness, loans, liabilities, financial accommodations,
obligations, covenants and duties owing by any Credit Party to the Lender, of every kind, nature
and description, direct or indirect, absolute or contingent, due or to become due, contractual or
tortious, liquidated or unliquidated, and whether or not evidenced by any note, and whether or not
for the payment of money under or in respect of this Agreement, the Note, the Guaranty or any of
the other Loan Documents.

          “Officer’s Compliance Certificate” shall have the meaning assigned thereto in Section
7.02.

          “Organizational Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation and limited liability company agreement or operating
agreement; and (c) with respect to any partnership, joint venture, trust or other form of business
entity, the partnership, joint venture or other applicable agreement of formation and any
agreement, instrument, filing or notice with respect thereto filed in connection with its formation
or organization with the applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or organization of such
entity.

          “Other Taxes” shall have the meaning assigned thereto in Section 4.09(b).

          “PBGC” means the Pension Benefit Guaranty Corporation or any successor agency.

          “Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which
is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is
maintained for employees of the Borrower or any ERISA Affiliates or (b) has at any time

11

 

within the
preceding six years been maintained for the employees of the Borrower or any of their current or
former ERISA Affiliates.

          “Permitted Acquisition” means (a) any Acquisition with respect to which all of the
following conditions are satisfied: (i) each business acquired shall be in substantially the same
line of business as the business conducted by the Borrower or its Subsidiaries on the Closing Date
or in lines of business reasonably related thereto, (ii) any Capital Stock given as consideration
in connection therewith shall be Capital Stock of the Borrower, (iii) in the case of an Acquisition
involving the acquisition of control of Capital Stock of any Person, immediately after giving
effect to such Acquisition such Person (or the surviving Person, if the Acquisition is effected
through a merger or consolidation) shall be the Borrower or a Wholly-Owned Subsidiary, (iv) the
board of directors or equivalent governing body of the Person whose Capital Stock or business is
acquired shall have approved such Acquisition, if required by applicable law (but provided in any
event that such acquisition shall not be “hostile”), and (v) all of the conditions and requirements
of Section 8.12 applicable to such Acquisition are satisfied; or (b) any other Acquisition to which
the Lender
shall have given its prior written consent (which consent may be in its sole but reasonable
discretion and may be given subject to such additional terms and conditions as the Lender shall
establish).

          “Permitted Liens” means Liens permitted under Section 10.01 hereof.

          “Person” means an individual, corporation, partnership, association, trust, business
trust, joint venture, joint stock company, pool, syndicate, sole proprietorship, unincorporated
organization, Governmental Authority or any other form of entity or group thereof.

          “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by Borrower or, with respect to any such plan that is subject to Section 412 of
the Code or Title IV of ERISA, any ERISA Affiliate.

          “Prime Rate” means that rate announced by Lender from time to time as its prime rate
and is one of several interest rate bases used by Lender. Lender lends at rates both above and
below Lender’s Prime Rate, and Borrower acknowledges that Lender’s Prime Rate is not represented or
intended to be the lowest or most favorable rate of interest offered by Lender.

          “Reimbursement Agreement” means that certain Reimbursement Agreement dated as of June
18, 2001 by and between the Borrower and Bank of America, N.A.

          “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

          “Responsible Officer” means the chief executive officer, president, chief financial
officer, corporate controller, manager or sole member of a Credit Party. Any document delivered
hereunder that is signed by a Responsible Officer of a Credit Party shall be conclusively presumed
to have been authorized by all necessary corporate, partnership and/or other action on

12

 

the part of
such Credit Party and such Responsible Officer shall be conclusively presumed to have acted on
behalf of such Credit Party.

          “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other equity interest of
Borrower or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such capital stock or other equity interest or of
any option, warrant or other right to acquire any such capital stock or other equity interest.

          “Revolving Credit Facility” means the revolving credit facility established pursuant
to Article 2 hereof.

          “Solvent” means, as to the Borrower and its Subsidiaries on a particular date, that
any such Person (a) has capital sufficient to carry on its business and transactions and all
business and transactions in which it is about to engage and is able to pay its debts as they
mature, (b) owns
property having a value, both at fair valuation and at present fair saleable value, greater
than the amount required to pay its probable liabilities (including contingencies), and (c) does
not believe that it will incur debts or liabilities beyond its ability to pay such debts or
liabilities as they mature.

          “Stock Pledge Agreement” means that certain Stock Pledge Agreement dated as of the
date hereof by and between the Borrower and the Lender pursuant to which the Borrower pledges 65%
of its stock ownership in IntercontinentalExchange International, Inc. to Lender to secure the
Obligations.

          “Subordinated Debt” means the collective reference to Debt on Schedule 6.24
hereof designated as Subordinated Debt and any other Debt of the Borrower or any Subsidiary
subordinated in right and time of payment to the Obligations on terms satisfactory to the Lender.

          “Subsidiary” means as to any Person, any corporation, partnership or other entity of
which more than fifty percent (50%) of the outstanding capital stock or other ownership interests
having ordinary voting power to elect a majority of the board of directors or other managers of
such corporation, partnership or other entity is at the time, directly or indirectly, owned by or
the management is otherwise controlled by such Person (irrespective of whether, at the time,
capital stock of any other class or classes of such corporation shall have or might have voting
power by reason of the happening of any contingency). Unless otherwise qualified, references to
“Subsidiary” or “Subsidiaries” herein shall refer to those of the Borrower.

          “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor

13

 

transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

          “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include
Lender or any Affiliate of Lender).

          “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment).

          “Tangible Net Worth” means total assets less intangible assets less
total liabilities. For purposes of this computation, the aggregate amount of any intangible assets
of Borrower or any Subsidiary including, without limitation, goodwill, franchises, licenses,
patents, trademarks, trade names, copyrights, service marks, brand names, and loans to Affiliates,
shareholders or employees, shall be subtracted from total assets, and total liabilities shall
include Debt fully subordinated to Lender on terms and conditions acceptable to Lender.

          “Target” shall have the meaning assigned thereto in Section 8.12(b)(i).

          “Taxes” shall have the meaning assigned thereto in Section 4.09(a).

          “Termination Date” means the earliest of the dates referred to in Section 2.06.

          “Termination Event” means: (a) a Reportable Event, or (b) the withdrawal of the
Borrower or any ERISA Affiliate from a Pension Plan during a plan year in which it was a
“substantial employer” as defined in Section 4001(a)(2) of ERISA, or (c) the termination of a
Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a
Pension Plan amendment as a termination under Section 4041 of ERISA, or (d) the institution of
proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the

14

 

PBGC, or (e) any other event or condition which would constitute grounds under Section 4042(a) of
ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or
(f) the partial or complete withdrawal of the Borrower or any ERISA Affiliate from a Multiemployer
Plan, or (g) the imposition of a Lien pursuant to Section 412 of the Code or Section 302 of ERISA,
or (h) any event or condition which results in the reorganization or insolvency of a Multiemployer
Plan under Sections 4241 or 4245 of ERISA, or (i) any event or condition which results in the
termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of
proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA.

          “Total Funded Debt” means, as applied to any Person, the sum of all indebtedness for
borrowed money (including, without limitation, capital lease obligations, Subordinated Debt
(including debt subordinated to the Lender), and unreimbursed drawings under letters of credit),
Synthetic Lease Obligations, or any other monetary obligation evidenced by a note, bond, debenture
or other agreement or similar instrument of such Person.

          “UCC” means the Uniform Commercial Code as in effect in the applicable state.

          “Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets,
determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section
412 of the Code for the applicable plan year.

          “United States” means the United States of America.

          “Unused Line Fee” shall have the meaning assigned thereto in Section 4.03.

          “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act of 2001.

          “Wholly-Owned” means, with respect to a Subsidiary, a Subsidiary all of the shares of
capital stock or other ownership interests of which are, directly or indirectly, owned and
controlled by the Borrower.

          SECTION 1.02 General. Unless otherwise specified, a reference in this Agreement to a
particular section, subsection, Schedule or Exhibit is a reference to that section, subsection,
Schedule or Exhibit of this Agreement. Wherever from the context it appears appropriate, each term
stated in either the singular or plural shall include the singular and plural, and pronouns stated
in the masculine, feminine or neuter gender shall include the masculine, the feminine and the
neuter. Any reference herein to “Atlanta time” shall refer to the applicable time of day in
Atlanta, Georgia.

          SECTION 1.03 Other Definitions and Provisions.

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          (a) Use of Capitalized Terms. Unless otherwise defined therein, all capitalized terms
defined in this Agreement shall have the defined meanings when used in this Agreement, the Note and
the other Loan Documents or any certificate, report or other document made or delivered pursuant to
this Agreement.

          (b) Miscellaneous. The words “hereof”, “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement.

          (c) In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including;” the words “to” and “until”
each mean “to but excluding;” and the word “through” means “to and
including.”

          (d) Accounting Terms.

     (i) All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other
financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to
time, applied in a manner consistent with that used in preparing the Audited Financial
Statements, except as otherwise specifically prescribed herein.

     (ii) If at any time any change in GAAP would affect the computation of any financial
ratio or requirement set forth in any Loan Document, and either Borrower or Lender shall so
request, Lender and Borrower shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in GAAP;
provided that, until so amended, (i) such ratio or requirement shall
continue to be computed in accordance with GAAP prior to such change therein and (ii)
Borrower shall provide to Lender financial statements and other documents required under
this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change
in GAAP.

          (e) Rounding. Any financial ratios required to be maintained by Borrower pursuant to
this Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

          (f) References to Agreements and Applicable Laws. Unless otherwise expressly provided
herein, (i) references to Loan Documents, Organizational Documents, other agreements and other
contractual instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent that

16

 

such
amendments, restatements, extensions, supplements and other modifications are not prohibited by any
Loan Document; and (ii) references to any Applicable Law shall include all statutory and regulatory
provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.

ARTICLE 2

REVOLVING CREDIT FACILITY

          SECTION 2.01 Loans. Subject to the terms and conditions of this Agreement, Lender
agrees to make Loans to the Borrower from time to time from the Closing Date through the
Termination Date as requested by the Borrower in accordance with the terms of Section 2.02;
provided, that the aggregate principal amount of all outstanding Loans (after giving effect
to any amount requested) shall not exceed the Commitment. Subject to the terms and conditions
hereof, the Borrower may borrow, repay and reborrow Loans hereunder until the Termination Date.

          SECTION 2.02 Procedure for Advances of Loans.

          (a) Requests for Borrowing. The Borrower shall give the Lender irrevocable prior
written notice in the form attached hereto as Exhibit B (a “Notice of Borrowing”)
not later than 11:00 a.m. (Atlanta time) (i) on the same Business Day as each LIBOR Market Index
Loan, and (ii) at least two (2) Business Days before each LIBOR Rate Loan, of its intention to
borrow, specifying (A) the date of such borrowing, which shall be a Business Day, (B) the amount of
such borrowing, which shall be (x) with respect to LIBOR Market Index Loans in an aggregate
principal amount of $100,000 or a whole multiple of $1,000 in excess thereof, and (y) with respect
to LIBOR Rate Loans in an aggregate principal amount of $1,000,000 or a whole multiple of $100,000
in excess thereof, (C) whether the Loans are to be LIBOR Rate Loans or LIBOR Market Index Loans,
and (D) in the case of a LIBOR Rate Loan, the duration of the Interest Period applicable thereto.
Notices received after 11:00 a.m. (Atlanta time) shall be deemed received on the next Business Day.

          (b) Disbursement of Loans. Not later than 2:00 p.m. (Atlanta time) on the proposed
borrowing date, Lender will make available to the Borrower the proceeds of the Loan. The Borrower
hereby irrevocably authorizes the Lender to disburse the proceeds of each borrowing requested
pursuant to this Section 2.02 in immediately available funds by crediting or wiring such proceeds
to the deposit account of the Borrower identified in the applicable Notice of Borrowing delivered
by the Borrower to the Lender or may be otherwise agreed upon by the Borrower and the Lender from
time to time.

          SECTION 2.03 Repayment of Loans.

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          (a) Repayment on Termination Date. The Borrower shall repay the outstanding principal
amount of all Loans in full, together with all accrued but unpaid interest thereon, on the
Termination Date.

          (b) Mandatory Repayment of Excess Loans. If at any time the outstanding principal
amount of all Loans exceeds the Commitment, the Borrower shall repay immediately upon notice from
the Lender, by payment of the Loans in an amount equal to such excess. Each such repayment shall
be accompanied by any amount required to be paid pursuant to Section 4.07 hereof.

          (c) Optional Repayments. The Borrower may at any time and from time to time repay the
Loans, in whole or in part, upon at least two (2) Business Days’ irrevocable notice to the Lender
with respect to LIBOR Rate Loans and one (1) Business Day irrevocable notice with respect to LIBOR
Market Index Loans, specifying the date and amount of repayment and whether the repayment is of
LIBOR Rate Loans, LIBOR Market Index Loans, or a combination thereof, and, if of a combination
thereof, the amount allocable to each. If any such notice is given, the amount specified in such
notice shall be due and payable on the date set forth in such notice. Partial repayments shall be
in an aggregate amount of $100,000 or a whole multiple of $1,000 in
excess thereof with respect to LIBOR Market Index Loans and $1,000,000 or a whole multiple of
$100,000 in excess thereof with respect to LIBOR Rate Loans. Each such repayment shall be
accompanied by any amount required to be paid pursuant to Section 4.07 hereof.

          (d) Limitation on Repayment of LIBOR Rate Loans. The Borrower may not repay any LIBOR
Rate Loan on any day other than on the last day of the Interest Period applicable thereto unless
such repayment is accompanied by any amount required to be paid pursuant to Section 4.07 hereof.

          (e) Lender’s Sweep Product. Notwithstanding the terms of Section 2.02 and Section
2.03, when Borrower has moved its primary deposit accounts to Lender and if Borrower, in its sole
discretion, exercises its option to use Lender’s sweep product, the terms of the Wachovia Sweep
Plus Loan & Investment Service Agreement shall control the manner in which funds are transferred
between the applicable demand deposit account and the Revolving Credit Facility for credit or debit
to the Revolving Credit Facility. In such event, borrowings shall be limited to LIBOR Market Index
Loans only.

          SECTION 2.04 Revolving Credit Note. The Loans and the obligation of the Borrower to
repay such Loans shall be evidenced by a Note executed by the Borrower payable to the order of the
Lender representing the Borrower’s obligation to pay the Lender’s Commitment or, if less, the
aggregate unpaid principal amount of all Loans made and to be made by the Lender to the Borrower
hereunder, plus interest and all other fees, charges and other amounts due thereon. The
Note shall be dated the date hereof and shall bear interest on the unpaid principal amount thereof
at the applicable interest rate per annum specified in Section 4.01.

          SECTION 2.05 Permanent Reduction of the Commitment.

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          (a) The Borrower shall have the right at any time after January 1, 2005, and from time to time
thereafter, upon at least five (5) Business Days prior written notice to the Lender, to permanently
reduce, in whole at any time or in part from time to time, without premium or penalty, the
Commitment in an aggregate principal amount not less than $5,000,000 or any whole multiple of
$1,000,000 in excess thereof.

          (b) Each permanent reduction permitted or required pursuant to this Section 2.05 shall be
accompanied by a payment of principal sufficient to reduce the aggregate outstanding Loans of the
Lender after such reduction to the Commitment as so reduced. Any reduction of the Commitment to
zero shall be accompanied by payment of all outstanding Obligations and, if such reduction is
permanent, termination of the Commitment and Revolving Credit Facility. If the reduction of the
Commitment requires the repayment of any LIBOR Rate Loan, such reduction may be made only on the
last day of the then current Interest Period applicable thereto unless such repayment is
accompanied by any amount required to be paid pursuant to Section 4.07 hereof.

          SECTION 2.06 Termination of Revolving Credit Facility. The Revolving Credit Facility
shall terminate on the earliest of (a) November 17, 2006, (b) the date of termination of the entire
Commitment by the Borrower pursuant to Section 2.05(a), and (c) the date of termination by the
Lender pursuant to Section 11.02(a).

          SECTION 2.07 Use of Proceeds. The Borrower shall use the proceeds of the Loans (a) to
redeem any or all of the Borrower’s Class B Shares, and (b) for working capital and general
corporate requirements of the Borrower and its Subsidiaries.

ARTICLE 3 [Intentionally Omitted]

ARTICLE 4

GENERAL LOAN PROVISIONS

          SECTION 4.01 Interest.

          (a) Interest Rate Options. Subject to the provisions of this Section, at the election
of the Borrower, the aggregate principal balance of the Note or any portion thereof shall bear
interest at the LIBOR Market Index Rate or the LIBOR Rate plus, in each case, the
Applicable Margin; provided that the LIBOR Rate shall not be available until two (2)
Business Days after the Closing Date. The Borrower shall select the rate of interest and Interest
Period, if any, applicable to any Loan at the time a Notice of Borrowing is given pursuant to
Section 2.02 or at the time a Notice of Conversion/Continuation is given pursuant to Section 4.02.
Each Loan or

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portion thereof bearing interest based on the LIBOR Market Index Rate shall be a
“LIBOR Market Index Loan” and each Loan or portion thereof bearing interest based on the LIBOR Rate
shall be a “LIBOR Rate Loan”. Any Loan or any portion thereof as to which the Borrower has not
duly specified an interest rate as provided herein shall be deemed a LIBOR Market Index Loan.

          (b) Intentionally Omitted.

          (c) Interest Periods. In connection with each LIBOR Rate Loan, the Borrower, by
giving notice at the times described in Section 4.01(a), shall elect an interest period (each, an
“Interest Period”) to be applicable to such Loan, which Interest Period shall be a period
of one (1), three (3), or six (6) months with respect to each LIBOR Rate Loan; provided
that:

     (i) the Interest Period shall commence on the date of advance of or conversion to any
LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each
successive Interest Period shall commence on the date on which the next preceding
Interest Period expires;

     (ii) if any Interest Period would otherwise expire on a day that is not a Business Day,
such Interest Period shall expire on the next succeeding Business Day; provided,
that if any Interest Period with respect to a LIBOR Rate Loan would otherwise expire on a
day that is not a Business Day but is a day of the month after which no further Business Day
occurs in such month, such Interest Period shall expire on the next preceding Business Day;

     (iii) any Interest Period with respect to a LIBOR Rate Loan that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the
last Business Day of the relevant calendar month at the end of such Interest Period;

     (iv) no Interest Period shall extend beyond the Termination Date; and

     (v) there shall be no more than three (3) Interest Periods outstanding at any time.

          (d) Intentionally Omitted.

          (e) Default Rate. Upon the occurrence and during the continuance of an Event of
Default, (i) the Borrower shall no longer have the option to request LIBOR Rate Loans, (ii) all
outstanding LIBOR Rate Loans shall bear interest at a rate per annum two percent (2%) in excess of
the rate then applicable to LIBOR Rate Loans, as applicable, until the end of the applicable
Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate then
applicable to LIBOR Market Index Loans, and (iii) all outstanding LIBOR Market Index Loans shall
bear interest at a rate per annum equal to two percent (2%) in excess of the rate then

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applicable
to LIBOR Market Index Loans. Interest shall continue to accrue on the Note after the filing by or
against the Borrower of any petition seeking any relief in bankruptcy or under any act or law
pertaining to insolvency or debtor relief, whether state, federal or foreign.

          (f) Interest Payment and Computation. Interest on each LIBOR Market Index Loan shall
be payable in arrears on the first Business Day of each calendar month commencing December 1, 2004;
interest on each LIBOR Rate Loan shall be payable on the last day of each Interest Period
applicable thereto, and if such Interest Period extends over three (3) months, at the end of each
three (3) month interval during such Interest Period. All interest rates, fees and commissions
provided hereunder shall be computed on the basis of a 360-day year and assessed for the actual
number of days elapsed. When the Borrower establishes its principal operating account with Lender,
Borrower shall irrevocably authorize and direct the Lender to electronically withdraw from such
principal operating account the sums required to pay each outstanding interest payment on the due
date thereof and shall execute any necessary documents related thereto. Lender shall make
reasonable efforts to send Borrower written confirmation of the
amount to be withdrawn and the basis for the computation of such amount two (2) Business Days
prior to such withdrawal, by first class mail, facsimile or other mutually acceptable means.

          (g) Maximum Rate. In no contingency or event whatsoever shall the aggregate of all
amounts deemed interest hereunder or under the Note charged or collected pursuant to the terms of
this Agreement or pursuant to the Note exceed the highest rate permissible under any Applicable Law
which a court of competent jurisdiction shall, in a final determination, deem applicable hereto.
In the event that such a court determines that the Lender has charged or received interest
hereunder in excess of the highest applicable rate, the rate in effect hereunder shall
automatically be reduced to the maximum rate permitted by Applicable Law and the Lender shall, at
the Lender’s option, promptly refund to the Borrower any interest received by Lender in excess of
the maximum lawful rate or shall apply such excess to the principal balance of the Obligations. It
is the intent hereof that the Borrower not pay or contract to pay, and that the Lender not receive
or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that
which may be paid by the Borrower under Applicable Law.

          SECTION 4.02 Notice and Manner of Conversion or Continuation of Loans. Provided that
no Event of Default has occurred and is then continuing, the Borrower shall have the option to (a)
convert at any time all or any portion of its outstanding LIBOR Market Index Loans in a principal
amount equal to $1,000,000 or any whole multiple of $100,000 in excess thereof into one or more
LIBOR Rate Loans or, (b) upon the expiration of any Interest Period, (i) convert all or any part of
its outstanding LIBOR Rate Loans in a principal amount equal to $100,000 or a whole multiple of
$1,000 in excess thereof into LIBOR Market Index Loans, or (ii) continue such LIBOR Rate Loans as
LIBOR Rate Loans. Whenever the Borrower desires to convert or continue Loans as provided above,
the Borrower shall give the Lender irrevocable prior written notice in the form attached as
Exhibit C (a “Notice of Conversion/ Continuation”) not later than 11:00 a.m.
(Atlanta time) three (3) Business Days before the day on which a proposed conversion or
continuation of such Loan is to be effective specifying (A) the Loans to be converted or

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continued,
and, in the case of any LIBOR Rate Loan to be converted or continued, the last day of the Interest
Period therefore, (B) the effective date of such conversion or continuation (which shall be a
Business Day), (C) the principal amount of such Loans to be converted or continued, and (D) the
Interest Period to be applicable to such converted or continued LIBOR Rate Loan. In the event that
no Notice of Conversion/Continuation is provided with respect to any LIBOR Rate Loan, such Loan
shall be converted into a LIBOR Market Index Loan.

          SECTION 4.03 Unused Line Fee. On the first day of each calendar quarter and on the
Termination Date the Borrower agrees to pay to the Lender an unused line fee (the “Unused Line
Fee”) equal to the sum of the product of (a) the Applicable Margin, multiplied by (b) the
amount by which the Maximum Revolver Amount exceeded the sum of the daily average outstanding
amount of Loans for each day during the immediately preceding calendar quarter or shorter period if
calculated for the first calendar quarter hereafter or on the Termination Date. The Unused Line
Fee shall be computed on the basis of a 360-day year for the actual number of days elapsed. When
the
Borrower establishes its principal operating account with Lender, Borrower shall irrevocably
authorize and direct the Lender to electronically withdraw from such principal operating account
the sums required to pay each outstanding Unused Line Fee payment on the due date thereof and shall
execute any necessary documents related thereto. Lender shall make reasonable efforts to send
Borrower written confirmation of the amount to be withdrawn and the basis for the computation of
such amount two (2) Business Days prior to such withdrawal, by first class mail, facsimile or other
mutually acceptable means.

          SECTION 4.04 Manner of Payment. Each payment by the Borrower on account of the
principal of or interest on the Loans or of any fee, commission or other amounts payable to the
Lender under this Agreement or the Note shall be made not later than 1:00 p.m. (Atlanta time) on
the date specified for payment under this Agreement to the Lender at the Lender’s Office, in
Dollars, in immediately available funds and shall be made without any set-off, counterclaim or
deduction whatsoever. Any payment received after such time but before 2:00 p.m. (Atlanta time) on
such day shall be deemed a payment on such date for the purposes of Section 11.01, but for all
other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment
received after 2:00 p.m. (Atlanta time) shall be deemed to have been made on the next succeeding
Business Day for all purposes. Notwithstanding the foregoing, amounts to be electronically
withdrawn pursuant to Sections 4.01 and 4.03 shall be deemed made not later than the applicable due
date, regardless of the actual date withdrawn, unless the delay in withdrawal is due to
insufficient funds or any other act or omission of the Borrower.

          SECTION 4.05 Crediting of Payments and Proceeds. In the event that the Borrower shall
fail to pay any of the Obligations when due and the Obligations have been accelerated pursuant to
Section 11.02, all payments received by the Lender upon the Note and the other Obligations and all
net proceeds from the enforcement of the Obligations shall be applied first to all expenses then
due and payable by the Borrower hereunder, then to all indemnity obligations then due and payable
by the Borrower hereunder, then to all fees then due and payable

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hereunder, then to all commitment
and other fees and commissions then due and payable hereunder, then to accrued and unpaid interest
on the Note and any termination payments due in respect of a Swap Contract with Lender or any of
its Affiliates, then to the principal amount of the Note, in that order.

          SECTION 4.06 Changed Circumstances.

          (a) Circumstances Affecting LIBOR Rate Availability. If with respect to any Interest
Period the Lender shall determine that, by reason of circumstances affecting the foreign exchange
and interbank markets generally, deposits in United States Dollars, in the applicable amounts are
not being quoted via Telerate Page 3750 or offered to the Lender for such Interest Period, then the
Lender shall forthwith give notice thereof to the Borrower. Thereafter, until the Lender notifies
the Borrower that such circumstances no longer exist, the obligation of the Lender to make LIBOR
Rate Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR
Rate Loan shall be suspended, and the Borrower shall repay in full (or cause to
be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan together
with accrued interest thereon, on the last day of the then current Interest Period applicable to
such LIBOR Rate Loan or convert the then outstanding principal amount of each such LIBOR Rate Loan
to a LIBOR Market Index Loan as of the last day of such Interest Period. Should the Lender not be
able to determine the LIBOR Market Index Rate, such LIBOR Rate Loan shall be converted to a Loan
that bears interest pursuant to the Prime Rate plus the Applicable Margin.

          (b) Laws Affecting LIBOR Rate Availability. If, after the date hereof, the
introduction of, or any change in, any Applicable Law or any change in the interpretation or
administration thereof by any Governmental Authority, central bank or comparable agency charged
with the interpretation or administration thereof, or compliance by the Lender (or any of its
Lending Offices) with any request or directive (whether or not having the force of law) of any such
Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for
the Lender (or any of its Lending Offices) to honor its obligations hereunder to make or maintain
any LIBOR Rate Loan, the Lender shall promptly give notice thereof to the Borrower. Thereafter,
until the Lender notifies the Borrower that such circumstances no longer exist, (i) the obligations
of the Lender to make LIBOR Rate Loans and the right of the Borrower to convert any Loan or
continue any Loan as a LIBOR Rate Loan shall be suspended and thereafter the Borrower may select
only LIBOR Market Index Loans hereunder, and (ii) if the Lender may not lawfully continue to
maintain a LIBOR Rate Loan to the end of the then current Interest Period applicable thereto as a
LIBOR Rate Loan, the applicable LIBOR Rate Loan shall immediately be converted to a LIBOR Market
Index Loan for the remainder of such Interest Period. Should the Lender not be able to maintain
LIBOR Market Index Loans, such LIBOR Rate Loan shall be converted to a Loan that bears interest
pursuant to the Prime Rate plus the Applicable Margin.

          (c) Increased Costs. If, after the date hereof, the introduction of, or any change in,
any Applicable Law, or in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by the Lender (or any of its Lending Offices) with any request or directive

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(whether or not having the force of law) of such Governmental Authority, central bank or comparable
agency:

     (i) shall subject the Lender (or any of its Lending Offices) to any tax, duty or other
charge with respect to the Note or shall change the basis of taxation of payments to the
Lender (or any of its Lending Offices) of the principal of or interest on the Note or any
other amounts due under this Agreement in respect thereof (except for changes in the rate of
tax on the overall net income of the Lender or any of its Lending Offices imposed by the
jurisdiction in which the Lender is organized or is or should be qualified to do business or
such Lending Office is located); or

     (ii) shall impose, modify or deem applicable any reserve (including, without
limitation, any imposed by the Board of Governors of the Federal Reserve System), special
deposit, insurance or capital or similar requirement against assets of, deposits with or for
the account of, or credit extended by the Lender (or any of its Lending Offices) or
shall impose on the Lender (or any of its Lending Offices) or the foreign exchange and
interbank markets any other condition affecting the Note;

and the result of any of the foregoing is to increase the costs to the Lender of maintaining any
LIBOR Rate Loan or to reduce the yield or amount of any sum received or receivable by the Lender
under this Agreement or under the Note in respect of a LIBOR Rate Loan, then the Lender shall
promptly notify the Borrower of such fact and demand compensation therefor and, within fifteen (15)
days after such notice by the Lender, the Borrower shall pay to the Lender such additional amount
or amounts as will compensate the Lender for such increased cost or reduction. The Lender will
promptly notify the Borrower of any event of which it has knowledge which will entitle the Lender
to compensation pursuant to this Section 4.06(c); provided, that the Lender shall incur no
liability whatsoever to the Borrower in the event it fails to do so. The amount of such
compensation shall be determined, in the Lender’s sole discretion, based upon the assumption that
the Lender funded its LIBOR Rate Loans in the London interbank market
and using any reasonable
attribution or averaging methods which the Lender deems appropriate and practical. A certificate
of the Lender setting forth the basis for determining such amount or amounts necessary to
compensate the Lender shall be forwarded to the Borrower and shall be conclusively presumed to be
correct save for manifest error.

          SECTION 4.07 Indemnity. The Borrower hereby indemnifies the Lender against any loss
or expense which may arise or be attributable to the Lender’s obtaining, liquidating or employing
deposits or other funds acquired to effect, fund or maintain any Loan (a) as a consequence of any
failure by the Borrower to make any payment when due of any amount due hereunder in connection with
a LIBOR Rate Loan, (b) due to any failure of the Borrower to borrow on a date specified therefor in
a Notice of Borrowing or Notice of Continuation/Conversion or (c) due to any payment, prepayment or
conversion of any LIBOR Rate Loan on a date other than the last day of the Interest Period
therefor. The amount of such loss or expense shall be determined, in the Lender’s sole discretion,
based upon the assumption that the Lender funded its LIBOR Rate Loans in the London interbank
market and using any

24

 

 reasonable attribution or averaging methods which the Lender deems appropriate
and practical. A certificate of the Lender setting forth the basis for determining such amount or
amounts necessary to compensate the Lender shall be forwarded to the Borrower and shall be
conclusively presumed to be correct save for manifest error.

          SECTION 4.08 Capital Requirements. If either (a) the introduction of, or any change
in, or in the interpretation of, any Applicable Law or (b) compliance with any guideline or request
from any central bank or comparable agency or other Governmental Authority (whether or not having
the force of law), has or would have the effect of reducing the rate of return on the capital of,
or has affected or would affect the amount of capital required to be maintained by, the Lender or
any corporation controlling the Lender as a consequence of, or with reference to the Commitment and
other commitments of this type, below the rate which the Lender or such other corporation could
have achieved but for such introduction, change or compliance, then within five (5) Business Days
after written demand by the Lender, the Borrower shall pay to the Lender from time to time as
specified by the Lender additional amounts sufficient to compensate the Lender or other
corporation for such reduction. A certificate as to such amounts shall be submitted to the
Borrower by the Lender, and shall, in the absence of manifest error, be presumed to be correct and
binding for all purposes.

          SECTION 4.09 Taxes.

          (a) Payments Free and Clear. Any and all payments by the Borrower hereunder or under
the Note shall be made free and clear of and without deduction for any and all present or future
taxes, levies, imposts, deductions, charges or withholding, and all liabilities with respect
thereto excluding, (i) income and franchise taxes imposed by the jurisdiction under the laws of
which the Lender is organized or is or should be qualified to do business or any political
subdivision thereof and (ii) income and franchise taxes imposed by the jurisdiction of the Lender’s
Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts,
deductions, charges, withholdings and liabilities being hereinafter referred to as
“Taxes”). If the Borrower shall be required by law to deduct any Taxes from or in respect
of any sum payable hereunder or under the Note, (A) the sum payable shall be increased as may be
necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section 4.09) the Lender receives an amount equal to the amount
it would have received had no such deductions been made, (B) the Borrower shall make such
deductions, (C) the Borrower shall pay the full amount deducted to the relevant taxing authority or
other authority in accordance with applicable law, and (D) the Borrower shall deliver to the Lender
evidence of such payment to the relevant taxing authority or other authority in the manner provided
in Section 4.09(d).

          (b) Stamp and Other Taxes. In addition, the Borrower shall pay any present or future
stamp, registration, recordation or documentary taxes or any other similar fees or charges or
excise or property taxes, levies of the United States or any state or political subdivision thereof
or any applicable foreign jurisdiction which arise from any payment made hereunder or from the
execution, delivery or registration of, or otherwise with respect to, this Agreement, the Loans,
the

25

 

other Loan Documents, or the perfection of any rights or security interest in respect thereto
(hereinafter referred to as “Other Taxes”).

          (c) Indemnity. The Borrower shall indemnify the Lender for the full amount of Taxes
and Other Taxes (including, without limitation, any Taxes and Other Taxes imposed by any
jurisdiction on amounts payable under this Section 4.09) paid by the Lender and any liability
(including penalties, interest and expenses) arising therefrom or with respect thereto, whether or
not such Taxes or Other Taxes were correctly or legally asserted. Such indemnification shall be
made within thirty (30) days from the date the Lender makes written demand therefor in reasonable
detail.

          (d) Evidence of Payment. Within thirty (30) days after the date of any payment of
Taxes or Other Taxes, the Borrower shall furnish to the Lender upon request by the Lender, at its
address referred to in Section 12.01, the original or a certified copy of a receipt evidencing
payment thereof or other evidence of payment satisfactory to the Lender.

          (e) Survival. Without prejudice to the survival of any other agreement of the Borrower
hereunder, the agreements and obligations of the Borrower contained in this Section 4.09 shall
survive the payment in full of the Obligations and the termination of the Commitment.

ARTICLE 5

CLOSING; CONDITIONS OF CLOSING AND BORROWING

          SECTION 5.01 Conditions to Closing. The obligation of the Lender to close this
Agreement is subject to the satisfaction of each of the following conditions (each in form and
substance satisfactory to the Lender and its legal counsel):

          (a) Executed Loan Documents. The Lender shall have received originals of the
following, each properly executed by a Responsible Officer of the signing Credit Party, each dated
the Closing Date:

(i) this
Agreement;

(ii) the Note;

(iii) the Stock Pledge Agreement, together with an original

certificate evidencing the pledged shares, and the other Collateral Documents;

(iv) the Guaranty; and

(v) the other Loan Documents.

          (b) Filings and Registrations; Lien Searches. The Lender shall have received
authorization from the Borrower, for itself and its Subsidiaries, to file UCC financing statements
in the U.S. to perfect the Lender’s Lien in the shares to be pledged pursuant to the Stock Pledge
Agreement and to reflect of record the negative pledge provided for under this Agreement. Lien

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searches performed for Lender in such recording offices shall reflect no Liens other than Permitted
Liens or Liens that are authorized by the secured party thereunder to be terminated as described in
Section 5.02(f).

          (c) Closing Certificates; Etc.

     (i) Officer’s Certificate of the Borrower. The Lender shall have received a
certificate from the chief executive officer or chief financial officer of the Borrower, in
form and substance satisfactory to the Lender, to the effect that all representations and
warranties of the Borrower contained in this Agreement and the other Loan Documents are
true, correct and complete; that the Borrower is not in violation of any of the covenants
contained in this Agreement and the other Loan Documents; that, after giving effect to the
transactions contemplated by this Agreement, no Default or Event of Default has occurred and
is continuing; and that the Borrower has satisfied each of the closing conditions set forth
in this Section 5.01.

     (ii) Certificate of Secretary or Responsible Officer of each Credit Party. The
Lender shall have received a certificate of the secretary or assistant secretary (or if none
from another Responsible Officer) of each Credit Party certifying that attached thereto is a
true and complete copy of its publicly filed Organizational Documents and all amendments
thereto, certified as of a recent date by the appropriate Governmental Authority in its
jurisdiction of organization; that attached thereto is a true and complete copy of its other
Organization Documents as in effect on the date of such certification; that attached thereto
is a true and complete copy of resolutions duly adopted by the Board of Directors or
governing body of such Credit Party authorizing the borrowings contemplated hereunder and
the execution, delivery and performance of the Loan Documents to which it is a party; and as
to the incumbency and genuineness of the signature of each officer of such Credit Party
executing Loan Documents to which it is a party.

     (iii) Certificates of Good Standing. The Lender shall have received long-form
certificates as of a recent date of the good standing of each Credit Party under the laws of
its jurisdiction of organization and each other jurisdiction where such Credit Party is
qualified to do business.

     (iv) Intentionally Deleted.

     (v) Opinions of Counsel. The Lender shall have received favorable opinions of
counsel to the Credit Parties addressed to the Lender with respect to the Credit Parties,
the Loan Documents and such other matters as the Lender shall request.

          (d) Consents; Defaults.

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     (i) Governmental and Third Party Approvals. All necessary approvals,
authorizations and consents, if any be required, of any Person and of all Governmental
Authorities and courts having jurisdiction with respect to the transactions contemplated by
this Agreement and the other Loan Documents shall have been obtained, except for those
consents and approvals described in Section 5.02 hereof.

     (ii) No Injunction. Etc. No action, proceeding, investigation, regulation or
legislation shall have been instituted, threatened or proposed before any Governmental
Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of,
or which is related to or arises out of this Agreement or the other Loan Documents or the
consummation of the transactions contemplated hereby or thereby, or which, in the Lender’s
discretion, would make it inadvisable to consummate the transactions contemplated by this
Agreement and such other Loan Documents.

     (iii) No Event of Default. No Default or Event of Default shall have occurred
and be continuing.

          (e) Financial Matters.

     (i) Financial Statements. The Lender shall have received (A) the most recent
audited Consolidated financial statements, and unaudited Consolidating and Consolidated
interim financial statements described in Section 6.05(b), of the Borrower and its
Subsidiaries, in form and substance satisfactory to the Lender, and (B) Borrower’s most
recent Type II SAS 70 Review (post 6/02-12/02 period, if available).

     (ii) Intentionally Deleted.

     (iii) Fees, Etc. There shall have been paid by the Borrower to the Lender any
accrued and unpaid fees or commissions due hereunder (including, without limitation, legal
fees and expenses), and to any other Person such amount as may be due thereto in connection
with the transactions contemplated hereby, including all taxes, fees and other charges in
connection with the execution, delivery, recording, filing and registration of any of the
Loan Documents.

          (f) Miscellaneous.

     (i) Proceedings and Documents. All documents, opinions, certificates and other
instruments and all proceedings in connection with the transactions contemplated by this
Agreement shall be satisfactory in form and substance to the Lender.

     (ii) Due Diligence. The Borrower shall have delivered to the Lender such other
documents, certificates and opinions as the Lender reasonably requests, and such documents,
certificates and opinions shall be satisfactory to the Lender, certified by a secretary or
assistant secretary of the Borrower as a true and correct copy thereof.

28

 

     (iii) Insurance. Evidence that all insurance required to be maintained
pursuant to the Loan Documents has been obtained and is in effect and that Lender is named
as loss payee on all property damage insurance, and additional insured on all liability
policies, as its interests may appear.

     (iv) Deposit Accounts. The Borrower shall have opened up a deposit account or
money market account with the Lender satisfying the criteria set forth in Section 8.16, and
a Responsible Officer of the Borrower shall have executed and delivered to the Lender
signature cards for such account(s) and any other documentation required by the Lender to
open the account.

     (v) Closing Date. The Closing Date shall have occurred on or before December
31, 2004.

     (vi) Other Documents. Such other assurances, certificates, documents,
consents, evidence of perfection of all Liens securing the Obligations as Lender reasonably
may require, including without limitation, proof of dismissal with prejudice of the Total
Investments USA litigation.

          SECTION 5.02 Conditions to Initial Loan. The obligation of the Lender to make the
initial Loan is subject to the satisfaction of each of the following conditions (each in form and
substance satisfactory to the Lender and its legal counsel:

          (a) Termination of Existing Obligations and Liens and Liquidation of Cash Deposit.

     (i) Goldman Sachs/Morgan Stanley Credit Agreement. Evidence that the Loan
Agreement dated May 11, 2000 among Borrower, Goldman Sachs Credit Partners L.P. and Morgan
Stanley Capital Group, Inc. has been or concurrently with the Closing Date is being
terminated and all Liens securing obligations thereunder have been or concurrently with the
Closing Date are being released.

     (ii) $24,000,000 Deposit. Evidence that the Twenty Four Million Dollar
($24,000,000) cash deposit securing the Firebird Guaranty has been applied by Bank of
America, N.A. to satisfy in full the Borrower’s obligations under the Reimbursement
Agreement.

     (iii)
Payoff of Class B Shares and Termination of Guaranties. A letter from the Class B Trustee to the Borrower and the
Lender (A) certifying the total amount the Class B Trustee is to receive by a date certain to pay all amounts owing in
connection with its role as trustee for the holders of the Class B Shares and (B) terminating, effective on the receipt of
such funds, the Guarantees delivered by BP International Limited, Atlantic Trading & Marketing Inc., Goldman Sachs Credit
Partners L.P., Morgan Stanley Capital Group Inc., ST Exchange Inc. and Société Géneralé in favor of the Class B Trustee,

29

 

guaranteeing the Borrower’s redemption obligation in respect of the Class B Shares, and releasing said guarantors of all
obligations under such Guarantees.

     (iv) A letter from the Class B Trustee to the Borrower and the Lender, in form satisfactory to the Lender,
confirming the Class B Trustee’s receipt of all amounts described in the payoff letter described in clause (iii) above,
other than the $25 million to be satisfied by the initial Loan to be made hereunder.

          (b) Miscellaneous.

     (i)
Notice of Borrowing. The Lender shall have received a Notice of Borrowing from the Borrower in accordance
with Section 2.02(a), and such Notice shall specify the account of the Class B Trustee to which the proceeds of the initial
Loan are to be disbursed and the account to which the proceeds of any Loans made after the initial Loan are to be disbursed.

     (ii)
Closing Date. The Closing Date shall have occurred.

     (iii)
Conditions to All Loans. The conditions to all Loans set forth in Section 5.03 shall have been satisfied.

     (iv)
Other Documents. Such other assurances, certificates, documents, consents, evidence of perfection of all
Liens securing the Obligations or opinions as Lender reasonably may require.

     (v)
Financial Condition Certificate. The Borrower shall have delivered to the Lender a certificate, in form and
substance satisfactory to the Lender, and certified as accurate by the chief executive officer or chief financial officer of
the Borrower, that (A) the Borrower and each of its Subsidiaries is Solvent, (B) the Borrower’s and each Subsidiary’s
payables are current or not past due in any amount that could reasonably be expected to have a Material Adverse Effect, (C)
attached thereto is a pro forma balance sheet of the
Borrower and its Subsidiaries setting forth on a pro forma basis the
financial condition of the Borrower and its Subsidiaries on a
Consolidated basis as of that date, reflecting on a pro
forma
basis the effect of the transactions contemplated herein, including a reasonable estimate by Borrower of all fees and
expenses in connection therewith, and evidencing compliance on a
pro forma basis with the covenants contained in Article 9
hereof, (D) attached thereto are the financial projections previously delivered to the Lender representing the good faith
opinions of the Borrower and senior management thereof as to the projected results contained therein, and (E) there has been
no event or circumstance since the date of each financial statement described in Section 5.01(e)(i) that has or could
reasonably be expected to have a Material Adverse Effect.

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     SECTION 5.03 Conditions to All Loans. The obligation of the Lender to make any Loan
is subject to the satisfaction of the following conditions precedent on the relevant borrowing
date:

     (a) Continuation of Representations and Warranties. The representations and warranties
contained in Article 6 shall be true and correct on and as of such borrowing date with the same
effect as if made on and as of such date (except to the extent that (i) such representations and
warranties specifically relate to an earlier date, or (ii) such representations and warranties
become untrue by reason of events or conditions otherwise permitted under the Credit Agreement or
the other Loan Documents).

     (b) No Existing Default. No Default or Event of Default shall have occurred and be
continuing hereunder on the borrowing date with respect to such Loan or after giving effect to the
Loans to be made on such date.

     (c) Officer’s Compliance Certificate; Additional Documents. The Lender shall have
received the current Officer’s Compliance Certificate and each additional document, instrument, or
other item of information reasonably requested by it.

     (d) Notice of Borrowing. Lender shall have received a Notice of Borrowing in
accordance with the requirements hereof.

     (e) Other Documents. Lender shall have received, in form and substance satisfactory
to it in its reasonable discretion, such other assurances, certificates, documents or consents
related to the foregoing as Lender reasonably may require.

     (f) No Material Adverse Effect. No event shall have occurred and be continuing or
would result from such Loan that has had or could reasonably be expected to have a Material Adverse
Effect.

ARTICLE 6

REPRESENTATIONS AND WARRANTIES

     To induce the Lender to enter into this Agreement and to make the Loans, the Borrower hereby
represents and warrants to the Lender that:

     SECTION 6.01 Existence, Qualification and Power; Compliance with Laws. The Borrower
and each Subsidiary (a) is duly organized or formed, validly existing and in good standing under
the Applicable Laws of the jurisdiction of its incorporation or organization, (b) has all requisite
power and authority and all requisite governmental licenses, authorizations, consents and approvals
to (i) own its assets and carry on its business and (ii) execute, deliver, and perform its
obligations under the Loan Documents to which it is a party, and (c) is duly qualified

31

 

and is
licensed and in good standing under the Applicable Laws of each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such qualification or
licenses, except in each case referred to in clause (b)(i) or (c), to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect. Schedule 6.01
describes (i) the name of the Borrower and each Subsidiary as shown in its Organizational Documents
of the jurisdiction of its formation, and (ii) the jurisdiction of its formation.

     SECTION 6.02 Authorization; No Contravention. The execution, delivery and performance
by each Credit Party of each Loan Document to which such Person is party have been duly authorized
by all necessary corporate or other organizational action, and do not and will not (a) contravene
the terms of any of such Person’s Organizational Documents; (b) conflict with or result in any
breach or contravention of, or the creation of any Lien under, (i) any contractual obligation to
which such Person is a party or (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject; or (c) violate any
Applicable Law.

     SECTION 6.03 Governmental Authorization. Except for filings to be made by Lender in
order to perfect its security interest under the Collateral Documents, no approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental
Authority or any other Person is necessary or required in connection with the execution, delivery
or performance by, or enforcement against, any Credit Party of this Agreement or any other Loan
Document.

     SECTION 6.04 Binding Effect. This Agreement has been, and each other Loan Document,
when delivered hereunder, will have been, duly executed and delivered by each Credit Party that is
party thereto. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of such Credit Party, enforceable against each
Credit Party that is party thereto in accordance with its terms, subject to applicable bankruptcy,
reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and
subject, as to enforceability, to equitable principles of general application (regardless of
whether enforcement is sought in a proceeding in equity or at law).

     SECTION 6.05 Financial Statements; No Material Adverse Effect.

     (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii)
fairly present, in all material respects, the Consolidated financial condition of Borrower and its
Subsidiaries as of the date thereof and their results of operations for the period covered thereby
in accordance with GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities,
direct or contingent, of Borrower and its Subsidiaries as of the date thereof, including
liabilities for taxes, material commitments and Debt.

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     (b) The unaudited Consolidated and Consolidating financial statements of Borrower and its
Subsidiaries dated October 31, 2004, and the related Consolidated and Consolidating statements of
income or operations, shareholders’ equity and cash flows for the fiscal period ended on that date
(i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein, and (ii) fairly present, in all material
respects, the Consolidated financial condition of Borrower and its Subsidiaries as of the date
thereof and their results of operations for the period covered thereby, subject in the case of
clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.

     (c) Since the date of the Audited Financial Statements, there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

     SECTION 6.06 Litigation. Except as set forth on Schedule 6.06 hereto, there
are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of Borrower
after due and diligent internal investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental
Authority, by or against Borrower or any of its Subsidiaries or against any of their properties or
revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any
of the transactions contemplated hereby, or (b) either individually or in the aggregate, if
determined adversely, could reasonably be expected to have a Material Adverse Effect.

     SECTION 6.07 Absence of Defaults. No event has occurred or is continuing which
constitutes a Default or an Event of Default, or which constitutes, or which with the passage of
time or giving of notice or both would constitute, a default or event of default by the Borrower or
any Subsidiary thereof under any Material Contract or judgment, decree or order to which the
Borrower or its Subsidiaries is a party or by which the Borrower or its Subsidiaries or any of
their respective properties may be bound or which would require the Borrower or its Subsidiaries to
make any payment thereunder prior to the scheduled maturity date therefor.

     SECTION 6.08 Environmental Compliance. There is no violation of any Environmental Laws
by Borrower or its Subsidiaries that could have a Material Adverse Effect, and there are no claims
asserting the breach of any Environmental Laws that, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

     SECTION 6.09 Insurance. The properties of Borrower and its Subsidiaries are insured
with financially sound and reputable insurance companies not Affiliates of Borrower, in such
amounts, after giving effect to any self-insurance compatible with the following standards, with
such deductibles and covering such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where Borrower or the applicable Subsidiary
operates.

     SECTION 6.10 Taxes. Borrower and its Subsidiaries have filed all federal, state and
other material tax returns and reports required to be filed, and have paid all federal, state and

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other material taxes, assessments, fees and other governmental charges levied or imposed upon them
or their properties, income or assets otherwise due and payable, except those which are being
contested in good faith by appropriate proceedings diligently conducted and for which adequate
reserves have been provided in accordance with GAAP. There is no proposed tax assessment against
Borrower or any Subsidiary that would, if made, have a Material Adverse Effect.

     SECTION 6.11 ERISA Compliance.

     (a) Each Plan is in compliance in all material respects with the applicable provisions of
ERISA, the Code and other federal or state Laws. Each Plan that is intended to qualify under
Section 401(a) of the Code has received a favorable determination letter from the IRS or an
application for such a letter is currently being processed by the IRS with respect thereto and, to
the best knowledge of Borrower, nothing has occurred which could prevent, or cause the loss of,
such qualification. Borrower and each ERISA Affiliate have made all required contributions to
each Plan subject to Section 412 of the Code, and no application for a funding waiver or an
extension of any amortization period pursuant to Section 412 of the Code has been made with respect
to any Plan.

     (b) There are no pending or, to the best knowledge of Borrower, threatened claims, actions or
lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably
be expected to have a Material Adverse Effect. There has been no prohibited transaction or
violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could
reasonably be expected to result in a Material Adverse Effect.

     (c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan
has any Unfunded Pension Liability; (iii) neither Borrower nor any ERISA Affiliate has incurred, or
reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan
(other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither Borrower nor
any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has
occurred which, with the giving of notice under Section 4219 of ERISA, would result in such
liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v)
neither Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to
Sections 4069 or 4212(c) of ERISA.

     SECTION 6.12 Investments. As of the Closing Date, Borrower has no equity investments
in any other corporation or entity other than those specifically disclosed on Schedule
6.01.

     SECTION 6.13 Disclosure. Borrower has disclosed to Lender all agreements, instruments
and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all
other matters known to it, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. No report, financial statement, certificate or other
information furnished (whether in writing or orally) by or on behalf of any Credit Party in

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connection with any Loan Document to Lender in connection with the transactions contemplated hereby
and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

     SECTION 6.14 Compliance with Laws. Borrower and each Subsidiary is in compliance in
all material respects with the requirements of all Applicable Laws and all orders, writs,
injunctions and decrees applicable to it or to its properties, except in such instances in which
(i) such requirement of Applicable Law or order, writ, injunction or decree is being contested in
good faith by appropriate proceedings diligently conducted, or (ii) the failure to comply
therewith, either individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect.

     SECTION 6.15 Margin Regulations; Investment Company Act; Public Utility Holding Company
Act.

     (a) Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock. No part of the proceeds of any of the Loans will be used for purchasing or carrying
margin stock or for any purpose which violates, or which would be inconsistent with, the provisions
of Regulation T, U or X of the FRB.

     (b) None of Borrower, any Person in Control of Borrower or any Subsidiary (i) is a “holding
company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding
company” or of a “subsidiary company” of a “holding company,” within the meaning of the Public
Utility Holding Company Act of 1935, or (ii) is or is required to be registered as an “investment
company” under the Investment Company Act of 1940.

     SECTION 6.16 Titles to Properties. The Borrower and each Subsidiary has valid and
legal title to all of its property and assets having a book value in excess of $250,000 and/or that
are material to its business, including without limitation all domain name registrations relating
to its trading platforms, and further including, but not limited to, those properties and assets
reflected on the Consolidated balance sheets of the Borrower and its Subsidiaries delivered
pursuant to Section 6.05, except those which have been disposed of by the Borrower or its
Subsidiaries subsequent to such date which dispositions have been in the ordinary course of
business or as otherwise expressly permitted hereunder.

     SECTION 6.17 Liens. None of the properties and assets of the Borrower or any
Subsidiary thereof is subject to any Lien, except Permitted Liens. No financing statement under
the Uniform Commercial Code of any state which names the Borrower or any Subsidiary thereof or any
of their respective trade names or divisions as debtor and which has not been terminated, has been
filed in any state or other jurisdiction and neither the Borrower nor any Subsidiary

35

 

thereof has
authorized the filing of any such financing statement, except to perfect Permitted Liens.

     SECTION 6.18 Rights in Collateral; Priority of Lender’s Liens. Borrower owns the
property pledged by it as Collateral under the Collateral Documents, free and clear of any and all
Liens in favor of third parties, except Liens in favor of the Lender. Upon the proper filing of
UCC financing statements by Lender, the execution and delivery of the Collateral Documents, the
delivery to Lender of stock certificates and stock powers and similar instruments relating to the
Stock Pledge Agreement, and the filing by Lender of registrations in the United Kingdom with
respect to the Stock Pledge Agreement, the Liens granted pursuant to the Collateral Documents
will constitute valid and enforceable first priority and perfected Liens on the Collateral in
favor of Lender.

     SECTION 6.19 Intellectual Property Matters. Each of the Borrower and its Subsidiaries
owns or possesses rights to use all material franchises, licenses, copyrights, copyright
applications, patents, patent rights or licenses, patent applications, trademarks, trademark
rights, trade names, trade name rights, copyrights and rights with respect to the foregoing which
are required to conduct its business. No event has occurred which permits, or after notice or
lapse of time or both would permit, the revocation or termination of any such rights, and neither
the Borrower nor any Subsidiary thereof is liable to any Person for infringement under Applicable
Law with respect to any such rights as a result of its business operations.

     SECTION 6.20 Material Contracts. Schedule 6.20 sets forth a complete and
accurate list of all Material Contracts of the Borrower and its Subsidiaries in effect as of the
Closing Date; other than as set forth in Schedule 6.20, each such Material Contract is, and
after giving effect to the consummation of the transactions contemplated by the Loan Documents will
be, in full force and effect in accordance with the terms thereof. The Borrower and its
Subsidiaries shall deliver to the Lender, at Lender’s reasonable request, a true and complete copy
of each Material Contract listed on Schedule 6.20.

     SECTION 6.21 Employee Relations. Each of the Borrower and its Subsidiaries has, to
its knowledge, a stable work force in place and is not party to any collective bargaining agreement
nor has any labor union been recognized as the representative of its employees. The Borrower knows
of no pending, threatened or contemplated strikes, work stoppage or other collective labor disputes
involving its employees or those of its Subsidiaries.

     SECTION 6.22 Intentionally Deleted.

     SECTION 6.23 Solvency. As of the Closing Date and after giving effect to each Loan
made hereunder, the Borrower and each of its Subsidiaries will be Solvent.

     SECTION 6.24 Debt. Schedule 6.24 is a complete and correct listing of all
Debt of the Borrower and its Subsidiaries (individually or collectively) in excess of $250,000.
The

36

 

Borrower and its Subsidiaries have performed and are in compliance with all of the terms of
such Debt and all instruments and agreements relating thereto, and no default or event of default,
or event or condition which with notice or lapse of time or both would constitute such a default or
event of default on the part of the Borrower or its Subsidiaries exists with respect to any such
Debt.

     SECTION 6.25 Salary Pension Scheme. Neither the Borrower nor any of its Subsidiaries
incorporated in or with an
established place of business in the United Kingdom has a final salary pension scheme or
defined benefit occupational pension scheme or is associated or connected with any Person that has
a final salary pension scheme or defined benefit occupational pension scheme.

     SECTION 6.26 Anti-Terrorism Laws.

     (a) General. Neither the Borrower nor any Affiliate of the Borrower is in violation
of any Anti-Terrorism Law or engages in or conspires to engage in any transaction that evades or
avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in any Anti-Terrorism Law.

     (b) Executive Order No. 13224. Neither the Borrower nor any Affiliate of the Borrower
is any of the following (each a “Blocked Person”):

     (i) a Person that is listed in the annex to, or is otherwise subject to the provisions
of, Executive Order No. 13224;

     (ii) a Person owned or controlled by, or acting for or on behalf of, any Person that is
listed in the annex to, or is otherwise subject to the provisions of, Executive Order No.
13224;

     (iii) a Person or entity with which any bank or other financial institution is
prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law;

     (iv) a Person or entity that commits, threatens or conspires to commit or supports
“terrorism” as defined in Executive Order No. 13224;

     (v) a Person or entity that is named as a “specially designated national” on the most
current list published by the U.S. Treasury Department Office of Foreign Asset Control at
its official website or any replacement website or other replacement official publication of
such list; or

     (vi) a Person or entity who is affiliated with a Person or entity listed above.

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     Neither the Borrower nor any Affiliate of the Borrower knowingly (a) conducts any business or
engages in making or receiving any contribution of funds, goods or services to or for the benefit
of any Blocked Person or (b) deals in, or otherwise engages in any transaction relating to, any
property or interests in property blocked pursuant to Executive Order No. 13224.

     SECTION 6.27 Existing Business. As of the Closing Date, the Borrower and its
Subsidiaries are engaged in the following lines of business: operation of an internet-based,
global electronic marketplace for facilitating trading in over-the-counter physical commodities and
derivative financial products, operation of
a UK Recognized Investment Exchange for the purpose of trading energy commodity futures and options
contracts both electronically and through open outcry and operation of a market data company.

     SECTION 6.28 Survival of Representations and Warranties Etc. All representations and
warranties set forth in this Article 6 and all representations and warranties contained in any
certificate, or any of the Loan Documents (including but not limited to any such representation or
warranty made in or in connection with any amendment thereto) shall constitute representations and
warranties made under this Agreement. All representations and warranties made under this Agreement
shall be made or deemed to be made at and as of the Closing Date, shall survive the Closing Date
and shall not be waived by the execution and delivery of this Agreement, any investigation made by
or on behalf of the Lender or any borrowing hereunder.

ARTICLE 7

FINANCIAL INFORMATION AND NOTICES

     Until all the Obligations have been finally and indefeasibly paid and satisfied in full and
the Commitment terminated, unless consent has been obtained in the manner set forth in Section
12.12 hereof, the Borrower will furnish or cause to be furnished to the Lender at its address as
set forth in Section 12.01(b), or such other office as may be designated by the Lender from time to
time:

     SECTION 7.01 Financial Statements and Projections.

     (a) Quarterly Financial Statements. As soon as practicable and in any event within
forty five (45) days after the end of each fiscal quarter, an unaudited Consolidated and
Consolidating balance sheet of the Borrower and its Subsidiaries as of the close of such fiscal
quarter and unaudited Consolidated and Consolidating statements of income, retained earnings and
cash flows for the fiscal quarter then ended and that portion of the Fiscal Year then ended, all in
reasonable detail setting forth in comparative form the corresponding figures for the preceding
Fiscal Year and prepared by the Borrower in accordance with GAAP and, if applicable, containing
disclosure of the effect on the financial position or results of operations of any change in the
application of accounting principles and practices during the period, and certified by the chief
financial officer of the Borrower to present fairly in all material respects the financial

38

 

condition of the Borrower and its Subsidiaries as of their respective dates and the results of
operations of the Borrower and its Subsidiaries for the respective periods then ended, subject to
normal year end adjustments.

     (b) Annual Financial Statements. As soon as practicable and in any event within one
hundred fifty (150) days after the Fiscal Year ending December 31, 2004 and one hundred twenty
(120) days after the end of each Fiscal Year thereafter, an audited Consolidated balance sheet of
the Borrower and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated
statements of income, retained earnings and cash flows for the Fiscal Year then ended, including
the notes thereto, all in reasonable detail setting forth in comparative form the corresponding
figures for the preceding Fiscal Year and prepared by an independent certified public accounting
firm acceptable to the Lender in accordance with GAAP and, if applicable, containing disclosure of
the effect on the financial position or results of operation of any change in the application of
accounting principles and practices during the year, and accompanied by a report thereon by such
certified public accountants that is not qualified with respect to scope limitations imposed by the
Borrower or any of its Subsidiaries or with respect to accounting principles followed by the
Borrower or any of its Subsidiaries not in accordance with GAAP.

     (c) Annual Business Plan and Financial Projections. As soon as practicable and in any
event within ten (10) days prior to the beginning of each Fiscal Year, a business plan of the
Borrower and its Subsidiaries for the ensuing Fiscal Year, such plan to be prepared in accordance
with GAAP and to include a Consolidated operating and capital budget, including a projected income
statement and balance sheet in reasonable detail and in a form acceptable to the Lender,
accompanied by a certificate from a Responsible Officer of the Borrower to the effect that, to the
best of such officer’s knowledge, such projections are good faith estimates of the financial
condition and operations of the Borrower and its Subsidiaries for such fiscal year.

     SECTION 7.02 Officer’s Compliance Certificate. At each time financial
statements are delivered pursuant to Sections 7.01(a) or (b) and at such other times as the Lender
shall reasonably request, a certificate of the chief financial officer or the treasurer of the
Borrower in the form of Exhibit D attached hereto (an “Officer’s Compliance
Certificate”).

     SECTION 7.03 Accountants’ Certificate. At each time financial statements are
delivered pursuant to Section 7.01(b), a certificate of the independent public accountants
certifying such financial statements addressed to the Lender:

     (a) stating that in making the examination necessary for the certification of such financial
statements, they obtained no knowledge of any Default or Event of Default or, if such is not the
case, specifying such Default or Event of Default and its nature and period of existence; and

     (b) including the calculations prepared by management of the Borrower required to establish
whether or not the Borrower and its Subsidiaries are in compliance with the financial covenants set
forth in Article 9 hereof as at the end of each respective period.

39

 

     SECTION 7.04 Other Reports.

     (a) Promptly upon receipt thereof, copies of all reports, if any, submitted to the Borrower or
its Board of Directors by its independent public accountants in connection with their
auditing function, including, without limitation, any management report and any management
responses thereto; and

     (b) Such other information regarding the operations, business affairs and financial condition
of the Borrower or any of its Subsidiaries as the Lender may reasonably request.

     SECTION 7.05 Notice of Litigation and Other Matters. Prompt (but in no event later
than ten (10) days after an officer of the Borrower obtains knowledge thereof) telephonic and
written notice of:

     (a) the commencement of all proceedings and investigations by or before any Governmental
Authority and all actions and proceedings in any court or before any arbitrator against or
involving the Borrower or any Subsidiary thereof, or any of their respective properties, assets or
businesses, as the subject of such proceeding, investigation or action;

     (b) any notice of any violation received by the Borrower or any Subsidiary thereof from any
Governmental Authority including, without limitation, any notice of violation of Environmental
Laws, which in any such case could reasonably be expected to have a Material Adverse Effect;

     (c) any labor controversy that has resulted in, or threatens to result in, a strike or other
work action against the Borrower or any Subsidiary thereof:

     (d) any attachment, judgment, lien, levy or order exceeding $5,000,000 that may be assessed
against or threatened in writing against the Borrower or any Subsidiary thereof;

     (e) any Default or Event of Default, or any event which constitutes or which with the passage
of time or giving of notice or both would constitute a default or event of default under any
Material Contract to which the Borrower or any of its Subsidiaries is a party or by which the
Borrower or any Subsidiary thereof or any of their respective properties may be bound;

     (f) (i) any unfavorable determination letter from the Internal Revenue Service regarding the
qualification of an Employee Benefit Plan under Section 401(a) of the Code (along with a copy
thereof), (ii) all notices received by the Borrower or any ERISA Affiliate of the PBGC’s intent to
terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all
notices received by the Borrower or any ERISA Affiliate from a Multiemployer Plan sponsor
concerning the imposition or amount of withdrawal liability pursuant to Section 4202 of ERISA and
(iv) the Borrower obtaining knowledge or reason to know that the Borrower or any ERISA Affiliate
has filed or intends to file a notice of intent to

40

 

terminate any Pension Plan under a distress
termination within the meaning of Section 4041(c) of ERISA; and

     (g) any event which makes any of the representations set forth in Article 6.01 inaccurate in
any respect.

     SECTION 7.06 Accuracy of Information. All written information, reports, statements
and other papers and data furnished by or on behalf of the Borrower to the Lender (other than
financial forecasts) whether pursuant to this Article 7 or any other provision of this Agreement,
or any of the Loan Documents, shall be, at the time the same is so furnished, complete and correct
in all material respects to the extent necessary to give the Lender complete, true and accurate
knowledge of the subject matter based on the Borrower’s knowledge thereof.

ARTICLE 8

AFFIRMATIVE COVENANTS

     Until all of the Obligations have been finally and indefeasibly paid and satisfied in full and
the Commitment terminated, unless consent has been obtained in the manner provided for in Section
12.12, the Borrower will, and will cause each of its Subsidiaries to:

     SECTION 8.01 Payment of Obligations. Pay and discharge as the same shall become due
and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments
and governmental charges or levies upon it or its properties or assets, unless the same are being
contested in good faith by appropriate proceedings diligently conducted and adequate reserves in
accordance with GAAP are being maintained by Borrower or such Subsidiary; (b) all lawful claims
which, if unpaid, would by law become a Lien upon its property; and (c) all Debt, as and when due
and payable, but subject to any subordination provisions contained in any instrument or agreement
evidencing such Debt.

     SECTION 8.02 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full
force and effect its legal existence and good standing under the Applicable Laws of the
jurisdiction of its organization, except in a transaction permitted by Section 10.04; (b) take all
reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or
desirable in the normal conduct of its business, except to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its
registered patents, trademarks, trade names, service marks and Internet domain name registrations,
the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

     SECTION 8.03 Maintenance of Properties. (a) Maintain, preserve and protect all of its
material properties and equipment necessary in the operation of its business in good working order
and condition, ordinary wear and tear excepted; (b) make all necessary repairs

41

 

thereto and renewals
and replacements thereof except where the failure to do so could not reasonably be expected to have
a Material Adverse Effect; and (c) use the standard of care typical in the industry in the
operation and maintenance of its facilities.

     SECTION 8.04 Maintenance of Insurance. Maintain with financially sound and reputable
insurance companies not Affiliates of Borrower, insurance with respect to its properties and
business against loss or damage of the kinds customarily insured against by Persons engaged in the
same or similar business, of such types and in such amounts (after giving effect to any
self-insurance compatible with the following standards) as are customarily carried under similar
circumstances by such other Persons and providing for not less than 30 days’ prior notice to Lender
of termination, lapse or cancellation of such insurance. Lender shall be named as loss payee under
all property policies and additional insured under all liability policies, as its interests may
appear. Borrower shall deliver a certificate of insurance to Lender annually on the anniversary
date of this Agreement showing compliance with the requirements of this Section.

     SECTION 8.05 Compliance with Applicable Laws. Comply in all material respects with
the requirements of all Applicable Laws, and all orders, writs, injunctions and decrees applicable
to it or to its business or property, except in such instances in which (a) such requirement of
Applicable Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be
expected to have a Material Adverse Effect.

     SECTION 8.06 Books and Records.

     (a) Maintain proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial transactions and matters
involving the assets and business of Borrower or such Subsidiary, as the case may be; and

     (b) Maintain such books of record and account in material conformity with all applicable
requirements of any Governmental Authority having regulatory jurisdiction over Borrower or such
Subsidiary, as the case may be. Borrower shall maintain at all times books and records pertaining
to the Collateral in such detail, form and scope as Lender shall reasonably require.

     SECTION 8.07 Inspection Rights. Permit representatives and independent contractors of
Lender to visit and inspect any of its properties, to examine its corporate, financial and
operating records (except with respect to information with respect to which disclosure is
prohibited pursuant to arrangements among The International Petroleum Exchange of London Limited
(“IPE”), the United Kingdom Financial Services Authority, or other Governmental Authorities
with jurisdiction over IPE and IPE’s members), and make copies thereof or abstracts therefrom, and
to discuss its affairs, finances and accounts with its directors, officers, and independent public
accountants, all at the expense of Borrower and at such reasonable times during normal business
hours and as often as may be reasonably desired, upon reasonable

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advance notice to Borrower;
provided, however, that when a
Default exists Lender (or any of its respective representatives or independent contractors)
may do any of the foregoing at the expense of Borrower at any time during normal business hours and
without advance notice.

     SECTION 8.08 Use of Proceeds. Use the proceeds of the Loans (a) to redeem any or all
of the Borrower’s Class B Shares, and (b) for general corporate purposes not in contravention of
any Applicable Law or of any Loan Document.

     SECTION 8.09 Security Interests. Borrower shall ensure that at all times Lender’s
Liens in the Collateral shall constitute a first priority perfected security interest in such
Collateral, and no other Liens or security interests shall attach or exist in the Collateral.
Borrower shall, and shall cause each Subsidiary to, defend the Collateral against all claims and
demands of all Persons at any time claiming the same or any interest therein. Borrower shall, and
shall cause each Subsidiary to, comply with the requirements of all state and federal laws in order
to grant to Lender valid and perfected first priority security interests in the Collateral with
perfection, in the case of any investment property, being effected by giving Lender control of such
investment property, as well as by the filing of a UCC financing statement or similar filing or
registration with respect to such investment property. Lender is hereby authorized by Borrower to
file any UCC financing statements or similar filings or registrations covering the Collateral
whether or not Borrower’s signatures appear thereon. Borrower shall, and shall cause each
Subsidiary, to do whatever Lender may reasonably request, from time to time, to effect the purposes
of this Agreement and the other Loan Documents, including filing notices of liens, UCC financing
statements, similar filings or registrations, and amendments, renewals and continuations thereof;
keeping stock records; and, paying claims which might, if unpaid, become a Lien on the Collateral.

     SECTION 8.10 Creation or Acquisition of Subsidiaries. Borrower may from time to time
create or acquire new Wholly-Owned Subsidiaries in connection with Permitted Acquisitions or
otherwise as permitted under Section 10.02, and the Wholly-Owned Subsidiaries of Borrower may
create or acquire new Wholly-Owned Subsidiaries in connection with Permitted Acquisitions or
otherwise as permitted under Section 10.02, provided that:

     (a) Domestic Subsidiaries. Concurrently with (and in any event within ten (10)
Business Days thereafter) the creation or acquisition by any Credit Party of any new Domestic
Subsidiary, Borrower will cause such Domestic Subsidiary to execute and deliver to Lender a joinder
to the Guaranty, pursuant to which such new Domestic Subsidiary shall become a party thereto and
shall guarantee the payment in full of the Obligations of Borrower under this Agreement and the
other Loan Documents; and

     (b) Foreign Subsidiaries. Concurrently with (and in any event within ten (10)
Business Days thereafter) the creation or acquisition by any Credit Party of any new Foreign
Subsidiary that is not a direct or indirect Wholly-Owned Subsidiary of Intercontinental Exchange
International, Inc., a Delaware corporation, Borrower will, or will cause such other Credit Party
to, (i) execute and deliver to Lender a stock pledge agreement, charge over shares or similar

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agreement, or an amendment or supplement to an existing agreement of such nature (in each case, in
form and content acceptable to Lender) pursuant to which 65% of the Capital Stock of such Foreign
Subsidiary shall be pledged to Lender, and (ii) deliver the stock certificates evidencing such
pledged stock; and

     (c) Further Assurances. As promptly as reasonably possible, Borrower and its
Subsidiaries will deliver any such other documents, certificates and opinions (including opinions
of local counsel in the jurisdiction of organization of each such new Subsidiary, including any new
Foreign Subsidiary), in form and substance reasonably satisfactory to Lender as Lender may
reasonably request in connection therewith and will take such other action as Lender may reasonably
request to create in favor of Lender a first-priority perfected security interest in the Collateral
being pledged pursuant to the documents described in this Section. Nothing contained in this
Section, however, shall be deemed to permit the creation or acquisition by Borrower, directly or
indirectly, of any Subsidiary not expressly permitted under this Agreement.

     SECTION 8.11 Collateral Records. Borrower agrees to execute and deliver promptly, and
to cause each Subsidiary to execute and deliver promptly, to Lender, from time to time, solely for
Lender’s convenience in maintaining a record of the Collateral, such written statements and
schedules as Lender may reasonably require designating, identifying or describing the Collateral.
The failure by Borrower or any Subsidiary, however, to promptly give Lender such statements or
schedules shall not affect, diminish, modify or otherwise limit the Liens on the Collateral granted
pursuant to the Collateral Documents.

     SECTION 8.12 Permitted Acquisitions.

     (a) Subject to the other terms and conditions of this Agreement, Borrower and its Wholly-Owned
Subsidiaries may from time to time effect Permitted Acquisitions, provided that, with respect to
each Permitted Acquisition:

     (i) no Default or Event of Default shall have occurred and be continuing at the time of
the consummation of such Permitted Acquisition or would exist immediately after giving
effect thereto;

     (ii) the Acquisition Amount for all Permitted Acquisitions equals or is less than (A)
$20,000,000 in cash, or (B) $50,000,000 in Capital Stock (not to exceed $50,000,000 in the
aggregate); and

     (iii) the provisions of subsection (b) below and the requirements contained in the
definition of Permitted Acquisition are satisfied.

     (b) Not less than ten (10) Business Days prior to the consummation of any proposed
Acquisition, if the Acquisition Amount for such proposed Acquisition exceeds $7,500,000,
Borrower shall have delivered to Lender a request that such Acquisition be approved as a

44

 

Permitted
Acquisition and, in support of such request (at a minimum, and without limitation of any other
materials or information that may be reasonably requested by Lender), the following:

     (i) a reasonably detailed description of the material terms of such Acquisition
(including, without limitation, the purchase price and method and structure of payment) and
of each Person or business that is the subject of such Acquisition (each, a
“Target”), including any materials presented to Borrower’s (or the Wholly-Owned
Subsidiary’s) board of directors or any committee thereof;

     (ii) historical financial statements of the Target (or, if there are two or more
Targets that are the subject of such Acquisition and that are part of the same consolidated
group, Consolidated historical financial statements for all such Targets) for the three (3)
most recent fiscal years available and, if available, for any interim periods since the most
recent fiscal year-end;

     (iii) Consolidated projected income statements of Borrower and its Subsidiaries (giving
effect to such Acquisition and the consolidation with Borrower of each relevant Target) for
the three-year period following the consummation of such Acquisition, in reasonable detail,
together with any appropriate statement of assumptions and pro forma adjustments; and

     (iv) an Officer’s Compliance Certificate demonstrating proforma compliance with all
financial covenants after including such proposed Acquisition.

     (c) As soon as reasonably practicable after the consummation of any Permitted Acquisition,
Borrower will deliver to Lender a copy of the fully executed acquisition agreement (including
schedules and exhibits thereto) and other material documents and closing papers delivered in
connection therewith.

     (d) The consummation of each Permitted Acquisition shall be deemed to be a representation and
warranty by Borrower that (i) all conditions thereto set forth in this Section 8.12 have been
satisfied, (ii) the same is permitted in accordance with the terms of this Agreement, (iii) the
consummation of such Acquisition will not result in a violation of any provision of this Section
8.12, and after giving effect to such Acquisition and any Loans made in connection therewith,
Borrower will be in compliance with the financial covenants contained in Article 9, such compliance
determined with regard to calculations made on a pro forma basis in accordance with GAAP as if each
Target had been consolidated with Borrower for those periods applicable to such covenants (such
calculations to be attached to the certificate), (iv) Borrower believes in good faith that it will
continue to comply with such financial covenants for a period of one year following the date of the
consummation of such Acquisition, and (v) after giving effect to such Acquisition and any Loans in
connection therewith, Borrower believes in good faith that it will have sufficient availability
under the Commitment to meet its ongoing working capital requirements.

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     SECTION 8.13 Compliance With All Material Contracts. Comply in all material respects
with each term, condition and provision of all Material Contracts.

     SECTION 8.14 Conduct of Business. Engage only in business in substantially the same
line of business as the business conducted by such Person on the Closing Date and in lines of
business reasonably related thereto, and shall not enter into “swap agreements” or “forward
contracts” (as such terms are defined under Title 11, Section 101 of the United States Bankruptcy
Code) that relate to commodities (including, without limitation, energy commodities), except those
entered into in the ordinary course of business to manage day to day risk exposure of the Borrower
and its Subsidiaries, such as related to interest rates, foreign exchange rates, emissions or
insurance product derivatives and similar trades that do not relate to energy commodities.

     SECTION 8.15 Further Assurances. Make, execute and deliver all such additional and
further acts, things, deeds and instruments as the Lender may reasonably require to document and
consummate the transactions contemplated hereby and to vest completely in and insure the Lender its
rights under this Agreement, the Note, and the other Loan Documents.

     SECTION 8.16 Deposit Accounts. Maintain its primary domestic and international
deposit accounts with the Lender and utilize, to the extent needed, related treasury management
services. Notwithstanding the foregoing, this requirement is waived until June 30, 2005 on the
condition that Borrower deposit with Lender on the Closing Date a minimum of (a) $5,000,000 in a
money market account, or (b) $3,000,000 in a non-interest bearing demand deposit account, and
maintain such minimum balance until each of the Borrower and its Subsidiaries establishes its
primary domestic and international deposit accounts with the Lender.

ARTICLE 9

FINANCIAL COVENANTS

     Until all of the Obligations have been finally and indefeasibly paid and satisfied in full and
the Commitments terminated, unless consent has been obtained in the manner set forth in Section
12.12 hereof, the Borrower and its Subsidiaries shall, on a Consolidated basis:

     SECTION 9.01 Cash Flow Leverage Ratio. Maintain as of each fiscal quarter after the
date of the Initial Loan a Cash Flow Leverage Ratio of no greater than 1.50:1.00.

     SECTION 9.02 Tangible Net Worth. Maintain a Tangible Net Worth of no less than (a)
from the Closing Date through and including December 31, 2004, $52,251,252, (b) from January 1,
2005, through and including December 30, 2005, an amount equal to (i) $52,251,252, plus (ii) fifty percent (50%)
of the Borrower’s Consolidated positive net income from August 1, 2004 to December 31, 2004, and
(c) from December 31, 2005 through and including the last day of each Fiscal Year thereafter, an
amount equal to (i) the Tangible Net Worth from the previous Fiscal Year, plus (ii) fifty percent
(50%) of the Borrower’s Consolidated positive net income for

46

 

the current Fiscal Year then ending.
Notwithstanding the foregoing, the required minimum Tangible Net Worth stated above is to be
increased by one hundred percent (100%) of any net proceeds received by Borrower or its
Subsidiaries in any equity offering or other capital injection.

ARTICLE 10

NEGATIVE COVENANTS

     Until all of the Obligations have been finally and indefeasibly paid and satisfied in full and
the Commitment terminated, unless consent has been obtained in the manner set forth in Section
12.12 hereof, the Borrower will not and will not permit any of its Subsidiaries to:

     SECTION 10.01 Liens. Create, incur, assume or suffer to exist, any Lien upon any of
its property, assets or revenues, whether now owned or hereafter acquired, other than the following
(each, a “Permitted Lien”):

     (a) Liens pursuant to any Loan Document;

     (b) Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the
books of the applicable Person in accordance with GAAP;

     (c) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period of more than 30 days
or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in
accordance with GAAP;

     (d) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien
imposed by ERISA;

     (e) deposits (not to exceed $250,000) to secure the performance of bids, trade contracts and
leases (other than Debt), statutory obligations, surety bonds (other than bonds related to
judgments or litigation), performance bonds and other obligations of a like nature incurred in the
ordinary course of business;

     (f) easements, rights-of-way, restrictions and other similar encumbrances affecting real
property which, in the aggregate, are not substantial in amount, and which do not in any case
materially detract from the value of the property subject thereto or materially interfere with
the ordinary conduct of the business of the applicable Person;

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     (g) Liens securing judgments for the payment of money not constituting an Event of Default
under Section 11.01(h) or securing appeal or other surety bonds relating to such judgments; and

     (h) Liens securing Debt permitted under Section 10.03(c); provided that (i) such Liens
shall be created substantially simultaneously with the acquisition of the related asset, (ii) such
Liens do not at any time encumber any property other than the property financed by such Debt, and
(iii) the Debt secured thereby does not exceed the cost or fair market value, whichever is lower,
of the property being acquired on the date of acquisition.

     Additionally, set forth on Schedule 10.01 are those liens which Borrower shall
terminate, or have terminated, on or prior to the date of the funding of the Initial Loan.

     SECTION 10.02 Investments. Maintain or make any Investments, except:

     (a) Investments held by Borrower or such Subsidiary in (i) marketable direct obligations
issued or unconditionally guaranteed by the United States of America or any agency thereof maturing
within 120 days from the date of acquisition thereof, (ii) commercial paper maturing no more than
120 days from the date of creation thereof and currently having a rating of “A-1” and “P-1” or
greater from either Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc. or Moody’s Investors Service, Inc., (iii) certificates of deposit maturing no more than 120
days from the date of creation thereof issued by commercial banks incorporated under the laws of
the United States of America or any other country, each having combined capital, surplus and
undivided profits of not less than $10 billion (or the Dollar equivalent thereof) and having a
rating of “A” or better by a nationally recognized rating agency; provided, that the
aggregate amount invested in such certificates of deposit shall not at any time exceed $10,000,000
(or the Dollar equivalent thereof) for any one such certificate of deposit and $30,000,000 (or the
Dollar equivalent thereof) for any one such bank, (iv) time deposits maturing no more than 30 days
from the date of creation thereof with commercial banks or savings banks or savings and loan
associations each having membership either in the FDIC or the deposits of which are insured by the
FDIC and in amounts not exceeding the maximum amounts of insurance thereunder, (v) investments in
money market or liquidity funds having a rating of “AAAm” from Standard & Poor’s Rating Services, a
division of The McGraw-Hill Companies, Inc. or “Aaa/MR1+” from Moody’s Investors Service, Inc., or
(vi) corporate securities rated at least “A-1” by Moody’s Investors Service, Inc. or “A” by
Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.;

     (b) advances to officers, directors and employees of Borrower and Subsidiaries in an aggregate
amount not to exceed $150,000 at any time outstanding, for travel, entertainment, relocation and
analogous ordinary business purposes;

     (c) Investments of Borrower in any Wholly-Owned Subsidiary and Investments of any Wholly-Owned
Subsidiary in Borrower or in another Wholly-Owned Subsidiary, provided, however, no Credit Party
shall make, after the date of this Agreement, Investments consisting of

48

 

loans to any Foreign
Subsidiary or a capital contribution in any Foreign Subsidiary that exceeds $20,000,000 in the
aggregate;

     (d) Investments consisting of extensions of credit in the nature of accounts receivable or
notes receivable arising from the grant of trade credit in the ordinary course of business, and
Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

     (e) Guarantees permitted by Section 10.03; and

     (f) Permitted Acquisitions.

     SECTION 10.03 Debt. Create, incur, assume or suffer to exist any Debt, except:

     (a) Debt under the Loan Documents;

     (b) Guarantees of Borrower or any Subsidiary in respect of Debt otherwise permitted hereunder
of Borrower or any Subsidiary;

     (c) Debt in respect of capital leases, Synthetic Lease Obligations and purchase money
obligations for fixed assets within the limitations set forth in Section 10.01(h);

     (d) Debt incurred in connection with a Swap Contract with a counterparty and upon terms and
conditions reasonably satisfactory to the Lender;

     (e) Intercompany Debt incurred between the Borrower and any Subsidiary, or between any
Subsidiaries; provided, however, that if the Borrower or a Guarantor is the obligor
on such Debt and such Debt is held by a Subsidiary other than the Borrower or a Guarantor, such
Debt must be expressly subordinated to the prior payment in full, in cash, of all Obligations of
the Borrower, in the case of intercompany Debt of the Borrower, or the Guarantor, in the case of
intercompany Debt of such Guarantor, subordinated in each case pursuant to a subordination
agreement in form and substance acceptable to the Lender in its sole discretion; and

     (f) Debt listed on Schedule 6.24;

provided, however, that the aggregate amount of all Debt described in this Section
10.03 (excluding the Obligations and any intercompany Debt) at any one time outstanding shall not
exceed $5,000,000; provided further, however, that the aggregate amount of
all Debt of any Foreign Subsidiary described in this Section 10.03 (excluding the Obligations and
any intercompany Debt) at any time outstanding shall not exceed $500,000.

     SECTION 10.04 Fundamental Changes. Merge, dissolve, liquidate, consolidate with or
into, another Person, or Dispose of (whether in one transaction or in a series of

49

 

transactions) all
or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any
Person, except that, so long as no Default exists or would result therefrom:

     (a) any Subsidiary may merge with (i) Borrower, provided that Borrower shall be the
continuing or surviving Person, or (ii) any one or more other Subsidiaries, provided that
when any Wholly-Owned Subsidiary is merging with another Subsidiary, the Wholly-Owned Subsidiary
shall be the continuing or surviving Person, and, provided further that if a
Guarantor is merging with another Subsidiary, the Guarantor shall be the continuing or surviving
Person; and

     (b) any Subsidiary may dispose of all or substantially all of its assets (upon voluntary
liquidation or otherwise), to Borrower or to another Subsidiary; provided that if the
transferor in such a transaction is a Wholly-Owned Subsidiary, then the transferee must also be a
Wholly-Owned Subsidiary, and, provided further that if the transferor of such
assets is a Guarantor, the transferee thereof must either be Borrower or a Guarantor.

     SECTION 10.05 Dispositions. Make any Disposition or enter into any agreement to make
any Disposition, except:

     (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in
the ordinary course of business;

     (b) Dispositions of inventory in the ordinary course of business;

     (c) Dispositions of equipment or real property to the extent that (i) such property is
exchanged for credit against the purchase price of similar replacement property, or (ii) the
proceeds of such Disposition are reasonably promptly applied to the purchase price of such
replacement property;

     (d) Dispositions of property (including without limitation cash or cash equivalents) by any
Subsidiary to Borrower or to a Wholly-Owned Subsidiary or by Borrower to a Subsidiary,
provided that if the transferor of such property is Borrower or a Guarantor, the transferee
thereof must either be Borrower or a Guarantor; and

     (e) Dispositions permitted by Section 10.04.

     provided, however, that any Disposition pursuant to clauses (a) through (e)
shall be for fair market value.

     SECTION 10.06 Restricted Payments. Declare or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:

     (a) each Subsidiary may make Restricted Payments to Borrower and to Wholly-Owned Subsidiaries
(and, in the case of a Restricted Payment by a non-Wholly Owned

50

 

Subsidiary, to Borrower and any
Subsidiary and to each other owner of capital stock or other equity interests of such Subsidiary on
a pro rata basis based on their relative ownership interests);

     (b) Borrower and each Subsidiary may declare and make dividend payments or other distributions
payable solely in the common stock or other common equity interests of such Person; and

     (c) Borrower and each Subsidiary may purchase, redeem or otherwise acquire shares of its
common stock or other common equity interests or warrants or options in accordance with the express
terms of such shares, including without limitation the redemption of the Borrower’s Class B Shares,
or to acquire any such shares with the proceeds received from the substantially concurrent issue of
new shares of its common stock or other common equity interests.

     SECTION 10.07 Transactions with Affiliates. Except as set forth on Schedule
10.07, directly or indirectly: (a) except as permitted under Section 10.02(b), make any loan or
advance to, or purchase or assume any note or other obligation to or from, any of its officers,
directors, shareholders or other Affiliates, or to or from any member of the immediate family of
any of its officers, directors, shareholders or other Affiliates, or subcontract any operations to
any of its Affiliates, or (b) enter into, or be a party to, (i) any agreement for goods or services
with any of its Affiliates at an annual cost of more than $250,000, or (ii) any other transaction
involving more than $250,000 with any of its Affiliates, except pursuant to the reasonable
requirements of its business and upon fair and reasonable terms that are fully disclosed to the
Lender and are no less favorable to it than it would obtain in a comparable arm’s length
transaction with a Person not its Affiliate.

     SECTION 10.08 Change of Name or Jurisdiction of Formation. Amend its organizational
documents to change its name or change the jurisdiction under which Applicable Laws it is formed.

     SECTION 10.09 Certain Accounting Changes. Change its Fiscal Year end, or make any
change in its accounting treatment and reporting practices except as required by GAAP.

     SECTION 10.10 Anti-Terrorism Laws. Knowingly: (a) conduct any business or engage in
any transaction or dealing with any Blocked Person, including the making or receiving any
contribution of funds, goods or services to or for the benefit of any Blocked Person; (b) deal in,
or otherwise engage in any transaction relating to, any property or interests in property blocked
pursuant to Executive Order No. 13224; or (c) engage in on conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of
the prohibitions set forth in Executive Order No. 13224 or the USA Patriot Act. The Borrower shall
deliver to the Lender
any certification or other evidence requested from time to time by the Lender confirming
Borrower’s compliance with this Section 10.10.

     SECTION 10.11 Organizational Documents. Notwithstanding any provision of the
certificate of incorporation or bylaws of IntercontinentalExchange International, Inc. (“ICE

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International”), neither the Borrower nor ICE International shall adopt, amend, repeal or restate
the certificate of incorporation or bylaws of ICE International in any manner that amends the
percentage required for passage of resolutions of the shareholders or the board of directors, or
that has the effect of causing more than a simple majority vote of the shareholders or members of
the board of directors, as the case may be, to pass any resolution or take any corporate action on
behalf of ICE International. The purpose of this covenant is to ensure that if the Lender, which
has a pledge of 65% of the shares of ICE International, Lender’s designee or any assignee thereof
acquires stock of ICE International, the Lender, its designee or such assignee shall have voting
control over the shares of ICE International.

ARTICLE 11

DEFAULT AND REMEDIES

     SECTION 11.01 Events of Default. Each of the following shall constitute an Event of
Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment or order of any court or any order, rule
or regulation of any Governmental Authority or otherwise:

     (a) Non-Payment. Other than amounts to be electronically withdrawn by the Lender
pursuant to Section 4.01 or 4.03 (unless the Lender’s failure to withdraw such amounts is due to
insufficient funds or any other act or omission of Borrower), Borrower fails to pay (i) when and as
required to be paid herein, any amount of principal of any Loan, or (ii) within three days after
the same becomes due, any interest on any Loan, or any commitment or other fee due hereunder, or
(iii) within five days after the same becomes due, any other amount payable hereunder or under any
other Loan Document; or

     (b) Specific Covenants. Any failure by Borrower or any other Credit Party to perform
or observe any term, covenant or agreement contained in any of Article 7, Section 8.02, Section
8.04, Section 8.07, Section 8.09, Section 8.10, Article 9, or Article 10; or

     (c) Other Defaults. Any failure by Borrower or any other Credit Party to perform or
observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in
any Loan Document on its part to be performed or observed and such failure continues for 30 days or
any default or event of default occurs under any other Loan Document; or

     (d) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of Borrower or any Subsidiary herein, in
any other Loan Document, or in any document delivered in connection herewith or therewith
shall be incorrect or misleading when made or deemed made; or

     (e) Cross-Default. (i) Borrower or any Subsidiary (A) fails to make any payment when
due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in
respect of any Debt (other than Debt hereunder) having an aggregate principal

52

 

amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any
combined or syndicated credit arrangement) of more than $250,000, or (B) fails to observe or
perform any other agreement or condition relating to any such Debt or contained in any instrument
or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of
which default or other event is to cause, or to permit the holder or holders of such Debt or the
beneficiary or beneficiaries of such Debt that is a guarantee (or a trustee or agent on behalf of
such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if
required, such Debt to be demanded or to become due or to be repurchased, prepaid, defeased or
redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Debt to be made, prior to its stated maturity, or such Debt that is a guarantee to become payable
or cash collateral in respect thereof to be demanded; (ii) there occurs under any Swap Contract an
Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default
under such Swap Contract as to which Borrower or any Subsidiary is the Defaulting Party (as defined
in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to
which Borrower or any Subsidiary is an Affected Party (as defined in such Swap Contract) and, in
either event, the Swap Termination Value owed by Borrower or such Subsidiary as a result thereof is
greater than $250,000; or

     (f) Insolvency Proceedings, Etc. Any Credit Party or any of its Subsidiaries
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes
an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or
for all or any material part of its property; or any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the application or consent of
such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or any material part
of its property is instituted without the consent of such Person and continues undismissed or
unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

     (g) Inability to Pay Debts; Attachment. (i) Borrower or any Subsidiary becomes unable
or admits in writing its inability or fails generally to pay its debts as they become due, or (ii)
any writ or warrant of attachment or execution or similar process is issued or levied against all
or any material part of the property of any such Person and is not released, vacated or fully
bonded within 30 days after its issue or levy; or

     (h) Judgments and Tax Liens. There is entered against Borrower or any Subsidiary (i)
a judgment, tax lien or order for the payment of money individually or in an aggregate amount
exceeding $5,000,000 (to the extent not covered by independent third-party insurance as to which
the insurer does not dispute coverage) and such judgment, tax lien or order is not discharged
or stayed within thirty (30) days, or (ii) any one or more non-monetary judgments that have, or
could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;
or

53

 

     (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of Borrower under
Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in
excess of $250,000, or (ii) Borrower or any ERISA Affiliate fails to pay when due, after the
expiration of any applicable grace period, any installment payment with respect to its withdrawal
liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess
of $250,000; or

     (j) Invalidity of Loan Documents. Any Credit Party or any other Person contests in
any manner the validity or enforceability of any Loan Document; or any Credit Party denies that it
has any or further liability or obligation under any Loan Document, or purports to revoke,
terminate or rescind any Loan Document, or any Lien with respect to any material portion of the
Collateral intended to be secured thereby ceases to be a valid, perfected and prior to all other
Liens or is terminated, revoked or declared void; or

     (k) Change of Control. There occurs any Change of Control with respect to Borrower;
or

     (l) Material Adverse Effect. There occurs any event or circumstance that has a
Material Adverse Effect.

     SECTION 11.02 Remedies. Upon the occurrence of an Event of Default and until such
Event of Default is waived by the Lender, in its sole discretion, in writing, the Lender may, by
notice to the Borrower:

     (a) Acceleration; Termination of Revolving Credit Facility. Declare the principal of
and interest on the Loans, the Note, and all other amounts owed to the Lender under this Agreement
or any of the other Loan Documents and all other Obligations, to be forthwith due and payable,
whereupon the same shall immediately become due and payable without presentment, demand, protest or
other notice of any kind, all of which are expressly waived, anything in this Agreement or the
other Loan Documents to the contrary notwithstanding, and terminate the Revolving Credit Facility
and any right of the Borrower to request borrowings thereunder; provided, that upon the
occurrence of an Event of Default specified in Section 11.01(f), the Revolving Credit Facility
shall be automatically terminated and all Obligations shall automatically become due and payable.

     (b) Rights of Collection. Exercise all of its other rights and remedies under this
Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Borrower’s
Obligations.

     SECTION 11.03 Rights and Remedies Cumulative; Non-Waiver; etc. The enumeration of the
rights and remedies of the Lender set forth in this Agreement is not intended to be exhaustive and
the exercise by the Lender of any right or remedy shall not preclude the exercise of any other
rights or remedies, all of which shall be cumulative, and shall be in addition

54

 

to any other right
or remedy given hereunder or under the Loan Documents or that may now or hereafter exist in law or
in equity or by suit or otherwise. No delay or failure to take action on the part of the Lender in
exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, power or privilege preclude other or further exercise thereof
or the exercise of any other right, power or privilege or shall be construed to be a waiver of any
Event of Default. No course of dealing between the Borrower, the Lender or its agents or employees
shall be effective to change, modify or discharge any provision of this Agreement or any of the
other Loan Documents or to constitute a waiver of any Event of Default.

     SECTION 11.04 Application of Funds.

     After the exercise of remedies provided for in Section 11.02 (or after the Loans have
automatically become immediately due and payable) or Section 12.04, any amounts received on account
of the Obligations shall be applied by the Lender in the following order:

     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including Attorney Costs and amounts payable under Article 4) payable
to the Lender;

     Second, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans;

     Third, to payment of that portion of the Obligations constituting unpaid principal of
the Loans; and

     Last, the balance, if any, to the Borrower or as otherwise required by Applicable Law.

ARTICLE 12

MISCELLANEOUS

     SECTION 12.01 Notices.

     (a) General. Unless otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including by facsimile transmission).
All such written notices shall be mailed, faxed or delivered, to the applicable address, facsimile
number or (subject to subsection (c) below) electronic mail address, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, specified for such Person below or to such other address, facsimile
number, electronic mail address or telephone number as shall be designated by such party in a
notice to the other parties. All such notices and other communications shall be deemed to be given
or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A)
if delivered by hand or by courier, upon delivery; (B) if delivered by mail, four Business

55

 

Days
after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and the
sender has received electronic confirmation of error free receipt; and (D) if delivered by
electronic mail (which form of delivery is subject to the provisions of subsection (e) below), when
delivered; provided, however, that notices and other communications to Lender
pursuant to Article II shall not be effective until actually received by Lender. In no
event shall a voicemail message be effective as a notice, communication or confirmation hereunder.

     (b) Addresses for Notices. Notices to any party shall be sent to it at the following
addresses, or any other address as to which all the other parties are notified in writing.

	 	 	 	 	 
	

	 	If to the Borrower:
	 	IntercontinentalExchange, Inc.

2100 River Edge Parkway, Suite 500

Atlanta, GA 30328

Attention: Richard Spencer

Telephone No.: 770-738-2109

Telecopy No.: 770-857-4755

	 
	 	 	 	 
	

	 	With copies of non-routine notices to:
	 	McKenna Long & Aldridge LLP

303 Peachtree Street, Suite 5300

Atlanta, GA 30308

Attention: Michael Rosenzweig, Esq.

Telephone No.: 404-527-4910

Telecopy No.: 404-527-4198

	 
	 	 	 	 
	

	 	If to Lender:
	 	Wachovia Bank, National Association

3414 Peachtree Road, Suite 500

Atlanta, GA 30319

Attention: G. Mendel Lay, Jr.

Telephone No. 404-495-2251

Telecopy No.: 404-495-2257

	 
	 	 	 	 
	

	 	With copies of non-routine notices to:
	 	Troutman Sanders, LLP

600 Peachtree Street, Suite 5200

Atlanta, Georgia 30308

Attention: Carolyn P. Richter, Esq.

Telephone No.: 404-885-3358

Telecopy No.: 404-992-6667

     (c) Lender’s Office. The Lender hereby designates its office located at the address
set forth above, or any subsequent office which shall have been specified for such purpose by
written notice to the Borrower, as the Lender’s Office referred to herein, to which payments due
are to be made and at which Loans will be disbursed.

56

 

     (d) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be
transmitted and/or signed by facsimile. The effectiveness of any such documents and signatures
shall, subject to Applicable Law, have the same force and effect as manually-signed originals and
shall be binding on all Credit Parties and Lender. Lender may also require that any such documents
and signatures be confirmed by a manually-signed original thereof; provided,
however, that the failure to request or deliver the same shall not limit the effectiveness
of any facsimile document or signature.

     (e) Limited Use of Electronic Mail. Electronic mail and Internet and intranet
websites may be used only to distribute routine communications, such as financial statements, and
to distribute Loan Documents for execution by the parties thereto, and may not be used for any
other purpose.

     (f) Reliance by Lender. Lender shall be entitled to rely and act upon any notices
(including telephonic Loan Notices) purportedly given by or on behalf of Borrower even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by
the recipient, varied from any confirmation thereof. Borrower shall indemnify Lender from all
losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice
purportedly given by or on behalf of Borrower. All telephonic notices to and other communications
with Lender may be recorded by Lender, and each of the parties hereto hereby consents to such
recording.

     SECTION 12.02 Attorney Costs, Expenses, and Taxes. Borrower agrees (a) to pay or
reimburse Lender for all costs and expenses incurred in connection with the development,
preparation, negotiation and execution of this Agreement and the other Loan Documents and any
amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or
not the transactions contemplated hereby or thereby are consummated), and the consummation and
administration of the transactions contemplated hereby and thereby, including all Attorney Costs,
and (b) to pay or reimburse Lender for all costs and expenses incurred in connection with the
enforcement, attempted enforcement, or preservation of any rights or remedies under this Agreement
or the other Loan Documents (including all such costs and expenses incurred during any “workout” or
restructuring in respect of the Obligations and during any legal proceeding, including any
proceeding under any Debtor Relief Law), including all Attorney Costs. The foregoing costs and
expenses shall include all search, filing, recording, title insurance and appraisal charges and
fees and taxes related thereto, and other out-of-pocket expenses incurred by Lender and the cost of
independent public accountants and other outside experts retained by Lender. The agreements in
this Section shall survive the termination of the Commitment and repayment of all other
Obligations.

     SECTION 12.03 Indemnification by Borrower. Whether or not the transactions
contemplated hereby are consummated, Borrower shall indemnify and hold harmless Lender and its
respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact
(collectively the “Indemnitees”) from and against any and all liabilities, obligations,
losses,

57

 

damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and
disbursements (including Attorney Costs) of any kind or nature whatsoever which may at any time be
imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising
out of or in connection with (a) the execution, delivery, enforcement, performance or
administration of any Loan Document or any other agreement, letter or instrument delivered in
connection with the transactions contemplated thereby or the consummation of the transactions
contemplated thereby, (b) any Commitment, Loan or the use or proposed use of the proceeds
therefrom, (c) any actual or alleged presence or release of Hazardous Materials on or from any
property currently or formerly owned or operated by Borrower or any Subsidiary, or any
Environmental Liability related in any way to Borrower, any Subsidiary or any other Credit Party,
or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory (including any investigation of,
preparation for, or defense of any pending or threatened claim, investigation, litigation or
proceeding) and regardless of whether Indemnitee is a party thereto (all the foregoing,
collectively, the “Indemnified Liabilities”); provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses,
damages, penalties, claims, demand, actions, judgments, suits, costs, expenses or disbursements are
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee or, if the indemnity
claim is asserted against the Lender by the Borrower in respect of the Loan Documents, breach of
contract. No Indemnitee shall have any liability for any indirect or consequential damages
relating to this Agreement or any other Loan Document or arising out of its activities in
connection herewith or therewith (whether before or after the Closing Date). The agreements in
this Section shall survive the termination of the Commitment and the repayment, satisfaction or
discharge of all the other Obligations. All amounts due under this Section shall be payable within
ten Business Days after demand therefor.

     SECTION 12.04 Set-off. In addition to any rights and remedies of Lender provided by
law, upon the occurrence and during the continuance of any Event of Default, Lender is authorized
at any time and from time to time, without prior notice to Borrower, any such notice being waived
by Borrower to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held by, and other
indebtedness at any time owing by, Lender to or for the credit or the account of Borrower against
any and all Obligations owing to Lender by Borrower hereunder or under any other Loan Document, now
or hereafter existing, irrespective of whether or not Lender shall have made demand under this
Agreement or any other Loan Document and although such Obligations may be contingent or unmatured
or denominated in a currency different from that of the applicable deposit or Debt. Lender agrees
promptly to notify
Borrower after any such set-off and application made by Lender; provided,
however, that the failure to give such notice shall not affect the validity of such set-off
and application.

     SECTION 12.05 Governing Law. This Agreement, the Note and the other Loan Documents,
unless otherwise expressly set forth therein, shall be governed by, construed and

58

 

enforced in
accordance with the laws of the State of Georgia, without reference to the conflicts or choice of
law principles thereof.

     SECTION 12.06 Consent to Jurisdiction. The Borrower hereby irrevocably consents to
the personal jurisdiction of the state and federal courts located in Fulton County, Georgia, in any
action, claim or other proceeding arising out of any dispute in connection with this Agreement, the
Note and the other Loan Documents, any rights or obligations hereunder or thereunder, or the
performance of such rights and obligations. The Borrower hereby irrevocably consents to the
service of a summons and complaint and other process in any action, claim or proceeding brought by
the Lender in connection with this Agreement, the Note or the other Loan Documents, any rights or
obligations hereunder or thereunder, or the performance of such rights and obligations, on behalf
of itself or its property in the manner specified in Section 12.01. Nothing in this Section shall
affect the right of the Lender to serve legal process in any other manner permitted by Applicable
Law or affect the right of the Lender to bring any action or proceeding against the Borrower or its
properties in the courts of any other jurisdictions.

     SECTION 12.07 Binding Arbitration; Waiver of Jury Trial.

     (a) Binding Arbitration. Upon demand of any party, whether made before or after
institution of any judicial proceeding, any dispute, claim or controversy arising out of, connected
with or relating to the Note or any other Loan Documents (“Disputes”), between or among
parties to the Note or any other Loan Document shall be resolved by binding arbitration as provided
herein. Institution of a judicial proceeding by a party does not waive the right of that party to
demand arbitration hereunder. Disputes may include, without limitation, tort claims,
counterclaims, claims brought as class actions, claims arising from Loan Documents executed in the
future, or claims concerning any aspect of the past, present or future relationships arising out of
or connected with the Loan Documents. Arbitration shall be conducted under and governed by the
Commercial Financial Disputes Arbitration Rules (the “Arbitration Rules”) of the American
Arbitration Association and Title 9 of the U.S. Code. All arbitration hearings shall be conducted
in Atlanta, Georgia. The expedited procedures set forth in Rule 51, et seq. of the
Arbitration Rules shall be applicable to claims of less than $1 million. All applicable statutes
of limitation shall apply to any Dispute. A judgment upon the award may be entered in any court
having jurisdiction. The panel from which all arbitrators are selected shall be comprised of
licensed attorneys. The single arbitrator selected for expedited procedure shall be a retired
judge from the highest court of general jurisdiction, state or federal, of the state where the
hearing will be conducted.

     (b) Jury Trial. TO THE EXTENT PERMITTED BY LAW, THE LENDER AND THE BORROWER HEREBY
IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR
OTHER PROCEEDING ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, THE NOTE OR THE
OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER, OR THE PERFORMANCE OF SUCH
RIGHTS AND OBLIGATIONS.

59

 

     (c) Preservation of Certain Remedies. Notwithstanding the preceding binding
arbitration provisions, the parties hereto and the other Loan Documents preserve, without
diminution, certain remedies that such Persons may employ or exercise freely, either alone, in
conjunction with or during a Dispute. Each such Person shall have and hereby reserves the right to
proceed in any court of proper jurisdiction or by self help to exercise or prosecute the following
remedies: (i) all rights to foreclose against any real or personal property or other security by
exercising a power of sale granted in the Loan Documents or under applicable law or by judicial
foreclosure and sale, (ii) all rights of self help including peaceful occupation of property and
collection of rents, set off, and peaceful possession of property, (iii) obtaining provisional or
ancillary remedies including injunctive relief, sequestration, garnishment, attachment, appointment
of receiver and in filing an involuntary bankruptcy proceeding, and (iv) when applicable, a
judgment by confession of judgment. Preservation of these remedies does not limit the power of an
arbitrator to grant similar remedies that may be requested by a party in a Dispute.

     SECTION 12.08 Reversal of Payments. To the extent that any payment by or on behalf of
Borrower is made to Lender, or Lender exercises its right of set-off, and such payment or the
proceeds of such set-off or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into by Lender
in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such set-off had not occurred.

     SECTION 12.09 Injunctive Relief; Punitive Damages.

     (a) The Borrower recognizes that, in the event the Borrower fails to perform, observe or
discharge any of its obligations or liabilities under this Agreement, any remedy of law may prove
to be inadequate relief to the Lender. Therefore, the Borrower agrees that the Lender, at the its
option, shall be entitled to temporary and permanent injunctive relief in any such case without the
necessity of proving actual damages.

     (b) The Lender and Borrower (on behalf of itself and its Subsidiaries) hereby agree that no
such Person shall have a remedy of punitive or exemplary damages against any other party to a Loan
Document and each such Person hereby waives any right or claim to punitive or
exemplary damages that they may now have or may arise in the future in connection with any
Dispute, whether such Dispute is resolved through arbitration or judicially.

     (c) The parties agree that they shall not have a remedy of punitive or exemplary damages
against any other party in any Dispute and hereby waive any right or claim to punitive or exemplary
damages they have now or which may arise in the future in connection with any Dispute whether the
Dispute is resolved by arbitration or judicially.

60

 

     SECTION 12.10 Accounting Matters. All financial and accounting calculations,
measurements and computations made for any purpose relating to this Agreement, including, without
limitation, all computations utilized by the Borrower or any Subsidiary thereof to determine
compliance with any covenant contained herein, shall, except as otherwise expressly contemplated
hereby or unless there is an express written direction by the Lender to the contrary agreed to by
the Borrower, be performed in accordance with GAAP as in effect on the Closing Date. In the event
that changes in GAAP shall be mandated by the Financial Accounting Standards Board, or any similar
accounting body of comparable standing, or shall be recommended by the Borrower’s certified public
accountants, to the extent that such changes would modify such accounting terms or the
interpretation or computation thereof, such changes shall be followed in defining such accounting
terms only from and after the date the Borrower and the Lender shall have amended this Agreement to
the extent necessary to reflect any such changes in the financial covenants and other terms and
conditions of this Agreement.

     SECTION 12.11 Successors and Assigns; Confidentiality.

     (a) Benefit of Agreement. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby, except that Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of Lender. Lender may assign this Agreement, the Note,
the Collateral Documents, the Guaranty, and any or all other Loan Documents, to one or more
assignees with the prior written consent of Borrower; provided, however, that Lender may assign
this Agreement, the Note, the Collateral Documents, the Guaranty, and any or all other Loan
Documents to one or more assignees if such assignment is pursuant to a merger or acquisition
affecting the Lender; provided, further, that if an Event of Default has occurred and such Event of
Default has not been waived by the Lender, in its sole discretion, in writing, Lender may, without
notice to or consent of Borrower, assign this Agreement, the Note, the Collateral Documents, the
Guaranty, and any or all other Loan Documents, to one or more assignees. Lender is hereby
authorized to share any information it has pertaining to the Loans made hereunder, including
without limitation credit information on the Borrower, each Subsidiary or any of its principals, to
any assignee, prospective assignee, participant or prospective participant.

     (b) Disclosure of Information; Confidentiality. Lender agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed
(a) to its and its Affiliates’ directors, officers, employees and agents, including
accountants, legal counsel and other advisors (each a “Related Party”) (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential); (b) to the extent requested
by any regulatory authority; (c) to the extent required by Applicable Laws or by any subpoena or
similar legal process; (d) to any other party to this Agreement; (e) in connection with the
exercise of any remedies hereunder or any other Loan Document or any suit, action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
under any

61

 

other Loan Document; (f) subject to an agreement containing provisions substantially the
same as those of this Section, to (i) any assignee, any prospective assignee, any participant, or
any prospective participant of any of Lender’s rights or obligations under this Agreement or (ii)
any direct or indirect contractual counterparty or prospective counterparty (or such contractual
counterparty’s or prospective counterparty’s professional advisor) to any credit derivative
transaction relating to obligations of a Credit Party; (g) with the consent of Borrower; (h) to the
extent such Information (i) becomes publicly available other than as a result of a breach of this
Section, (ii) becomes available to the Lender on a nonconfidential basis from a source other than
the Borrower, (iii) was in the Lender’s possession on a nonconfidential basis before receipt from
any Credit Party, (iv) is disclosed by any Credit Party to a third party without a duty of
confidentiality on the third party, or (v) is independently developed by the Lender or a Related
Party; and (i) to the National Association of Insurance Commissioners or any other similar
organization. In addition, Lender may disclose the existence of this Agreement and information
about this Agreement to market data collectors, similar service providers to the lending industry,
and service providers to Lender in connection with the administration and management of this
Agreement, the other Loan Documents, the Commitment, and the Loans. For the purposes of this
Section, “Information” means all information received from any Credit Party relating to any
Credit Party or its business, other than any such information that is available to Lender on a
nonconfidential basis prior to disclosure by any Credit Party; provided that, in the case
of information received from any Credit Party after the date hereof, such information is clearly
identified in writing at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information.

     SECTION 12.12 Amendments, Waivers and Consents. Except as set forth below, any term,
covenant, agreement or condition of this Agreement or any of the other Loan Documents may be
amended or waived by the Lender, and any consent given by the Lender, if, but only if, such
amendment, waiver or consent is in writing signed by the Lender and, in the case of an amendment,
signed by the Borrower.

     SECTION 12.13 Performance of Duties. The Borrower’s obligations under this Agreement
and each of the Loan Documents shall be performed by the Borrower at its sole cost and expense.

     SECTION 12.14 All Powers Coupled with Interest. All powers of attorney and other
authorizations granted to the Lender and any Persons designated by the Lender pursuant to any
provisions of this Agreement or any of the other Loan Documents shall be deemed coupled with an
interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied or
the Revolving Credit Facility has not been terminated.

     SECTION 12.15 Survival of Indemnities. Notwithstanding any termination of this
Agreement, the indemnities to which the Lender is entitled under the provisions of this Article 12

62

 

and any other provision of this Agreement and the Loan Documents shall continue in full force and
effect and shall protect the Lender against events arising after such termination as well as
before.

     SECTION 12.16 Titles and Captions. Titles and captions of Articles, Sections and
subsections in this Agreement are for convenience only, and neither limit nor amplify the
provisions of this Agreement.

     SECTION 12.17 Severability of Provisions. Any provision of this Agreement or any
other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without
invalidating the remainder of such provision or the remaining provisions hereof or thereof or
affecting the validity or enforceability of such provision in any other jurisdiction.

     SECTION 12.18 Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and shall be binding upon all parties, their successors
and assigns, and all of which taken together shall constitute one and the same agreement.

     SECTION 12.19 Term of Agreement. This Agreement shall remain in effect from the
Closing Date through and including the date upon which all Obligations shall have been indefeasibly
and irrevocably paid and satisfied in full. No termination of this Agreement shall affect the
rights and obligations of the parties hereto arising prior to such termination.

[Signature pages to follow]

63

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly
authorized officers, all as of the day and year first written above

	 	 	 	 	 
	 	 	INTERCONTINENTALEXCHANGE, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Richard V. Spencer
	

	 	 	 	 
	

	 	 	 	Richard V. Spencer
	

	 	 	 	Chief Financial Officer
	 
	 	 	 	 
	 	 	[CORPORATE SEAL]
	 
	 	 	 	 
	

	 	Attest
	 	: /s/ Johnathan H. Short
	

	 	 	 	 
	

	 	 	 	Name: Johnathan H. Short
	

	 	 	 	Secretary
	 
	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	

	 	By:
	 	/s/ Michael J. Romano
	

	 	 	 	 
	

	 	 	 	Michael J. Romano
	

	 	 	 	Vice President

64

 

EXHIBIT A

FORM OF

REVOLVING CREDIT NOTE

 

					
	$25,000,000
	 	 
	 	November 17, 2004

     FOR VALUE RECEIVED, on the Termination Date (as defined in the below-described Credit
Agreement) the undersigned promises to pay to the order of Wachovia Bank, National Association
(hereinafter, together with any holder hereof, called “Holder”), at the office of the
Holder (or at such other place as the Holder may designate in writing to the undersigned) the
principal amount of $25,000,000 or so much thereof as has been advanced and not previously repaid
hereunder.

     The undersigned shall pay interest as provided in that certain Credit Agreement dated as of
the date hereof between the undersigned and the Holder (as amended, modified or supplemented, the
“Credit Agreement”). Each defined term used herein and not defined herein shall have the
meaning given to such term in the Credit Agreement.

     It is contemplated that the principal sum evidenced by this Note may be reduced from time to
time and that additional advances may be made from time to time, as provided in the Credit
Agreement.

     This Note is subject to the terms and conditions of the Credit Agreement. This Note is
entitled to the benefits of the Collateral Documents. The Credit Agreement contains provisions for
the acceleration of the maturity hereof upon the happening of certain stated events, as set forth
in the Credit Agreement.

     The undersigned waives presentment, notice of dishonor and protest.

     No delay or failure on the part of the Holder in the exercise of any right or remedy
hereunder, under the Credit Agreement, the Collateral Documents or at law or in equity, shall
operate as a waiver thereof, and no single or partial exercise by the Holder of any right or remedy
hereunder, under the Credit Agreement, the Collateral Documents, or at law or in equity shall
preclude or estop another or further exercise thereof or the exercise of any other right or remedy.

     Principal and interest on this Note shall be payable and paid in lawful money of the United
States of America.

     Time is of the essence of this Note and, in case this Note is collected by law or through an
attorney at law, or under advice therefrom, the undersigned agrees to pay all costs of collection,
including reasonable attorneys’ fees actually incurred by the Lender if collected by or through an
attorney.

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     The provisions of this Note shall be construed and interpreted and all rights and obligations
of the parties hereunder determined in accordance with the laws of the State of Georgia.

     IN WITNESS WHEREOF, the undersigned has caused this Note to be executed and delivered in its
corporate name, by and through its duly authorized officer, as of the day and year first above
written.

	 	 	 	 	 
	 	INTERCONTINENTALEXCHANGE, INC.

 	 
	 	By:	

	 
	 	Name:	

	 
	 	Title:	

	 

2

 

EXHIBIT B

FORM OF

NOTICE OF BORROWING

Date:                     , 200  

	 	 	 
	To:

	 	Wachovia Bank, National Association, as the lender (“Lender”) who is party to the
Credit Agreement dated as of November 17, 2004 (as amended, modified or supplemented from time
to time, the “Credit Agreement”) between IntercontinentalExchange, Inc. and Lender.

Ladies and Gentlemen:

          The undersigned, IntercontinentalExchange, Inc., a Delaware corporation (the
“Borrower”), refers to the Credit Agreement, the terms defined therein being used herein as
therein defined, and hereby gives you notice irrevocably of the Borrowing specified below:

	 	1.  	The Business Day of the proposed Loan is                     , 200  .
	 
	 	2.  	The aggregate amount of the proposed Loan is $                    
	 
	 	3.  	The Loan is to be comprised of $                     of LIBOR Rate Loans and
$                
of LIBOR Market Index Loans.
	 
	 	4.  	The duration of the Interest Period for the LIBOR Rate Loans,
if any, included in the Loan shall be                      months.
	 
	 	5.  	The proposed Loan shall be deposited into the following
account:                                         .

          The undersigned hereby certifies that the following statements are true on the date hereof,
and will be true on the date of the proposed Loan, before and after giving effect thereto and to
the application of the proceeds therefrom:

          (a) The representations and warranties of the Borrower contained in the Credit Agreement are
true and correct as though made on and as of such date (except to the extent that (i) such
representations and warranties specifically relate to an earlier date, or (ii) such representations
and warranties become untrue by reason of events or conditions otherwise permitted under the Credit
Agreement or the other Loan Documents);

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          (b) No Default or Event of Default has occurred and is continuing, or would result from such
proposed Loan;

          (c) The proposed Loan will not cause the aggregate principal amount of all outstanding Loans
to exceed the Maximum Revolver Amount; and

          (d) all of the information and disclosures provided on the Schedules attached to the Credit
Agreement are true and correct in all material respects except as set forth on Annex A
attached hereto.

	 	 	 	 	 
	 	INTERCONTINENTALEXCHANGE, INC.

 	 
	 	By:	

 	 
	 	Name:	

 	 
	 	Title:	

 	 

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EXHIBIT C

FORM OF

NOTICE OF CONTINUATION/CONVERSION

Date:                    , 200

	 	 	 
	To:

	 	Wachovia Bank, National Association as the lender (“Lender”) who is party to the
Credit Agreement dated as of November 17, 2004 (as amended, modified or supplemented from time
to time, the “Credit Agreement”) between IntercontinentalExchange, Inc., and Lender.

Ladies and Gentlemen:

          The undersigned, IntercontinentalExchange, Inc., a Delaware corporation (the
“Borrower”), refers to the Credit Agreement, the terms defined therein being used herein as
therein defined, and hereby gives you notice irrevocably of the [conversion] [continuation] of the
Loans specified herein, that:

	 	1.  	The Continuation/Conversion Date is                     , 200.
	 
	 	2.  	The aggregate amount of the Loans to be [converted] [continued]
is $           , comprised of $                     principal amount of LIBOR Market
Index Loans and $ principal amount of LIBOR Rate Loans and, with respect to
such LIBOR Rate Loans, the last day of the Interest Period therefore is                     
	 
	 	3.  	The Loans are to be [converted into] [continued as] [LIBOR Rate
Loans] [LIBOR Market Index Loans].
	 
	 	4.  	The duration of the Interest Period for the LIBOR Rate Loans
included in the [conversion] [continuation] shall be months.

          The undersigned hereby certifies that the following statements are true on the date hereof,
and will be true on the date of the [continuation] [conversion], before and after giving effect
thereto and to the application of the proceeds therefrom:

          (a) The representations and warranties of the Borrower contained in the Credit Agreement are
true and correct as though made on and as of such date (except to the extent that (i) such
representations and warranties specifically relate to an earlier date, or (ii) such representations
and warranties become untrue by reason of events or conditions otherwise permitted under the Credit
Agreement or the other Loan Documents);

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          (b) no Default or Event of Default has occurred and is continuing, or would result from such
proposed [conversion] [continuation]; and

          (c) The proposed [conversion] [continuation] will not cause the aggregate principal amount of
all outstanding Revolving Loans to exceed the Maximum Revolver Amount.

	 	 	 	 	 
	 	INTERCONTINENTALEXCHANGE, INC.

 	 
	 	By:	

 	 
	 	Name:	

 	 
	 	Title:	

 	 

2

 

EXHIBIT D

FORM OF

OFFICER’S COMPLIANCE CERTIFICATE

     The undersigned,                                         , the                                          of
IntercontinentalExchange, Inc., a Delaware corporation (the “Borrower”), pursuant to that
certain Credit Agreement dated as of November 17, 2004 (as amended, modified or supplemented from
time to time, the “Credit Agreement”) between the Borrower and Wachovia Bank, National
Association (the “Lender”), does hereby certify to the Lender pursuant to Section 7.02 of
the Credit Agreement that as of the date of this Certificate:

     (a) all of the representations and warranties of the Borrower contained in the Credit
Agreement and the other Loan Documents are correct and complete in all respects as of the date
hereof as if made on the date hereof, except for those that speak as of a particular date or are
untrue by reason of events or conditions otherwise permitted under the Credit Agreement or other
Loan Documents;

     (b) the Borrower is, as of the date hereof, in compliance in all respects with all of its
covenants and agreements in the Credit Agreement and the other Loan Documents, including the
financial covenants set forth in Article 9 of the Credit Agreement (and attached hereto as
Annex A are the financial covenant calculations as of the most recent fiscal quarter end);

     (c) no Default or Event of Default exists [or, if a Default or Event of Default exists, set
forth on Annex B attached hereto is complete and accurate information specifying the
Default or Event of Default, when it occurred, whether it is continuing and the steps being taken
with respect to such Default or Event of Default] or existed during the period covered by the
financial statements to which this Certificate relates [or, if a Default or Event of Default
existed, set forth on Annex B attached hereto is complete and accurate information
specifying the Default or Event of Default, when it occurred and when and how it was cured];

     (d) all of the information and disclosures provided on the Schedules attached to the Credit
Agreement are true and correct in all material respects except as set forth on Annex C
attached hereto; and

     (e) the information set forth on Annex A attached hereto is complete and accurate.

     Unless defined herein, capitalized terms used herein shall have the meanings set forth in the
Credit Agreement.

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     IN WITNESS WHEREOF, the undersigned has executed and delivered this Certificate on behalf of
the Borrower as of
                                        ,
200      .

	 	 	 	 	 
	 	

	 	Name Printed: 	

	 	Title:  	

2EX-10.16:

 

Exhibit 10.16

PATENT LICENSE AGREEMENT

     THIS AGREEMENT is made this 29th day of March 2002, (“Effective Date”) by and between eSpeed,
Inc., a corporation organized and existing under the laws of the State of Delaware, having a place
of business at 299 Park Avenue, 29th Floor, New York, New York, 10171-0002 (hereinafter referred to
as “eSpeed”), and Intercontinental-Exchange, Inc., a corporation organized and existing under the
laws of the State of Delaware, having a place of business at 2100 RiverEdge Parkway, Fifth Floor,
Atlanta, Georgia, 30328 (hereinafter referred to as “ICE” together with certain affiliated entities
as further defined below).

     WHEREAS, eSpeed has the right to provide a license under a certain patent as herein
identified; and

     WHEREAS, ICE desires to obtain, and eSpeed is willing to grant ICE, a non-exclusive license as
hereafter defined and under the terms and conditions herein specified.

     NOW, THEREFORE, in consideration of the premises and mutual agreements herein contained eSpeed
and ICE agree as follows:

TERMS

1. DEFINITIONS

     1.1 “Days” shall mean calendar days.

     1.2 “Electronic Futures Contract” shall mean a legally binding agreement occurring in an
Electronic Futures Exchange (as defined below) to transfer a commodity sometime in the future,
including derivatives (e.g., cash settled agreements) and options on such agreements (but excluding
forward contracts, over-the-counter swaps, over-the-counter options and other types of
over-the-counter bilateral transactions), wherein the agreement is of a type regulated by the
Commodity Futures Trading Commission (“CFTC”), any successor agency or alternative United States
Federal agency, or would be regulated by the CFTC or such agency under the Commodity Exchange Act
or other act if an electronic marketplace for such agreements has sufficient activities in the
Licensed Territory.

     1.3 “Electronic Futures Exchange” shall mean an electronic marketplace which is registered as
a designated contract market under the Commodity Exchange Act or receives comparable or successor
regulatory recognition and where participants (and/or their agents) can enter into electronic
transactions with respect to Electronic Futures Contracts.

     1.4 “Electronic Side” shall mean an action by one participant (and/or an agent for a
participant) in an Electronic Futures Exchange for the purpose of entering into an Electronic
Futures Contract.

 

 

     1.5 “Electronic Trade” shall mean an electronic transaction involving two or more Electronic
Sides carried out in an Electronic Futures Exchange.

     1.6 “eSpeed Related Entity” shall mean any entity having (1) common ownership or (2)
controlling, controlled by or under common control with eSpeed, and specifically including
TradeSpark L.P. and Cantor Fitzgerald L.P. as well as any entities having (1) common ownership or
(2) controlling, controlled by or under common control with either of them.

     1.7 “ICE” shall mean the Intercontinental-Exchange, Inc. and ICE Affiliates.

     1.8 “ICE Affiliates” shall mean any corporation or other legal entity at least fifty percent
(50%) of whose voting interests (whether in the form of shares or other voting interests) are owned
or directly or indirectly controlled by or under common control with the Intercontinental-Exchange,
Inc., or any corporation or other legal entity as to which the Intercontinental-Exchange, Inc. has
the power to elect a majority of its governing board, as of the Effective Date of this Agreement or
at any time during the term of this Agreement; provided that The New York Mercantile Exchange
(NYMEX), its affiliates or subsidiaries, and each of their respective successors or assigns, shall
not be considered an ICE Affiliate under any circumstances, and shall not be considered an ICE
Affiliate even in the event they would otherwise hereafter qualify as an ICE Affiliate under this
definition; further provided that The Chicago Board of Trade (CBOT), its affiliates or
subsidiaries, and each of their respective successors or assigns, shall not be considered an ICE
Affiliate under any circumstances, and shall not be considered an ICE Affiliate even in the event
they would otherwise hereafter qualify as an ICE Affiliate under this definition; further provided
that The Chicago Mercantile Exchange (CME), its affiliates or subsidiaries, and each of their
respective successors or assigns, shall not be considered an ICE Affiliate under any circumstances,
and shall not be considered an ICE Affiliate even in the event they would otherwise hereafter
qualify as an ICE Affiliate under this definition; and further provided that the International
Petroleum Exchange (“IPE”) shall be specifically considered an ICE Affiliate so long as it
qualifies as an ICE Affiliate under this definition.

     1.9 “ICE’s Electronic Futures Exchange” shall mean an Electronic Futures Exchange (as updated
or modified from time to time in ICE’s sole discretion) owned and operated by ICE which ICE intends
to use as an electronic marketplace for Electronic Sides and Electronic Trades. This definition
does not include any other Electronic Futures Exchange such as an Electronic Futures Exchange as to
which ICE may have an ownership interest, a controlling interest (whether by exercise of voting
rights or through an exercise of other interests) and/or operational responsibility, and does not
include any Electronic Futures Exchange that is, as of the date of this Agreement, registered with
the Commodity Futures Trading Commission as a designated contract market, provided that ICE’s
Electronic Futures Exchange shall include any Electronic Futures Exchange owned and operated by any
ICE Affiliates.

     1.10 “Licensed Activity” shall mean an activity by which ICE’s Electronic Futures Exchange is
used to enter an Electronic Side or transact an Electronic Trade in the Licensed Territory. For the
convenience of the parties, and in view of their difficulty in determining the situs of an
Electronic Trade and an Electronic Side in ICE’s Electronic

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Futures Exchange, the parties shall consider: (I) all Electronic Sides for which the
participant (and/or an agent for a participant) is within the Licensed Territory; and (2) all
Electronic Trades of an Electronic Futures Contract for commodities subject to delivery or
settlement in the Licensed Territory, as Electronic Sides and Electronic Trades under the Licensed
Patent in the Licensed Territory for purposes of this Agreement (hereinafter referred to as
“Licensed Electronic Sides” and/or “Licensed Electronic Trades”).

     1.11 “Licensed Field of Use” shall mean Electronic Futures Contracts for the following
commodities: petroleum and petroleum products, coal, natural gas, electricity, precious and base
metals, weather based products, and sulfur and nitrogen based pollution allowance products. In
addition to all other commodities not expressly included in the Licensed Field of Use, commodities
such as financial products (interest rate based products, such as Treasuries and Eurodollars,
equity based products, such as S&P, and the like) and agricultural based products are specifically
not included; provided, however, that bonafide financial products, related to the commodities
listed above, e.g., a bonafide, (e.g., cash settled) financial natural gas product, are included in
the Licensed Field of Use.

     1.12 “Licensed Patent” shall mean United States Patent No. 4,903,201.

     1.13 “Licensed Territory” shall mean the United States and all of its territories and
possessions.

2. LICENSE GRANT

     2.1 Subject to the terms and conditions hereof, and to ICE making the payments required under
Section 3, eSpeed hereby grants to ICE a royalty bearing, non-exclusive, personal,
non-transferable, right and license to conduct Licensed Activities under the Licensed Patent in the
Licensed Field of Use. Under the terms of this Agreement, ICE’s customers shall have an implied
license to conduct Licensed Activities under the Licensed Patent in the Licensed Field of Use.

     2.2 Nothing in this Agreement shall be construed to grant to ICE the right to grant a
sublicense under the Licensed Patent. The right to sublicense is specifically excluded from this
Agreement.

     2.3 (a) Subject to ICE making the payments required under Section 3.2 during the life of this
Agreement, eSpeed further represents, covenants and agrees that neither eSpeed nor any entity
directly or indirectly controlled by eSpeed will bring suit or otherwise assert a claim for
infringement of any claim of the Licensed Patent in the Licensed Field of Use, or any United States
and foreign patents now held or hereafter acquired by eSpeed which would be necessarily infringed
by ICE upon practicing any claim of the Licensed Patent in the Licensed Field of Use, against ICE,
or its shareholders, directors, officers or agents, or any of their participants (only insofar as
each is acting in their respective capacities with ICE), before any court or administrative agency
in any country of the world based on or arising out of any Licensed Activity conducted by ICE and
by any of its customers in the Licensed Field of Use; provided that ICE shall not use or assist
others in using the Licensed Patent beyond the Licensed Activities. The covenant in this Section
2.3(a) with respect to hereafter acquired patents

3

 

which eSpeed may acquire from third parties shall be subject to the mutual agreement of the
parties on the terms of a licensing agreement, if appropriate.

          (b) The release and covenant not to sue provided in this Section 2.3, as well as any other
releases or covenants not to sue set out in this Agreement, shall bind any assignee or other person
to whom any interest in the Licensed Patent may be conveyed.

3. ROYALTY AND PAYMENTS

     3.1 In consideration for the rights granted ICE under this Agreement, ICE agrees to pay eSpeed
as follows:

          (a) on April 5, 2002, ICE shall pay eSpeed an initial payment of two million dollars
($2,000,000);

          (b) on each successive April 1st (the Anniversary Date), ICE shall pay an annual minimum
payment of two million dollars ($2,000,000);

          (c) in addition to the annual minimum payment made pursuant to Section 3.1(b), in the event
the number of Electronic Futures Contracts involved in Licensed Electronic Sides or Licensed
Electronic Trades, whichever is greater, exceeds 25,000,000 in any given year measured from the
Anniversary Date, ICE shall pay eSpeed an additional payment of two million dollars ($2,000,000).
For each additional 25,000,000 Electronic Futures Contracts involved in Licensed Electronic Sides
or Licensed Electronic Trades that occur in a given year, again measured from the Anniversary Date,
ICE shall pay eSpeed additional payments of two million dollars ($2,000,000). (For example, if
during a given year of this Agreement 75,000,001 Electronic Futures Contracts are made on ICE’s
Electronic Futures Exchange, ICE shall pay eSpeed a total of eight million dollars ($8,000,000)
that year. These payments should be made as follows: $2,000,000 on April 1st of the year;
$2,000,000 when the number of Electronic Futures Contracts reach 25,000,001; $2,000,000 when the
number of Electronic Futures Contracts reach 50,000,001; and $2,000,000 when the number of
Electronic Futures Contracts reach 75,000,001.) The payments made under this Section 3.1(c) shall
be made within thirty (30) Days of the date that each 25,000,000 Electronic Futures Contracts
increment is first exceeded. (For example, within 30 Days of the date that 25,000,001 Electronic
Futures Contracts are made in a given year measured from the Anniversary Date, ICE shall pay eSpeed
the corresponding additional $2,000,000); and

          (d) in addition to the payments made pursuant to Sections 3.1 (a)-(c), ICE shall pay a royalty
of $0.10 for each Licensed Electronic Side or $0.20 for each Licensed Electronic Trade, whichever
is cumulatively greater, multiplied times the total number of Electronic Futures Contracts involved
in such Licensed Electronic Sides or Licensed Electronic Trades.

     3.2 The total royalty hereunder (the “Royalty”) includes the sum of the periodic payments made
under subparagraphs 3.1 (a)-(c) (the “Periodic Royalty”) and the payments made under subparagraph
3.1(d) (the “Running Royalty”).

4

 

     3.3 In the event the notional value of any individual Electronic Futures Contract listed by
ICE on ICE’s Electronic Futures Exchange and subject to the Royalty exceeds, as of the date on
which such Electronic Futures Contract is first available for trading, fifty thousand dollars
($50,000) based on the highest applicable closing commodity prices as of the Effective Date of this
Agreement, then the calculations of Royalty (Periodic Royalty as well as Running Royalty) shall be
adjusted by increasing the number of Electronic Futures Contracts involved in Licensed Electronic
Sides and Licensed Electronic Trades in accordance with the following formula: for each Electronic
Futures Contract exceeding $50,000 in notional value, the number of Electronic Futures Contracts to
be used for calculating Royalty shall be equal to the notional value divided by fifty thousand
dollars ($50,000), with the quotient rounded up to the next whole number; such whole number shall
be applied in calculating the Periodic Royalty and the Running Royalty (e.g., an Electronic Futures
Contract traded with a notional value of one hundred twenty thousand dollars ($120,000) will be
treated as if three Electronic Futures Contracts ($120,000 ÷ $50,000 = 2.4 rounded up to 3) were
traded not one).

4. REPORTS

     4.1 ICE shall keep records of all Licensed Activities conducted during the term of this
Agreement sufficient to permit verification of the Royalties required to be reported and paid under
this Agreement for at least five (5) years (or such shorter period as may be required under
applicable laws and regulations) after each due date for payment of Running Royalty for such
Licensed Activity.

     4.2 (a) ICE shall submit Running Royalty payments and a royalty report within thirty (30)
Days after the end of each calendar quarter. The royalty report, which shall be certified by a
managing officer of ICE as to its correctness, shall identify the total number of Licensed
Activities made during the preceding calendar quarter.

          (b) In the event that any report and payment are not made by ICE by the date provided under
this Agreement, and not cured within thirty (30) Days of receiving notice of said failure to report
and pay, interest shall be payable on the past due amounts at the prime rate as published by the
Wall Street Journal, from the date payment was due pursuant hereto to the date of payment, which
interest shall be in addition to any other remedy provided to eSpeed by law or by this Agreement.

     4.3 eSpeed shall have the right, during reasonable business hours and upon the reasonable
convenience of ICE, to have the correctness of any such report audited, at eSpeed’s expense, by a
firm of independent public accountants, selected by eSpeed, and reasonably acceptable to ICE, which
shall examine ICE’s records only on matters pertinent to this Agreement pursuant to an appropriate
non-disclosure and non-use agreement. No more than one such audit shall be performed per annum,
unless ICE has underreported as provided in the following sentence, in which case a second audit
shall be permitted. In the event it is determined by the independent public accountants, at any
time, that ICE has underreported in an amount in excess of five percent (5%) of the Running
Royalties properly due with respect to one or more reports (unless such underreporting is a result
of innocent mistake), ICE, in addition to any other remedy provided eSpeed by law or by this
Agreement, agrees and is hereby bound to:

5

 

          (a) Reimburse eSpeed’s full cost and expense associated with such audit; and

          (b) Pay eSpeed an amount equal to the amount that ICE has failed to report or pay in
accordance with the determination of such independent public accountants, with interest at the
prime rate as published by the Wall Street Journal, calculated from the date each royalty accrued
to the date of payment under this Section.

     Any payments due under this Section shall be due and payable thirty (30) Days following notice
from eSpeed of such failure, breach or default.

     4.4 All payments called for under the Agreement shall be in United States currency, without
deductions of taxes of any kind payable to eSpeed as reasonably instructed from time to time by
eSpeed.

5. TERM AND TERMINATION

     5.1 All grants, obligations and provisions herein shall continue in full force and effect,
unless sooner terminated as hereinafter provided, until: (a) the expiration date of the Licensed
Patent (i.e., February 20, 2007); or (b) the date of entry of a final decree of invalidity of all
of the independent claims of the Licensed Patent from which no appeal or other judicial recourse
can be, or is, taken, whichever occurs first.

     5.2 eSpeed may terminate the license granted under Section 2.1 of this Agreement forthwith
upon written notice to ICE if:

          (a) ICE remains in default in making any payment or report required hereunder or fails to
comply with any other provision hereof for a period of sixty (60) Days, in each case after written
notice of such default or failure is given by eSpeed to ICE, eSpeed shall be entitled to terminate
this Agreement forthwith upon notice to ICE, unless a genuine and good faith dispute exists as to
the amount due and any amounts not in dispute are timely paid;

          (b) ICE shall become insolvent, make an assignment for the benefit of creditors, or be subject
to any court order for the compulsory liquidation of ICE;

          (c) ICE shall be determined by a court of competent jurisdiction to have willfully or
deliberately violated any material provision of this Agreement, or to have concealed from eSpeed
any failure to comply with this Agreement including, but not limited to, the deliberate or willful
understatement of Running Royalties payable or the express refusal to timely pay royalties, or
shall be determined by a court of competent jurisdiction to have acted in bad faith in breaching
any material provision of this Agreement; in such event, the termination shall be effective as of
the date of notice given by eSpeed. A disagreement as to whether or not a particular product is
covered by this Agreement such that a royalty is payable hereunder shall not be grounds for
termination under this Section and ICE shall pay the full royalty due if it is determined that a
royalty is due for such products, plus interest at the prime rate as published in the Wall Street
Journal; or

6

 

          (d) ICE agrees that should it, during the term of the Agreement, contest the validity of any
of the claims of the Licensed Patent by filing or causing others to file any legal action or any
proceeding for reexamination, then eSpeed shall have the right forthwith and thereafter to
terminate this Agreement, but only to the extent that the exercise of such right to terminate is
permitted under the law of the United States.

     5.3 Any termination of this Agreement shall not relieve ICE of liability for any payments
accrued or owing prior to the effective date of such termination, or for any Licensed Activities
prior to the effective date of such termination.

     5.4 In the event that this Agreement is terminated pursuant to Section 5.2(b) of this
Agreement, eSpeed shall be entitled to keep any and all payments made by ICE pursuant to this
Agreement prior to the effective date of said termination. Furthermore, ICE shall pay eSpeed any
unpaid amounts due for any Licensed Activities prior to said termination in accordance with the
terms in Sections 3 and 4 of this Agreement.

6. MOST FAVORED LICENSEE

     6.1 In the event that eSpeed enters into a patent license agreement with The New York
Mercantile Exchange (NYMEX) or any other entity (except an eSpeed Related Entity) that lists some
or all of the commodity products identified in the Licensed Field of Use as Electronic Futures
Contracts (the “Energy License”), where such agreement grants a nonexclusive license under the
Licensed Patent in any Licensed Field of Use on terms otherwise substantially similar in all
material respects to those herein but at a more favorable royalty rate, then eSpeed shall provide
ICE with written notice thereof within thirty (30) Days of the effective date and ICE shall have
thirty (30) Days in which to elect in writing with notice to eSpeed the more favorable royalty rate
on a going forward basis. If ICE fails to make such an election within 30 Days, then it forfeits
the right to do so. If ICE elects to accept the more favorable royalty rate, then ICE must also
accept all terms and conditions of the Energy License that are less favorable to ICE than in this
Agreement as determined by eSpeed. ICE agrees to keep confidential any terms of the Energy License
that may be disclosed to it under this Section 6 and only to use information concerning those terms
for purposes of making its election under this Section 6 and for no other purpose.

     6.2 For purposes of this Section 6, the royalty rate for this Agreement is defined as the
Royalty defined in Section 3.2 and includes no other compensation, licensed technology, term,
obligation or condition in this or in any license hereafter granted. If any license hereafter
granted to any other entity (a) provides for any non-monetary compensation to eSpeed in addition to
an annual royalty and a running royalty per Licensed Electronic Side or Licensed Electronic Trade
or (b) grants additional technology rights, releases, or other consideration, then such other
non-monetary compensation, technology rights, releases, or other consideration shall not be
considered in determining whether the royalty rate in the Energy License is more favorable as
compared to this Agreement.

     6.3 This provision shall not apply to any implied license or any license obtained through the
doctrine of exhaustion. This provision will not apply to forgiveness, releases, or compromises for
alleged past infringements to reach settlement of a lawsuit.

7

 

7. ASSIGNMENTS

     7.1 This Agreement may, at any time, upon prior written notice to ICE but without ICE’s
consent, be assigned by eSpeed to an eSpeed Related Entity without such assignment operating to
terminate, impair or in any way change any obligations or rights which eSpeed would have had, or
any of the obligations or rights which ICE would have had, if such assignment had not occurred. Any
other assignment by eSpeed is subject to ICE’s consent, which consent shall not be unreasonably
withheld. The assignee shall be substituted for eSpeed as a party hereto, and thus be subject to
eSpeed’s obligations and undertakings herein and eSpeed shall no longer be bound hereby; provided,
however, the rights granted to ICE under Section 2 shall continue to apply and that eSpeed will
remain liable for any breach of this Agreement by it that occurred prior to the effective date of
its assignment.

     7.2 This Agreement shall inure to the benefit of, and be binding upon, the successors and
assigns of all parties, but no purported assignment or transfer by ICE of this Agreement or any
part thereof shall have any force or validity whatsoever, except, unless and until approved in
writing by eSpeed, which consent shall not be unreasonably withheld with respect to a majority
owned and controlled subsidiary of ICE to whom ICE desires to transfer ICE’s Electronic Futures
Exchange. Any purported conveyance or other attempt by ICE to confer or extend the benefits and
privileges of this Agreement upon or to another, without eSpeed’s prior written approval, shall be
void and ineffective.

8. REPRESENTATIONS, WARRANTIES AND SPECIAL COVENANTS

     8.1 eSpeed represents and warrants that: i) it owns the entire right, title and interest in
and to the Licensed Patent; ii) it has the right to enter into this Agreement; and iii) there are
no liens, conveyances, mortgages, assignments, encumbrances or other agreements to which eSpeed is
a party or by which it is bound, which would prevent or impair the full exercise of all substantive
tights granted to ICE by eSpeed pursuant to the terms and conditions of this Agreement.

     8.2 eSpeed makes no representation or warranty that Licensed Activities will not infringe,
directly, contributorily or by inducement under the laws of the United States or any foreign
country, any patent or other intellectual property right of a third party.

     8.3 ICE represents and warrants that ICE assumes responsibility for obtaining all necessary
official governmental approval, validation, and/or consent from the appropriate governmental
authorities for the performance of this Agreement and for remittance of payment pursuant hereto and
for registering or recording this Agreement as required; provided, however, that ICE shall use its
reasonable efforts to provide that eSpeed shall have the right to participate or be represented in
any proceeding, hearing, negotiation or the like with governmental authorities relating to such
approval, validation and/or consent.

     8.4 Each party to this Agreement further represents and warrants that in executing this
Agreement, it does not rely on any promises, inducements, or representations made by the other
party or any third party with respect to this Agreement

8

 

or any other business dealings with the other party or any third party, now or in the future.

     8.5 Each party to this Agreement further represents and warrants that it is not presently the
subject of a voluntary or involuntary petition in bankruptcy or the equivalent thereof, does not
presently contemplate filing any such voluntary petition, and does not presently have reason to
believe that such an involuntary petition will be filed against it.

     8.6 Other than the express representations and warranties of this Article, there are no other
representations and warranties, express or implied.

     8.7 ICE acknowledges and agrees that eSpeed shall not have an obligation to enforce the
Licensed Patent against any third party or to take any other action with respect to the Licensed
Patent.

     8.8 ICE acknowledges and agrees that nothing in this Agreement constitutes a license to or an
obligation to provide any manufacturing or technical information or trade secrets or confers a
right to use in advertising, publicity, or otherwise, any trademark or trade name of eSpeed.

     8.9 ICE acknowledges and agrees not it will not assist others in challenging the validity of
the Licensed Patent.

     8.10 ICE acknowledges and agrees that ICE’s Electronic Futures Exchange will be described by
one or more claims of the Licensed Patent.

9. CONFIDENTIALITY OF THIS AGREEMENT

     9.1 Other than disclosures related to a party being a public company (e.g., earnings calls),
each party to this Agreement agrees to keep the terms of this Agreement and any communications
relating to this Agreement confidential (“Confidential Information”) and to use reasonable care and
discretion, at least commensurate with that degree of reasonable care they use to protect similar
information of their own, to avoid disclosure, publication, or dissemination of the Confidential
Information, outside of those employees, attorneys or consultants of the parties who have a need to
know the Confidential Information and abide by the terms of this Article to keep the Confidential
Information in confidence.

     9.2 The obligations of this Section shall not prevent an otherwise prohibited disclosure,
which may be required by compulsory process and/or order from a court or administrative body, or
demand or request of a regulatory authority (including the Securities Exchange Commission), of
competent jurisdiction. The receiving party shall provide prompt prior written notice to the
disclosing party sufficient in all respects to allow the disclosing party an opportunity to oppose
or to attempt to limit the required disclosure. The disclosing party shall have a reasonable time
period, but no less than fourteen (14) Days after receipt of said written notice (if such period is
feasible under the circumstances) to oppose or to attempt to limit the required disclosure. If the
disclosing party fails to act within the prescribed time period, the receiving party may disclose
the

9

 

requested Confidential Information to the requesting party or body. In any case, the receiving
party shall attempt to have such disclosure be made pursuant to a protective order of such court,
prohibiting disclosure or other use of the protected matter apart from within the proceedings of
such litigation. Notwithstanding anything in this section, ICE acknowledges that the Confidential
Information is the subject of discovery requests in the lawsuits Electronic Trading Systems
Corporation and eSpeed, Inc. v. The Chicago Board of Trade and the Chicago Mercantile Exchange,
Civil Action No. 3:99-CV-1016-M pending in the United States District Court for the Northern
District of Texas, Dallas Division, and Electronic Trading Systems Corporation and eSpeed, Inc. v.
The New York Mercantile Exchange, Civil Action No. 00 Civ. 7431 (KMW) pending in the United States
District Court for the Southern District of New York, and agrees that the Confidential Information
can be produced in and used (including use by appropriately qualified experts under a protective
order) said lawsuits under the highest level of confidentiality provided for in the protective
orders entered in those cases, namely Attorneys Eyes Only or its equivalent.

10. LIMITATION ON LIABILITY

     NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR
SIMILAR DAMAGES ARISING UNDER TRIS AGREEMENT OR RELATED IN ANY WAY TO THIS AGREEMENT.

11. GENERAL PROVISIONS

     11.1 All notices to, demands, consents or communications which any party may desire or may be
required to give to the other must be in writing, shall be effective upon receipt in the United
States after having been sent by registered or certified mail or sent by facsimile transmission;
and shall be effective upon receipt outside the United States after having been delivered prepaid
to a reputable international delivery service or courier or sent by facsimile transmission; and
addressed to the address designated below:

	 	 	 
	 

	 	For notice to eSpeed:
	 
	 	 
	

	 	Stephen Merkel
	

	 	Executive Vice President, General Counsel and Secretary
	

	 	eSpeed, Inc.
	

	 	299 Park Avenue, 29th Floor
	

	 	New York, New York 10171-0002
	 
	 	 
	

	 	with a copy to
	 
	 	 
	

	 	Scott Partridge
	

	 	Baker Botts L.L.P.
	

	 	One Shell Plaza
	

	 	910 Louisiana St.
	

	 	Houston, Texas 77002

For notice to ICE:

10

 

	 	 	 
	 

	 	Jeffrey C. Sprecher
	

	 	Chief Executive Officer
	

	 	Intercontinental-Exchange, Inc.
	

	 	2100 RiverEdge Parkway, Fifth Floor
	

	 	Atlanta, Georgia, 30328
	 
	

	 	         with a copy to

	 	 	 
	 

	 	James M. Falvey
	

	 	Vice President, General Counsel
	

	 	Intercontinental-Exchange, Inc.
	

	 	200 S. Wacker Drive, Suite 3100
	

	 	Chicago, Illinois 60606

and to such address that the party to whom notices are to be sent may from time to time designate
in writing.

     11.2 No failure or delay to act upon any default or to exercise any right, power or remedy
hereunder will operate as a waiver of any such default, right, power or remedy.

     11.3 This Agreement constitutes the entire understanding of the parties with respect to its
subject matter and supersedes all prior oral or written negotiations, agreements and
understandings. This Agreement may not be modified or amended except in writing duly signed by
authorized persons on behalf of the parties hereto.

     11.4 No modification or amendment to this Agreement will be valid or binding unless reduced to
writing and duly executed by authorized corporate representatives of eSpeed and ICE.

     11.5 If any provision of this Agreement is or becomes or is deemed invalid, illegal or
unenforceable under the applicable laws or regulations of the United States, the State of New York
or any other jurisdiction, such provision will be deemed amended to the extent necessary to conform
to applicable laws or regulations or, if it cannot be so amended without materially altering the
intention of the parties, it will be stricken, and the remainder of this Agreement will remain in
full force and effect.

     11.6 This Agreement does not constitute either party hereto the agent of the other party for
any purpose whatsoever, nor does either party hereto have the right or authority to assume, create
or incur any liability of any kind, express or implied, against or in the name or on behalf of the
other party.

     11.7 THE VALIDITY, CONSTRUCTION, INTERPRETATION AND PERFORMANCE OF THIS AGREEMENT, AND ANY
DISPUTES OR LEGAL ACTIONS ARISING UNDER OR FROM THIS AGREEMENT, SHALL BE GOVERNED BY THE LAWS AND
REGULATIONS OF THE UNITED STATES OF AMERICA AS TO PATENT LAW, AND THE STATE OF NEW YORK, AS APPLIED
TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK. ALL DISPUTES HEREUNDER
SHALL ONLY BE BROUGHT EITHER IN THE UNITED STATES DISTRICT COURT FOR THE

11

 

SOUTHERN DISTRICT OF NEW YORK OR IN A STATE COURT OF NEW YORK HAVING SUBJECT MATTER
JURISDICTION OVER THE DISPUTE. EACH PARTY HEREBY SUBMITS TO THE JURISDICTION OF THE FOREGOING
COURTS FOR PURPOSES OF ENFORCEMENT OF THIS AGREEMENT. SERVICE OF PROCESS FOR ANY ACTION BROUGHT BY
EITHER PARTY HEREUNDER SHALL BE EFFECTIVE IF MADE BY UNITED STATES MAIL.

     11.8 This Agreement may be executed in counterparts, which may be delivered by telecopy.

     IN WITNESS WHEREOF, the parties hereto have caused this Patent License Agreement to be
executed by their respective duly authorized officers as of the Effective Date.

	 	 	 	 	 
	 	ESPEED, INC.

 	 
	 	By:  	/s/ Stephen Merkel 
	 
	Date: March 29, 2002 	 	   Stephen Merkel 	 
	 	 	   Executive Vice-President,
General Counsel and 
   Secretary 	 
	 

	 	 	 	 	 
	 	INTERCONTINENAL-EXCHANGE, INC.

 	 
	Date: March 29, 2002 	By:  	 /s/ Jeffrey C. Sprecher 
	 
	 	 	   Jeffrey C. Sprecher 	 
	 	 	   Chief Executive Officer 	 
	 

12

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