Document:

2007 Sharesave Scheme

 Exhibit 10.27 
  
 RULES 
 of 
 THE MF GLOBAL LTD. 
 APPROVED
SAVINGS-RELATED SHARE OPTION PLAN 
 A SUB-PLAN OF THE MF GLOBAL LTD. EMPLOYEE STOCK PURCHASE PLAN 
 Adopted by resolution of the Board on [•] 2007 and approved by HM Revenue & Customs under Schedule 3 to the Income Tax (Earnings &
Pensions) Act 2003 under reference number [•] on [•] 2007 
  
 

 

 Contents 
  

			
	 Clause
	  	Page
	 1       Definitions
	  	3
		
	 2       Administration of the Plan
	  	6
		
	 3       Invitations to apply for Options
	  	7
		
	 4       Scaling down
	  	8
		
	 5       Grant of Options
	  	9
		
	 6       Limitations on grants
	  	9
		
	 7       Exercise, lapse and exchange of options
	  	10
		
	 8       Exercise Price
	  	13
		
	 9       Procedure for Exercise of Options
	  	13
		
	 10     Rights of Shares and listing
	  	14
		
	 11     Variation of share capital
	  	14
		
	 12     Amendments
	  	15
		
	 13     General
	  	15

 MF GLOBAL LTD. 
 APPROVED SAVINGS-RELATED SHARE OPTION PLAN 
 A SUB-PLAN OF THE MF GLOBAL LTD EMPLOYEE STOCK PURCHASE
PLAN 
  

	1	Definitions 

  

	1.1	In the Scheme unless the context otherwise requires the following expressions have the following meanings: 

 “Approval Date” means the date on which the Plan is approved by HM Revenue & Customs under Schedule 3; 
 “Board” means the board of directors of the Company, as constituted from time to time; 
 “Bonus Date” means for any Option the first date on which the Relevant Bonus is payable; 
 “Committee” means a committee designated by the Board, as described in Rule 2.1; 
 “Company” means MF Global Ltd, a Bermuda corporation ; 
 “Control” means a person (or persons acting in concert) holding direct or indirect control: 
  

	 	(a)	of the affairs of the relevant company; 

  

	 	(b)	over more than 50% of the total voting rights conferred by all the issued shares in the capital of the relevant company which are ordinary exercisable in general meeting; or

  

	 	(c)	of the composition of the management board of the relevant company; 

 “Corporate Reorganization” means: 
  

	 	(a)	The consummation of a merger or consolidation of the Company with or into another entity, or any other corporate reorganization; or 

  

	 	(b)	The sale, transfer or other disposition of all or substantially all of the Company’s assets or the complete liquidation or dissolution of the Company; 

“Date of Grant” means, in relation to any Option, the date on which the Option is, was, or is to be granted; 
 “Eligible Employee” means: 

	 	(a)	any person who is an employee or Full-Time Director of any Participating Company who: 

  

	 	(i)	has been in continuous service for such period as may be specified by the Committee (subject to the limit set out in paragraph 6(2)(b) of Schedule 3) prior to the Date of Grant on
any occasion; and 

  

	 	(ii)	is chargeable to tax in respect of that person’s office or employment under either sections 15 or 21 of ITEPA; and 

  

	 	(b)	any other employee or director of any Participating Company whom the Committee may in its absolute discretion and from time to time select 

 PROVIDED that no person shall be an Eligible Employee at any time when precluded from participating in the Plan by paragraph 11 of Schedule 3 (“no
material interest” requirement); 
 “Exercise Price” means the price per Share payable on the exercise of an Option
determined in accordance with Rule 8 or such other price as may result from an adjustment pursuant to Rule 7.4 or Rule 11; 
 “Five-Year Bonus” means the bonus payable on or after the fifth anniversary of the starting date of a Savings Contract; 
 “Full-Time Director” means a director of a Participating Company who is required to devote to his duties not less than 25 hours per week (excluding meal breaks); 
 “Group” means the Company and its Subsidiaries from time to time; 
 “Invitation Period” means a period during which an invitation to apply for Options may be made under the Plan, as determined pursuant to
Rule 3.1; 
 “ITEPA” means the Income Tax (Earnings and Pensions) Act 2003; 
 “London Stock Exchange” means the London Stock Exchange plc; 
 “Market Value” means, in relation to a Share, the fair market value of a Share, determined by the Committee as follows: 
  

	 	(a)	If Shares are traded on the New York Stock Exchange or other national securities exchange on the date in question, then the Fair Market Value shall be equal to the closing price on
such date; 

  

	 	(b)	If Shares are traded on the Nasdaq Global Market on the date in question, then the Fair Market Value shall be equal to the last-transaction price quoted for such date by the Nasdaq
Global Market; or 

	 	(c)	If none of the foregoing provisions is applicable, then the Fair Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate.

 For any date that is not a trading day, the Fair Market Value of a Share for such date shall be determined by using the
closing sale price or last-transaction price for the immediately preceding trading day. Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in the Wall Street Journal or as reported
directly to the Company by the stock exchange. Such determination shall be conclusive and binding on all persons. 
 PROVIDED THAT such Market
Value shall be agreed in advance with HM Revenue & Customs Shares Valuation Office; 
 “Maximum Monthly Contribution”
means, for the purposes of any particular invitation made pursuant to Rule 3, a monthly contribution of such amount, not exceeding the maximum specified by paragraph 25(3)(a) of Schedule 3 (currently £250), as may be determined by the
Board; 
 “Minimum Monthly Contribution” means a Monthly Contribution of £10 or such lower amount specified by the
Committee in respect of an invitation under Rule 3, provided such lower amount is no less than £5; 
 “Monthly
Contribution” means the monthly contribution to be paid by the Participant under a related Savings Contract; 
 “Option” means a right to acquire Shares granted under the Plan; 
 “Participant” means any person
to whom an Option is granted under the Plan; 
 “Participating Company” means (i) the Company and (ii) any other
company of which the Company has Control (including, for the avoidance of doubt, any company which the Company is treated as having Control of by virtue of paragraph 46(2) of Schedule 3); 
 “Plan” means the MF Global Ltd. Approved Savings-Related Share Option Plan, being a sub-plan of the MF Global Ltd Employee Stock Purchase
Plan, as amended from time to time; 
 “Relevant Bonus” means either the Three-Year Bonus or the Five-Year Bonus, as
determined in accordance with Rule 3; 
 “Savings Contract” means a contract under a certified contractual savings scheme,
within the meaning of section 326 of the Income and Corporation Taxes Act 1988, and which has been approved by HM Revenue & Customs for the purposes of Schedule 3; 
 “Schedule 3” means Schedule 3 to ITEPA; 

 “Share” means, subject to Rule 7.4, a common share in the Company which satisfies the
conditions specified in paragraphs 17 to 22 of Schedule 3; 
 “Specified Age” means 60 years of age; 
 “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of
the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain; 
 “Subsisting Option” means an Option which has neither lapsed nor become unexercisable nor been exercised; 
 “Three-Year Bonus” means the bonus payable on or after the third anniversary of the starting date of a Savings Contract; 
  

	1.2	Where the context permits the singular shall include the plural and vice versa and the masculine shall include the feminine. 

  

	1.3	References to any statutory provision shall include any modification, amendment or re-enactment thereto. 

  

	1.4	References to Rules are, unless the context otherwise requires, to Rules of the Plan. 

  

	1.5	The headings to the Rules are for convenience only and have no legal effect. 

  

	2	Administration of the Plan 

  

	2.1	The Plan shall be administered by the Committee. The Committee shall consist of at least three members, which may consist of directors, officers or other employees of any
Participating Company, designated by the Board to administer the Plan and to perform the functions set forth herein. 

  

	2.2	 The Committee shall have full power and authority, subject to the provisions of the Plan, to promulgate such rules and regulations as it deems necessary for the
proper administration of the Plan, to interpret the provisions and supervise the administration of the Plan, and to take all action in connection therewith or in relation thereto as it deems necessary or advisable. Any decision reduced to writing
and signed by a majority of the members of the Committee shall be fully effective as if it had been made at a meeting duly held. The Committee’s determinations under the Plan, unless otherwise determined by the Board, shall be final and binding
on all persons. The Company shall pay all expenses incurred in the administration of the Plan. No member of the Committee shall be personally liable for any action, determination, or 

	 	 
interpretation made in good faith with respect to the Plan, and all members of the Committee shall be fully indemnified by the Company with respect to any
such action, determination or interpretation. Notwithstanding anything to the contrary in the Plan, the Board may, in its sole discretion, at any time and from time to time, resolve to administer the Plan. In such event, the Board shall have all of
the authority and responsibility granted to the Committee herein. 

  

	2.3	The Company shall not be obliged to provide Eligible Employees or Participants (or their personal representatives) with copies of any notices, circulars or other documents sent to
shareholders of the Company. 

  

	3	Invitations to apply for Options 

  

	3.1	While the Plan is in effect, two Invitation Periods shall commence in each calendar year. Unless otherwise determined by the Committee, the Invitation Periods shall consist of
six-month periods commencing on January 1 and July 1 of each year. 

  

	3.2	During an Invitation Period, the Committee may, if in its absolute discretion it thinks fit, invite all Eligible Employees to apply for Options. Such invitations shall be made on
identical terms to all Eligible Employees. 

  

	3.3	The Committee may, before invitations are issued on any occasion, determine a limit on the number of Shares which are to be available in respect of that issue of invitation.

  

	3.4	Each invitation shall specify: 

  

	 	(a)	that Eligible Employees may elect to enter into: 

  

	 	(i)	a three-year Savings Contract only; or 

  

	 	(ii)	a five-year Savings Contract only; 

  

	 	(b)	the latest date during the Invitation Period by which applications must be received, being neither less than 14 days nor more than 21 days after the date of issue of the invitations
unless otherwise agreed in advance with HM Revenue & Customs; 

  

	 	(c)	the Exercise Price at which Shares may be acquired on the exercise of any Option granted in response to an application; 

  

	 	(d)	the Maximum Monthly Contribution in respect of that invitation; 

  

	 	(e)	the Minimum Monthly Contribution; 

  

	 	(f)	that for the purpose of determining the number of Shares over which an Option is to be granted, the repayment under the related Savings Contract is to be taken as including the
Three-Year Bonus, the Five-Year Bonus or no Bonus (as the case may be); and 

  

	 	(g)	the date on which the first Monthly Contribution will be made. 

	3.5	Each invitation shall be accompanied by a proposal form for a Savings Contract and an application form which shall provide for the applicant to state: 

  

	 	(a)	the Savings Contract which the applicant wishes to take out; 

  

	 	(b)	the Monthly Contribution (being not less than the Minimum Monthly Contribution) which the applicant wishes to make under the Savings Contract; and 

  

	 	(c)	that the applicant’s proposed Monthly Contribution, when added to any monthly savings contributions then being made by him under any other Savings Contract linked to an option
granted under the Plan or any other plan approved under Schedule 3, will not exceed the maximum amount permitted under paragraph 25(3)(a) of Schedule 3; 

 and to authorise the Committee to enter on the Savings Contract proposal form a reduced Monthly Contribution as may be determined pursuant to Rule 4 below or as may be required to prevent the applicant from exceeding
the maximum amount referred to in sub-paragraph (c) above. 
  

	3.6	Each application shall be deemed to be for an Option in respect of the largest whole number of Shares which can be bought at the Exercise Price with the expected repayment under the
related Savings Contract at the appropriate Bonus Date. 

  

	3.7	The application shall be made in writing, or electronically, in a form specified by the Committee. 

  

	4	Scaling down 

  

	4.1	To the extent that valid applications are received in excess of any maximum number of Shares which may be determined by the Committee pursuant to Rule 3.2 or the limit in Rule 6.1,
the following steps shall be carried out successively to the extent necessary to eliminate the excess: 

  

	 	(a)	treating each election for the Three-Year Bonus or the Five-Year Bonus as elections for no Bonus; and then 

  

	 	(b)	reducing pro rata the proposed Monthly Contributions in excess of the Minimum Monthly Contributions; and then 

  

	 	(c)	reducing the proposed Monthly Contributions to the Minimum Monthly Contributions; and then 

  

	 	(d)	treating any election to make 60 Monthly Contributions under a Savings Contract as elections to make 36 Monthly Contributions; and then 

  

	 	(e)	selecting by lot. 

	4.2	Following the application of provisions in Rule 4.1, each application form shall be deemed to have been modified or withdrawn in accordance with the relevant provisions and the
Board shall complete each Savings Contract proposal form to reflect any reduction in Monthly Contributions resulting therefrom. 

  

	4.3	If the Board so determine, the provisions set out in Rule 4.1 may be modified or applied in such manner as may be agreed in advance with HM Revenue & Customs.

  

	5	Grant of Options 

  

	5.1	Not more than 30 days, or if Rule 4 applies 42 days, following the date on which invitations are issued, the Committee shall grant to each applicant who is an Eligible Employee, who
has made and not withdrawn a valid application and who is not precluded from participation in the Plan by virtue of paragraph 11 of Schedule 3, an Option over the number of Shares for which the Eligible Employee has applied or is deemed to have
applied. 

  

	5.2	As soon as practicable after Options have been granted the Committee shall issue a certificate in respect of each Option in such form, not inconsistent with the Rules, as the
Committee may determine. 

  

	5.3	An Option shall be personal to the Participant and shall not be capable of being transferred, assigned or charged by him but, if he dies, may be exercised by his legal personal
representatives as provided in Rule 7. 

  

	5.4	If a Participant does or suffers to be done any act or thing whereby he would or might be deprived of the legal or beneficial ownership of an Option, that Option shall lapse
forthwith. 

  

	5.5	No payment is required for the grant of an Option. 

  

	6	Limitations on grants 

  

	6.1	No Option shall be granted on any day if such grant would result in the number of Shares issued or remaining issuable pursuant to Options granted under the Plan exceeding the number
of Shares reserved for issuance under the MF Global Ltd Employee Stock Purchase Plan or such lesser number of Shares as may be provided by the Committee from time to time. 

  

	6.2	For the purposes of Rule 6.1 any option which has lapsed or been surrendered, renounced or cancelled without being exercised shall be disregarded. 

  

	6.3	No Option shall be granted to an Eligible Employee if the Monthly Contribution under the related Savings Contract, when added to the Monthly Contributions then being made by the
Eligible Employee under any other Savings Contract, would exceed the maximum specified in paragraph 25(3)(a) of Schedule 3. 

	7	Exercise, lapse and exchange of options 

  

	7.1	Subject to Rule 7.3 below, an Option which has not been exercised and has not lapsed may be exercised from the earliest of the following: 

  

	 	(a)	the relevant Bonus Date, if on the date of exercise the Participant is a director or employee of a Participating Company; 

  

	 	(b)	the death of the Participant; 

  

	 	(c)	the Participant reaching the Specified Age; 

  

	 	(d)	the Participant ceasing to be an Eligible Employee by reason of injury, disability, redundancy or retirement on reaching the Specified Age or any other age at which the Participant
retires by agreement with his employing company; 

  

	 	(e)	the Participant ceasing to be an Eligible Employee by reason only that the office or employment by virtue of which he is eligible to participate in the Plan:

  

	 	(i)	is in a company which ceases to be a Participating Company; or 

  

	 	(ii)	relates to a business or part of a business which is transferred to a person who is neither an associated company (within the meaning prescribed for such expression by paragraph 47
of Schedule 3) of the Company nor a company of which the Company has Control; or 

  

	 	(f)	immediately prior to the effective time of a Corporate Reorganization. 

  

	7.2	Subject to Rule 7.4, an Option shall lapse automatically on the earliest of the following events: 

  

	 	(a)	except where the Participant has died, the expiry of six months following the relevant Bonus Date; 

  

	 	(b)	where the Participant has died before the Bonus Date, the first anniversary of the Participant’s death; 

  

	 	(c)	where the Participant has died during the six months following the Bonus Date, the first anniversary of the Bonus Date; 

  

	 	(d)	the expiry of six months following the date on which the Option became exercisable by virtue of Rule 7.1(c); 

  

	 	(e)	unless the Participant has died, the expiry of six months following the date on which the Option became exercisable by virtue of Rule 7.1(d) or (e) above;

	 	(f)	where an Option has become exercisable by virtue of Rule 7.1(f) above, the expiry of six months from the date on which the Option became so exercisable; 

  

	 	(g)	subject to Rule 7.5, the Participant ceasing to be a director or employee of a Participating Company in circumstances in which the Option does not become exercisable (or, if already
exercisable, would not have become exercisable); 

  

	 	(h)	the Participant being adjudicated bankrupt; or 

  

	 	(i)	the date on which the Participant gives notice or is deemed to give notice under the Savings Contract that the Participant intends to stop paying contributions under the Savings
Contract. 

  

	7.3	This Rule 7.3 applies if: 

  

	 	(a)	the Corporate Reorganization referred to in Rule 7.1(f) forms part of an arrangement as a result of which the Company will be under the Control of another company; and

  

	 	(b)	the persons who will own shares in the acquiring company immediately after the arrangement will be substantially the same as the persons who own Shares in the Company immediately
before the arrangement (and for this purpose a corporate shareholder will be deemed to be the same person as its shareholders); and 

  

	 	(c)	Participants are offered an exchange of options in accordance with Rule 7.4. 

 In that case, notwithstanding the provisions of Rule 7.1, Participants may not exercise their Subsisting Options and, unless exchanged for substitute options in the acquiring company, such Subsisting Options shall
lapse automatically on the expiry of two months from the occurrence of the Corporate Reorganization referred to in Rule 7.1(f). 
  

	7.4	(a) If any company (the “Acquiring Company”) obtains Control of the Company as a result of a Corporate Reorganization, and the Acquiring Company agrees, the
following provisions of this Rule 7.4 shall apply. 

  

	 	(b)	Any Participant may, pursuant to such agreement with the Acquiring Company, at any time within the Appropriate Period (as defined in Rule 7.4(c) below) release the
Participant’s rights under the Plan (the “Old Rights”) in consideration for the grant to the Participant of rights (the “New Rights”) which are equivalent to the Old Rights (by virtue of satisfying paragraph
39(4) of Schedule 3) but which relate to shares in the Acquiring Company or a company which has Control of the Acquiring Company or a company which either is, or has Control of a company which is, a Member of a Consortium owning either the Acquiring
Company or a company having Control of the Acquiring Company. 

	 	(c)	For the purposes of this Rule 7.4 the “Appropriate Period” means the period of 6 months beginning with the time when the person making the offer has obtained
Control of the Company and the offer has become effective. 

  

	 	(d)	The New Rights shall, for all other purposes of the Plan, be treated as having been acquired at the same time as the Old Rights and the relevant Rules shall, in relation to the New
Rights, be construed as if references to “Company” and “Share” (whether directly or in definitions referred to or used in such Rules) were references to, or to shares in, the company to whose shares the New Rights relate but
references to Participating Company shall continue to be construed as if references to the Company were references to MF Global Ltd.; 

  

	 	(e)	Where in accordance with this Rule 7.4 Old Rights are released and New Rights granted, the New Rights shall not be exercisable by virtue of the event in relation to which the New
Rights were granted. 

  

	7.5	If a Participant continues to be employed by a Participating Company after the date on which he reaches the Specified Age he may exercise his Subsisting Options within six months
following that date provided that the exercise does not take place more than six months following the Bonus Date. 

  

	7.6	No person shall be treated for the purposes of this Rule 7 as ceasing to be employed by any Participating Company until that person is no longer employed by the Company, an
associated company (within the meaning prescribed for such expression for the purposes of paragraph 35(3) of Schedule 3 by paragraph 35(4)) or a company of which the Company has Control PROVIDED THAT employment shall not be deemed to terminate when
the Participant goes on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by the Company in writing. Employment, however, shall be deemed to cease ninety (90) days after the Participant goes on a
leave, unless a contract or statute guarantees his or her right to return to work. Employment shall be deemed to terminate in any event when the approved leave ends, unless the Participant immediately returns to work. 

  

	7.7	If, at the Bonus Date, a Participant holds an office or employment in a company which is not a Participating Company but which is an associated company of the Company (as defined by
paragraph 47 of Schedule 3) or a company of which the Company has Control then the Participant may, subject to the other provisions of this Rule 7, exercise the Option at any time within six months following the Bonus Date. 

 

	7.8	No Option may be exercised by an individual at any time when the individual is, or by the personal representatives of an individual who at the date of death was, precluded by
paragraph 11 of Schedule 3 from participating in the Plan. 

	7.9	No Option may be exercised at any time when the shares which may thereby be acquired are not Shares as defined in Rule 1.1. 

  

	7.10	An Option may not be exercised in respect of a greater number of Shares than the number which may be acquired with the sum obtained by way of repayment under the related Savings
Contract. 

  

	8	Exercise Price 

 The Exercise Price shall be
determined by the Committee on or before the date an invitation to participate in the Plan is issued and shall in no event be less than the greater of: 
  

	 	(a)	80 per cent of the Market Value of a Share on the day before the invitation is issued; or 

  

	 	(b)	the nominal value of a Share (if Shares are to be subscribed). 

  

	9	Procedure for Exercise of Options 

  

	9.1	An Option shall be exercised by notice in writing (or by e-mail) addressed to the Company Secretary, in the form prescribed by the Committee from time to time, given to the Company
by the Participant or, after his death, by his personal representatives, stating the number of Shares in respect of which the Option is being exercised and accompanied by a remittance for the full amount of the Exercise Price for the Shares in
respect of which the notice is given (which shall not exceed the sum obtained by way of repayment under the related Savings Contract) and the relevant Option certificate and shall be effective on the date of receipt by the Company or its agent of
the notice, the Option certificate and the appropriate remittance. 

  

	9.2	If an Option is exercised in part, it will lapse to the extent of the unexercised balance. 

  

	9.3	Within 30 days of receipt of a notice of exercise, the Option certificate and the appropriate remittance, the Board shall allot or procure the transfer of the Shares in respect
of which the Option has been validly exercised to the Participant (or his nominee) or, after his death, to his personal representatives unless the Board considers that such allotment or transfer would not be lawful in the relevant jurisdiction.

  

	9.4	For the avoidance of doubt, where Shares are allotted or transferred to a nominee the beneficial interest in them must vest in the person who exercised the Option.

  

	9.5	For the purposes of Rules 7.10 and 9.1, any repayment under the Savings Contract shall exclude the repayment of any Monthly Contribution the due date for payment of which falls more
than one month after the date on which repayment is made. 

  

	9.6	 The exercise of any Option and issue of Shares under the Plan shall not be permitted unless such exercise and issuance complies with (or are exempt from) all
applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and 

	 	 
regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the
Company’s securities may then be traded. 

  

	10	Rights of Shares and listing 

  

	10.1	Until Options are exercised, Participants shall have no voting or dividend rights in respect of Shares covered by their Options. 

  

	10.2	Shares allotted under the Plan shall rank pari passu in all respects with the shares of the same class for the time being in issue save as regards any rights attaching to such
shares by reference to a record date prior to the date of allotment and, in the case of a transfer of existing shares, the transferee shall not acquire any rights attaching to such shares by reference to a record date prior to the date of such
transfer. 

  

	10.3	All allotments, issues and transfers of Shares are subject to any necessary consents under any relevant enactments or regulations for the time being in force in the United Kingdom
or elsewhere. The Participant is responsible for complying with any requirements to obtain or avoid the need for any such consent. 

  

	10.4	Any Shares acquired on the exercise of Options are subject to the Articles of Association of the Company from time to time. 

  

	10.5	Neither the grant of an Option nor any benefit which may accrue to a Participant on the exercise of an Option shall form part of that Participant’s pensionable remuneration for
the purposes of any pension plan or similar arrangement which may be operated by any Participating Company. 

  

	11	Variation of share capital 

  

	11.1	In the event of any change in the number of issued Shares (or issuance of shares other than Common Shares) by reason of any forward or reverse share split, subdivision or
consolidation, or share dividend or bonus issue, recapitalization, reclassification, merger, amalgamation, consolidation, split-up, spin-off, reorganization, combination, exchange of Shares, the issuance of warrants or other rights to purchase
Shares or other securities, or any other change in corporate structure or in the event of any extraordinary distribution (whether in the form of cash, Shares, other securities or other property): 

  

	 	(a)	the number of Shares comprised in an Option; 

  

	 	(b)	their Exercise Price; and 

	 	(c)	where an Option has been exercised but no Shares have been allotted or transferred in satisfaction of such exercise, the number of Shares to be so allotted or transferred and their
Exercise Price 

 shall, subject to the prior approval of HM Revenue & Customs, be adjusted proportionately by the
Committee and, subject to the approval of the Board (or a committee thereof), such adjustments shall be final, conclusive and binding for all purposes of the Plan. 
  

	11.2	The Company may take such steps as it considers necessary to notify Participants of any adjustment made under Rule 11.1 and to call in, cancel, endorse, issue or re-issue any Option
certificate consequent upon such adjustment. 

  

	12	Amendments 

  

	12.1	The Rules may be amended in any respect by resolution of the Board provided that: 

  

	 	(a)	no amendment shall be made which would adversely affect any of the subsisting rights of Participants unless the Board shall have invited every relevant Participant to give an
indication as to whether or not the relevant Participant approves the amendment and the amendment is approved by a majority of those Participants who have given such an indication except for, where such amendments or additions do not affect the
basic principles of the Plan, any amendment or addition which the Board considers necessary or desirable in order to benefit the administration of the Plan, or comply with or take account of the provisions of any proposed or existing legislation, or
take account of any of the events mentioned in Rule 7, or obtain or maintain favourable tax, exchange control or regulatory treatment; and 

  

	 	(b)	for so long as the Board determines that the Plan is to continue to be approved by HM Revenue & Customs under Schedule 3, no amendment which is necessary in order to meet
the requirements of Schedule 3 shall have effect until approved by HM Revenue & Customs (and if the Board determines that the Plan shall cease to be so approved, it shall, as soon as practicable, notify HM Revenue & Customs
accordingly). 

  

	12.2	Written notice of any amendment to the Plan may be given to all Participants at the discretion of the Board. 

  

	13	General 

  

	13.1	The Plan shall commence on the Approval Date and shall (unless previously terminated by a resolution of the Board or a resolution of the Company in general Meeting) terminate upon
the expiry of the period of ten years from such date. Upon termination (howsoever occurring) no further Options may be granted but such termination shall be without prejudice to any accrued rights in existence at the date thereof.

	13.2	The Company will at all times keep available sufficient authorised and unissued Shares, or shall ensure that sufficient Shares will be available, to satisfy the exercise to the full
extent still possible of all Subsisting Options, taking account of any other obligations of the Company to issue Shares. 

  

	13.3	The Company may, to the extent lawful, provide funds to the trustee of any trust to enable the trust to acquire Shares to be held for the purposes of the Plan.

  

	13.4	Save as otherwise provided in the Plan, any notice or communication to be given by the Company to any Eligible Employee or Participant may be given by electronic mail, personally
delivered or sent by ordinary post to the person’s last known address and where a notice or communication is sent by post it shall be deemed to have been received 48 hours after the same was put into the post properly addressed and stamped.
Share certificates and other communications sent by post will be sent at the risk of the Eligible Employee or Participant concerned and the Company shall have no liability whatsoever to any such person in respect of any notification, document, share
certificate or other communication so given, sent or made. 

  

	13.5	By participating in the Plan each Participant agrees to the holding of information about him by the Company and authorises the Company and its agents and advisers to use such
information for the purposes of the Plan. Each Participant agrees that data concerning his participation may be processed by agents of the Company wherever located and where necessary transmitted outside of the UK and/or European Economic Area.

  

	13.6	Any notice to be given to the Company may be given by electronic mail or delivered or sent to the Company at its registered office (or as the Company shall otherwise direct) and
shall be effective upon receipt. 

  

	13.7	The Company shall have no obligation to notify Participants or their personal representatives (as the case may be) of the forthcoming lapse of an Option or, save as otherwise
provided in the Plan, to provide other reports to Participants or their personal representatives (as the case may be) as to the status of their Options. 

  

	13.8	The existence of any Option shall not affect in any way the right or power of the Company or its shareholders to make or authorise any adjustments, recapitalisations,
reorganisations, reductions of capital, purchase or redemption of the Shares or other changes in the structure of the Company’s share capital or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior
preference stock ahead of or convertible into, or otherwise affecting the Shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate
act. 

  

	13.9	 The Company shall not be responsible for obtaining any governmental, regulatory or other official consent that may be required in any country or jurisdiction in
order to permit the grant of an Option to a particular Eligible Employee or the exercise of an Option by a particular Participant. 

	 	 
The Eligible Employee or Participant (as the case may be) shall be responsible for obtaining any such consent and the Company shall not be responsible for
any failure by any Eligible Employee or Participant to do so or for any tax or other liability to which a Participant may become subject as a result of participation in this Plan. 

  

	13.10	Notwithstanding any other provision of the Plan, the rights and obligations of a Participant under the terms and conditions of his office or employment shall not be affected by his
participation in the Plan or any right he may have to participate in the Plan. An individual who participates in the Plan waives all and any rights to compensation or damages in consequence of: 

  

	 	(a)	the termination of his office or employment with any company for any reason whatsoever - and whether lawful or unlawful; and/or 

  

	 	(b)	the exercise or failure to exercise any discretion conferred by the rules of the Plan 

 insofar as those rights arise or may arise from ceasing to have rights under or to be entitled to exercise any Option under the Plan as a result of such termination or from the loss or diminution in value of such
rights or entitlements. If necessary, the Participant’s terms of employment shall be varied accordingly. 
  

	13.11	To record the adoption of the Plan by the Board the Company has caused its authorized officer to execute the same. 

  

	13.12	The Plan and all Options granted under it shall be governed by and construed in accordance with English law and any dispute not resolved by mutual agreement between the parties to
that dispute shall be subject to the exclusive jurisdiction of the English Courts.$1,400,000,000 Bridge Facility

 Exhibit 10.29 
 EXECUTION COPY 

			
	

	 	

 $1,400,000,000 
 364-DAY REVOLVING CREDIT FACILITY 
 dated as of 
 June 15, 2007 
 among 
 MF GLOBAL FINANCE USA INC. 
 (known as “Man Group Finance Inc.” from the date
hereof until Separation (as defined below)), 
 as Borrower 
 MF GLOBAL LTD. 
 The Designated Subsidiary Borrowers from Time to Time Parties Hereto, 
 The Several Lenders from Time to Time Parties Hereto, 
 CITIBANK N.A., 
 as Syndication Agent 
 - and - 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 BANK OF AMERICA, N.A., 
 CALYON, NEW YORK BRANCH, 
 and 
 HSBC BANK USA, N.A., 
 as Documentation Agents

  

 J.P. MORGAN
SECURITIES INC., 
 as Joint Lead Arranger and Joint Bookrunner 
 - and - 
 CITIGROUP GLOBAL MARKETS INC., 
 as Joint Lead Arranger and Joint Bookrunner 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	 	Page
	ARTICLE I
	
	Definitions
			
	 SECTION 1.01.
	 	Defined Terms	 	1
	 SECTION 1.02.
	 	Terms Generally	 	12
	 SECTION 1.03.
	 	Accounting Terms; GAAP	 	13
	
	ARTICLE II
	
	The Credits
			
	 SECTION 2.01.
	 	Commitments	 	13
	 SECTION 2.02.
	 	Loans and Borrowings	 	13
	 SECTION 2.03.
	 	Requests for Borrowings	 	14
	 SECTION 2.04.
	 	Funding of Borrowings	 	14
	 SECTION 2.05.
	 	Interest Elections	 	15
	 SECTION 2.06.
	 	Termination and Reduction of Commitments	 	16
	 SECTION 2.07.
	 	Repayment of Loans; Evidence of Debt	 	16
	 SECTION 2.08.
	 	Prepayment of Loans	 	17
	 SECTION 2.09.
	 	Fees	 	17
	 SECTION 2.10.
	 	Interest	 	18
	 SECTION 2.11.
	 	Alternate Rate of Interest	 	19
	 SECTION 2.12.
	 	Increased Costs	 	19
	 SECTION 2.13.
	 	Break Funding Payments	 	20
	 SECTION 2.14.
	 	Taxes	 	20
	 SECTION 2.15.
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	 	22
	 SECTION 2.16.
	 	Mitigation Obligations; Replacement of Lenders	 	23
	
	ARTICLE III
	
	Representations and Warranties
			
	 SECTION 3.01.
	 	Organization; Powers	 	23
	 SECTION 3.02.
	 	Authorization; Enforceability	 	23
	 SECTION 3.03.
	 	Governmental Approvals; No Conflicts	 	24
	 SECTION 3.04.
	 	Financial Condition; No Material Adverse Change	 	24
	 SECTION 3.05.
	 	Properties	 	24
	 SECTION 3.06.
	 	Litigation and Environmental Matters	 	25
	 SECTION 3.07.
	 	Compliance with Laws and Agreements	 	25
	 SECTION 3.08.
	 	Investment Company Status	 	25
	 SECTION 3.09.
	 	Taxes	 	25
	 SECTION 3.10.
	 	ERISA	 	25
	 SECTION 3.11.
	 	Disclosure	 	26
	 SECTION 3.12.
	 	Federal Regulations	 	26
	 SECTION 3.13.
	 	Purpose of Loans	 	26

  

 i 

					
	 	 	 	 	Page
	 SECTION 3.14.
	 	Material Licenses and Memberships	 	26
		 		 	
	
	ARTICLE IV
	
	Conditions
			
	 SECTION 4.01.
	 	Effective Date	 	26
	 SECTION 4.02.
	 	Each Credit Event	 	27
	 SECTION 4.03.
	 	Conditions to Initial Borrowings by each Designated Subsidiary Borrower	 	27
	 SECTION 4.04.
	 	Additional Conditions Applicable to the Designated Subsidiary Borrowers	 	28
	
	ARTICLE V
	
	Affirmative Covenants
			
	 SECTION 5.01.
	 	Financial Statements; Ratings Change and Other Information	 	29
	 SECTION 5.02.
	 	Notices of Material Events	 	31
	 SECTION 5.03.
	 	Existence; Conduct of Business; Material Licenses and Membership	 	31
	 SECTION 5.04.
	 	Payment of Obligations	 	31
	 SECTION 5.05.
	 	Maintenance of Properties; Insurance	 	32
	 SECTION 5.06.
	 	Books and Records; Inspection Rights	 	32
	 SECTION 5.07.
	 	Compliance with Laws	 	32
	 SECTION 5.08.
	 	Additional Guarantors	 	32
	
	ARTICLE VI
	
	Negative Covenants
			
	 SECTION 6.01.
	 	Minimum Tangible Net Worth	 	32
	 SECTION 6.02.
	 	Indebtedness	 	32
	 SECTION 6.03.
	 	Liens	 	33
	 SECTION 6.04.
	 	Fundamental Changes	 	34
	 SECTION 6.05.
	 	Transactions with Affiliates	 	35
	 SECTION 6.06.
	 	Regulatory Capital	 	35
	
	ARTICLE VII
	
	Events of Default
	
	ARTICLE VIII
	
	The Administrative Agent
	
	ARTICLE IX
	
	Miscellaneous
			
	 SECTION 9.01.
	 	Notices	 	39
	 SECTION 9.02.
	 	Waivers; Amendments	 	40

  

 ii 

					
	 	 	 	 	Page
	 SECTION 9.03.
	 	Expenses; Indemnity; Damage Waiver	 	41
	 SECTION 9.04.
	 	Successors and Assigns	 	42
	 SECTION 9.05.
	 	Survival	 	44
	 SECTION 9.06.
	 	Counterparts; Integration; Effectiveness	 	45
	 SECTION 9.07.
	 	Severability	 	45
	 SECTION 9.08.
	 	Right of Setoff	 	45
	 SECTION 9.09.
	 	Governing Law; Jurisdiction; Consent to Service of Process	 	45
	 SECTION 9.10.
	 	WAIVER OF JURY TRIAL	 	46
	 SECTION 9.11.
	 	Headings	 	46
	 SECTION 9.12.
	 	Confidentiality	 	46
	 SECTION 9.13.
	 	Documentation Agent and Syndication Agent	 	47
	 SECTION 9.14.
	 	USA PATRIOT Act	 	47

 SCHEDULES: 
 Schedule 2.01 – Commitments 
 Schedule 3.06 – Disclosed Matters 
 Schedule 6.02 – Existing Indebtedness 
 Schedule 6.03 – Existing Liens 
 Schedule 6.05 – Transactions with Affiliates 
 EXHIBITS:

 Exhibit A – Form of Guaranty 
 Exhibit B – Form of
Assignment and Assumption 
 Exhibit C-1 – Form of Opinion of Sullivan & Cromwell LLP, special New York counsel for the Parent and the Borrower

 Exhibit C-2 – Form of Opinion of Conyers Dill & Pearman, special Bermuda counsel for the Parent 
 Exhibit D-1 – Form of Closing Certificate 
 Exhibit D-2 – Form of
Secretary’s Certificate 
 Exhibit E – Form of Joinder Agreement 
  

 iii 

 364-DAY REVOLVING CREDIT FACILITY (this “Agreement”), dated as of June 15, 2007,
among: 
  

	 	(a)	MF GLOBAL FINANCE USA INC., a New York corporation (known from the date hereof until Separation as “Man Group Finance Inc.”) (the “Borrower”);

  

	 	(b)	MF GLOBAL LTD., a company organized under the laws of Bermuda (the “Parent”); 

  

	 	(c)	the Designated Subsidiary Borrowers from time to time parties hereto; 

  

	 	(d)	the several banks and other financial institutions from time to time parties to this Agreement (the “Lenders”); 

  

	 	(e)	CITIBANK N.A., as syndication agent (in such capacity, the “Syndication Agent”); 

  

	 	(f)	JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders hereunder (in such capacity, the “Administrative Agent”); and 

  

	 	(g)	the parties named as documentation agents (each, a “Documentation Agent”, and, collectively, the “Documentation Agents”) on the signature pages
hereto. 

 The parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, is bearing interest at a rate determined by reference to the Alternate Base
Rate. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
 “Administrative Agent” has the meaning assigned to such term in the preamble hereto. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified, it
being understood that for the purposes of this definition Man Group plc shall in no event be an “Affiliate” of the Borrower when Man Group plc ceases to own directly or indirectly at least 20% of the aggregate capital stock of the
Borrower. 
 “Agreement” has the meaning assigned to such term in the preamble hereto. 

 “Alternate Base Rate” means, for
any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of
such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Applicable Percentage” means,
with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently
in effect, giving effect to any assignments. 
 “Applicable Rate” means, for any day, with respect to any ABR Loan or
Eurodollar Loan, or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurodollar Spread” or “Facility Fee Rate”, as
the case may be, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt: 
  

										
	 Index Debt Ratings:
	  	 ABR
 Spread
	 	 	 Eurodollar
 Spread
	 	 	 Facility Fee
 Rate
	 
	 Category 1:
 Index Debt Ratings of at least A by S&P or A2 by Moody’s
	  	0	%	 	0.25	%	 	0.05	%
	 Category 2:
 Index Debt Ratings of at least A- by S&P or A3 By Moody’s and not Category 1
	  	0	%	 	0.29	%	 	0.06	%
	 Category 3:
 Index Debt Ratings of at least BBB+ by S&P or Baa1 by Moody’s and not Category 1 or 2
	  	0	%	 	0.32	%	 	0.08	%
	 Category 4:
 Index Debt Ratings of at least BBB by S&P or Baa2 by Moody’s and not Category 1, 2 or 3
	  	0	%	 	0.41	%	 	0.09	%
	 Category 5:
 Index Debt Ratings below Category 4
	  	0	%	 	0.55	%	 	0.10	%

 For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect
a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 5; (ii) if the ratings established or
deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower
than the other, in which case the Applicable Rate shall be determined by reference to the Category next above that of the lower of the two ratings; and (iii) if the ratings established or deemed to have been established by Moody’s and
S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency,
irrespective of when notice of such change shall have been furnished by the Borrower to the Agent and the Lenders pursuant to Section 5.01 or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the
effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P changes, or if either such rating agency ceases to be in the business of rating
corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the 

  

 2 

 
unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference
to the rating most recently in effect prior to such change or cessation. 
 “Approved Fund” has the meaning assigned to such
term in Section 9.04. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit B or any other form approved by the Administrative Agent. 
 “Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the
date of termination of the Commitments. 
 “Board” means the Board of Governors of the Federal Reserve System of the United
States of America. 
 “Borrower” has the meaning assigned to such term in the preamble hereto. 
 “Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to
which a single Interest Period is in effect. 
 “Borrowing Request” means a request by the Borrower or a Designated
Subsidiary Borrower for a Borrowing in accordance with Section 2.03. 
 “Business Day” means any day that is not a
Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also
exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Change in Control” means (a) occupation of a majority of the seats (other than vacant seats) on the board of directors of the
Parent by Persons who were neither (i) directors on the date hereof nor (ii) appointed or nominated by directors (x) so nominated or appointed, (y) nominated or appointed by a Permitted Holder, or (z) nominated or appointed
in reliance on the foregoing clauses (x) or (y), (b) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as in effect on the Effective Date), other than a Permitted
Holder, shall have acquired beneficial ownership of greater than or equal to 50% on a fully diluted basis of the voting or economic interest in the Parent’s capital stock or (c) the Parent shall, from and after Separation, cease to own all
of the capital stock of the Borrower or any Designated Subsidiary Borrower. 
 “Change in Law” means (a) the adoption
of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance
by any Lender with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
  

 3 

 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans hereunder, expressed as an
amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 and (b) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its
Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is $1,400,000,000. 
 “Consolidated Net
Income” means for any period, net income that would in conformity with GAAP, be included in the consolidated financial statements of the Parent and its Subsidiaries for such period. 
 “Consolidated Tangible Net Worth” means, at any date, all amounts that would, in conformity with GAAP, be included in the consolidated
GAAP financial statements of the Parent and its Subsidiaries under stockholders’ equity at such date less the amount of all intangible items included therein, including, without limitation, goodwill, franchises, licenses, patents, trademarks,
trade names, copyrights, service marks, brand names and write-ups of assets. 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. 
 “Credit Exposure” means, with respect to any Lender at any time, the outstanding
principal amount of such Lender’s Loans at such time. 
 “Default” means any event or condition which constitutes an
Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Disclosed
Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06. 
 “Designated Subsidiary Borrower Closing Date” means, with respect to each Designated Subsidiary Borrower, the date on which the conditions precedent set forth in Section 4.03 shall have been satisfied in respect of
such Designated Subsidiary Borrower. 
 “Designated Subsidiary Borrower” means, each Subsidiary of the Parent that becomes a
party hereto pursuant to Section 4.03. 
 “Designated Subsidiary Borrower Obligations” has the meaning assigned to such
term in Section 1.1 of the Guaranty. 
 “Disclosed Matters” means the actions, suits and proceedings and the
environmental matters disclosed in Schedule 3.06. 
 “Documentation Agents” has the meaning assigned to such term in
the preamble hereto. 
 “dollars” or “$” refers to lawful money of the United States of America.

  

 4 

 “Effective Date” means the date on which the conditions specified in Section 4.01
are satisfied (or waived in accordance with Section 9.02). 
 “Environmental Laws” means all laws, rules, regulations,
codes, ordinances, orders, decrees, judgments, injunctions or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, the management, release or threatened release of any
Hazardous Material or to human health matters. 
 “Environmental Liability” means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Parent or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or
(e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a
Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA
and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means
(a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect
to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA) and, on and after the effectiveness of the Pension Act, any failure by any Plan to satisfy the minimum funding
standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each case, whether or not waived; (c) the filing pursuant to Section 412(d) of the Code (or, on and after the
effectiveness of the Pension Act, Section 412(c) of the Code) or Section 303(d) of ERISA (or, on and after the effectiveness of the Pension Act, Section 302(c) of ERISA) of an application for a waiver of the minimum funding standard
with respect to any Plan; (d) on and after the effectiveness of the Pension Act, a determination that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i) of the
Code); (e) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (h) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or, after the effectiveness of the Pension Act, in
endangered or critical status, within the meaning of Section 305 of ERISA. 
  

 5 

 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the meaning assigned to such term in Article VII. 
 “Excluded Taxes”
means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower or any Designated Subsidiary Borrower hereunder, (a) income or franchise taxes
imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower or any Designated Subsidiary Borrower is located and (c) in the case
of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.16(b)), any withholding tax that is in effect and would be imposed on amounts payable to such Foreign Lender at the time such Foreign Lender
becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.14(e), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower or any Designated Subsidiary Borrower with respect to such withholding tax pursuant to Section 2.14(a). 
 “F-1” has the meaning assigned to such term in Section 3.04(a). 
 “Federal Funds Effective Rate” means, for any period commencing on a day that is a Business Day to the next Business Day, the weighted
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on such next Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal
funds brokers of recognized standing selected by it. 
 “Financial Officer” means the chief financial officer, principal
accounting officer, treasurer or controller of the Borrower or the Parent, as the case may be. 
 “Foreign Lender” means, as
to the Borrower or any Designated Subsidiary Borrower, any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower or such Designated Subsidiary Borrower, as the case may be, is located. For purposes of this
definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “GAAP” means generally accepted accounting principles in the United States of America. 
 “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness 

  

 6 

 
of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor,
direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to
purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the
primary obligor so as to enable the primary obligor to pay such Indebtedness or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided, that the term Guarantee shall
not include endorsements for collection or deposit in the ordinary course of business. 
 “Guaranty” means the Guaranty to
be executed and delivered by the Parent, the Borrower and each Designated Subsidiary Borrower, as of the Effective Date, substantially in the form of Exhibit A. Pursuant to Section 4.03(b), each additional Designated Subsidiary Borrower shall
be a guarantor under the Guaranty by the execution and delivery of a Joinder Agreement therein, and pursuant to Section 5.08, each other Subsidiary that becomes a “Designated Subsidiary Borrower” under the Liquidity Credit Agreement
or otherwise a guarantor thereof shall become a guarantor under the Guaranty by the execution and delivery of a Joinder Agreement as provided therein. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos
or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or
other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable and forward, futures and
similar transactions incurred or entered into in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any
Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person,
(i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances, but in any event excluding from clauses (a) through (j) obligations of any Person to its customers incurred in the ordinary course of business. The Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes.

 “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Parent that is not guaranteed or
subject to any other credit enhancement. 
 “Information Memorandum” means the Confidential Information Memorandum dated May
2007 relating to the Borrower and the Transactions. 
  

 7 

 “Interest Election Request” means a request by the Borrower or the relevant Designated
Subsidiary Borrower, as the case may be, to convert or continue a Borrowing in accordance with Section 2.05. 
 “Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which
such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the
first day of such Interest Period. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the seventh day thereafter or the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect; provided, that
(i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period (other than a seven day Interest Period) pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and, in the case of a Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an
Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on LIBOR1 of the Reuters Screen (or on any successor or substitute page of such Page, or any successor to or substitute
for such Page, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar
deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event
that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity
comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust,
lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease
having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
  

 8 

 “Liquidity Credit Agreement” means the $1,500,000,000 5-Year Revolving Credit Facility
dated as of the date hereof, among the Borrower, the Parent, the designated subsidiary borrowers from time to time parties thereto, the lenders parties thereto, Citibank N.A., as syndication agent, JPMorgan Chase Bank, N.A., as administrative agent,
and the documentation agents signatories thereto. 
 “Loan Documents” means this Agreement and the Guaranty and any
amendment, waiver, supplement or other modification hereof or thereof. 
 “Loans” means the loans made by the Lenders to the
Borrower pursuant to this Agreement. 
 “Man Financial” has the meaning assigned to such term in Section 3.04(a).

 “Material Adverse Effect” means a material adverse effect on (a) the business, operations, property or condition
(financial or otherwise) of the Parent and the Subsidiaries taken as a whole, (b) the ability of the Parent, the Borrower or any Designated Subsidiary Borrower to perform any of its obligations under the Loan Documents or (c) the material
rights of or material benefits available to the Administrative Agent and the Lenders under the Loan Documents. 
 “Material
Indebtedness” means Indebtedness (other than the Loans) of a type referred to in clause (a), (b), (c) or (h) of the definition of “Indebtedness” or of a type referred to in clause (i) or (j) and owing to a
bank, or Guarantees of any such Indebtedness, or obligations in respect of one or more Swap Agreements, of any one or more of the Parent and its Subsidiaries in an aggregate principal amount exceeding $50,000,000. For purposes of determining
Material Indebtedness, the “principal amount” of the obligations of the Parent or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower
or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. Indebtedness without regard to amount that is owed by the Parent to any Subsidiary, or by any Subsidiary to the Parent or any other Subsidiary, shall
not constitute “Material Indebtedness” under this Agreement. 
 “Maturity Date” means June 13, 2008.

 “Moody’s” means Moody’s Investors Service, Inc. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “Net Cash Proceeds” means, in connection with any issuance or sale of Equity Interests or any incurrence of Indebtedness (including any
“hybrid securities”), the gross cash proceeds received from such issuance or incurrence, net of payments or accruals for attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and
other customary fees and expenses actually incurred in connection therewith. 
 “Other Taxes” means any and all present or
future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 

“Parent” has the meaning assigned to such term in the preamble hereto. 
 “Participant” has the meaning set forth in Section 9.04. 
  

 9 

 “Patriot Act” has the meaning assigned to such term in Section 9.14. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar
functions. 
 “Pension Act” means the Pension Protection Act of 2006, as amended. 
 “Permitted Encumbrances” means: 
 (a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.04; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not
overdue by more than 60 days or are being contested in compliance with Section 5.04; 
 (c) pledges and deposits made in
the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, government contracts, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in
the ordinary course of business; 
 (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (k) of Article VII; and 
 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on
real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the
Parent or any Significant Subsidiary; 
 (g) licenses (with respect to any intellectual property and other property), leases
or subleases granted to third parties by the Parent and its Subsidiaries in the ordinary course of business and not interfering in any material respect with the ordinary conduct of the business of the Parent or any of its Subsidiaries; 

(h) any (a) interest or title of a lessor or sublessor under any lease of property to the Parent or any of its Subsidiaries,
(b) Lien or restriction that the interest or title of such lessor or sublessor referred to in the preceding clause (a) may be subject to, or (c) subordination of the interest of the lessee or sublessee under such lease to any Lien or
restriction referred to in the preceding clause (b), so long as the holder of such Lien or restriction agrees to recognize the rights of such lessee or sublessee under such lease; 
 (i) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods so long as such Liens only cover the related goods; 
 (j) any zoning or similar law or right
reserved to or vested in any governmental office or agency to control or regulate the use of any real property owned or leased by the Parent or any of its Significant Subsidiaries; and 
  

 10 

 (k) Reciprocal easement or similar agreements entered into in the ordinary course of
business of the Parent and its Subsidiaries; 
 provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness. 
 “Permitted Holders” means Man Group plc and its subsidiaries (other than the Parent and its Subsidiaries)
at any time. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan
(other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Prime
Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective. 
 “Register” has the meaning set forth in
Section 9.04. 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Required
Lenders” means, at any time, Lenders having Credit Exposures and unused Commitments representing more than 50% of the sum of the total Credit Exposures and unused Commitments at such time. 
 “SEC” means the Securities and Exchange Commission. 
 “Separation” has the meaning set forth in the F-1. 
 “Significant
Subsidiary” means, at any time, the Borrower, any Designated Subsidiary Borrower or any other subsidiary of the Parent satisfying the requirements of Rule 1-02(w) of Regulation S-X as adopted by the Securities and Exchange Commission, as
the same may be amended or supplemented from time to time. 
 “S&P” means Standard & Poor’s. 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of
which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is
subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentage shall include those imposed pursuant to such
Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any
Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
  

 11 

 “subsidiary” means, with respect to any Person (the “parent”) at any
date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were
prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the
equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by
the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means any subsidiary of the Parent. 
 “Swap Agreement” means any agreement with
respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or
pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of the Parent or its Subsidiaries shall be a Swap Agreement. 
 “Syndication Agent” has the meaning assigned to such term in the preamble hereto. 
 “Taxes” means
any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
 “Transactions” means the execution, delivery and performance by the Parent, the Borrower and any Designated Subsidiary Borrower of this Agreement and the other Loan Documents, the borrowing of Loans, and the use of the
proceeds thereof. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such
Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of
ERISA. 
 SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein) and any definition of or reference to any law, statute, regulation, rule or other legislative action shall mean such law, statute, regulation, rule or other legislative action as amended,
supplemented or otherwise modified from time to time, (b) any reference 

  

 12 

 
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.03. Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

 ARTICLE II 
 The Credits

 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the
Borrower or any Designated Subsidiary Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Credit Exposure exceeding such Lender’s Commitment or
(b) the total Credit Exposures exceeding the aggregate Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower or any Designated Subsidiary Borrower may borrow, prepay and reborrow Loans.

 SECTION 2.02. Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders
ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are
several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Subject to
Section 2.11, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower or Designated Subsidiary Borrower, as the case may be, may request in accordance herewith. Each Lender at its option may make any
Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower or any Designated Subsidiary Borrower to repay
such Loan in accordance with the terms of this Agreement and shall not result in creating or increasing any obligation of the Borrower to make payments under Sections 2.12 through 2.14. 
 (c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple
of $1,000,000 and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Borrowing
may be in an aggregate amount that is equal to the entire unused balance of the total Commitments. 
  

 13 

 (d) Notwithstanding any other provision of this Agreement, the Borrower or any Designated Subsidiary
Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03. Requests for Borrowings. To request a Borrowing, the Borrower or any Designated Subsidiary Borrower shall notify the Administrative
Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not
later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile (or in any other
manner approved pursuant to Section 9.01(b)) to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower or any Designated Subsidiary Borrower. Each such telephonic and
written Borrowing Request shall specify the following information in compliance with Section 2.02: 
  

	 	(i)	the aggregate amount of the requested Borrowing; 

  

	 	(ii)	the date of such Borrowing, which shall be a Business Day; 

  

	 	(iii)	whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

  

	 	(iv)	in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest
Period”; and 

  

	 	(v)	the location and number of the Borrower’s or the relevant Designated Subsidiary Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.04. 

 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR
Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower or the relevant Designated Subsidiary Borrower shall be deemed to have selected an Interest Period of one month’s duration.
Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 SECTION 2.04. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds by 3:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such
Loans available to the Borrower or the relevant Designated Subsidiary Borrower, as the case may be, by promptly crediting the amounts so received, in like funds, to an account of the Borrower or such Designated Subsidiary Borrower, as the case may
be, maintained with the Administrative Agent in New York City and designated by the Borrower or such Designated Subsidiary Borrower in the applicable Borrowing Request. 
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the 

  

 14 

 
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such
date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower or the relevant Designated Subsidiary Borrower a corresponding amount. In such event, if a Lender has not in fact
made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower or such Designated Subsidiary Borrower, as the case may be, severally agree to pay to the Administrative Agent forthwith on
demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower or such Designated Subsidiary Borrower, as the case may be, to but excluding the date of payment to the
Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the
case of the Borrower or such Designated Subsidiary Borrower, the interest rate applicable to the Borrowing. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such
Borrowing. 
 SECTION 2.05. Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower or the relevant Designated Subsidiary Borrower, as the case may be, may elect to
convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower or the relevant Designated Subsidiary Borrower,
as the case may be, may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans
comprising each such portion shall be considered a separate Borrowing. 
 (b) To make an election pursuant to this Section, the Borrower or
the relevant Designated Subsidiary Borrower, as the case may be, shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a
Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile (or in any other
manner approved pursuant to Section 9.01(b)) to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower or such Designated Subsidiary Borrower. 
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
  

	 	(i)	the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be
allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

  

	 	(ii)	the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

  

	 	(iii)	whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

  

 15 

	 	(iv)	if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the
definition of the term “Interest Period”. 

 If any such Interest Election Request requests a Eurodollar Borrowing but does not
specify an Interest Period, then the Borrower or relevant Designated Subsidiary Borrower, as the case may be, shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower or the relevant Designated Subsidiary Borrower, as the case may be,
fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such
Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower,
then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end
of the Interest Period applicable thereto. 
 SECTION 2.06. Termination and Reduction of Commitments. (a) Unless previously
terminated, the Commitments shall terminate on the Maturity Date. 
 (b) Subject to Section 2.06(c), the Borrower may at any time
terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $5,000,000 and not less than $25,000,000 and (ii) the Borrower shall
not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.08, the sum of the Credit Exposures hereunder is greater than the Commitments. 
 (c) The Commitments shall be reduced upon the receipt by the Parent or any Subsidiary of any Net Cash Proceeds from the issuance or sale of Equity
Interests or any incurrence of Indebtedness (including any “hybrid securities”) in a capital markets transaction by an amount equal to such Net Cash Proceeds, and the Borrower shall make, or cause a Designated Subsidiary Borrower to make,
a prepayment of its outstanding Loans on such date in such amount. 
 (d) The Borrower shall notify the Administrative Agent of any election
or requirement to terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election or requirement and the
effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable. Any termination or
reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 
 SECTION 2.07. Repayment of Loans; Evidence of Debt. (a) Each of the Borrower and the Designated Subsidiary Borrowers hereby
unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan made to the Borrower or such Designated Subsidiary Borrower on the Maturity Date. 
  

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 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
the indebtedness of each of the Borrower and the Designated Subsidiary Borrowers to such Lender resulting from each Loan made by such Lender to the Borrower or such Designated Subsidiary Borrower, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record
(i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower or any Designated
Subsidiary Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower or any
Designated Subsidiary Borrower to repay the Loans made to it in accordance with the terms of this Agreement. 
 (e) Any Lender may request
that Loans made by it be evidenced by promissory notes. In such event, the Administrative Agent shall prepare and each of the Borrower and the Designated Subsidiary Borrowers shall execute and deliver to such Lender a promissory note payable to the
order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times
(including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its
registered assigns). 
 SECTION 2.08. Prepayment of Loans. (a) Each of the Borrower and the Designated Subsidiary Borrowers shall
have the right at any time and from time to time to prepay any Borrowing made by it in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. 
 (b) The Borrower or the relevant Designated Subsidiary Borrower, as the case may be, shall notify the Administrative Agent by telephone (confirmed by
facsimile (or in any other manner approved pursuant to Section 9.01(b))) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the
date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment; provided that, if a notice of prepayment is given in connection
with a conditional notice of termination of the Commitments as contemplated by Section 2.06, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.06. Promptly following receipt
of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of
the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.10.

 SECTION 2.09. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee,
which shall accrue at the Applicable Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the date 

  

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hereof to but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Credit Exposure after its
Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s Credit Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to
have any Credit Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing September 30, 2007 and on the date on which the Commitments terminate, commencing on the
first such date to occur after the date hereof; provided that any facility fees accruing after the date on which the Commitments terminate shall be payable on demand. All facility fees shall be computed on the basis of a year of 360 days and
shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) The Borrower agrees to
pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (c) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case
of facility fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.10. Interest. (a) The
Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising
each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower or the relevant Designated Subsidiary Borrower hereunder is not paid when due, whether
at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable
to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 
 (d) Accrued interest on each Loan shall be payable by the Borrower or the relevant Designated Subsidiary Borrower, as the case may be, in arrears on each
Interest Payment Date for such Loan and, in the case of Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of
any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and
(iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at
times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
  

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 SECTION 2.11. Alternate Rate of Interest. If prior to the commencement of any Interest Period for
a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest
error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such
Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower or the relevant Designated Subsidiary Borrower, as the case may be, and the Lenders by telephone
or facsimile (or in any other manner approved pursuant to Section 9.01(b)) as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower or such Designated Subsidiary Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any
Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be
permitted. 
 SECTION 2.12. Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
 (ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such
Lender or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then, upon the request of such Lender, the Borrower or the relevant Designated Subsidiary Borrower, as the case
may be, will pay to such Lender, such additional amount or amounts as will compensate such Lender, for such additional costs incurred or reduction suffered. 
 (b) If any Lender determines that any Change in Law affecting such Lender regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of
such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender, such additional amount or amounts as will compensate
such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender setting forth the amount
or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower or the relevant Designated Subsidiary Borrower, as 

  

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the case may be, and shall be conclusive absent manifest error. The Borrower or the relevant Designated Subsidiary Borrower, as the case may be, shall pay
such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Failure or delay on the part of
any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower or the relevant Designated Subsidiary Borrower, as the case may be,
shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower in writing of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred
to above shall be extended to include the period of retroactive effect thereof. 
 SECTION 2.13. Break Funding Payments. In the event
of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last
day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under
Section 2.08(b) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower or any Designated
Subsidiary Borrower pursuant to Section 2.16, then, in any such event, the Borrower or the relevant Designated Subsidiary Borrower, as the case may be, shall compensate each Lender for the loss, cost and expense attributable to such event. In
the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of
such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to
borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid
were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the Borrower or the relevant Designated Subsidiary Borrower and shall be conclusive absent manifest error. The Borrower or the relevant Designated Subsidiary Borrower, as the case may be, shall
pay such Lender the amount shown as due on any such certificate within 10 Business Days after receipt thereof. 
 SECTION 2.14. Taxes.
(a) Any and all payments by or on account of any obligation of the Borrower or any Designated Subsidiary Borrower shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the
Borrower or such Designated Subsidiary Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions for
Indemnified Tax and Other Taxes (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions
been made, (ii) the Borrower or such Designated Subsidiary Borrower shall make such deductions for Indemnified Tax and Other Taxes and (iii) the Borrower or such Designated Subsidiary Borrower shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law. 
  

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 (b) In addition, the Borrower or the relevant Designated Subsidiary Borrower, as the case may be, shall
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Borrower or the relevant Designated
Subsidiary Borrower, as the case may be, shall indemnify the Administrative Agent and each Lender, within 10 Business Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or
such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower or such Designated Subsidiary Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable
to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority; provided that, the Administrative Agent or the Lender, as the case may be, shall cooperate with the Borrower or the relevant Designated Subsidiary Borrower for the refund of incorrectly or illegally imposed Taxes. A
certificate as to the amount of such payment or liability delivered to the Borrower or such Designated Subsidiary Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest
error. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the
Borrower or the relevant Designated Subsidiary Borrower, as the case may be, shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that
is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower or the relevant Designated Subsidiary Borrower, as the case may be, is located, or any treaty to which such jurisdiction is a
party, with respect to payments under this Agreement shall deliver to the Borrower or such Designated Subsidiary Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and
executed documentation prescribed by applicable law or reasonably requested by the Borrower or such Designated Subsidiary Borrower as will permit such payments to be made without withholding or at a reduced rate. 
 (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it
has been indemnified by the Borrower or any Designated Subsidiary Borrower or with respect to which the Borrower or any Designated Subsidiary Borrower has paid additional amounts pursuant to this Section 2.14, it shall pay over such refund to
the Borrower or such Designated Subsidiary Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by it under this Section 2.14 with respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower or such Designated
Subsidiary Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower or such Designated Subsidiary Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the
Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. 
  

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 SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower
or the relevant Designated Subsidiary Borrower, as the case may be, shall make each payment required to be made by it hereunder (whether of principal, interest, fees or of amounts payable under Section 2.12, 2.13 or 2.14, or otherwise) prior to
12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York. The Administrative Agent shall distribute
any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 
 (b) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on
any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or
any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of
this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the
Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (c) Unless the Administrative Agent shall have received notice from the Borrower or the relevant Designated Subsidiary Borrower, as the case may be,
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower or such Designated Subsidiary Borrower will not make such payment, the Administrative Agent may assume that the
Borrower or such Designated Subsidiary Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower or such Designated
Subsidiary Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation. 
 (d) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.04(c), 2.05(d) or (e), 2.04(b), 2.15(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the
account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  

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 SECTION 2.16. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests, or
expects to request, compensation under Section 2.12, or if the Borrower or the relevant Designated Subsidiary Borrower, as the case may be, is required to, or expects to be required to, pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder with respect thereto to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or
2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise subject such Lender to any regulatory, legal or financial disadvantage. The Borrower hereby agrees to pay
all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) If any Lender requests
compensation under Section 2.12, or if the Borrower or any Designated Subsidiary Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, or if
any Lender defaults in its obligation to fund Loans hereunder, or if any Lender fails to consent to a proposed amendment or waiver which is consented to by the Required Holders but which requires a unanimous approval of all Lenders, then the
Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have
received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any
such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be
required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 ARTICLE III 
 Representations and
Warranties 
 Each of the Parent, the Borrower and each Designated Subsidiary Borrower represents and warrants to the Lenders that:

 SECTION 3.01. Organization; Powers. Each of the Parent, the Borrower, any Designated Subsidiary Borrower and each of the
Parent’s Significant Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation, has all requisite power and authority to carry on its business as now conducted and
is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect,. 
 SECTION 3.02. Authorization; Enforceability. The Transactions are within the corporate powers of the Parent,
Borrower and each Designated Subsidiary Borrower and have been duly 

  

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authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by each of the Parent, the
Borrower and when executed thereby, each Designated Subsidiary Borrower, and constitutes a legal, valid and binding obligation of each of the Parent, the Borrower and each Designated Subsidiary Borrower, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, and except where such failure to obtain or make such consent, approval, registration, filing
or other action could not reasonably be expected to have a Material Adverse Effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Parent, the Borrower, any Designated
Subsidiary Borrower or any of the Parent’s Significant Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Parent, the
Borrower, any Designated Subsidiary Borrower or any of the Parent’s Significant Subsidiaries or their respective assets, or give rise to a right thereunder to require any payment to be made by any of the foregoing entities, and except where
such failure to obtain or make such consent, approval, registration, filing or other action could not reasonably be expected to have a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of
the Parent, the Borrower or any of their Subsidiaries. 
 SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The
Parent has heretofore furnished to the Lenders an Amended Registration Statement with respect to its common stock on Form F-1 as submitted by the Parent to the SEC on May 31, 2007 and as amended on June 7, 2007 (the
“F-1”). Such Registration Statement includes certain audited and unaudited combined financial statements of “Man Financial”, which refers to the brokerage division of Man Group plc that is on or prior to the Effective Date
being contributed to or consolidated within the Parent and its Subsidiaries (“Man Financial”). Such combined financial statements present fairly, in all material respects, the financial position, results of operations and cash flows
and changes in equity of Man Financial as of the dates and for the periods referred to in such financial statements in accordance with GAAP. 
 (b) As at the Effective Date, there has been no material adverse change in the business, assets, operations or condition, financial or otherwise, of the Parent and its Subsidiaries, taken as a whole, from that indicated in the most recent
of the combined financial statements referred to in Section 3.04(a). 
 SECTION 3.05. Properties. (a) Each of the Parent and
its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted
or to utilize such properties for their intended purposes, or where such defects could not otherwise reasonably be expected to have a Material Adverse Effect. 
 (b) Each of the Parent and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Parent and
its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  

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 SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings
by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Parent or the Borrower, threatened against or affecting the Parent or any of its Subsidiaries (i) as to which there is a reasonable possibility of
an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or the
Transactions. 
 (b) Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, neither the Parent nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other
approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental
Liability. 
 (c) Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in
the aggregate, has resulted in, or could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.07. Compliance with
Laws and Agreements. Each of the Parent and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority or any applicable self-regulatory organization applicable to it or its property (including any
regulatory capital or similar requirement) and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. No Default has occurred and is continuing. 
 SECTION 3.08. Investment Company Status. Neither the Parent nor
any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.09. Taxes. Each of the Parent and its Subsidiaries has timely filed or caused to be filed all Tax returns required to have been filed and has paid or caused to be paid all Taxes required to have been
paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Parent or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure
to do so could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.10. ERISA. No ERISA Event has occurred
during the 5 year period prior to the date on which this representation is made or deemed made with respect to any Plan and none is likely to occur, and no Lien in favor of the PBGC or a Plan has arisen during such five year period, (ii) each
Plan has complied, and is in compliance, with its terms and the applicable provisions of ERISA and the Code; (iii) the present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement
of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan (iv) neither the Borrower nor any ERISA Affiliate
has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Plan, and (v) neither Borrower nor any ERISA Affiliate would become subject to any Withdrawal Liability if the Borrower or an ERISA
Affiliate were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made, except, with respect to each of the foregoing clauses, as could not
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
  

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 SECTION 3.11. Disclosure. Neither the Information Memorandum nor any of the other reports,
financial statements, certificates or other written information (other than projected financial information) furnished by or on behalf of the Parent, the Borrower or any Designated Subsidiary Borrower to the Administrative Agent or any Lender in
connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) when taken as a whole contains any untrue statement of a material fact or omits to state any material fact
necessary in order to make the statements contained therein taken as a whole, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projected financial information, the Parent
represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that the actual results may vary from the projected financial information). 
 SECTION 3.12. Federal Regulations. No part of the proceeds of any Loans will be used for “buying,” “purchasing” or
“carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect in any manner
which violates or would cause the Lenders to violate the provisions of the Regulations of such Board of Governors. 
 SECTION 3.13.
Purpose of Loans. The proceeds of the Loans shall be used by the Borrower and any Designated Subsidiary Borrower to finance payments and reimbursements by the Borrower on account of existing borrowings from Man Group plc and for other general
corporate purposes. 
 SECTION 3.14. Material Licenses and Memberships. The Parent and its Subsidiaries possess all licenses,
memberships, registrations, permits and approvals necessary for the conduct of their respective businesses as now conducted and as presently proposed to be conducted as required by law or applicable rules and regulations, including under any
applicable rules of the SEC, the National Association of Securities Dealers, Inc. (“NASD”), the Commodity Futures Trading Commission (the “CFTC”), the Chicago Board of Exchange (“CBOE”), the Chicago
Mercantile Exchange (the “CME”) and the Financial Services Authority (“FSA”) and of the other principal futures, options and other exchanges on which any of them trades except where any failure to do so,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 ARTICLE IV 
 Conditions 
 SECTION 4.01.
Effective Date. The obligations of the Lenders to make Loans by it shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) Credit Agreement; Guaranty. On or prior to the Effective Date, the Administrative Agent shall have received (i) this
Agreement executed and delivered by each party hereto and (ii) the Guaranty, executed and delivered by the parties thereto. 
 (b) Legal Opinions. The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of (i) Howard Schneider, general counsel for the
Parent and the Borrower, (ii) Sullivan & 

  

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Cromwell LLP, special New York counsel for the Parent and the Borrower, substantially in the form of Exhibit C-1, and (iii) Conyers Dill &
Pearman, special Bermuda counsel for the Parent, substantially in the form of Exhibit C-2, in each case covering such other matters relating to the Parent and the Borrower, this Agreement or the Transactions as the Required Lenders shall reasonably
request. The Parent and the Borrower hereby request such counsel to deliver such opinion. 
 (c) Closing Certificate;
Certified Certificate of Incorporation; Good Standing Certificate. The Administrative Agent shall have received (i) a certificate of each of the Parent and the Borrower, dated the Effective Date, substantially in the form of Exhibits D-1
and D-2, with appropriate insertions and attachments, including the certificate of incorporation of the Parent and the Borrower certified by the relevant authority of the jurisdiction of its organization, and (ii) a long form good standing
certificate for the Parent and the Borrower from its jurisdiction of organization. 
 (d) Fees. The Administrative
Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower
hereunder. 
 (e) Reorganization and Separation. The Reorganization and the Separation (as each is defined and
described in the F-1) shall have been consummated, so that the business of Man Financial has been contributed to and consolidated within the Parent and its Subsidiaries and separated from the asset management division of Man Group plc (it being
understood that offering of Equity Interests of the Parent contemplated by the F-1 may not have and is not required to have occurred). 
 The Administrative
Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not become effective unless each of
the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on July 9, 2007 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at
such time). 
 SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, is
subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Parent and the
Borrower set forth in Sections 3.01 to 3.03, 3.04(a), 3.05 and 3.07 to 3.14 of this Agreement (and in the case of a Borrowing by a Designated Subsidiary Borrower in Section 4.04 of this Agreement) shall be true and correct on and as of the date
of such Borrowing. 
 (b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred
and be continuing. 
 Each Borrowing shall be deemed to constitute a representation and warranty by the Parent and the Borrower on the date thereof as to the
matters specified in paragraphs (a) and (b) of this Section. 
 SECTION 4.03. Conditions to Initial Borrowings by each
Designated Subsidiary Borrower. The agreement of each Lender to make Loans to any Designated Subsidiary Borrower hereunder is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Designated
Subsidiary Borrower Closing Date applicable to such Designated Subsidiary Borrower, of the following conditions precedent: 
 (a) Effective Date and Funding Date. The conditions set forth in Section 4.01 shall have been satisfied prior to or concurrently with the conditions set forth in this Section 4.03 and the Borrower shall have given the
Administrative Agent and to the Lenders at least 15 Business Days prior notice of such Designated Subsidiary Borrower Closing Date with reasonable details with respect thereto. 
  

 27 

 (b) Joinder Agreement. Unless such Designated Subsidiary Borrower has become a
party to this Agreement and the Guaranty by the execution and delivery thereof, as of the Effective Date, the Administrative Agent shall have received a Joinder Agreement, substantially in the form of Exhibit E, executed and delivered by the
Borrower, the applicable Subsidiary and the Administrative Agent, providing for such Subsidiary to become a Designated Subsidiary Borrower and, in connection therewith, a guarantor under the Guaranty. 
 (c) Closing Certificate; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent shall have
received (i) a certificate of such Subsidiary, dated such Designated Subsidiary Borrower Closing Date, substantially in the form of Exhibits D-1 and D-2, with appropriate insertions and attachments, including corporate or other applicable
resolutions, other corporate or other applicable documents and certificates in respect of such Subsidiary substantially equivalent to comparable documents delivered on the Effective Date and (ii) such other documents with respect to such
Subsidiary as the Administrative Agent shall reasonably request. 
 (d) Legal Opinion. The Administrative Agent shall
have received a legal opinion from counsel to such Subsidiary in form and substance reasonably satisfactory to the Administrative Agent as to the matters covered generally in the opinions previously delivered pursuant to Section 4.02 hereof.

 (e) Not Disadvantageous. After giving effect to any actions taken as contemplated by the immediately following
sentence and Section 2.15(a), (i) payments to any Lender by any such Designated Subsidiary Borrower shall not be subject to any withholding Taxes or Other Taxes and (ii) no Lender shall have determined in good faith that it would be
subject in making Loans to such Designated Subsidiary Borrower to any regulatory or legal limitation or restriction applicable thereto or any material financial disadvantage (other than as referred to in the preceding clause (i)) arising out of or
attributable to the location or jurisdiction of organization of such Designated Subsidiary Borrower or the nature of its activities and generally affecting entities similar to such Lender and have given notice to such effect to the Administrative
Agent. The Administrative Agent shall have the right to adjust the provisions of Article II as it may reasonably determine to enable the Lenders that are able to make Loans to such Designated Subsidiary Borrower without becoming subject to any such
withholding Taxes or Other Taxes such regulatory or any legal restriction or limitation or financial disadvantage and without causing such Designated Subsidiary Borrower to incur any such disadvantages of its own (including any such disadvantage in
the form of being required to indemnify Lenders for withholding payments) to make Loans available to such Designated Subsidiary Borrower on a non-pro rata basis with Lenders that are not so able, with such adjustments to be made in a manner that, to
the extent practicable, are reasonably equitable to all the Lenders. 
 SECTION 4.04. Additional Conditions Applicable to the Designated
Subsidiary Borrowers. The agreement of each Lender to make any Loan on or after the applicable Designated 

  

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Subsidiary Borrower Closing Date requested to be made by it to any Designated Subsidiary Borrower is subject to the satisfaction or waiver of, in addition to
the conditions precedent set forth in Sections 4.01 and 4.02, the truthfulness and correctness in all material respects on and as of such Designated Subsidiary Borrower Closing Date of the following additional representations and warranties:

 (a) Pari Passu. The obligations of such Designated Subsidiary Borrower under this Agreement, when executed and
delivered by such Designated Subsidiary Borrower, will rank at least pari passu with all unsecured Indebtedness of such Designated Subsidiary Borrower. 
 (b) No Immunities, etc. The assets of such Designated Subsidiary Borrower shall be available without material limitation to satisfy
the Designated Subsidiary Borrower Obligations of such Designated Subsidiary Borrower under laws of the jurisdiction in which such Designated Subsidiary Borrower is organized and existing. 
 (c) Recordation. Each of this Agreement and the Guaranty is in proper legal form under the law of the jurisdiction in which such
Designated Subsidiary Borrower is organized and existing for the enforcement hereof or thereof against such Designated Subsidiary Borrower under the law of such jurisdiction. No recordation, filing or registration, and no payment of any charge or
tax is necessary under the law of the jurisdiction in which such Designated Subsidiary Borrower is organized and existing or for the enforcement hereof or thereof against such Designated Subsidiary Borrower under the law of such jurisdiction or such
recordation, filing or registration has been made and is in full force and effect or such charge or tax paid. 
 (d)
Exchange Controls. The execution, delivery and performance by such Designated Subsidiary Borrower of this Agreement or the other Loan Documents is, under applicable foreign exchange control regulations of the jurisdiction in which such
Designated Subsidiary Borrower is organized and existing, not subject to any notification or authorization except (i) such as have been made or obtained or (ii) such as cannot be made or obtained until a later date (provided any
notification or authorization described in immediately preceding clause (ii) shall be made or obtained as soon as is reasonably practicable). 
 (e) Withholding Taxes. Such Designated Subsidiary Borrower shall have certified to the Administrative Agent the Indemnified Taxes and the Other Taxes (if any) applicable to any payments by or an account of its
obligations hereunder payable to the Administrative Agent or any Lender. 
 Each borrowing by any Designated Subsidiary Borrower hereunder shall constitute a
representation and warranty by each of the Borrower and such Designated Subsidiary Borrower as of the date of such borrowing or such issuance that the conditions contained in this Section 4.04 have been satisfied. 
 ARTICLE V 
 Affirmative Covenants

 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder
shall have been paid in full, each of the Parent and the Borrower covenants (to the extent provided in relation to itself below) and agrees with the Lenders that: 
 SECTION 5.01. Financial Statements; Ratings Change and Other Information. The Parent will furnish to the Administrative Agent (in a form reasonably satisfactory to the Administrative Agent): 
 (a) within 90 days after the end of each fiscal year of the Parent, its audited consolidated balance sheet and related statements of
operations, equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by Price Waterhouse Coopers or other independent public accountants of
recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly
in all material respects the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied. Documents required to be delivered pursuant to this
clause (a) which are made available via EDGAR, or any successor system of the SEC, in an Annual Report of the Parent on Form 10-K, shall be deemed delivered to the Lenders on the date such documents are made so available; provided that,
upon request, the Parent shall deliver paper copies (or in any other manner approved pursuant to Section 9.01(b)) of such documents to the Administrative Agent; 
  

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 (b) within 45 days after the end of each of the first three fiscal quarters of each
fiscal year of the Parent, commencing with the fiscal quarter ending September 30, 2007, its consolidated balance sheet and related statements of operations, equity and cash flows as of the end of and for such fiscal quarter and the then
elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its
Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of footnotes. Documents required to be delivered pursuant to this clause (b) which are made available via EDGAR, or any successor system of the SEC, in a Quarterly Report of the Parent on Form
10-Q, shall be deemed delivered to the Lenders on the date such documents are made so available; provided that, upon request, the Parent shall deliver paper copies (or in any other manner approved pursuant to Section 9.01(b)) of such
documents to the Administrative Agent; 
 (c) concurrently with any delivery of financial statements under clause (a) or
(b) above, a certificate of a Financial Officer of the Parent (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect
thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.01 and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial
statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 
 (d) concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported
on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);

 (e) promptly after Moody’s or S&P shall have announced a change in the rating established or deemed to have been
established for the Index Debt, written notice of such rating change; and 
 (f) within a reasonable time following any
reasonable written request therefor by or through the Administrative Agent, such other information regarding the operations, business affairs and financial condition of the Parent or any Subsidiary, or compliance with the terms of this Agreement as
may be reasonably requested. 
  

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 SECTION 5.02. Notices of Material Events. The Parent will furnish to the Administrative Agent and
each Lender prompt written notice of the following, upon becoming aware of such event: 
 (a) the occurrence of any Default;

 (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority
against or affecting the Parent or the Borrower or any Affiliate thereof that could reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect; 
 (c) (i) the occurrence of any ERISA Event (and as soon as practicable thereafter, a copy of any report or notice required to be filed with
or given to the PBCG by the Parent, the Borrower or any ERISA Affiliate with respect to such ERISA Event) that, alone or together with any other ERISA Event that have occurred or is reasonably expected to occur, could reasonably be expected to
result in a Material Adverse Effect and (ii) promptly following any request therefor, copies of (A) any documents described in Section 101(k) of ERISA that the Borrower or any ERISA Affiliate may request with respect to any
Multiemployer Plan and (B) any notices described in Section 101(l) of ERISA that the Borrower or any ERISA Affiliate may request with respect to any Plan or Multiemployer Plan; and 
 (d) any other development that results in, or could reasonably be expected to, individually or in the aggregate, result in, a Material
Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the
Parent setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Notices required to be delivered pursuant to this Section 5.02 which are made available via
EDGAR, or any successor system of the SEC, in a Current Report of the Parent on Form 8-K, shall be deemed delivered to the Lenders on the date such notices are made so available; provided that, upon request, the Parent shall deliver paper
copies (or in any other manner approved pursuant to Section 9.01(b)) of such notices to the Administrative Agent 
 SECTION 5.03.
Existence; Conduct of Business; Material Licenses and Membership. The Parent will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal
existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business, including but not limited to, the maintenance of all permits, licenses, consents and memberships as may be required for the conduct of
its business by any state, national or local government agency or instrumentality of any country or any applicable self-regulatory organization or exchange, except (other than with respect to the maintenance of the existence of the Borrower, Parent
and Designated Subsidiary Borrower) to the extent that failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 6.03. 
 SECTION 5.04. Payment of Obligations. The Parent will,
and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect before the same shall become
delinquent or in default, except where (a) the validity or amount thereof is being contested in 

  

 31 

 
good faith by appropriate proceedings, (b) the Parent or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance
with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect. 
 SECTION 5.05. Maintenance of Properties; Insurance. The Parent will, and will cause each of its Subsidiaries to, (a) keep and maintain all
property material to the conduct of the business of the Parent and its Subsidiaries, taken as a whole, in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance
companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 
 SECTION 5.06. Books and Records; Inspection Rights. The Parent will, and will cause each of its Subsidiaries to, keep proper books of record and
account in which full, true and correct entries in all material respects are made of all dealings and transactions in relation to its business and activities. The Parent will, and will cause each of its Subsidiaries to, permit any representatives
designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties during normal business hours, to examine and make extracts from its books and records, and to discuss its affairs, finances and
condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 
 SECTION 5.07.
Compliance with Laws. The Parent will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.08. Additional
Guarantors. The Parent will cause each Subsidiary that is not a Designated Subsidiary Borrower hereunder but becomes a “Designated Subsidiary Borrower” under the Liquidity Credit Agreement or otherwise a guarantor of the loans
thereunder to execute and deliver to the Administrative Agent a Joinder Agreement with respect to the Guaranty, substantially in the form of Exhibit A under the Guaranty. 
 ARTICLE VI 
 Negative Covenants 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full,
each of the Parent and the Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01. Minimum Tangible Net Worth. The Parent
will not permit the Consolidated Tangible Net Worth of the Parent at any time to be less than $620,000,000 plus 50% of the Net Cash Proceeds of any offering by the Parent of Equity Interests consummated after the Effective Date plus,
in the case of the 2008 fiscal year and each fiscal year thereafter, 25% of cumulative Consolidated Net Income for each completed fiscal year of the Parent for which Consolidated Net Income is positive. 
 SECTION 6.02. Indebtedness. The Parent will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness,
except: 
 (a) Indebtedness created hereunder; 
  

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 (b) Indebtedness existing on the date hereof and set forth in Schedule 6.02 and
extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; 
 (c) Indebtedness of the Parent to any Subsidiary and of any Subsidiary to the Parent or any other Subsidiary; 
 (d)
Guarantees by the Parent or the Borrower of Indebtedness of any other Subsidiary and by any Subsidiary of Indebtedness of any other Subsidiary (other than the Borrower, unless such Subsidiary is a Designated Subsidiary Borrower); 
 (e) Indebtedness of the Parent or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital
assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any
such Indebtedness that do not increase the outstanding principal amount thereof; provided that such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement; 

(f) Indebtedness of the Parent, the Borrower or any Designated Subsidiary Borrower; 
 (g) Indebtedness of any Subsidiary of the Parent which is a regulated broker or similar entity (including a non-regulated entity engaged
in trading activities with or on behalf of customers) incurred in the ordinary course of business, including any such Indebtedness in the form of Guarantees of any such Indebtedness of its Subsidiaries, including Indebtedness incurred in the
ordinary course of business to finance or secure the purchase or carrying of securities, the provision of margin for forward, futures, repurchase or similar transactions, the making of advances to customers, the establishment of performance or
surety bonds or guarantees, or in the nature of a letter of credit or letter of guaranty to support or secure trading and other obligations incurred in the ordinary course of business, but excluding any such Indebtedness that would be included in
any calculation of the regulatory capital (or similar concept) of such Subsidiary; and 
 (h) additional Indebtedness of any
of the Subsidiaries of the Parent other than the Borrower or any Designated Subsidiary Borrower at any date in an aggregate principal amount (for all such Subsidiaries) not to exceed 10% of the Parent’s Consolidated Tangible Net Worth at such
date. The amount of additional Indebtedness outstanding at any time in reliance on this Section 6.02(h) shall be determined on a “net” basis after giving effect to the terms of any legally enforceable netting or offset arrangements
included in or otherwise relating to cash management arrangements with banks and similar institutions. 
 SECTION 6.03. Liens. The
Parent will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or
rights in respect of any thereof, except: 
 (a) Permitted Encumbrances; 
 (b) any Lien on any property or asset of the Parent or any Subsidiary existing on the date hereof and set forth in Schedule 6.03;
provided that (i) such Lien shall not apply to any other property or asset of the Parent or any Subsidiary and (ii) such Lien shall secure only those 

  

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obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount
thereof except by the amount of any accrued interest or fees payable by the Parent or such Subsidiary in respect of such obligations; 
 (c) any Lien existing on any property or asset prior to the acquisition thereof by the Parent or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior
to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary , as the case may be, (ii) such Lien shall not
apply to any other property or assets of the Parent or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and
extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof except by the amount of any accrued interest or fees payable by the Parent or such Subsidiary in respect of such obligations; 
 (d) Liens on fixed or capital assets acquired, constructed or improved by the Parent or any Subsidiary; provided that (i) such
security interests secure Indebtedness permitted by clause (e) of Section 6.02, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within 180 days after such acquisition or the completion
of such construction or improvement and (iii) such security interests shall not apply to any other non-related property or assets of the Parent or any Subsidiary; 
 (e) Liens created, incurred or assumed by any Subsidiary of the Parent which is (i) a regulated broker or similar entity in the
ordinary course of business upon assets owned by such Subsidiary or held for its account to secure Indebtedness incurred under Section 6.02(g) or other liabilities incurred in the ordinary course of business or (ii) otherwise incurred in
the ordinary course of its business to secure obligations other than Indebtedness; and 
 (f) other Liens securing obligations
in an aggregate amount not to exceed 10% of the Parent’s Consolidated Tangible Net Worth at any one time outstanding. The amount of other Liens securing obligations outstanding at any time in reliance on this Section 6.03(f) shall be
determined on a “net” basis after giving effect to the terms of any legally enforceable netting or offset arrangements included in or otherwise relating to cash management arrangements with banks and similar institutions. 
 SECTION 6.04. Fundamental Changes. (a) The Parent will not, and will not permit any Subsidiary to, merge into or consolidate with any other
Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets, or all or substantially all of the
stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing
(i) any Person (other than the Parent or the Borrower) may merge into the Parent or the Borrower in a transaction in which the Parent or the Borrower, as the case may be, is the surviving corporation, (ii) any Person (other than the Parent
or the Borrower) may merge into any Subsidiary in a transaction in which the surviving entity is a Subsidiary (or, if such Person is a Designated Subsidiary Borrower if such surviving entity is a Designated Subsidiary Borrower), (iii) any
Subsidiary (other than the Borrower) may sell, transfer, lease or otherwise dispose of its assets to the Parent or the Borrower or to another Subsidiary, (iv) any Subsidiary (other than the Borrower) may liquidate or dissolve if the Parent
determines in good faith that such liquidation or dissolution is in the best interests of the Parent and is not materially disadvantageous to the Lenders and (v) any Subsidiary which is not a Significant Subsidiary may sell, or otherwise
dispose of, all or substantially all of its assets. 
  

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 (b) The Parent will not, and will not permit any of its Subsidiaries to, engage to any material extent in
any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 
 SECTION 6.05. Transactions with Affiliates. The Parent will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer
any material property or material assets to, or purchase, lease or otherwise acquire any material property or material assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) such transaction is upon
fair and reasonable terms no less favorable in all material respects to the Parent or the relevant Subsidiary, as applicable, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate,
(b) transactions between or among the Parent and its wholly owned Subsidiaries not involving any other Affiliate and (c) any transactions listed on Schedule 6.05. 
 SECTION 6.06. Regulatory Capital. The Parent will not, and will not permit any of its Subsidiaries to, fail to satisfy (beyond any applicable
grace period, including any period as to which only minor penalties or restrictions are applicable) any regulatory or net capital or financial resources requirement applicable to it in its capacity as a regulated broker or similar entity or as a
parent of any such entity under (a) applicable law or (b) any self-regulatory or similar organization of which it is a member or which regulates the conduct of any material portion of the business of the Parent and the Subsidiaries taken
as a whole (including any such requirement of an exchange on which it conducts a material portion of such business), unless in the case of (b) the maintenance of such membership or the conduct of such business under the jurisdiction of such
self-regulatory or similar organization or on such exchange is not material to its consolidated businesses by virtue of there being other venues or exchanges available to it for the conduct of such businesses on terms not materially disadvantageous
to the Parent and its Subsidiaries taken as a whole. 
 ARTICLE VII 
 Events of Default 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) the Borrower or any Designated Subsidiary Borrower shall fail to pay any principal of
any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the Borrower or any Designated Subsidiary Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this
Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days; 
 (c) any representation or warranty made or deemed made by or on behalf of the Parent, the Borrower or any Designated Subsidiary Borrower Subsidiary in or in connection with this Agreement or any other Loan Document,
or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document, shall prove to have been materially incorrect when made or deemed made; 
 (d) the Parent or the Borrower shall fail to observe or perform any covenant, condition or agreement contained in
(i) Section 5.02, 5.03 (with respect to the Parent’s, the Borrower’s and the Designated Subsidiary Borrower’s existence) or in Section 6.01, or (ii) Section 6.02, 6.03, 6.04, 6.05 and 6.06, and in the case of
clause (ii) such failure shall continue 

  

 35 

 
unremedied for a period of five Business Days after the earlier of (A) notice of such failure from the Administrative Agent or any Lender or
(B) the actual knowledge of such failure by a Financial Officer; 
 (e) the Parent or the Borrower shall fail to observe
or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of
30 days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender); 
 (f) the Parent or any Subsidiary shall fail to make any payment (whether of principal or interest or any other amount and regardless of amount) in respect of any Material Indebtedness, when and as the same shall
become due and payable (after giving effect to any grace periods applicable thereto); 
 (g) any event or condition occurs
that results in any Material Indebtedness becoming due prior to its scheduled maturity or requires the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not
apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Parent or any of its Significant Subsidiaries,
or its debts, or of a substantial part of its assets (or, in the case of any such Significant Subsidiary, for all or substantially all of its assets), under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent or any Significant Subsidiary or for a substantial part of its assets, and, in any such case, such
proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) the Parent or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article,
(iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent or any of its Significant Subsidiaries, or for a substantial part of its assets (or, in the case of
any such Subsidiary or any such Significant Subsidiary, for all or substantially all of its assets), (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general
assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (j)
the Parent or any Significant Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against the Parent, any Subsidiary or any combination thereof and the same shall remain unpaid or
otherwise undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Parent or any Subsidiary to
enforce any such judgment; 
  

 36 

 (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when
taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect and such event shall continue unremedied for a period of 60 consecutive days; 
 (m) the Guaranty shall not be, or shall cease to be, enforceable against the Parent, the Borrower or any Designated Subsidiary Borrower in
any material respect or any such Person shall so assert in writing; or 
 (n) a Change in Control shall occur, 
 then, and in every such event (other than an event with respect to the Borrower or any Designated Subsidiary Borrower described in clause (h) or (i) of this
Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower and the Designated Subsidiary Borrowers, take either or both of the
following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in
which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and
other obligations of the Borrower and the Designated Subsidiary Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower
and the Designated Subsidiary Borrowers; and in case of any event with respect to the Borrower or any Designated Subsidiary Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the
principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower and each Designated Subsidiary Borrower accrued hereunder, shall automatically become due and payable, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and each Designated Subsidiary Borrower. 
 ARTICLE VIII 
 The Administrative Agent 
 Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 
 The bank serving as
the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits
from, lend money to and generally engage in any kind of business with the Parent or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the
foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is 

  

 37 

 
continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section 9.02), and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Parent or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct.
The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Parent or the Borrower or a Lender, and the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or
in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other
agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be
made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Parent or the Borrower), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any
and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any
time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor reasonably acceptable to the Borrower (except that the Borrower’s
consent shall not be required if a Default or Event of Default has occurred and is continuing). If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent reasonably acceptable to the Borrower (except that the Borrower’s consent shall
not be required if a Default or Event of Default has occurred and is continuing) which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder
by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring 

  

 38 

 
Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue
in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 
 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished
hereunder or thereunder. 
 ARTICLE IX 
 Miscellaneous 
 SECTION 9.01. Notices. (a) Except in the case of notices and other communications expressly
permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered
mail or sent by facsimile (or in any other manner approved pursuant to Section 9.01(b)), as follows: 
  

			
	(i) The Borrower:	  	 Man Group Finance Inc.
 717 Fifth Avenue
 9th Floor
 New York NY 10022-8101
 Attention: Simon Moreton, Vice President

		
		  	with a copy to:
		
		  	 Henri Steenkamp, Chief Financial Officer
 and

Michael Bertolucci, Vice President
 Facsimile: (212) 589
6563

		
	(ii) The Parent or any Designated Subsidiary Borrower:	  	 c/o MF Global Ltd.
 717 Fifth Avenue
 9th Floor
 New York NY 10022-8101
 Attention: Simon Moreton, Treasurer

		
		  	with a copy to:
		
		  	 Henri Steenkamp, Vice President
 and
 Michael Bertolucci, Assistant Treasurer
 Facsimile: (212) 589
6563

  

 39 

			
	 (iii) The Administrative
 Agent:
	  	 JPMorgan Chase Bank, N.A.
 Loan and Agency
Services
 1111 Fannin-10th floor
 Houston, Texas
77002-6925
 Attention: Amanda Avila
 Facsimile: (713)
750-2932

		
		  	with a copy to:
		
		  	 JPMorgan Chase Bank, N.A.
 270 Park Avenue,
15th Floor
 New York,
New York 10017
 Attention: Mark E. Davis
 Facsimile: (212)
270-1640

		
	(iv) Any other Lender:	  	to it at its address (or facsimile (or in any other manner approved pursuant to Section 9.01(b))) set forth in its Administrative Questionnaire.

 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable
Lender. The Administrative Agent or the Borrower or any Designated Subsidiary Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided that approval of such procedures may be limited to particular notices or communications. 
 (c) Any party hereto may change
its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed
to have been given on the date of receipt. 
 (d) Any notice given under this Section 9.01 to the Borrower shall also be deemed notice
to any Designated Subsidiary Borrower, and the Borrower shall be entitled to give any notice on behalf of any Designated Subsidiary Borrower. 
 SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent
and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Parent, the Borrower
or any Designated Subsidiary Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such
Default at the time. 
  

 40 

 (b) Neither this Agreement or any other Loan Document nor any provision hereof or thereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing entered into by the Parent, the Borrower, each Designated Subsidiary Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of
the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon,
or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or any interest thereon, or any fees payable hereunder, or
reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.15(b) or (c) in a manner that
would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) release the Parent or the Borrower from its obligations under the Guaranty or (vi) change any of the provisions of this Section
or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without
the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent without the prior written consent of the Administrative Agent.

 SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP, counsel for the Administrative Agent, in connection with the syndication of the
credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated)
and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of any one counsel for the Administrative Agent or any Lender, in connection with the
enforcement or protection of its rights in connection with this Agreement or any agreement or instrument contemplated hereby. 
 (b) The
Borrower shall indemnify the Administrative Agent, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of one counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result
of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Parent or any of its
Subsidiaries, or any Environmental Liability related in any way to the Parent or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses 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. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of
this Section, each Lender severally agrees to pay to the Administrative Agent, such Lender’s Applicable Percentage (determined as of the 

  

 41 

 
time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent. 
 (d) To the extent permitted by applicable law, each of the Parent, the Borrower and each of the Designated Subsidiary Borrowers shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of
the proceeds thereof. 
 (e) All amounts due under this Section shall be payable not later than five Business Days after written demand
therefor. 
 SECTION 9.04. Successors and Assigns. (a) 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 (i) the Parent, the Borrower or any Designated Subsidiary Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Parent, the Borrower or any Designated Subsidiary Borrower without such consent shall be null and void) and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph
(b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower, provided that no consent of the
Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; and 
 (B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any
Commitment to an assignee that is a Lender with a Commitment immediately prior to giving effect to such assignment. 
 (ii)
Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender or
an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $10,000,000 and an integral multiple of $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consent
(such consent not to be unreasonably withheld or delayed), provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 
  

 42 

 (B) each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, which fees shall not be payable by the Borrower, except in connection with the replacement of a Lender pursuant to
Section 2.17; 
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its related parties or its securities) will
be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws; and 
 (E) no assignments may be made to any natural persons. 
 For the purposes of this Section 9.04(b), the term “Approved Fund” has the following meaning: 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is
administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a
party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of
this 

  

 43 

 
Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided
that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.04(c), 2.05(d) or (e), 2.04(b), 2.15(d) or 9.03(c), the Administrative Agent shall have no obligation to
accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this
Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) (i) Any Lender may, without the consent of
the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion
of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that
affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be
subject to Section 2.15(c) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater payment under
Section 2.12 or 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior
written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees,
for the benefit of the Borrower, to comply with Section 2.14(e) as though it were a Lender. 
 (d) Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto. 
 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the
Parent, the Borrower or any Designated Subsidiary Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice
or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on 

  

 44 

 
any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated.
The provisions of Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans and the Commitments or the
termination of this Agreement or any provision hereof. 
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement
may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter
agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to
the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which,
when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile (or in any other manner approved pursuant to Section 9.01(b)) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08. Right of Setoff. If an
Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, 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 and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Parent, the Borrower or any Designated Subsidiary Borrower against any of
and all the obligations of the Borrower or any Designated Subsidiary Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although
such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and
governed by the law of the State of New York. 
 (b) Each party to this Agreement hereby irrevocably and unconditionally submits, for itself
and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in
any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
  

 45 

 (c) Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION
9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are
for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.12. Confidentiality. (a) Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and their directors, officers, employees and agents, including accountants, legal counsel and other advisors (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 or self-regulatory,
(c) to the extent required by applicable laws or regulations 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 suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Parent or the Borrower and its
obligations, (g) with the consent of the Parent or the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source other than the Parent or the Borrower. For the purposes of this Section, “Information” means all information received from the Parent or the Borrower
relating to the Parent or the Borrower or its business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Parent or the Borrower; provided that,
in the case of information received from the Parent or the Borrower after the date hereof, such information is clearly identified 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. 
  

 46 

 (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT
TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE PARENT, THE BORROWER AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL
NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 (c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE
COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE
ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 SECTION 9.13. Documentation Agent and Syndication Agent. Neither the Documentation Agents nor the Syndication Agent shall
have any duties or responsibilities hereunder in its capacity as such. 
 SECTION 9.14. USA PATRIOT Act. Each Lender that is
subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) hereby notifies the Parent, the Borrower and each Designated Subsidiary Borrower that
pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower and each Designated Subsidiary Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 
 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 
  

 47 

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

			
	 MAN GROUP FINANCE INC. (from and after the
 Separation to be known as MF GLOBAL FINANCE
 USA INC.), as Borrower

		
	By	 	 /s/ Simon P. Moreton

	Name:	 	Simon P. Moreton
	Title:	 	Vice President
	
	MF GLOBAL LTD.,
		
	By	 	 /s/ Simon P. Moreton

	Name:	 	Simon P. Moreton
	Title:	 	Group Treasurer

 [Signature Page to the 364 Day Revolving Credit Facility] 

			
	 JPMORGAN CHASE BANK, N.A.,
 as a Lender and as Administrative Agent

		
	 By
	 	 /s/ Kevin T. Murphy

	 Name:
	 	 Kevin T. Murphy

	 Title:
	 	 Executive Director

	
	 CITIBANK N.A.,
 as a Lender and as Syndication Agent

		
	 By
	 	 /s/ Maureen Mardney

	 Name:
	 	 Maureen Mardney

	 Title:
	 	 Director

 [Signature Page to the 364 Day Revolving Credit Facility] 

			
	 BANK OF AMERICA, N.A.,
 as a Lender and as
Documentation Agent

		
	By	 	 /s/ William J. Coupe

	Name:	 	William J. Coupe
	Title:	 	SVP
	
	 CALYON, NEW YORK BRANCH,
 as a Lender and as
Documentation Agent

		
	By	 	 /s/ Sebastian Rocco

	Name:	 	Sebastian Rocco
	Title:	 	Managing Director
		
	By	 	 /s/ Walter Jay Buckley

	Name:	 	Walter Jay Buckley
	Title:	 	Managing Director
	
	 HSBC BANK USA, N.A.,
 as a Lender and as
Documentation Agent

		
	By	 	 /s/ Joseph Travaglione

	Name:	 	Joseph Travaglione
	Title:	 	SVP

 [Signature Page to the 364 Day Revolving Credit Facility] 

			
	ABN AMRO Bank N.V.,
	as a Lender
		
	By	 	 /s/ Neil R. Stein

	Name:	 	Neil R. Stein
	Title:	 	Director
		
	By	 	 /s/ Michael DeMarco

	Name:	 	Michael DeMarco
	Title:	 	Vice President

 [Signature Page to the 364-Day Revolving Credit Facility] 

			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as a Lender
		
	By	 	 /s/ John McGill

	Name:	 	John McGill
	Title:	 	Director
		
	By	 	 /s/ Michael Campites

	Name:	 	Michael Campites
	Title:	 	Vice President

 [Signature Page to the 364-Day Revolving Credit Facility] 

			
	BANK OF MONTREAL, CHICAGO
BRANCH as a Lender
		
	By	 	 /s/ Linda C. Haven

		 	Linda C. Haven
		 	Managing Director

 [Signature Page to the 364-Day Revolving Credit Facility] 

			
	FORTIS CAPITAL CORP.,
	as a Lender
		
	By	 	 /s/ Alan Krouk

	Name:	 	Alan Krouk
	Title:	 	Managing Director
		
	By	 	 /s/ Barry Chung

	Name:	 	Barry Chung
	Title:	 	Senior Vice President

 [Signature Page to the 364-Day Revolving Credit Facility] 

			
	Lehman Commercial Paper Inc.,
		
		 	 /s/ Rohit Nair

	By:	 	Rohit Nair
	Title:	 	Authorized Signatory

 [Signature Page to the 364-Day Revolving Credit Facility] 

			
	Wachovia Bank, National Association,
	as a Lender
		
	By	 	 /s/ Grainne M. Pergolini

	Name:	 	Grainne M. Pergolini
	Title:	 	Director

 [Signature Page to the 364-Day Revolving Credit Facility] 

 SCHEDULE 2.01 
 COMMITMENTS 
  

				
	 Lender
	  	Swingline
Commitment
	 JPMorgan Chase Bank, N.A.
	  	$	225,000,000
	 Citibank, N.A.
	  	$	225,000,000
	 Bank of America, N.A.
	  	$	150,000,000
	 Calyon, New York Branch
	  	$	150,000,000
	 HSBC Bank USA, N.A.
	  	$	150,000,000
	 ABN AMRO Bank N.V.
	  	$	150,000,000
	 Deutsche Bank AG, New York Branch
	  	$	150,000,000
	 Bank of Montreal
	  	$	50,000,000
	 Fortis Capital Corp.
	  	$	50,000,000
	 Lehman Commercial Paper Inc.
	  	$	50,000,000
	 Wachovia Bank, National Association
	  	$	50,000,000
		  	 	 
	 Total
	  	$	1,400,000,000
		  	 	 

 SCHEDULE 3.06 
 DISCLOSED MATTERS 
 See the matters listed under heading “Our Business – Legal Proceedings” in
the F1. 

 SCHEDULE 6.02 
 EXISTING INDEBTEDNESS 
 None. 

 SCHEDULE 6.03 
 EXISTING LIENS 
 None. 

 SCHEDULE 6.05 
 TRANSACTION WITH AFFILIATES 
 Treasury Services Agreement by and between Man Group plc and MF Global Ltd., agreement for MF
Global to provide Man Group transitional treasury services. 
 Introducing Broker Master Agreement by and between Man Financial Limited, Man Investments AG
and The Product Clearing Clients, agreement for Man Financial Limited to act as the clearing broker for certain Man Investments products. 
 Company
Secretarial Services by and between Man Group plc and MF Global Ltd., agreement for Man Group to provide transitional corporate record keeping services to MF Global. 
 Group Risk Services Agreement by and between Man Group plc and MF Global Ltd., agreement for Man Group to provide MF Global transitional risk management services. 
 Tax Matters Deed by and between Man Group plc and MF Global Ltd., agreement dividing tax liabilities and credits between Man Group and MF Global. 
 Deed of Indemnity by and between Man Group plc and MF Global Ltd., agreement for Man Group to indemnify MF Global for certain liabilities related to the PAAM litigation.

 Subunderlease in respect of Sugar Quay, Lower Thames Street, London EKE by and between ED & F Man Limited and Man Financial Limited, agreement
for Man Group to sublease part of Sugar Quay to MF Global. 
 Subunderlease in respect of Level 2, Centennium House, 100 Lower Thames Street, London EC3 by
and between ED & F Man Limited and Man Financial Limited, agreement for Man Group to sublease the second floor of Centennium House to MF Global. 
 Form of Subunderlease in respect of Level 4, Centennium House, 100 Lower Thames Street, London EC3 by and between ED & F Man Limited and Man Financial Limited, agreement for Man Group to sublease the forth floor of Centennium House
to MF Global. 
 Subunderlease in respect of Kings Hill, Flex 4, 30 Kings Hill Avenue, West Malling, Kent by and between ED & F Man Limited and Man
Financial Limited, agreement for Man Group to sublease part of the Kings Hill disaster recovery location to MF Global. 
 Assignment in respect of 10 Lower
Thames Street, London EC3 by and between ED & F Man Limited and Man Financial Limited, assignment of office space from Man Group to MF Global. 
 Tax Services Agreement by and between Man Group plc and MF Global Ltd., agreement for each Man Group and MF Global to provide the other with some transitional tax services. 
 Facilities Sharing Agreement by and between Man Financial Inc. and Man-Glenwood Inc., agreement for MF Global to sublease a portion of a disaster recovery location to Man Group. 
 Group Insurance Services Agreement by and between Man Group plc and MF Global Ltd., agreement for Man Group to provide MF Global transitional services related to its
insurance policies. 

 Trademark Agreement by and between Man Group plc and MF Global Ltd., agreement for Man Group to license the use of the
Man name, certain domain names, and other IP to MF Global. 
 Telephony Services Agreement by and between Man Group plc and MF Global Ltd., agreement for Man
Group to provide MF Global with transitional telephony services. 
 Addendum to Man Financial Limited Terms of Business by and between Man Financial Limited
and Man Investments Finance Limited, agreement for MF Global to provide Man Group with certain foreign exchange transaction services. 
 Employee Benefits
and Shared Services Agreement by and between Man Group USA Inc and Man Investments USA Holdings Inc. 
 Real Estate Services Agreement by
and between Man Group plc and Man Financial Limited, agreement for Man Group to provide Man Financial Limited with certain services related to the Riverbank House sublease. 
 Consultancy Agreement by and between Man Group plc and MF Global Ltd, agreement for Man Group to make certain employees available to consult with MF Global on a transitional basis in regard to preparing the
financials. 
 HR Separation Agreement by and between Man Group Services Limited and MF Global UK Services Limited, agreement providing for the separation of
Man Group HR staff from MF Global HR staff. 

 EXHIBIT A 
 FORM OF 
 GUARANTY 
 This GUARANTY, dated as of June 15, 2007, is made by each of the signatories hereto (together with any other entity that may become a party hereto as provided herein, the “Guarantors”), in favor of
JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the banks and other financial institutions or entities (the “Lenders”) from time to time parties to the 364-Day
Credit Agreement, dated as of June 15, 2007 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MF GLOBAL LTD. (the “Parent”), MF GLOBAL FINANCE USA INC. (known from the
date hereof until Separation as “Man Group Finance Inc.”) (the “Borrower”), the Designated Subsidiary Borrowers from time to time parties thereto, the Lenders and the Administrative Agent. 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower and the Designated Subsidiary
Borrowers upon the terms and subject to the conditions set forth therein; 
 WHEREAS, the Borrower and the Designated Subsidiary Borrowers
are members of an affiliated group of companies that includes each other Guarantor; 
 WHEREAS, the Borrower, the Designated Subsidiary
Borrowers and the other Guarantors are engaged in related businesses, and each Guarantor will derive substantial direct and indirect benefit from the making of the Loans under the Credit Agreement; and 
 WHEREAS, it is a condition precedent to the obligation of the Lenders to make the Loans to the Borrower and the Designated Subsidiary Borrowers under the
Credit Agreement that the Guarantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Lenders; 
 NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the
Borrower and the Designated Subsidiary Borrowers thereunder, each Guarantor hereby agrees with the Administrative Agent, for the ratable benefit of the Lenders, as follows: 
 SECTION 1. DEFINED TERMS 
 1.1 Definitions. (a) Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 (a)
The following terms shall have the following meanings: 
 “Agreement”: this Guaranty, as the same may be amended,
supplemented or otherwise modified from time to time. 
 “Obligations”: the collective reference to the unpaid principal of
and interest on the Loans and all other obligations and liabilities of the Borrower and any Designated Subsidiary Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit 

 
Agreement after the maturity of the Loans and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower or any Designated Subsidiary Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding)
to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement,
the other Loan Documents, or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise
(including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower or any Designated Subsidiary Borrowers pursuant to the terms of any of the foregoing
agreements). 
 1.2 Other Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” 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, and Section and Schedule references are to this Agreement unless otherwise
specified. 
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 SECTION 2. GUARANTY 
 2.1
Guaranty. (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Administrative Agent, for the ratable benefit of the Lenders and their respective successors, indorsees, transferees
and assigns, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations owing from time to time by any and each Person other than such Guarantor. 
 (b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder shall in no event
exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2). 
 (c) Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder
without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Administrative Agent or any Lender hereunder. 
 (d) The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations of each Guarantor under the guarantee contained in this Section 2 shall have
been satisfied by payment in full and the Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower or any Designated Subsidiary Borrower may be free from any Obligations.

 (e) No payment made by the Borrower or any Designated Subsidiary Borrower or any Guarantor, any other guarantor or any other Person or
received or collected by the Administrative Agent or any Lender by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to
modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Obligations or any 

  

 2 

 
payment received or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such
Guarantor hereunder until the Obligations are paid in full and the Commitments are terminated. 
 2.2 Right of Contribution. Each
Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor
hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the
obligations and liabilities of any Guarantor to the Administrative Agent and the Lenders, and each Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder. 
 2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the
Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower, any Designated Subsidiary Borrower or any other Guarantor or guarantee or right
of offset held by the Administrative Agent or any Lender for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower, any Designated Subsidiary Borrower or any other
Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower and any Designated Subsidiary Borrowers on account of the Obligations are paid in full and the
Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the
Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such
Guarantor to the Administrative Agent, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 
 2.4 Amendments, etc. with respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Obligations made by the Administrative Agent or any Lender may be rescinded by the Administrative Agent or
such Lender and any of the Obligations continued, and the Obligations, or the liability of any other Person upon or for any part thereof, or any guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part,
be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement and the other Loan Documents and any other documents executed and delivered in
connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may deem advisable from time to time, and any guarantee or right
of offset at any time held by the Administrative Agent or any Lender for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. 
 2.5 Guaranty Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the
Administrative Agent or any Lender upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted
or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower, any Designated Subsidiary Borrower and any of the Guarantors, on the one hand, and the
Administrative Agent and the Lenders, on 
  

 3 

 
the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each
Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower, any Designated Subsidiary Borrower or any of the Guarantors with respect to the Obligations. Each Guarantor understands
and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan
Document, any of the Obligations or any guarantee or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, set-off or counterclaim (other than a defense of payment
or performance) which may at any time be available to or be asserted by the Borrower, any Designated Subsidiary Borrower or any other Person against the Administrative Agent or any Lender, or (c) any other circumstance whatsoever (with or
without notice to or knowledge of the Borrower, any Designated Subsidiary Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower and any Designated Subsidiary Borrower for
the Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the
Administrative Agent or any Lender may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower and any Designated Subsidiary Borrower, any other Guarantor or any
other Person or against guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to pursue such other rights or remedies or to collect any payments
from the Borrower and any Designated Subsidiary Borrower, any other Guarantor or any other Person or to realize upon any such guarantee or to exercise any such right of offset, or any release of the Borrower and any Designated Subsidiary Borrower,
any other Guarantor or any other Person or any such guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available
as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 
 2.6 Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the
Borrower, any Designated Subsidiary Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower, any Designated Subsidiary Borrower or any
Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 2.7 Payments. Each
Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the office of the Administrative Agent specified in the Credit Agreement. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES 
 To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower and any Designated Subsidiary Borrower hereunder, each Guarantor
hereby represents and warrants to the Administrative Agent and each Lender that: 
 (a) The execution, delivery and performance by the
Guarantors of this Guaranty are within the Guarantors’ corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Guarantors’ organizational documents, (ii) any contractual
restriction binding on or affecting the Guarantors or (iii) any applicable laws. 
  

 4 

 (c) No authorization or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or any other third party is required for the due execution, delivery and performance by the Guarantors of this Guaranty. 
 (d) This Guaranty has been duly executed and delivered by the Guarantors. This Guaranty is the legal, valid and binding obligation of the Guarantors enforceable against each Guarantor in accordance with its terms,
except to the extent that enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights generally. 
 SECTION 4. THE ADMINISTRATIVE AGENT 
 4.1 Authority of Administrative Agent. Each Guarantor acknowledges that the
rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or
other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist
from time to time among them, but, as between the Administrative Agent and the Guarantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting,
and no Guarantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 
 SECTION 5.
MISCELLANEOUS 
 5.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or
otherwise modified except in accordance with Section 9.02 of the Credit Agreement. 
 5.2 Notices. All notices, requests and
demands to or upon the Administrative Agent or any Guarantor hereunder shall be effected in the manner provided for in Section 9.01 of the Credit Agreement. 
 5.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 5.1), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Lender, any
right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any
future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
  

 5 

 5.4 Enforcement Expenses; Indemnification. (a) Each Guarantor agrees to pay or reimburse each
Lender and the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this
Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to each Lender and of counsel to the Administrative Agent, subject to any limitations in the
Credit Agreement. 
 (b) Each Guarantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all
liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any of the transactions contemplated by this Agreement.

 (c) The agreements in this Section 5.4 shall survive repayment of the Obligations and all other amounts payable under the Credit
Agreement and the other Loan Documents. 
 5.5 Successors and Assigns. This Agreement shall be binding upon the successors and assigns
of each Guarantor and shall inure to the benefit of the Administrative Agent and the Lenders and their successors and assigns; provided that no Guarantor may assign, transfer or delegate any of its rights or obligations under this Agreement without
the prior written consent of the Administrative Agent. 
 5.6 Set-Off. In addition to any rights and remedies of the Lenders provided
by law, each Lender shall have the right, without notice to any Guarantor, any such notice being expressly waived by each Guarantor to the extent permitted by applicable law, upon any Obligations becoming due and payable by any Guarantor (whether at
the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits,
indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate thereof or any of their respective branches or agencies to or for
the credit or the account of such Guarantor. Each Lender agrees promptly to notify the relevant Guarantor and the Administrative Agent after any such application made by such Lender, provided that the failure to give such notice shall not
affect the validity of such application. 
 5.7 Counterparts. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by telecopy or any other manner approved pursuant to Section 9.01(b) of the Credit Agreement), and all of said counterparts taken together shall be deemed to constitute one and the
same instrument. 
 5.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 5.9 Section Headings. The Section headings used in this Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 5.10 Integration. This Agreement and the other Loan Documents represent the agreement of the Guarantors, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises,
undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Loan Documents. 
  

 6 

 5.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 5.12 Submission To Jurisdiction; Waivers. Each Guarantor hereby irrevocably
and unconditionally agrees that the provisions of Sections 9.09 and 9.10 of the Credit Agreement apply to this Agreement and its obligations hereunder. 
 5.13 Additional Guarantors. Each Designated Subsidiary Borrower that is required to become a party to this Agreement pursuant to Section 4.03 of the Credit Agreement shall become a Guarantor for all
purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 
 5.14
Releases. (a) At such time as the Loans and the other Obligations shall have been paid in full, the Commitments have been terminated, and this Agreement and all obligations (other than those expressly stated to survive such termination)
of the Administrative Agent and each Guarantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 7 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guaranty to be duly executed and delivered as
of the date first above written. 
  

			
	 MF GLOBAL LTD.

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 MF GLOBAL FINANCE USA INC.
 (known from the
date hereof until Separation as “Man Group Finance Inc.”)

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MF GLOBAL FINANCE EUROPE LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to the Guaranty (5-Year Revolving Credit Facility)] 

 Schedule 1 
 NOTICE ADDRESSES OF GUARANTORS 
  

			
	(i) The Borrower:	  	 Man Group Finance Inc.
 717 Fifth Avenue
 9th Floor
 New York NY 10022-8101
 Attention: Simon Moreton, Vice President

		
		  	with a copy to:
		
		  	 Henri Steenkamp, Chief Financial Officer
 and

Michael Bertolucci, Vice President
 Facsimile: (212) 589
6563

		
	(ii) The Parent or any Designated Subsidiary Borrower:	  	 c/o MF Global Ltd.
 717 Fifth Avenue
 9th Floor
 New York NY 10022-8101
 Attention: Simon Moreton, Treasurer

		
		  	with a copy to:
		
		  	 Henri Steenkamp, Vice President
 and
 Michael Bertolucci, Assistant Treasurer
 Facsimile: (212) 589
6563

 Annex 1 to 
 Guaranty 
 ASSUMPTION AGREEMENT, dated as of
                                , 200  , made by
                                        
         (the “Additional Guarantor”), in favor of JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the banks and other
financial institutions or entities (the “Lenders”) parties to the Credit Agreement referred to below. All capitalized terms not defined herein shall have the meaning ascribed to them in such Credit Agreement. 
 W I T N E S S E T H : 
 WHEREAS, MF Global Ltd. (the “Parent”), MF Global Finance USA INC. (known from the date hereof until Separation as “Man Group
Finance Inc.”) (the “Borrower”), the Designated Subsidiary Borrowers from time to time parties thereto (the “Designated Subsidiary Borrowers”), the Lenders and the Administrative Agent have entered into a
364-Day Credit Agreement, dated as of June 15, 2007 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, in connection with the Credit Agreement, the Parent, the Borrower and certain Designated Subsidiary Borrowers (other than the Additional Guarantor) have entered into the Guaranty, dated as of June 15,
2007 (as amended, supplemented or otherwise modified from time to time, the “Guaranty”) in favor of the Administrative Agent for the ratable benefit of the Secured Parties; 
 WHEREAS, the Credit Agreement requires the Additional Guarantor to become a party to the Guaranty; and 
 WHEREAS, the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guaranty; 
 NOW, THEREFORE, IT IS AGREED: 
 1.
Guaranty. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5.13 of the Guaranty, hereby becomes a party to the Guaranty as a Guarantor thereunder with the same force and effect as if
originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the
information set forth in the Schedules to the Guaranty. The Additional Guarantor hereby represents and warrants that each of the representations and warranties contained in Section 3 of the Guaranty is true and correct on and as the date hereof
(after giving effect to this Assumption Agreement) as if made on and as of such date. 
 2. Governing Law. THIS ASSUMPTION
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	 [ADDITIONAL GUARANTOR]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 2 

 Annex 1-A to 
 Assumption Agreement 
 Supplement to Schedule 1 

 EXHIBIT B 
 ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the “Assignment and
Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes
from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a
Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly
provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

											
	1.	  	Assignor:	    	  
	  		  	
					
		  		    	  
	  		  	
	2	  	Assignee:	    	and is an Affiliate/Approved Fund of [identify Lender]2]
			
	3.	  	Borrower(s):	    	MF Global Finance USA Inc. (formerly known as Man Group Finance Inc.)
			
	4.	  	Administrative Agent:	    	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	    	The $1,400,000,000 364-Day Revolving Credit Facility dated as of June 15, 2007 among the Borrower, MF Global Ltd., the Designated Subsidiary Borrowers from time to time parties
thereto, the Lenders parties thereto, Citibank N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., as Administrative Agent, and the Documentation Agents signatories thereto.

	2.	Select as applicable. 

											
			
	6.	  	Assigned Interest:	    	

  

					
	 Aggregate Amount of
Commitment/Loans for
all Lenders
	  	 Amount of
Commitment/Loans
Assigned
	  	 Percentage Assigned of
Commitment/Loans3

	 $
	  	$	  	%
	 $
	  	$	  	%
	 $
	  	$	  	%

 Effective Date:
                , 20074

 The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more Credit
Contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Related Parties or their respective securities) will be made available and who may receive such information in accordance
with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 
 The terms set forth in this Assignment
and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Name:	 	
	Title:	 	

	3	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	4	To be inserted by Administrative Agent and which shall be the Effective Date of recordation of transfer in the register therefor. 

  

 2 

			
	[Consented to and]5 Accepted:
	
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative
Agent

		
	By	 	  

	Name:	 	
	Title:	 	

	5	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

  

 3 

 ANNEX 1 
 $1,400,000,000 364-DAY REVOLVING CREDIT FACILITY 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal
and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements,
if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 9.04 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the
Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is
any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,
the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform
in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts
which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Assumption by facsimile (or in any other manner approved pursuant to Section 9.01(b) of the Credit Agreement) shall be effective as delivery of a manually executed counterpart of this Assignment and
Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 
  

 2 

 EXHIBIT C-1 
 [LETTERHEAD OF SULLIVAN & CROMWELL LLP] 
 [Effective Date] 
 To the Lenders and the Administrative 
 Agent Referred to
Below 
 c/o JPMorgan Chase Bank, N.A., as 
 Administrative Agent 
 270 Park Avenue 
 New York, New
York 10017 
 Dear Sirs: 
 In connection with the
$1,400,000,000 364-Day Revolving Credit Facility dated as of June 15, 2007 (the “Credit Agreement”), among MF Global Finance USA Inc. (formerly known as Man Group Finance Inc.), a New York corporation (the
“Borrower”) and MF Global Ltd., a corporation organized under the laws of Bermuda (the “Parent”), the Designated Subsidiary Borrowers from time to time parties thereto, the banks and other financial institutions
identified therein as Lenders, Citibank N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., as Administrative Agent and the Documentation Agents signatories thereto, we have acted as special New York counsel to the Borrower and Parent. In such
capacity, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, certificates of public officials and other instruments and have conducted such other investigations of fact
and law as we have deemed necessary or advisable for purposes of this opinion. Terms defined in the Credit Agreement are used herein with the same meanings. 
 Upon the basis of the foregoing, we are of the opinion that: 
  

	 	(h)	The Borrower (a) has been duly incorporated and is an existing corporation in good standing under the laws of the State of New York, and (b) has all requisite corporate
power and authority to carry on its business as now conducted. 

  

	 	(i)	The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate action. 

  

	 	(j)	The Credit Agreement has been duly executed and delivered by the Borrower and constitutes a valid and legally binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

  

	 	(k)	All regulatory consents, authorizations, approvals and filings required to be obtained or made by the Borrower for the Transactions under the Federal laws of the United States and
the laws of the State of New York have been obtained or made. 

	 	(l)	The execution, delivery and performance of the Credit Agreement by the Borrower does not violate any Applicable Law to which the Borrower is subject or the charter, by-laws or other
organizational documents of the Borrower; provided, however, that, for the purposes of this paragraph (6), we express no opinion with respect to Federal or state securities laws, other antifraud laws, fraudulent transfer
laws, and antitrust laws; provided, further, that insofar as performance by the Borrower of its obligations under the Credit Agreement is concerned, we express no opinion as to bankruptcy, insolvency, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights. As used in this opinion, the term “Applicable Law” means the Federal laws of the United States and the laws of the State of New
York that, in our experience, are normally applicable to matters like the Transactions. 

  

	 	 (m)
	 [To the best of our knowledge, there are no actions, suits or proceedings by or before any New York State or United
States Federal Governmental Authority pending against or threatened against or affecting the Borrower (a) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect (other than the Disclosed Matters) or (b) that involve the Credit Agreement or the Transactions.]6 

  

	 	(n)	Neither the Parent nor the Borrower is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

 The foregoing opinion is limited to the laws of the State of New York and the Federal laws of the United States of America.
This opinion is rendered solely to you in connection with the above matter. This opinion may not be relied upon by you for any other purpose or relied upon by any other Person (other than your permitted successors and assigns) without our prior
written consent. 
  

	
	Very truly yours,
	
	Sullivan & Cromwell LLP

  

	6	This paragraph might be covered by the legal opinion of the general counsel to the Borrower. 

 EXHIBIT C-2 
 [LETTERHEAD OF CONYERS DILL & PEARMAN] 
 [Effective Date] 
 To the Lenders and the Administrative 
 Agent Referred to
Below 
 c/o JPMorgan Chase Bank, N.A., as 
 Administrative Agent 
 270 Park Avenue 
 New York, New
York 10017 
 Dear Sirs: 
 We have acted as
special Bermuda counsel for MF Global Finance USA Inc. (formerly known as Man Group Finance Inc.), a New York corporation (the “Borrower”) and MF Global Ltd., a corporation organized under the laws of Bermuda (the
“Parent”), in connection with the $1,400,000,000 364-Day Revolving Credit Facility dated as of June 15, 2007 (the “Credit Agreement”), among the Borrower, the Parent, the Designated Subsidiary Borrowers from
time to time parties thereto, the banks and other financial institutions identified therein as Lenders, Citibank N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., as Administrative Agent and the Documentation Agents signatories thereto. Terms
defined in the Credit Agreement are used herein with the same meanings. 
 We have examined originals or copies, certified or otherwise
identified to our satisfaction, of such documents, corporate records, certificates of public officials and other instruments and have conducted such other investigations of fact and law as we have deemed necessary or advisable for purposes of this
opinion. 
 Upon the basis of the foregoing, we are of the opinion that: 
 1. The Parent (a) is a corporation duly organized, validly existing and in good standing under Bermuda law, (b) has all requisite power and
authority to carry on its business as now conducted and (c) except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in
good standing in, every jurisdiction where such qualification is required. 
 2. The Transactions are within the Parent’s corporate
powers and have been duly authorized by all necessary corporate and, if required, stockholder action. The Credit Agreement has been duly executed and delivered by the Parent and constitutes a legal, valid and binding obligation of it, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law. 

 3. The Transactions (a) do not require any consent or approval of, registration or filing with, or
any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the
Parent or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Parent or any of its Subsidiaries or its assets, or
give rise to a right thereunder to require any payment to be made by the Parent or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Parent or any of its Subsidiaries. 
 4. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to our knowledge, threatened
against or affecting the Parent or any of its Subsidiaries (a) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have
a Material Adverse Effect (other than the Disclosed Matters) or (b) that involve the Credit Agreement or the Transactions. 
 This
opinion is rendered solely to you in connection with the above matter. This opinion may not be relied upon by you for any other purpose or relied upon by any other Person (other than your successors and assigns as Lenders and Persons that acquire
participations in your Loans) without our prior written consent. 
  

	
	Very truly yours,
	
	Conyers Dill & Pearman

 EXHIBIT D-1 
 FORM OF 
 CLOSING CERTIFICATE 
 Pursuant to Section [4.01(c)][4.03(d)] of the $1,400,000,000 364-Day Revolving Credit Facility, dated as of June 15, 2007 (the “Credit Agreement”; terms defined therein being used herein as
therein defined), among MF Global Finance USA Inc. , formerly known as Man Group Finance Inc. (the “Borrower”), MF Global Ltd. (the “Parent”), the Designated Subsidiary Borrowers from time to time parties thereto,
the Lenders party thereto, Citibank N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and the Documentation Agents signatories thereto, the undersigned
[INSERT TITLE OF OFFICER] of the [Borrower][Designated Subsidiary Borrower] hereby certifies as follows as of the date hereof: 
 1. The
representations and warranties of the [Parent and the Borrower][Designated Subsidiary Borrower] in or pursuant to the Loan Documents or which are contained in any certificate furnished by or on behalf of the [Parent and the Borrower][Designated
Subsidiary Borrower] pursuant to any of the Loan Documents are true and correct on and as of the date hereof with the same effect as if made on the date hereof, except for representations and warranties expressly stated to relate to a specific
earlier date, in which case such representations and warranties were true and correct as of such earlier date. 
 2. No Default has occurred
and is continuing as of the date hereof or after giving effect to the Loans to be made on the date hereof and the use of proceeds thereof. 
 3. The conditions precedent set forth in Section 4.01 [and 4.03] of the Credit Agreement were satisfied or waived [on or prior to the Effective Date][with respect to any Designated Subsidiary Borrower becoming party to the Credit
Agreement on or prior to the Designated Subsidiary Borrowing Funding Date applicable to such Designated Subsidiary Borrower]. 
 4. There are
no liquidation or dissolution proceedings pending or to my knowledge threatened against the [Parent and the Borrower][Designated Subsidiary Borrower], nor has any other event occurred which materially and adversely affects or threatens the continued
corporate existence of the [Parent and the Borrower][Designated Subsidiary Borrower]. 
 5. [Each of the Parent and the Borrower][The
Designated Subsidiary Borrower] is a corporation duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its organization. 
 IN WITNESS WHEREOF, the undersigned have hereunto set my name as of the date set forth below. 
  

	
	  

	 Name:

	 Title:

 Date:             ,
200     

 EXHIBIT D-2 
 FORM OF 
 SECRETARY’S CERTIFICATE 
 Pursuant to Section 4.01(c) [and 4.03(d)] of the $1,400,000,000 364-Day Revolving Credit Facility, dated as of June 15, 2007 (the
“Credit Agreement”; terms defined therein being used herein as therein defined), among Man Group Finance Inc. (following the Separation to be known as MF Global Finance USA Inc.) (the “Borrower”), MF Global Ltd.
(the “Parent”), the Designated Subsidiary Borrowers from time to time parties thereto, the Lenders party thereto, Citibank N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the
“Administrative Agent”) and the Documentation Agents signatories thereto, the undersigned [INSERT TITLE OF OFFICER] of the [Parent][Borrower][Designated Subsidiary Borrower] (the “Certifying Loan Party”) hereby
certifies as follows: 
 1.
[                    ] is the duly elected and qualified [Corporate Secretary] of the Certifying Loan Party and the signature set forth for
such officer below is such officer’s true and genuine signature. 
 2. Attached hereto as Annex 1 is a true and complete copy of
resolutions duly adopted by the [Board of Directors][OR ENTITY SPECIFIC EQUIVALENT] of the Certifying Loan Party; such resolutions have not in any way been amended, modified, revoked or rescinded, have been in full force and effect since their
adoption to and including the date hereof and are now in full force and effect and are the only corporate proceedings of the Certifying Loan Party now in force relating to or affecting the matters referred to therein. 
 3. Attached hereto as Annex 2 is a true and complete copy of the [By-Laws][OR ENTITY SPECIFIC EQUIVALENT] of the Certifying Loan Party as in
effect on the date hereof. 
 4. Attached hereto as Annex 3 is a true and complete copy of the [Certificate of Incorporation][OR
ENTITY SPECIFIC EQUIVALENT] of the Certifying Loan Party as in effect on the date hereof. 
 5. The following persons are now duly elected
and qualified officers of the Certifying Loan Party holding the offices indicated next to their respective names below, and the signatures appearing opposite their respective names below are the true and genuine signatures of such officers, and each
of such officers is duly authorized to execute and deliver on behalf of the Certifying Loan Party each of the Loan Documents to which it is a party and any certificate or other document to be delivered by the Certifying Loan Party pursuant to the
Loan Documents to which it is a party: 
  

					
	Name	 	Office	 	Signature
		 		 	  

		 		 	  

		 		 	  

 IN WITNESS WHEREOF, the undersigned have hereunto set my name as of the date set forth below. 

 

									
	  
	 		 		  	  
	  	
	 Name:
	 		 		  	Name:	  	
	 Title:
	 		 		  	Title:	  	
					
	 Date:                 ,
200    
	 		 		  		  	

  

 2 

 EXHIBIT E 
 JOINDER AGREEMENT 
 JOINDER AGREEMENT, dated as of
                        , 200  , among
                     (the “Subsidiary”), MF GLOBAL FINANCE USA INC. (formerly known as Man Group Finance Inc.), a New York
corporation (the “Borrower”), MF GLOBAL LTD. (the “Parent”), JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the several banks and other
financial institutions (the “Lenders”) from time to time parties to the $1,400,000,000 364-Day Revolving Credit Facility dated as of June 15, 2007 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”; terms defined therein being used herein as therein defined) by and among the Borrower, the Parent, the Lenders, the Administrative Agent and the Documentation Agents. 
 W I T N E S S E T H: 
 WHEREAS, the parties
to this Joinder Agreement wish to add the Subsidiary as the Designated Subsidiary Borrower to the Credit Agreement and as a guarantor under the Guaranty (as defined in the Credit Agreement) in the manner hereinafter set forth; and 
 WHEREAS, this Joinder Agreement is entered into pursuant to subsection 4.03(b) of the Credit Agreement; 
 NOW, THEREFORE, in consideration of the premises, the parties hereto hereby agree as follows: 
 1. The Subsidiary hereby acknowledges that it has received and reviewed a copy of each of the Credit Agreement and the Guaranty, and acknowledges and
agrees to: 
 (a) join the Credit Agreement as a Designated Subsidiary Borrower; 
 (b) join the Guaranty as a guarantor thereunder; 
 (c) be bound by all covenants, agreements and acknowledgments attributable to the Designated Subsidiary Borrower in the Credit Agreement and to a guarantor in the Guaranty; and 
 (d) perform all obligations and duties required of it by the Credit Agreement and the Guaranty. 
 2. The Subsidiary hereby represents and warrants that the representations and warranties with respect to it contained in Sections 4 and 5.4 of the Credit
Agreement or which are contained in any certificate furnished by or on behalf of it are true and correct on the date hereof. 
 3. The
address and jurisdiction of organization of the Subsidiary is set forth below: 
  

			
	Address	 	  

		 	  

		 	  

	Attn:	 	  

	Telecopy:	 	
	Telephone:	 	
	 Jurisdiction
 of organization:
	 	  

 4. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 
  

 2 

 IN WITNESS WHEREOF, each of the undersigned has caused this Joinder Agreement to be duly executed and
delivered in New York, New York by its proper and duly authorized officer as of the day and year first above written. 
  

			
	 [DESIGNATED SUBSIDIARY BORROWER],
 as the
Designated Subsidiary Borrower

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 MF GLOBAL FINANCE USA INC. (formerly known as Man Group Finance Inc.),
 as Borrower

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MF GLOBAL LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	ACKNOWLEDGED AND AGREED TO:
	
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative
Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 3

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