Document:

EXHIBIT
10.13

     

    EXECUTION VERSION

     

    
      

      

    

     

     

     

     

    GXS
HOLDINGS, INC.,

     

    as
the Issuer of the Notes

     

     

     

    $55,000,000
in aggregate Principal Amount

     

    of

     

    14.20%
Senior Subordinated Notes due 2017

     

    of GXS
HOLDINGS, INC.

     

    and

     

     

     

     

     

    PURCHASE
AGREEMENT

     

    Dated
October 5, 2007

     

     

     

     

     

     

    
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    TABLE OF
CONTENTS

     

    
      
        	 	 	 Page
	ARTICLE
      I PURCHASE AND SALE OF SECURITIES	
                1

              
	 	 
	 	
                1.1

              	
                Issuance
      of Securities

              	
                1

              
	 	
                1.2

              	
                Purchase
      and Sale of Notes; Closing

              	
                1

              
	 	
                1.3

              	
                Payments
      by the Company

              	
                2

              
	 	
                1.4

              	
                Expenses

              	
                2

              
	 	 	 	 
	ARTICLE
      II HOLDER’S SPECIAL RIGHTS	
                3

              
	 	 
	 	
                2.1

              	
                Registration
      of Securities; etc.

              	
                3

              
	 	
                2.2

              	
                Service
      Charges

              	
                4

              
	 	
                2.3

              	
                Lost,
      etc. Securities

              	
                4

              
	 	
                2.4

              	
                Inspection

              	
                4

              
	 	
                2.5

              	
                Private
      Placement Number

              	
                5

              
	 	 	 	 
	ARTICLE
      III REDEMPTION AND REPURCHASE OF THE NOTES	
                5

              
	 	 
	 	
                3.1

              	
                Optional
      Redemption

              	
                5

              
	 	
                3.2

              	
                Selection
      of Notes to Be Redeemed

              	
                5

              
	 	
                3.3

              	
                Notice
      of Redemption

              	
                5

              
	 	
                3.4

              	
                Effect
      of Notice of Redemption

              	
                6

              
	 	
                3.5

              	
                Deposit
      of Redemption

              	
                6

              
	 	
                3.6

              	
                Notes
      Redeemed or Purchased in Part

              	
                6

              
	 	 	 	 
	ARTICLE
      IV CLOSING CONDITIONS	
                6

              
	 	 
	 	
                4.1

              	
                Representations
      and Warranties True; No Event of Default

              	
                7

              
	 	
                4.2

              	
                Compliance
      with this Agreement

              	
                7

              
	 	
                4.3

              	
                Compliance
      Certificates

              	
                7

              
	 	
                4.4

              	
                Opinion
      of Counsel

              	
                7

              
	 	
                4.5

              	
                Issuance
      of the Notes

              	
                8

              
	 	
                4.6

              	
                Proceedings
      Satisfactory

              	
                8

              
	 	
                4.7

              	
                Credit
      Facilities

              	
                8

              
	 	
                4.8

              	
                Payment
      of Fees and Expenses

              	
                8

              
	 	
                4.9

              	
                Purchase
      Permitted by Applicable Laws; Legal Investment

              	
                8

              
	 	
                4.10

              	
                Solvency
      Certificate

              	
                8

              
	 	
                4.11

              	
                Conditions
      Precedent to Loan Documents

              	
                8

              
	 	 	 	 
	ARTICLE
      V REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	
                9

              
	 	 
	 	
                5.1

              	
                Experience.

              	
                9

              
	 	
                5.2

              	
                Accredited
      Investor.

              	
                9

              
	 	
                5.3

              	
                Purchase
      Entirely for Own Account.

              	
                9

              
	 	
                5.4

              	
                Restricted
      Securities.

              	
                9

              
	 	
                5.5

              	
                No
      Public Market.

              	
                9

              
	 	
                5.6

              	
                Legends.

              	
                9

              
	 	
                5.7

              	
                Access
      to Data.

              	
                10

              
	 	
                5.8

              	
                Authorization.

              	
                10

              
	 	
                5.9

              	
                Reliance
      Upon Investors’ Representations.

              	
                10

              
	 	
                5.10

              	
                ERISA.

              	
                11

              

      

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

       

      
        	 	 	 	 
	ARTICLE
      VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY	
                11

              
	 	 
	 	
                6.1

              	
                Senior
      Loan Representations and Warranties.

              	
                11

              
	 	
                6.2

              	
                Private
      Offering; Consents and Approvals.

              	
                12

              
	 	
                6.3

              	
                Use
      of Proceeds.

              	
                12

              
	 	
                6.4

              	
                Disclosure.

              	
                12

              
	 	 	 	 
	ARTICLE
      VII COVENANTS	
                12

              
	 	 
	 	
                7.1

              	
                Payment
      of Notes

              	
                12

              
	 	
                7.2

              	
                Restricted
      Payments

              	
                13

              
	 	
                7.3

              	
                Incurrence
      of Indebtedness and Issuance of Preferred Stock

              	
                15

              
	 	
                7.4

              	
                Transactions
      with Affiliates

              	
                15

              
	 	
                7.5

              	
                Payments
      for Consent

              	
                17

              
	 	
                7.6

              	
                Reports

              	
                17

              
	 	 	 	 
	ARTICLE
      VIII DEFAULTS AND REMEDIES	
                17

              
	 	 
	 	
                8.1

              	
                Event
      of Default

              	
                17

              
	 	
                8.2

              	
                Acceleration

              	
                18

              
	 	
                8.3

              	
                Other
      Remedies

              	
                19

              
	 	
                8.4

              	
                Waiver
      of Past Defaults

              	
                19

              
	 	
                8.5

              	
                Rights
      of Holders of Notes to Receive Payment

              	
                19

              
	 	 	 	 
	ARTICLE
      IX SUBORDINATION	
                19

              
	 	 
	 	
                9.1

              	
                Notes
      Subordinated to Senior Debt

              	
                19

              
	 	
                9.2

              	
                Payment
      Default on Senior Debt

              	
                19

              
	 	
                9.3

              	
                Dissolution,
      Liquidation or Reorganization of the Company

              	
                20

              
	 	
                9.4

              	
                Subrogation

              	
                20

              
	 	
                9.5

              	
                Changes
      in Senior Debt

              	
                20

              
	 	
                9.6

              	
                Third
      Party Beneficiary, Etc.

              	
                21

              
	 	
                9.7

              	
                Rights
      of Holders of Senior Debt Not to be Impaired, Etc.

              	
                21

              
	 	
                9.8

              	
                Turnover;
      Miscellaneous Subordination Provisions

              	
                21

              
	 	
                9.9

              	
                Authorization
      To File Proof of Claim

              	
                22

              
	 	
                9.10

              	
                Amendments

              	
                22

              
	 	 	 	 
	ARTICLE
      X DEFINITIONS	
                23

              
	 	 
	ARTICLE
      XI MISCELLANEOUS	
                31

              
	 	 
	 	
                11.1

              	
                Notices

              	
                31

              
	 	
                11.2

              	
                Successors
      and Assigns

              	
                32

              
	 	
                11.3

              	
                Amendment
      and Waiver

              	
                32

              
	 	
                11.4

              	
                No
      Fiduciary Duty

              	
                33

              
	 	
                11.5

              	
                Counterparts

              	
                33

              
	 	
                11.6

              	
                Headings

              	
                33

              
	 	
                11.7

              	
                Governing
      Law

              	
                33

              
	 	
                11.8

              	
                Entire
      Agreement

              	
                33

              
	 	
                11.9

              	
                Severability

              	
                33

              
	 	
                11.10

              	
                Confidentiality

              	
                34

              

      

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

                  

     

    GXS
HOLDINGS, INC.

    100
Edison Park Drive

    Gaithersburg,
MD 20878

     

    October
5, 2007

     

    
      	
              TO:

            	
              General
      Electric Capital Corporation

            
	 	

              299
      Park Avenue

            
	 	

              New
      York, NY 10171

            

    

     

    Ladies
and Gentlemen:

     

    GXS
HOLDINGS, INC., a Delaware corporation (the “Company”),
hereby agrees with you as follows (capitalized terms used herein without
definition shall have the meanings assigned to them in Article X
hereof):

     

     

    ARTICLE I

     

    PURCHASE AND
SALE OF SECURITIES

     

    1.1           Issuance of
Securities

     

    (a)             Issuance of
Notes.  On or before the Closing, the Company
will have authorized the issuance of $55.0 million in aggregate principal amount
of its 14.20% Senior Subordinated Notes due 2017 (the “Notes”) to General Electric Capital
Corporation (the “Purchaser”).  The Notes will be issued in the form attached hereto
as Annex A.

     

    1.2           Purchase and Sale of Notes;
Closing

     

    (a)             Purchase and
Sale of Notes.  In reliance upon the
Purchaser’s representations and warranties made in
Article V hereof, the Company hereby agrees to issue and to
sell to the Purchaser the Notes, at a purchase price of $1,000 for each $1,000
in aggregate principal amount of Notes.  In reliance upon the representations
and warranties of the Company contained in the Documents, and subject to the terms and conditions set
forth herein and therein, the Purchaser hereby agrees to purchase the Notes from
the Company.  The
Purchaser and the Company agree that, for federal income tax purposes, the issue
price of each Note is equal to its purchase price as specified
above.

     

    (b)            Closing.  The purchase and sale of the Notes will
take place at a closing (the “Closing”) at 11:00 a.m. New York City time on
October 5, 2007, at the offices of Latham & Watkins LLP, 885 Third Avenue,
New York, New York 10022,
or at such other time and place as is mutually agreed to by the Company and the
Purchaser (the “Closing
Date”).  At the Closing, the Company will
deliver to the Purchaser the Notes (in such permitted denomination or
denominations and registered in its name or the name of
such nominee or nominees as the Purchaser may request) against payment of the
purchase price of the Notes therefor by intra-bank or federal funds wire
transfer of immediately available funds to such bank accounts as the Company designates in
writing.  The Company
hereby instructs the Purchaser to deduct from such

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    intra-bank or federal funds wire
transfer of the amount of any out-of-pocket expenses for which it is entitled to
reimbursement pursuant to Section 1.4 hereof, including, without limitation, the
fees and disbursements of
Latham & Watkins LLP, who are acting as counsel to the Purchaser;
provided that the Purchaser agrees to provide
the Company with a statement describing any amounts to be so deducted at least
one Business Day prior to the Closing.

     

    (c)             Fulfillment
of Conditions Precedent.  If at the Closing any of the conditions
to the Closing specified in this Agreement shall not have been fulfilled to the
Purchaser’s reasonable satisfaction, the Purchaser
will, at its election and notwithstanding anything to the contrary in this
Agreement, be relieved of all further obligations under this Agreement without
thereby waiving any rights it may have by reason of such nonfulfillment or
failure.  Nothing in
this Section 1.2(c) will operate to relieve the Company from any of its obligations
hereunder.

     

    (d)            Further
Action.  During the period from the date hereof
to the Closing Date, the Company will use all commercially reasonable
efforts to cause its
representations and warranties contained in Article VI hereof to be true and
correct as of the Closing Date, after giving effect to the transactions
contemplated by this Agreement, as if made on and as of such
date.

     

    1.3           Payments by the Company

     

    (a)             The Company will pay or cause to be paid
all amounts payable with respect to any Note (without any presentment of such
Note and without any notation of such payment being made thereon) by crediting
(before 1:00 p.m., New
York time), by intra-bank
or federal funds wire transfer to each Holder’s account in any bank in the United
States as may be designated and specified in writing by such Holder at least two
Business Days prior to the applicable payment.  The Purchaser’s initial bank account for this purpose is on
its signature page hereto.

     

    (b)            Notwithstanding anything to the contrary
contained in the Notes, if any principal amount payable with respect to a Note
is payable on a Legal Holiday, then the Company will pay such amount on the next succeeding
Business Day, and interest will accrue on such amount until the date on which
such amount is paid and payment of such accrued interest will be made
concurrently with the payment of such amount; provided that the Company may elect to pay in full (but not in
part) any such amount on the last Business Day prior to the date such payment
otherwise would be due, and no such additional interest will accrue on such
amount.

     

    (c)             Notwithstanding anything to the
contrary contained in the
Notes, if any 
interest amount payable with respect to a Note is payable on a Legal Holiday,
then the Company will pay such amount on the next succeeding Business
Day.  The interest
amount payable will include interest calculated from the last scheduled interest payment date
up to and including the current scheduled interest payment
date.

     

    1.4           Expenses

     

    Whether
or not any of the Notes are sold, the Company agrees to pay or reimburse all
expenses relating to this Agreement, including but not limited to:

     

    (a)             subject to paragraph (c) below, the cost
of preparing and reproducing the Documents, and any other documents contemplated
hereby or thereby;

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    (b)            subject to paragraph (c) below, all
reasonable out-of-pocket expenses incurred by the Purchaser or its general partner, if applicable, in
connection with the transactions contemplated by this Agreement and the other
documents referred to in clause (a) above, including, without limitation, travel
and lodging expenses and all costs incurred in connection with its review of the
Company’s business and
operations;

     

    (c)             the reasonable fees and disbursements of
Latham & Watkins LLP, who are acting as counsel to the Purchaser in
connection with the transactions contemplated by this
Agreement, in an amount not to exceed $100,000; and

     

    (d)            all reasonable out-of-pocket expenses
(including the reasonable fees and disbursements of counsel) incurred by the
Purchaser in connection with any amendment, modification, waiver, consent or
preservation or enforcement of rights under the Documents or any other documents
contemplated hereby or thereby.

     

     

    ARTICLE II

     

    HOLDER’S SPECIAL RIGHTS

     

    The
Company hereby agrees to grant to each Holder the following special
rights:

     

    2.1           Registration of Securities;
etc.

     

    (a)             Registrar.  The Company will maintain a register
for the Notes in which it will provide for the registration and transfer of the
Notes.  The name and
address of each Holder of Notes, each transfer of Notes and the name and
address of each transferee of Notes shall be registered in such
register.  Prior to
due presentment for registration of transfer, the Person in whose name any Notes
shall be registered shall be deemed and treated as the owner and Holder thereof for all
purposes hereof, and the Company shall not be affected by any notice or
knowledge to the contrary.

     

    (b)            Transfer.  Upon surrender for registration of
transfer of any the Notes, the Company, at its expense, will execute and deliver, in the name of
the designated transferee or transferees, one or more new certificates
evidencing Notes of the same type, and of a like aggregate principal
amount.

     

    (c)             Exchange.  A certificate evidencing Notes, may be
exchanged at the option of
any Holder thereof for two or more certificates of a like aggregate principal
amount.  Whenever any
such certificate is surrendered in connection with such an exchange, the
Company, at its expense, will execute and deliver such new certificates that the Holder making the
exchange is entitled to receive.

     

    (d)            New
Certificates.  All certificates issued upon any
registration of transfer or exchange as set forth in this Section 2.1 will be
the legal and valid obligations of the Company, evidencing the same interests,
and entitled to the same benefits, as the Notes evidenced by the certificates
surrendered upon such registration of transfer or exchange.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    (e)             Instruments
of Transfer.  Every certificate evidencing a Note presented or
surrendered for registration of transfer or exchange will (if so required by the
Company) be duly endorsed or will be accompanied by a written instrument of
transfer in form satisfactory to the Company duly executed by the Holder thereof or its attorney duly
authorized in writing.

     

    (f)             Transfer
Restrictions.  Certain transfers of the Notes are
subject to the terms of Article V hereof.

     

    2.2           Service Charges

     

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

     

    2.3           Lost, etc. Securities

     

    Notwithstanding
any provision in any Document to the contrary, if any mutilated Note is
surrendered to the Company, the Company shall execute and deliver in exchange
therefor a new Note of the same principal amount, and bearing a number not
contemporaneously outstanding.  If there shall be delivered to the
Company:

     

    
      
        	
              	
                (1)

              	
                evidence to its satisfaction of
      the destruction, loss or theft of any Note;
  and

              

      

    

     

    
      
        	
              	
                (2)

              	
                such security or indemnity as may
      be required by the Company and any agent to save each of the Company
      and such agent
harmless,

              

      

    

     

    then, in
the absence of notice that such Note has been acquired by a bona fide purchaser,
the Company shall execute and deliver, in lieu of any such destroyed, lost or
stolen Note, a new Note of a like principal amount, and bearing a number not
contemporaneously outstanding.  In case any such mutilated, destroyed, lost
or stolen Note has become or is about to become due and payable, the Company in
its discretion may, instead of issuing a new Note, pay such Note in accordance
with its terms.  Upon the issuance of any new Note, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses connected
therewith.  The provisions of this Section 2.3 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen
Notes.

     

    2.4           Inspection

     

                           
The Company will allow (1) any Holder or group of Holders of not less than a
majority in aggregate principal amount of the Notes then outstanding, on any one
occasion during each calendar year, and (2) if an Event of Default has occurred
and is continuing, any Holder at such times and as often as may be reasonably
requested, the right to visit and inspect any of the offices or properties of
the Company or any of its Subsidiaries, to examine all their respective books of
account, records, reports and other papers, to make copies and extracts
therefrom and to discuss their respective affairs, finances and accounts with
their respective officers, outside 

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    advisors,
outside consultants and independent public accountants (and by this provision,
the Company authorizes its officers, advisors, consultants and accountants to
discuss the affairs, finances and accounts of the Company and its Subsidiaries);
provided that all such
visits and inspections will occur during normal business hours, upon reasonable
notice and in a manner designed not to disrupt the business of the
Company.  The costs and expenses of such inspection will be paid by the
inspecting Holder(s), except in the case of any inspection by any Holder or
group of Holders of not less than a majority in aggregate principal amount of
the Notes then outstanding occurring during the continuance of any Event of
Default (in which event the Company will pay all reasonable costs and expenses
associated with such inspection).

     

    2.5           Private Placement
Number

     

    If requested by any Holder, the Company
will obtain a private placement number for the Notes from Standard &
Poor’s CUSIP Service
Bureau.

     

    ARTICLE III

     

    REDEMPTION AND REPURCHASE OF THE
NOTES

     

    3.1           Optional Redemption

     

    (a)             Optional
Redemptions.  At any time, the Company may redeem all
of the Notes, or any portion of the Notes, upon not less than 3 nor more than 60
days’ notice, at a redemption price equal to
100% of the principal amount of such Notes, plus accrued and unpaid interest to
the applicable redemption
date.

     

     

    (b)            Procedure.  Any redemption pursuant to this Section
3.1 shall be made pursuant to the provisions of Sections 3.2 through 3.6
hereof.

     

    3.2           Selection of Notes to Be
Redeemed

     

    If less
than all of the Notes are to be redeemed at any time, the Company will select
Notes for redemption on a pro rata basis.

     

    3.3           Notice of Redemption

     

    In the
case of any optional redemption of Notes pursuant to Section 3.1 hereof, at
least 3 days but not more than 60 days before the applicable redemption date,
the Company will deliver as provided or permitted under Article XI hereof, by
first class mail, a notice of redemption to each Holder whose Notes are to be
redeemed at its registered address.

     

    The
notice will identify the Notes to be redeemed and will state:

     

    
      
        	
              	
                (1)

              	
                the redemption
      date;

              

      

    

     

    
      
        	
              	
                (2)

              	
                the redemption
      price;

              

      

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
              	
                (3)

              	
                if any Note is being redeemed in
      part, the portion of the principal amount of such Note to be redeemed and
      that, after the redemption date upon surrender of such
      Note, a new Note or Notes in principal amount equal to the unredeemed
      portion will be issued upon cancellation of the original
      Note;

              

      

    

     

    
      
        	
              	
                (4)

              	
                that Notes redeemed in full must
      be surrendered to the Company to collect the redemption
      price;

              

      

    

     

    
      
        	
              	
                (5)

              	
                that, unless the Company defaults
      in making such redemption payment, interest on Notes called for redemption
      ceases to accrue on and after the redemption date;
    and

              

      

    

     

    
      
        	
              	
                (6)

              	
                the Section of this Agreement
      pursuant to which the Notes called for redemption are being
      redeemed.

              

      

    

     

    3.4           Effect of Notice of
Redemption

     

    Once the
notice of redemption is mailed in accordance with Section 3.3 hereof, Notes
called for redemption become irrevocably due and payable on the redemption date
at the redemption price.  A notice of redemption may not be
conditional.

     

    3.5           Deposit of
Redemption

     

    Payments
on Notes that are to be redeemed will be made in accordance with Section 1.3 of
this Agreement.

     

    If the
Company complies with the provisions of the preceding paragraph, on and after
the redemption or purchase date, interest will cease to accrue on the Notes or
the portions of Notes called for redemption or purchase.  If any Note
called for redemption or purchase is not so paid upon surrender for redemption
or purchase because of the failure of the Company to comply with the preceding
paragraph, interest will be paid on the unpaid principal, from the redemption or
purchase date until such principal is paid, and to the extent lawful on any
interest not paid on such unpaid principal, in each case at the rate provided in
the Notes and in the second paragraph of Section 7.1 hereof.

     

    3.6           Notes Redeemed or Purchased in
Part

     

    Upon
surrender of a Note that is redeemed or purchased in part, the Company will
issue at the expense of the Company a new Note equal in principal amount to the
unredeemed or unpurchased portion of the Note surrendered.

     

     

    ARTICLE IV

     

    CLOSING CONDITIONS

     

    The
Purchaser’s obligation to purchase and pay for the Notes shall be subject to the
satisfaction of each of the following conditions on or before the Closing
Date:

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    4.1           Representations and Warranties True; No
Event of Default

     

    The
representations and warranties of the Company contained in Article VI hereof
shall be true in all material respects at and as of the Closing Date (unless
related to a specific date, in which case it shall be true in all material
respects as of such specific date), after giving effect to the transactions
contemplated by this Agreement to occur on that date, as if made on and as of
that date. 

     

    4.2           Compliance with this
Agreement

     

    The
Company shall have performed and complied in all material respects with all
agreements, covenants and conditions contained in the Documents or any other
document contemplated hereby or thereby to be performed or complied with by the
Company on or before the Closing Date.  Neither the Company nor any of its
Subsidiaries shall have entered into any transaction since the date of this
Agreement that would have been prohibited by any section hereof had such section
applied since such date.

     

    4.3           Compliance
Certificates

     

    (a)             Officer’s
Certificate.  The Purchaser shall have received a
certificate dated the Closing Date and signed by each of the Chief
Executive Officer and the Chief Financial Officer of the Company, certifying
that the conditions set forth in Sections 4.1, 4.2 and 4.11 hereof have been
satisfied on and as of such date and further certifying as to such other matters as any Purchaser may request
in the exercise of its reasonable discretion.

     

    (b)            Secretary’s
Certificate.  The Purchaser shall have received a
certificate, dated the Closing Date and signed by the Secretary of the Company,
certifying as to the board
resolutions and Charter Documents attached thereto, the incumbency of the
officers executing the Documents, copies of all state securities law or
“blue sky” filings made in connection with the
transactions contemplated hereby, if any and as to all other corporate proceedings
relating to the authorization, execution and delivery of the Notes and the
Documents.

     

    (c)             The Purchaser shall have received a
certificate, dated the Closing Date and signed by the Secretary of the Company,
certifying that accurate
and complete lists of (i) all orders and decrees of any court, arbitrator or
governmental agency that is binding upon the Company or any of its Subsidiaries
or any of their respective properties that are material to the Company and
its Subsidiaries, taken as a whole, and
(ii) all indenture(s), note(s), loan agreement(s), mortgage(s), deed(s) of
trust, security agreement(s) and other written agreements and instruments
creating, evidencing or securing indebtedness to which the Company or any of its Subsidiaries is a party or
is bound or to which their respective property is subject, that are material to
the Company and its Subsidiaries, taken as a whole, are attached
thereto.

     

    4.4           Opinion of Counsel

     

    The
Purchaser shall have received opinions, dated the Closing Date and addressed to
it, from Jones Day, special counsel for the Company, in form and substance
reasonably satisfactory to the Purchaser, as to the matters set forth on Annex B
to this Agreement.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    4.5           Issuance of the
Notes

     

    Pursuant
to Section 1.2 hereof, the Company shall have issued and delivered $55.0 million
in aggregate principal amount of Notes to the Purchaser.

     

    4.6           Proceedings
Satisfactory

     

    All
proceedings taken in connection with the sale of the Notes, the transactions
contemplated by the Documents, and all documents and papers relating thereto,
shall be reasonably satisfactory to the Purchaser.  The Purchaser and its
counsel shall have received copies of such documents and papers as the Purchaser
or they may reasonably request in connection therewith, or as a basis for the
Closing opinions, all in form and substance reasonably satisfactory to the
Purchaser.

     

    4.7           Credit Facilities

     

    The
Purchaser shall have received final executed copies of the Loan Documents, and
all related agreements, documents and instruments as in effect on the Closing
Date all of which shall be reasonably satisfactory in form and substance to the
Purchaser and the transactions contemplated by such documentation shall be
consummated prior to or simultaneously with
the purchase of the Notes hereunder.

     

    4.8           Payment of Fees and
Expenses

     

    The
Company shall have paid all of the accrued fees and expenses of the Purchaser
(including the reasonable fees and disbursements of Latham & Watkins LLP,
who are acting as counsel to the Purchaser) as required by Section 1.4 for which
invoices have been submitted at least one Business Day prior to the
Closing.

     

    4.9           Purchase Permitted by Applicable Laws;
Legal Investment

     

    The
Purchaser’s purchase of and payment for the Notes:

     

    
      
        	
              	
                (1)

              	
                shall not be prohibited by any
      applicable law or governmental
  regulation;

              

      

    

     

    
      
        	
              	
                (2)

              	
                shall not subject it to any
      material penalty under or pursuant to any applicable law or
      governmental
      regulation; and

              

      

    

     

    
      
        	
              	
                (3)

              	
                shall be permitted by the laws and
      regulations of the jurisdictions to which it is
      subject.

              

      

    

     

    4.10       Solvency Certificate

     

    The
Purchaser shall have received a solvency certification for the Company prepared
and executed by the Chief Financial Officer of the Company in the form attached
hereto as Annex C.

     

    4.11       Conditions Precedent to Loan
Documents

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    All
conditions precedent to the effectiveness of each of the Loan Documents shall
have been satisfied and the initial loans shall have been funded
thereunder.

     

     

    ARTICLE V

     

     REPRESENTATIONS
AND WARRANTIES OF THE PURCHASER

     

    The
Purchaser hereby represents and warrants, as of the date hereof as
follows:

     

    5.1           Experience. 

     

    The
Purchaser is experienced in evaluating and investing in private placement
transactions of securities of companies such as the Company, and has either
individually or through its current officers such knowledge and experience in
financial and business matters that the Purchaser is capable of evaluating the
merits and risks of the Purchaser’s prospective investment in the Company, and
has the ability to bear the economic risks of the investment.

     

    5.2           Accredited
Investor. 

     

    The
Purchaser is an “accredited investor” within the meaning of Securities and
Exchange Commission Rule 501 of Regulation D, as presently in effect, under the
Securities Act.

     

    5.3           Purchase Entirely for Own
Account. 

     

    The
Purchaser is acquiring the Notes for investment for the Purchaser’s own account,
not as a nominee or agent, and not with the view to, or for resale in connection
with, any distribution thereof.  The Purchaser further represents that it
does not have any contract, undertaking, agreement or arrangement with any
Person to sell, transfer or grant participation to any third Person with respect
to the Notes.

     

    5.4           Restricted
Securities. 

     

    The
Purchaser acknowledges that the Notes must be held indefinitely unless the
transfer of such Notes is subsequently registered under the Securities Act or an
exemption from such registration is available.  The Purchaser is aware of
the provisions of Rule 144 promulgated under the Securities Act which permit
limited resale of securities purchased in a private placement subject to the
satisfaction of certain conditions; among the conditions for use of Rule 144 may
be the availability of current information to the public about the Company; such
information is not now available and the Company has no present plans to make
such information available.

     

    5.5           No Public Market. 

     

    The
Purchaser understands that no public market now exists for any of the securities
issued by the Company, and that it is unlikely that a public market will ever
exist for the Notes.

     

    5.6           Legends. 

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    The
Purchaser acknowledges that, to the extent applicable, each certificate
evidencing the Notes shall be endorsed with the legend substantially in the form
set forth below, as well as any additional legend imposed or required by the
Company’s Bylaws or applicable state securities laws:

     

    “THE
SECURITIES  REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED, OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT, OR UNLESS
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.”

     

    5.7           Access to
Data. 

     

    The
Purchaser has received and reviewed Information about the Company and has had an
opportunity to discuss the Company’s business, management and financial affairs
with its management and to review the Company’s facilities.  The Purchaser
believes it has received all the Information it considers necessary or
appropriate for deciding whether to purchase the Notes.  The Purchaser
understands and acknowledges that such discussions, as well as any written
Information issued by the Company, (i) were intended to describe the aspects of
the Company’s business and prospects which the Company believes to be material,
but were not necessarily an exhaustive description, and (ii) may have contained
forward-looking statements involving known and unknown risks and uncertainties
which may cause the Company’s actual results in future periods or plans for
future periods to differ materially from what was anticipated and that no
representations or warranties were or are being made with respect to any such
forward-looking statements or the probability of achieving any of the results
projected in any of such forward-looking statements.  The foregoing,
however, does not limit or modify the representations and warranties of the
Company in this Agreement or the right of the Purchaser to rely
thereon.

     

    5.8           Authorization. 

     

    This
Agreement when executed and delivered by the Purchaser will constitute a valid
and legally binding obligation of the Purchaser, enforceable in accordance with
its terms, subject to (i) judicial principles limiting the availability of
specific performance, injunctive relief, and other equitable remedies; (ii)
bankruptcy, insolvency, reorganization, moratorium or other similar laws now or
hereafter in effect generally relating to or affecting creditors’ rights
generally; and (iii) limitations on the enforceability of any indemnification
provisions contained in any of the Documents.

     

    5.9           Reliance Upon Investors’
Representations. 

     

    The
Purchaser understands that the Notes have not been registered under the
Securities Act by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the
bona fide nature of the investment intent as expressed herein.  The
Purchaser understands and acknowledges that the offering of the Notes pursuant
to this Agreement will not be registered under the Securities Act on the ground
that the sale provided for in this Agreement and the issuance of securities
hereunder is exempt from the registration requirements of the Securities
Act.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    5.10       ERISA. 

     

    The
Purchaser represents and covenants (and each transferee of Notes shall be deemed
to represent and covenant) that it is not, and is not acquiring the securities
with the assets of, or for or on behalf of, and will not sell or otherwise
transfer the securities to, any employee benefit plan or other arrangement that
is subject to ERISA or Section 4975 of the Code or any entity whose underlying
assets include assets of such a plan or arrangement pursuant to 29 C.F.R.
Section 2510.3-101 or otherwise, except to the extent that the acquisition and
holding of the securities:

     

    (1)       
(A) are made solely with the assets of a bank collective investment fund and (B)
satisfy the requirements and conditions of Prohibited Transaction Class
Exemption 91-38 issued by the Department of Labor;

     

    (2)       
(A) are made solely with the assets of an insurance company pooled separate
account and (B) satisfy the requirements and conditions of Prohibited
Transaction Class Exemption 90-1 issued by the Department of Labor;

     

    (3)       
(A) are made solely with assets managed by a qualified professional asset
manager and (B) satisfy the requirements and conditions of Prohibited
Transaction Class Exemption 84-14 issued by the Department of
Labor;

     

    (4)       
are made solely with the assets of a governmental plan which is not subject to
the provisions of Section 401 of the Code;

     

    (5)       
(A) are made solely with the assets of an insurance company general account and
(B) satisfy the requirements and conditions of Prohibited Transaction Class
Exemption 95-60 issued by the Department of Labor;

     

    (6)       
(A) are made solely with the assets managed by an in-house asset manager and (B)
satisfy the requirements and conditions of Prohibited Transaction Class
Exemption 96-23 issued by the Department of Labor; or

     

    (7)       
will not otherwise give rise to a transaction described in Section 406 of ERISA
or Section 4975(c)(1) of the Code for which a statutory or administrative
exemption is not available.

     

     

    ARTICLE VI

     

    REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

     

    In order
to induce the Purchaser to enter into this Agreement and to purchase the Notes,
the Company represents and warrants to the Purchaser, on the date of this
Agreement and on the Closing Date, that the following statements are true and
correct:

     

    6.1           Senior Loan Representations and
Warranties.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    All
representations and warranties contained in any of the Loan Documents are true
correct as of the date hereof and as of the Closing Date.

     

    6.2           Private Offering; Consents and
Approvals. 

     

    No
consent, approval, order, or authorization of, or registration, qualification,
designation, declaration, or filing with, any federal, state, or local
governmental authority on the part of the Company is required in connection with
the offer, sale, or issuance of the Notes or the consummation of any other
transaction contemplated hereby, except for the compliance with applicable state
securities laws, which compliance will have occurred within the appropriate time
periods therefor.  Assuming that the representations of the Purchaser set
forth in Article V are true and correct, the offer, sale, and issuance of the
Notes in conformity with the terms of this Agreement are exempt from the
registration requirements of Section 5 of the Securities Act, and from the
qualification requirements of each applicable state securities laws, and neither
the Company nor any authorized agent acting on its behalf will take any action
hereafter that would cause the loss of such exemptions.

     

    6.3           Use of
Proceeds. 

     

    Schedule
I sets forth a detailed statement of the sources and uses of funds from the sale
of Notes pursuant to this Agreement and the other transactions being undertaken
by the Company concurrently herewith.

     

    6.4           Disclosure. 

     

    The
Company has fully provided the Purchaser with all the Information that the
Purchaser has requested for deciding whether to purchase the Notes and all
Information that the Company believes is reasonably necessary to enable the
Purchaser to make such decision.  To the best of its knowledge after
reasonable investigation, neither this Agreement, nor any other agreements,
statements, or certificates made or delivered in connection herewith or
therewith contains any untrue statement of a material fact.  All statements
contained in any certificate or other document delivered to the Purchaser by or
on behalf of the Company pursuant to or in connection with this Agreement or the
Closing shall be deemed to constitute representations and warranties under this
Agreement with the same force and effect as the representations and warranties
expressly set forth herein.  All of the Company’s representations and
warranties thereunder and hereunder shall survive the execution and delivery of
the same, any investigation by the Purchaser and the issuance of the
Notes.

     

     

    ARTICLE VII

     

    COVENANTS

     

    The
Company covenants and agrees that, so long as any Note remains outstanding and
unpaid and until payment in full of all obligations hereunder and under the
Documents, the Company shall perform, and shall cause each of its Subsidiaries
to perform, all of the following covenants:

     

    7.1           Payment of Notes

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    The
Company will pay or cause to be paid the principal of, premium, if any, and
interest on the Notes on the dates and in the manner provided in the
Notes. 

     

    Upon the
occurrence and during the continuance of a Default or an Event of Default, the
principal amount of all Notes outstanding and, to the extent permitted by
applicable law, any interest payments on the Notes or any fees or other amounts
owed hereunder, shall thereafter bear interest (including post petition interest
in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws)
payable in kind at a rate that is 2% per annum in excess of the interest rate
otherwise payable hereunder with respect to the Notes. Payment or acceptance of
the increased rates of interest provided for in this Section 7.1 is not a
permitted alternative to timely payment and shall not constitute a waiver of any
default or Event of Default or otherwise prejudice or limit any rights or
remedies of the Purchaser.

     

    7.2           Restricted
Payments 

     

    The
Company will not, directly or indirectly:

     

    
      
        	
              	
                (1)

              	
                and will not permit any of its
      Subsidiaries to, declare or pay any dividend or make any other payment or
      distribution on account of the Company’s Equity Interests (including, without limitation, any
      payment in connection with any merger or consolidation involving the
      Company) or to the direct or indirect holders of the Company’s Equity Interests in their
      capacity as such (other than dividends or distributions payable
      in Equity Interests
      (other than Disqualified Stock) of the
  Company;

              

      

    

     

    
      
        	
              	
                (2)

              	
                and will not permit any of its
      Subsidiaries to, purchase, redeem or otherwise acquire or retire for value
      (including, without limitation, in connection with any merger or
      consolidation
      involving the Company) any Equity Interests of the Company or any direct
      or indirect parent of the Company;
or

              

      

    

     

    
      
        	
              	
                (3)

              	
                make any Restricted
      Investment

              

      

    

     

    (all such
payments and other actions set forth in these clauses (1) through (3) above
being collectively referred to as “Restricted
Payments”),

     

    unless,
at the time of and after giving effect to such Restricted Payment:

     

    (1)      no
Default or Event of Default under this Agreement or the Loan Documents has
occurred and is continuing or would occur as a consequence of such Restricted
Payment;

     

    (2)     
such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Company after the date of this Agreement
(excluding Restricted Payments permitted by clauses (2), (3) and (4) of the next
succeeding paragraph), is less than the sum, without duplication,
of:

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    (a)     
50% of the aggregate Consolidated Net Income of the Company (or, in the
event such Consolidated Net Income shall be a deficit, minus 100% of such
deficit) accrued for the period beginning October 1, 2007 and ending on the last
day of the Company’s most recent calendar month for which financial information
is available to the Company ending prior to the date of such proposed Restricted
Payment, taken as one accounting period, plus

     

    (b)     
the lesser of (A) the aggregate amount (i) returned in cash to the
Company or (ii) representing cancellation of Indebtedness of the Company, in
each case with respect to Restricted Investments made after the date of this
Agreement whether through interest payments, principal payments, dividends,
other distributions or the forgiveness or cancellation of Indebtedness or (B)
the initial amount of such Restricted Investment, plus

     

    (c)     
the lesser of (A) the net cash proceeds received by the Company from the
disposition, retirement or redemption of all or any portion of Restricted
Investments made after the date of this Agreement or (B) the initial amount of
such Restricted Investment.

     

    The
preceding provisions will not prohibit:

     

    (1)     
the payment of any dividend within 60 days after the date of declaration
of the dividend, if at the date of declaration the dividend payment would have
complied with the provisions of this Agreement; provided, however, that such dividend
will be included in the calculation of the amount of Restricted Payments
(without duplication for declaration);

     

    (2)     
the repurchase, redemption or other acquisition or retirement for value
of Equity Interests of the Company from employees, former employees, directors
or former directors of the Company or any of its Subsidiaries (or permitted
transferees of such employees, former employees, directors or former directors),
pursuant to the terms of agreements (including employment agreements) or plans
(or amendments thereto) approved by the Board of Directors under which such
individuals purchase or sell, or are granted the option to purchase or sell,
such Equity Interests; provided, however, that the aggregate
amount of such repurchases made in any calendar year, shall not exceed $5.5
million;

     

    (3)     
the repurchase of Equity Interests of the Company deemed to occur upon
the cashless exercise of stock options upon surrender of Equity Interests to pay
the exercise price of such options;

     

    (4)     
the contribution to Opco of not more than $55.0 million on the Closing
Date to be used by Opco to repurchase or redeem Opco’s Senior Subordinated Notes
due 2012;

     

    (5)     
payments to Francisco Partners or any of its Affiliates permitted by
clause (6) of the second paragraph of Section 7.4 hereof; and

     

    (6)     
payments to General Electric Company, GE Investments, Inc., Global
Acquisition Company or their Affiliates made in accordance with the Tax Matters
Agreement.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

     

    The
amount of all Restricted Payments (other than cash) will be the fair market
value on the date of the Restricted Payment of the assets or securities proposed
to be transferred or issued by the Company pursuant to the Restricted Payment.
The fair market value of any assets or securities that are required to be valued
by this covenant will be determined by the Board of Directors whose resolution
with respect thereto will be delivered to Purchaser, or the Holders if Purchaser
owns less than a majority of the Notes. The Board of Directors’ determination
must be based upon an opinion or appraisal issued by an accounting, appraisal or
investment banking firm of national standing if the fair market value exceeds
$15.0 million and if the Restricted Payment is to be made to an Affiliate of the
Company or to the holders of or in respect of any Equity Interest. Not later
than the date of making any Restricted Payment, the Company will deliver to
Purchaser, or the Holders if Purchaser owns less than a majority of the Notes,
an officer’s certificate stating that such Restricted Payment is permitted and
setting forth the basis upon which the calculations required by this Section 7.2
were computed, together with a copy of any fairness opinion or appraisal
required by this Agreement.

     

    7.3           Incurrence of Indebtedness and Issuance
of Preferred Stock

     

    The
Company will not, directly or indirectly, create, incur, issue, assume,
Guarantee or otherwise become directly or indirectly liable, contingently or
otherwise, with respect to any Indebtedness (including Acquired Debt), other
than (1) the payment of interest on the Notes and (2) the Guarantee of the
Obligations of Opco under the Senior Credit Facilities, as the same may from
time to time be amended, restated, renewed, refinanced, replaced, extended,
refunded, supplemented or otherwise modified (whether with one or more
facilities).  In addition, the Company will not issue any shares of
Disqualified Stock.

     

    7.4           Transactions with
Affiliates

     

    The
Company will not, and will not permit any of its Subsidiaries to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate of the Company
(each, an “Affiliate
Transaction”), unless:

     

    (1)       
the Affiliate Transaction is on terms that are no less favorable to the Company
or the relevant Subsidiary than those that would reasonably be expected to have
been obtained in a comparable transaction by the Company or such Subsidiary with
an unrelated Person; and

     

    (2)       
the Company delivers to the Purchaser:

     

    
      
        	
              	
                (a) 

              	
                with
      respect to any Affiliate Transaction or series of related Affiliate
      Transactions involving aggregate consideration in excess of $5.0 million,
      a resolution of the Board of Directors of the Company set forth in an
      Officers’ Certificate certifying that such Affiliate Transaction complies
      with this Section 7.4 and that such Affiliate Transaction has been
      approved by a majority of the disinterested members of the Board of
      Directors of the Company; and

              

      

    

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
              	
                (b) 

              	
                with
      respect to any Affiliate Transaction or series of related Affiliate
      Transactions involving aggregate consideration in excess of $15.0 million,
      an opinion as to the fairness to the Company or such Subsidiary of such
      Affiliate Transaction from a financial point of view issued by an
      accounting, appraisal or investment banking firm of national
      standing.

              

      

    

     

    The
following items will not be deemed to be Affiliate Transactions and, therefore,
will not be subject to the provisions of the prior paragraph:

     

    (1)     
any employment agreement, employee benefit plan, officer or director
indemnification agreement or any similar arrangement entered into by the Company
or any of its Subsidiaries in the ordinary course of business and payments
pursuant thereto;

     

    (2)     
transactions with a Person that is an Affiliate of the Company solely
because the Company owns, directly or through a Subsidiary, an Equity Interest
in, or controls, such Person;

     

    (3)     
payment of reasonable directors’ fees to Persons who are not otherwise
Affiliates of the Company;

     

    (4)     
any issuance of Equity Interests (other than Disqualified Stock) of the
Company to Affiliates of the Company;

     

    (5)     
Restricted Payments that do not violate the provisions of Section
7.2;

     

    (6)     
the payment of management, consulting, monitoring and advisory fees to
Francisco Partners or any of its Affiliates made pursuant to any financial
advisory, financing, underwriting or placement agreement or in respect of other
investment banking activities, including, without limitation, in connection with
acquisitions or divestitures, in an amount not to exceed $2.0 million in any
calendar year and any related out-of-pocket expenses;

     

    (7)     
payments to General Electric Company, GE Investments, Inc., Global
Acquisition Company or their Affiliates made in accordance with the Tax Matters
Agreement;

     

    (8)     
the issuance of stock options or other Equity Interests in the Company to
officers, employees, consultants and directors of the Company or any Subsidiary
pursuant to plans approved by the Board of Directors;

     

    (9)     
loans or advances to employees of the Company or its Subsidiaries in the
ordinary course of business and consistent with industry practice, but in any
event not to exceed $5.5 million in the aggregate outstanding at any one
time;

     

    (10)  any transaction between
the Company and a Subsidiary or between Subsidiaries;

     

    (11)  transactions with
customers, suppliers, contractors, joint venture partners or purchasers or
sellers of goods or services, in each case which are in the ordinary course of
business and consistent with industry practice (including, without limitation,
pursuant to joint venture agreements) and otherwise in compliance with the terms
of this Agreement, and which are fair to 

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

     

    the
Company or its Subsidiaries, as applicable, in the reasonable determination of
the Board of Directors and are on terms no less favorable as might reasonably
have been obtained at such time from an unaffiliated party;

     

    (12)  transactions with General
Electric Company and its Affiliates pursuant to agreements in existence on the
date of this Agreement, as such agreements may thereafter be amended, modified
or extended on terms no less favorable to the Company or any of its Subsidiaries
than those terms in effect on the date of this Agreement; and

     

    (13)  any transaction permitted
by clause (2) of the second paragraph of Section 7.2 hereof.

     

    7.5           Payments for Consent

     

    The
Company will not, and will not permit any of its Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of
any Holder of Notes for or as an inducement to any consent, waiver or amendment
of any of the terms or provisions of this Agreement or the Notes unless such
consideration is paid to all Holders of the Notes.

     

    7.6           Reports

     

    So long
as any Notes are outstanding, the Company will furnish to the Purchaser all
annual, quarterly and monthly financial statements, budgets and reports required
under the Loan Documents as in effect on the date hereof to be delivered to the
Administrative Agent thereunder or the Senior Lenders.

     

     

    ARTICLE VIII

     

    DEFAULTS AND REMEDIES

     

    8.1           Event of
Default 

     

    Each of
the following is an “Event of
Default”:

     

    
      
        	
              	
                (1)

              	
                default for 30 days in the payment
      when due of interest on the Notes, whether or not prohibited by the
      subordination provisions of this Agreement;

              

      

    

     

    
      
        	
              	
                (2)

              	
                default in the payment when due
      (at maturity, upon redemption or otherwise) of the principal of, or
      premium, if any, on, the Notes, whether or not prohibited by the
      subordination provisions of this
  Agreement;

              

      

    

     

    
      
        	
              	
                (3)

              	
                the Company or Opco pursuant to or
      within the meaning of Bankruptcy
Law:

              

      

    

     

    
      
        	
              	
                (i)

              	
                commences a
      voluntary case,

              

      

    

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
              	
                (ii)

              	
                consents to the
      entry of an order for relief against it in an involuntary
      case,

              

      

    

     

    
      
        	
              	
                (iii)

              	
                consents to the
      appointment of a custodian of it or for all or
      substantially all of its
property,

              

      

    

     

    
      
        	
              	
                (iv)

              	
                makes a general
      assignment for the benefit of its creditors,
  or

              

      

    

     

    
      
        	
              	
                (v)

              	
                generally is not
      paying its debts as they become
due;

              

      

    

     

    
      
        	
              	
                (4)

              	
                a court of competent jurisdiction
      enters an order or
      decree under any Bankruptcy Law
that:

              

      

    

     

    
      
        	
              	
                (i)

              	
                is for relief
      against the Company or Opco in an involuntary
  case;

              

      

    

     

    
      
        	
              	
                (ii)

              	
                appoints a
      custodian of the Company or Opco for all or substantially all of the
      property of the Company or Opco;
      or

              

      

    

     

    
      
        	
              	
                (iii)

              	
                orders the
      liquidation of the Company or
Opco;

              

      

    

     

    and the order or decree remains unstayed
and in effect for 60 consecutive days

     

    
      
        	
              	
                (5)

              	
                a default occurs under any
      mortgage, indenture or instrument under which there may be issued or by which there may
      be secured or evidenced any Senior Debt for money borrowed by the Company
      or Opco (or the payment of which is Guaranteed by the Company or Opco),
      whether such Indebtedness or Guarantee now exists, or is created after the
      date of this Agreement, if that
      default results in the acceleration of such Indebtedness prior to its
      express maturity, and the principal amount of any such Indebtedness,
      together with the principal amount of any other such Indebtedness under
      which the maturity has been so accelerated,
      aggregates $10.0 million or
more.

              

      

    

     

    8.2           Acceleration 

     

    In the
case of an Event of Default specified in clause (3), (4) or (5) of Section 8.1
hereof, all outstanding Notes will become due and payable immediately without
further action or notice.  If any other Event of Default occurs and is
continuing, the Holders of at least a majority in aggregate principal amount of
the then outstanding Notes may declare all the Notes to be due and payable
immediately.  Upon
the effectiveness of any such declaration, the Notes will become due and payable
immediately.

     

    The
Holders of not less than a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Company may on behalf of all of the
Holders rescind an acceleration and its consequences if the rescission would not
conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal, interest or the premium that has become due
solely because of the acceleration) have been cured or waived.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

     

    8.3           Other Remedies

     

    If an
Event of Default occurs and is continuing, the Holders of the Notes may pursue
any available remedy to collect the payment of principal, premium, and interest
on the Notes or to enforce the performance of any provision of the Notes or this
Agreement.

     

    A delay
or omission by any Holder of a Note in exercising any right or remedy accruing
upon an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default.  All remedies are
cumulative to the extent permitted by law.

     

    8.4           Waiver of Past
Defaults

     

    Holders
of not less than a majority in aggregate principal amount of the then
outstanding Notes may on behalf of the Holders of all of the Notes waive an
existing Default or Event of Default and its consequences hereunder, except a
continuing Default or Event of Default in the payment of the principal of,
premium or interest on, the Notes; provided, however, that the Holders of
not less than a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related
payment default that resulted from such acceleration.  Upon any such
waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this
Agreement; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.

     

    8.5           Rights of Holders of Notes to Receive
Payment 

     

    Notwithstanding
any other provision of this Agreement, the right of any Holder of a Note to
receive payment of principal, premium and interest on the Note, on or after the
respective due dates expressed in the Note, or to bring suit for the enforcement
of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.

     

     

    ARTICLE IX

     

    SUBORDINATION

     

    9.1           Notes Subordinated to Senior
Debt

     

    Anything
in the Notes to the contrary notwithstanding, the Company covenants and agrees,
and each Holder of a Note by acceptance thereof likewise covenants and agrees,
that all Obligations of the Company hereunder and under the Notes will be junior
and subordinate in right of payment, to the extent and in the manner set forth
in Sections 9.2, 9.3 and 9.4 below, to the prior payment in full in cash or Cash
Equivalents of all Senior Debt.  Such subsections shall be given
independent effect so that if a particular payment is prohibited by any one of
such subsections, it shall be prohibited although it otherwise would not be
prohibited by another subsection.

     

    9.2           Payment Default on Senior
Debt

     

    If any
default in the payment when due (whether at maturity or upon acceleration or
mandatory prepayment, or on any principal installment payment date or interest
payment date, or otherwise) of any Senior Debt shall at any time occur (a “Senior
Payment
Default”), then at all times thereafter until such Senior Payment Default
shall have been cured (if capable of being cured) or waived in writing by the
Senior Lenders or the benefits of this sentence shall have been waived in
writing by or on behalf of the Senior Lenders that hold such Senior Debt or the
Senior Debt shall have been paid in full in cash or Cash Equivalents, the
Company shall not, directly or indirectly, make any payment or Distribution of
Assets (other than a payment in kind in respect of the Notes in accordance with
the terms thereof) to the Holders of Notes with respect to the Obligations
hereunder and under the Notes (except that the Holders of Notes may receive and
retain Subsequent Reorganization Securities.

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    9.3           Dissolution, Liquidation or
Reorganization of the Company

     

    In the
event of any insolvency, bankruptcy or receivership case or proceeding or any
dissolution, winding up, liquidation, reorganization or other similar
proceedings relative to the Company or Opco or the property or operations of the
Company or Opco (whether voluntary or involuntary and whether in bankruptcy,
insolvency or receivership proceedings or otherwise) or upon an assignment for
the benefit of creditors, or any other marshalling of the assets of such Person
(each, a “Bankruptcy
Event”), then all Senior Debt shall first be paid in full in cash or Cash
Equivalents, before the Holders of Notes shall be entitled to receive or retain
any payment or Distribution of Assets with respect to the obligations hereunder
or under the Notes, except that the Holders of Notes may receive and retain
Subsequent Reorganization Securities.  In any such proceedings, any payment
or Distribution of Assets to which the Holders of Notes would be entitled if the
Notes were not subordinated to the Senior Debt as provided herein shall be paid
by the Company or agent or other Person making such payment or distribution, or
by the Holders of the Notes if received by such Holders, directly to the Senior
Lenders or their representative to the extent necessary to make payment in full
in cash or Cash Equivalents of all Senior Debt and, in the case of Senior Debt
in respect of letters of credit not yet drawn upon, to be fully secured by cash
collateral, after giving effect to any concurrent payment or distribution to or
for the benefit of the Senior Lenders.

     

    9.4           Subrogation

     

    No
payment or Distribution of Assets to which the Holders of Notes or the
representatives of the Holders of Notes would have been entitled except for the
provisions of this Article IX and which have been received by or paid over to
the Senior Lenders or their representatives shall, as between the Company and
the Holders of Notes, be deemed to be a payment by the Company on account of the
Notes.  From and after the payment in full in cash or Cash Equivalents of
all Senior Debt and the expiration or termination of all commitments in respect
of the Senior Debt, the Holders of the Notes shall be subrogated (without any
duty on the part of the Senior Lenders to warrant, create, effectuate, preserve
or protect such subrogation) to then or thereafter existing rights of the Senior
Lenders to receive payments or Distributions of Assets made on the Senior Debt
until the Notes shall be paid in full.

     

    9.5           Changes in Senior
Debt

     

    For
purposes of this Article IX only, any Senior Lender may at any time and from
time to time without the consent of or notice to any Holder of
Notes:

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
              	
                (1)

              	
                extend, renew, modify, waive or
      amend the terms of the Senior
Debt;

              

      

    

     

    
      
        	
              	
                (2)

              	
                sell, exchange, release or
      otherwise deal with any property pledged, mortgaged or otherwise securing
      Senior Debt;

              

      

    

     

    
      
        	
              	
                (3)

              	
                release any guarantor or any other
      Person (except the Company) liable in any manner for the Senior Debt or
      amend or waive the terms of any Guarantee of the Senior
      Debt;

              

      

    

     

    
      
        	
              	
                (4)

              	
                exercise or refrain from
      exercising any rights against the Company or any other
      Person;

              

      

    

     

    
      
        	
              	
                (5)

              	
                apply any sums by whomever paid or
      however realized to Senior Debt;
and

              

      

    

     

    
      
        	
              	
                (6)

              	
                take any other action which
      otherwise might be deemed to impair the rights of the Senior
      Lenders. 

              

      

    

     

    Any and
all of such actions may be taken by the Senior Lenders without incurring
responsibility to any Holder of Notes or representatives of the Holders of Notes
and without impairing or releasing the obligations of any Holder of Notes or
representatives of the Holders of Notes to the Senior Lenders.  Nothing in
this Section 9.5 shall affect the Company’s obligations under Article VII of
this Agreement. 

     

    9.6           Third Party Beneficiary,
Etc.

     

    The
foregoing provisions regarding subordination are solely for the purpose of
defining the relative rights of the Senior Lenders on the one hand and the
Holders of Notes on the other hand.  Such provisions are for the benefit of
the Senior Lenders (and their successors and assigns) and shall be enforceable
by them directly against the Holders of Notes (and their successors and
assigns).  This Article IX shall constitute a continuing offer to all
Persons who become holders of, or continue to hold, Senior Debt (whether such
Senior Debt was created or acquired before or after the issuance of the
Notes)

     

    9.7           Rights of Holders of Senior Debt Not to
be Impaired, Etc.

     

    No right
of any present or future holder of any Senior Debt to enforce subordination as
herein provided shall at any time in any way be prejudiced or impaired by any
act or failure to act on the part of the Company or anyone in custody of its
assets or property or by any act or failure to act on the part of any such
holder or any other holder of Senior Debt, or by any non-compliance by the
Company with the terms, provisions or covenants of this Agreement or the Notes
regardless of any knowledge thereof which any such holder or any other holder of
Senior Debt may have or otherwise be charged with.

     

    9.8           Turnover; Miscellaneous Subordination
Provisions

     

    (a)             If a Distribution of Assets is made to
any Holder of Notes or representative of the Holders of Notes at a time when
such Holder of Notes or representative of the Holders of

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

     

    Notes has actual knowledge that because
of this Article IX such Distribution of Assets should not have been made to it, such Holder of
Notes shall segregate such Distribution of Assets from its other funds and
property and hold it in trust for the benefit of, and, upon written request, pay
it over (in the same form as received, with any necessary endorsement) to, the Senior Lenders as
their interests may appear, or their representatives (if any), as their
respective interests may appear, for application (in the case of cash) to, or as
collateral (in the case of non-cash property or securities) for the payment or prepayment of, all
Obligations with respect to Senior Debt remaining unpaid to the extent necessary
to pay all Senior Debt in full in cash or Cash Equivalents and, in the case of
Senior Debt in respect of letters of credit not yet drawn upon, to be fully secured by cash collateral,
after giving effect to any concurrent payment or distribution to or for the
benefit of the Senior Lenders.

     

    (b)            The agreements contained in this Article
IX shall continue to be effective or reinstated, as the case may be, if at any time any
payment of any of the Senior Debt is rescinded or must otherwise be returned by
any Senior Lenders upon any Bankruptcy Event of the Company, all as though such
payment had not been made.

     

    (c)             All rights and interests under the Notes of the holders
of the Senior Debt, and all agreements and obligations of the Holders of Notes
under this Article IX shall remain in full force and effect irrespective
of:

     

    
      
        	
              	
                (1)

              	
                any lack of validity or
      enforceability of the
      Senior Debt, any promissory notes evidencing the Indebtedness thereunder,
      or any other agreement or instrument relating thereto, including, without
      limitation, any agreement referred to in the definition of Secior Credit
      Facilities; or

              

      

    

     

    
      
        	
              	
                (2)

              	
                any other circumstance that might
      otherwise constitute a defense available to, or a discharge
      of:

              

      

    

     

    
      	
               
      

            	
              (A)           the Company;
      or

            

    

     

    
      	
               
      

            	
              (B)           any Holders of
      Notes.

            

    

     

    (d)            The provisions set forth in this Article
IX constitute a continuing agreement and shall be and remain in full force
and effect until payment in full in cash or Cash Equivalents of all Senior Debt
at such time when no lender thereunder shall have any obligation to make
advances under the Secior Credit Facilities.

     

    9.9           Authorization To File Proof of
Claim

     

    If
Holders of Notes or their representatives do not file a proper proof of claim or
proof of debt in the form required in any judicial proceedings relative to the
Company, its creditors or its property at least 30 days before the expiration of
the time to file such claim, the representatives of the Senior Lenders are
hereby authorized to file an appropriate proof of claim for and on behalf of the
Holders of Notes.

     

    9.10       Amendments

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

     

    The
provisions of this Article IX shall not be amended or modified without the
written consent of (i) the Senior Lenders holding more than 50% of the Senior
Debt under the First Lien Credit Agreement and (ii) the Senior Lenders holding
more than 50% of the Senior Debt under the Second Lien Credit
Agreement.

     

     

    ARTICLE X

     

    DEFINITIONS

     

    As used
in this Agreement, the following terms shall have the following
meanings:

     

    “Acquired
Debt” means, with respect to any specified Person:

     

    
      
        	
              	
                (1)

              	
                Indebtedness of any other Person
      existing at the time such other Person is merged with or into or became a Subsidiary of
      such specified Person, whether or not such Indebtedness is incurred in
      connection with, or in contemplation of, such other Person merging with or
      into such specified Person;
and

              

      

    

     

    
      
        	
              	
                (2)

              	
                Indebtedness secured by
      a Lien encumbering
      any asset acquired by such specified
  Person.

              

      

    

     

    “Affiliate”
means, with respect to any specified Person, any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person; provided that beneficial
ownership of 10% or more of the voting securities of a Person shall be deemed to
be control.  For the purposes of this definition, “control” (including,
with correlative meanings, the terms “controlled by” and “under common control
with”), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether in the capacity of officer or director of
such Person, through the ownership of voting securities, by agreement or
otherwise.

     

    “Affiliate
Transaction” has the meaning assigned to such term in Section
7.4.

     

    “Agent”
means any Person authorized to act and who acts on behalf of the Purchaser with
respect to the transactions contemplated by the Documents.

     

    “Agreement”
means this Purchase Agreement and all Schedules and Annexes attached
hereto.

     

    “Bankruptcy
Law” means Title
11, U.S. Code or any similar federal or state law for the relief of
debtors.

     

    “Business
Day” means any day that is not a Legal Holiday.

     

    “Capital Lease
Obligation” means, at the time any determination is to be made, the
amount of the liability in respect of a capital lease that would at that time be
required to be capitalized on a balance sheet prepared in accordance with GAAP,
and the stated maturity thereof 

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

     

    shall be
the date of the last payment of rent or any other amount due under such lease
prior to the first date upon which such lease may be prepaid by the lessee
without payment of a penalty.

     

    “Capital
Stock” means any and all shares, interests, participation or other
equivalents (however designated) of corporate stock, including without
limitation all common stock and preferred stock.

     

    “Cash
Equivalents” means:

     

    (1)     
United States dollars;

     

    (2)     
securities issued or directly and fully guaranteed or insured by the
United States government or any agency or instrumentality of the United States
government having maturities of not more than one year from the date of
acquisition;

     

    (3)     
certificates of deposit and eurodollar time deposits with maturities of
one year or less from the date of acquisition, bankers’ acceptances with
maturities not exceeding one year and overnight bank deposits, in each case,
with any lender party to the Loan Documents or an Affiliate thereof or with any
domestic commercial bank having capital and surplus in excess of $500.0 million
and a Thomson Bank Watch Rating of “B” or better;

     

    (4)     
repurchase obligations with a term of not more than 30 days for
underlying securities of the types described in clauses (2) and (3) above
entered into with any financial institution meeting the qualifications specified
in clause (3) above;

     

    (5)     
commercial paper having one of the two highest ratings obtainable from
Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services and in
each case maturing within one year after the date of acquisition;
and

     

    (6)     
money market funds at least 95% of the assets of which constitute Cash
Equivalents of the kinds described in clauses (1) through (5) of this
definition.

     

    “Charter
Documents” means the Articles of Organization, Articles of Incorporation
or Certificate of Incorporation and Bylaws, as amended or restated (or both) to
date, of the Company and any of its Subsidiaries, as applicable.

     

    “Closing”
means the sale and purchase of the Notes by the Company to the
Purchaser.

     

    “Closing
Date”  means the date of this Agreement.

     

    “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any
successor statute or law thereto.

     

    “Commonly
Controlled Entity” means an entity, whether or not incorporated, which is
under common control with the Company within the meaning of Section 4001(a)(14)
of ERISA or is part of a group which includes the Company and which is treated
as a single employer under Section 414(b), (c), (m) or (o) of the
Code.

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

     

    “Company”
means GXS Holdings, Inc., a Delaware corporation.

     

    “Consolidated Net
Income” means, for any period, the net income of the Company and its
Subsidiaries for such period determined on a consolidated basis in accordance
with GAAP; provided,
however,
that:

     

    (1)     
the cumulative effect of a change in accounting principles will be
excluded from such Consolidated Net Income;

     

    (2)     
gains or losses due solely to fluctuations in currency values and the
related tax effects according to GAAP will be excluded from such Consolidated
Net Income; and

     

    (3)     
any non-cash deferred tax expense will be excluded from such Consolidated
Net Income.

     

    “Default”
means:

     

    (1)               any event which is, or after notice or passage of time
would be, an Event of Default;

     

    (2)               failure by the Company or any of its
Subsidiaries for 30 days after notice from Holders of at least 25% in aggregate
principal amount of Notes then outstanding to comply with the provisions of Section 7.2 or
Section 7.3 hereof;

     

    (3)               failure by the Company for 5 days after
notice from Holders of at least 25% in aggregate principal amount of Notes then
outstanding to comply with the provisions of Section 7.6 hereof; or

     

    (4)               failure by the Company for 60 days after
notice from Holders of at least 25% in aggregate principal amount of Notes then
outstanding to comply with any other agreement contained in this
Agreement.

     

    “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each
case at the option of the holder of such Capital Stock), or upon the happening
of any event:

     

    (1)     
matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of such
Capital Stock, in whole or in part, on or prior to the date that is 90 days
after the date on which the Notes mature, or

     

    (2)     
provides for cash payments of dividends or other cash payments of any
kind on or prior to the date that is 90 days after the date on which the Notes
mature.

     

    Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified
Stock solely because the holders of such Capital Stock have the right to require
the Company to repurchase such Capital Stock upon the occurrence of a change of
control or an asset sale will not constitute Disqualified Stock if the terms of
such Capital Stock provide that the Company may not repurchase or redeem any
such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 7.2 hereof.  In addition, notwithstanding
the 

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

     

    first
sentence of this paragraph, Capital Stock will not constitute Disqualified Stock
solely because the terms of such Capital Stock contain liquidation preference
provisions addressing distributions in the event of any liquidation or deemed
liquidation of the Company, as long as such provisions do not require the
Company to make payments or distributions to the holders of such Capital Stock
in advance of paying in full in cash all principal and interest with respect to
the Notes.

     

    “Documents” means this Agreement and
the Notes.

     

    “Equity
Interest” means the Capital Stock or warrants, options or other rights to
acquire Capital Stock (but excluding any debt security which is convertible
into, or exchangeable for, Capital Stock).

     

    “Event of
Default” has the meaning assigned to such term in Section
8.1.

     

    “Exchange
Act” means the Securities Exchange Act of 1934, as amended, from time to
time, and any successor statute or law thereto.

     

    “First Lien Credit
Agreement” means that certain credit agreement dated as of October 5,
2007, by and among Opco, the Company and the financial institutions party
thereto, and any notes, guarantees and security documents entered into by Opco,
the Company or any Subsidiary of GXS Worldwide Inc. or the Company in connection
therewith as each of the same may from time to time be amended, restated,
renewed, refinanced, replaced, extended, refunded, supplemented or otherwise
modified (whether with one or more facilities).

     

    “GAAP”
means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession, which
are in effect from time to time.

     

    “GE Investments,
Inc.” means GE Investments, Inc., a Nevada corporation.

     

    “General Electric
Company” means General Electric Company, a New York
corporation.

     

    “Global
Acquisition Company” means Global Acquisition Company, a Delaware
corporation.

     

    “Guarantee”
means a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any manner
including, without limitation, by way of a pledge of assets or through letters
of credit or reimbursement agreements in respect thereof, of all or any part of
any Indebtedness.  The term “Guarantee”
used as a verb (and the participle formed therefrom) will have a correlative
meaning.

     

    “Hedging
Obligations” means, with respect to any specified Person, the obligations
of such Person under:

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

     

    (1)     
interest rate swap agreements, interest rate cap agreements and interest
rate collar agreements; and

     

    (2)     
other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates or interest rates.

     

    “Holder” or “Holders”
means a Person in whose name a Note is registered.

     

    “Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person,
whether or not contingent:

     

    
      
        	
              	
                (1)

              	
                in respect of borrowed
      money;

              

      

    

     

    
      
        	
              	
                (2)

              	
                evidenced by bonds, notes,
      debentures or similar instruments or letters of credit (or reimbursement
      agreements in respect
thereof);

              

      

    

     

    
      
        	
              	
                (3)

              	
                in respect of banker’s
    acceptances;

              

      

    

     

    
      
        	
              	
                (4)

              	
                representing Capital Lease
      Obligations;

              

      

    

     

    
      
        	
              	
                (5)

              	
                representing the balance deferred
      and unpaid of the purchase price of any property, except (i) any such
      balance that constitutes an accrued expense or trade payable not overdue
      by more than 90 days incurred in the ordinary course of
      such Person’s business and (ii) any such
      obligation incurred under
ERISA;

              

      

    

     

    
      
        	
              	
                (6)

              	
                representing any Hedging
      Obligations; or

              

      

    

     

    
      
        	
              	
                (7)

              	
                representing Attributable Debt
      from sale and leaseback
transactions,

              

      

    

     

    if and to
the extent any of the preceding items (other than letters of credit and Hedging
Obligations) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP.  In addition, the term
“Indebtedness” includes all indebtedness of others secured by a Lien on any
asset of the specified Person (whether or not such indebtedness is assumed by
the specified Person) and, to the extent not otherwise included, the Guarantee
by the specified Person of any indebtedness of any other
Person. 

     

    The
amount of any Indebtedness outstanding as of any date will be:

     

    
      
        	
              	
                (1)

              	
                the accreted value of the
      Indebtedness, in the case of any Indebtedness issued with original issue
      discount; and

              

      

    

     

    
      
        	
              	
                (2)

              	
                the principal amount of the Indebtedness (including
      all amounts capitalized to principal and all other payments in kind),
      together with any interest on the Indebtedness that is more than 30 days
      past due, in the case of any other
  Indebtedness.

              

      

    

     

    “Information”
means all information, other than financial projections of the Company, Target
or their respective Subsidiaries, provided to the Purchaser by the Company,
Target or their Agents or Affiliates in connection with the transactions
contemplated by this Agreement.

     

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

     

    “Investments”
means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the forms of loans (including
Guarantees or other obligations), advances or capital contributions (excluding
commission, travel and similar advances to officers and employees made in the
ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items
that are or would be classified as investments on a balance sheet prepared in
accordance with GAAP. If the Company or any Subsidiary of the Company sells or
otherwise disposes of any Equity Interests of any direct or indirect Subsidiary
of the Company such that, after giving effect to any such sale or disposition,
such Person is no longer a Subsidiary of the Company, the Company will be deemed
to have made an Investment on the date of any such sale or disposition equal to
the fair market value of the Company’s Investments in such Subsidiary that were
not sold or disposed of in an amount determined as provided in the final
paragraph of Section 7.2 hereof. The acquisition by the Company of a Person that
holds an Investment in a third Person will be deemed to be an Investment by the
Company in such third Person in an amount equal to the fair market value of the
Investments held by the acquired Person in such third Person in an amount
determined as provided in the final paragraph of Section 7.2
hereof.

     

     “Legal
Holiday” means a Saturday, Sunday or day on which banks and trust
companies in the principal place of business of the Company or in New York are
not required to be open.  If a payment date is a Legal Holiday, payment may
be made on the next succeeding day that is not a Legal Holiday, and interest
shall accrue for the intervening period.

     

    “Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not
filed, recorded or otherwise perfected under applicable law, including any
conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform
Commercial Code (or equivalent statutes) of any jurisdiction.

     

    “Loan
Documents” means the First Lien Credit Agreement, the Second Lien Credit
Agreement and all other documents, agreements and instruments executed in
connection therewith, in each case as in effect on the Closing
Date.

     

    “Notes”
means the Company’s 14.20% Senior Subordinated Notes due 2017 issued and sold
pursuant to this Agreement.

     

    “Obligations” means any principal,
interest, penalties, fees, indemnifications, expenses, reimbursements, damages
and other liabilities payable under the documentation governing any
Indebtedness.

     

    “Officers’
Certificate” means a certificate signed by any two officers, one of whom
must be the chairman of the board, the president, the treasurer or a vice
president of the Company.

     

    “Opco”
means GXS Worldwide, Inc., a Delaware corporation.

     

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

     

    “Permitted
Business” means any business of the type engaged in by the Company or its
Subsidiaries as of the date of this Agreement or any business reasonably
related, ancillary or complementary thereto.

     

    “Permitted
Investments” means an Investment by the Company:

     

    (1)      in
the Company, a Subsidiary or a Person that will, upon the making of such
Investment, become a Subsidiary; provided, that the primary
business of such Subsidiary is a Permitted Business;

     

    (2)      in
another Person if as a result of such Investment such other Person is merged or
consolidated with or into, or transfers or conveys all or substantially all its
assets to, the Company; provided, that such other
Person’s primary business is a Permitted Business;

     

    (3)      in
Cash Equivalents;

     

    (4)      in
receivables owing to the Company if created or acquired in the ordinary course
of business and payable or dischargeable in accordance with customary trade
terms; provided, that
such trade terms may include such concessionary trade terms as the Company deems
reasonable under the circumstances;

     

    (5)      in
payroll, travel and similar advances to cover matters that are expected at the
time of such advances ultimately to be treated as expenses for accounting
purposes and that are made in the ordinary course of business consistent with
industry practice;

     

    (6)      in
loans or advances to employees made in the ordinary course of business
consistent with industry practice and not exceeding $5.5 million in the
aggregate outstanding at any one time;

     

    (7)      in
stock, obligations or securities received in settlement of debts created in the
ordinary course of business and owing to the Company or in satisfaction of
judgments;

     

    (8)      in
any Person to the extent such Investment represents the non-cash portion of the
consideration received for an asset sale that was made in compliance with this
Agreement;

     

    (9)     
that constitutes a Hedging Obligation or commodity hedging arrangement
entered into for bona fide hedging purposes of the Company in the ordinary
course of business;

     

    (10)  in securities of any trade
creditor or customer received in settlement of obligations or pursuant to any
plan of reorganization or similar arrangement upon the bankruptcy or insolvency
of such trade creditor or customer;

     

    (11)  acquired as a result of a
foreclosure by the Company with respect to any secured Investment or other
transfer of title with respect to any secured Investment in
default;

     

    (12)  consisting of purchases
and acquisitions of inventory, supplies, materials and equipment or licenses or
leases of intellectual property, in any case, in the ordinary course of
business;

     

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

     

    (13)  consisting of Indebtedness
permitted under Section 7.3 hereof;

     

    (14)  the consideration for
which consists solely of shares of Capital Stock (other than Disqualified Stock)
of the Company; and

     

    (15)  so long as no Default
shall have occurred and be continuing (or result therefrom), in any Person
engaged in a Permitted Business having an aggregate fair market value (measured
on the date made and without giving effect to subsequent changes in value), when
taken together with all other Investments made pursuant to this clause (15) that
are at the time outstanding (and measured on the date made and without giving
effect to subsequent changes in value), not to exceed $10.0
million.

     

    “Person”
means an individual, partnership, corporation, trust or unincorporated
organization or a government or agency or political subdivision
thereof.

     

    “Purchaser”
means General Electric Capital Corporation.

     

    “Restricted
Investment” means an Investment other than a Permitted
Investment.

     

    “Restricted
Payments” has the meaning assigned to such term in Section
7.2.

     

    “Rule 144”
means Rule 144 as promulgated by the Securities Exchange Commission under the
Securities Act, as amended from time to time, and any successor rule or
regulation thereto.

     

    “SEC” means
the Securities and Exchange Commission.

     

    “Second Lien
Credit Agreement” means that certain credit agreement dated as of October
5, 2007, by and among Opco, the Company and the financial institutions party
thereto, and any notes, guarantees and security documents entered into by Opco,
the Company or any Subsidiary of GXS Worldwide Inc. or the Company in connection
therewith as each of the same may from time to time be amended, restated,
renewed, refinanced, replaced, extended, refunded, supplemented or otherwise
modified (whether with one or more facilities).

     

    “Securities
Act” means the Securities Act of 1933, as amended from time to time, and
any successor statute or law thereto.

     

    “Senior Credit
Facilities” means the First Lien Credit Agreement and the Second Lien
Credit Agreement.

     

    “Senior
Debt” means the Guarantee by the Company (including any amendment,
restatement, modification or replacement thereof) of all Obligations of Opco
under the First Lien Credit Agreement and the Second Lien Credit Agreement and
all Obligations with respect thereto, including but not limited to (A) all
interest accrued or accruing on Indebtedness thereunder after the commencement
of any insolvency, bankruptcy or receivership case or proceeding in accordance
with and at the contract rate (including, without limitation, any rate
applicable upon default) specified in the agreement governing such Indebtedness,
whether or not, pursuant to applicable law or otherwise, the claim for such
interest is allowed as a claim in such case or proceeding, (B) fees and (C)
other amounts owing pursuant to the First Lien Credit Agreement or the Second
Lien Credit Agreement.

     

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

     

    “Senior Lenders”
means any holder or owner of Senior Debt.

     

    “Senior
Payment
Default” has the meaning assigned to such term in Section
9.2.

     

    “Subsequent
Reorganization Securities” means:

     

    
      
        	
              	
                (1) 

              	
                Equity Interests (without special
      covenants) in the Company or any successor corporation issued
      pursuant to a confirmed plan of reorganization under the federal
      bankruptcy laws; or

              

      

    

     

    
      
        	
              	
                (2) 

              	
                debt
      securities of the Company or any successor corporation issued pursuant to
      a confirmed plan of reorganization under the federal bankruptcy laws that
      (a) are expressly subordinated to all Senior Debt (and any debt securities
      issued in exchange for Senior Debt) to substantially the same extent as,
      or to a greater extent than, the Notes are subordinated to Senior Debt
      under this Agreement, (b) have no required principal payments until at
      least six months after the final maturity of all Senior Debt (and any debt
      securities issued in exchange for Senior Debt), and (c) are not entitled
      to the benefits of covenants or defaults materially more beneficial to the
      holders of such debt securities than those in effect with respect to the
      Notes on the date of this
Agreement.

              

      

    

     

    “Subsidiary” or “Subsidiaries”
means, with respect to any Person, any corporation, association or other
business entity of which securities or other ownership interests representing
more than 50% of the ordinary voting power are, at the time as of which any
determination is being made, owned or controlled by that Person or one or more
subsidiaries of that Person or by that Person and one or more subsidiaries of
that Person.

     

    “Tax Matters
Agreement” means
the Tax Matters Agreement, dated June 21, 2002, among General Electric Company,
GE Investments, Inc. and Global Acquisition Company, as in effect on the date of
this Agreement.

     

     

    ARTICLE XI

     

    MISCELLANEOUS

     

    11.1       Notices

     

    All
notices and other communications provided for or permitted hereunder shall be
made by hand-delivery, first-class mail, facsimile, email or overnight air
courier guaranteeing next day delivery:

     

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

     

    (a)             if to the Purchaser, at 299 Park Avenue,
New York, NY 10171, with a copy to Latham & Watkins LLP, 885 Third Avenue,
Suite 1000, New York, New York 10022, Attention:  Kirk A. Davenport II;
and

     

    (b)            if to the Company, at 100 Edison Park
Drive, Gaithersburg, MD
20878, Attention: 
Chief Executive Officer or President, with a copy to Jones Day, 2727 N. Harwood
Street, Dallas, Texas 75201, Attention:  Charles Haag;

     

    All such
notices and communications shall be deemed to have been duly given:  at the
time delivered by hand, if personally delivered; five business days after being
deposited in the mail, postage prepaid, if mailed; when answered back if
emailed; when receipt acknowledged, if delivered by facsimile; and the next
business day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.  The parties may change the
addresses to which notices are to be given by giving five days’ prior notice of
such change in accordance herewith.

     

    11.2       Successors and Assigns

     

    This
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including, without limitation and without the
need for an express assignment, subsequent Holders of Notes.

     

    11.3       Amendment and Waiver

     

    Prior to
the Closing Date, the Documents may be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may be given; provided that the same are in
writing and signed by the Purchaser and the Company.  Thereafter, except as
heretofore expressly provided otherwise, this Agreement may be amended, modified
or supplemented, and waivers or consents to departures from the provisions
hereof may be given; provided that the same are in
writing and signed by the Company and the Holders of a majority in aggregate
principal amount of the Notes then outstanding; provided further, however, that any amendment,
modification or supplement that:

     

    
      
        	
              	
                (1)

              	
                alters the aggregate principal
      amount of Notes whose Holders must consent to an
      amendment, supplement or
waiver;

              

      

    

     

    
      
        	
              	
                (2)

              	
                affects or proposes to affect the
      rate or time for payment of interest on any Note (including default
      interest) or the amount of principal or the principal maturity date of any
      Note or the
      redemption or prepayment
provisions;

              

      

    

     

    
      
        	
              	
                (3)

              	
                makes or proposes to make any Note
      payable in money or property other than that stated in the
      Note;

              

      

    

     

    
      
        	
              	
                (4)

              	
                makes or proposes to make any
      change in Section 7.2 or 7.3 hereof (or any related defined terms);
      or

              

      

    

     

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

     

     

    
      
        	
              	
                (5)

              	
                makes or proposes to make any
      change in Section 8.4 or 8.5 hereof or this Section 11.3 (or any related
      defined terms)

              

      

    

     

    shall not
be binding upon any Holder of any outstanding Note that has not consented
thereto in writing.

     

    11.4       No Fiduciary Duty

     

    The
Company acknowledges and agrees that (a) no fiduciary, advisory or agency
relationship between the Company and the Purchaser has been or will be created
in respect of any of the transactions contemplated by this Agreement,
irrespective of whether the Purchaser and/or its affiliates have advised or are
advising the Company on other matters and (b) the Company will not bring or
otherwise assert any claim against the Purchaser for breach of fiduciary duty or
alleged breach of fiduciary duty and agrees that the Purchaser will not have any
liability (whether direct or indirect) to the Company in respect of such a
fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf
of or in right of the Company, including the Company’s stockholders, employees
or creditors.

     

    11.5       Counterparts

     

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

     

    11.6       Headings

     

    The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

     

    11.7       Governing Law

     

    This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

     

    11.8       Entire Agreement

     

    The
Documents and the Notes are intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein and therein.  There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein and
therein.  The Documents and the Notes supercede all prior agreements and
understandings between the parties with respect to such subject matter. 
Nothing in any of the Documents or the Notes shall confer upon any other Person
other than the parties hereto any right, remedy or claim under this
Agreement.

     

    11.9       Severability

     

    In the
event that any one or more of the provisions contained herein, or the
application thereof in any circum­stances, is held invalid, illegal or
unenforceable in any respect for 

     

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    any
reason, the validity, legality and enforce­ability of any such provision in
every other respect and of the remaining provisions hereof shall not be in any
way impaired or affected, it being intended that all of the Purchaser’s rights
and privileges shall be enforceable to the fullest extent permitted by
law.

     

    11.10   Confidentiality

     

    The
Purchaser agrees that it will not, and will not permit its officers, directors,
employees agents, affiliates advisors or representatives to, disclose to any
other Person any Information furnished to it by the Company or any of its
Subsidiaries, without the Company’s prior written consent, except:

     

    
      
        	
              	
                (1)

              	
                as compelled in a judicial or
      administrative proceeding or as otherwise required by law (in which case,
      the Purchaser agrees to the extent permitted by law to inform the
      Company promptly thereof);
and

              

      

    

     

    
      
        	
              	
                (2)

              	
                to its officers, directors,
      employees, agents, affiliates, advisors (legal or otherwise) or
      representatives who are directly involved in the consideration of this matter,
      on a need-to-know confidential basis (and the Purchaser will be
      responsible for any failure by any of them to maintain such
      confidentiality).

              

      

    

     

    Each
Holder of a Note, by its acceptance of a Note, will be deemed to have agreed to
be bound by and to be entitled to the benefits of this Section 11.10 as though
it were a party to this Agreement.

     

    [Signature
Pages Follow]

     

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

     

    If this
Agreement is satisfactory to you, please so indicate by signing the acceptance
at the foot of a counterpart of this Agreement and deliver such counterpart to
the Company whereupon this Agreement will become binding between us in
accordance with its terms.

     

     

    
    

     

    
      	 	

              Very
      truly yours,

               

              GXS
      HOLDINGS, INC.

            
	 	 
	 	 
	 	

              By:  /s/ John
      Duvall

            
	 	

              Name:
      /s/ John Duvall

            
	 	

              Title:
      Senior Vice President and Chief Financial Officer

            
	 	 

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Counterpart
Signature Page

    Purchase
Agreement

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    GENERAL
ELECTRIC CAPITAL CORPORATION

     

     

     

    
      By:  /s/ John M.
Steidle

    

    Name:
John M. Steidle    

    Title:
Duly Authorized Signatory

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Counterpart
Signature Page

    Purchase
Agreement

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    Annex
A

     

    [Face of
Note]

    
      
        

      

    

     

    THE
FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX
PURPOSES.  THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT UNDER
SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED.  YOU MAY CONTACT DAVID GOLDBERG, THE GENERAL COUNSEL OF THE
COMPANY, AT 100 EDISON PARK DRIVE, GAITHERSBURG, MD 20878, (301) 340-4000, WHO
WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ORIGINAL
ISSUE DISCOUNT.

     

    THE
SECURITIES  REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED, OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT, OR UNLESS
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.

     

    14.20%
Senior Subordinated Notes due 2017

     

    
    

     

    
      	No.
      ___      	
              $____________

            
	 	 

    

    GXS
HOLDINGS, INC.

     

    promises
to pay to [              ]
or registered assigns,

     

    the
principal sum of __________________________________________________________
DOLLARS on _____________, 2017.

     

    Interest
Payment Dates:  ____________, ____________, ____________ and
____________

     

    Record
Dates:  ____________, ____________, ____________ and
____________

     

    Dated: 
_______________, 2007

     

     

    
    

     

    
      	 	GXS
      HOLDINGS, INC.
	 	 
	 	 	 	 
	 	 By:	 
	 	 	
              Name:

            	
            
	 	 	
              Title:

            	
            

    

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

     

    [Back of
Note]

    14.20%
Senior Subordinated Notes due 2017

     

    Capitalized
terms used herein have the meanings assigned to them in the Note Purchase
Agreement referred to below unless otherwise indicated.

     

    INTEREST.  GXS Holdings, Inc., a Delaware
corporation (the “Company”), promises to pay interest on the
principal amount of this Note, as the same may be increased, at 14.20% per annum from ________________, 2007
until maturity.  The
Company will pay interest quarterly in arrears on ___________, ___________,
___________ and ___________ of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each, an “Interest Payment
Date”) by increasing the principal amount of
the outstanding Notes by an amount equal to the amount of Interest for the
applicable interest period, effective on and as of the applicable Interest
Payment Date. 
Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided that if there is no existing default in
the payment of interest, and if this Note is authenticated between a
record date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; provided
further that the first
Interest Payment Date shall be _____________, 200[7]. Upon the occurrence and during the continuance of
a Default or an Event of Default, the principal amount of all Notes outstanding
and, to the extent permitted by applicable law, any interest payments on the
Notes or any fees or other amounts owed hereunder, shall thereafter bear interest (including post
petition interest in any proceeding under the Bankruptcy Code or other
applicable bankruptcy laws) payable in kind at a rate that is 2% per annum in
excess of the interest rate otherwise payable hereunder with respect to the Notes.  Interest will be computed on the basis
of a 360-day year of twelve 30-day months.

     

    METHOD OF
PAYMENT.  The Company will pay interest on the
Notes (except defaulted interest) to the Persons who are registered Holders of
Notes at the close of business on the ___________,
___________, ___________ or ___________ next preceding the Interest Payment
Date, even if such Notes are canceled after such record date and on or before
such Interest Payment Date, except as provided in Section 7.1 of the
Note Purchase Agreement with respect to
defaulted interest. 
Interest on the Notes will be payable by increasing the principal amount of the
outstanding Notes, effective on and as of the applicable Interest Payment Date,
by an amount equal to the amount of interest that is due on such Interest
Payment Date.  The
Notes will be payable as to principal and premium, if any, at the office or
agency of the Company maintained for such purpose within or without the City and
State of New York; provided that payment by wire transfer of immediately available
funds will be required with respect to principal and premium on all Notes the
Holders of which have provided wire transfer instructions to the Company or the
Paying Agent.  Such
payment will be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private
debts.

     

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

     

    PAYING AGENT AND
REGISTRAR.  Initially, the Company will act as
Paying Agent and Registrar.  The Company may change any Paying Agent
or Registrar without notice to any Holder.  The Company or any of its Subsidiaries
may act in any such capacity.

     

    NOTE PURCHASE
AGREEMENT.  The Company issued the Notes pursuant
to a Note Purchase Agreement dated as of October 5, 2007 (the “Note Purchase
Agreement”) between the Company and the
Purchaser.  The terms of the Notes include those
stated in the Note Purchase Agreement.  The Notes are subject to all such
terms, and Holders are referred to the Note Purchase Agreement and such Act for
a statement of such terms.  To the extent any provision of
this Note conflicts with
the express provisions of the Note Purchase Agreement, the provisions of the
Note Purchase Agreement shall govern and be controlling.  The Notes are unsecured obligations of
the Company.

     

    OPTIONAL
REDEMPTION.  The Notes may be redeemed as set forth in the Note Purchase
Agreement.

     

    MANDATORY
REDEMPTION.  The Company is not be required to make
mandatory redemption or sinking fund payments with respect to the
Notes.

     

    DENOMINATIONS,
TRANSFER, EXCHANGE.  The Notes are in registered form
without coupons in
denominations of $1,000 and integral multiples of $1,000.  The transfer of Notes may be registered
and Notes may be exchanged as provided in the Note Purchase
Agreement.  The
Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Note Purchase Agreement.  The Company need not exchange or
register the transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part.  Also, the Company need not exchange or
register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed or during the period between a record date and the
corresponding Interest Payment Date.

     

    PERSONS DEEMED
OWNERS.  The registered Holder of a Note shall
be treated as its owner for all purposes.

     

    AMENDMENT,
SUPPLEMENT AND WAIVER.  The Notes may be amended or
supplemented as set forth
in the Note Purchase Agreement.

     

    DEFAULTS AND
REMEDIES.  Events of Default applicable to the
Notes and remedies available therefor are as set forth in the Note Purchase
Agreement.

     

    SUBORDINATION.  Payment of principal, interest and
premium, if any, on the
Notes is subordinated to the prior payment of Senior Debt on the terms provided
in the Note Purchase Agreement.

     

    NO RECOURSE AGAINST
OTHERS.  A director, officer, employee,
incorporator or stockholder of the Company, as such, will not have any liability for any obligations of the
Company under the Notes or the Note Purchase Agreement or for any claim based
on, in respect of, or by reason of, such obligations or their
creation.  Each Holder
by accepting a

     

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

     

    Note waives and releases all such
liability.  The waiver
and release are part of the
consideration for the issuance of the Notes.

     

    ABBREVIATIONS.  Customary abbreviations may be used in
the name of a Holder or an assignee, such as:  TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

     

    GOVERNING
LAW.  THE INTERNAL LAW OF THE STATE OF NEW
YORK WILL GOVERN AND BE USED TO CONSTRUE THE NOTE PURCHASE AGREEMENT AND THIS
NOTE, WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW.

     

    The
Company will furnish to any Holder upon written request and without charge a
copy of the Note Purchase Agreement.  Requests may be made to:

     

    GXS
Holdings, Inc.

    100
Edison Park Drive

    Gaithersburg
, MD 20878

    Attention: 
General Counsel

     

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

     

    ASSIGNMENT
FORM

     

    To assign
this Note, fill in the form below:

     

    (I) or
(we) assign and transfer this Note to:                                                                                       

                                                                                                                                
(Insert assignee’s legal name)

     

                                                                                                                                                               

    (Insert
assignee’s soc. sec. or tax I.D. no.)

     

                                                                                                                                                               

     

                                                                                                                                                               

     

                                                                                                                                                               

     

                                                                                                                                                               

    (Print or
type assignee’s name, address and zip code)

     

    and
irrevocably appoint                                                                                                                     

     

    to
transfer this Note on the books of the Company.  The agent may substitute
another to act for him.

     

    Date: 
_______________

     

    Your
Signature:                                                          

     

    (Sign
exactly as your name appears on the face of this Note)

     

    Signature
Guarantee*:  _________________________

     

    *         
Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

     

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    Annex
B

     

    Form
of Opinion of Jones Day

     

     

    [to come
from Jones Day]

     

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

            

    Annex
C

     

     

    Form
of Solvency Certificate

     

     

    [to
come]

     

     

     

     

    C -
1Exhibit 10.14

 

Execution Version

 

AMENDMENT TO PURCHASE AGREEMENT

 

This AMENDMENT TO PURCHASE AGREEMENT (this “Amendment”) is entered into as of January 14, 2010 between GXS HOLDINGS, INC (“Company”), and GENERAL ELECTRIC CAPITAL CORPORATION (“Purchaser”). Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings set forth in the Purchase Agreement (as hereinafter defined).

 

R E C I T A L S:

 

WHEREAS, Company and Purchaser entered into that certain Purchase Agreement dated as of October 5, 2007 (as the same has and may from time to time be amended, supplemented, restated or otherwise modified, the “Purchase Agreement”);

 

 

WHEREAS, the Company and Purchaser have agreed to amend the Purchase Agreement as set forth herein;

 

NOW, THEREFORE, in consideration of the premises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1              Amendments.

 

(a)           Section 7.4(6) of the Purchase Agreement is hereby amended and restated to read in its entirety as follows:

 

“(6)  the payment of management, consulting, monitoring and advisory fees to Francisco Partners L.P., Cerberus Capital Management L.P., Golden Gate Capital Management, LLC or any of their respective Affiliates made pursuant to any financial advisory, financing, underwriting or placement agreement or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures, in an aggregate amount not to exceed $2.0 million in any calendar year and any related out-of-pocket expenses; provided, however, that if the Net Leverage Ratio as of the then most recently completed fiscal quarter is less than 6.50:1.00, then, in lieu of (and not in addition to) the payments otherwise permitted pursuant to this Section 7.4(6), the Company may make payments of management, consulting, monitoring and advisory fees to Francisco Partners L.P., Cerberus Capital Management L.P., Golden Gate Capital Management, LLC or any of their respective Affiliates made pursuant to any financial advisory, financing, underwriting or placement agreement or in respect of other investment banking activities, as long as the aggregate amount thereof does not exceed $4.0 million in any calendar year and any related out-of-pocket expenses;

 

(b)           Section 7.6 of the Purchase Agreement is hereby amended and restated to read in its entirety as follows:

 

“7.6         Reports

 

  

  

  

 

So long as any Notes are outstanding, the Company will furnish to the Purchaser all annual and quarterly financial statements, budgets and reports required under the Revolving Credit Agreement as in effect on the First Amendment Effective Date to be delivered to the administrative agent or lenders thereunder.”

 

(c)           The following new definitions are hereby added to Article X of the Purchase Agreement in the appropriate alphabetical locations:

 

“First Amendment Effective Date” means January 14, 2010.

 

“Net Leverage Ratio” shall have the meaning set forth in the Revolving Credit Agreement, as in effect on the First Amendment Effective Date without regard to any amendments or other modifications to such definition or any term used, directly or indirectly, in such definition; provided, however, that solely for the purposes of Section 7.4(6) hereof, the outstanding principal balance of the Notes as of the First Amendment Effective Date shall, notwithstanding the applicable defined terms, be deemed to be Consolidated Total Debt (as defined in the Revolving Credit Agreement).

 

“Revolving Credit Agreement” means that certain Credit and Guaranty Agreement dated as of December 23, 2009, by and among Opco, certain subsidiaries of Opco, Wells Fargo Foothill, Inc., as administrative agent, and the financial institutions party thereto, as amended, restated, renewed, refinanced, replaced, extended, refunded, supplemented or otherwise modified.

 

(d)           The definition of “Loan Documents” set forth in Article X of the Purchase Agreement is hereby amended to read as follows:

 

“Loan Documents” means (a) from the Closing Date to but excluding the First Amendment Effective Date, the First Lien Credit Agreement, the Second Lien Credit Agreement and all other documents, agreements and instruments executed in connection therewith, in each case as in effect on the Closing Date and (b) thereafter, the Revolving Credit Agreement and all other documents, agreements and instruments executed in connection therewith, in each case as in effect on the First Amendment Effective Date.

 

2           Conditions to Effectiveness.  This Amendment shall be effective as of the date first set forth above upon satisfaction of the following conditions precedent:

 

(a)           This Amendment shall have been duly executed and delivered by the Company and Purchaser;

 

(b)           The Purchaser shall have received a copy, certified by an officer of the Company as being true, correct and complete, of the Revolving Credit Agreement;

 

(c)           The Purchaser shall have received a copy of the payoff letter evidencing the payment in full of the obligations under the First Lien Credit Agreement and the Second Lien Credit Agreement; and

 

  

2

  

 

(d)            The Purchaser shall have received an amendment fee equal to $50,000, which fee shall be fully earned and payable upon the effectiveness of this Amendment and non-refundable once paid.

 

3           Representations and Warranties.  In order to induce Purchaser to enter into this Amendment, the Company represents and warrants to Purchaser (which representations and warranties shall survive the execution and delivery of this Amendment), that:

 

(a)           the execution, delivery and performance by Company of this Amendment has been duly authorized by all necessary corporate action and this Amendment is a legal, valid and binding obligation of Company, enforceable against Company in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, fraudulent conveyance, fraudulent transfer or similar provisions of applicable law, concepts of reasonableness and equitable principles of general applicability; and

 

(b)            upon the effectiveness of this Amendment, all of the representations and warranties contained in the Revolving Credit Agreement are true and correct in all material respects on and as of the date hereof as if made on the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date, and no Default or Event of Default has occurred and is continuing.

 

4           Miscellaneous.

 

4.1           Effect; Ratification.

 

(a)           Except as specifically set forth above, the Purchase Agreement shall remain in full force and effect and is hereby ratified and confirmed.

 

(b)           The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Purchaser under the Purchase Agreement, nor constitute amendment of any provision of the Purchase Agreement, except as specifically set forth herein.  Upon the effectiveness of this Amendment, each reference in the Purchase Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Purchase Agreement as amended hereby.

 

(c)           Company acknowledges and agrees that the amendments set forth herein are effective solely for the purposes set forth herein and that the execution and delivery by Purchaser of this Amendment shall not be deemed (i) except as expressly provided in this Amendment, to be a consent to any amendment, waiver or modification of any term or condition of the Purchase Agreement, (ii) to create a course of dealing or otherwise obligate Purchaser to forbear, waive, consent or execute similar amendments under the same or similar circumstances in the future, or (iii) to amend, prejudice, relinquish or impair any right of Purchaser to receive any indemnity or similar payment from any Person or entity as a result of any matter arising from or relating to this Amendment.

 

  

3

  

 

4.2           Counterparts and Signatures by Fax, Etc.  This Amendment may be executed in any number of counterparts, each such counterpart constituting an original but all together one and the same instrument. Any party delivering an executed counterpart of this Amendment by fax or PDF shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Amendment.

 

4.3           Severability.  In case any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

4.4           GOVERNING LAW.  THIS AMENDMENT SHALL, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[Signature Pages Follows]

 

  

4

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

 

	  	
COMPANY:

	 
	 	 	 	 
	  	
GXS HOLDINGS, INC.

	 
	  	  	  	 
	  	
By:

	/s/ John Duvall	 
	  	
Name:

	John Duvall 	 
	  	
Title:

	Senior Vice President and Chief Financial Officer	 
	 	 	 	 
	  	  	  	 
	  	
PURCHASER:

	 
	 	 	 	 
	  	
GENERAL ELECTRIC CAPITAL CORPORATION,

	 
	  	  	  	 
	  	
By:

	 
Duly Authorized Signatory

	 
	  	
Duly Authorized Signatory

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