Document:

Exhibit 10.21

 

SUBSIDIARY
GUARANTY AGREEMENT

 

Dated
as of January 30, 2008

 

from

 

THE
SUBSIDIARY GUARANTORS NAMED HEREIN

 

for
the benefit of

 

THE
HOLDERS OF THE NOTES

 

RE:

 

$60,000,000
7.17% SENIOR NOTES DUE JANUARY 30, 2013

 

OF

 

GFI
GROUP INC.

 

 

TABLE
OF CONTENTS

 

	
  SECTION

  	
   

  	
  HEADING

  	
   

  	
  PAGE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
   

  	
  GUARANTY

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
   

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
   

  	
  SUBSIDIARY GUARANTOR’S OBLIGATIONS UNCONDITIONAL

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
   

  	
  FULL RECOURSE OBLIGATIONS; PARI PASSU RANKING

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
   

  	
  WAIVER

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
   

  	
  WAIVER OF SUBROGATION

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
   

  	
  SUBORDINATION

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
   

  	
  EFFECT OF BANKRUPTCY PROCEEDINGS, ETC

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
   

  	
  TERM OF GUARANTY

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
   

  	
  CONTRIBUTION

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
   

  	
  LIMITATION OF LIABILITY

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
   

  	
  NEGATIVE PLEDGE

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.

  	
   

  	
  SUPPLEMENTAL AGREEMENT

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 14.

  	
   

  	
  DEFINITIONS AND TERMS GENERALLY

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 15.

  	
   

  	
  NOTICES

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 16.

  	
   

  	
  AMENDMENTS, ETC

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 17.

  	
   

  	
  CONSENT TO JURISDICTION; SERVICE OF PROCESS

  	
   

  	
  16

  

 

i

 

	
  SECTION 18.

  	
   

  	
  WAIVER OF JURY TRIAL

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 19.

  	
   

  	
  SURVIVAL

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 20.

  	
   

  	
  SEVERABILITY

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 21.

  	
   

  	
  SUCCESSORS AND ASSIGNS

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 22.

  	
   

  	
  TABLE OF CONTENTS; HEADINGS

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 23.

  	
   

  	
  COUNTERPARTS

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 24.

  	
   

  	
  GOVERNING LAW

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 25.

  	
   

  	
  RELEASE

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 26.

  	
   

  	
  COVENANT COMPLIANCE

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 27.

  	
   

  	
  APPOINTMENT OF PROCESS AGENT

  	
   

  	
  18

  

 

ii

 

THIS SUBSIDIARY GUARANTY AGREEMENT, dated as of January 30, 2008
(the “Guaranty”), from each of:

 

	
  (i)

  	
   

  	
  GFI Group LLC, a New
  York limited liability company;

  
	
  (ii)

  	
   

  	
  GFINET Inc., a Delaware
  corporation;

  
	
  (iii)

  	
   

  	
  GFI Brokers LLC, a
  Delaware limited liability company;

  
	
  (iv)

  	
   

  	
  Interactive Ventures
  LLC, a Delaware limited liability company;

  
	
  (v)

  	
   

  	
  Fenics Software Inc., a
  Delaware corporation;

  
	
  (vi)

  	
   

  	
  Amerex Brokers, LLC., a
  Delaware limited liability company

  
	
  (vii)

  	
   

  	
  such Subsidiaries as
  shall become parties hereto in accordance with Section 13 hereof (each a
  “Subsidiary Guarantor” and
  collectively the “Subsidiary Guarantors”),

  

 

for
the benefit of the holders from time to time of the Notes (as defined below)
(the “Holders”).  Capitalized terms used herein are defined in Section 14
hereof or the Note Purchase Agreement referred to below.

 

WHEREAS, GFI Group Inc., a Delaware corporation (the “Company”) will authorize the issue and sale of $60,000,000
7.17% Senior Notes due January 30, 2013 (the “Notes”)
pursuant to a Note Purchase Agreement, dated as of the date hereof (as amended,
modified or supplemented from time to time, the “Note
Purchase Agreement”) among the Company and the purchasers named
therein.

 

WHEREAS, each of the Subsidiary Guarantors is a Subsidiary of the
Company.

 

WHEREAS, the Company has agreed that certain of its Subsidiaries will
guarantee the Company’s obligations under and in accordance with the Notes, the
Note Purchase Agreement and the Collateral Documents.

 

WHEREAS, the Subsidiary Guarantors each acknowledge that it will derive
substantial benefits from the issuance of the Notes and the execution and
delivery of each Note Document.

 

NOW, THEREFORE, in consideration of the premises and to induce the
Holders to purchase the Notes, each of the Subsidiary Guarantors, intending to
be legally bound, hereby agrees for the benefit of the Holders, as follows:

 

SECTION 1.                                                 GUARANTY.

 

Each Subsidiary Guarantor with all other Subsidiary Guarantors, hereby
absolutely, unconditionally and irrevocably guarantees, jointly and severally,
as a primary obligor and not merely as a surety, to each Holder and its
successors and assigns, the full and punctual payment and performance when due,
whether at stated maturity, by acceleration or otherwise, of the principal of
and Make-Whole Amount (if any), and interest on (including, without limitation,
interest, whether or not an allowable claim, accruing after the date of filing
of any petition in 

 

 

bankruptcy, or the commencement of any bankruptcy,
insolvency or similar proceeding relating to the Company) the Notes and all
other amounts payable by the Company under the Note Documents and all other
obligations, agreements and covenants of the Company now or hereafter existing
under the Note Documents whether for principal, Make-Whole Amount, interest
(including interest accruing or becoming owing both prior to and subsequent to
the commencement of any proceeding against or with respect to the Company under
any chapter of the Bankruptcy Code), indemnification payments, expenses
(including reasonable attorneys’ fees and expenses) or otherwise, and all
reasonable costs and expenses, if any, incurred by any Holder in connection
with enforcing any rights under the Note Documents to which the Subsidiary
Guarantors are a party (all such obligations being the “Guaranteed
Obligations”), and agrees to pay any and all reasonable expenses
incurred by each Holder in enforcing this Guaranty; provided
that, notwithstanding anything contained herein and in the Note Documents to
the contrary, the maximum liability of each Subsidiary Guarantor hereunder and
under the Note Documents shall in no event exceed such Guarantor’s Maximum
Guaranteed Amount, and provided further,
each Subsidiary Guarantor shall be unconditionally required to pay all amounts
demanded of it hereunder prior to any determination of such Maximum Guaranteed
Amount and the recipient of such payment, if so required by a final
non-appealable order of a court of competent jurisdiction, shall then be liable
for the refund of any excess amounts.  If
any such rebate or refund is ever required, all other Subsidiary Guarantors
(and the Company) shall be fully liable for the repayment thereof to the
maximum extent allowed by applicable law. 
This Guaranty is an absolute, unconditional, present and continuing
guaranty of payment and not of collectibility and is in no way conditioned upon
any attempt to collect from the Company or any other action, occurrence or circumstance
whatsoever.  Each Subsidiary Guarantor
agrees that the Guaranteed Obligations may at any time and from to time exceed
the Maximum Guaranteed Amount of such Subsidiary Guarantor without impairing
this Guaranty or affecting the rights and remedies of the Holders hereunder.

 

Notwithstanding any stay, injunction or other prohibition preventing
such action against the Company, if for any reason whatsoever the Company shall
fail or be unable duly, punctually and fully to perform and (in the case of the
payment of Guaranteed Obligations) pay such amounts as and when the same shall
become due and (in the case of the payment of Guaranteed Obligations) payable
or to perform or comply with any other Guaranteed Obligation, whether or not
such failure or inability shall constitute an “Event of Default” under the Note
Documents, each Subsidiary Guarantor will forthwith (in the case of the payment
of Guaranteed Obligations) pay or cause to be paid such amounts to the Holders,
in lawful money of the United States of America, at the place specified in the
Note Purchase Agreement, or perform or comply with such Guaranteed Obligations
or cause such Guaranteed Obligations to be performed or complied with, (in the
case of the payment of Guaranteed Obligations) together with interest (in the
amounts and to the extent required under the relevant Notes) on any amount due
and owing.

 

SECTION 2.                                                 REPRESENTATIONS AND WARRANTIES.

 

Each Subsidiary Guarantor hereby represents and warrants as follows:

 

2

 

(a)       All representations and
warranties contained in the Note Documents that relate to such Subsidiary
Guarantor are true and correct in all respects and are incorporated by
reference with the same force and effect as though set forth herein in full.

 

(b)       Such Subsidiary
Guarantor acknowledges that any default in the due observance or performance by
such Subsidiary Guarantor of any covenant, condition or agreement contained
herein or in any Collateral Document to which it is a party (if, after the
running of any applicable notice and opportunity to cure periods provided in
the Note Purchase Agreement, such default or event of default remains uncured)
shall constitute an Event of Default.

 

(c)       There are no conditions
precedent to the effectiveness of this Guaranty or any other Note Document to
which it is a party that have not been satisfied or expressly waived.

 

(d)       Such Subsidiary
Guarantor has, independently and without reliance upon the Holders and based on
such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Guaranty and any other Note
Document to which it is a party.  Such
Subsidiary Guarantor has investigated fully the benefits and advantages which
will be derived by it from execution of this Guaranty and any other Note
Document to which it is a party as a condition precedent to the issue, sale and
purchase of the Notes by the Holders, and the Board of Directors/Managers of
such Subsidiary Guarantor has decided that a direct and/or an indirect benefit
will accrue to such Subsidiary Guarantor by reason of the execution of this
Guaranty and any other Note Document to which it is a party as a condition
precedent to the issue, sale and purchase of the Notes by the Holders.

 

(e)       (i) This Guaranty
is not given with actual intent to hinder, delay or defraud any Person to which
such Subsidiary Guarantor is or will become, on or after the date hereof,
indebted; (ii) such Subsidiary Guarantor has received consideration in
exchange for the giving of this Guaranty; (iii) such Subsidiary Guarantor
is not insolvent on the date hereof and will not become insolvent as a result
of the giving of this Guaranty; (iv) such Subsidiary Guarantor is not
engaged in a business or transaction, nor is about to engage in a business or
transaction, for which any property remaining with such Subsidiary Guarantor
constitutes an unreasonably small amount of capital; and (v) such
Subsidiary Guarantor does not intend to incur debts that will be beyond such
Subsidiary Guarantor’s ability to pay as such debts mature.

 

(f)        Such Subsidiary Guarantor is a
corporation  or other legal entity duly organized
and validly existing under the laws of its state of organization, and has the
requisite power, authority and legal right under the laws of its state of
organization to conduct its business as presently conducted and to execute,
deliver and perform its obligations under this Guaranty.

 

(g)       The execution, delivery and performance
of this Guaranty have been duly authorized by all necessary corporate  action on the part of such Subsidiary Guarantor, and does
not require any consent or approval of, or the giving of notice to, or the
taking of any other action in respect of, any stockholder or trustee or holder
of any indebtedness or obligations of such Subsidiary Guarantor except to the
extent it has been previously obtained. 
This Guaranty constitutes a legal, valid and binding obligation of such
Subsidiary Guarantor, enforceable against  such
Subsidiary Guarantor in accordance with its terms, except that such
enforceability is 

 

3

 

subject to any
limitations arising from bankruptcy, insolvency, liquidation, moratorium,
reorganization and other similar laws of general application relating to or
affecting the rights of creditors or pledgees and to general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

(h)       The execution, delivery and performance
of this Guaranty do not and will not conflict with or result in any violation
of or default under any provision of the Articles of Incorporation or by-laws
or partnership agreement, as the case may be, of such Subsidiary Guarantor, or
any indenture, mortgage, deed of trust, instrument, law, rule or
regulation binding on such Subsidiary Guarantor or to which such Subsidiary
Guarantor is a party.

 

(i)        The execution, delivery and performance
of this Guaranty do not and will not result in violation of any judgment or order
applicable to such Subsidiary Guarantor or result in the creation or imposition
of any Lien on any of the properties or revenues of such Subsidiary Guarantor
pursuant to any requirement of law or any indenture, mortgage, deed of trust or
other instrument to which such Subsidiary Guarantor is a party.

 

(j)        The execution, delivery and performance
of this Guaranty do not and will not conflict with and do not and will not
require any consent, approval or authorization of, or registration or filing
with, any governmental authority or agency of the state of organization of such
Subsidiary Guarantor or of the United States or any State.

 

(k)       There are no pending or, to the knowledge
of such Subsidiary Guarantor, threatened actions or proceedings against or affecting
such Subsidiary Guarantor or any of its properties by or before any court or
administrative agency or arbiter that would adversely affect the ability of
such Subsidiary Guarantor to perform its obligations hereunder or call into
question the validity or enforceability of this Guaranty.

 

(l)        Such Subsidiary Guarantor’s obligations
under this Guaranty are at least pari passu in
right of payment with all other Senior Secured Indebtedness (actual or
contingent).

 

(m)      No Subsidiary Guarantor is in breach of or
default under or with respect to any instrument, document or agreement binding
upon such Subsidiary Guarantor which breach or default is reasonably probable
to have a Material Adverse Effect or result in the creation of a Lien on any
property of such Subsidiary Guarantor other than Liens permitted under Section 10.5
of the Note Purchase Agreement.  Such
Subsidiary Guarantor is in compliance with all applicable requirements of law
except such non-compliance as would not have a Material Adverse Effect.

 

(n)       The execution, delivery and performance
by each Subsidiary Guarantor of this Guaranty will not render such Subsidiary
Guarantor insolvent, nor is it being made in contemplation of such Subsidiary
Guarantor’s insolvency, and such Subsidiary Guarantor does not have
unreasonably small capital.

 

4

 

SECTION 3.                                                 SUBSIDIARY GUARANTOR’S OBLIGATIONS
UNCONDITIONAL.

 

(a)           This Guaranty shall
constitute a guarantee of payment, performance and compliance and not of collection,
and each Subsidiary Guarantor specifically agrees that it shall not be
necessary, and that such Subsidiary Guarantor shall not be entitled to require,
before or as a condition of enforcing the liability of such Subsidiary
Guarantor under this Guaranty or requiring payment or performance of the
Guaranteed Obligations by any Subsidiary Guarantor hereunder, or at any time
thereafter, that any Holder:  (a) file
suit or proceed to obtain or assert a claim for personal judgment against the
Company or any other Person that may be liable for or with respect to any
Guaranteed Obligation; (b) make any other effort to obtain payment or
performance of any Guaranteed Obligation from the Company or any other Person
that may be liable for or with respect to such Guaranteed Obligation, except
for the making of the demands, when appropriate, described in Section 1; (c) foreclose
against, or seek to realize upon security now or hereafter existing for such
Guaranteed Obligations; (d) except to the extent set forth in Section 1,
exercise or assert any other right or remedy to which such Holder is or may be
entitled in connection with any Guaranteed Obligation or any security or other
guaranty therefor; or (e) assert or file any claim against the assets of
the Company or any other Person liable for any Guaranteed Obligation.  Each Subsidiary Guarantor agrees that this
Guaranty shall be continuing, and that the Guaranteed Obligations will be paid
and performed in accordance with their terms and the terms of this Guaranty, and
are the primary, absolute and unconditional obligations of such Subsidiary
Guarantor, irrespective (to the extent permitted by applicable law) of the
value, genuineness, validity, legality, regularity or enforceability or lack
thereof of any part of the Guaranteed Obligations or any agreement or
instrument relating to the Guaranteed Obligations or this Guaranty, or the
existence of any indemnities with respect to the existence of any other
guarantee of or security for any of the Guaranteed Obligations, or any
substitution, release or exchange of any other guarantee of or security for any
of the Guaranteed Obligations, and, to the fullest extent permitted by
applicable law, irrespective of any other circumstance whatsoever that might
otherwise constitute a legal or equitable discharge or defense of a surety or
guarantor, it being the intent of this Section 3 that the obligations of
each Subsidiary Guarantor hereunder shall be irrevocable, primary, absolute and
unconditional under any and all circumstances.

 

(b)           Each Subsidiary
Guarantor hereby expressly waives notice of acceptance of and reliance upon
this Guaranty, diligence, presentment, demand of payment or performance,
protest and all other notices (except as otherwise provided for in Section 1)
whatsoever, any requirement that the Holders exhaust any right, power or remedy
or proceed against the Company or against any other Person under any other
guarantee of, or security for, or any other agreement, regarding any of the
Guaranteed Obligations.  Each Subsidiary
Guarantor further agrees that, subject solely to the requirement of making
demands under Section 1, the occurrence of any event or other circumstance
that  might otherwise vary the risk of the
Company or such Subsidiary Guarantor or constitute a defense  (legal or equitable) available to, or a discharge of, or a
counterclaim or right of set-off by, the Company or such Subsidiary Guarantor
(other than the full and indefeasible due payment and performance of the
Guaranteed Obligations), shall not affect the liability of such Subsidiary
Guarantor hereunder.

 

(c)           The obligations of
each Subsidiary Guarantor under this Guaranty are not subject to any
counterclaim, set-off, deduction, diminution, abatement, recoupment,
suspension, 

 

5

 

deferment or defense based upon any claim such
Subsidiary Guarantor or any other Person may have against the Company, any
Holder or any other Person, and (to the extent permitted by applicable law)
shall remain in full force and effect without regard to, and shall not be
released, discharged or in any way affected by, any circumstances or condition
whatsoever (whether or not such Subsidiary Guarantor or the Company shall have
any knowledge or notice thereof), including:

 

(i)           any
renewal, extension, modification, increase, decrease, alteration or
rearrangement of all or any part of the Guaranteed Obligations or any
instrument executed in connection therewith, or any contract or understanding
with the Company, the Holders, or any of them, or any other Person, pertaining
to the Guaranteed Obligations;

 

(ii)          any
adjustment, indulgence, forbearance or compromise that might be granted or
given by any Holder to the Company or any other Person liable on the Guaranteed
Obligations, or the failure of any Holder to assert any claim or demand or to
exercise any right or remedy against the Company or any other Person under the
provisions of the Note Documents or otherwise; or any rescission, waiver,
amendment or modification of, or any release from any of the terms or
provisions of, the Note Documents, any guarantee or any other agreement;

 

(iii)         the
insolvency, bankrptcy arangement, adjustment, composition, liquidation,
disability, dissolution or lack of power of the Company or any other Person at
any time liable for the payment of all or part of the Guaranteed Obligations;
or any change, restructuring or termination of the existence of the Company or
any other such Person, or any sale, lease or transfer of any or all of the
assets of the Company or any other such Person, or any change in the
shareholders, partners, or members of the Company or any other such Person; or
any default, failure or delay, willful or otherwise, in the performance of the
Guaranteed Obligations;

 

(iv)        the
invalidity, illegality or unenforceability of all or any part of the Guaranteed
Obligations, or any document or agreement executed in connection with the
Guaranteed Obligations, for any reason whatsoever, including the fact that the
Guaranteed Obligations, or any part thereof, exceed the amount permitted by
law, the act of creating the Guaranteed Obligations or any part is ultra vires,
the officers or representatives executing the documents or otherwise creating
the Guaranteed Obligations acted in excess of their authority, the Guaranteed
Obligations violate applicable usury laws, the Company or any other Person has
valid defenses, claims or offsets (whether at law, in equity or by agreement)
which render the Guaranteed Obligations wholly or partially uncollectible from
the Company or any other Person, the creation, performance or repayment of the
Guaranteed Obligations (or the execution, delivery and performance of any
document or instrument representing part of the Guaranteed Obligations or
executed in connection with the Guaranteed Obligations or given to secure the
repayment of the Guaranteed Obligations) is illegal, uncollectible, legally
impossible or unenforceable, or the documents or instruments pertaining to the
Guaranteed Obligations have been forged or otherwise are irregular or not
genuine or authentic;

 

6

 

(v)         any
full or partial release of the liability of the Company on the Guaranteed
Obligations or any part thereof, of any co-guarantors, or of any other Person
now or hereafter liable, whether directly or indirectly, jointly, severally, or
jointly and severally, to pay, perform, guarantee or assure the payment of the
Guaranteed Obligations or any part thereof, it being recognized, acknowledged
and agreed by each Subsidiary Guarantor that such Subsidiary Guarantor may be
required to pay the Guaranteed Obligations in full without assistance or
support of any other Person, and such Subsidiary Guarantor has not been induced
to enter into this Guaranty on the basis of a contemplation, belief,
understanding or agreement that any parties other than the Company will be
liable to perform the Guaranteed Obligations, or that the Holders will look to
other parties to perform the Guaranteed Obligations;

 

(vi)        the
taking or accepting of any other security, collateral or guaranty, or other
assurance of payment, for all or any part of the Guaranteed Obligations;

 

(vii)       any release, surrender, exchange,
subordination, deterioration, waste, loss or impairment (including negligent,
unreasonable or unjustifiable impairment) of any collateral, property or
security, at any time existing in connection with, or assuring or securing
payment of, all or any part of the Guaranteed Obligations;

 

(viii)      the
failure of any Holder or any other Person to exercise diligence or reasonable
care in the preservation, protection, enforcement, sale or other handling or
treatment of all or any part of such collateral, property or security;

 

(ix)         the
fact that any collateral, security, security interest or lien contemplated or
intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations shall not be properly perfected or created, or shall
prove to be unenforceable or subordinate to any other security interest or
lien, it being recognized and agreed by each Subsidiary Guarantor that such
Subsidiary Guarantor is not entering into this Guaranty in reliance on, or in
contemplation of the benefits of, the validity, enforceability, collectibility
or value of any of the collateral;

 

(x)          any
payment by the Company to any Holder being held to constitute a preference
under any Fraudulent Conveyance Law, or for any reason any Holder being
required to refund such payment or pay such amount to the Company or someone
else;

 

(xi)         any
other action taken or omitted to be taken with respect to the Guaranteed
Obligations, or the security and collateral therefor, whether or not such
action or omission prejudices such Subsidiary Guarantor or increases the
likelihood that such Subsidiary Guarantor will be required to pay the
Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous
and unequivocal intention of such Subsidiary Guarantor that it shall be
obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action or omission whatsoever, whether or not
contemplated, and whether or not otherwise or particularly described herein,
except for the full and final payment and satisfaction of the Guaranteed
Obligations in cash;

 

7

 

(xii)        the
fact that all or any of the Guaranteed Obligations cease to exist by operation
of law, including by way of a discharge, limitation or tolling thereof under
applicable bankruptcy laws;

 

(xiii)       any
other circumstance (including any statute of limitations) that might in any
manner or to any extent otherwise constitute a defense available to, vary the
risk of, or operate as a discharge of, the Company or any Person as a matter of
law or equity;

 

(xiv)       any
merger or consolidation of the Company or any Subsidiary Guarantor into or with
any other Person or any sale, lease or transfer of any of the assets of the
Company to any other Person;

 

(xv)        any
change in the ownership of any shares of capital stock of the Company, or any
change in the relationship between the Company and such Subsidiary Guarantor or
any termination of any such relationship;

 

(xvi)       any
default, failure or delay, willful or otherwise, in the performance by the
Company, any Subsidiary Guarantor or any other Person of any obligations of any
kind or character whatsoever under the Note Documents or any other agreement;

 

(xvii)      any merger or consolidation of the Company
or any Subsidiary Guarantor or any other Person into or with any other Person
or any sale, lease, transfer or other disposition of any of the assets of the
Company, any Subsidiary Guarantor or any other Person to any other Person, or
any change in the ownership of any shares or partnership interests of the
Company, any Subsidiary Guarantor or any other Person;

 

(xviii)     in
respect of the Company, any Subsidiary Guarantor or any other Person, any
change of circumstances, whether or not foreseen or foreseeable, whether or not
imputable to the Company, any Subsidiary Guarantor or any other Person, or
other impossibility of performance through fire, explosion, accident, labor
disturbance, floods, droughts, embargoes, wars (whether or not declared), civil
commotion, acts of God or the public enemy, delays or failure of suppliers or
carriers, inability to obtain materials, action of any Federal or state
regulatory body or agency, change of law or any other causes affecting
performance, or any other force majeure,
whether or not beyond the control of the Company, any Subsidiary Guarantor or
any other Person and whether or not of the kind hereinbefore specified; or

 

(xix)       any
other occurrence, circumstance, or event whatsoever, whether similar or
dissimilar to the foregoing, whether foreseen or unforeseen, and any other
circumstance which might otherwise constitute a legal or equitable defense or
discharge of the liabilities of a guarantor or surety or which might otherwise
limit recourse against such Subsidiary Guarantor;

 

provided that the specific
enumeration of the above-mentioned acts, failures or omissions shall not be
deemed to exclude any other acts, failures or omissions, though not
specifically mentioned above, it being the purpose and intent of this Guaranty
and the parties hereto that the obligations 

 

8

 

of each Subsidiary Guarantor shall be absolute and
unconditional and shall not be discharged, impaired or varied except by the
payment and performance of all obligations of the Company under the Note
Documents in accordance with their respective terms as each may be amended or
modified from time to time.  Without
limiting the foregoing, it is understood that repeated and successive demands
may be made and recoveries may be had hereunder as and when, from time to time,
the Company or any Subsidiary Guarantor shall default under or in respect of
the terms of the Note Purchase Agreement and that notwithstanding recovery
hereunder for or in respect of any given default or defaults by the Company or
any Subsidiary Guarantor under the Note Purchase Agreement, this Guaranty shall
remain in full force and effect and shall apply to each and every subsequent
default.  All waivers herein contained
shall be without prejudice to the Holders at their respective options to
proceed against the Company, any Subsidiary Guarantor or other Person, whether
by separate action or by joinder.

 

(d)           Each
Subsidiary Guarantor hereby consents and agrees that any Holder or Holders from
time to time, with or without any further notice to or assent from any other
Subsidiary Guarantor may, without in any manner affecting the liability of any
Subsidiary Guarantor under this Guaranty, and upon such terms and conditions as
any such Holder or Holders may deem advisable:

 

(i)           
extend in whole or in part (by renewal or otherwise), modify, change,
compromise, release or extend the duration of the time for the performance or
payment of any debt, liability or obligation of the Company or any other
Subsidiary Guarantor or of any other Person secondarily or otherwise liable for
any debt, liability or obligations of the Company on the Note Documents, or
waive any Default or Event of Default with respect thereto, or waive, modify,
amend or change any provision of any other agreement or waive any provision of
this Guaranty or any other Note Document; or

 

(ii)          sell,
release, surrender, modify, impair, exchange or substitute any and all
property, of any nature and from whomsoever received, held by, or for the
benefit of, any such Holder as direct or indirect security for the payment or
performance of any debt, liability or obligation of the Company, any Subsidiary
Guarantor or of any other Person secondarily or otherwise liable for any debt,
liability or obligation of the Company on the Note Documents; or

 

(iii)         settle,
adjust or compromise any claim of the Company or any Subsidiary Guarantor
against any other Person secondarily or otherwise liable for any debt,
liability or obligation of the Company on the Note Documents.

 

Each Subsidiary
Guarantor hereby ratifies and confirms any such extension, renewal, change,
sale, release, waiver, surrender, exchange, modification, amendment,
impairment, substitution, settlement, adjustment, compromise and that the same
shall be binding upon it, and hereby waives, to the fullest extent permitted by
law, any and all defenses, counterclaims or offsets which it might or could
have by reason thereof, it being understood that such Subsidiary Guarantor
shall at all times be bound by this Guaranty and remain liable hereunder.

 

9

 

(e)           All
rights of any Holder may be transferred or assigned at any time in accordance
with the Note Purchase Agreement and shall be considered to be transferred or
assigned at any time or from time to time upon the transfer of such Note in
accordance with the Note Purchase Agreement without the consent of or notice to
the Subsidiary Guarantors under this Guaranty.

 

(f)            No
Holder shall be under any obligation:  (i) to
marshal any assets in favor of the Subsidiary Guarantors or in payment of any
or all of the liabilities of the Company or any Subsidiary Guarantor under or
in respect of the Notes or the obligations of the Company and the Subsidiary
Guarantors under the Note Documents or (ii) to pursue any other remedy
that the Subsidiary Guarantors may or may not be able to pursue themselves and
that may lighten the Subsidiary Guarantors’ burden, any right to which each
Subsidiary Guarantor hereby expressly waives.

 

SECTION 4.                                                 FULL RECOURSE OBLIGATIONS; PARI PASSU
RANKING.

 

Subject to the Maximum Guaranteed Amount specified above, the
obligations of each Subsidiary Guarantor set forth herein constitute the full
recourse obligations of such Subsidiary Guarantor enforceable against it to the
full extent of all its assets and properties.

 

The respective obligations under the Note Documents of the Subsidiary
Guarantors are and at all times shall be secured by a first priority perfected
lien on the Collateral purported to be pledged in favor of the Collateral Agent
under the Collateral Documents, that permits the holders of Notes to share in
any proceeds thereof on a parity with the Bank Lenders and other creditors
party to the Intercreditor Agreement, subject in each case to permitted liens
(if any) expressly permitted by the Collateral Documents.

 

SECTION 5.                                                 WAIVER.

 

Each Subsidiary Guarantor unconditionally waives, to the extent
permitted by applicable law:

 

(a)        notice
of any of the matters referred to in Section 3;

 

(b)        notice
to such Subsidiary Guarantor of the incurrence of any of the Guaranteed
Obligations, notice to such Subsidiary Guarantor of any breach or default by
the Company or such Subsidiary Guarantor with respect to any of the Guaranteed
Obligations or any other notice that may be required, by statute, rule of
law or otherwise, to preserve any rights of any Holder against such Subsidiary
Guarantor;

 

(c)        presentment
to the Company or such Subsidiary Guarantor or of payment from the Company or
such Subsidiary Guarantor with respect to any Note or other Guaranteed
Obligation or protest for nonpayment or dishonor;

 

10

 

                   (d)        any
right to the enforcement, assertion, exercise or exhaustion by any Holder of
any right, power, privilege or remedy conferred in any Note Document or
otherwise;

 

                   (e)         any
requirement of diligence on the part of any Holder;

 

                   (f)         any
requirement to mitigate the damages resulting from any default under the Note
Documents;

 

                   (g)        any
notice of any sale, transfer or other disposition of any right, title to or
interest in any Note or other Guaranteed Obligation by any Holder, assignee or
participant thereof, or in the Note Purchase Agreement;

 

                   (h)        any
release of any Subsidiary Guarantor from its obligations hereunder resulting
from any loss by it of its rights of subrogation hereunder; and

 

                   (i)          any
other circumstance whatsoever which might otherwise constitute a legal or
equitable discharge, release or defense of a guarantor or surety or which might
otherwise limit recourse against such Subsidiary Guarantor.

 

SECTION 6.                                WAIVER OF SUBROGATION.

 

Notwithstanding any payment or payments made by any
Subsidiary Guarantor hereunder, or any application by any Holder of any
security or of any credits or claims, no Subsidiary Guarantor will assert or
exercise any rights of any Holder or of such Subsidiary Guarantor against the
Company to recover the amount of any payment made by such Subsidiary Guarantor
to any Holder hereunder by way of any claim, remedy or subrogation,
reimbursement, exoneration, contribution, indemnity, participation or otherwise
arising by contract, by statute, under common law or otherwise, and such
Subsidiary Guarantor shall not have any right of recourse to or any claim
against assets or property of the Company, in each case unless and until the
Guaranteed Obligations have been paid in full. 
Until such time (but not thereafter), each Subsidiary Guarantor hereby
expressly waives any right to exercise any claim, right or remedy which such
Subsidiary Guarantor may now have or hereafter acquire against the Company or
any other Subsidiary Guarantor that arises under the Note Documents or from the
performance by any Subsidiary Guarantor of the guaranty hereunder including any
claim, remedy or right of subrogation, reimbursement, exoneration,
contribution, indemnification or participation in any claim, right or remedy of
any Holder against the Company or any Subsidiary Guarantor, or any security
that any Holder now has or hereafter acquires, whether or not such claim, right
or remedy arises in equity, under contract, by statute, under common law or
otherwise.  If any amount shall be paid
to a Subsidiary Guarantor by the Company or another Subsidiary Guarantor after
payment in full of the Guaranteed Obligations, and all or any portion of the
Guaranteed Obligations shall thereafter be reinstated in whole or in part and
any Holder is required to repay any sums received by any of them in payment of
the Guaranteed Obligations, this Guaranty shall be automatically reinstated and
such amount shall be held in trust for the benefit of the Holders and shall
forthwith be paid to the Holders to be credited and applied to the Guaranteed
Obligations, whether matured or unmatured. 
The provisions of this paragraph shall survive the

 

11

 

termination of this Guaranty, and any satisfaction and
discharge of the Company by virtue of any payment, court order or any Federal
or state law.

 

SECTION 7.                                SUBORDINATION.

 

If any Subsidiary Guarantor is or becomes the holder
of any indebtedness payable by the Company or another Subsidiary Guarantor,
each Subsidiary Guarantor hereby subordinates all such indebtedness owing to it
from the Company or such other Subsidiary Guarantor to all indebtedness of the
Company to the Holders, and agrees that, during the continuance of any Event of
Default, it shall not accept any payment on the same until payment in full of
the Guaranteed Obligations and shall in no circumstance whatsoever attempt to
set-off or reduce any obligations hereunder because of such indebtedness.  If any amount shall nevertheless be paid in
violation of the foregoing to a Subsidiary Guarantor by the Company or another
Subsidiary Guarantor prior to payment in full of the Guaranteed Obligations,
such amount shall be held in trust for the benefit of the Holders and shall
forthwith be paid to the Holders to be credited and applied to the Guaranteed
Obligations, whether matured or unmatured.

 

SECTION 8.                                EFFECT OF BANKRUPTCY PROCEEDINGS, ETC.

 

                    (a)       If
after receipt of any payment of, or proceeds of any security applied (or
intended to be applied) to the payment of all or any part of, the Guaranteed
Obligations, any Holder is for any reason compelled to surrender or voluntarily
surrenders (under circumstances in which it believes it could reasonably be
expected to be so compelled if it did not voluntarily surrender), such payment
or proceeds to any Person (i) because such payment or application of
proceeds is or may be avoided, invalidated, declared fraudulent, set aside,
determined to be void or voidable as a preference, fraudulent conveyance,
fraudulent transfer, impermissible set-off or a diversion of trust funds or (ii) for
any other similar reason, including, without limitation, (x) any judgment,
decree or order of any court or administrative body having jurisdiction over
any Holder or any of their respective properties or (y) any settlement or
compromise of any such claim effected by any Holder with any such claimant
(including the Company), then the Guaranteed Obligations or part thereof
intended to be satisfied shall be reinstated and continue, and this Guaranty
shall continue in full force as if such payment or proceeds had not been
received, notwithstanding any revocation thereof or the cancellation of any
Note or any other instrument evidencing any Guaranteed Obligations or
otherwise, and the Subsidiary Guarantors, jointly and severally, shall be
liable to pay the Holders, and hereby do indemnify the Holders and hold them
harmless for, the amount of such payment or proceeds so surrendered and all
expenses (including reasonable attorneys’ fees, court costs and expenses
attributable thereto) incurred by any Holder in defense of any claim made
against any of them that any payment or proceeds received by any Holder in
respect of all or part of the Guaranteed Obligations must be surrendered.  The provisions of this paragraph shall survive
the termination of this Guaranty, and any satisfaction and discharge of the
Company by virtue of any payment, court order or any Federal or state law.

 

                (b)       If an event permitting the acceleration
of the maturity of any of the Guaranteed Obligations shall at any time have
occurred and be continuing, and such acceleration shall at such time be
prevented by reason of the pendency against the Company or any other Person of
any

 

12

 

case or proceeding contemplated by Section 8(a) hereof,
then, for the purpose of defining the obligation of any Subsidiary Guarantor
under this Guaranty, the maturity of the principal amount of the Guaranteed
Obligations shall be deemed to have been accelerated with the same effect as if
an acceleration had occurred in accordance with the terms of such Guaranteed
Obligations, and such Subsidiary Guarantor shall forthwith pay such principal
amount, all accrued and unpaid interest thereon, and all other Guaranteed
Obligations, due or that would have become due but for such case or proceeding,
without further notice or demand.

 

SECTION 9.                                TERM OF GUARANTY.

 

This Guaranty and all guarantees, covenants and
agreements of each Subsidiary Guarantor contained herein shall continue in full
force and effect and shall not be discharged until such time as all of the
principal of and interest on the Notes, the other Guaranteed Obligations and
other independent payment obligations of such Subsidiary Guarantor under this
Guaranty shall be paid in cash and performed in full, and all of the agreements
of each of the other Subsidiary Guarantors hereunder shall be duly paid in cash
and performed in full.

 

SECTION 10.                          CONTRIBUTION.

 

In order to provide for just and equitable
contribution among the Subsidiary Guarantors, each Subsidiary Guarantor agrees
that, to the extent any Subsidiary Guarantor makes any payment hereunder on any
date which, when added to all preceding payments made by such Subsidiary
Guarantor hereunder, would result in the aggregate payments by such Subsidiary
Guarantor hereunder exceeding its Percentage (as defined below) of all payments
then or theretofore made by all Subsidiary Guarantors hereunder, such
Subsidiary Guarantor shall have a right of contribution against each other Subsidiary
Guarantor whose aggregate payments then or theretofore made hereunder are less
than its Percentage of all payments by all Subsidiary Guarantors then or
theretofore made hereunder, in an amount such that, after giving effect to any
such contribution rights, each Subsidiary Guarantor will have paid only its
Percentage of all payments by all Subsidiary Guarantors then or theretofore
made hereunder.  A Subsidiary Guarantor’s
“Percentage” on any date shall mean the percentage obtained by dividing (a) the
Adjusted Net Assets of such Subsidiary Guarantor on such date by (b) the
sum of the Adjusted Net Assets of all Subsidiary Guarantors on such date.  “Adjusted Net Assets”
means, for each Subsidiary Guarantor on any date, the lesser of (i) the
amount by which the fair value of the property of such Subsidiary Guarantor
exceeds the total amount of liabilities, including contingent liabilities, but
excluding liabilities under this Guaranty, of such Subsidiary Guarantor on such
date and (ii) the amount by which the present fair salable value of the
assets of such Subsidiary Guarantor on such date exceeds the amount that will
be required to pay the probable liability of such Subsidiary Guarantor on its
debts, excluding debt in respect of this Guaranty, as they become absolute and
matured.

 

SECTION 11.                          LIMITATION OF LIABILITY.

 

Each Subsidiary Guarantor hereby confirms that it is
the intention of such Subsidiary Guarantor that the guarantee by such
Subsidiary Guarantor pursuant to this Guaranty not 

 

13

 

constitute a fraudulent transfer or conveyance for
purposes of Title 11 of the United States Code, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar applicable
Federal or state law (all such statutes and laws are collectively referred to
as “Fraudulent Conveyance Laws”).  To effectuate the foregoing intention, each
Subsidiary Guarantor hereby irrevocably agrees that the obligations of such
Subsidiary Guarantor under this Guaranty shall be limited to the amount as
will, after giving effect to all rights to receive any collections from or
payments by or on behalf of any other Subsidiary Guarantor in respect of the
obligations of such other Subsidiary Guarantor pursuant to Section 10 hereof,
result in the obligations of such Subsidiary Guarantor under this Guaranty not
constituting such a fraudulent transfer or conveyance.  In the event that the liability of any
Subsidiary Guarantor hereunder is limited pursuant to this Section 11 to
an amount that is less than the total amount of the Guaranteed Obligations,
then it is understood and agreed that the portion of the Guaranteed Obligations
for which such Subsidiary Guarantor is liable hereunder shall be the last
portion of the Guaranteed Obligations to be repaid.

 

SECTION 12.                          NEGATIVE PLEDGE.

 

Except as permitted under Section 10.5 of the
Note Purchase Agreement, no Subsidiary Guarantor will create any Lien on its
assets to any other Person during the pendency of this Guaranty.

 

SECTION 13.                          SUPPLEMENTAL AGREEMENT.

 

Upon execution and delivery by a Subsidiary of a
Supplemental Agreement substantially in the form of Exhibit A hereto, such
Subsidiary shall become a Subsidiary Guarantor hereunder with the same force
and effect as if originally named as a Subsidiary Guarantor herein.  The execution and delivery of any such
instrument shall not require the consent of any other Subsidiary Guarantor
hereunder.  The rights and obligations of
each Subsidiary Guarantor hereunder shall remain in full force and effect
notwithstanding the addition of any new Subsidiary Guarantor as a party to this
Guaranty.

 

SECTION 14.                          DEFINITIONS AND TERMS GENERALLY.

 

                (a)       Unless otherwise defined herein,
capitalized terms defined in the Note Purchase Agreement are used herein as
defined therein.  In addition, the
following terms shall have the following meanings.

 

“Adjusted Net Assets” has the
meaning specified in Section 10 hereof.

 

“Fraudulent Conveyance Laws” has
the meaning specified in Section 11 hereof.

 

“Guaranteed Obligations” has the
meaning specified in Section 1 hereof.

 

“Guaranty” has the meaning
specified in the introduction hereto.

 

14

 

“Holders” has the meaning
specified in the introduction hereto.

 

“Material Adverse Effect” means a
material adverse effect (a) on the business, financial condition,
operations or Properties of a Subsidiary Guarantor taken as a whole or (b) on
its ability to perform its obligations hereunder.

 

“Maximum Guaranteed Amount” shall
mean, for each Subsidiary Guarantor, the maximum amount which any Subsidiary
Guarantor could pay under this Guaranty without having such payment set aside
as a fraudulent transfer or conveyance or similar action under Fraudulent
Conveyance Law.

 

“Note Purchase Agreement” has the
meanings specified in the Recitals hereto.

 

“Notes” has the meanings
specified  in the Recitals hereto.

 

“Percentage” has the meaning
specified in Section 10 hereof.

 

“Subsidiary Guarantor” has the
meaning specified in the introduction hereto.

 

                (b)       Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter
forms.  The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without
limitation.”  All references herein to
Sections and Exhibits shall be deemed references to Sections of, and Exhibits
to, this Guaranty unless the context shall otherwise require.

 

SECTION 15.                          NOTICES.

 

All notices under the terms and provisions hereof
shall be in writing (with charges prepaid), and shall be delivered or sent by
hand, by telecopy, by express courier service or by registered or certified
mail, return receipt requested, postage prepaid, addressed,

 

(a)           if
to any Holder, at the address set forth in the Note Purchase Agreement, or at
such other address as any such Holder shall from time to time designate to the
Company, or

 

(b)           if
to a Subsidiary Guarantor, at the address of such Subsidiary Guarantor set
forth on the signature pages hereto or at such other address as such Subsidiary
Guarantor shall from time to time designate in writing to each Holder.

 

A notice or communication shall be deemed to have been
duly given and effective:

 

(a)                                  when
delivered (whether or not accepted), if personally delivered;

 

(b)                                 five
business days after being deposited in the mail, postage prepaid, if delivered
by first-class mail (whether or not accepted);

 

15

 

(c)                                  when
sent, if sent via facsimile;

 

(d)                                 when
delivered if sent by registered or certified mail (whether or not accepted);
and

 

(e)                                  on
the next Business Day if timely delivered by an overnight air courier, with
charges prepaid (whether or not accepted).

 

SECTION 16.                          AMENDMENTS, ETC.

 

No amendment, alteration, modification or waiver of
any term or provision of this Guaranty, nor consent to any departure by any
Subsidiary Guarantor therefrom, shall in any event be effective unless the same
shall be in writing and consented to by the Required Holders provided, however, that
any amendment, alteration, modification or waiver of the terms and conditions
contained in Section 1 hereof shall require consent from all Holders, and
then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given.

 

SECTION 17.                          CONSENT TO JURISDICTION; SERVICE OF
PROCESS.

 

                (a)       Each Subsidiary Guarantor irrevocably
submits to the nonexclusive in personam
jurisdiction of any New York State or federal court sitting in New York City,
over any suit, action or proceeding arising out of or relating to this Guaranty
or the Notes.  To the fullest extent it
may effectively do so under applicable law, each Subsidiary Guarantor
irrevocably waives and agrees not to assert, by way of motion, as a defense or
otherwise, any claim that it is not subject to the in personam
jurisdiction of any such court, any objection that it may now or hereafter have
to the laying of the venue of any such suit, action or proceeding brought in
any such court and any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum.

 

                (b)       Each Subsidiary Guarantor agrees, to the
fullest extent it may effectively do so under applicable law, that a final
judgment in any suit, action or proceeding of the nature referred to in
paragraph (a) of this Section 17 brought in any such court shall
be conclusive and binding upon such party, subject to rights of appeal and may
be enforced in the courts of the United States of America or the State of New
York (or any other courts to the jurisdiction of which such party is or may be
subject) by a suit upon such judgment.

 

                (c)       Each Subsidiary Guarantor consents to
process being served in any suit, action or proceeding of the nature referred
to in paragraph (a) of this Section 17 by mailing a copy thereof by
registered or certified mail, postage prepaid, return receipt requested, to the
address of each Subsidiary Guarantor specified in Section 15 or at such
other address of which the Holders shall then have been notified pursuant to
said Section or to any agent for service of process appointed pursuant to
the provisions of Section 27.  Each
Subsidiary Guarantor agrees that such service upon receipt (i) shall be
deemed in every respect effective service of process upon it in any such suit,
action or proceeding and (ii) shall, to the full extent permitted by law,
be taken and held to

 

16

 

be valid personal service upon and personal delivery
to such party.  Notices hereunder shall be
conclusively presumed received as evidenced by a delivery receipt furnished by
the United States Postal Service or any reputable commercial delivery service.

 

                (d)       Nothing in this Section 17 shall
affect the right of any holder of Notes to serve process in any manner
permitted by law, or limit any right that the holders of any of the Notes may
have to bring proceedings against any Subsidiary Guarantor in the courts of any
appropriate jurisdiction or to enforce in any lawful manner a judgment obtained
in one jurisdiction in any other jurisdiction.

 

SECTION 18.                          WAIVER OF JURY TRIAL.

 

EACH SUBSIDIARY GUARANTOR AND BY ITS ACCEPTANCE
HEREOF EACH HOLDER, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LEGAL
OR EQUITABLE ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
GUARANTY, ANY OTHER NOTE DOCUMENT TO WHICH IT IS A PARTY OR ANY TRANSACTION
CONTEMPLATED HEREBY OR THEREBY OR THE SUBJECT MATTER OF ANY OF THE FOREGOING.

 

SECTION 19.                          SURVIVAL.

 

All warranties, representations and covenants made by
each Subsidiary Guarantor herein or in any written certificate or other
instrument required to be delivered by it or on its behalf hereunder or under
the Note Purchase Agreement shall constitute warranties and representations by
such Subsidiary Guarantor and shall be considered to have been relied upon by
the Holders and shall survive the execution and delivery of this Guaranty,
regardless of any investigation made by any Holder or on such Holder’s behalf.

 

SECTION 20.                          SEVERABILITY.

 

Any provision of this Guaranty which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law,
each Subsidiary Guarantor hereby waives any provision of law that renders any
provisions hereof prohibited or unenforceable in any respect.

 

SECTION 21.                          SUCCESSORS AND ASSIGNS.

 

The terms of this Guaranty shall be binding upon each
Subsidiary Guarantor and its successors and assigns and shall inure to the
benefit of the Holders and their respective successors and assigns.

 

17

 

SECTION 22.                          TABLE OF CONTENTS; HEADINGS.

 

The section and paragraph headings in this Guaranty
and the table of contents are for convenience of reference only and shall not
modify, define, expand or limit any of the terms or provisions hereof, and all
references herein to numbered sections, unless otherwise indicated, are to
sections in this Guaranty.

 

SECTION 23.                          COUNTERPARTS.

 

This Guaranty may be executed in any number of
counterparts (including by facsimile counterparts), each of which shall be an
original, but all of which together shall constitute one instrument.

 

SECTION 24.                          GOVERNING LAW.

 

This Guaranty shall in all respects be governed by,
and construed and interpreted in accordance with, the laws of the State of New
York, without regard to the conflicts of laws principles of such state.

 

SECTION 25.                          RELEASE.

 

Notwithstanding any other provision hereof to the
contrary, including without limitation Section 3(c)(v), 3(c)(xiv) and
3(c)(xv), a Subsidiary Guarantor shall be automatically released from its
guaranty hereunder upon the sale or exchange of all of the stock or the assets
of such Subsidiary Guarantor if such sale is permitted pursuant to Section 10.6
of the Note Purchase Agreement.

 

SECTION 26.                          COVENANT COMPLIANCE.

 

Each Subsidiary Guarantor agrees to comply with each
of the covenants contained herein and in the Note Purchase Agreement that
imposes or purports to impose, by reference to such Subsidiary Guarantor,
express or otherwise, through agreements with the Company, restrictions or
obligations on such Subsidiary Guarantor.

 

SECTION 27.                          APPOINTMENT  OF PROCESS AGENT.

 

Each Subsidiary Guarantor hereby designates and
appoints the Company, as its authorized agent to accept and acknowledge on
behalf of each Subsidiary Guarantor service of any and all process which may be
served in any such action, suit or proceeding with respect to any matter as to
which it has submitted to jurisdiction as set forth in Section 17, and it
agrees that service upon such authorized agent shall be deemed in every respect
service of process upon a Subsidiary Guarantor or its respective successors or
assigns, and, to the extent permitted by applicable law, shall be taken and
held to be valid personal service upon it. 
Such designation and appointment shall be irrevocable.  Each Subsidiary Guarantor represents and
warrants that the Company has agreed to act as such agent for service of
process on behalf of each Subsidiary

 

18

 

Guarantor.  Each
Subsidiary Guarantor will take all action, including the filing of any and all
documents and instruments, as may be necessary to continue in full force and
effect the designation and appointment as such agent of the Company or such
other corporation as shall be satisfactory to the Required Holders, so that
each Subsidiary Guarantor shall at all times have an agent for service of
process for the above purposes in the County of New York, State of New York.

 

19

 

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

 

 

	
   

  	
  GFI GROUP LLC

  
	
   

  	
  a New York limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GFINET INC.

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GFI BROKERS LLC

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  

 

20

 

	
   

  	
  INTERACTIVE VENTURES LLC

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FENICS SOFTWARE INC.

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMEREX BROKERS LLC., a
  Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
					

 

21

 

EXHIBIT A

FORM OF
SUPPLEMENTAL AGREEMENT

 

SUPPLEMENTAL AGREEMENT dated as of
                        ,
         from
                            ,
a               
corporation (the “New Subsidiary”), for the
benefit of the Holders (as defined in the Guaranty referred to below).  Capitalized terms used herein without
definition shall have the respective meanings ascribed thereto in the
Subsidiary Guaranty Agreement, dated as of January 30, 2008 (the “Guaranty”), from each of: GFI Group LLC, a New York limited
liability company; GFINET Inc., a Delaware corporation; GFI Brokers LLC, a
Delaware limited liability company; Interactive Ventures LLC, a Delaware
limited liability company; Fenics Software Inc., a Delaware corporation; Amerex
Brokers, LLC., a Delaware limited liability company; and such other
Subsidiaries (as defined below) as shall become parties thereto in accordance
therewith, for the benefit of the Holders (as such term is defined in such
Guaranty).

 

WHEREAS, GFI Group Inc., a Delaware corporation (the “Company”), has issued and sold $60,000,000 7.17% Senior
Notes due January 30, 2013 (the “Notes”)
pursuant to the Note Purchase Agreement, dated as of January 30, 2008 (as
amended, modified or supplemented from time to time, the “Note
Purchase Agreement”) among the Company and the purchasers named
therein.

 

WHEREAS, the New Subsidiary is a Subsidiary of the
Company.

 

WHEREAS, certain of the existing Subsidiaries of the
Company have entered into the Guaranty.

 

WHEREAS, the Note Purchase Agreement requires that
certain Subsidiaries become party to the Guaranty (as a Subsidiary Guarantor).

 

WHEREAS, the New Subsidiary acknowledges that it will
derive substantial benefits from the issuance of the Notes and the execution
and delivery of each Note Document.

 

WHEREAS, the Guaranty specifies that additional
Subsidiaries may become Subsidiary Guarantors under such Guaranty by execution
and delivery of an instrument in the form of this Agreement.  The undersigned Subsidiary is executing this
Agreement in accordance with the requirements of the Note Purchase Agreement in
order to become a Subsidiary Guarantor under the Guaranty as consideration for
the Notes previously purchased.

 

NOW, THEREFORE, the New Subsidiary Guarantor agrees as
follows:

 

                    Section 1.       Guaranty.  In accordance with Section 13 of the
Guaranty, the New Subsidiary by its signature hereto shall become a Subsidiary
Guarantor under such Guaranty with the same force and effect as if originally
named therein as a Subsidiary Guarantor and the New Subsidiary hereby (a) agrees
to all the terms and provisions of such Guaranty applicable to it as a
Subsidiary Guarantor thereunder, (b) represents and warrants that the
representations and warranties made by it as a Subsidiary Guarantor are true
and correct on and as of the date hereof

 

 

with the same effect as though made on and as of the
date hereof, (c) acknowledges receipt of a copy of and agrees to be
obligated and bound by the terms of such Guaranty, and (d) agrees that
each reference to a “Subsidiary Guarantor”
in such Guaranty shall be deemed to include the New Subsidiary.

 

                    Section 2.       Enforceability.  The New Subsidiary hereby represents and
warrants that this Agreement has been duly authorized, executed and delivered
by the New Subsidiary and constitutes a legal, valid and binding obligation of
the New Subsidiary enforceable against it in accordance with its terms, except
as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the applicability of
creditors’ rights generally and by equitable principles of general
applicability (regardless of whether such enforceability is considered in a
proceeding in equity or at law).

 

                    Section 3.       Effect on
Guaranty.  Except as expressly
supplemented hereby, the Guaranty shall continue in full force and effect.

 

                    Section 4.       GOVERNING
LAW.  THIS AGREEMENT SHALL IN
ALL RESPECTS BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAWS
PRINCIPLES OF SUCH STATE.

 

                    Section 5.       Savings
Clause.  To the fullest extent
permitted under applicable law, in the event any one or more of the provisions
contained in this Agreement should be held invalid, illegal or unenforceable in
any respect with respect to the New Subsidiary, no party hereto shall be
required to comply with such provision for so long as such provision is held to
be invalid, illegal or unenforceable, and the validity, legality and
enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired.  The parties
shall endeavor in good-faith negotiations to replace any invalid, illegal or
unenforceable provisions with valid provisions, the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

 

                    Section 6.       Notices.  All communications to the New Subsidiary
shall be given to it at the address or telecopy number set forth under its
signature hereto.

 

2

 

IN WITNESS WHEREOF, the New Subsidiary has duly
executed this Agreement as of the day and year first above written.

 

	
   

  	
  [NEW SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	 

	
   

  	
  Title:

  	 

	
   

  	
  Address:

  	 

 

3Exhibit 10.22

 

DOMESTIC

SECURITY AGREEMENT

 

THIS DOMESTIC SECURITY AGREEMENT (as amended and
modified from time to time, this “Domestic Security
Agreement”) dated as of January 30, 2008 is by and among the
parties identified as “Grantors” on
the signature pages hereto and such other parties as may become Grantors
hereunder after the date hereof (individually a “Grantor”,
and collectively the “Grantors”) and
BANK OF AMERICA, N.A., as collateral agent under the Intercreditor Agreement
(defined below) (in such capacity, the “Collateral Agent”)
for the holders of the Secured Obligations referenced below.

 

W I T N E S S E T H

 

WHEREAS, pursuant to that certain Note Purchase
Agreement, dated as of the date hereof (as amended, modified or supplemented
from time to time, the “2008 Note Agreement”),
among the GFI Group, Inc. (the “Company”) and
the institutional investors signatory thereto (collectively, the “2008 Purchasers”), the Company has issued and sold to the
2008 Purchasers $60,000,000 in aggregate principal amount of the Company’s
7.17% Senior Notes due January 30, 2013 (together with all notes issued in
substitution or exchange therefor or in replacement thereof in accordance with
the terms of the 2008 Note Agreement, the “2008 Senior Notes”);

 

WHEREAS, in connection with the 2008 Note Agreement,
certain Domestic Subsidiaries (each, a “Subsidiary Guarantor”
and collectively, the “Subsidiary Guarantors”)
of the Company are executing and delivering to the 2008 Purchasers a Subsidiary
Guaranty Agreement, dated as of the date hereof, pursuant to which such
Domestic Subsidiaries guarantee to the 2008 Purchasers all of the Company’s
obligations under the Note Documents; and

 

WHEREAS, this Domestic Security Agreement is required
under the terms of the 2008 Note Agreement.

 

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

 

SECTION 1.                                                 DEFINITIONS.

 

                (a)       Capitalized
terms used and not otherwise defined herein shall have the meanings provided in
the 2008 Note Agreement.

 

                (b)       The
following terms shall have the meanings assigned thereto in the Uniform
Commercial Code in effect in the State of New York on the date hereof:  Accession, Account, As-Extracted Collateral,
Chattel Paper, Commercial Tort Claim, Consumer Goods, Deposit Account,
Document, Equipment, Farm Products, Fixtures, General Intangible, Goods, 

 

 

Instrument, Inventory, Investment Property,
Letter-of-Credit Right, Manufactured Home, Proceeds, Software, Standing Timber,
Supporting Obligation and Tangible Chattel Paper.

 

                (c)       As
used herein, the following terms shall have the meanings set forth below:

 

“Collateral” has the meaning
provided in Section 2 hereof.

 

“Copyright License” means any
written agreement, naming any Grantor as licensor, granting any right under any
Copyright.

 

“Copyrights” means (a) all
copyrights registered in the United States or any other country in all Works,
now existing or hereafter created or acquired, all registrations and recordings
thereof, and all applications in connection therewith, including, without
limitation, registrations, recordings and applications in the United States
Copyright Office or in any similar office or agency of the United States, any
state thereof or any other country or political subdivision thereof, or
otherwise, and (b) all renewals thereof.

 

“Credit Agreement” means that
certain Credit Agreement dated as of February 24, 2006 (as amended or
modified from time to time) among the Company and GFI Holdings Limited as the
borrowers, the guarantors party thereto, the lenders party thereto and Bank of
America, N.A. as administrative agent for the lenders.

 

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

 

“Domestic Subsidiary”: any
Subsidiary of the Company organized under the laws of the United States or any
jurisdiction thereof.

 

“Foreign Subsidiary”: any
Subsidiary of the Company organized under the laws of a jurisdiction other than
the United States or any jurisdiction thereof.

 

“Intercreditor Agreement” means
that certain intercreditor agreement dated as of the date hereof among the 2008
Purchasers, the Company, the Collateral Agent, Bank of America, N.A. in its
capacity as administrative agent under the Credit Agreement and Subsidiary
Guarantors party thereto.

 

“Patent License” means any
agreement, whether written or oral, providing for the grant by or to a Grantor
of any right to manufacture, use or sell any invention covered by a Patent.

 

“Patents” means (a) all
letters patent of the United States or any other country and all reissues and
extensions thereof, and (b) all applications for letters patent of the
United States or any other country and all divisions, continuations and
continuations-in-part thereof.

 

2

 

“Secured Obligations”  means, without duplication, (i) all of the
obligations of the Company and the Subsidiary Guarantors to the 2008 Purchasers
under the 2008 Note Agreement and the other Note Documents (including, but not
limited to, any interest accruing after the commencement by or against the
Company or any Subsidiary Guarantor of a proceeding under any Debtor Relief
Laws, regardless of whether such interest is an allowed claim under such
proceeding), whether now existing or hereafter arising, due or to become
due, direct or indirect, absolute or contingent, howsoever evidenced, created,
held or acquired, whether primary, secondary, direct, contingent, or joint and
several, as such obligations may be amended, modified, increased, extended,
renewed or replaced from time to time, and (ii) all costs and expenses
incurred in connection with enforcement and collection of the foregoing
obligations, including reasonable attorney’s fees.

 

“Trademark License” means any
agreement, written or oral, providing for the grant by or to a Grantor of any
right to use any Trademark.

 

“Trademarks” means (a) all
trademarks, trade names, corporate names, company names, business names,
fictitious business names, trade styles, service marks, logos and other source
or business identifiers, and the goodwill associated therewith, now existing or
hereafter adopted or acquired, all registrations and recordings thereof, and
all applications in connection therewith, whether in the United States Patent
and Trademark Office or in any similar office or agency of the United States,
any state thereof or any other country or any political subdivision thereof, or
otherwise and (b) all renewals thereof.

 

“UCC” means the Uniform
Commercial Code.

 

“Work” means any work that is
subject to copyright protection pursuant to Title 17 of the United States Code.

 

SECTION 2.                                                 GRANT OF SECURITY INTEREST IN THE
COLLATERAL.

 

To secure the prompt payment and performance in full
when due, whether by lapse of time, acceleration, mandatory prepayment or
otherwise, of the Secured Obligations, each Grantor hereby grants to the
Collateral Agent, for the benefit of the holders of the Secured Obligations, a
continuing security interest in, any and all right, title and interest of such
Grantor in and to all of the following, whether now owned or existing or owned,
acquired, or arising hereafter (collectively, the “Collateral”):

 

                   (a)        all
Accounts (excluding, for the avoidance of doubt, customer accounts that are not
accounts of such Grantor);

 

                   (b)        all
cash and currency;

 

                   (c)        all
Chattel Paper;

 

                   (d)        those
Commercial Tort Claims identified on Schedule 2(d) attached hereto;

 

3

 

                   (e)        all
Copyrights;

 

                    (f)        all
Copyright Licenses;

 

                   (g)        all
Deposit Accounts;

 

                   (h)        all
Documents;

 

                    (i)        all
Equipment;

 

                    (j)        all
Fixtures;

 

                   (k)        all
General Intangibles;

 

                    (l)        all
Goods;

 

                  (m)        all
Instruments;

 

                   (n)        all
Inventory;

 

                   (o)        all
Investment Property;

 

                   (p)        all
Letter-of-Credit Rights;

 

                   (q)        all
Patents;

 

                    (r)        all
Patent Licenses;

 

                   (s)        all
Software;

 

                    (t)        all
Supporting Obligations;

 

                   (u)        all
Trademarks;

 

                   (v)        all
Trademark Licenses; and

 

                  (w)        to
the extent not otherwise included, all Accessions and all Proceeds of any and
all of the foregoing.

 

Notwithstanding anything to the contrary contained
herein, the security interests granted under this Domestic Security Agreement
shall not extend to (i) any permit, lease, license, contract or other
instrument of a Grantor if the grant of a security interest in such permit,
lease, license, contract or other instrument (including, without limitation,
any purchase agreement and any assets subject to a purchase money security
interest in respect thereof) in the manner contemplated by this Domestic
Security Agreement, under the terms thereof or under applicable law, is
prohibited and would result in the termination thereof or give the other
parties thereto the 

 

4

 

right to terminate,
accelerate or otherwise alter such Grantor’s rights, titles and interests
thereunder (including upon the giving of notice or the lapse of time or both);
provided that any such limitation on the security interests granted hereunder
shall only apply to the extent that (A) after reasonable efforts, consent
from the relevant party or parties has not been obtained and (B) any such
prohibition could not be rendered ineffective pursuant to the UCC or any other
applicable law (including Debtor Relief Laws) or principles of equity, (ii) any
Capital Stock in any Subsidiary and (iii) any Pledged Collateral (as
defined in the Domestic Pledge Agreement).

 

The Grantors and the Collateral Agent, on behalf of
the holders of the Secured Obligations, hereby acknowledge and agree that the
security interest created hereby in the Collateral (i) constitutes
continuing collateral security for all of the Secured Obligations, whether now
existing or hereafter arising and (ii) is not and shall not be construed
as an assignment of any Copyrights, Copyright Licenses, Patents, Patent
Licenses, Trademarks or Trademark Licenses.

 

SECTION 3.                                                 PROVISIONS RELATING TO ACCOUNTS.

 

                (a)       Anything
herein to the contrary notwithstanding, each of the Grantors shall remain
liable under each of the Accounts to observe and perform all the conditions and
obligations to be observed and performed by it thereunder, all in accordance
with the terms of any agreement giving rise to each such Account.  Neither the Collateral Agent nor any holder
of the Secured Obligations shall have any obligation or liability under any
Account (or any agreement giving rise thereto) by reason of or arising out of
this Domestic Security Agreement or the receipt by the Collateral Agent or any
holder of the Secured Obligations of any payment relating to such Account
pursuant hereto, nor shall the Collateral Agent or any holder of the Secured
Obligations be obligated in any manner to perform any of the obligations of a
Grantor under or pursuant to any Account (or any agreement giving rise
thereto), to make any payment, to make any inquiry as to the nature or the
sufficiency of any payment received by it or as to the sufficiency of any
performance by any party under any Account (or any agreement giving rise
thereto), to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts that may have been
assigned to it or to which it may be entitled at any time or times.

 

                (b)       At
any time after the occurrence and during the continuation of an Event of
Default, (i) the Collateral Agent shall have the right, but not the
obligation, to make test verifications of the Accounts in any manner and
through any medium that it reasonably considers advisable, and the Grantors
shall furnish all such assistance and information as the Collateral Agent may
reasonably require in connection with such test verifications and (ii) the
Collateral Agent in its own name or in the name of others may communicate with
account debtors on the Accounts to verify with them to the Collateral Agent’s
satisfaction the existence, amount and terms of any Accounts.

 

SECTION 4.                                                 REPRESENTATIONS AND WARRANTIES.

 

Each Grantor hereby represents and warrants to the
Collateral Agent, for the benefit of the holders of the Secured Obligations,
that so long as any of the Secured Obligations remains outstanding and until
all of the commitments relating thereto have been terminated:

 

5

 

                   (a)        Legal
Name.  As of the date hereof:

 

                    (i)        Each
Grantor’s exact legal name, taxpayer identification number, organization
identification number, and state of formation are (and for the prior five years
have been) as set forth on Schedule 5.4 to the 2008 Note Agreement.

 

                   (ii)        Other
than as set forth on Schedule 4(a) attached hereto, no Grantor has been
party to a merger, consolidation or other change in structure or used any
tradename in the prior five years.

 

                   (b)        Ownership.  Each
Grantor is the legal and beneficial owner of its Collateral and has the right
to pledge, sell, assign or transfer the same.

 

                   (c)        Security Interest/Priority. 
This Domestic Security Agreement creates a valid security interest in
favor of the Collateral Agent, for the benefit of the holders of the Secured
Obligations, in the Collateral of such Grantor and, when properly perfected by
filing, shall constitute a valid perfected security interest in such
Collateral, to the extent such security interest can be perfected by filing
under the UCC, free and clear of all Liens except for Liens permitted pursuant
to the terms of the Note Documents.

 

                   (d)        Types of Collateral.  None of the Collateral consists of, or is the
Accessions or the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm
Products, Manufactured Homes, or Standing Timber.

 

                   (e)        Accounts.  With
respect to the Accounts of the Grantors reflected as accounts receivable on the
consolidated balance sheet of the Company and its Subsidiaries most recently
delivered to the Collateral Agent pursuant to the 2008 Note Agreement, (i) each
Account of the Grantors and the papers and documents relating thereto are
genuine and in all material respects what they purport to be, (ii) each
Account arises out of (A) a bona fide sale of goods sold and delivered by
such Grantor (or is in the process of being delivered) or (B) services
theretofore actually rendered by such Grantor to, the account debtor named
therein, (iii) any Account of a Grantor evidenced by any Instrument or Chattel
Paper has, to the extent requested by the Collateral Agent, been endorsed over
and delivered to, or submitted to the control of, the Collateral Agent and (iv) no
surety bond was required or given in connection with any Account of a Grantor
or the contracts or purchase orders out of which they arose.

 

                    (f)        Inventory.  No
Inventory of a Grantor is held by any Person other than a Grantor pursuant to
consignment, sale or return, sale on approval or similar arrangement.

 

                   (g)        Copyrights, Patents and Trademarks.

 

                    (i)        Schedule 5.11 to the 2008 Note
Agreement includes all Copyrights, Patents, Trademarks and material Copyright
Licenses, Patent Licenses and Trademark Licenses owned by any Grantor in its
own name, or to which any Grantor is a party, as of the date hereof.

 

6

 

                   (ii)        To each Grantor’s knowledge, each
material Copyright, Patent and Trademark of such Grantor is valid, subsisting,
unexpired, enforceable and has not been abandoned.

 

                  (iii)        Except as set forth in
Schedule 5.11 to the 2008 Note Agreement, none of the material Copyrights,
Patents and Trademarks of any Grantor is the subject of any licensing or
franchise agreement, as of the date hereof.

 

                  (iv)        To each Grantor’s knowledge, no holding,
decision or judgment has been rendered by any Governmental Authority that would
limit, cancel or question the validity of any material Copyright, Patent or
Trademark of any Grantor.

 

                   (v)        No action or proceeding is pending
seeking to limit, cancel or question the validity of any material Copyright,
Patent or Trademark of any Grantor, or that could be expected to have a
material adverse effect on the value of any material Copyright, Patent or
Trademark of any Grantor.

 

                  (vi)        All applications pertaining to the material
Copyrights, Patents and Trademarks of each Grantor have been duly and properly
filed, and all registrations or letters pertaining to such Copyrights, Patents
and Trademarks have been duly and properly filed and issued, and all of such
Copyrights, Patents and Trademarks are valid and enforceable.

 

                 (vii)        No Grantor has made any assignment or
agreement in conflict with the security interest in the Copyrights, Patents or
Trademarks of any Grantor hereunder.

 

                   (h)        Commercial Tort Claims. 
Such Grantor has no commercial tort claims other than (i) those
listed on Schedule 2(d), or (ii) as to which the actions required by Section 5(k) have
been taken.

 

SECTION 5.                                                 COVENANTS.

 

Each Grantor covenants that, so long as any of the
Secured Obligations remains outstanding and until all of the commitments
relating thereto have been terminated, such Grantor shall:

 

                   (a)        Other Liens.  Defend the Collateral against the claims and
demands of all other parties claiming an interest therein other than Liens
permitted pursuant to the terms of the Note Documents.

 

                   (b)        Instruments/Tangible
Chattel Paper/Documents.  If
any amount payable under or in connection with any of the Collateral shall be
or become evidenced by any Instrument or Tangible Chattel Paper, or if any
property constituting Collateral shall be stored or shipped subject to a
Document, (i) ensure that such Instrument, Tangible Chattel 

 

7

 

Paper or Document is either in the possession of such
Grantor at all times or, if requested by the Collateral Agent, is immediately
delivered to the Collateral Agent, duly endorsed in a manner reasonably
satisfactory to the Collateral Agent and (ii) ensure that any Collateral
consisting of an Instrument or Tangible Chattel Paper is marked with a legend
acceptable to the Collateral Agent indicating the Collateral Agent’s security
interest in such Instrument or Tangible Chattel Paper.

 

                   (c)        Change in Structure,
Location or Type.  Not,
without providing ten days prior written notice to the Collateral Agent (i) change
its name or state of formation, (ii) be party to a merger, consolidation
or other change in structure or (iii) use any tradename other than as set
forth on Schedule 4(a) attached hereto.

 

                   (d)        Perfection of Security
Interest.  Execute and deliver
to the Collateral Agent such agreements, assignments or instruments (including
affidavits, notices, reaffirmations and amendments and restatements of existing
documents, as the Collateral Agent may reasonably request) and do all such other
things as the Collateral Agent may reasonably deem necessary, appropriate or
convenient (i) to assure to the Collateral Agent the effectiveness,
perfection and priority of its security interests hereunder, including (A) such
instruments as the Collateral Agent may from time to time reasonably request in
order to perfect and maintain the security interests granted hereunder in
accordance with the UCC, (B) with regard to Copyrights registered in the
United States, a Notice of Grant of Security Interest in Copyrights for filing
with the United States Copyright Office in the form of Schedule 5(d)(i) attached
hereto, (C) with regard to Patents registered in the United States, a
Notice of Grant of Security Interest in Patents for filing with the United
States Patent and Trademark Office in the form of Schedule 5(d)(ii) attached
hereto and (D) with regard to Trademarks registered with the United States
Patent and Trademark Office and all applications for Trademarks filed with the
United States Patent and Trademark Office, a Notice of Grant of Security
Interest in Trademarks for filing with the United States Patent and Trademark
Office in the form of Schedule 5(d)(iii) attached hereto, (ii) to
consummate the transactions contemplated hereby and (iii) to otherwise protect
and assure the Collateral Agent of its rights and interests hereunder.  To that end, each Grantor authorizes the
Collateral Agent to file one or more financing statements (with collateral
descriptions broader, including without limitation “all assets” and/or “all
personal property” collateral descriptions, and/or less specific than the
description of the Collateral contained herein) disclosing the Collateral Agent’s
security interest in any or all of the Collateral of such Grantor without such
Grantor’s signature thereon (provided that no such description shall be deemed
to modify the description of Collateral in Section 2), and further each
Grantor also hereby irrevocably makes, constitutes and appoints the Collateral
Agent, its nominee or any other Person whom the Collateral Agent may designate,
as such Grantor’s attorney-in-fact with full power and for the limited purpose
to sign in the name of such Grantor any such financing statements (including
renewal statements), amendments and supplements, notices or any similar
documents that in the Collateral Agent’s sole discretion would be necessary,
appropriate or convenient in order to perfect and maintain perfection of the
security interests granted hereunder, such power, being coupled with an
interest, being and remaining irrevocable so long as the Secured Obligations
remain unpaid and until the commitments relating thereto shall have 

 

8

 

been terminated. 
Each Grantor hereby agrees that a carbon, photographic or other
reproduction of this Domestic Security Agreement or any such financing
statement is sufficient for filing as a financing statement by the Collateral
Agent without notice thereof to such Grantor wherever the Collateral Agent may
in its sole discretion desire to file the same. 
In the event for any reason the law of any jurisdiction other than New
York becomes or is applicable to the Collateral of any Grantor or any part
thereof, or to any of the Secured Obligations, such Grantor agrees to execute
and deliver all such instruments and to do all such other things as the
Collateral Agent in its sole discretion reasonably deems necessary, appropriate
or convenient to preserve, protect and enforce the security interests of the
Collateral Agent under the law of such other jurisdiction (and, if a Grantor
shall fail to do so promptly upon the request of the Collateral Agent, then the
Collateral Agent may execute any and all such requested documents on behalf of
such Grantor pursuant to the power of attorney granted hereinabove).  If any Collateral is in the possession or
control of a Grantor’s agents and the Collateral Agent so requests, such
Grantor agrees to notify such agents in writing of the Collateral Agent’s
security interest therein and, upon the Collateral Agent’s request, instruct
them to hold all such Collateral for the account of the holders of the Secured
Obligations, subject to the Collateral Agent’s instructions.  Each Grantor agrees to mark its books and
records to reflect the security interest of the Collateral Agent in the
Collateral.

 

                   (e)        Control.  Execute and deliver all agreements,
assignments, instruments or other documents as the Collateral Agent shall
reasonably request for the purpose of obtaining and maintaining control within
the meaning of the UCC with respect to any Collateral consisting of Deposit
Accounts, Investment Property, Letter-of-Credit Rights and Electronic Chattel
Paper.

 

                    (f)        Collateral held by
Warehouseman, Bailee, Etc.  If
any Collateral is at any time in the possession or control of a warehouseman,
bailee, agent or processor of such Grantor, (i) notify the Collateral
Agent of such possession or control, (ii) notify such Person of the
Collateral Agent’s security interest in such Collateral, (iii) instruct
such Person to hold all such Collateral for the Collateral Agent’s account and
subject to the Collateral Agent’s instructions and (iv) use commercially
reasonable efforts to obtain an acknowledgment from such Person that it is
holding such Collateral for the benefit of the Collateral Agent.

 

                   (g)        Treatment of Accounts.  Not grant or extend the time for payment of
any Account, or compromise or settle any Account for less than the full amount
thereof, or release any Person or property, in whole or in part, from payment
thereof, or allow any credit or discount thereon, in each case other than as
normal and customary in the ordinary course of a Grantor’s business or as
required by law.

 

                   (h)        Covenants Relating to
Copyrights.

 

                    (i)        Not
do any act or knowingly omit to do any act whereby any material Copyright may
become invalidated and (A) not do any act, or knowingly omit to do any
act, whereby any material Copyright may become injected into the 

 

9

 

public domain; (B) notify the Collateral Agent
immediately if it knows that any material Copyright may become injected into
the public domain or of any materially adverse determination or development
(including, without limitation, the institution of, or any such determination
or development in, any court or tribunal in the United States or any other
country) regarding a Grantor’s ownership of any such material Copyright or its
validity; (C) take all necessary steps as it shall deem appropriate under
the circumstances, to maintain and pursue each application (and to obtain the
relevant registration) of each material Copyright owned by a Grantor and to
maintain each registration of each material Copyright owned by a Grantor
including, without limitation, filing of applications for renewal where
necessary; and (D) promptly notify the Collateral Agent of any
infringement of any material Copyright of a Grantor of which it becomes aware
and take such actions as it shall reasonably deem appropriate under the
circumstances to protect such Copyright, including, where appropriate, the
bringing of suit for infringement, seeking injunctive relief and seeking to
recover any and all damages for such infringement.

 

                   (ii)        Not
make any assignment or agreement in conflict with the security interest in the
Copyrights of each Grantor hereunder (other than in connection with a Lien
permitted pursuant to the terms of the 2008 Note Agreement).

 

                    (i)        Covenants Relating to Patents and Trademarks.

 

                    (i)        (A) Continue
to use each material Trademark on each and every trademark class of goods
applicable to its current line as reflected in its current catalogs, brochures
and price lists in order to maintain such Trademark in full force free from any
claim of abandonment for non-use, (B) maintain as in the past the quality
of products and services offered under such Trademark, (C) employ such
Trademark with the appropriate notice of registration, if applicable, (D) not
adopt or use any mark that is confusingly similar or a colorable imitation of
such Trademark unless the Collateral Agent, for the ratable benefit of the
holders of the Secured Obligations, shall obtain a perfected security interest
in such mark pursuant to this Domestic Security Agreement, and (E) not
(and not permit any licensee or sublicensee thereof to) do any act or knowingly
omit to do any act whereby any such Trademark may become invalidated.

 

                   (ii)        Not
do any act, or omit to do any act, whereby any material Patent may become
abandoned or dedicated.

 

                  (iii)        Notify
the Collateral Agent and the holders of the Secured Obligations immediately if
it knows that any application or registration relating to any material Patent
or Trademark may become abandoned or dedicated, or of any materially adverse
determination or development (including, without limitation, the institution
of, or any such determination or development in, any proceeding in the United
States Patent and Trademark Office or any court or tribunal in any 

 

10

 

country) regarding a Grantor’s ownership of any
material Patent or Trademark or its right to register the same or to keep and
maintain the same.

 

                  (iv)        Whenever
a Grantor, either by itself or through an agent, employee, licensee or
designee, shall file an application for the registration of any Patent or
Trademark with the United States Patent and Trademark Office or any similar
office or agency in any other country or any political subdivision thereof,
such Grantor shall report such filing to the Collateral Agent within five
Business Days after the last day of the fiscal quarter in which such filing
occurs.  Upon request of the Collateral
Agent, a Grantor shall execute and deliver any and all agreements, instruments,
documents and papers as the Collateral Agent may reasonably request to evidence
the security interest of the Collateral Agent and the holders of the Secured
Obligations in any material Patent or Trademark and the goodwill and general
intangibles of a Grantor relating thereto or represented thereby.

 

                   (v)        Take
all reasonable and necessary steps, including, without limitation, in any
proceeding before the United States Patent and Trademark Office, or any similar
office or agency in any other country or any political subdivision thereof, to
maintain and pursue each application (and to obtain the relevant registration)
and to maintain each registration of each material Patent and Trademark,
including, without limitation, filing of applications for renewal, affidavits
of use and affidavits of incontestability.

 

                  (vi)        Promptly
notify the Collateral Agent and the holders of the Secured Obligations after it
learns that any  material Patent or
Trademark included in the Collateral is infringed, misappropriated or diluted
by a third party and promptly sue for infringement, misappropriation or dilution,
to seek injunctive relief where appropriate and to recover any and all damages
for such infringement, misappropriation or dilution, or to take such other
actions as it shall reasonably deem appropriate under the circumstances to
protect such Patent or Trademark.

 

                 (vii)        Not
make any assignment or agreement in conflict with the security interest in the
Patents or Trademarks of each Grantor hereunder (other than in connection with
a Lien permitted pursuant to the terms of the 2008 Note Agreement).

 

                    (j)        Insurance.  Insure,
repair and replace the Collateral of such Grantor as set forth in (and to the
extent required by) the 2008 Note Agreement. 
All insurance proceeds shall be subject to the security interest of the
Collateral Agent hereunder.

 

                   (k)        Commercial Tort Claims.

 

                    (i)        Promptly
notify the Collateral Agent in writing of the initiation of any Commercial Tort
Claim before any Governmental Authority by or in favor of such Grantor or any
of its Subsidiaries reasonably expected by
the Company to result in an award in excess of $1,000,000.

 

11

 

                   (ii)        Execute
and deliver such statements, documents and notices and do and cause to be done
all such things as the Collateral Agent may reasonably deem necessary, appropriate
or convenient, or as are required by law, to create, perfect and maintain the
Collateral Agent’s security interest in any Commercial Tort Claim.

 

SECTION 6.                                                 ADVANCES BY COLLATERAL AGENT.

 

On failure of any Grantor to perform any of the
covenants and agreements contained herein, the Collateral Agent may, at its
sole option and in its sole discretion, upon notice to the Grantors, perform
the same and in so doing may expend such sums as the Collateral Agent may
reasonably deem advisable in the performance thereof, including, without
limitation, the payment of any insurance premiums, the payment of any taxes, a
payment to obtain a release of a Lien or potential Lien (other than a Lien
permitted pursuant to the terms of the 2008 Note Agreement), expenditures made
in defending against any adverse claim and all other expenditures that the
Collateral Agent may make for the protection of the security hereof or that may
be compelled to make by operation of law. 
All such sums and amounts so expended shall be repayable by the Grantors
on a joint and several basis (subject to Section 23 hereof) promptly upon
timely notice thereof and demand therefor, shall constitute additional Secured
Obligations and shall bear interest from the date said amounts are expended at
the Default Rate.  No such performance of
any covenant or agreement by the Collateral Agent on behalf of any Grantor, and
no such advance or expenditure therefor, shall relieve the Grantors of any
default under the terms of this Domestic Security Agreement, the other Note
Documents or any other documents relating to the Secured Obligations.  The Collateral Agent may make any payment
hereby authorized in accordance with any bill, statement or estimate procured
from the appropriate public office or holder of the claim to be discharged
without inquiry into the accuracy of such bill, statement or estimate or into
the validity of any tax assessment, sale, forfeiture, tax lien, title or claim
except to the extent such payment is being contested in good faith by a Grantor
in appropriate proceedings and against which adequate reserves are being
maintained in accordance with GAAP.

 

SECTION 7.                                                 REMEDIES.

 

                (a)       General Remedies. 
Upon the occurrence of an Event of Default and during the continuation
thereof, the Collateral Agent shall have, in addition to the rights and
remedies provided herein, in the Note Documents, in any other documents
relating to the Secured Obligations, or by law (including, without limitation,
levy of attachment and garnishment), the rights and remedies of a secured party
under the UCC of the jurisdiction applicable to the affected Collateral and,
further, the Collateral Agent may, with or without judicial process or the aid
and assistance of others, (i) enter on any premises on which any of the
Collateral may be located and, without resistance or interference by the
Grantors, take possession of the Collateral, (ii)  dispose of any
Collateral on any such premises, (iii) require the Grantors to assemble
and make available to the Collateral Agent at the expense of the Grantors any
Collateral at any place and time designated by the Collateral Agent that is
reasonably convenient to both parties, (iv) remove any Collateral from any
such premises for the purpose of effecting sale or other 

 

12

 

disposition thereof, and/or (v) without demand
and without advertisement, notice, hearing or process of law, all of which each
of the Grantors hereby waives to the fullest extent permitted by law, at any
place and time or times, sell and deliver any or all Collateral held by or for
it at public or private sale, by one or more contracts, in one or more parcels,
for cash, upon credit or otherwise, at such prices and upon such terms as the
Collateral Agent deems advisable, in its sole discretion (subject to any and
all mandatory legal requirements).  Each
of the Grantors acknowledges that any private sale referenced above may be at
prices and on terms less favorable to the seller than the prices and terms that
might have been obtained at a public sale and agrees that such private sale
shall be deemed to have been made in a commercially reasonable manner.  Neither the Collateral Agent’s compliance
with applicable law nor its disclaimer of warranties relating to the Collateral
shall be considered to adversely affect the commercial reasonableness of any
sale.  In addition to all other sums due
the Collateral Agent and the holders of the Secured Obligations with respect to
the Secured Obligations, the Grantors shall pay the Collateral Agent and each
of the holders of the Secured Obligations all reasonable documented costs and
expenses incurred by the Collateral Agent or any such holder of the Secured
Obligations, including reasonable attorney’s fees and court costs, in obtaining
or liquidating the Collateral, in enforcing payment of the Secured Obligations,
or in the prosecution or defense of any action or proceeding by or against the
Collateral Agent or the holders of the Secured Obligations or the Grantors
concerning any matter arising out of or connected with this Domestic Security
Agreement, any Collateral or the Secured Obligations, including, without
limitation, any of the foregoing arising in, arising under or related to a case
under the Debtor Relief Laws.  To the
extent the rights of notice cannot be legally waived hereunder, each Grantor
agrees that any requirement of reasonable notice shall be met if such notice is
personally served on or mailed, postage prepaid, to the Company in accordance
with the notice provisions of Section 18 of the 2008 Note Agreement at
least ten Business Days before the time of sale or other event giving rise to
the requirement of such notice.  The
Collateral Agent shall not be obligated to make any sale or other disposition
of the Collateral regardless of notice having been given.  To the extent permitted by law, any holder of
the Secured Obligations may be a purchaser at any such sale.  To the extent permitted by applicable law,
each of the Grantors hereby waives all of its rights of redemption with respect
to any such sale.  Subject to the
provisions of applicable law, the Collateral Agent and the holders of the
Secured Obligations may postpone or cause the postponement of the sale of all
or any portion of the Collateral by announcement at the time and place of such
sale, and such sale may, without further notice, to the extent permitted by
law, be made at the time and place to which the sale was postponed, or the
Collateral Agent may further postpone such sale by announcement made at such
time and place.

 

                (b)       Remedies relating to Accounts.  Upon the occurrence of an Event of Default
and during the continuation thereof, whether or not the Collateral Agent has
exercised any or all of its rights and remedies hereunder, (i) each
Grantor will promptly upon request of the Collateral Agent instruct all account
debtors to remit all payments in respect of Accounts to a mailing location
selected by the Collateral Agent and (ii) the Collateral Agent shall have
the right to enforce any Grantor’s rights against its customers and account
debtors, and the Collateral Agent or its designee may notify any Grantor’s
customers and account debtors that the Accounts of such Grantor have been
assigned to the Collateral Agent or of the Collateral Agent’s security interest
therein, and may (either in its own name or in the name of a Grantor or both)
demand, collect (including without limitation by way of a lockbox arrangement),
receive, take receipt for, sell,

 

13

 

sue for, compound, settle, compromise and give
acquittance for any and all amounts due or to become due on any Account, and,
in the Collateral Agent’s discretion, file any claim or take any other action
or proceeding to protect and realize upon the security interest of the holders
of the Secured Obligations in the Accounts. 
Each Grantor acknowledges and agrees that the Proceeds of its Accounts
remitted to or on behalf of the Collateral Agent in accordance with the
provisions hereof shall be solely for the Collateral Agent’s own convenience
and that such Grantor shall not have any right, title or interest in such
Accounts or in any such other amounts except as expressly provided herein.  The Collateral Agent and the holders of the
Secured Obligations shall have no liability or responsibility to any Grantor
for acceptance of a check, draft or other order for payment of money bearing
the legend “payment in full” or words of similar import or any other
restrictive legend or endorsement or be responsible for determining the
correctness of any remittance.  Each
Grantor hereby agrees to indemnify the Collateral Agent and the holders of the
Secured Obligations from and against all liabilities, damages, losses, actions,
claims, judgments, costs, expenses, charges and attorney’s fees suffered or
incurred by the Collateral Agent or the holders of the Secured Obligations
(each, an “Indemnified Party”) because of the
maintenance of the foregoing arrangements except as relating to or arising out
of the gross negligence or willful misconduct of an Indemnified Party or its
partners, officers, employees or agents. 
In the case of any investigation, litigation or other proceeding, the
foregoing indemnity shall be effective whether or not such investigation,
litigation or proceeding is brought by a Grantor, its directors, shareholders
or creditors or an Indemnified Party or any other Person or any other
Indemnified Party is otherwise a party thereto.

 

                (c)       Access.  In addition
to the rights and remedies hereunder, upon the occurrence of an Event of
Default and during the continuation thereof, the Collateral Agent shall have
the right to enter and remain upon the various premises of the Grantors without
cost or charge to the Collateral Agent, and use the same, together with
materials, supplies, books and records of the Grantors for the purpose of
collecting and liquidating the Collateral, or for preparing for sale and
conducting the sale of the Collateral, whether by foreclosure, auction or
otherwise.  In addition, the Collateral
Agent may remove Collateral, or any part thereof, from such premises and/or any
records with respect thereto, in order to effectively collect or liquidate such
Collateral.

 

                (d)       Nonexclusive Nature of Remedies.  Failure by the Collateral Agent or the
holders of the Secured Obligations to exercise any right, remedy or option
under this Domestic Security Agreement, any other Note Document, any other
documents relating to the Secured Obligations, or as provided by law, or any
delay by the Collateral Agent or the holders of the Secured Obligations in
exercising the same, shall not operate as a waiver of any such right, remedy or
option.  No waiver hereunder shall be
effective unless it is in writing, signed by the party against whom such waiver
is sought to be enforced and then only to the extent specifically stated, which
in the case of the Collateral Agent or the holders of the Secured Obligations
shall only be granted as provided herein. 
To the extent permitted by law, neither the Collateral Agent, the
holders of the Secured Obligations, nor any party acting as attorney for the
Collateral Agent or the holders of the Secured Obligations, shall be liable
hereunder for any acts or omissions or for any error of judgment or mistake of
fact or law other than their gross negligence or willful misconduct
hereunder.  The rights and remedies of
the Collateral Agent and the holders of the Secured Obligations under this
Domestic Security Agreement shall be cumulative and not exclusive of 

 

14

 

any other right or remedy that the Collateral Agent or
the holders of the Secured Obligations may have.

 

                (e)       Retention of Collateral. 
To the extent permitted under applicable law, in addition to the rights
and remedies hereunder, upon the occurrence and during the continuation of an
Event of Default, the Collateral Agent may, after providing the notices
required by Sections 9-620 and 9-621 of the UCC or otherwise complying with the
requirements of applicable law of the relevant jurisdiction, accept or retain
all or any portion of the Collateral in satisfaction of the Secured
Obligations.  Unless and until the
Collateral Agent shall have provided such notices, however, the Collateral
Agent shall not be deemed to have accepted or retained any Collateral in
satisfaction of any Secured Obligations for any reason.

 

                 (f)       Deficiency.  In the
event that the proceeds of any sale, collection or realization are insufficient
to pay all amounts to which the Collateral Agent or the holders of the Secured
Obligations are legally entitled, the Grantors shall be jointly and severally
liable for the deficiency (subject to Section 23 hereof), together with
interest thereon at the Default Rate, together with the costs of collection and
attorney’s fees.  Any surplus remaining
after the full payment and satisfaction of the Secured Obligations shall be
returned to the Grantors or to whomsoever a court of competent jurisdiction
shall determine to be entitled thereto.

 

SECTION 8.                                                 RIGHTS OF THE COLLATERAL AGENT.

 

                (a)       Power of Attorney.  In
addition to other powers of attorney contained herein, each Grantor hereby
designates and appoints the Collateral Agent, on behalf of the holders of the
Secured Obligations, and each of its designees or agents, as attorney-in-fact
of such Grantor, irrevocably and with power of substitution, with authority to
take any or all of the following actions upon the occurrence and during the
continuation of an Event of Default:

 

                    (i)        to
demand, collect, settle, compromise and adjust, and give discharges and
releases concerning the Collateral, all as the Collateral Agent may reasonably
deem appropriate;

 

                   (ii)        to
commence and prosecute any actions at any court for the purposes of collecting
any of the Collateral and enforcing any other right in respect thereof;

 

                  (iii)        to
defend, settle or compromise any action brought and, in connection therewith,
give such discharge or release as the Collateral Agent may reasonably deem
appropriate;

 

                  (iv)        to
receive, open and dispose of mail addressed to a Grantor and endorse checks,
notes, drafts, acceptances, money orders, bills of lading, warehouse receipts
or other instruments or documents evidencing payment, shipment or storage of
the goods giving rise to the Collateral on behalf of and in the name of such
Grantor, or securing, or relating to such Collateral;

 

15

 

                   (v)        to
pay or discharge taxes, liens, security interests or other encumbrances levied
or placed on or threatened against the Collateral;

 

                  (vi)        to
direct any parties liable for any payment in connection with any of the
Collateral to make payment of any and all monies due and to become due
thereunder directly to the Collateral Agent or as the Collateral Agent shall
direct;

 

                 (vii)        to
receive payment of and receipt for any and all monies, claims, and other
amounts due and to become due at any time in respect of or arising out of any
Collateral;

 

                (viii)        to
sell, assign, transfer, make any agreement in respect of, or otherwise deal
with or exercise rights in respect of, any Collateral or the goods or services
that have given rise thereto, as fully and completely as though the Collateral
Agent were the absolute owner thereof for all purposes;

 

                   (ix)        to
adjust and settle claims under any insurance policy relating thereto;

 

                    (x)        to
execute and deliver all assignments, conveyances, statements, financing
statements, renewal financing statements, security and pledge agreements,
affidavits, notices and other agreements, instruments and documents that the
Collateral Agent may reasonably deem appropriate in order to perfect and
maintain the security interests and liens granted in this Domestic Security
Agreement and in order to fully consummate all of the transactions contemplated
therein;

 

                   (xi)        to
institute any foreclosure proceedings that the Collateral Agent may reasonably
deem appropriate; and

 

                  (xii)        to
do and perform all such other acts and things as the Collateral Agent may
reasonably deem appropriate in connection with the Collateral.

 

This power of attorney is a power coupled with an
interest and shall be irrevocable for so long as any of the Secured Obligations
shall remain outstanding and until all of the commitments relating thereto
shall have been terminated.  The
Collateral Agent shall be under no duty to exercise or withhold the exercise of
any of the rights, powers, privileges and options expressly or implicitly
granted to the Collateral Agent in this Domestic Security Agreement, and shall
not be liable for any failure to do so or any delay in doing so.  The Collateral Agent shall not be liable for
any act or omission or for any error of judgment or any mistake of fact or law
in its individual capacity or its capacity as attorney-in-fact except acts or
omissions resulting from its gross negligence or willful misconduct.  This power of attorney is conferred on the
Collateral Agent solely to protect, preserve and realize upon its security
interest in the Collateral.

 

                (b)       The Collateral Agent’s Duty of Care.  Other than the exercise of reasonable care to
assure the safe custody of the Collateral while being held by the Collateral
Agent hereunder, the Collateral Agent shall have no duty or liability to
preserve rights pertaining thereto, it being understood and agreed that the
Grantors shall be responsible for preservation of all rights in the Collateral,
and the Collateral Agent shall be relieved of all responsibility for the
Collateral upon 

 

16

 

surrendering it or tendering the surrender of it to
the Grantors.  The Collateral Agent shall
be deemed to have exercised reasonable care in the custody and preservation of
the Collateral in its possession if such Collateral is accorded treatment
substantially equal to that which the Collateral Agent accords its own
property, which shall be no less than the treatment employed by a reasonable
and prudent agent in the industry, it being understood that the Collateral
Agent shall not have responsibility for taking any necessary steps to preserve
rights against any parties with respect to any of the Collateral.  In the event of a public or private sale of
Collateral pursuant to Section 7 hereof, the Collateral Agent shall have
no obligation to clean, repair or otherwise prepare the Collateral for sale.

 

SECTION 9.                                                 RIGHTS OF REQUIRED HOLDERS.

 

All rights of the Collateral Agent hereunder, if not
exercised by the Collateral Agent, may be exercised by the Required
Holders.  If such rights are so exercised
by the Required Holders, then the Required Holders shall have all of the
rights, privileges and indemnities afforded the Collateral Agent in the
exercise of such rights.

 

SECTION 10.                                           APPLICATION OF PROCEEDS.

 

Upon the occurrence and during the continuation of an
Event of Default, any payments in respect of the Secured Obligations and any
proceeds of the Collateral, when received by the Collateral Agent or any of the
holders of the Secured Obligations in cash or its equivalent, will be applied
in reduction of the Secured Obligations in the order set forth in the
Intercreditor Agreement, and each Grantor irrevocably waives the right to
direct the application of such payments and proceeds and acknowledges and
agrees that the Collateral Agent shall have the continuing and exclusive right
to apply and reapply any and all such payments and proceeds in the Collateral
Agent’s sole discretion, notwithstanding any entry to the contrary upon any of
its books and records.

 

SECTION 11.                                           CONTINUING AGREEMENT.

 

                (a)       This
Domestic Security Agreement shall be a continuing agreement in every respect
and shall remain in full force and effect so long as any of the Secured
Obligations remains outstanding and until all of the commitments relating
thereto have been terminated (other than any obligations with respect to the
indemnities set forth in the Note Documents). 
Upon such payment and termination, this Domestic Security Agreement and
the liens and security interests of the Collateral Agent hereunder shall be
automatically terminated and the Collateral Agent shall, upon the request and
at the expense of the Grantors, execute and deliver all UCC termination
statements and/or other documents reasonably requested by the Grantors
evidencing such termination. 
Notwithstanding the foregoing, all releases and indemnities provided
hereunder shall survive termination of this Domestic Security Agreement.

 

                (b)       This
Domestic Security Agreement shall continue to be effective or be automatically
reinstated, as the case may be, if at any time payment, in whole or in part, of
any of the Secured Obligations is rescinded or must otherwise be restored or
returned by the Collateral Agent or any 

 

17

 

holder of the Secured Obligations as a preference,
fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar
law, all as though such payment had not been made; provided that in the event
payment of all or any part of the Secured Obligations is rescinded or must be
restored or returned, all reasonable costs and expenses (including reasonable
attorney’s fees) incurred by the Collateral Agent or any holder of the Secured
Obligations in defending and enforcing such reinstatement shall be deemed to be
included as a part of the Secured Obligations.

 

SECTION 12.                                           AMENDMENTS AND WAIVERS.

 

This Domestic Security Agreement and the provisions
hereof may not be amended, waived, modified, changed, discharged or terminated
except as set forth in Note Documents.

 

SECTION 13.                                           SUCCESSORS IN INTEREST.

 

 This Domestic
Security Agreement shall create a continuing security interest in the
Collateral and shall be binding upon each Grantor, its successors and assigns,
and shall inure, together with the rights and remedies of the Collateral Agent
and the holders of the Secured Obligations hereunder, to the benefit of the
Collateral Agent and the holders of the Secured Obligations and their
successors and permitted assigns; provided, however,
none of the Grantors may assign its rights or delegate its duties hereunder
without the prior written consent of the Required Holders under the 2008 Note
Agreement.  To the fullest extent
permitted by law, each Grantor hereby releases the Collateral Agent and each
holder of the Secured Obligations, their respective successors and assigns and
their respective officers, attorneys, employees and agents, from any liability
for any act or omission or any error of judgment or mistake of fact or of law
relating to this Domestic Security Agreement or the Collateral, except for any
liability arising from the gross negligence or willful misconduct of the
Collateral Agent or such holder, or their respective officers, attorneys,
employees or agents.

 

SECTION 14.                                           NOTICES.

 

All notices required or permitted to be given under
this Domestic Security Agreement shall be given as provided in Section 18
of the 2008 Note Agreement.

 

SECTION 15.                                           COUNTERPARTS.

 

This Domestic Security Agreement may be executed in
any number of counterparts, each of which where so executed and delivered shall
be an original, but all of which shall constitute one and the same
instrument.  It shall not be necessary in
making proof of this Domestic Security Agreement to produce or account for more
than one such counterpart.

 

SECTION 16.                                           HEADINGS.

 

 The headings of
the sections and subsections hereof are provided for convenience only and shall
not in any way affect the meaning or construction of any provision of this
Domestic Security Agreement.

 

18

 

SECTION 17.                                           GOVERNING LAW; SUBMISSION TO
JURISDICTION; VENUE.

 

                (a)       THIS
DOMESTIC SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE;  PROVIDED THAT THE COLLATERAL AGENT AND EACH PURCHASER SHALL
RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

 

                (b)       AnY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS DOMESTIC SECURITY AGREEMENT OR
ANY OTHER NOTE DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW
YORK SITTING IN NEW YORK, NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN
DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS DOMESTIC SECURITY
AGREEMENT, EACH GRANTOR AND THE COLLATERAL AGENT, ON BEHALF OF ITSELF AND EACH
PURCHASER, CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE
NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH GRANTOR AND THE COLLATERAL
AGENT, ON BEHALF OF ITSELF AND EACH PURCHASER, IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH
JURISDICTION IN RESPECT OF THIS DOMESTIC SECURITY AGREEMENT OR ANY OTHER NOTE
DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH GRANTOR AND THE COLLATERAL
AGENT, ON BEHALF OF ITSELF AND EACH PURCHASER, WAIVES PERSONAL SERVICE OF ANY
SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS
PERMITTED BY THE LAW OF SUCH STATE.

 

SECTION 18.                                           WAIVER OF RIGHT TO TRIAL BY JURY.

 

EACH PARTY TO THIS DOMESTIC SECURITY AGREEMENT HEREBY
EXPRESSLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER
THIS DOMESTIC SECURITY AGREEMENT OR ANY OTHER NOTE DOCUMENT OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO
OR ANY OF THEM WITH RESPECT TO THIS DOMESTIC SECURITY AGREEMENT OR ANY OTHER
NOTE DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR
OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
JURY, AND THAT ANY PARTY TO THIS DOMESTIC SECURITY AGREEMENT MAY FILE AN
ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF
THEIR RIGHT TO TRIAL BY JURY.  EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS DOMESTIC PLEDGE AGREEMENT AND THE OTHER NOTE DOCUMENTS BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

19

 

SECTION 19.                                           SEVERABILITY.

 

 If any
provision of this Domestic Security Agreement is determined to be illegal,
invalid or unenforceable, such provision shall be fully severable and the
remaining provisions shall remain in full force and effect and shall be
construed without giving effect to the illegal, invalid or unenforceable
provisions.

 

SECTION 20.                                           ENTIRETY.

 

This Domestic Security Agreement, the other Note
Documents and the other documents relating to the Secured Obligations represent
the entire agreement of the parties hereto and thereto, and supersede all prior
agreements and understandings, oral or written, if any, including any
commitment letters or correspondence relating to the Note Documents, any other
documents relating to the Secured Obligations, or the transactions contemplated
herein and therein.

 

SECTION 21.                                           SURVIVAL.

 

All representations and warranties of the Grantors
hereunder shall survive the execution and delivery of this Domestic Security Agreement,
the other Note Documents and the other documents relating to the Secured
Obligations, the delivery of the Notes and the extension of credit thereunder
or in connection therewith.

 

SECTION 22.                                           OTHER SECURITY.

 

To the extent that any of the Secured Obligations are
now or hereafter secured by property other than the Collateral (including,
without limitation, real property and securities owned by a Grantor), or by a
guarantee, endorsement or property of any other Person, then the Collateral
Agent shall have the right to proceed against such other property, guarantee or
endorsement upon the occurrence of any Event of Default, and the Collateral
Agent shall have the right, in its sole discretion, to determine which rights,
security, liens, security interests or remedies the Collateral Agent shall at
any time pursue, relinquish, subordinate, modify or take with respect thereto,
without in any way modifying or affecting any of them or the Secured
Obligations or any of the rights of the Collateral Agent or the holders of the
Secured Obligations under this Domestic Security Agreement, under any of the
other Note Documents or under any other document relating to the Secured
Obligations.

 

SECTION 23.                                           JOINT AND SEVERAL OBLIGATIONS OF
GRANTORS.

 

                (a)       Subject to subsection (c) of
this Section 23, each of the Grantors is accepting joint and several
liability hereunder in consideration of the financial accommodation to be
provided by the holders of the Secured Obligations, for the mutual benefit,
directly and indirectly, of each of the Grantors and in consideration of the
undertakings of each of the Grantors to accept joint and several liability for
the obligations of each of them.

 

20

 

                (b)       Subject to subsection (c) of this
Section 23, each of the Grantors jointly and severally hereby irrevocably
and unconditionally accepts, not merely as a surety but also as a co-debtor,
joint and several liability with the other Grantors with respect to the payment
and performance of all of the Secured Obligations arising under this Domestic
Security Agreement, the other Note Documents and any other documents relating
to the Secured Obligations, it being the intention of the parties hereto that
all the Secured Obligations shall be the joint and several obligations of each
of the Grantors without preferences or distinction among them.

 

                (c)       Notwithstanding any provision to the
contrary contained herein, in any other of the Note Documents or in any other
documents relating to the Secured Obligations, the obligations of each Grantor
under the 2008 Note Agreement, the other Note Documents and the other documents
relating to the Secured Obligations shall be limited to an aggregate amount
equal to the largest amount that would not render such obligations subject to
avoidance under Section 548 of the United States Bankruptcy Code or any
comparable provisions of any applicable state law.

 

[Signature Pages Follow]

 

21

 

Each of the parties hereto has caused a counterpart of
this Domestic Security Agreement to be duly executed and delivered as of the
date first above written.

 

	
  GRANTORS:

  	
  GFI GROUP INC., a
  Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
    Name:

  
	
   

  	
    Title:

  
	
   

  	
   

  
	
   

  	
  GFI GROUP LLC, a New
  York limited liability

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
    Name:

  
	
   

  	
    Title:

  
	
   

  	
   

  
	
   

  	
  GFINET Inc., a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
    Name:

  
	
   

  	
    Title:

  
	
   

  	
   

  
	
   

  	
  GFI BROKERS LLC, a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
    Name:

  
	
   

  	
    Title:

  
	
   

  	
   

  
	
   

  	
  INTERACTIVE VENTURES
  LLC, a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
    Name:

  
	
   

  	
    Title:

  
	
   

  	
   

  
	
   

  	
  FENICS SOFTWARE INC., a
  Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
    Name:

  
	
   

  	
    Title:

  

 

 

	
   

  	
  AMEREX BROKERS, LLC., a
                  
  limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
    Name:

  
	
   

  	
    Title:

  

 

 

	
  Accepted and agreed to as of the date first above
  written.

  
	
   

  
	
  BANK OF AMERICA, N.A., as Collateral Agent

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   Name:

  
	
   Title:

  

 

 

COMMERCIAL TORT CLAIMS

 

NONE

 

SCHEDULE 2(D)

 

 

NOTICE

OF

GRANT OF SECURITY
INTEREST

IN

COPYRIGHTS

 

United States Copyright Office

 

Ladies and Gentlemen:

 

Please be advised that pursuant to the Domestic
Security Agreement dated as of January 30, 2008 (as the same may be
amended, modified, extended or restated from time to time, the “Domestic Security Agreement”) by and among the Grantors
from time to time party thereto (each an “Grantor” and
collectively, the “Grantors”) and Bank of America,
N.A., as Collateral Agent (the “Collateral Agent”)
for the holders of the Secured Obligations referenced therein, the undersigned
Grantor has granted a continuing security interest in and continuing lien upon,
the copyrights and copyright applications shown on Schedule 1 attached
hereto to the Collateral Agent for the ratable benefit of the holders of the
Secured Obligations.

 

The undersigned Grantor and the Collateral Agent, on
behalf of the holders of the Secured Obligations, hereby acknowledge and agree
that the security interest in the copyrights and copyright applications set
forth on Schedule 1 attached hereto (i) may only be terminated in
accordance with the terms of the Domestic Security Agreement and (ii) is
not to be construed as an assignment of any copyright or copyright application.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Grantor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Accepted .

  	
   

  
	
   

  	
   

  
	
  BANK OF AMERICA, N.A., as Collateral Agent

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
    Name:

  	
   

  
	
    Title:

  	
   

  
						

 

SCHEDULE 5(d)(i)

 

 

NOTICE

OF

GRANT OF SECURITY
INTEREST

IN

PATENTS

 

United States Patent and Trademark Office

 

Ladies and Gentlemen:

 

Please be advised that pursuant to the Domestic Security
Agreement dated as of January 30, 2008 (the “Domestic
Security Agreement”) by and among the Grantors from time to time
party thereto (each an “Grantor” and
collectively, the “Grantors”) and Bank of America,
N.A., as Collateral Agent (the “Collateral Agent”)
for the holders of the Secured Obligations referenced therein, the undersigned
Grantor has granted a continuing security interest in and continuing lien upon,
the patents and patent applications set forth on Schedule 1 attached
hereto to the Collateral Agent for the ratable benefit of the holders of the
Secured Obligations.

 

The undersigned Grantor and the Collateral Agent, on
behalf of the holders of the Secured Obligations, hereby acknowledge and agree
that the security interest in the patents and patent applications set forth on
Schedule 1 attached hereto (i) may only be terminated in accordance
with the terms of the Domestic Security Agreement and (ii) is not to be
construed as an assignment of any patent or patent application.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Grantor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Accepted .

  	
   

  
	
   

  	
   

  
	
  BANK OF AMERICA, N.A., as Collateral Agent

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   Name:

  	
   

  
	
   Title:

  	
   

  
						

 

SCHEDULE 5(d)(ii)

 

 

NOTICE

OF

GRANT OF SECURITY
INTEREST

IN

TRADEMARKS

 

United States Patent and Trademark Office

 

Ladies and Gentlemen:

 

Please be advised that pursuant to the Domestic
Security Agreement dated as of January 30, 2008 (the “Domestic
Security Agreement”) by and among the Grantors from time to time
party thereto (each an “Grantor” and
collectively, the “Grantors”) and Bank of America,
N.A., as Collateral Agent (the “Collateral Agent”)
for the holders of the Secured Obligations referenced therein, the undersigned
Grantor has granted a continuing security interest in and continuing lien upon,
the trademarks and trademark applications set forth on Schedule 1 attached
hereto to the Collateral Agent for the ratable benefit of the holders of the
Secured Obligations.

 

The undersigned Grantor and the Collateral Agent, on
behalf of the holders of the Secured Obligations, hereby acknowledge and agree
that the security interest in the trademarks and trademark applications set
forth on Schedule 1 attached hereto (i) may only be terminated in
accordance with the terms of the Domestic Security Agreement and (ii) is
not to be construed as an assignment of any trademark or trademark application.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Grantor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Acknowledged and Accepted .

  	
   

  
	
   

  	
   

  
	
  BANK OF AMERICA, N.A., as Collateral Agent

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
    Name:

  	
   

  
	
    Title:

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