Document:

Exhibit
10.1

 

 

[Published CUSIP
Number:                        ]

 

 

CREDIT AGREEMENT

 

Dated as of
August 23, 2004

 

among

 

GFI GROUP INC.

 

and

 

GFI HOLDINGS
LIMITED,

as the Borrowers,

 

CERTAIN
SUBSIDIARIES OF GFI GROUP INC. IDENTIFIED HEREIN,

as the Guarantors,

 

BANK OF AMERICA,
N.A.,

as Administrative
Agent,

 

BARCLAYS BANK PLC,

as Syndication
Agent,

 

and

 

THE OTHER LENDERS
PARTY HERETO

 

BANC OF AMERICA
SECURITIES LLC,

as Sole Lead
Arranger and Sole Book Manager

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I  DEFINITIONS AND ACCOUNTING TERMS

  	
   

  
	
  1.01

  	
  Defined
  Terms.

  	
   

  
	
  1.02

  	
  Other Interpretive
  Provisions.

  	
   

  
	
  1.03

  	
  Accounting
  Terms.

  	
   

  
	
  1.04

  	
  Rounding.

  	
   

  
	
  1.05

  	
  References to
  Agreements and Laws.

  	
   

  
	
  1.06

  	
  Times of
  Day.

  	
   

  
	
  1.07

  	
  Letter of Credit Amounts.

  	
   

  
	
  1.08

  	
  Exchange Rates;
  Currency Equivalents.

  	
   

  
	
  1.09

  	
  Additional
  Alternative Currencies.

  	
   

  
	
  1.10

  	
  Change
  of Currency.

  	
   

  
	
  ARTICLE II  THE COMMITMENTS AND CREDIT EXTENSIONS

  	
   

  
	
  2.01

  	
  Revolving
  Loans.

  	
   

  
	
  2.02

  	
  Borrowings,
  Conversions and Continuations of Loans.

  	
   

  
	
  2.03

  	
  Letters
  of Credit.

  	
   

  
	
  2.04

  	
  Prepayments.

  	
   

  
	
  2.05

  	
  Termination
  or Reduction of Aggregate Revolving Commitments.

  	
   

  
	
  2.06

  	
  Repayment
  of Loans.

  	
   

  
	
  2.07

  	
  Interest.

  	
   

  
	
  2.08

  	
  Fees.

  	
   

  
	
  2.09

  	
  Computation of
  Interest and Fees.

  	
   

  
	
  2.10

  	
  Evidence
  of Debt.

  	
   

  
	
  2.11

  	
  Payments
  Generally; Administrative Agent’s Clawback.

  	
   

  
	
  2.12

  	
  Sharing of Payments by
  Lenders.

  	
   

  
	
  ARTICLE III  TAXES, YIELD PROTECTION AND ILLEGALITY

  	
   

  
	
  3.01

  	
  Taxes.

  	
   

  
	
  3.02

  	
  Illegality.

  	
   

  
	
  3.03

  	
  Inability to Determine
  Rates.

  	
   

  
	
  3.04

  	
  Increased
  Costs.

  	
   

  
	
  3.05

  	
  Funding
  Losses.

  	
   

  
	
  3.06

  	
  Mitigation
  Obligations; Replacement of Lenders.

  	
   

  
	
  3.07

  	
  Survival.

  	
   

  
	
  ARTICLE IV  GUARANTY

  	
   

  
	
  4.01

  	
  The
  Guaranty.

  	
   

  
	
  4.02

  	
  Obligations Unconditional.

  	
   

  
	
  4.03

  	
  Reinstatement.

  	
   

  
	
  4.04

  	
  Certain Additional Waivers.

  	
   

  
	
  4.05

  	
  Remedies.

  	
   

  
	
  4.06

  	
  Rights of Contribution.

  	
   

  
	
  4.07

  	
  Guarantee of
  Payment; Continuing Guarantee.

  	
   

  
	
  ARTICLE V  CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

  	
   

  
	
  5.01

  	
  Conditions of
  Initial Credit Extension.

  	
   

  
	
  5.02

  	
  Conditions to all
  Credit Extensions.

  	
   

  
	
  ARTICLE VI  REPRESENTATIONS AND WARRANTIES

  	
   

  

 

i

 

	
  6.01

  	
  Existence,
  Qualification and Power.

  	
   

  
	
  6.02

  	
  Authorization; No
  Contravention.

  	
   

  
	
  6.03

  	
  Governmental
  Authorization; Other Consents.

  	
   

  
	
  6.04

  	
  Binding
  Effect.

  	
   

  
	
  6.05

  	
  Financial
  Statements; No Material Adverse Effect.

  	
   

  
	
  6.06

  	
  Litigation.

  	
   

  
	
  6.07

  	
  No Default.

  	
   

  
	
  6.08

  	
  Ownership of Property;
  Liens.

  	
   

  
	
  6.09

  	
  Environmental Compliance.

  	
   

  
	
  6.10

  	
  Insurance.

  	
   

  
	
  6.11

  	
  Taxes.

  	
   

  
	
  6.12

  	
  ERISA
  Compliance.

  	
   

  
	
  6.13

  	
  Subsidiaries.

  	
   

  
	
  6.14

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

  	
   

  
	
  6.15

  	
  Disclosure.

  	
   

  
	
  6.16

  	
  Compliance with Laws.

  	
   

  
	
  6.17

  	
  Intellectual
  Property; Licenses, Etc.

  	
   

  
	
  6.18

  	
  Solvency.

  	
   

  
	
  6.19

  	
  Perfection
  of Security Interests in the Collateral.

  	
   

  
	
  6.20

  	
  Business
  Locations.

  	
   

  
	
  6.21

  	
  Brokers’
  Fees.

  	
   

  
	
  6.22

  	
  Labor
  Matters.

  	
   

  
	
  6.23

  	
  Representations
  as to Foreign Obligations.

  	
   

  
	
  ARTICLE VII  AFFIRMATIVE COVENANTS

  	
   

  
	
  7.01

  	
  Financial Statements.

  	
   

  
	
  7.02

  	
  Certificates; Other
  Information.

  	
   

  
	
  7.03

  	
  Notices.

  	
   

  
	
  7.04

  	
  Payment of Obligations.

  	
   

  
	
  7.05

  	
  Preservation of
  Existence, Etc.

  	
   

  
	
  7.06

  	
  Maintenance of Properties.

  	
   

  
	
  7.07

  	
  Maintenance of Insurance.

  	
   

  
	
  7.08

  	
  Compliance
  with Laws.

  	
   

  
	
  7.09

  	
  Books
  and Records.

  	
   

  
	
  7.10

  	
  Inspection
  Rights.

  	
   

  
	
  7.11

  	
  Use of
  Proceeds.

  	
   

  
	
  7.12

  	
  Additional Subsidiaries.

  	
   

  
	
  7.13

  	
  ERISA
  Compliance.

  	
   

  
	
  7.14

  	
  Pledged
  Assets.

  	
   

  
	
  7.15

  	
  Landlord
  Waivers.

  	
   

  
	
  7.16

  	
  Insurance
  Policies.

  	
   

  
	
  7.17

  	
  Stock
  Certificates.

  	
   

  
	
  ARTICLE VIII  NEGATIVE COVENANTS

  	
   

  
	
  8.01

  	
  Liens.

  	
   

  
	
  8.02

  	
  Investments.

  	
   

  
	
  8.03

  	
  Indebtedness.

  	
   

  

 

ii

 

	
  8.04

  	
  Fundamental Changes.

  	
   

  
	
  8.05

  	
  Dispositions.

  	
   

  
	
  8.06

  	
  Restricted Payments.

  	
   

  
	
  8.07

  	
  Change in Nature of
  Business.

  	
   

  
	
  8.08

  	
  Transactions
  with Affiliates and Insiders.

  	
   

  
	
  8.09

  	
  Burdensome Agreements.

  	
   

  
	
  8.10

  	
  Use of
  Proceeds.

  	
   

  
	
  8.11

  	
  Financial Covenants.

  	
   

  
	
  8.12

  	
  Organization
  Documents; Fiscal Year; Legal Name, State of Formation and Form of Entity.

  	
   

  
	
  8.13

  	
  Sale
  Leasebacks.

  	
   

  
	
  8.14

  	
  Proprietary Trading.

  	
   

  
	
  8.15

  	
  Prepayment of
  Other Indebtedness, Etc.

  	
   

  
	
  ARTICLE IX  EVENTS OF DEFAULT AND REMEDIES

  	
   

  
	
  9.01

  	
  Events
  of Default.

  	
   

  
	
  9.02

  	
  Remedies Upon Event of
  Default.

  	
   

  
	
  9.03

  	
  Application of Funds.

  	
   

  
	
  ARTICLE X  ADMINISTRATIVE AGENT

  	
   

  
	
  10.01

  	
  Appointment and Authority.

  	
   

  
	
  10.02

  	
  Rights
  as a Lender.

  	
   

  
	
  10.03

  	
  Exculpatory Provisions.

  	
   

  
	
  10.04

  	
  Reliance by
  Administrative Agent.

  	
   

  
	
  10.05

  	
  Delegation of Duties.

  	
   

  
	
  10.06

  	
  Resignation of
  Administrative Agent.

  	
   

  
	
  10.07

  	
  Non-Reliance
  on Administrative Agent and Other Lenders.

  	
   

  
	
  10.08

  	
  No
  Other Duties, Etc.

  	
   

  
	
  10.09

  	
  Administrative
  Agent May File Proofs of Claim.

  	
   

  
	
  10.10

  	
  Releases.

  	
   

  
	
  ARTICLE XI  MISCELLANEOUS

  	
   

  
	
  11.01

  	
  Amendments,
  Etc.

  	
   

  
	
  11.02

  	
  Notices;
  Effectiveness; Electronic Communication.

  	
   

  
	
  11.03

  	
  No Waiver; Cumulative
  Remedies.

  	
   

  
	
  11.04

  	
  Expenses; Indemnity;
  Damage Waiver.

  	
   

  
	
  11.05

  	
  Payments
  Set Aside.

  	
   

  
	
  11.06

  	
  Successors and Assigns.

  	
   

  
	
  11.07

  	
  Confidentiality.

  	
   

  
	
  11.08

  	
  Set-off.

  	
   

  
	
  11.09

  	
  Interest Rate Limitation.

  	
   

  
	
  11.10

  	
  Counterparts.

  	
   

  
	
  11.11

  	
  Integration.

  	
   

  
	
  11.12

  	
  Survival of
  Representations and Warranties.

  	
   

  
	
  11.13

  	
  Severability.

  	
   

  
	
  11.14

  	
  Replacement of Lenders.

  	
   

  
	
  11.15

  	
  Governing Law;
  Jurisdiction, Etc.

  	
   

  
	
  11.16

  	
  Waiver of Right to
  Trial by Jury.

  	
   

  
	
  11.17

  	
  USA PATRIOT Act Notice.

  	
   

  

 

iii

 

	
  11.18

  	
  Judgment
  Currency.

  	
   

  

 

iv

 

	
  SCHEDULES

  	
   

  
	
   

  	
   

  
	
  1.01

  	
  Mandatory Cost Rate

  
	
  2.01

  	
  Commitments and Pro
  Rata Shares

  
	
  6.10

  	
  Insurance

  
	
  6.13

  	
  Subsidiaries

  
	
  6.17

  	
  IP Rights

  
	
  6.20(a)

  	
  Real Property Locations

  
	
  6.20(b)

  	
  Tangible Personal
  Property Locations

  
	
  6.20(c)

  	
  Chief Executive Office
  Locations

  
	
  8.01

  	
  Liens Existing on the
  Closing Date

  
	
  8.02

  	
  Investments Existing on
  the Closing Date

  
	
  8.03

  	
  Indebtedness Existing
  on the Closing Date

  
	
  11.02

  	
  Certain Addresses for
  Notices

  
	
   

  	
   

  
	
  EXHIBITS

  	
   

  
	
   

  	
   

  
	
  A

  	
  Form of Loan Notice

  
	
  B

  	
  Form of Revolving Note

  
	
  C

  	
  Form of Compliance
  Certificate

  
	
  D

  	
  Form of Assignment and
  Assumption

  
	
  E

  	
  Form of Joinder Agreement

  
	
  F

  	
  Form of Report of
  Letter of Credit Information

  

 

v

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT is
entered into as of August 23, 2004 among GFI GROUP INC., a Delaware
corporation (“GFI”), GFI HOLDINGS LIMITED, a company incorporated under
the laws of England and Wales (the “Foreign Borrower”; together with
GFI, the “Borrowers”), the Guarantors (defined herein), the Lenders
(defined herein) and BANK OF AMERICA, N.A., as Administrative Agent.

 

The Borrowers have
requested that the Lenders provide $80,000,000 in credit facilities for the
purposes set forth herein, and the Lenders are willing to do so on the terms
and conditions set forth herein.

 

In consideration of the
mutual covenants and agreements herein contained, the parties hereto covenant
and agree as follows:

 

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

 

1.01                           Defined Terms.

 

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

 

“Acquisition”, by
any Person, means the acquisition by such Person, in a single transaction or in
a series of related transactions, of all or any substantial portion of the
Property of another Person or all or substantially all of the Voting Stock of
another Person, in each case whether or not involving a merger or consolidation
with such other Person and whether for cash, property, services, assumption of
Indebtedness, securities or otherwise.

 

“Additional
Subordinated Indebtedness” means any Indebtedness of GFI, other than the
JPI Subordinated Indebtedness, which by its terms is expressly subordinated in
right of payment to the prior payment of the Obligations under this Agreement
and the other Loan Documents containing terms and conditions (including without
limitation the subordination provisions) reasonably satisfactory to the
Required Lenders.

 

“Administrative Agent”
means Bank of America in its capacity as administrative agent under any of the
Loan Documents, or any successor administrative agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 11.02 or such other
address or account as the Administrative Agent may from time to time notify GFI
and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by
the Administrative Agent.

 

“Affiliate” means,
with respect to any Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.  “Control”
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled”
have meanings correlative thereto. 
Without limiting the generality of the foregoing, a Person shall be
deemed to be Controlled by another Person if

 

 

such other Person
possesses, directly or indirectly, power to vote 10% or more of the securities
having ordinary voting power for the election of directors, managing general
partners or the equivalent.

 

“Aggregate Revolving
Commitments” means the Revolving Commitments of all the Lenders.  The initial amount of the Aggregate
Revolving Commitments in effect on the Closing Date is EIGHTY MILLION DOLLARS
($80,000,000).

 

“Agreement” means
this Credit Agreement, as amended, modified, supplemented and extended from
time to time.

 

“Alternative
Currency” means each of British Pounds Sterling, Euros and each other
lawful currency (other than Dollars) that is freely available and freely
transferable and convertible into Dollars and that is approved by all the
Lenders in accordance with Section 1.09.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount
denominated in Dollars, the equivalent amount thereof in the applicable
Alternative Currency as determined by the Administrative Agent at such time on
the basis of the Spot Rate (determined in respect of the most recent Revaluation
Date) for the purchase of such Alternative Currency with Dollars.

 

“Alternative
Currency Reserve” means the Dollar Equivalent equal to 2% of Total
Revolving Outstandings denominated in Alternative Currencies.

 

“Alternative
Currency Sublimit” means an amount equal to the lesser of (a) the Aggregate
Revolving Commitments and (b) FORTY MILLION DOLLARS ($40,000,000).  The Alternative Currency Sublimit is part
of, and not in addition to, the Aggregate Revolving Commitments.

 

“Applicable
Currency” means Dollars or an Alternative Currency, as applicable.

 

“Applicable Foreign
Loan Party Documents” has the meaning specified in Section 6.23(a)

 

“Applicable Margin”
means the following percentages per annum (as relevant to Commitment Fee,
Letters of Credit and Eurocurrency Loans, and Base Rate Loans), based upon the
Consolidated Leverage Ratio as set forth in the most recent Compliance
Certificate received by the Administrative Agent pursuant to Section 7.02(a)
for the most recent fiscal quarter of GFI:

 

	
  Pricing

  Tier

  	
   

  	
  Consolidated

  Leverage Ratio

  	
   

  	
  Commitment

  Fee

  	
   

  	
  Letters of Credit

  &

  Eurocurrency

  Loans

  	
   

  	
  Base Rate Loans

  
	
  1

  	
   

  	
  <
  0.5 to 1.0

  	
   

  	
  0.25%

  	
   

  	
  1.00%

  	
   

  	
  0%

  
	
  2

  	
   

  	
  <
  1.0 to 1.0 but > 0.5 to 1.0

  	
   

  	
  0.375%

  	
   

  	
  1.25%

  	
   

  	
  0%

  
	
  3

  	
   

  	
  <
  1.5 to 1.0 but > 1.0 to 1.0

  	
   

  	
  0.375%

  	
   

  	
  1.75%

  	
   

  	
  0.50%

  
	
  4

  	
   

  	
  > 1.5 to 1.0

  	
   

  	
  0.50%

  	
   

  	
  2.25%

  	
   

  	
  1.00%

  

 

Any increase or decrease
in the Applicable Margin resulting from a change in the Consolidated Leverage
Ratio shall become effective as of the first Business Day immediately following
the date a Compliance Certificate is required to be delivered pursuant to Section 7.02(a)
in connection with the financial statements referred to in Sections 7.01(a)
and (b); provided, however, that if a Compliance
Certificate is

 

2

 

not delivered when due in
accordance with such Section, then Pricing Tier 4 shall apply as of the first
Business Day after the date on which such Compliance Certificate was required
to have been delivered and shall continue to apply until the first Business Day immediately following the date a Compliance
Certificate is delivered in accordance with Section 7.02(a),
whereupon the Applicable Margin shall be adjusted based upon the calculation of
the Consolidated Leverage Ratio contained in such Compliance Certificate.  The Applicable Margin in effect from the
Closing Date through the first Business Day immediately following the date a
Compliance Certificate is required to be delivered pursuant to Section 7.02(a)
for the fiscal quarter ending June 30, 2004 shall be determined based upon
Pricing Tier 3.

 

“Applicable Time”
means, with respect to any borrowings and payments in any Alternative Currency,
the local time in the place of settlement for such Alternative Currency as may
be determined by the Administrative Agent or the applicable L/C Issuer, as the
case may be, to be necessary for timely settlement on the relevant date in
accordance with normal banking procedures in the place of payment.

 

“Application
Period” means, in respect of any Disposition, the period of 180 days
following the consummation of such Disposition.

 

“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender.

 

“Assignment and
Assumption” means an Assignment and Assumption substantially in the form of
Exhibit D.

 

“Attorney Costs”
means and includes all reasonable and documented fees, expenses and
disbursements of any law firm or other external counsel.

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Capital Lease of any Person, the
capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, (b) in respect of any
Synthetic Lease, the capitalized amount of the remaining lease payments under
the relevant lease that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP if such lease were accounted for as a
Capital Lease and (c) in respect of any Securitization Transaction of any
Person, the outstanding principal amount of such financing, after taking into
account reserve accounts and making appropriate adjustments, determined by the
Administrative Agent in its reasonable judgment.

 

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

 

“Availability Period”
means the period from and including the Closing Date to the earliest of (i) the
Maturity Date, (ii) the date of termination of the Aggregate Revolving
Commitments pursuant to Section 2.05, and (iii) the date of
termination of the commitment of each Lender to make Revolving Loans and of the
obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 9.02.

 

“Bank of America”
means Bank of America, N.A. and its successors.

 

“BAS” means Banc
of America Securities LLC, in its capacity as sole lead arranger and sole book
manager.

 

3

 

“Base Rate” means
for any day a fluctuating rate per annum equal to the higher of (a) the Federal
Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day
as publicly announced from time to time by Bank of America as its “prime
rate.”  The “prime rate” is a rate set
by Bank of America based upon various factors including Bank of America’s costs
and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or
below such announced rate.  Any change
in the “prime rate” announced by Bank of America shall take effect at the
opening of business on the day specified in the public announcement of such
change.

 

“Base Rate Loan”
means a Loan that bears interest based on
the Base Rate.

 

“Borrowers” has
the meaning specified in the introductory paragraph hereto.

 

“Borrowing” means
a borrowing consisting of simultaneous Loans of the same Type, in the same
currency and, in the case of Eurocurrency Rate Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.01.

 

“British Pounds
Sterling” means the lawful currency of the United Kingdom.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state of New York or the state where the Administrative Agent’s
Office with respect to Obligations denominated in Dollars is located and:

 

(a)
if such day relates to any interest rate settings as to a Eurocurrency Rate
Loan denominated in Dollars, any fundings, disbursements, settlements and
payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other
dealings in Dollars to be carried out pursuant to this Agreement in respect of
any such Eurocurrency Rate Loan, means any such day on which dealings in
deposits in Dollars are conducted by and between banks in the London interbank
eurodollar market;

 

(b)
if such day relates to any interest rate settings as to a Eurocurrency Rate
Loan denominated in Euro, any fundings, disbursements, settlements and payments
in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in
Euro to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan, means a TARGET Day;

 

(c)
if such day relates to any interest rate settings as to a Eurocurrency Rate
Loan denominated in British Pounds Sterling, any fundings, disbursements,
settlements and payments in British Pounds Sterling in respect of any such
Eurocurrency Rate Loan, or any other dealings in British Pounds Sterling to be
carried out pursuant to this Agreement in respect of any such Eurocurrency Rate
Loan, means any such day on which the relevant financial markets are open for
dealings between banks in London;

 

(d)
if such day relates to any interest rate settings as to a Eurocurrency Rate
Loan denominated in a currency other than Dollars, Euro or British Pounds
Sterling, means any such day on which dealings in deposits in the relevant
currency are conducted by and between banks in the London or other applicable
offshore interbank market for such currency; and

 

(e)
if such day relates to any fundings, disbursements, settlements and payments in
a currency other than Dollars, Euro or British Pounds Sterling, in respect of a
Eurocurrency Rate Loan denominated in a currency other than Dollars, Euro, or
British Pounds Sterling, or any other

 

4

 

dealings
in any currency other than Dollars, Euro or British Pounds Sterling to be
carried out pursuant to this Agreement in respect of any such Eurocurrency Rate
Loan (other than any interest rate settings), means any such day on which banks
are open for foreign exchange business in the principal financial center of the
country of such currency.

 

“Businesses”
means, at any time, a collective reference to the businesses operated by the
Loan Parties at such time.

 

“Capital Lease”
means, as applied to any Person, any lease of any Property by that Person as
lessee which, in accordance with GAAP, is required to be accounted for as a
capital lease on the balance sheet of that Person.

 

“Capital Stock”
means (i) in the case of a corporation, capital stock, (ii) in the
case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of capital
stock, (iii) in the case of a partnership, partnership interests (whether
general or limited), (iv) in the case of a limited liability company,
membership interests and (v) any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person.

 

“Cash Collateralize”
has the meaning specified in Section 2.03(g).

 

“Cash Equivalents”
means, as at any date, (a) securities issued or directly and fully
guaranteed or insured by the United States or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is
pledged in support thereof) having maturities of not more than twelve months
from the date of acquisition, (b) Dollar denominated time deposits and
certificates of deposit of (i) any Lender, (ii) any domestic
commercial bank of recognized standing having capital and surplus in excess of
$500,000,000 or (iii) any bank whose short-term commercial paper rating
from S&P is at least A-1 or the equivalent thereof or from Moody’s is at
least P-1 or the equivalent thereof (any such bank being an “Approved Bank”),
in each case with maturities of not more than 270 days from the date of
acquisition, (c) commercial paper and variable or fixed rate notes issued
by any Approved Bank (or by the parent company thereof) or any variable rate
notes issued by, or guaranteed by, any domestic corporation rated A-1 (or the
equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or
better by Moody’s and maturing within six months of the date of acquisition,
(d) repurchase agreements entered into by any Person with a bank or trust
company (including any of the Lenders) or recognized securities dealer having
capital and surplus in excess of $500,000,000 for direct obligations issued by
or fully guaranteed by the United States in which such Person shall have a
perfected first priority security interest (subject to no other Liens) and having,
on the date of purchase thereof, a fair market value of at least 100% of the
amount of the repurchase obligations and (e) Investments, classified in
accordance with GAAP as current assets, in money market investment programs
registered under the Investment Company Act of 1940, as amended, which are
administered by (i) any Lender or (ii) a reputable financial institutions
having capital of at least $500,000,000 and the portfolios of which are limited
to Investments of the
character described in the foregoing subdivisions (a) through (d).

 

“Certificate
of Designation” means the Certificate of Designation, Preferences and
Rights of Series C Redeemable Convertible Preferred Stock of GFI Group Inc.
filed June 3, 2002 governing the Series C Convertible Preferred.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of
the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, guideline or directive
(whether or not having the force of law) by any Governmental Authority.

 

5

 

“Change of Control”
means an event or series of events by which:

 

(a)                                  prior
to the consummation of an initial Public Equity Offering, the Parent shall fail
to own directly greater than 50% of the outstanding voting Capital Stock of
GFI, determined on a fully diluted basis after giving effect to the conversion
and exercise of all outstanding warrants, options and other securities of GFI,
convertible into or exercisable for voting Capital Stock of GFI (whether or not
such warrants, options or securities are then currently convertible or
exercisable, but excluding (i) any warrants, options or securities that are not
convertible or exercisable until after GFI’s initial Public Equity Offering and
(ii) any warrants or options issued pursuant to any employee stock option plan
of GFI); or

 

(b)                                 after
the consummation of an initial Public Equity Offering, any “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its
subsidiaries, and any person or entity acting in its capacity as trustee, agent
or other fiduciary or administrator of any such plan) other than the Parent
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the
Securities Exchange Act of 1934, except that a person or group shall be deemed
to have “beneficial ownership” of all Capital Stock that such person or group
has the right to acquire (such right, an “option right”), whether such
right is exercisable immediately or only after the passage of time), directly
or indirectly, of at least thirty-five percent (35%) of the voting Capital
Stock of GFI entitled to vote for members of the board of directors or
equivalent governing body of GFI on a fully diluted basis (and taking into
account all such securities that such person or group has the right to acquire
pursuant to any option right); or

 

(c)                                  during
any period of 24 consecutive months, a majority of the members of the board of
directors of GFI cease to be composed of individuals (i) who were members of
that board on the first day of such period, (ii) whose election or nomination
to that board was approved by individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of
that board and/or (iii) whose election or nomination to that board was approved
by individuals referred to in clauses (i) and (ii) above constituting at the
time of such election or nomination at least a majority of that board
(excluding, in the case of both clause (ii) and clause (iii), any individual
whose initial nomination for, or assumption of office as, a member of that
board occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or
group other than a solicitation for the election of one or more directors by or
on behalf of the board of directors); or

 

(d)                                 for
so long as the JPI Subordinated Indebtedness is outstanding, the occurrence of
a “Change of Control” (or any comparable term) under and as defined in the JPI Subordinated Debt Documents or any sale or
transfer (whether by merger, consolidation, sale of stock, sale of assets or
otherwise) of all or substantially all of the Business Operations (as defined
in the JPI Subordinated Debt Documents) or the assets thereof (other than to
GFI Group LLC or an Affiliate Guarantor (as defined in the JPI Subordinated
Debt Documents) which has complied with Section 5.10 of the JPI Senior
Subordinated Loan Agreement); or

 

(e)                                  for
so long as the applicable Additional Subordinated Indebtedness is outstanding,
the occurrence of a “Change of Control” (or any comparable term) under, and as
defined in the documentation evidencing the Additional Subordinated Indebtedness.

 

“Closing
Date” means the date hereof.

 

6

 

“Collateral” means
a collective reference to all real and personal Property with respect to which
Liens in favor of the Administrative Agent are purported to be granted pursuant
to and in accordance with the terms of the Collateral Documents.

 

“Collateral Documents”
means a collective reference to the Domestic Security Agreement, the Foreign
Security Agreement, the Domestic Pledge Agreement, the Foreign Pledge Agreement,
the Fenics Software Pledge Agreement and such other security documents as may
be executed and delivered by the Loan Parties pursuant to the terms of Section 7.12
and/or Section 7.14.

 

“Commitment”
means, as to each Lender, the Revolving Commitment of such Lender.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C.

 

“Consolidated Capital”
means, as of any date of determination, the aggregate of consolidated
shareholders’ equity and preferred equity of GFI and its Subsidiaries as of
that date determined in accordance with GAAP.

 

“Consolidated
Capitalized Expenditures” means, for any period, for GFI and its
Subsidiaries on a consolidated basis, the cost of the purchase of fixed assets
and software costs and all other capitalized expenditures, as determined in
accordance with GAAP; provided, however, that Consolidated
Capitalized Expenditures shall not include (a) expenditures made with
proceeds of any Involuntary Disposition to the extent such expenditures are
used to purchase Property that is the same as or similar to the Property
subject to such Involuntary Disposition and (b) Permitted Acquisitions.

 

“Consolidated Cash
Taxes” means, for any period, for GFI and its Subsidiaries on a
consolidated basis, the aggregate of all taxes, as determined in accordance
with GAAP, to the extent the same are paid in cash during such period.

 

“Consolidated EBITDA”
means, for any period, for GFI and its Subsidiaries on a consolidated basis, an
amount equal to Consolidated Net Income (excluding extraordinary and other
non-recurring gains and losses and interest income) for such period plus
the following to the extent deducted in calculating such Consolidated Net
Income:  (a) Consolidated Interest
Charges for such period, (b) the provision for federal, state, local and
foreign income taxes payable by GFI and its Subsidiaries for such period and
(c) the amount of depreciation and amortization expense (excluding any
amortization related to signing bonuses) for such period.

 

“Consolidated Fixed
Charge Coverage Ratio” means, as of any date of determination, the ratio of
(a) the sum of (i) Consolidated EBITDA for the twelve month period most
recently ended for which GFI has delivered financial statements pursuant to Section 7.01(a),
(b) or (c)  plus (ii) amortization of signing bonuses
during the twelve month period most recently ended for which GFI has delivered
financial statements pursuant to Section 7.01(a), (b) or (c)
to (b) Consolidated Fixed Charges for the twelve month period most
recently ended for which GFI has delivered financial statements pursuant to Section 7.01(a),
(b) or (c).

 

“Consolidated Fixed
Charges” means, for any period, for GFI and its Subsidiaries on a
consolidated basis, an amount equal to the sum of (i) the cash portion of
Consolidated Interest Charges for such period plus
(ii) Consolidated Scheduled Funded Debt Payments for such period plus
(iii) Consolidated Capitalized Expenditures (including, without limitation,
signing bonuses) for such period plus (iv) Consolidated Cash Taxes for
such period, all as determined in accordance with GAAP.

 

7

 

“Consolidated Funded
Indebtedness” means Funded Indebtedness of GFI and its Subsidiaries on a
consolidated basis.

 

“Consolidated Interest
Charges” means, for any period, for GFI and its Subsidiaries on a
consolidated basis, an amount equal to the sum of (i) all interest, premium
payments, debt discount, fees, charges and related expenses of GFI and its
Subsidiaries in connection with Indebtedness (including capitalized interest
and other fees and charges incurred under any asset securitization program) or
in connection with the deferred purchase price of assets, in each case to the
extent treated as interest in accordance with GAAP, plus (ii) the
portion of rent expense of GFI and its Subsidiaries with respect to such period
under Capital Leases or Synthetic Leases that is treated as interest in
accordance with GAAP.

 

“Consolidated Leverage
Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for
the twelve month period most recently ended for which GFI has delivered
financial statements pursuant to Section 7.01(a), (b) or (c).

 

“Consolidated Net
Income” means, for any period, for GFI and its Subsidiaries on a
consolidated basis, the net income of GFI and its Subsidiaries for that period.

 

“Consolidated
Scheduled Funded Debt Payments” means for any period, for GFI and its
Subsidiaries on a consolidated basis, the sum of all scheduled payments of
principal on Consolidated Funded Indebtedness (including without limitation,
all scheduled payments of principal on the JPI Subordinated Indebtedness but
excluding that certain payment of principal on the JPI Subordinated
Indebtedness in the amount of $2,500,000 made in November 2003).  For purposes of this definition, “scheduled
payments of principal” (a) shall be
deemed to include the Attributable Indebtedness in respect of Capital
Leases and Synthetic Leases, and (b) shall not include any voluntary
prepayments or mandatory prepayments required pursuant to Section 2.04.

 

“Consolidated Total
Assets” means, as of any date of determination, for GFI and its
Subsidiaries on a consolidated basis, all items, which in accordance with GAAP
would be classified as assets of GFI and its Subsidiaries on a consolidated
basis.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is bound.

 

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

 

“Credit Extension”
means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Debt Issuance”
means the issuance by GFI or any Subsidiary of any Indebtedness other than
Indebtedness permitted under Section 8.03.

 

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

 

“Default” means
any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of
Default.

 

8

 

“Default Rate”
means  (a) with respect to Obligations
other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus
(ii) the Applicable Margin, if any, applicable to Base Rate Loans plus
(iii) 2% per annum; provided, however, that with respect to a
Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the
interest rate (including any Applicable Margin and any Mandatory Cost)
otherwise applicable to such Eurocurrency Rate Loan plus 2% per annum, and (b)
with respect to Letter of Credit Fees, a rate equal to the Applicable Margin
plus 2% per annum, in all cases to the fullest extent permitted by applicable
Laws.

 

“Defaulting Lender”
means any Lender that (a) has failed to fund any portion of the Loans or
participations in L/C Obligations required to be funded by it hereunder within
one Business Day of the date required to be funded by it hereunder, (b) has
otherwise failed to pay over to the Administrative Agent or any other Lender
any other amount required to be paid by it hereunder within one Business Day of
the date when due, unless the subject of a good faith dispute, or (c) has been
deemed insolvent or become the subject of a bankruptcy or insolvency
proceeding.

 

“Disposition” or “Dispose”
means the sale, transfer, license, lease or other disposition (including any
Sale and Leaseback Transaction) of any Property by GFI or any Subsidiary
(including the Capital Stock of any Subsidiary), including any sale,
assignment, transfer or other disposal, with or without recourse, of any notes
or accounts receivable or any rights and claims associated therewith, but
excluding (i) the sale, lease, license, transfer or other disposition of
inventory or software in the ordinary course of business of GFI and its
Subsidiaries, (ii) the sale, lease, license, transfer or other disposition of
machinery and equipment no longer used or useful in the conduct of business of
GFI and its Subsidiaries, (iii) any sale, lease, license, transfer or other
disposition of Property by GFI or any Subsidiary to any Domestic Loan Party,
(iv) any sale, lease, license, transfer or other disposition of Property by any
Foreign Subsidiary to any Foreign Loan Party, (v) any Involuntary Disposition
by GFI or any Subsidiary, (vi) any Disposition by GFI or any Subsidiary to the
extent constituting a Permitted Investment, (vii) any sale of receivables by a
Regulated Subsidiary to GFI or any other Loan Party for no more than the fair
value of such receivables and (viii) the disposition by GFI LLC of its Sydney,
Australia based brokerage operations to GFI Brokers Limited.  The term “Disposition” shall not be deemed
to include any Equity Issuance.

 

“Dollar” and “$”
mean lawful money of the United States.

 

“Dollar
Equivalent” means, at any time, (a) with respect to any amount denominated
in Dollars, such amount, and (b) with respect to any amount denominated in
any Alternative Currency, the equivalent amount thereof in Dollars as
determined by the Administrative Agent or the applicable L/C Issuer, as the
case may be, at such time on the basis of the Spot Rate (determined in respect
of the most recent Revaluation Date) for the purchase of Dollars with such
Alternative Currency.

 

“Domestic Guarantor”
means each Domestic Subsidiary of GFI that is a Material Subsidiary identified
on the signature pages hereto as a “Domestic Guarantor” and each other Person
that joins as a Domestic Guarantor of the Obligations pursuant to Section 7.12,
together with their respective successors and permitted assigns.

 

“Domestic Loan Party”
means GFI and any Domestic Guarantor.

 

“Domestic Pledge
Agreement” means the pledge agreement dated as of the Closing Date executed
in favor of the Administrative Agent by GFI and each of the Domestic Guarantors
party thereto, as amended, modified, restated or supplemented from time to
time.

 

9

 

“Domestic Security
Agreement” means the security agreement dated as of the Closing Date
executed in favor of the Administrative Agent by GFI and each of the Domestic
Guarantors, as amended, modified, restated or supplemented from time to time.

 

“Domestic Subsidiary”
means any Subsidiary that is organized under the laws of any political
subdivision of the United States.

 

“Earn Out Obligations”
means, with respect to an Acquisition, all obligations of GFI or any Subsidiary
to make earn out or other contingency payments pursuant to the documentation
relating to such Acquisition.  The
amount of any Earn Out Obligation shall be deemed to be the aggregate liability
in respect thereof as recorded on the balance sheet of GFI and its Subsidiaries
in accordance with GAAP.

 

“Eligible Assignee”
means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d)
any other Person (other than a natural person) approved by (i) the Administrative
Agent (and in the case of an assignment of a Revolving Commitment, the L/C
Issuers), and (ii) unless an Event of Default has occurred and is continuing,
GFI (each such approval not to be unreasonably withheld or delayed); provided
that notwithstanding the foregoing, “Eligible Assignee” shall not include GFI
or any of GFI’s Affiliates or Subsidiaries.

 

“Eligible
Reinvestment” means any acquisition of assets or any business (or any
substantial part thereof) used or useful in the same or a similar line of business
as GFI and its Subsidiaries were engaged in on the Closing Date.

 

“EMU” means the economic and monetary union in accordance with
the Treaty of Rome 1957, as amended by the Single European Act 1986, the
Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998.

 

“EMU
Legislation” means the legislative measures of the European Council for the
introduction of, changeover to or operation of a single or unified European
currency.

 

“Environmental Laws”
means any and all federal, state, local, foreign and other applicable statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental
restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including those related to
hazardous substances or wastes, air emissions and discharges to waste or public
systems.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or
indemnities), of GFI, any other Loan Party or any of their respective
Subsidiaries directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any
Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.

 

“Equity Issuance”
means any issuance by GFI or any Subsidiary to any Person of shares of its
Capital Stock, other than (a) any issuance of shares of its Capital Stock
pursuant to the exercise of options or warrants, (b) any issuance of shares of
its Capital Stock pursuant to the conversion of any debt securities to equity
or the conversion of any class of equity securities to any other class of
equity securities, (c) any issuance of options or warrants relating to its
Capital Stock, and (d) any issuance by GFI of shares of its

 

10

 

Capital Stock as
consideration for a Permitted Acquisition. 
The term “Equity Issuance” shall not be deemed to include any
Disposition.

 

“ERISA” means the
Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control
with GFI within the meaning of Section 414(b) or (c) of the Internal
Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for
purposes of provisions relating to Section 412 of the Internal Revenue
Code).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal
by GFI or any ERISA Affiliate from a Pension Plan subject to Section 4063
of ERISA during a plan year in which it was a substantial employer (as defined
in Section 4001(a)(2) of ERISA) or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA; (c) a
complete or partial withdrawal by GFI or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (d) the filing of a notice of intent to terminate, the
treatment of a Plan amendment as a termination under Sections 4041 or 4041A of
ERISA, or the commencement of proceedings by the PBGC to terminate a Pension
Plan or Multiemployer Plan; (e) the occurrence of an “accumulated funding
deficiency” with respect to any Pension Plan, whether or not waived, as such
term is defined in Section 302(a)(2) of ERISA and Section 412(a)(2)
of the Internal Revenue Code, (f) an event or condition which could reasonably
be expected to constitute grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension
Plan; or (g) the imposition of any liability under Section 302(f) or Title
IV of ERISA, other than for PBGC premiums due but not delinquent under
Section 4007 of ERISA, upon GFI or any ERISA Affiliate.

 

“Euro” means the
lawful currency of the Participating Member States introduced in accordance
with the EMU Legislation.

 

“Eurocurrency
Rate” means, for any Interest Period with respect to a Eurocurrency Rate
Loan, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA
LIBOR”), as published by Reuters (or other commercially available source
providing quotations of BBA LIBOR as designated by the Administrative Agent
from time to time) at approximately 11:00 a.m., London time, two Business Days
prior to the commencement of such Interest Period, for deposits in the relevant
currency (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period.  If
such rate is not available at such time for any reason, then the “Eurocurrency
Rate” for such Interest Period shall be the rate per annum determined by the
Administrative Agent to be the rate at which deposits in the relevant currency
for delivery on the first day of such Interest Period in Same Day Funds in the
approximate amount of the Eurocurrency Rate Loan being made, continued or
converted by Bank of America and with a term equivalent to such Interest Period
would be offered by Bank of America’s London Branch (or other Bank of America
branch or Affiliate) to major banks in the London or other offshore interbank
market for such currency at their request at approximately 11:00 a.m. (London
time) two Business Days prior to the commencement of such Interest Period.

 

“Eurocurrency Rate
Loan” means a Loan that bears interest at a rate based on the Eurocurrency
Rate.  All Loans denominated in an
Alternative Currency must be Eurocurrency Rate Loans.

 

“Event of Default”
has the meaning specified in Section 9.01.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, any L/C Issuer or
any other recipient of any payment to be made by or on account of any
obligation of the applicable Borrower hereunder, (a) taxes imposed on or measured
by its overall net income (however denominated),

 

11

 

and franchise taxes
imposed on it (in lieu of net income taxes), by the jurisdiction (or any
political subdivision thereof) under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any
Lender, in which its applicable Lending Office is located, (b) any branch
profits taxes imposed by the United States or any similar tax imposed by any
other jurisdiction in which a Borrower is located and (c) in the case of a
Foreign Lender (other than an assignee pursuant to a request by a Borrower
under Section 11.14), any withholding tax (i) that is imposed by
the United States on amounts payable to such Foreign Lender at the time such
Foreign Lender becomes a party hereto (or designates a new Lending Office),
(ii) is attributable to such Foreign Lender’s failure or inability (other than
as a result of a Change in Law) to comply with Section 3.01(e),
except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from the applicable Borrower with respect to such
withholding tax pursuant to Section 3.01(a) or (iii) that is
imposed by the United Kingdom and arises solely as a result of such Foreign
Lender’s designation of a new Lending Office (other than at the request of the
Borrower pursuant to Section 3.06(a)).

 

“Facilities”
means, at any time, a collective reference to the facilities and real
properties owned, leased or operated by GFI or any Subsidiary.

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the
rates on overnight federal funds transactions with members of the Federal
Reserve System arranged by federal funds brokers on such day, as published by
the Federal Reserve Bank of New York on the Business Day next succeeding such
day; provided that (a) if such day is not a Business Day, the Federal
Funds Rate for such day shall be such rate on such transactions on the next
preceding Business Day as so published on the next succeeding Business Day, and
(b) if no such rate is so published on such next succeeding Business Day, the
Federal Funds Rate for such day shall be the average rate (rounded upward, if
necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on
such day on such transactions as determined by the Administrative Agent.

 

“Fee Letter” means
the letter agreement dated May 13, 2004 among GFI, Bank of America and BAS.

 

“Fenics” means
Fenics Limited, a company incorporated under the laws of England and Wales.

 

“Fenics Software”
means Fenics Software Limited, a company incorporated under the laws of England
and Wales.

 

“Fenics Software
Pledge Agreement” means the pledge agreement dated as of the Closing Date
executed in favor of the Administrative Agent by Fenics Software, as amended,
modified, restated or supplemented from time to time.

 

“Foreign Borrower”
has the meaning provided in the introductory paragraph.

 

“Foreign Guarantors”
means each Foreign Subsidiary of GFI that is a Material Subsidiary identified
on the signature pages hereto as a “Foreign Guarantor” and each other Person
that joins as a Foreign Guarantor pursuant to Section 7.12,
together with their respective successors and permitted assigns.

 

“Foreign L/C
Obligations” means, as at any date of determination, the aggregate undrawn
amount of all outstanding Letters of Credit denominated in Alternative
Currencies plus the aggregate of all Unreimbursed Amounts related to
such Letters of Credit, including all L/C Borrowings relating thereto.  For all purposes of this Agreement, if on
any date of determination a Letter of Credit has expired by its

 

12

 

terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP,
such Letter of Credit shall be deemed to be “outstanding” in the amount so
remaining available to be drawn.

 

“Foreign Lender”
means, with respect to any Borrower, any Lender that is organized under the
laws of, or is making a Loan through a Lending Office or other branch located
in, a jurisdiction other than that in which such Borrower is resident for tax
purposes.  For purposes of this
definition, the United States, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

 

“Foreign Loan Party”
means any Loan Party that is not a Domestic Loan Party.

 

“Foreign Obligations”
means all advances to, and debts, liabilities, obligations, covenants and
duties of, any Foreign Loan Party arising under any Loan Document or otherwise
with respect to any Loan or Letter of Credit, whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to
become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against the any Foreign Loan Party of
any proceeding under any Debtor Relief Laws naming such Person as the debtor in
such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding. The foregoing shall also include any Swap Contract
between any Foreign Loan Party and any Lender or Affiliate of a Lender and all
obligations under any Treasury Management Agreement between any Foreign Loan
Party and any Lender or an Affiliate of a Lender.

 

“Foreign Pledge
Agreement” means any pledge agreement or similar document governed by laws
other than the laws of the state of New York entered into by any Loan Party in
favor of the Administrative Agent, in accordance with the terms hereof, as
amended, modified, restated or supplemented from time to time.

 

“Foreign Security
Agreement” means any debentures, security agreement or similar document
governed by laws other than the laws of the state of New York entered into by
any Loan Party in favor of the Administrative Agent, in accordance with the
terms hereof, as amended, modified, restated or supplemented from time to time.

 

“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary.

 

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

 

“Fund” means any
Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of its business.

 

“Funded Indebtedness”
means, as to any Person at a particular time, without duplication, all of the
following, whether or not included as indebtedness or liabilities in accordance
with GAAP:

 

(a)                                  all
obligations for borrowed money, whether current or long-term (including the
Obligations) and all obligations of such Person evidenced by bonds, debentures,
notes, loan agreements or other similar instruments;

 

(b)                                 all
purchase money Indebtedness;

 

(c)                                  all
obligations arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments;

 

13

 

(d)                                 all
obligations in respect of the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business), including without limitation, any Earn Out
Obligations;

 

(e)                                  the
Attributable Indebtedness of Capital Leases and Synthetic Leases;

 

(f)                                    the
Attributable Indebtedness of Securitization Transactions;

 

(g)                                 all
preferred stock or other equity interests providing for mandatory redemptions,
sinking fund or like payments prior to the Maturity Date (excluding, for the
avoidance of doubt, the Series C Convertible Preferred);

 

(h)                                 all
Guarantees with respect to Indebtedness of the types specified in clauses (a)
through (g) above of another Person; and

 

(i)                                     all
Indebtedness of the types referred to in clauses (a) through (h) above of any
partnership or joint venture for which such Person is liable for all of the
obligations of such joint venture (other than a joint venture that is itself a
corporation or limited liability company) in which such Person is a general
partner or joint venturer, except to the extent such Indebtedness is expressly
made non-recourse to such Person.

 

For purposes
hereof, (x) the amount of any obligation arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties,
surety bonds and similar instruments shall be the maximum amount available to
be drawn thereunder and (y) the amount of any Guarantee shall be the amount of
the Indebtedness subject to such Guarantee.

 

“GAAP” means generally
accepted accounting principles in the United States set forth in the opinions
and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board, consistently applied.

 

“GFI LLC” means
GFI Group LLC, a New York limited liability company.

 

“Governmental
Authority” means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body,
court, administrative tribunal, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers
or functions of or pertaining to government (including any supra-national bodies
such as the European Union or the European Central Bank).

 

“Guarantee” means,
as to any Person, (a) any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness or
other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services
for the purpose of assuring the obligee in respect of such Indebtedness or
other obligation of the payment or performance of such Indebtedness or other
obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation, or (iv) entered into for the purpose of
assuring in any other manner the obligee in respect of such Indebtedness or
other obligation of the payment or performance thereof or to

 

14

 

protect such obligee
against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any
other Person, whether or not such Indebtedness or other obligation is assumed
by such Person.  The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of
the related primary obligation, or portion thereof, in respect of which such
Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith.  The term
“Guarantee” as a verb has a corresponding meaning.

 

“Guaranty” means
the Guaranty made by the Guarantors in favor of the Administrative Agent and
the Lenders pursuant to Article IV hereof.

 

“Guarantors” means
a collective reference to (a) GFI, in its capacity as a guarantor of the
Foreign Obligations, (b) the Domestic Guarantors and (c) the Foreign
Guarantors.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or
toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or
wastes of any nature regulated pursuant to any Environmental Law.

 

“Honor Date” has
the meaning set forth in Section 2.03(c).

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the
following, whether or not included as indebtedness or liabilities in accordance
with GAAP:

 

(a)                                  all
Funded Indebtedness;

 

(b)                                 net
obligations under any Swap Contract;

 

(c)                                  all
Guarantees with respect to outstanding Indebtedness of the types specified in
clauses (a) and (b) above of any other Person; and

 

(d)                                 all
Indebtedness of the types referred to in clauses (a) through (c) above of any
partnership or joint venture for which such Person is liable for all of the
obligations of such joint venture (other than a joint venture that is itself a
corporation or limited liability company) in which a Borrower or a Subsidiary
is a general partner or joint venturer, unless such Indebtedness is expressly
made non-recourse to such Borrower or such Subsidiary.

 

For purposes hereof (y)
the amount of any net obligation under any Swap Contract on any date shall be
deemed to be the Swap Termination Value thereof as of such date and (z) the
amount of any Guarantee shall be the amount of the Indebtedness subject to such
Guarantee.

 

“Indemnified Taxes”
means Taxes other than Excluded Taxes.

 

“Indemnitees” has
the meaning specified in Section 11.04.

 

“Interest Payment Date”
means (a) as to any Loan other than a Base Rate Loan, the last day of each
Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurocurrency Rate Loan
exceeds three months, the respective dates that fall every three months after
the beginning of such Interest Period shall also be Interest Payment Dates; and
(b) as to any Base Rate Loan, the last Business Day of each March, June,
September and December and the Maturity Date.

 

15

 

“Interest Period”
means, as to each Eurocurrency Rate Loan, the period commencing on the date such
Eurocurrency Rate Loan is disbursed or converted to or continued as a
Eurocurrency Rate Loan and ending on the date (a) one, two, three or six months
thereafter, as selected by the applicable Borrower in its Loan Notice or (b)
any other date thereafter selected by the applicable Borrower and approved by
the Lenders; provided that:

 

(i)                                     any
Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day
falls in another calendar month, in which case such Interest Period shall end
on the next preceding Business Day;

 

(ii)                                  any
Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month
at the end of such Interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period; and

 

(iii)                               no
Interest Period shall extend beyond the Maturity Date.

 

“Interim Financial
Statements” has the meaning set forth in Section 5.01(c)(ii).

 

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

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by
such Person, whether by means of (a) the purchase or other acquisition of
Capital Stock of another Person, (b) a loan, advance or capital contribution
to, Guarantee or assumption of debt of, or purchase or other acquisition of any
other debt or equity participation or interest in, another Person, including
any partnership or joint venture interest in such other Person, or (c) an
Acquisition.  For purposes of covenant
compliance, the amount of any Investment shall be the amount actually invested,
without adjustment for subsequent increases or decreases in the value of such
Investment.

 

“Involuntary
Disposition” means any loss of, damage to or destruction of, or any
condemnation or other taking for public use of, any Property of GFI or any of
its Subsidiaries.

 

“IP Rights” has
the meaning set forth in Section 6.17.

 

“IRS” means the
United States Internal Revenue Service.

 

“ISP” means, with
respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice (or such
later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application,
and any other document, agreement and instrument entered into by an L/C Issuer
and the applicable Borrower (or any Subsidiary) or in favor of the applicable
L/C Issuer and relating to any such Letter of Credit.

 

“Joinder Agreement”
means a joinder agreement substantially in the form of Exhibit E
executed and delivered by a Loan Party in accordance with the provisions of Section 7.12.

 

16

 

“JPI
Senior Subordinated Loan Agreement” means that certain Senior Subordinated
Loan Agreement dated as of October 1, 2001 by and between the Parent and
GFI LLC, as amended by that certain Amendment to Senior Subordinated Loan
Agreement dated as of January 25, 2002 and that certain Amendment No. 2 to
Senior Subordinated Loan Agreement dated as of June 3, 2002, as further
amended or modified from time to time in accordance with the terms thereof and
hereof.

 

“JPI Subordinated Debt Documents” means the JPI Senior
Subordinated Loan Agreement, the Notes (as defined in the JPI Senior
Subordinated Loan Agreement), the Parent Guaranty (as defined in the JPI Senior
Subordinated Loan Agreement), the Affiliate Guaranty (as defined in the JPI
Senior Subordinated Loan Agreement) and all other documents, instruments and
agreements executed and/or delivered in connection therewith.

 

“JPI
Subordinated Indebtedness” means the secured subordinated indebtedness in
the principal amount of $9,250,000 (plus interest accrued thereon) incurred by
GFI LLC, and guaranteed by GFI and certain affiliates of GFI LLC, pursuant to
the JPI Subordinated Debt Documents.

 

“Laws” means,
collectively, all international, foreign, federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative
or judicial precedents or authorities, including the interpretation or
administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case
whether or not having the force of law.

 

“L/C Advance”
means, with respect to each Lender, such Lender’s funding of its participation
in any L/C Borrowing in accordance with its Pro Rata Share.

 

“L/C Borrowing”
means an extension of credit in Dollars resulting from a drawing under any
Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Borrowing of Revolving Loans.

 

“L/C Credit Extension”
means, with respect to any Letter of Credit, the issuance thereof or extension
of the expiry date thereof, or the increase of the amount thereof.

 

“L/C
Issuers” means (i) Bank of America, (ii) any other Lender in its capacity
as issuer of Letters of Credit hereunder who has been selected by GFI and who
has agreed to be an L/C Issuer hereunder in accordance with the terms hereof
and (iii) any successor issuer of Letters of Credit hereunder appointed in
accordance with the terms hereof, and “L/C Issuer” means any one of
them.

 

“L/C Obligations”
means, as at any date of determination, the aggregate undrawn amount of all
outstanding Letters of Credit plus the aggregate of all Unreimbursed
Amounts, including all L/C Borrowings. 
For all purposes of this Agreement, if on any date of determination a
Letter of Credit has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of
Credit shall be deemed to be “outstanding” in the amount so remaining available
to be drawn.

 

“Lenders” means
each of the Persons identified as a “Lender” on the signature pages hereto and
their successors and assigns and, as the context requires, includes any L/C
Issuers.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such
in such Lender’s Administrative Questionnaire, or such other office or offices
as a Lender may from time to time notify GFI and the Administrative Agent.

 

17

 

“Letter of Credit”
means any standby letter of credit issued hereunder.

 

“Letter of Credit
Application” means an application and agreement for the issuance or
amendment of a letter of credit in the form from time to time in use by the
applicable L/C Issuer.

 

“Letter of Credit
Expiration Date” means the day that is 30 days prior to the Maturity Date
then in effect (or, if such day is not a Business Day, the next preceding
Business Day).

 

“Letter of Credit Fee”
has the meaning specified in Section 2.03(i).

 

“Letter of Credit
Sublimit” means an amount equal to the lesser of (a) the Aggregate
Revolving Commitments and (b) THIRTY MILLION DOLLARS ($30,000,000), as such amount may be
increased pursuant to Section 2.02.  The Letter of Credit Sublimit is part of, and not in addition to,
the Aggregate Revolving Commitments.

 

“Lien” means any
mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge, or preference, priority or other security
interest or preferential arrangement in the nature of a security interest of
any kind or nature whatsoever (including any conditional sale or other title
retention agreement, and any financing lease having substantially the same
economic effect as any of the foregoing).

 

“Loan” means an
extension of credit by a Lender to a Borrower under Article II in
the form of a Revolving Loan.

 

“Loan Documents”
means this Agreement, each Note, each Letter of Credit, each Letter of Credit
Application, each Joinder Agreement, the Collateral Documents, each Issuer
Document, each Request for Credit Extension, each Compliance Certificate, the
Fee Letter and each other document, instrument or agreement from time to time
executed by GFI or any of its Subsidiaries or any Responsible Officer thereof
and delivered in connection with this Agreement.

 

“Loan Notice”
means a notice of (a) a Borrowing of Revolving Loans, (b) a conversion of Loans
from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans,
pursuant to Section 2.02(a), which, if in writing, shall be
substantially in the form of Exhibit A.

 

“Loan Parties”
means, collectively, GFI, the Foreign Borrower and each Guarantor, and “Loan
Party” means any one of them.

 

“Mandatory
Cost” means, with respect to any period, the percentage rate per annum
determined in accordance with Schedule 1.01.

 

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

 

“Material Subsidiary”
means, as of any date of determination, any Subsidiary of GFI that (i) has on
such date Total Assets constituting five percent or more of Consolidated Total
Assets or (ii) for the twelve month period most recently ended has revenues
constituting five percent or more of the

 

18

 

consolidated revenues of
GFI and its Subsidiaries for such period, as determined in accordance with
GAAP.

 

“Maturity Date”
means April 1, 2007; provided  that, in the event that all of
the Series C Convertible Preferred is converted into common stock or retired by
GFI prior to April 1, 2007 with proceeds from an initial Public Equity
Offering in accordance with the terms of Section 8.06 hereof, then
the term “Maturity Date” shall mean August 23, 2007.

 

“Moody’s” means
Moody’s Investors Service, Inc. and any successor thereto.

 

“Multiemployer Plan”
means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which GFI or any ERISA Affiliate makes or
is obligated to make contributions, or during the preceding five plan years,
has made or been obligated to make contributions.

 

“Net Cash Proceeds”
means the aggregate proceeds received in cash or Cash Equivalents by GFI or any
Subsidiary in respect of any Disposition, Debt Issuance, or Involuntary
Disposition, net of (a) direct costs incurred in connection therewith
(including, without limitation, legal, accounting and investment banking fees,
underwriting discounts and sales commissions, but only to the extent owing or
paid to a Person that is not an Affiliate of a Borrower), (b) taxes paid or
payable as a result thereof, and (c) in the case of any Disposition, the amount
necessary to retire any Indebtedness secured by a Permitted Lien (ranking
senior to any Lien of the Administrative Agent) on the related Property; it
being understood that “Net Cash Proceeds” shall include, without limitation,
any cash or Cash Equivalents received upon the sale or other disposition of any
non-cash consideration received by GFI or any Subsidiary in any Disposition,
Debt Issuance or Involuntary Disposition; provided, however, that
if in connection with a Disposition (other than any Sale and Leaseback
Transaction) or Involuntary Disposition (x) GFI shall deliver (A) a certificate
of a Responsible Officer to the Administrative Agent at the time of receipt
thereof setting forth GFI’s intention to make Eligible Reinvestments and (y) no
Default or Event of Default shall have occurred and shall be continuing at the
time of such certificate or at the time such proceeds are contractually
committed to be used, such proceeds shall not constitute Net Cash Proceeds
except to the extent not so used or contractually committed to be used at the
end of the Application Period, at which time such proceeds shall be deemed to
be Net Cash Proceeds.

 

“Note” or “Notes”
means the Revolving Notes, individually or collectively, as appropriate.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and
duties of, any Loan Party arising under any Loan Document or otherwise with
respect to any Loan or Letter of Credit, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due,
now existing or hereafter arising and including interest and fees that accrue
after the commencement by or against any Loan Party of any proceeding under any
Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding.
The foregoing shall also include any Swap Contract between any Loan Party and
any Lender or Affiliate of a Lender and all obligations under any Treasury
Management Agreement between any Loan Party and any Lender or an Affiliate of
any Lender.

 

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

 

19

 

jurisdiction of its
formation or organization and, if applicable, any certificate or articles of
formation or organization of such entity.

 

“Other Taxes”
means all present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made
hereunder or under any other Loan Document or from the execution, delivery or
enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document.

 

“Outstanding Amount”
means (i) with respect to any Loans on any date, the Dollar Equivalent amount
of the aggregate outstanding principal amount thereof after giving effect to
any borrowings and prepayments or repayments of any Loans occurring on such
date; and (ii) with respect to any L/C Obligations on any date, the Dollar
Equivalent amount of such L/C Obligations on such date after giving effect to
any L/C Credit Extension occurring on such date and any other changes in the
aggregate amount of the L/C Obligations as of such date, including as a result
of any reimbursements of outstanding unpaid drawings under any Letters of
Credit or any reductions in the maximum amount available for drawing under
Letters of Credit taking effect on such date.

 

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in
Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate
determined by the Administrative Agent, or the applicable L/C Issuer as the
case may be, in accordance with banking industry rules on interbank compensation,
and (b) with respect to any amount denominated in an Alternative Currency, the
rate of interest per annum at which overnight deposits in the applicable
Alternative Currency, in an amount approximately equal to the amount with
respect to which such rate is being determined, would be offered for such day
by a branch or Affiliate of Bank of America in the applicable offshore
interbank market for such currency to major banks in such interbank market.

 

“Parent” means
Jersey Partners Inc., a New York corporation.

 

“Participant” has
the meaning specified in Section 11.06(d).

 

“Participating
Member State” means each state so described in any EMU Legislation.

 

“PBGC” means the
Pension Benefit Guaranty Corporation.

 

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject
to Title IV of ERISA and is sponsored or maintained by GFI or any ERISA
Affiliate or to which GFI or any ERISA Affiliate contributes or has an
obligation to contribute, or in the case of a multiple employer or other plan
described in Section 4064(a) of ERISA, has made contributions at any time
during the immediately preceding five plan years.

 

“Permitted Acquisition”
means Investments consisting of an Acquisition by GFI or any Subsidiary, provided
that (i) the Property acquired (or the Property of the Person acquired) in such
Acquisition is used or useful in the same or a similar line of business as GFI
and its Subsidiaries were engaged in on the Closing Date (or any reasonable
extensions or expansions thereof), (ii) in the case of an Acquisition of the
Capital Stock of another Person, the board of directors (or other comparable
governing body) of such other Person shall have duly approved such Acquisition,
(iii) after giving effect to any such Acquisition, the Loan Parties are in
compliance with the financial covenants set forth in Section 8.11
as of the end of the most recent calendar month for which GFI has delivered
financial statements pursuant to Section 7.01(c), and at least five
days prior to the date of the closing of any such Acquisition, GFI shall have
delivered to the Administrative Agent a Pro Forma Compliance Certificate
demonstrating that, upon giving effect to such Acquisition on a Pro Forma Basis
the Loan Parties would be in compliance with the financial covenants set forth
in Section 8.11

 

20

 

as of the end of the most
recent calendar month for which GFI has delivered financial statements pursuant
to Section 7.01(c), (iv) the representations and warranties made by
any Loan Party in any Loan Document shall be true and correct in all material
respects at and as if made as of the date of such Acquisition (after giving
effect thereto) except to the extent such representations and warranties
expressly relate to an earlier date, (v) no Default or Event of Default has
occurred and is continuing or would result therefrom, (vi) if such transaction
involves the purchase of an interest in a partnership between GFI (or a
Subsidiary of GFI) as a general partner and entities unaffiliated with GFI or
such Subsidiary as the other partners, such transaction shall be effected by
having such equity interest acquired by a corporate holding company directly or
indirectly wholly-owned by GFI newly formed for the sole purpose of effecting
such transaction and (vii) after giving effect to such Acquisition, (a) prior
to the consummation of an initial Public Equity Offering, (1) the aggregate
consideration (including cash and non-cash consideration, any assumption of
liabilities, and any earn-out obligations) for all such Acquisitions shall not
exceed $10,000,000 for any fiscal year and (2) the aggregate cash consideration
(including any promissory notes, assumption of liabilities, and any earn-out
obligations) for all such Acquisitions shall not exceed $5,000,000 for any
fiscal year and (b) after the consummation of an initial Public Equity
Offering, (1) the aggregate consideration (including cash and non-cash consideration,
any assumption of liabilities, and any earn-out obligations) for all such
Acquisitions shall not exceed $20,000,000 for any fiscal year and (2) the
aggregate cash consideration (including any promissory notes, assumption of
liabilities, and any earn-out obligations) for all such Acquisitions shall not
exceed $10,000,000 for any fiscal year.

 

“Permitted Investments”
means, at any time, Investments by GFI or any of its Subsidiaries permitted to
exist at such time pursuant to the terms of Section 8.02.

 

“Permitted Liens”
means, at any time, Liens in respect of Property of GFI or any of its
Subsidiaries permitted to exist at such time pursuant to the terms of Section 8.01.

 

“Person” means any
natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity.

 

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

 

“Pledge Agreements”
means a collective reference to the Domestic Pledge Agreement, the Foreign
Pledge Agreement and the Fenics Software Pledge Agreement.

 

“Pro Forma Basis”
means, for purposes of calculating the financial covenants set forth in
Section 8.11 (including for purposes of determining the Applicable
Margin), that any Disposition, Involuntary Disposition or Acquisition shall be
deemed to have occurred as of the first day of the most recent twelve month
period preceding the date of such transaction for which GFI has delivered
financial statements pursuant to Section 7.01(a) or (b).  In connection with the foregoing, (a) with
respect to any Disposition or Involuntary Disposition, (i) income statement and
cash flow statement items (whether positive or negative) attributable to the
Property disposed of shall be excluded to the extent relating to any period
occurring prior to the date of such transaction and (ii) Indebtedness which is
retired shall be excluded and deemed to have been retired as of the first day
of the applicable period and (b) with respect to any Acquisition (i) income
statement items (whether positive or negative) attributable to the Person or Property
acquired shall be included to the extent relating to any period applicable in
such calculations to the extent (A) such items are not otherwise included in
such income statement items for GFI and its Subsidiaries in accordance with
GAAP or in accordance with any defined terms set forth in Section 1.01
and (B) such items are supported by audited financial statements or other
information reasonably satisfactory to the Administrative Agent and (ii) any
Indebtedness incurred or assumed by GFI or any

 

21

 

Subsidiary (including the
Person or Property acquired) in connection with such transaction and any
Indebtedness of the Person or Property acquired which is not retired in
connection with such transaction (A) shall be deemed to have been incurred as
of the first day of the applicable period and (B) if such Indebtedness has a
floating or formula rate, shall have an implied rate of interest for the
applicable period for purposes of this definition determined by utilizing the
rate which is or would be in effect with respect to such Indebtedness as at the
relevant date of determination.

 

“Pro Forma Compliance
Certificate” means a certificate of a Responsible Officer of GFI containing
reasonably detailed calculations of the financial covenants set forth in
Section 8.11 as of the most recent calendar month end for which GFI has
delivered financial statements pursuant to Section 7.01(c) after
giving effect to the applicable transaction on a Pro Forma Basis.

 

“Pro Rata Share”
means, as to each Lender at any time, a fraction (expressed as a percentage,
carried out to the ninth decimal place), the numerator of which is the amount
of the Revolving Commitment of such Lender at such time and the denominator of
which is the amount of the Aggregate Revolving Commitments at such time; provided
that if the commitment of each Lender to make Revolving Loans and the
obligation of each L/C Issuer to make L/C Credit Extensions have been
terminated pursuant to Section 9.02, then the Pro Rata Share of
each Lender shall be determined based on the Pro Rata Share of such Lender
immediately prior to such termination and after giving effect to any subsequent
assignments made pursuant to the terms hereof. 
The initial Pro Rata Share of each Lender is set forth opposite the name
of such Lender on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable.

 

“Property” means
any interest of any kind in any property or asset, whether real, personal or
mixed, or tangible or intangible.

 

“Public Equity
Offering” means an underwritten public offering of common stock by GFI
pursuant to a registration statement filed with the SEC in accordance with the
Securities Act.

 

“Register” has the
meaning specified in Section 11.06(c).

 

“Regulated Subsidiary”
means GFI Brokers Limited, GFI Securities Limited, GFInet UK Limited, GFI
Securities LLC, GFI (HK) Securities LLC, and GFI Group Pte. Ltd. and any other
Subsidiary of GFI which is required by Law to maintain for trading purposes
minimum levels of solvency, or capital, or net assets that would not be
achieved if it provided a full and unconditional guaranty of the Obligations.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents and advisors of such Person and of such
Person’s Affiliates.

 

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

 

“Request for Credit
Extension” means (a) with respect to a Borrowing, conversion or
continuation of Loans, a Loan Notice and (b) with respect to an L/C Credit
Extension, a Letter of Credit Application.

 

“Required Lenders”
means, at any time, Lenders holding in the aggregate more than fifty percent
(50%) of (a) the Revolving Commitments or (b) if the Revolving Commitments have
been terminated, the outstanding Loans, L/C Obligations and participations
therein.  The Revolving Commitments of, and
the

 

22

 

outstanding Loans held or
deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Required Lenders.

 

“Responsible Officer”
means the chief executive officer, president, chief financial officer, general
counsel or corporate controller of a Loan Party and, with respect to any
Foreign Loan Party, any senior managing director, chief operating officer,
managing director or company secretary. 
Any document delivered hereunder that is signed by a Responsible Officer
of a Loan Party shall be conclusively presumed to have been authorized by all
necessary corporate, partnership and/or other action on the part of such Loan
Party and such Responsible Officer shall be conclusively presumed to have acted
on behalf of such Loan Party.

 

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

 

“Revaluation
Date” means (a) with respect to any Loan, each of the following:  (i) each date of a Borrowing of a
Eurocurrency Rate Loan denominated in an Alternative Currency, (ii) each date
of a continuation of a Eurocurrency Rate Loan denominated in an Alternative
Currency pursuant to Section 2.02, and (iii) such additional dates
as the Administrative Agent shall determine or the Required Lenders shall
require; and (b) with respect to any Letter of Credit, each of the following:  (i) each date of issuance of a Letter of
Credit denominated in an Alternative Currency, (ii) each date of an amendment
of any such Letter of Credit having the effect of increasing the amount thereof
(solely with respect to the increased amount), (iii) each date of any payment
by the applicable L/C Issuer under any Letter of Credit denominated in an
Alternative Currency, and (iv)
such additional dates as the Administrative Agent or the applicable L/C Issuer
shall determine or the Required Lenders shall require.

 

“Revolving Commitment”
means, as to each Lender, its obligation to (a) make Revolving Loans to the
Borrowers pursuant to Section 2.01 and (b) purchase participations
in L/C Obligations, in an aggregate principal amount at any one time outstanding
not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01
or in the Assignment and Assumption pursuant to which such Lender becomes a
party hereto, as applicable, as such amount may be adjusted from time to time
in accordance with this Agreement.

 

“Revolving Loan”
has the meaning specified in Section 2.01.

 

“Revolving Note”
has the meaning specified in Section 2.10(a).

 

“S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and any successor thereto.

 

“Sale and Leaseback
Transaction” means, with respect to GFI or any Subsidiary, any arrangement,
directly or indirectly, with any person whereby GFI or such Subsidiary shall
sell or transfer any property, real or personal, used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such
property or other property that it intends to use for substantially the same
purpose or purposes as the property being sold or transferred.

 

“Same
Day Funds” means (a) with respect to disbursements and payments in Dollars,
immediately available funds, and (b) with respect to disbursements and payments
in an Alternative Currency, same day or other funds as may be determined by the
Administrative Agent or the applicable

 

23

 

L/C Issuer, as the case
may be, to be customary in the place of disbursement or payment for the
settlement of international banking transactions in the relevant Alternative
Currency.

 

“SEC” means the
Securities and Exchange Commission, or any Governmental Authority succeeding to
any of its principal functions.

 

“Securities Act”
means the Securities Act of 1933, as amended, and all regulations issued
pursuant thereto.

 

“Securitization
Transaction” means any financing transaction or series of financing
transactions (including factoring arrangements) pursuant to which GFI or any
Subsidiary may sell, convey or otherwise transfer, or grant a security interest
in, accounts, payments, receivables, rights to future lease payments or
residuals or similar rights to payment to a special purpose subsidiary or
affiliate of GFI.

 

“Security Agreements”
means a collective reference to the Domestic Security Agreement and the Foreign
Security Agreement.

 

“Series A and B
Certificates of Designation” means, collectively, the Certificate of Designation. Preferences
and Rights of Series A Convertible Preferred Stock of GFI Group, Inc. filed
August 23, 2001 and the Certificate of Designation, Preferences and Rights
of Series B Convertible Preferred Stock of GFI Group Inc. filed August 23,
2001.

 

“Series C Convertible
Preferred” means GFI’s Series C Convertible Preferred Stock, par value $.01
per share issued pursuant to the Certificate of Designation.

 

“Solvent” or “Solvency”
means, with respect to any Person as of a particular date, that on such date
(a) such Person is able to pay its debts and other liabilities, contingent
obligations and other commitments as they mature in the ordinary course of
business, (b) such Person does not intend to, and does not believe that it
will, incur debts or liabilities beyond such Person’s ability to pay as such
debts and liabilities mature in their ordinary course, (c) such Person is not
engaged in a business or a transaction, and is not about to engage in a
business or a transaction, for which such Person’s Property would constitute
unreasonably small capital after giving due consideration to the prevailing
practice in the industry in which such Person is engaged or is to engage, (d)
the fair value of the Property of such Person is greater than the total amount
of liabilities, including, without limitation, contingent liabilities, of such
Person and (e) the present fair salable value of the assets of such Person is
not less than the amount that will be required to pay the probable liability of
such Person on its debts as they become absolute and matured.  In computing the amount of contingent
liabilities at any time, it is intended that such liabilities will be computed
at the amount which, in light of all the facts and circumstances existing at
such time, represents the amount that can reasonably be expected to become an
actual or matured liability.

 

“Special Notice
Currency” means at any time an Alternative Currency, other than the
currency of a country that is a member of the Organization for Economic
Cooperation and Development at such time located in North America or Europe.

 

“Spot Rate” for a
currency means the rate determined by the Administrative Agent or the
applicable L/C Issuer, as applicable, to be the rate quoted by the Person
acting in such capacity as the spot rate for the purchase by such Person of
such currency with another currency through its principal foreign exchange
trading office at approximately 11:00 a.m. on the date two Business Days prior
to the date as of which the foreign exchange computation is made; provided  that
the Administrative Agent or the applicable L/C Issuer may obtain such spot rate
from another financial institution designated by the Administrative Agent or
the applicable L/C Issuer if the Person acting in such capacity does not have
as

 

24

 

of the date of
determination a spot buying rate for any such currency; and provided  further
that the applicable L/C Issuer may use such spot rate quoted on the date as of
which the foreign exchange computation is made in the case of any Letter of
Credit denominated in an
Alternative Currency.

 

“Subsidiary” of a
Person means a corporation, partnership, joint venture, limited liability company
or other business entity of which a majority of the shares of Capital Stock
having ordinary voting power for the election of directors or other governing
body (other than Capital Stock having such power only by reason of the
happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly, or indirectly through
one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries
of GFI.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options,
forward commodity contracts, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward bond or forward bond price
or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to
the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., any
International Foreign Exchange Master Agreement, or any other master agreement
(any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

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

 

“Synthetic Lease”
means any synthetic lease, tax retention operating lease, off-balance sheet
loan or similar off-balance sheet financing arrangement whereby the arrangement
is considered borrowed money indebtedness for tax purposes but is classified as
an operating lease or does not otherwise appear on the balance sheet under
GAAP.

 

“TARGET
Day” means any day on which the Trans-European Automated Real-time Gross
Settlement Express Transfer (TARGET) payment system (or, if such payment system
ceases to be operative, such other payment system (if any) determined by
the Administrative Agent to be a suitable replacement) is open for the
settlement of payments in Euro.

 

“Taxes” means all
present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental Authority,
including any interest, additions to tax or penalties applicable thereto.

 

“Threshold Amount”
means $7,500,000.

 

25

 

“Total Assets”
means, as of any date of determination, for any Person, all items, which in
accordance with GAAP, would be classified as assets of such Person.

 

“Total Revolving
Outstandings” means the aggregate Outstanding Amount of all Revolving Loans
and all L/C Obligations.

 

“Treasury Management
Agreement” means any agreement governing the provision of treasury or cash
management services, including deposit accounts, funds transfer, automated
clearinghouse, zero balance accounts, returned check concentration, controlled
disbursement, lockbox, account reconciliation and reporting and trade finance
services.

 

“Type” means, with
respect to any Loan, its character as a Base Rate Loan or a Eurocurrency Rate
Loan.

 

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

 

“United States”
and “U.S.” mean the United States of America.

 

“Unreimbursed Amount”
has the meaning specified in Section 2.03(c)(i).

 

“Voting Stock”
means, with respect to any Person, Capital Stock issued by such Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to
vote for the election of directors (or persons performing similar functions) of
such Person, even though the right so to vote has been suspended by the
happening of such a contingency.

 

1.02                           Other
Interpretive Provisions.

 

With reference to this
Agreement and each other Loan Document, unless otherwise specified herein or in
such other Loan Document:

 

(a)                                  The
meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms.

 

(b)                                 (i)                                     The
words “herein,” “hereto,” “hereof” and “hereunder”
and words of similar import when used in any Loan Document shall refer to such
Loan Document as a whole and not to any particular provision thereof.

 

(ii)                                  Article,
Section, Exhibit and Schedule references are to the Loan Document in which
such reference appears.

 

(iii)                               The
term “including” is by way of example and not limitation.

 

(iv)                              The
term “documents” includes any and all instruments, documents,
agreements, certificates, notices, reports, financial statements and other
writings, however evidenced, whether in physical or electronic form.

 

26

 

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

 

(d)                                 Section headings
herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any
other Loan Document.

 

1.03                           Accounting
Terms.

 

(a)                                  Except
as otherwise specifically prescribed herein, all accounting terms not
specifically or completely defined herein shall be construed in conformity
with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect
from time to time, applied in a manner consistent with that used in preparing
the Audited Financial Statements; provided, however, that calculations of
Attributable Indebtedness under any Synthetic Lease or the implied interest
component of any Synthetic Lease shall be made by GFI in accordance with
accepted financial practice and consistent with the terms of such Synthetic
Lease.

 

(b)                                 GFI
will provide a written summary of material changes in GAAP and in the
consistent application thereof with each annual and quarterly Compliance
Certificate delivered in accordance with Section 7.02(a).  If at any time any change in GAAP would
affect the computation of any financial ratio or requirement set forth in any
Loan Document, and either GFI or the Required Lenders shall so request, the
Administrative Agent, the Lenders and GFI shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in
light of such change in GAAP (subject to the approval of the Required Lenders);
provided  that, until so amended, (i) such ratio or requirement
shall continue to be computed in accordance with GAAP prior to such change
therein and (ii) GFI shall provide to the Administrative Agent and the
Lenders financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect
to such change in GAAP.

 

(c)                                  Notwithstanding
the above, the parties hereto acknowledge and agree that all calculations of
the financial covenants in Section 8.11 (including for purposes of
determining the Applicable Margin) shall be made on a Pro Forma Basis.

 

1.04                           Rounding.

 

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

 

1.05                           References to Agreements and Laws.

 

Unless otherwise
expressly provided herein, (a) references to Organization Documents, agreements
(including the Loan Documents) and other contractual instruments shall be
deemed to include all subsequent amendments, restatements, extensions,
supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are
not prohibited by any Loan Document; and (b) references to any Law shall
include all statutory and regulatory provisions consolidating, amending,
replacing, supplementing or interpreting such Law.

 

27

 

1.06                           Times of Day.

 

Unless otherwise
specified, all references herein to times of day shall be references to Eastern
time (daylight or standard, as applicable).

 

1.07                           Letter of Credit Amounts.

 

Unless otherwise
specified, all references herein to the amount of a Letter of Credit at any
time shall be deemed to mean the maximum face amount of such Letter of Credit
after giving effect to all increases thereof contemplated by such Letter of
Credit or the Issuer Document related thereto, whether or not such maximum face
amount is in effect at such time.

 

1.08                           Exchange Rates; Currency Equivalents.

 

(a)                                  The
Administrative Agent or the applicable L/C Issuer, as applicable, shall
determine the Spot Rates as of each Revaluation Date to be used for calculating
Dollar Equivalent amounts of Credit Extensions and Outstanding Amounts
denominated in Alternative Currencies. 
Such Spot Rates shall become effective as of such Revaluation Date and
shall be the Spot Rates employed in converting any amounts between the
applicable currencies until the next Revaluation Date to occur.  Except for purposes of financial statements
delivered by Loan Parties hereunder or calculating financial covenants
hereunder or except as otherwise provided herein, the applicable amount of any
currency (other than Dollars) for purposes of the Loan Documents shall be such
Dollar Equivalent amount as so determined by the Administrative Agent or the
applicable L/C Issuer, as applicable.

 

(b)                                 Wherever
in this Agreement in connection with a Borrowing, conversion, continuation or
prepayment of a Eurocurrency Rate Loan or the issuance, amendment or extension
of a Letter of Credit, an amount, such as a required minimum or multiple
amount, is expressed in Dollars, but such Borrowing, Eurocurrency Rate Loan or
Letter of Credit is denominated in an Alternative Currency, such amount shall
be the relevant Alternative Currency Equivalent of such Dollar amount (rounded
to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded
upward), as determined by the Administrative Agent or the applicable L/C
Issuer, as the case may be.

 

1.09                           Additional Alternative Currencies.

 

(a)                                  GFI
may from time to time request that Eurocurrency Rate Loans be made and/or
Letters of Credit be issued in a currency other than those specifically listed
in the definition of “Alternative Currency;” provided that such
requested currency is a lawful currency (other than Dollars) that is readily
available and freely transferable and convertible into Dollars.  In the case of any such request with respect
to the making of Eurocurrency Rate Loans, such request shall be subject to the
approval of the Administrative Agent and the Lenders; and in the case of any
such request with respect to the issuance of Letters of Credit, such request
shall be subject to the approval of the Administrative Agent and the applicable
L/C Issuer.

 

(b)                                 Any
such request shall be made to the Administrative Agent not later than 11:00
a.m., at least 20 Business Days prior to the date of the desired Credit
Extension (or such other time or date as may be agreed by the Administrative
Agent and, in the case of any such request pertaining to Letters of Credit, the
applicable L/C Issuer, in its or their sole discretion).  In the case of any such request pertaining
to Eurocurrency Rate Loans, the Administrative Agent shall promptly notify each
Lender thereof; and in the case of any such request pertaining to Letters of
Credit, the Administrative Agent shall promptly notify the applicable L/C Issuer
thereof.  Each Lender (in the case of
any such request pertaining to Eurocurrency Rate Loans) or the applicable L/C
Issuer (in the case of a request pertaining to Letters of

 

28

 

Credit) shall notify the
Administrative Agent, not later than 11:00 a.m., no later than ten Business
Days after receipt of such request whether it consents, in its sole discretion,
to the making of Eurocurrency  Rate Loans or the issuance of Letters of
Credit, as the case may be, in such requested currency.

 

(c)                                  Any
failure by a Lender or the applicable L/C Issuer, as the case may be, to
respond to such request within the time period specified in the preceding
sentence shall be deemed to be a refusal by such Lender or the applicable L/C
Issuer, as the case may be, to permit Eurocurrency Rate Loans to be made or
Letters of Credit to be issued in such requested currency.  If the Administrative Agent and all the
Lenders consent to making Eurocurrency Rate Loans in such requested currency,
the Administrative Agent shall so notify GFI and such currency shall thereupon
be deemed for all purposes to be an Alternative Currency hereunder for purposes
of any Borrowings of Eurocurrency Rate Loans; and if the Administrative Agent
and the applicable L/C Issuer consent to the issuance of Letters of Credit in  such
requested currency, the Administrative Agent shall so notify GFI and such
currency shall thereupon be deemed for all purposes to be an Alternative
Currency hereunder for purposes of any Letter of Credit issuances. If the
Administrative Agent shall fail to obtain consent to any request for an
additional currency under this Section 1.09, the Administrative
Agent shall promptly so notify GFI.

 

1.10                           Change of Currency.

 

(a)                                  Each
obligation of the Borrowers to make a payment denominated in the national
currency unit of any member state of the European Union that adopts the Euro as
its lawful currency after the date hereof shall be redenominated into Euro at
the time of such adoption (in accordance with the EMU Legislation).  If, in relation to the currency of any such
member state, the basis of accrual of interest expressed in this Agreement in
respect of that currency shall be inconsistent with any convention or practice
in the London interbank market for the basis of accrual of interest in respect
of the Euro, such expressed basis shall be replaced by such convention or
practice with effect from the date on which such member state adopts the Euro
as its lawful currency; provided that if any Borrowing in the currency
of such member state is outstanding immediately prior to such date, such
replacement shall take effect, with respect to such Borrowing, at the end of
the then current Interest Period.

 

(b)                                 Each
provision of this Agreement shall be subject to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be
appropriate to reflect the adoption of the Euro by any member state of the
European Union and any relevant market conventions or practices relating to the
Euro.

 

(c)                                  Each
provision of this Agreement also shall be subject to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be
appropriate to reflect a change in currency of any other country and any relevant
market conventions or practices relating to the change in currency.

 

ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.01                           Revolving Loans.

 

Subject
to the terms and conditions set forth herein, each Lender severally agrees to
make loans (each such loan, a “Revolving Loan”) to GFI in Dollars or in
one or more Alternative Currencies and to the Foreign Borrower in Dollars or in
one or more Alternative Currencies from time to time on any

 

29

 

Business Day during the
Availability Period in an aggregate principal amount not to exceed at any time
outstanding the amount of such Lender’s Revolving Commitment; provided, however,
that after giving effect to any Borrowing of Revolving Loans, (i) the Total
Revolving Outstandings shall not exceed the Aggregate Revolving Commitments,
(ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus
such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations
shall not exceed such Lender’s Revolving Commitment, and (iii) the aggregate
Outstanding Amount of all Revolving Loans made in Alternative Currencies plus
the Outstanding Amount of Foreign L/C Obligations shall not exceed the
Alternative Currency Sublimit; and provided  further that the
availability of the Aggregate Revolving Commitments at any time for the making
of Loans and the issuance of Letters of Credit shall be reduced by the amount
of the Alternative Currency Reserve. 
Within the limits of each Lender’s Revolving Commitment, and subject to
the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01,
prepay under Section 2.04, and reborrow under this Section 2.01.  Revolving Loans may be Base Rate Loans or
Eurocurrency Rate Loans, as further provided herein; provided, however, all
Borrowings in Alternative Currencies made at any time shall be Eurocurrency
Rate Loans.

 

2.02                           Borrowings, Conversions and
Continuations of Loans.

 

(a)                                  Each
Borrowing, each conversion of Loans from one Type to the other, and each
continuation of Eurocurrency Rate Loans shall be made upon the applicable
Borrower’s irrevocable notice to the Administrative Agent, which may be given
by telephone.  Each such notice must be
received by the Administrative Agent not later than 11:00 a.m. (i) three
Business Days prior to the requested date of any Borrowing of, conversion to or
continuation of, Eurocurrency Rate Loans denominated in Dollars or of any
conversion of Eurocurrency Rate Loans denominated in Dollars to Base Rate
Loans, (ii) four Business Days (or five Business Days in the case of a Special
Notice Currency) prior to the requested date of any Borrowing or continuation
of Eurocurrency Rate Loans denominated in Alternative Currencies, and (iii) on
the requested date of any Borrowing of Base Rate Loans.  Each telephonic notice by a Borrower
pursuant to this Section 2.02(a) must be confirmed promptly by
delivery to the Administrative Agent of a written Loan Notice, appropriately
completed and signed by a Responsible Officer of the applicable Borrower.  Each Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans shall be in a principal amount of
$1,000,000 or a whole multiple of $500,000 in excess thereof.  Except as provided in Section 2.03(c),
each Borrowing of or conversion to Base Rate Loans shall be in a principal
amount of $500,000 or a whole multiple of $100,000 in excess thereof.  Each Loan Notice (whether telephonic or
written) shall specify (i) whether the applicable Borrower is requesting a
Borrowing, a conversion of Loans from one Type to the other, or a continuation
of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing,
conversion or continuation, as the case may be (which shall be a Business Day),
(iii) the principal amount of Loans to be borrowed, converted or continued,
(iv) the Type of Loans to be borrowed or to which existing Loans are to be
converted, (v) the currency of such Loans and (vi) if applicable, the duration
of the Interest Period with respect thereto. 
If the Foreign Borrower fails to specify a currency in a Loan Notice
requesting a Borrowing, then the Loans so requested shall be made in
Dollars.  If the applicable Borrower
fails to specify a Type of a Loan in a Loan Notice or if the applicable
Borrower fails to give a timely notice requesting a conversion or continuation,
then the applicable Loans shall be made as, or converted to, Base Rate Loans; provided,
however, that in the case of a failure to timely request a continuation
of Loans denominated in an Alternative Currency, such Loans shall be continued
as Eurocurrency Rate Loans in their original currency with an Interest Period
of one month.  Any automatic conversion
to Base Rate Loans shall be effective as of the last day of the Interest Period
then in effect with respect to the applicable Eurocurrency Rate Loans.  If a Borrower requests a Borrowing of,
conversion to, or continuation of Eurocurrency Rate Loans in any Loan Notice,
but fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month.  No Loan
may be converted into or continued as a Loan denominated in a different
currency, but instead must be prepaid in the original currency of such Loan and
reborrowed in the other currency.

 

30

 

(b)                                 Following
receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the amount (and currency) of its Pro Rata Share of the applicable
Loans, and if no timely notice of a conversion or continuation is provided by
the applicable Borrower, the Administrative Agent shall notify each Lender of
the details of any automatic conversion to Base Rate Loans or continuation of
Loans denominated in a currency other than Dollars, in each case as described
in the preceding subsection.  In the
case of a Borrowing, each Lender shall make the amount of its Loan available to
the Administrative Agent in Same Day Funds at the Administrative Agent’s Office
for the Applicable Currency not later than 1:00 p.m., in the case of any Loan
denominated in Dollars, and not later than the Applicable Time specified by the
Administrative Agent in the case of any Loan in an Alternative Currency, in
each case on the Business Day specified in the applicable Loan Notice.  Upon satisfaction of the applicable
conditions set forth in Section 5.02 (and, if such Borrowing is the
initial Credit Extension, Section 5.01), the Administrative Agent
shall make all funds so received available to the applicable Borrower in like
funds as received by the Administrative Agent either by (i) crediting the
account of such Borrower on the books of Bank of America with the amount of
such funds or (ii) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative
Agent by the applicable Borrower; provided, however, that if, on
the date of a Borrowing of Revolving Loans, there are L/C Borrowings
outstanding, then the proceeds of such Borrowing shall be applied, first,
to the payment in full of any such L/C Borrowings, and second, to the
applicable Borrower as provided above.

 

(c)                                  Except
as otherwise provided herein, a Eurocurrency Rate Loan may be continued or
converted only on the last day of the Interest Period for such Eurocurrency
Rate Loan.  During the existence of a
Default or Event of Default, no Loans may be requested as Eurocurrency Rate
Loans (whether in Dollars or any Alternative Currency) without the consent of
the Required Lenders, and the Required Lenders may demand that (i) any or all
of the then outstanding Eurocurrency Rate Loans be converted to Base Rate Loans
and (ii) any or all of the then outstanding Eurocurrency Rate Loans denominated
in an Alternative Currency be redenominated into Dollars in the amount of the
Dollar Equivalent thereof, in the case of the preceding clauses (i) and (ii) on
the last day of the then current Interest Period with respect thereto.

 

(d)                                 The
Administrative Agent shall promptly notify the applicable Borrower and the
Lenders of the interest rate applicable to any Interest Period for Eurocurrency
Rate Loans upon determination of such interest rate.  The determination of the Eurocurrency Rate by the Administrative
Agent shall be conclusive in the absence of manifest error.  At any time that Base Rate Loans are
outstanding, the Administrative Agent shall notify the Borrowers and the
Lenders of any change in Bank of America’s prime rate used in determining the
Base Rate promptly following the public announcement of such change.

 

(e)                                  After
giving effect to all Borrowings, all conversions of Loans from one Type to the
other, and all continuations of Loans as the same Type, there shall not be more
than five Interest Periods in effect with respect to the Revolving Loans.

 

(f)                                    GFI
may at any time and from time to time, upon prior written notice by GFI to the
Administrative Agent, increase the Aggregate Revolving Commitments by up to
TWENTY MILLION DOLLARS ($20,000,000) with additional Revolving Commitments from
any existing Lender or new Revolving Commitments from any other Person selected
by GFI and approved by the Administrative Agent (not to be unreasonably
withheld); provided that:

 

(i)                                     any
such increase shall be in a minimum principal amount of $5 million and in
integral multiples of $1 million in excess thereof;

 

31

 

(ii)                                  no
Default or Event of Default shall be continuing at the time of any such
increase;

 

(iii)                               no
existing Lender shall be under any obligation to increase its Revolving
Commitment and any such decision whether to increase its Revolving Commitment
shall be in such Lender’s sole and absolute discretion;

 

(iv)                              any
new Lender shall join this Agreement by executing such joinder documents
reasonably required by the Administrative Agent; and

 

(v)                                 as a condition precedent to such increase,
GFI shall deliver to the Administrative Agent a certificate of each Loan Party
dated as of the date of such increase (in sufficient copies for each Lender)
signed by a Responsible Officer of such Loan Party (A) certifying and attaching
the resolutions adopted by such Loan Party approving or consenting to such
increase, and (B) in the case of GFI, certifying that, before and after giving
effect to such increase, (1) the representations and warranties contained in Article VI
and the other Loan Documents are true and correct in all material respects on
and as of the date of such increase, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they are true and correct as of such earlier date, and except that for
purposes of this Section 2.02(f), the representations and
warranties contained in subsections (a) and (b) of Section 6.05
shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 7.01, and (2) no
Default or Event of Default exists.

 

Each
Borrower shall prepay any Loans owing by it and outstanding on the date of any
such increase (and pay any additional amounts required pursuant to Section 3.05)
to the extent necessary to keep the outstanding Loans ratable with any revised
Revolving Commitments arising from any nonratable increase in the Commitments
under this Section.  In connection with
any such increase in the Aggregate Revolving Commitments, the Letter of Credit
Sublimit (but not the Alternative Currency Sublimit) shall be increased by the
same amount and Schedule 2.01 shall be revised by the
Administrative Agent to reflect the new Revolving Commitments and distributed
to the Lenders.

 

32

 

2.03                           Letters of Credit.

 

(a)                                  The
Letter of Credit Commitment.

 

(i)                                     Subject
to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in
reliance upon the agreements of the other Lenders set forth in this Section 2.03,
(1) from time to time on any Business Day during the period from the Closing
Date until the Letter of Credit Expiration Date, to issue Letters of Credit for
the account of GFI or any of its Subsidiaries denominated in Dollars or in one
or more Alternative Currencies or for the account of the Foreign Borrower or
any of its Subsidiaries in Dollars or in one or more Alternative Currencies,
and to amend or extend Letters of Credit previously issued by it, in accordance
with subsection (b) below, and (2) to honor drawings under the Letters of
Credit; and (B) the Lenders severally agree to participate in Letters of Credit
issued for the account of the Borrowers or their Subsidiaries and any drawings
thereunder; provided that after giving effect to any L/C Credit
Extension with respect to any Letter of Credit, (w) the Total Revolving
Outstandings shall not exceed the Aggregate Revolving Commitments, (x) the
aggregate Outstanding Amount of the Revolving Loans of any Lender, plus
such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations
shall not exceed such Lender’s Revolving Commitment, (y) the Outstanding Amount
of the L/C Obligations shall not exceed the Letter of Credit Sublimit and (z) the aggregate Outstanding
Amount of all Revolving Loans made in Alternative Currencies plus the
Outstanding Amount of Foreign L/C Obligations shall not exceed the Alternative
Currency Sublimit; and provided  further that the availability of
the Aggregate Revolving Commitments at any time for the making of Loans and the
issuance of Letters of Credit shall be reduced by the amount of the Alternative
Currency Reserve.  Each request
by a Borrower for the issuance or amendment of a Letter of Credit shall be
deemed to be a representation by such Borrower that the L/C Credit Extension so
requested complies with the conditions set forth in the first proviso to the
preceding sentence.  Within the
foregoing limits, and subject to the terms and conditions hereof, such
Borrower’s ability to obtain Letters of Credit shall be fully revolving, and
accordingly the Borrowers may, during the foregoing period, obtain Letters of
Credit to replace Letters of Credit that have expired or that have been drawn
upon and reimbursed.

 

(ii)                                  No
L/C Issuer shall issue any Letter of Credit if:

 

(A)                              subject
to Section 2.03(b)(iii), the expiry date of such requested Letter
of Credit would occur more than twelve months after the date of issuance or
last renewal, unless the Required Lenders have approved such expiry date; or

 

(B)                                the
expiry date of such requested Letter of Credit would occur after the Letter of
Credit Expiration Date, unless all the Lenders have approved such expiry date;

 

(iii)                               No
L/C Issuer shall be under any obligation to issue any Letter of Credit if:

 

(A)                              any
order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain such L/C Issuer from issuing such
Letter of Credit, or any Law applicable to such L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over such L/C Issuer shall prohibit, or request
that such L/C Issuer refrain from, the issuance of letters of credit generally
or such Letter of Credit in particular or shall impose upon such L/C Issuer
with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which such L/C Issuer is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon such L/C Issuer any

 

33

 

unreimbursed loss, cost
or expense which was not applicable on the Closing Date and which such L/C
Issuer in good faith deems material to it;

 

(B)                                the
issuance of such Letter of Credit would violate one or more policies of such
L/C Issuer applicable to borrowers generally;

 

(C)                                except
as otherwise agreed by the Administrative Agent and such L/C Issuer, such
Letter of Credit is in an initial amount less than $500,000, or is to be
denominated in a currency other than Dollars or an Alternative Currency;

 

(D)                               such
L/C Issuer does not as of the issuance date of such requested Letter of Credit
issue Letters of Credit in the requested currency; or

 

(E)                                 a
default of any Lender’s obligations to fund under Section 2.03(c)
exists or any Lender is at such time a Defaulting Lender hereunder, unless such
L/C Issuer has entered into satisfactory arrangements with GFI or such Lender
to eliminate such L/C Issuer’s risk with respect to such Lender.

 

(iv)                              No
L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be
permitted at such time to issue such Letter of Credit in its amended form under
the terms hereof.

 

(v)                                 No
L/C Issuer shall be under any obligation to amend any Letter of Credit if (A)
such L/C Issuer would have no obligation at such time to issue such Letter of
Credit in its amended form under the terms hereof, or (B) the beneficiary of
such Letter of Credit does not accept the proposed amendment to such Letter of
Credit.

 

(vi)                              No
L/C Issuer shall be under any obligation to issue or amend any Letter of Credit
if such L/C Issuer has received written notice from any Lender, the
Administrative Agent or any Loan Party, on or prior to the Business Day prior
to the requested date of issuance or amendment of such Letter of Credit, that
one or more applicable conditions contained in Article V shall not
then be satisfied.

 

(vi)                              Each L/C Issuer shall act on behalf of the
Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and each L/C Issuer shall have all of the benefits and
immunities (A) provided to the Administrative Agent in Article X
with respect to any acts taken or omissions suffered by such L/C Issuer in
connection with Letters of Credit issued by it or proposed to be issued by it
and Issuer Documents pertaining to such Letters of Credit as fully as if the
term “Administrative Agent” as used in Article X included such L/C
Issuer with respect to such acts or omissions, and (B) as additionally provided
herein with respect to the L/C Issuers.

 

(b)                                 Procedures
for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of Credit.

 

(i)                                     Each
Letter of Credit shall be issued or amended, as the case may be, upon the
request of a Borrower delivered to the applicable L/C Issuer (with a copy to
the Administrative Agent) in the form of a Letter of Credit Application,
appropriately completed and signed by a Responsible Officer of such
Borrower.  Such Letter of Credit
Application must be received by the applicable L/C Issuer and the Administrative
Agent (A) not later than 11:00 a.m. at least two (2) Business Days (or such
later date and time as the Administrative Agent and applicable L/C Issuer may
agree in a particular instance in its sole discretion) prior to the proposed
issuance date or date

 

34

 

of amendment, as the case
may be, of any Letter of Credit denominated in Dollars, and (B) not later than
11:00 a.m. at least ten Business Days (or such later date and time as the
Administrative Agent and the applicable L/C Issuer may agree in a particular
instance in its sole discretion) prior to the proposed issuance date or date of
amendment, as the case may be, of any Letter of Credit denominated in an
Alternative Currency.  In the case of a request
for an initial issuance of a Letter of Credit, such Letter of Credit
Application shall specify in form and detail reasonably satisfactory to the
applicable L/C Issuer: (A) the proposed issuance date of the requested Letter
of Credit (which shall be a Business Day); (B) the amount thereof; (C) the
expiry date thereof; (D) the name and address of the beneficiary thereof; (E)
the documents to be presented by such beneficiary in case of any drawing
thereunder; (F) the full text of any certificate to be presented by such
beneficiary in case of any drawing thereunder; (G) the currency of such Letter
of Credit and (H) such other matters as the applicable L/C Issuer may
reasonably require.  In the case of a
request for an amendment of any outstanding Letter of Credit, such Letter of
Credit Application shall specify in form and detail reasonably satisfactory to
the applicable L/C Issuer (A) the Letter of Credit to be amended; (B) the
proposed date of amendment thereof (which shall be a Business Day); (C) the nature
of the proposed amendment; and (D) such other matters as the applicable L/C
Issuer may reasonably require. 
Additionally, the applicable Borrower shall furnish to the applicable
L/C Issuer and the Administrative Agent such other documents and information
pertaining to such requested Letter of Credit issuance or amendment, including
any Issuer Documents, as the applicable L/C Issuer or the Administrative Agent
may reasonably require.

 

(ii)                                  Promptly
after receipt of any Letter of Credit Application, the applicable L/C Issuer
will confirm with the Administrative Agent (by telephone or in writing) that
the Administrative Agent has received a copy of such Letter of Credit
Application from the applicable Borrower and, if not, the applicable L/C Issuer
will provide the Administrative Agent with a copy thereof.  Unless the applicable L/C Issuer has
received written notice from any Lender, the Administrative Agent or any Loan
Party, at least one Business Day prior to the requested date of issuance or
amendment of the applicable Letter of Credit, that one or more applicable
conditions in Article V shall not then be satisfied, then, subject to the
terms and conditions hereof, the applicable L/C Issuer shall, on the requested
date, issue a Letter of Credit for the account of the applicable Borrower (or
the applicable Subsidiary) or enter into the applicable amendment, as the case
may be, in each case in accordance with the applicable L/C Issuer’s usual and
customary business practices. 
Immediately upon the issuance of each Letter of Credit, each Lender
shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from the applicable L/C Issuer a risk participation in such Letter of
Credit in an amount equal to the product of such Lender’s Pro Rata Share times
the amount of such Letter of Credit.

 

(iii)                               If
a Borrower so requests in any applicable Letter of Credit Application, the
applicable L/C Issuer may, in its sole and absolute discretion, agree to issue
a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension
Letter of Credit”); provided that any such Auto-Extension Letter of
Credit must permit the applicable L/C Issuer to prevent any such extension at
least once in each twelve-month period (commencing with the date of issuance of
such Letter of Credit) by giving prior notice to the beneficiary thereof not
later than a day (the “Non-Extension Notice Date”) in each such
twelve-month period to be agreed upon at the time such Letter of Credit is
issued.  Unless otherwise directed by
the applicable L/C Issuer, no Borrower shall be required to make a specific
request to the applicable L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has
been issued, the Lenders shall be deemed to have authorized (but may not
require) the applicable L/C Issuer to permit the extension of such Letter of
Credit at any time to an expiry date not later than the Letter of Credit
Expiration Date; provided, however, that the applicable L/C
Issuer shall not permit any such extension if (A) the applicable L/C Issuer has
determined that it would not be permitted, or would have no

 

35

 

obligation at such time
to issue such Letter of Credit in its revised (as extended) form under the
terms hereof (by reason of the provisions in clause (ii) or (iii) of Section 2.03(a)
or otherwise), or (B) it has received notice (which may be by telephone or in
writing) on or before the day that is five Business Days before the
Non-Extension Notice Date (1) from the Administrative Agent that the Required
Lenders have elected not to permit such extension or (2) from the
Administrative Agent, any Lender or any Loan Party that one or more of the
applicable conditions specified in Section 5.02 is not then satisfied,
and in each such case directing the applicable L/C Issuer not to permit such
extension.

 

(iv)                              If a Borrower so requests in any applicable
Letter of Credit Application, the applicable L/C Issuer may, in its sole and
absolute discretion, agree to issue a Letter of Credit that permits the
automatic reinstatement of all or a portion of the stated amount thereof after
any drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”).  Unless otherwise directed by the applicable
L/C Issuer, no Borrower shall be required to make a specific request to the
applicable L/C Issuer to permit such reinstatement.  Once an Auto-Reinstatement Letter of Credit has been issued,
except as provided in the following sentence, the Lenders shall be deemed to
have authorized (but may not require) the applicable L/C Issuer to reinstate
all or a portion of the stated amount thereof in accordance with the provisions
of such Letter of Credit. 
Notwithstanding the foregoing, if such Auto-Reinstatement Letter of
Credit permits the applicable L/C Issuer to decline to reinstate all or any
portion of the stated amount thereof after a drawing thereunder by giving
notice of such non-reinstatement within a specified number of days after such
drawing (the “Non-Reinstatement Deadline”), the applicable L/C Issuer
shall not permit such reinstatement if it has received a notice (which may be
by telephone or in writing) on or before the day that is five Business Days
before the Non-Reinstatement Deadline (A) from the Administrative Agent that
the Required Lenders have elected not to permit such reinstatement or (B) from
the Administrative Agent, any Lender or any Borrower that one or more of the
applicable conditions specified in Section 5.02 is not then
satisfied (treating such reinstatement as an L/C Credit Extension for purposes
of this clause) and, in each case, directing the applicable L/C Issuer not to
permit such reinstatement.

 

(v)                                 Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof,
the applicable L/C Issuer will also deliver to the applicable Borrower and the
Administrative Agent a true and complete copy of such Letter of Credit or
amendment.  In addition, on the last Business
Day of each month, each L/C issuer will provide to the Administrative Agent a
report substantially in the form of Exhibit F hereto, setting forth
complete information regarding the outstanding Letters of Credit issued by such
L/C Issuer.

 

(c)                                  Drawings
and Reimbursements; Funding of Participations.

 

(i)                                     Upon
receipt from the beneficiary of any Letter of Credit of any notice of drawing
under such Letter of Credit, the applicable L/C Issuer shall notify the
applicable Borrower and the Administrative
Agent thereof.  In the case of a Letter
of Credit denominated in an Alternative Currency, the applicable Borrower shall
reimburse the applicable L/C Issuer in such Alternative Currency, unless (A)
such L/C Issuer (at its option) shall have specified in such notice that it
will require reimbursement in Dollars, or (B) in the absence of any such
requirement for reimbursement in Dollars, the applicable Borrower shall have
notified such L/C Issuer promptly following receipt of the notice of drawing
that it will reimburse such L/C Issuer in Dollars.  In the case of any such reimbursement in Dollars of a drawing
under a Letter of Credit denominated in an Alternative Currency, the applicable
L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the
amount of the drawing promptly following the

 

36

 

determination
thereof.  Not later than 11:00 a.m. on
the date of any payment by the applicable L/C Issuer under a Letter of Credit
to be reimbursed in Dollars, or the Applicable Time on the date of any payment
by the applicable L/C Issuer under a Letter of Credit to be reimbursed in an
Alternative Currency (each such date, an “Honor Date”), the applicable
Borrower shall reimburse the applicable L/C Issuer through the Administrative
Agent in an amount equal to the amount of such drawing and in the Applicable
Currency.  If the applicable Borrower
fails to so reimburse the applicable L/C Issuer by such time, the Administrative
Agent shall promptly notify each Lender of the Honor Date, the amount of the
unreimbursed drawing (expressed in Dollars in the amount of the Dollar
Equivalent thereof in the case of a Letter of Credit denominated in an
Alternative Currency) (the “Unreimbursed Amount”), and the amount of such
Lender’s Pro Rata Share thereof.  In
such event, GFI shall be deemed to have requested a Borrowing of Base Rate
Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed
Amount, without regard to the minimum and multiples specified in Section 2.02
for the principal amount of Base Rate Loans, but subject to the amount of the
unutilized portion of the Aggregate Revolving Commitments and the conditions
set forth in Section 5.02 (other than the delivery of a Loan
Notice).  Any notice given by an L/C
Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i)
may be given by telephone to a Responsible Officer of GFI if immediately
confirmed in writing; provided that the lack of such an immediate
confirmation shall not affect the conclusiveness or binding effect of such
notice.

 

(ii)                                  Each
Lender shall upon any notice pursuant to Section 2.03(c)(i) of the
Unreimbursed Amount make funds available to the Administrative Agent for the
account of the applicable L/C Issuer, in Dollars, at the Administrative Agent’s
Office for Dollar-denominated payments in an amount equal to its Pro Rata Share
of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day
specified in such notice by the Administrative Agent, whereupon, subject to the
provisions of Section 2.03(c)(iii), each Lender that so makes funds
available shall be deemed to have made a Base Rate Loan to GFI in such amount. 
The Administrative Agent shall remit the funds so received to the
applicable L/C Issuer in Dollars or if requested by the applicable L/C Issuer,
the equivalent amount thereof in an Alternative Currency as determined by the
Administrative Agent at such time on the basis of the Spot Rate (determined as
of such funding date) for the purchase of such Alternative Currency with
Dollars.

 

(iii)                               With
respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing
of Base Rate Loans because the conditions set forth in Section 5.02
cannot be satisfied or for any other reason, GFI shall be deemed to have incurred
from the applicable L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due
and payable on demand (together with interest) and shall bear interest at the
Default Rate.  In such event, each
Lender’s payment to the Administrative Agent for the account of the applicable
L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment
in respect of its participation in such L/C Borrowing and shall constitute an
L/C Advance from such Lender in satisfaction of its participation obligation
under this Section 2.03.

 

(iv)                              Until
each Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(c)
to reimburse the applicable L/C Issuer for any amount drawn under any Letter of
Credit, interest in respect of such Lender’s Pro Rata Share of such amount
shall be solely for the account of the applicable L/C Issuer.

 

(v)                                 Each
Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the
applicable L/C Issuer for amounts drawn under Letters of Credit, as
contemplated by this Section 2.03(c), shall be absolute and
unconditional and shall not be affected by any circumstance, including (A) any
set-off, counterclaim, recoupment, defense or other right which

 

37

 

such Lender may have
against any L/C Issuer, any Borrower or any other Person for any reason
whatsoever; (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Lender’s obligation to make
Revolving Loans pursuant to this Section 2.03(c) is subject to the
conditions set forth in Section 5.02 (other than delivery by the
applicable Borrower of a Loan Notice). 
Without duplication of any other reimbursement obligation, no such
making of an L/C Advance shall relieve or otherwise impair the obligation of
the applicable Borrower to reimburse the applicable L/C Issuer for the amount
of any payment made by such L/C Issuer under any Letter of Credit, together
with interest as provided herein.

 

(vi)                              If
any Lender fails to make available to the Administrative Agent for the account
of the applicable L/C Issuer any amount required to be paid by such Lender
pursuant to the foregoing provisions of this Section 2.03(c) by the
time specified in Section 2.03(c)(ii), the applicable L/C Issuer
shall be entitled to recover from such Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment
is immediately available to such L/C
Issuer at a rate per annum equal to the applicable Overnight Rate from time to
time in effect.  A certificate of
the applicable L/C Issuer submitted to any Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (vi) shall be
conclusive absent manifest error.

 

(d)                                 Repayment
of Participations.

 

(i)                                     At
any time after an L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s L/C Advance in respect of such
payment in accordance with Section 2.03(c), if the Administrative
Agent receives for the account of such L/C Issuer any payment in respect of the
related Unreimbursed Amount or interest thereon (whether directly from the
applicable Borrower or otherwise, including proceeds of Cash Collateral applied
thereto by the Administrative Agent), the Administrative Agent will distribute
to such Lender its Pro Rata Share thereof (appropriately adjusted, in the case
of interest payments, to reflect the period of time during which such Lender’s
L/C Advance was outstanding) in the same funds as those received by the
Administrative Agent.

 

(ii)                                  If
any payment received by the Administrative Agent for the account of an L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned
under any of the circumstances described in Section 11.05
(including pursuant to any settlement entered into by such L/C Issuer in its
discretion), each Lender shall pay to the Administrative Agent for the account
of such L/C Issuer its Pro Rata Share thereof on demand of the Administrative
Agent, plus interest thereon from the date of such demand to the date such
amount is returned by such Lender, at a
rate per annum equal to the applicable Overnight Rate from time to time in
effect.  The obligations of the
Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement.

 

(e)                                  Obligations
Absolute.  The obligation of a
Borrower to reimburse the applicable L/C Issuer for each drawing under each
applicable Letter of Credit and to repay each applicable L/C Borrowing shall be
absolute, unconditional and irrevocable, and shall be paid strictly in
accordance with the terms of this Agreement under all circumstances, including
the following:

 

(i)                                     any
lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

 

38

 

(ii)                                  the
existence of any claim, counterclaim, set-off, defense or other right that any
Borrower or any of their Subsidiaries may have at any time against any
beneficiary or any transferee of such Letter of Credit (or any Person for whom
any such beneficiary or any such transferee may be acting), the applicable L/C
Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit or any agreement
or instrument relating thereto, or any unrelated transaction;

 

(iii)                               any
draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect; or any loss
or delay in the transmission or otherwise of any document required in order to
make a drawing under such Letter of Credit;

 

(iv)                              any
payment by the applicable L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the
terms of such Letter of Credit; or any payment made by the applicable L/C
Issuer under such Letter of Credit to any Person purporting to be a trustee in
bankruptcy, debtor-in-possession, assignee for the benefit of creditors,
liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection
with any proceeding under any Debtor Relief Law;

 

(v)                                 any adverse change in the relevant exchange
rates or in the availability of the relevant Alternative Currency to the
Foreign Borrower or any of its Subsidiaries or in the relevant currency markets
generally; or

 

(vi)                              any
other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute
a defense available to, or a discharge of, any Borrower or any Subsidiary.

 

The applicable Borrower
shall promptly examine a copy of each Letter of Credit and each amendment
thereto that is delivered to it and, in the event of any claim of noncompliance
with the applicable Borrower’s instructions or other irregularity, the
applicable Borrower will immediately notify the applicable L/C Issuer.  The applicable Borrower shall be
conclusively deemed to have waived any such claim against the applicable L/C
Issuer and its correspondents unless such notice is given as aforesaid.

 

(f)                                    Role
of L/C Issuers.  Each Lender and
each Borrower agrees that, in paying any drawing under a Letter of Credit, no
L/C Issuer shall have any responsibility to obtain any document (other than any
sight draft, certificates and documents expressly required by the Letter of
Credit) or to ascertain or inquire as to the validity or accuracy of any such
document or the authority of the Person executing or delivering any such
document.  None of the L/C Issuers, the
Administrative Agent, any of their respective Related Parties nor any
correspondent, participant or assignee of any L/C Issuer shall be liable to any
Lender for (i) any action taken or omitted in connection herewith at the
request or with the approval of the Lenders or the Required Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence
or willful misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or
Issuer Document.  The Borrowers hereby
assume all risks of the acts or omissions of any beneficiary or transferee with
respect to its use of any Letter of Credit; provided, however,
that this assumption is not intended to, and shall not, preclude the Borrowers’
pursuing such rights and remedies as they may have against the beneficiary or
transferee at law or under any other agreement.  None of the L/C Issuers, the Administrative Agent, any of their
respective Related Parties, nor any correspondent, participant or assignee of
any L/C Issuer, shall be liable or responsible for any of the matters described
in clauses (i) through (v) of Section 2.03(e); provided,

 

39

 

however,
that anything in such clauses to the contrary notwithstanding, the applicable
Borrower may have a claim against the applicable L/C Issuer, and the applicable
L/C Issuer may be liable to the applicable Borrower, to the extent, but only to
the extent, of any direct, as opposed to consequential or exemplary, damages
suffered by such Borrower which such Borrower proves were caused by the
applicable L/C Issuer’s willful misconduct or gross negligence or the
applicable L/C Issuer’s willful failure to pay under any Letter of Credit after
the presentation to it by the beneficiary of a sight draft and certificate(s)
strictly complying with the terms and conditions of a Letter of Credit.  In furtherance and not in limitation of the
foregoing, each L/C Issuer may accept documents that appear on their face to be
in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and no L/C Issuer shall be responsible
for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason.

 

(g)                                 Cash
Collateral.

 

(i)                                     Upon
the request of the Administrative Agent, (A) if an L/C Issuer has honored any
full or partial drawing request under any Letter of Credit and such drawing has
resulted in an L/C Borrowing, or (B) if, as of the Letter of Credit Expiration
Date, any L/C Obligations for any reason remains outstanding, the applicable
Borrower shall, in each case, immediately Cash Collateralize the then
Outstanding Amount of all L/C Obligations.

 

(ii)                                  In addition, if the Administrative Agent
notifies GFI at any time that the Outstanding Amount of all L/C Obligations at
such time exceeds 105% of the Letter of Credit Sublimit then in effect, then,
within two Business Days after receipt of such notice, GFI shall Cash
Collateralize (and/or cause the Foreign Borrower to Cash Collateralize) the L/C
Obligations in an amount equal to the amount by which the Outstanding Amount of
all L/C Obligations exceeds the Letter of Credit Sublimit.

 

(iii)                               The Administrative Agent may, at any time and
from time to time after the initial deposit of Cash Collateral, request that
additional Cash Collateral be provided in order to protect against the results
of exchange rate fluctuations.

 

(iv)                              Section 2.04
and 9.02(c) set forth certain additional requirements to deliver Cash
Collateral hereunder.  For purposes of
this Section 2.03, Section 2.04 and Section 9.02(c),
“Cash Collateralize” means to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of the applicable L/C Issuer and the
Lenders, as collateral for the L/C Obligations, cash or deposit account
balances pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and the applicable L/C Issuer (which
documents are hereby consented to by the Lenders).  Derivatives of such term have corresponding meanings.  Each Borrower hereby grants to the
Administrative Agent, for the benefit of the L/C Issuers and the Lenders, a
security interest in all such cash, deposit accounts and all balances therein
and all proceeds of the foregoing.  Cash
collateral shall be maintained in blocked, non-interest bearing deposit
accounts at Bank of America.

 

(h)                                 Applicability
of ISP98.  Unless otherwise
expressly agreed by the applicable L/C Issuer and the applicable Borrower when
a Letter of Credit is issued, the rules of the ISP shall apply to each Letter
of Credit.

 

(i)                                     Letter
of Credit Fees.  Each Borrower shall
pay to the Administrative Agent for the account of each Lender in accordance
with its Pro Rata Share a Letter of Credit fee (the “Letter of Credit Fee”)
for each Letter of Credit for which it is responsible equal to the Applicable
Margin times the daily

 

40

 

maximum amount available
to be drawn under such Letter of Credit (whether or not such maximum amount is
then in effect under such Letter of Credit). 
Letter of Credit Fees shall be (i) computed on a quarterly basis in
arrears and (ii) due and payable on the first Business Day after the end of
each March, June, September and December, commencing with the first such
date to occur after the issuance of such Letter of Credit, on the Letter of
Credit Expiration Date and thereafter on demand.  If there is any change in the Applicable Margin during any
quarter, the daily maximum amount of each Letter of Credit shall be computed
and multiplied by the Applicable Margin separately for each period during such
quarter that such Applicable Margin was in effect.  Notwithstanding anything to the contrary contained herein, upon
the request of the Required Lenders, while an Event of Default exists, all
Letter of Credit Fees shall accrue at the Default Rate.

 

(j)                                     Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuers.  The applicable Borrower shall pay directly
to the applicable L/C Issuer for its own account a fronting fee with respect to
each Letter of Credit issued by it, at a rate of 0.125% per annum, computed on
the Dollar Equivalent of the actual daily maximum amount available to be drawn
under such Letter of Credit (whether or not such maximum amount is then in
effect under such Letter of Credit), on a quarterly basis in arrears, and due
and payable on the first Business Day after the end of each March, June,
September and December, commencing with the first such date to occur after
the issuance of such Letter of Credit, on the Letter of Credit Expiration Date
and thereafter on demand.  In addition,
the applicable Borrower shall pay directly to the applicable L/C Issuer for its
own account the customary issuance, presentation, amendment and other
processing fees, and other standard costs and charges, of such L/C Issuer
relating to letters of credit as from time to time in effect.  Such customary fees and standard costs and
charges are due and payable on demand and are nonrefundable.

 

(k)                                  Conflict
with Issuer Documents.  In the event
of any conflict between the terms hereof and the terms of any Issuer Document,
the terms hereof shall control.

 

(l)                                     Letters
of Credit Issued for Subsidiaries. 
Notwithstanding that a Letter of Credit issued or outstanding hereunder
is in support of any obligations of, or is for the account of, a Subsidiary,
the applicable Borrower shall be obligated to reimburse the applicable L/C
Issuer hereunder for any and all drawings under such Letter of Credit.  Each Borrower hereby acknowledges that the
issuance of Letters of Credit for the account of its Subsidiaries inures to the
benefit of such Borrower, and that such Borrower’s business derives substantial
benefits from the businesses of such Subsidiaries.

 

2.04                           Prepayments.

 

(a)                                  Voluntary
Prepayments of Loans.  Each Borrower
may, upon notice from GFI to the Administrative Agent, at any time or from time
to time voluntarily prepay Revolving Loans in whole or in part without premium
or penalty; provided that (i) such notice must be received by the
Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days
prior to any date of prepayment of Eurocurrency Rate Loans denominated in
Dollars, (B) four Business Days (or five, in the case of prepayment of Loans
denominated in Special Notice Currencies)
prior to any date of prepayment of Eurocurrency Rate Loans denominated in
Alternative Currencies, and (C) on the date of prepayment of Base Rate
Loans; (ii) any prepayment of Eurocurrency Rate Loans denominated in Dollars
shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in
excess thereof (or, if less, the entire principal amount thereof then
outstanding), (iii) any prepayment of Eurocurrency Rate Loans denominated in
Alternative Currencies shall be in a principal amount of $1,000,000 or a whole
multiple of $500,000 in excess thereof (or, if less, the entire principal
amount thereof then outstanding), and (iv) any prepayment of Base Rate Loans
shall be in a principal amount of $500,000 or a whole multiple of $100,000 in
excess thereof (or, if less, the entire principal amount thereof then
outstanding).  Each such notice shall
specify the date and amount of such prepayment and the Type(s) of Loans to be
prepaid.  The

 

41

 

Administrative Agent will
promptly notify each Lender of its receipt of each such notice, and of the
amount of such Lender’s Pro Rata Share of such prepayment.  If such notice is given by GFI, the
applicable Borrower shall make such prepayment and the payment amount specified
in such notice shall be due and payable on the date specified therein.  Any prepayment of a Eurocurrency Rate Loan
shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amounts required pursuant to Section 3.05.  Each such prepayment shall be applied to the
Loans of the Lenders in accordance with their respective Pro Rata Shares.

 

(b)                                 Mandatory
Prepayments of Loans.

 

(i)                                     (A)  Revolving Commitments.  If for any reason the Total Revolving
Outstandings at any time exceed the Aggregate Revolving Commitments then in
effect, GFI shall immediately prepay (or cause to be prepaid) Revolving Loans
and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to
such excess; provided, however, that GFI shall not be required to
Cash Collateralize the L/C Obligations pursuant to this Section 2.04(b)(i)
unless after the prepayment in full of the Revolving Loans the Total Revolving
Outstandings exceed the Aggregate Revolving Commitments then in effect.  The
Administrative Agent may, at any time and from time to time after the initial
deposit of such Cash Collateral, request that additional Cash Collateral be
provided in order to protect against the results of further exchange rate
fluctuations.

 

(B)                                Alternative
Currency Sublimit.  If
the Administrative Agent notifies GFI at any time that as of the most recent
Revaluation Date the Outstanding Amount of all Loans denominated in Alternative
Currencies at such time exceeds the Alternative Currency Sublimit then in
effect, then, within five (5) Business Days after receipt of such notice, GFI
shall prepay (or cause to be prepaid) Loans in an aggregate amount sufficient
to reduce such Outstanding Amount as of such date of payment  to
an amount not to exceed the Alternative Currency Sublimit then in effect.

 

(ii)                                  Dispositions
and Involuntary Dispositions. 
Except as otherwise consented to in writing by the Required Lenders, GFI shall promptly, and in any event within five (5)
Business Days following the end of the related Application Period, prepay (or
cause to be prepaid) the Revolving Loans and Cash Collateralize the L/C
Obligations in an aggregate amount equal to 100% of the Net Cash Proceeds of
all Dispositions and Involuntary Dispositions
to the extent that (a) (1) the Net Cash Proceeds of all Dispositions and
Involuntary Dispositions received after the Closing Date exceed $15 million or
(2) the Net Cash Proceeds of any single Disposition or Involuntary Disposition
exceed $5 million and (b) the Net Cash Proceeds of such Disposition or
Involuntary Disposition are not applied (or caused to be applied) by the Loan
Parties during the related Application Period to make Eligible Reinvestments as
contemplated by the terms of Section 8.05.  Any prepayment pursuant to this
clause (ii) shall be applied as set forth in clause (iv) below.

 

(iii)                               Debt
Issuances.  Promptly, and in any
event within five (5) Business Days, upon receipt by GFI or any Subsidiary of
the Net Cash Proceeds of any Debt Issuance, GFI
shall prepay (or cause to be prepaid) the Revolving Loans and Cash
Collateralize the L/C Obligations in an aggregate amount equal to 100% of such
Net Cash Proceeds of all Debt Issuances. 
Any prepayment pursuant to this
clause (iii) shall be applied as set forth in clause (iv) below.

 

(iv)                              Application
of Mandatory Prepayments.  All
amounts required to be paid pursuant to Section 2.04(b) shall be
applied as follows:

 

42

 

(A)                              with respect to all amounts prepaid pursuant
to Section 2.04(b)(i)(A) and (B), to Revolving Loans and
(after all Revolving Loans have been repaid) to Cash Collateralize L/C
Obligations; and

 

(B)                                with respect to all amounts prepaid pursuant to Section 2.04(b)(ii)
or (iii), to the Revolving Loans and (after all Revolving Loans have
been repaid) to Cash Collateralize L/C Obligations with, in each case, a
corresponding permanent reduction in the Aggregate Revolving Commitments.

 

Within the parameters of
the applications set forth above, prepayments shall be applied first to Base
Rate Loans and then to Eurocurrency Rate Loans in direct order of Interest
Period maturities.  All prepayments under
this Section 2.04(b) shall be subject to Section 3.05,
but otherwise without premium or penalty, and shall be accompanied by interest
on the principal amount prepaid through the date of prepayment.

 

2.05                           Termination or Reduction of
Aggregate Revolving Commitments.

 

GFI
may, upon notice to the Administrative Agent, terminate the Aggregate Revolving
Commitments, or from time to time permanently reduce the Aggregate Revolving
Commitments to an amount not less than the Outstanding Amount of Revolving
Loans and L/C Obligations plus the Alternative Currency Reserve; provided
that (i) any such notice shall be received by the Administrative Agent not
later than 12:00 noon five (5) Business Days prior to the date of termination
or reduction, (ii) any such partial reduction shall be in an aggregate
amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof and
(iii) if, after giving effect to any reduction of the Aggregate Revolving
Commitments, the Letter of Credit Sublimit and/or the Alternative Currency Sublimit
exceeds the amount of the Aggregate Revolving Commitments, such sublimit shall
be automatically reduced by the amount of such excess.  The Administrative Agent will promptly
notify the Lenders of any such notice of termination or reduction of the Aggregate
Revolving Commitments.  The amount of
any such aggregate commitment reduction shall not be applied to the Alternative
Currency Sublimit or the Letter of Credit Sublimit unless otherwise specified
by GFI or as required by clause (iii) of the immediately preceding
sentence.  Any reduction of the
Aggregate Revolving Commitments shall be applied to the Revolving Commitment of
each Lender according to its Pro Rata Share. 
All fees accrued with respect thereto until the effective date of any
termination of the Aggregate Revolving Commitments shall be paid on the
effective date of such termination.

 

2.06                           Repayment of Loans.

 

Each
Borrower shall repay to the Lenders on the Maturity Date the aggregate
principal amount of all Revolving Loans made to such Borrower outstanding on
such date.

 

2.07                           Interest.

 

(a)                                  Subject to the provisions of
subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest
on the outstanding principal amount thereof for each Interest Period at a rate
per annum equal to the sum of (A) the Eurocurrency Rate for such Interest
Period plus (B) the Applicable Margin plus (C) (in the case of a
Eurocurrency Rate Loan of any Lender which is lent from a Lending Office in the
United Kingdom or a Participating Member State) the Mandatory Cost; and (ii)
each Base Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the
Base Rate plus the Applicable Margin.

 

43

 

(b)                                 Upon the occurrence and during the
continuation of an Event of Default, at the direction of the Required Lenders
(or automatically if the Event of Default is pursuant to Section 9.01(g)),
all outstanding Obligations shall bear interest at a fluctuating interest rate
per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws.

 

(c)                                  Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable
in accordance with the terms hereof before and after judgment, and before and
after the commencement of any proceeding under any Debtor Relief Law.

 

2.08                           Fees.

 

In addition to certain
fees described in subsections (i) and (j) of Section 2.03:

 

(a)                                  Commitment
Fee.  GFI shall pay (and/or cause to
be paid by the Foreign Borrower) to the Administrative Agent for the account of
each Lender in accordance with its Pro Rata Share, a commitment fee in Dollars
equal to the product of (i) the Applicable Margin times (ii) the actual
daily amount by which the Aggregate Revolving Commitments exceed the sum of (y)
the Outstanding Amount of Revolving Loans and (z) the Outstanding Amount of L/C
Obligations.  The commitment fee shall
accrue at all times during the Availability Period, including at any time
during which one or more of the applicable conditions in Article V
is not met, and the commitment fee shall be due and payable quarterly in
arrears on the last Business Day of each March, June, September and
December, commencing with the first such date to occur after the Closing Date,
and on the Maturity Date.  The
commitment fee shall be calculated quarterly in arrears, and if there is any
change in the Applicable Margin during any quarter, the actual daily amount
shall be computed and multiplied by the Applicable Margin separately for each
period during such quarter that such Applicable Margin was in effect.

 

(b)                                 Fee
Letter.  GFI shall (without duplication
of fees described in Section 2.03(j)) pay (and/or cause to be paid
by the Foreign Borrower) to BAS and the Administrative Agent for their own
respective accounts, in Dollars, fees in the amounts and at the times specified
in the Fee Letter.  Such fees shall be
fully earned when paid and shall be non-refundable for any reason whatsoever.

 

2.09                           Computation of Interest and Fees.

 

All computations of
interest for Base Rate Loans when the Base Rate is determined by Bank of
America’s “prime rate” shall be made on the basis of a year of 365 or 366 days,
as the case may be, and actual days elapsed. 
All other computations of fees and interest shall be made on the basis
of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365-day year), or, in the case of
interest in respect of Loans denominated in Alternative Currencies as to which
market practice differs from the foregoing, in accordance with such market
practice.  Interest shall accrue on each
Loan for the day on which the Loan is made, and shall not accrue on a Loan, or
any portion thereof, for the day on which the Loan or such portion is
paid, provided that any Loan that is repaid on the same day on which it
is made shall, subject to Section 2.11(a), bear interest for one
day.  Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive
and binding for all purposes, absent manifest error.

 

44

 

2.10                           Evidence of Debt.

 

(a)                                  The
Credit Extensions made by each Lender shall be evidenced by one or more
accounts or records maintained by such Lender and by the Administrative Agent
in the ordinary course of business.  The
accounts or records maintained by the Administrative Agent and each Lender
shall be conclusive absent manifest error of the amount of the Credit
Extensions made by the Lenders to the Borrowers and the interest and payments
thereon.  Any failure to so record or
any error in doing so shall not, however, limit or otherwise affect the
obligation of the Borrowers hereunder to pay any amount owing with respect to
the Obligations.  In the event of any
conflict between the accounts and records maintained by any Lender and the
accounts and records of the Administrative Agent in respect of such matters,
the accounts and records of the Administrative Agent shall control in the
absence of manifest error.  Upon the
request of any Lender made through the Administrative Agent, the applicable
Borrower shall execute and deliver to such Lender (through the Administrative
Agent) a promissory note, which shall evidence such Lender’s Loans to such
Borrower in addition to such accounts or records.  Each such promissory note shall be in the form of Exhibit B
(a “Revolving Note”).  Each
Lender may attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount, currency and maturity of its Loans and payments with
respect thereto.

 

(b)                                 In
addition to the accounts and records referred to in subsection (a), each
Lender and the Administrative Agent shall maintain in accordance with its usual
practice accounts or records evidencing the purchases and sales by such Lender
of participations in Letters of Credit. 
In the event of any conflict between the accounts and records maintained
by the Administrative Agent and the accounts and records of any Lender in
respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

 

2.11                           Payments Generally; Administrative
Agent’s Clawback.

 

(a)                                  General.  All payments to be made by each Borrower
shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided
herein and except with respect to principal of and interest on Loans
denominated in an Alternative Currency, all payments by each Borrower
hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is
owed, at the Administrative Agent’s Office in Dollars and in Same Day Funds not
later than 2:00 p.m. on the date specified herein.  Except as otherwise expressly provided herein, all payments by
each Borrower hereunder with respect to principal and interest on Loans
denominated in an Alternative Currency shall be made to the Administrative
Agent, for the account of the respective Lenders to which such payment is owed,
at the applicable Administrative Agent’s Office in such Alternative Currency
and in Same Day Funds not later than the Applicable Time specified by the
Administrative Agent on the dates specified herein.  If, for any reason, any Borrower is prohibited by any Law from
making any required payment hereunder in an Alternative Currency, such Borrower
shall make such payment in Dollars in the Dollar Equivalent of the Alternative
Currency payment amount.  The
Administrative Agent will promptly distribute to each Lender its Pro
Rata Share (or other applicable share as provided herein) of such payment in
like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative
Agent (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after
the Applicable Time specified by the Administrative Agent in the case of
payments in an Alternative Currency, shall in each case be deemed received on
the next succeeding Business Day and any applicable interest or fee shall
continue to accrue.  If any payment to
be made by any Borrower shall come due on a day other than a Business Day,
payment shall be made on the next following Business Day, and such extension of
time shall be reflected in computing interest or fees, as the case may be.

 

45

 

(b)                                 Insufficient
Funds.  If at any time insufficient
funds are received by and available to the Administrative Agent to pay fully
all amounts of principal, L/C Borrowings, interest and fees then due hereunder,
such funds shall be applied (i) first, toward costs and expenses
(including Attorney Costs and amounts payable under Article III)
incurred by the Administrative Agent and each Lender, (ii) second,
toward repayment of interest and fees then due hereunder, ratably among the
parties entitled thereto in accordance with the amounts of interest and fees
then due to such parties, and (iii) third, toward repayment of
principal and L/C Borrowings then due hereunder, ratably among the parties
entitled thereto in accordance with
the amounts of principal and L/C Borrowings then due to such parties.

 

(c)                                  (i)  Funding
by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Revolving Loan that such Lender will
not make available to the Administrative Agent such Lender’s share of such
Revolving Loan, the Administrative Agent may assume that such Lender has made
such share available on such date in accordance with Section 2.02
and may, in reliance upon such assumption, make available to the applicable Borrower
a corresponding amount.  In such event,
if a Lender has not in fact made its share of the applicable Revolving Loan
available to the Administrative Agent, then the applicable Lender and the
applicable Borrower severally agree to pay to the Administrative Agent
forthwith on demand such corresponding amount in Same Day Funds with interest
thereon, for each day from and including the date such amount is made available
to such Borrower to but excluding the date of payment to the Administrative
Agent, at (A) in the case of a payment to be made by such Lender, the Overnight
Rate and (B) in the case of a payment to be made by such Borrower, the interest
rate applicable to Base Rate Loans.  If
such Borrower and such Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall
promptly remit to such Borrower the amount of such interest paid by such
Borrower for such period.  If such
Lender pays its share of the applicable Revolving Loan to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Revolving Loan
included in such Borrowing.  Any payment
by a Borrower shall be without prejudice to any claim such Borrower may have
against a Lender that shall have failed to make such payment to the
Administrative Agent.

 

(ii)                                  Payments by Borrowers; Presumptions by
Administrative Agent.  Unless the Administrative Agent shall have
received notice from a Borrower prior to the date on which any payment is due
to the Administrative Agent for the account of the Lenders or an L/C Issuer
hereunder that such Borrower will not make such payment, the Administrative
Agent may assume that such Borrower has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to
the Lenders or the applicable L/C Issuer, as the case may be, the amount
due.  In such event, if such Borrower
has not in fact made such payment, then each of the Lenders or the applicable L/C
Issuer, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or the
applicable L/C Issuer, in Same Day Funds with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the Overnight Rate.

 

A notice of the
Administrative Agent to any Lender or any Borrower with respect to any amount
owing under this subsection (c) shall be conclusive, absent manifest
error.

 

(d)                                 Failure
to Satisfy Conditions Precedent.  If
any Lender makes available to the Administrative Agent funds for any Loan to be
made by such Lender as provided in the foregoing provisions of this Article II,
and such funds are not made available to the applicable Borrower by the
Administrative Agent because the conditions to the applicable Credit Extension
set forth in Article V are not satisfied or waived in accordance
with the terms hereof, the Administrative Agent shall return such funds (in
like funds as received from such Lender) to such Lender, without interest.

 

46

 

(e)                                  Obligations
of Lenders Several.  The obligations
of the Lenders hereunder to make Loans, to fund participations in Letters of
Credit and to make payments pursuant to Section 11.04(c) are
several and not joint.  The failure of
any Lender to make any Loan, to fund any such participation or to make any
payment under Section 11.04(c) on any date required hereunder shall
not relieve any other Lender of its corresponding obligation to do so on such
date, no Lender shall be responsible for the failure of any other Lender to so
make its Loan, to purchase its participation or to make its payment under Section 11.04(c).

 

(f)                                    Funding
Source.  Nothing herein shall be
deemed to obligate any Lender to obtain the funds for any Loan in any
particular place or manner or to constitute a representation by any Lender that
it has obtained or will obtain the funds for any Loan in any particular place
or manner.

 

2.12                           Sharing of Payments by Lenders.

 

If
any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of
the Revolving Loans made by it, or the participations in L/C Obligations held
by it resulting in such Lender’s receiving payment of a proportion of the
aggregate amount of such Loans or participations and accrued interest thereon
greater than its Pro Rata Share thereof as provided herein, then the Lender
receiving such greater proportion shall (a) notify the Administrative Agent of
such fact, and (b) purchase (for cash at face value) participations in the
Revolving Loans and subparticipations in L/C Obligations of the other Lenders,
or make such other adjustments as shall be equitable, so that the benefit of
all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans
and participations and other amounts owing them, provided that:

 

(a)                                  if any such participations or
subparticipations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations or subparticipations shall be
rescinded and the purchase price restored to the extent of such recovery,
without interest; and

 

(b)                                 the provisions of this Section shall not
be construed to apply to (x) any payment made by any Borrower pursuant to and
in accordance with the express terms of this Agreement or (y) any payment
obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Revolving Loans or subparticipations in L/C
Obligations to any assignee or participant, other than to a Borrower or any
Subsidiary thereof (as to which the provisions of this Section shall
apply).

 

Each
Loan Party consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against such
Loan Party’s rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Loan
Party in the amount of such participation.

 

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01                           Taxes.

 

(a)                                  Payments Free of Taxes.  Any
and all payments by or on account of any obligation of the respective Borrowers
hereunder or under any other Loan Document shall be made free and clear of and
without reduction or withholding for any Indemnified Taxes or Other Taxes, provided
that if the applicable Borrower shall be required by applicable law to deduct
any Indemnified Taxes (including any

 

47

 

Other Taxes) from such
payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or
L/C Issuer, as the case may be, receives an amount equal to the sum it would
have received had no such deductions been made, (ii) such Borrower shall make
such deductions and (iii) such Borrower shall timely pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable
law.

 

(b)                                 Payment of Other Taxes by the Borrowers. 
Without limiting the provisions of subsection (a) above, each
Borrower shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

 

(c)                                  Indemnification by the Borrowers. 
Each Borrower shall indemnify the Administrative Agent, each Lender and
each L/C Issuer, within 10 days after demand therefor, for the full amount of
any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this
Section) paid by the Administrative Agent, such Lender or such L/C Issuer, as
the case may be, and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other
Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority.  A certificate
as to the amount of such payment or liability delivered to a Borrower by a
Lender or an L/C Issuer (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender or an L/C
Issuer, shall be conclusive absent manifest error.

 

(d)                                 Evidence of Payments.  As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by
any Borrower to a Governmental Authority, such Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

 

(e)                                  Status of Lenders.  Any
Foreign Lender that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which a Borrower is
resident for tax purposes, or any treaty to which such jurisdiction is a party,
with respect to payments hereunder or under any other Loan Document shall
deliver to such Borrower or, at the direction of such Borrower, to the
appropriate Governmental Authority, (with a copy to the Administrative Agent),
at the time or times prescribed by applicable law or reasonably requested by
such Borrower or the Administrative Agent, but in no event any earlier than
such Lender is reasonably able, such properly completed and executed documentation
prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate of withholding.  In addition, any Lender, if requested by a Borrower or the
Administrative Agent, shall (i) deliver such other documentation prescribed by
applicable law or reasonably requested by such Borrower or the Administrative
Agent as will enable such Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information
reporting requirements and (ii) promptly provide to the appropriate
Governmental Authority such information as may be required by such Governmental
Authority or reasonably requested by the relevant Borrower in order to assist
the process of obtaining the aforementioned exemption or reduction of
withholding taxes.

 

Without
limiting the generality of the foregoing, in the event that a Borrower is
resident for tax purposes in the United States, any Foreign Lender shall
deliver to such Borrower and the Administrative Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such
Foreign Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the request of such Borrower or the Administrative Agent, but
only if such Foreign Lender is legally entitled to do so), whichever of the
following is applicable:

 

48

 

(i)                                     duly completed copies of Internal Revenue
Service Form W-8BEN claiming eligibility for benefits of an income tax treaty
to which the United States is a party,

 

(ii)                                  duly completed copies of Internal Revenue
Service Form W-8ECI,

 

(iii)                               in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under section 881(c) of
the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a
“bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10
percent shareholder” of the applicable Borrower within the meaning of
section 881(c)(3)(B) of the Code, or (C) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code and (y) duly
completed copies of Internal Revenue Service Form W-8BEN, or

 

(iv)                              any other form prescribed by applicable law
as a basis for claiming exemption from or a reduction in United States Federal
withholding tax duly completed together with such supplementary documentation
as may be prescribed by applicable law to permit such Borrower to determine the
withholding or deduction required to be made.

 

Without
limiting the obligations of the Lenders set forth above regarding delivery of
certain forms and documents to establish each Lender’s status for U.S.
withholding tax purposes, each Lender agrees promptly to deliver to the
Administrative Agent or a Borrower, as the Administrative Agent or such
Borrower shall reasonably request, and in a timely fashion, such other
documents and forms required by any relevant taxing authorities under the Laws
of any other jurisdiction, duly executed and completed by such Lender, as are
required under such Laws to confirm such Lender’s entitlement to any available
exemption from, or reduction of, applicable withholding taxes in respect of all
payments to be made to such Lender outside of the U.S. by the Borrowers
pursuant to this Agreement or otherwise to establish such Lender’s status for
withholding tax purposes in such other jurisdiction.  Each Lender shall promptly (i) notify the Administrative Agent of
any change in circumstances which would modify or render invalid any such claimed
exemption or reduction, and (ii) take such steps as shall not be materially
disadvantageous to it, in the reasonable judgment of such Lender, and as may be
reasonably necessary (including the re-designation of its Lending Office) to
avoid any requirement of applicable Laws of any such jurisdiction that any
Borrower make any deduction or withholding for taxes from amounts payable to
such Lender.  Additionally, each of the
Borrowers shall promptly deliver to the Administrative Agent or any Lender, as the
Administrative Agent or such Lender shall reasonably request, and in a timely
fashion, such documents and forms required by any relevant taxing authorities
under the Laws of any jurisdiction, duly executed and completed by such
Borrower, as are required to be furnished by such Lender or the Administrative
Agent under such Laws in connection with any payment by the Administrative
Agent or any Lender of Taxes or Other Taxes, or otherwise in connection with
the Loan Documents, with respect to such jurisdiction.

 

Without
limiting the generality of the foregoing, in the event that a Borrower is
resident for tax purposes in the United Kingdom, any Foreign Lender entitled to
benefits under the US/UK double tax treaty shall deliver to its Internal
Revenue Service center (with copies delivered to the relevant Borrower and the
Administrative Agent, in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a
Lender under this Agreement (and from time to time thereafter upon the request
of such Borrower or the Administrative Agent, but only if such Foreign Lender
is legally entitled to do so) duly completed copies (in triplicate) of the
United Kingdom Inland Revenue Form FD-13 (or such other form as may from time
to time be prescribed by applicable law or regulation) claiming exemption from
withholding on account of United Kingdom income tax pursuant to the US/UK
double tax treaty.  The relevant
Borrower and Foreign Lender shall each provide all reasonable information and
assistance to the Internal Revenue Service and Inland Revenue on a timely basis
in order efficiently to process the relevant treaty claim, and shall keep each
other (through the

 

49

 

Administrative Agent)
informed of any matters relating to such claim, including such Borrower
providing a copy of any authority issued by the Inland Revenue authorizing such
Borrower to pay free and clear of any withholding on account of United Kingdom
income tax.

 

(f)                                    Treatment of Certain Refunds.  If
the Administrative Agent, any Lender or any L/C Issuer determines, in its sole
discretion, that it has received a refund of any Taxes or Other Taxes as to
which it has been indemnified by any Borrower or with respect to which any
Borrower has paid additional amounts pursuant to this Section, it shall pay to
such Borrower an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by such Borrower under
this Section with respect to the Taxes or Other Taxes giving rise to such
refund), net of all out-of-pocket expenses of the Administrative Agent, such
Lender or such L/C Issuer, as the case may be, and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such
refund), provided that each Borrower, upon the request of the
Administrative Agent, such Lender or such L/C Issuer, agrees to repay the
amount paid over to such Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent,
such Lender or such L/C Issuer in the event the Administrative Agent, such
Lender or such L/C Issuer is required to repay such refund to such Governmental
Authority.  This subsection shall
not be construed to require the Administrative Agent, any Lender or such L/C
Issuer to make available its tax returns (or any other information relating to
its taxes that it deems confidential) to any Borrower or any other Person.

 

3.02                           Illegality.

 

If any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office
to make, maintain or fund Eurocurrency Rate Loans (whether denominated in
Dollars or an Alternative Currency), or to determine or charge interest rates
based upon the Eurocurrency Rate, or any Governmental Authority has imposed
material restrictions on the authority of such Lender to purchase or sell, or
to take deposits of, Dollars or an Alternative Currency in the applicable
interbank market, then, on notice thereof by such Lender to the applicable
Borrower through the Administrative Agent, any obligation of such Lender to
make or continue Eurocurrency Rate Loans in the affected currency or currencies
or, in the case of Eurocurrency Rate Loans in Dollars, to convert Base Rate
Loans to Eurocurrency Rate Loans shall be suspended until such Lender notifies
the Administrative Agent and the applicable Borrower that the circumstances
giving rise to such determination no longer exist.  Upon receipt of such notice, the applicable Borrower shall, upon
demand from such Lender (with a copy to the Administrative Agent), prepay such
Loans or, if applicable and such Loans are denominated in Dollars, convert all
Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last
day of the Interest Period therefor, if such Lender may lawfully continue to
maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender
may not lawfully continue to maintain such Eurocurrency Rate Loans.  Upon any such prepayment or conversion, the
applicable Borrower shall also pay accrued interest on the amount so prepaid or
converted.

 

3.03                           Inability to Determine Rates.

 

If the Required Lenders
determine that for any reason in connection with any request for a Eurocurrency
Rate Loan or a conversion to or continuation thereof that (a) deposits (whether
in Dollars or an Alternative Currency) are not being offered to banks in the
applicable offshore interbank market for such currency for the applicable
amount and Interest Period of such Eurocurrency Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurocurrency Rate for any
requested Interest Period with respect to a proposed Eurocurrency Rate Loan
(whether in Dollars or an Alternative Currency), or (c) the Eurocurrency Rate
for any requested Interest Period with respect to a proposed Eurocurrency Rate
Loan does not adequately and fairly reflect the cost to the Lenders of funding
such

 

50

 

Loan, the Administrative
Agent will promptly notify GFI and all Lenders.  Thereafter, the obligation of the Lenders to make or maintain
Eurocurrency Rate Loans in the affected currency or currencies shall be
suspended until the Administrative Agent (upon the instruction of the Required
Lenders) revokes such notice.  Upon
receipt of such notice, the applicable Borrower may revoke any pending request
for a Borrowing, conversion or continuation of Eurocurrency Rate Loans in the
affected currency or currencies or, failing that, will be deemed to have
converted such request into a request for a Borrowing of Base Rate Loans in the
amount specified therein.

 

3.04                           Increased Costs.

 

(a)                                  Increased Costs Generally.  If
any Change in Law shall:

 

(i)                                     impose, modify or deem applicable any
reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit
extended or participated in by, any Lender (except (A) any reserve requirement
contemplated by Section 3.04(e) and (B) the requirements of the
Bank of England and the Financial Services Authority or the European Central
Bank reflected in the Mandatory Cost, other than as set forth below) or any L/C
Issuer;

 

(ii)                                  subject any Lender or any L/C Issuer to any
tax of any kind whatsoever with respect to this Agreement, any Letter of
Credit, any participation in a Letter of Credit or any Eurocurrency Loan made
by it, or change the basis of taxation of payments to such Lender or such L/C
Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered
by Section 3.01 and the imposition of, or any change in the rate
of, any Excluded Tax payable by such Lender or such L/C Issuer);

 

(iii)                               cause the Mandatory Cost, as calculated
hereunder, to no longer represent the cost to any Lender of complying with the
requirements of the Bank of England and/or the Financial Services Authority or
the European Central Bank in relation to its making, funding or maintaining
Eurocurrency Rate Loans denominated in Alternative Currencies; or

 

(iv)                              impose on any Lender or any L/C Issuer or the
London interbank market any other condition, cost or expense affecting this
Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or
participation therein;

 

and
the result of any of the foregoing shall be to increase the cost to such Lender
of making or maintaining any Eurocurrency Loan (or of maintaining its
obligation to make any such Loan), or to increase the cost to such Lender or
such L/C Issuer of participating in, issuing or maintaining any Letter of
Credit (or of maintaining its obligation to participate in or to issue any
Letter of Credit), or to reduce the amount of any sum received or receivable by
such Lender or such L/C Issuer hereunder (whether of principal, interest or any
other amount) then, upon request of such Lender or such L/C Issuer, the
applicable Borrower will pay to such Lender or such L/C Issuer, as the case may
be, such additional amount or amounts as will compensate such Lender or such
L/C Issuer, as the case may be, for such additional costs incurred or reduction
suffered.

 

(b)                                 Capital Requirements.  If
any Lender or any L/C Issuer determines that any Change in Law affecting such
Lender or such L/C Issuer or any Lending Office of such Lender or such Lender’s
or such L/C Issuer’s holding company, if any, regarding capital requirements
has or would have the effect of reducing the rate of return on such Lender’s or
such L/C Issuer’s capital or on the capital of such Lender’s or such L/C
Issuer’s holding company, if any, as a consequence of this Agreement, the
Commitments of such Lender or the Loans made by, or participations in Letters
of Credit held by, such Lender, or the

 

51

 

Letters of Credit issued
by such L/C Issuer, to a level below that which such Lender or such L/C Issuer
or such Lender’s or such L/C Issuer’s holding company could have achieved but
for such Change in Law (taking into consideration such Lender’s or such L/C
Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s
holding company with respect to capital adequacy), then from time to time the
applicable Borrower will pay to such Lender or such L/C Issuer, as the case may
be, such additional amount or amounts as will compensate such Lender or such
L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such
reduction suffered.

 

(c)                                  Certificates for Reimbursement.  A
certificate of a Lender or an L/C Issuer setting forth the amount or amounts
necessary to compensate such Lender or such L/C Issuer or its holding company,
as the case may be, as specified in subsection (a) or (b) of this
Section and delivered to GFI shall be conclusive absent manifest
error.  The applicable Borrower shall
pay such Lender or such L/C Issuer, as the case may be, the amount shown as due
on any such certificate within 10 days after receipt thereof.

 

(d)                                 Delay in Requests. 
Failure or delay on the part of any Lender or any L/C Issuer to demand
compensation pursuant to the foregoing provisions of this Section shall
not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand
such compensation, provided that no Borrower shall be required to
compensate a Lender or an L/C Issuer pursuant to the foregoing provisions of
this Section for any increased costs incurred or reductions suffered more
than six months prior to the date that such Lender or such L/C Issuer, as the
case may be, notifies GFI of the Change in Law giving rise to such increased
costs or reductions and of such Lender’s or such L/C Issuer’s intention to
claim compensation therefor (except that, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the six-month period
referred to above shall be extended to include the period of retroactive effect
thereof).

 

(e)                                  Additional Reserve Requirements.  GFI
shall pay (or cause the Foreign Borrower to pay) to each Lender, as long as
such Lender shall be required by the FRB to maintain reserves with respect to
liabilities or assets consisting of or including Eurocurrency funds or deposits
(currently known as “Eurocurrency liabilities”), additional interest on the
unpaid principal amount of each Eurocurrency Rate Loan equal to the actual
costs of such reserves allocated to such Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive), which in
each case shall be due and payable on each date on which interest is payable on
such Loan, provided the Company shall have received at least 10 days’
prior notice (with a copy to the Administrative Agent) of such additional
interest from such Lender.  If a Lender
fails to give notice 10 days prior to the relevant Interest Payment Date, such
additional interest shall be due and payable 10 days from receipt of such
notice.

 

3.05                           Funding Losses.

 

Upon demand of any Lender
(with a copy to the Administrative Agent) from time to time, the applicable
Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense incurred by it as a result of:

 

(a)                                  any
continuation, conversion, payment or prepayment of any Loan other than a Base
Rate Loan on a day other than the last day of the Interest Period for such Loan
(whether voluntary, mandatory, automatic, by reason of acceleration, or
otherwise);

 

(b)                                 any
failure by any Borrower (for a reason other than the failure of such Lender to
make a Loan) to prepay, borrow, continue or convert any Loan other than a Base
Rate Loan on the date or in the amount notified by such Borrower;

 

52

 

(c)                                  any failure by any Borrower to make payment
of any Loan or drawing under any Letter of Credit (or interest due thereon)
denominated in an Alternative Currency on its scheduled due date or any payment
thereof in a different currency; or

 

(d)                                 any
assignment of a Eurocurrency Rate Loan on a day other than the last day of the
Interest Period therefor as a result of a request by the applicable Borrower
pursuant to Section 11.14.

 

including any loss or
expense arising from the liquidation or reemployment of funds obtained by it to
maintain such Loan, from fees payable to terminate the deposits from which such
funds were obtained or from the performance of any foreign exchange
contract.  The applicable Borrower shall
also pay any customary administrative fees charged by such Lender in connection
with the foregoing.

 

For purposes of
calculating amounts payable by the Borrowers to the Lenders under this Section 3.05,
each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by
it at the Eurocurrency Rate for such Loan by a matching deposit or other
borrowing in the offshore interbank market for such currency for a comparable
amount and for a comparable period, whether or not such Eurocurrency Rate Loan
was in fact so funded.

 

3.06                           Mitigation Obligations; Replacement
of Lenders.

 

(a)                                  Designation of a
Different Lending Office.  If any Lender or L/C Issuer requests
compensation under Section 3.04, or any Borrower is required to pay
any additional amount to any Lender, any L/C Issuer or any Governmental
Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender or L/C Issuer gives a notice pursuant to Section 3.02,
then such Lender or L/C Issuer shall use reasonable efforts to designate a
different Lending Office for funding or booking its Loans or participations in
Letters of Credit hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 3.01 or 3.04, as the case may
be, in the future, or eliminate the need for the notice pursuant to Section 3.02,
as applicable, and (ii) in each case, would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be materially
disadvantageous to such Lender.  The
applicable Borrower(s) hereby agree to pay all reasonable costs and expenses
incurred by any Lender in connection with any such designation or assignment.

 

(b)                                 Replacement of Lenders.  If
any Lender requests compensation under Section 3.04, if any
Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender becomes a Defaulting Lender, GFI may replace such Lender in
accordance with Section 11.14.

 

3.07                           Survival.

 

All of the Borrowers’
obligations under this Article III shall survive termination of the
Aggregate Revolving Commitments and repayment of all other Obligations
hereunder.

 

53

 

ARTICLE IV

GUARANTY

 

4.01                           The Guaranty.

 

(a)                                  Each
of the Domestic Guarantors hereby jointly and severally guarantees to each
Lender, each Affiliate of a Lender that enters into a Swap Contract or a
Treasury Management Agreement, and the Administrative Agent as hereinafter
provided, as primary obligor and not as surety, the prompt payment of the
Obligations in full when due (whether at stated maturity, as a mandatory
prepayment, by acceleration, as a mandatory cash collateralization or
otherwise) strictly in accordance with the terms thereof.  The Domestic Guarantors hereby further agree
that if any of the Obligations are not paid in full when due (whether at stated
maturity, as a mandatory prepayment, by acceleration, as a mandatory cash
collateralization or otherwise), the Domestic Guarantors will, jointly and
severally, promptly pay the same, without any demand or notice whatsoever, and
that in the case of any extension of time of payment or renewal of any of the
Obligations, the same will be promptly paid in full when due (whether at
extended maturity, as a mandatory prepayment, by acceleration, as a mandatory
cash collateralization or otherwise) in accordance with the terms of such
extension or renewal.

 

(b)                                 Each
of the Foreign Guarantors hereby jointly and severally guarantees to each
Lender, each Affiliate of a Lender that enters into a Swap Contract or a
Treasury Management Agreement with respect to the Foreign Obligations, and the
Administrative Agent as hereinafter provided, as primary obligor and not as
surety, the prompt payment of the Foreign Obligations in full when due (whether
at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory
cash collateralization or otherwise) strictly in accordance with the terms
thereof.  The Foreign Guarantors hereby
further agree that if any of the Foreign Obligations are not paid in full when
due (whether at stated maturity, as a mandatory prepayment, by acceleration, as
a mandatory cash collateralization or otherwise), the Foreign Guarantors will,
jointly and severally, promptly pay the same, without any demand or notice
whatsoever, and that in the case of any extension of time of payment or renewal
of any of the Foreign Obligations, the same will be promptly paid in full when
due (whether at extended maturity, as a mandatory prepayment, by acceleration,
as a mandatory cash collateralization or otherwise) in accordance with the
terms of such extension or renewal.

 

(c)                                  GFI
hereby guarantees to each Lender, each Affiliate of a Lender that enters into a
Swap Contract or a Treasury Management Agreement with respect to the Foreign
Obligations, and the Administrative Agent as hereinafter provided, as primary
obligor and not as surety, the prompt payment of the Foreign Obligations in
full when due (whether at stated maturity, as a mandatory prepayment, by
acceleration, as a mandatory cash collateralization or otherwise) strictly in
accordance with the terms thereof.  GFI
hereby further agree that if any of the Foreign Obligations are not paid in
full when due (whether at stated maturity, as a mandatory prepayment, by
acceleration, as a mandatory cash collateralization or otherwise), GFI will
promptly pay the same, without any demand or notice whatsoever, and that in the
case of any extension of time of payment or renewal of any of the Foreign Obligations,
the same will be promptly paid in full when due (whether at extended maturity,
as a mandatory prepayment, by acceleration, as a mandatory cash
collateralization or otherwise) in accordance with the terms of such extension
or renewal.

 

(d)                                 Notwithstanding
any provision to the contrary contained herein or in any other of the Loan
Documents or Swap Contracts, the obligations of each Guarantor under this
Agreement and the other Loan Documents shall be limited to an aggregate amount
equal to the largest amount that would not render such obligations subject to
avoidance under the Debtor Relief Laws or any comparable provisions of any
applicable Law.

 

4.02                           Obligations Unconditional.

 

(a)                                  The
obligations of the Domestic Guarantors under Section 4.01(a) are
joint and several, absolute, unconditional and irrevocable, irrespective of the
value, genuineness, validity, regularity or enforceability of any of the Loan
Documents, Swap Contracts or Treasury Management Agreements, or any

 

54

 

other agreement or
instrument referred to therein, or any substitution, release, impairment or
exchange of any other guarantee of or security for any of the Obligations, and,
to the fullest extent permitted by applicable law, irrespective of any other
circumstance whatsoever which might otherwise constitute a legal or equitable
discharge or defense of a surety or guarantor, it being the intent of this Section 4.02(a)
that the obligations of the Domestic Guarantors hereunder shall be absolute and
unconditional under any and all circumstances. 
Each Domestic Guarantor agrees that such Domestic Guarantor shall have
no right of subrogation, indemnity, reimbursement or contribution against the
Borrowers or any other Guarantor for amounts paid under this Article IV
until such time as the Obligations have been paid in full and the Commitments
have expired or terminated.

 

(b)                                 The
obligations of the Foreign Guarantors under Section 4.01(b) are
joint and several, absolute, unconditional and irrevocable, irrespective of the
value, genuineness, validity, regularity or enforceability of any of the Loan
Documents, Swap Contracts or Treasury Management Agreements, or any other
agreement or instrument referred to therein, or any substitution, release,
impairment or exchange of any other guarantee of or security for any of the
Foreign Obligations, and, to the fullest extent permitted by applicable law,
irrespective of any other circumstance whatsoever which might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor,
it being the intent of this Section 4.02(b) that the obligations of
the Foreign Guarantors hereunder shall be absolute and unconditional under any
and all circumstances.  Each Foreign
Guarantor agrees that such Foreign Guarantor shall have no right of
subrogation, indemnity, reimbursement or contribution against the Foreign
Borrower or any other Guarantor for amounts paid under this Article IV
until such time as the Obligations have been paid in full and the Commitments
have expired or terminated.

 

(c)                                  The
obligations of GFI under Section 4.01(c) are absolute,
unconditional and irrevocable, irrespective of the value, genuineness,
validity, regularity or enforceability of any of the Loan Documents, Swap
Contracts or Treasury Management Agreements, or any other agreement or
instrument referred to therein, or any substitution, release, impairment or
exchange of any other guarantee of or security for any of the Foreign
Obligations, and, to the fullest extent permitted by applicable law,
irrespective of any other circumstance whatsoever which might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor,
it being the intent of this Section 4.02(c) that the obligations of
GFI hereunder shall be absolute and unconditional under any and all
circumstances.  GFI agrees that it shall
have no right of subrogation, indemnity, reimbursement or contribution against
the Foreign Borrower or any other Guarantor for amounts paid under this Article IV
until such time as the Obligations have been paid in full and the Commitments
have expired or terminated.

 

(d)                                 Without
limiting the generality of the foregoing subsections (a), (b) and
(c), it is agreed that, to the fullest extent permitted by law, the occurrence
of any one or more of the following shall not alter or impair the liability of
any Guarantor hereunder, which shall remain absolute and unconditional as
described above:

 

(i)                                     at
any time or from time to time, without notice to any Guarantor, the time for
any performance of or compliance with any of the Obligations shall be extended,
or such performance or compliance shall be waived;

 

(ii)                                  any
of the acts mentioned in any of the provisions of any of the Loan Documents,
any Swap Contract or Treasury Management Agreement between any Loan Party and
any Lender, or any Affiliate of a Lender, or any other agreement or instrument
referred to in the Loan Documents, such Swap Contracts or such Treasury
Management Agreements shall be done or omitted;

 

(iii)                               the
maturity of any of the Obligations shall be accelerated, or any of the
Obligations shall be modified, supplemented or amended in any respect, or any
right under any of the Loan

 

55

 

Documents, any Swap Contract
or Treasury Management Agreement between any Loan Party and any Lender, or any
Affiliate of a Lender, or any other agreement or instrument referred to in the
Loan Documents, such Swap Contracts or such Treasury Management Agreements
shall be waived or any other guarantee of any of the Obligations or any
security therefor shall be released, impaired or exchanged in whole or in part
or otherwise dealt with;

 

(iv)                              any
Lien granted to, or in favor of, the Administrative Agent or any Lender or
Lenders as security for any of the Obligations shall fail to attach or be
perfected; or

 

(v)                                 any
of the Obligations shall be determined to be void or voidable (including,
without limitation, for the benefit of any creditor of any Guarantor) or shall
be subordinated to the claims of any Person (including, without limitation, any
creditor of any Guarantor).

 

With respect to its
obligations hereunder, each Guarantor hereby expressly waives diligence,
presentment, demand of payment, protest and all notices whatsoever, and any
requirement that the Administrative Agent or any Lender exhaust any right,
power or remedy or proceed against any Person under any of the Loan Documents,
any Swap Contract or any Treasury Management Agreement between any Loan Party
and any Lender, or any Affiliate of a Lender, or any other agreement or
instrument referred to in the Loan Documents, such Swap Contracts or such
Treasury Management Agreements, or against any other Person under any other
guarantee of, or security for, any of the Obligations.

 

4.03                           Reinstatement.

 

(a)                                  The
obligations of the Domestic Guarantors under this Article IV shall
be automatically reinstated if and to the extent that for any reason any
payment by or on behalf of any Person in respect of the Obligations is
rescinded or must be otherwise restored by any holder of any of the
Obligations, whether as a result of any proceedings in bankruptcy or
reorganization or otherwise, and each Domestic Guarantor agrees that it will
indemnify the Administrative Agent and each Lender on demand for all reasonable
costs and expenses (including, without limitation, reasonable fees and expenses
of counsel) incurred by the Administrative Agent or such Lender in connection
with such rescission or restoration, including any such costs and expenses
incurred in defending against any claim alleging that such payment constituted
a preference, fraudulent transfer or similar payment under any bankruptcy,
insolvency or similar law.

 

(b)                                 The
obligations of the Foreign Guarantors under this Article IV shall
be automatically reinstated if and to the extent that for any reason any
payment by or on behalf of any Person in respect of the Foreign Obligations is
rescinded or must be otherwise restored by any holder of any of the Foreign
Obligations, whether as a result of any proceedings in bankruptcy or
reorganization or otherwise, and each Foreign Guarantor agrees that it will
indemnify the Administrative Agent and each Lender on demand for all reasonable
costs and expenses (including, without limitation, reasonable fees and expenses
of counsel) incurred by the Administrative Agent or such Lender in connection
with such rescission or restoration, including any such costs and expenses
incurred in defending against any claim alleging that such payment constituted a
preference, fraudulent transfer or similar payment under any bankruptcy,
insolvency or similar law.

 

(c)                                  The
obligations of GFI under this Article IV shall be automatically
reinstated if and to the extent that for any reason any payment by or on behalf
of any Person in respect of the Foreign Obligations is rescinded or must be
otherwise restored by any holder of any of the Foreign Obligations, whether as
a result of any proceedings in bankruptcy or reorganization or otherwise, and
GFI agrees that it will indemnify the Administrative Agent and each Lender on
demand for all reasonable costs and expenses (including, without limitation,
fees and expenses of counsel) incurred by the Administrative Agent or such
Lender in connection with such rescission or restoration, including any such
costs and expenses incurred in defending against any

 

56

 

claim alleging that such
payment constituted a preference, fraudulent transfer or similar payment under
any bankruptcy, insolvency or similar law.

 

4.04                           Certain Additional Waivers.

 

Without limiting the
generality of the provisions of this Article IV, each Guarantor
further agrees that such Guarantor shall have no right of recourse to security
for the Obligations, except through the exercise of rights of subrogation
pursuant to Section 4.02 and through the exercise of rights of
contribution pursuant to Section 4.06.

 

4.05                           Remedies.

 

(a)                                  The
Domestic Guarantors agree that, to the fullest extent permitted by law, as
between the Domestic Guarantors, on the one hand, and the Administrative Agent
and the Lenders, on the other hand, the Obligations may be declared to be
forthwith due and payable as provided in Section 9.02 (and shall be
deemed to have become automatically due and payable in the circumstances
provided in said Section 9.02) for purposes of Section 4.01(a)
notwithstanding any stay, injunction or other prohibition preventing such
declaration (or preventing the Obligations from becoming automatically due and
payable) as against any other Person and that, in the event of such declaration
(or the Obligations being deemed to have become automatically due and payable),
the Obligations (whether or not due and payable by any other Person) shall
forthwith become due and payable by the Domestic Guarantors for purposes of Section 4.01(a).  The Domestic Guarantors acknowledge and
agree that their obligations hereunder are secured in accordance with the terms
of the Collateral Documents and that the Lenders may exercise their remedies thereunder
in accordance with the terms thereof.

 

(b)                                 The
Foreign Guarantors agree that, to the fullest extent permitted by law, as
between the Foreign Guarantors, on the one hand, and the Administrative Agent
and the Lenders, on the other hand, the Foreign Obligations may be declared to
be forthwith due and payable as provided in Section 9.02 (and shall
be deemed to have become automatically due and payable in the circumstances
provided in said Section 9.02) for purposes of Section 4.01(b)
notwithstanding any stay, injunction or other prohibition preventing such
declaration (or preventing the Foreign Obligations from becoming automatically
due and payable) as against any other Person and that, in the event of such
declaration (or the Foreign Obligations being deemed to have become
automatically due and payable), the Foreign Obligations (whether or not due and
payable by any other Person) shall forthwith become due and payable by the
Foreign Guarantors for purposes of Section 4.01(b).  The Foreign Guarantors acknowledge and agree
that their obligations hereunder are secured in accordance with the terms of
the Collateral Documents relating thereto and that the Lenders may exercise
their remedies thereunder in accordance with the terms thereof.

 

(c)                                  GFI
agrees that, to the fullest extent permitted by law, as between GFI, on the one
hand, and the Administrative Agent and the Lenders, on the other hand, the
Foreign Obligations may be declared to be forthwith due and payable as provided
in Section 9.02 (and shall be deemed to have become automatically
due and payable in the circumstances provided in said Section 9.02)
for purposes of Section 4.01(c) notwithstanding any stay,
injunction or other prohibition preventing such declaration (or preventing the
Foreign Obligations from becoming automatically due and payable) as against any
other Person and that, in the event of such declaration (or the Foreign
Obligations being deemed to have become automatically due and payable), the
Foreign Obligations (whether or not due and payable by any other Person) shall
forthwith become due and payable by GFI for purposes of Section 4.01(c).  GFI acknowledges and agrees that its
obligations hereunder are secured in accordance with the terms of the
Collateral Documents and that the Lenders may exercise their remedies
thereunder in accordance with the terms thereof.

 

57

 

4.06                           Rights of Contribution.

 

(a)                                  The Domestic Guarantors agree among
themselves that, in connection with payments made hereunder, each Domestic
Guarantor shall have contribution rights against the other Domestic Guarantors
as permitted under applicable law.  Such
contribution rights shall be subordinate and subject in right of payment to the
obligations of such Domestic Guarantors under the Loan Documents and no
Domestic Guarantor shall exercise such rights of contribution until all
Obligations have been paid in full and the Commitments have terminated.

 

(b)                                 The Foreign Guarantors agree among themselves
that, in connection with payments made hereunder, each Foreign Guarantor shall
have contribution rights against the other Foreign Guarantors as permitted
under applicable law.  Such contribution
rights shall be subordinate and subject in right of payment to the obligations
of such Foreign Guarantors under the Loan Documents and no Foreign Guarantor
shall exercise such rights of contribution until all Obligations have been paid
in full and the Commitments have terminated.

 

(c)                                  GFI and the Foreign Guarantors agree among
themselves that, in connection with payments made hereunder, GFI shall have
contribution rights against the Foreign Guarantors as permitted under
applicable law.  Such contribution
rights shall be subordinate and subject in right of payment to the obligations
of GFI under the Loan Documents and GFI shall not exercise such rights of
contribution until all Obligations have been paid in full and the Commitments
have terminated.

 

4.07                           Guarantee of Payment; Continuing
Guarantee.

 

(a)                                  The
guarantee given by the Domestic Guarantors in this Article IV is a
guaranty of payment and not of collection, is a continuing guarantee, and shall
apply to all Obligations whenever arising.

 

(b)                                 The
guarantee given by the Foreign Guarantors in this Article IV is a
guaranty of payment and not of collection, is a continuing guarantee, and shall
apply to all Foreign Obligations whenever arising.

 

(c)                                  The
guarantee given by GFI in this Article IV is a guaranty of payment
and not of collection, is a continuing guarantee, and shall apply to all Foreign
Obligations whenever arising.

 

ARTICLE V

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

5.01                           Conditions of Initial Credit
Extension.

 

The obligation of each
L/C Issuer and each Lender to make any initial Credit Extension hereunder on
the Closing Date is subject to satisfaction of the following conditions
precedent:

 

(a)                                  Loan
Documents.  Receipt by the
Administrative Agent of executed counterparts of this Agreement and the other
Loan Documents, each properly executed by a Responsible Officer of the signing
Loan Party and, in the case of this Agreement, by each Lender.

 

(b)                                 Opinions
of Counsel. Receipt by the Administrative Agent of favorable opinions of
legal counsel to the Loan Parties (including, without limitation, the Foreign
Borrower),

 

58

 

addressed to the
Administrative Agent and each Lender, dated as of the Closing Date, and in form
and substance satisfactory to the Administrative Agent.

 

(c)                                  Financial
Statements.  The Administrative
Agent shall have received:

 

(i)                                     consolidated
and consolidating financial statements of GFI and its Subsidiaries for the
fiscal years ended December 31, 2001, December 31, 2002 and
December 31, 2003, including balance sheets and income and cash flow
statements, in each case, audited by independent public accountants of
recognized national standing and prepared in conformity with GAAP;

 

(ii)                                  unaudited
consolidated and consolidating financial statements of GFI and its Subsidiaries
for the three month period ending March 31, 2004, including balance sheets
and statements of income or operations, shareholders’ equity and cash flows and
unaudited consolidated financial statements of GFI and its Subsidiaries for the
calendar month ending May 31, 2004, including balance sheets and statements of
income or operations, shareholders’ equity and cash flows (collectively, the “Interim
Financial Statements”); and

 

(iii)                               projections
for GFI and its Subsidiaries for each twelve month period commencing on
January 1, 2004 through December 31, 2007.

 

(d)                                 No
Material Adverse Change.  There
shall not have occurred a material adverse change since December 31, 2003
in the business, assets, properties, liabilities (actual or contingent),
operations, condition (financial or otherwise) or prospects of GFI and its
Subsidiaries taken as a whole.

 

(e)                                  Litigation.  There shall not exist any action, suit,
investigation or proceeding pending or, to the knowledge of any Borrower,
threatened in any court or before an arbitrator or Governmental Authority that
could reasonably be expected to have a Material Adverse Effect.

 

(f)                                    Judgments.  There shall not exist any order, decree,
judgment, ruling or injunction that restrains the consummation of any of the
Loan Documents or the transactions contemplated hereunder.

 

(g)                                 Organization
Documents, Resolutions, Etc. 
Receipt by the Administrative Agent of the following, each of which
shall be originals or facsimiles (followed promptly by originals), in form and
substance satisfactory to the Administrative Agent and its legal counsel:

 

(i)                                     copies
of the Organization Documents of each Loan Party certified (except as to the
Organizational Documents of the Foreign Loan Parties and as to a Domestic Loan
Party’s bylaws, if any) to be true and complete as of a recent date by the appropriate
Governmental Authority of the state or other jurisdiction of its incorporation
or organization, where applicable, and, in all cases, certified by a secretary
or assistant secretary of such Loan Party to be true and correct as of the
Closing Date;

 

(ii)                                  such
certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the
Administrative Agent may require evidencing the identity, authority and
capacity of each Responsible Officer thereof authorized to act as a Responsible
Officer in connection with this Agreement and the other Loan Documents to which
such Loan Party is a party; and

 

59

 

(iii)                               such
documents and certifications as the Administrative Agent may reasonably require
to evidence that each Loan Party is duly organized or formed, and is validly
existing, in good standing (to the extent the concept of good standing exists
in such jurisdiction) and qualified to engage in business in its state of
organization or formation and each other jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such
qualification, except to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

(h)                                 Perfection
and Priority of Liens.  Receipt by
the Administrative Agent of the following:

 

(i)                                     searches
of Uniform Commercial Code filings (or its equivalent) in the jurisdiction of
formation of such Loan Party, the jurisdiction of the chief executive office of
such Loan Party and each jurisdiction where any Collateral of such Loan Party
is located or where a filing would need to be made in order to perfect the
Administrative Agent’s security interest in the Collateral, copies of the
financing statements on file in such jurisdictions and evidence that no Liens
exist other than Liens to be immediately discharged with proceeds of this
facility and Permitted Liens;

 

(ii)                                  all
certificates evidencing any certificated Capital Stock pledged to the
Administrative Agent pursuant to the Pledge Agreements, together with duly
executed in blank, undated stock powers attached thereto (unless, with respect
to the pledged Capital Stock of any Foreign Subsidiary, such stock powers are
deemed unnecessary by the Administrative Agent in its reasonable discretion
under the law of the jurisdiction of incorporation of such Person);

 

(iii)                               searches
of ownership of, and Liens on, intellectual property of each Loan Party in the
appropriate governmental offices; and

 

(iv)                              duly
executed notices of grant of security interest in the form required by the
Security Agreements as are necessary, in the Administrative Agent’s sole
discretion, to perfect the Administrative Agent’s security interest in the
trademarks, copyrights, patents, material licenses and other material
intellectual property rights of the Loan Parties.

 

(i)                                     Closing
Certificate.  Receipt by the
Administrative Agent of a certificate signed by a Responsible Officer of GFI
certifying that the conditions specified in Sections 5.01(d), (e),
and (f) and Sections 5.02(a), and (b) have been satisfied.

 

(j)                                     Repayment
of Existing Credit Agreement. 
Receipt by the Administrative Agent of satisfactory evidence that GFI’s
prior credit agreement dated as of July 4, 2002 has been simultaneously
repaid in full and terminated and commitments thereunder have been terminated
and any liens securing such credit agreement have been terminated.

 

(k)                                  Fees.  Receipt by the Administrative Agent and the Lenders
of any fees agreed by GFI to be paid on or before the Closing Date.

 

(l)                                     JPI
Subordinated Debt Documents.  The
Administrative Agent shall have received copies, certified by an officer of the
Borrower as true and complete in all material respects, of the JPI Subordinated
Debt Documents (including all exhibits and schedules thereto) and any other

 

60

 

documents related
thereto, as originally executed and delivered, together with any amendments or
modifications thereto as of the Closing Date, such documents and amendments or
modifications to be in form and substance reasonably acceptable to the
Administrative Agent.

 

(m)                               Attorney
Costs.  The Borrowers shall have
paid all Attorney Costs of the Administrative Agent to the extent invoiced at
least two (2) Business Days prior to the Closing Date, plus such additional
amounts of Attorney Costs as shall constitute its reasonable estimate of
Attorney Costs incurred or to be incurred by it through the closing proceedings.

 

(n)                                 Closing
Covenant Certificate.  The
Administrative Agent shall have received a certificate signed by a Responsible
Officer of GFI setting forth calculations satisfactory to the Administrative
Agent calculating (i) the Consolidated Fixed Charge Coverage Ratio for GFI’s
most recently ended four full fiscal quarters for which internal financial
statements are available at an amount of at least 1.15 to 1.0 on a pro forma
basis, (ii) the Consolidated Leverage Ratio for GFI’s most recently ended four
full fiscal quarters for which internal financial statements are available at
an amount of no more than 2.0 to 1.0 on a pro forma basis, and (iii)
Consolidated EBITDA for GFI’s most recently ended four full fiscal quarters for
which internal financial statements are available at an amount of at least
$32,000,000, in each case, after giving effect to this Credit Agreement.

 

(o)                                 Funding
Indemnity Letter.  To the extent the
Loans to be made on the Closing Date are not Base Rate Loans, receipt by the
Administrative Agent from GFI of a letter in form and substance satisfactory to
the Administrative Agent indemnifying the Administrative Agent and each of the
Lenders against any loss, cost or expense incurred by it as a result of the
failure by GFI to borrow Eurocurrency Rate Loans on the date identified in the
applicable Loan Notice.

 

(p)                                 Other.  Receipt by the Administrative Agent and the
Lenders of such other documents, instruments, agreements and information as
reasonably and timely requested by the Administrative Agent or any Lender,
including, but not limited to, information regarding litigation, tax,
accounting, labor, insurance, pension liabilities (actual or contingent), real
estate leases, material contracts, debt agreements, property ownership,
environmental matters, contingent liabilities and management of GFI and its
Subsidiaries.

 

Without limiting the generality of the provisions of Section 10.04,
for purposes of determining compliance with the conditions specified in this Section 5.01,
each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or
satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its
objection thereto.

 

5.02                           Conditions to all Credit Extensions.

 

The obligation of each
Lender to honor any Request for Credit Extension (other than a Loan Notice
requesting only a conversion of Revolving Loans to the other Type, or a
continuation of Eurocurrency Rate Loans) is subject to the following conditions
precedent:

 

(a)                                  The
representations and warranties of the Borrowers and each other Loan Party
contained in Article VI or any other Loan Document shall be true
and correct on and as of the date of such Credit Extension, except to the
extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct as of such earlier
date, and except that for purposes of this Section 5.02, the
representations and warranties

 

61

 

contained in subsections
(a) and (b) of Section 6.05 shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01.

 

(b)                                 No
Default shall exist, or would result from such proposed Credit Extension or
from the application thereof.

 

(c)                                  The
Administrative Agent and, if applicable, the applicable L/C Issuer shall have
received a Request for Credit Extension in accordance with the requirements
hereof.

 

(d)                                 In the case of a Credit Extension to be
denominated in an Alternative Currency, there shall not have occurred any change
in national or international financial, political or economic conditions or
currency exchange rates or exchange controls which in the reasonable opinion of
the Administrative Agent, the Required Lenders (in the case of any Loans to be
denominated in an Alternative Currency) or the applicable L/C Issuer (in the
case of any Letter of Credit to be denominated in an Alternative Currency)
would make it impracticable for such Credit Extension to be denominated in the
relevant Alternative Currency.

 

Each Request for Credit
Extension (other than a Loan Notice requesting only a conversion of Revolving
Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted
by a Borrower shall be deemed to be a representation and warranty that the conditions
specified in Sections 5.02(a) and (b) have been satisfied on and
as of the date of the applicable Credit Extension.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

GFI represents and
warrants to the Administrative Agent and the Lenders that:

 

6.01                           Existence, Qualification and Power.

 

Each Loan Party (a) is a
corporation, partnership or limited liability company duly organized or formed,
validly existing and (to the extent the concept of good standing exists in such
jurisdiction) in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority and
all requisite governmental licenses, authorizations, consents and approvals to
(i) own its assets and carry on its business and (ii) execute, deliver and
perform its obligations under the Loan Documents to which it is a party, and
(c) is duly qualified and is licensed and (to the extent the concept of good
standing exists in such jurisdiction) in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification or license; except in each
case referred to in clause (b)(i) or (c), to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect.

 

6.02                           Authorization; No Contravention.

 

The execution, delivery
and performance by each Loan Party of each Loan Document to which such Person
is party, have been duly authorized by all necessary corporate or other
organizational action, and do not (a) contravene the terms of any of such
Person’s Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, or require any payment to
be made under (i) any Contractual Obligation to which such Person is a party or
(ii) any order, injunction, writ or decree of any Governmental Authority or any
arbitral award to which such Person or its property is subject; or (c) violate any Law (including, without
limitation, Regulation U, Regulation T or

 

62

 

Regulation X issued by
the FRB) or any applicable Law or regulation in any relevant jurisdiction
concerning the giving of financial assistance by any Loan Party for the
acquisition or subscription of shares in it or concerning the protection of the
shareholders’ capital of such Loan Party.

 

6.03                           Governmental Authorization; Other
Consents.

 

No approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary or required in
connection with the execution, delivery or performance by, or enforcement
against, any Loan Party of this Agreement or any other Loan Document other than
those that have already been obtained and are in full force and effect.

 

6.04                           Binding Effect.

 

This Agreement has been
and each other Loan Document to which such Loan Party is a party, when
delivered hereunder will have been duly executed and delivered by each Loan
Party.  This Agreement and each other
Loan Document constitutes a legal, valid and binding obligation of each Loan
Party that is party thereto, enforceable against each such Loan Party in
accordance with its terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
relating to or limiting creditor’s rights generally or by equitable principles
relating to enforceability.

 

6.05                           Financial Statements; No Material
Adverse Effect.

 

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

 

(b)                                 The
Interim Financial Statements (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein; (ii) fairly present in all material respects the
financial condition of GFI and its Subsidiaries as of the date thereof and
their results of operations for the period covered thereby, subject, in the
case of clauses (i) and (ii), to the absence of footnotes and to normal
year-end audit adjustments; and (iii) show all material indebtedness and other
liabilities, direct or contingent, of GFI and its Subsidiaries as of the date
thereof, including material liabilities for taxes, material commitments and
Indebtedness in accordance with GAAP.

 

(c)                                  From
the date of the Audited Financial Statements to and including the Closing Date,
there has been no Disposition by GFI or any Subsidiary, or any Involuntary
Disposition, of any material part of the business or Property of GFI and its
Subsidiaries, taken as a whole, and no purchase or other acquisition by any of
them of any business or property (including any Capital Stock of any other
Person) material in relation to the consolidated financial condition of GFI and
its Subsidiaries, taken as a whole, in each case, which is not reflected in the
foregoing financial statements or in the notes thereto or has not otherwise
been disclosed in writing to the Administrative Agent on or prior to the
Closing Date.

 

(d)                                 The
financial statements delivered pursuant to Section 7.01(a), (b)
and (c) have been prepared in accordance with GAAP (except as may
otherwise be permitted under Section 7.01(a), (b) and (c))
and present fairly (on the basis disclosed in the footnotes to such financial
statements) the consolidated and

 

63

 

consolidating financial
condition, results of operations and cash flows of GFI and its Subsidiaries as
of such date and for such periods.

 

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

 

6.06                           Litigation.

 

There are no actions,
suits, proceedings, claims or disputes pending or, to the knowledge of the Loan
Parties after due and diligent investigation, threatened, at law, in equity, in
arbitration or before any Governmental Authority, by or against GFI or any of
its Subsidiaries or against any of their properties or revenues that (a)
purport to affect or pertain to this Agreement or any other Loan Document, or
any of the transactions contemplated hereby or (b) could reasonably be expected
to have a Material Adverse Effect.

 

6.07                           No Default.

 

Neither GFI nor any
Subsidiary is in default under or with respect to any Contractual Obligation
that could reasonably be expected to have a Material Adverse Effect.  No Default has occurred and is continuing or
would result from the consummation of the transactions contemplated by this
Agreement or any other Loan Document.

 

6.08                           Ownership of Property; Liens.

 

Each of GFI and its
Subsidiaries has good record and marketable title in fee simple to, or valid
leasehold interests in, all real property material to the ordinary conduct of
its business, except for such defects in title as could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.  The property of GFI and its Subsidiaries is
subject to no Liens, other than Permitted Liens.

 

6.09                           Environmental Compliance.

 

Except as would not
reasonably be expected to have a Material Adverse Effect:

 

(a)                                  Each
of the Facilities and all operations at the Facilities are in compliance with
all applicable Environmental Laws, and there is no violation of any
Environmental Law with respect to the Facilities or the Businesses, and there
are no conditions relating to the Facilities or the Businesses that could give
rise to liability under any applicable Environmental Laws.

 

(b)                                 None
of the Facilities contains, or has previously contained, any Hazardous
Materials at, on or under the Facilities in amounts or concentrations that
constitute or constituted a violation of, or could give rise to liability
under, Environmental Laws.

 

(c)                                  Neither
GFI nor any Subsidiary has received any written notice of, or inquiry from any
Governmental Authority regarding, any violation, alleged violation,
non-compliance, liability or potential liability regarding environmental matters
or compliance with Environmental Laws with regard to any of the Facilities or
the Businesses, nor does any Responsible Officer of any Loan Party have
knowledge that any such notice will be received or is being threatened in
writing.

 

(d)                                 Hazardous
Materials have not been transported or disposed of from the Facilities, or
generated, treated, stored or disposed of at, on or under any of the Facilities
or any other location, in

 

64

 

each case by or on behalf
of GFI or any Subsidiary in violation of, or in a manner that would be
reasonably likely to give rise to liability under, any applicable Environmental
Law.

 

(e)                                  No
judicial proceeding or governmental or administrative action is pending or, to
the knowledge of the Responsible Officers of the Loan Parties, threatened,
under any Environmental Law to which GFI or any Subsidiary is or (to such
knowledge) will be named as a party, nor are there any consent decrees or other
decrees, consent orders, administrative orders or other orders, or other
administrative or judicial requirements outstanding under any Environmental Law
with respect to GFI, any Subsidiary, the Facilities or the Businesses.

 

(f)                                    There
has been no release or, threat of release of Hazardous Materials at or from the
Facilities, or arising from or related to the operations (including disposal)
of GFI or any Subsidiary in connection with the Facilities or otherwise in
connection with the Businesses, in violation of or in amounts or in a manner
that could give rise to liability under Environmental Laws.

 

6.10                           Insurance.

 

The properties of GFI and
its Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of either Borrower, in such amounts, with such
deductibles and covering such risks as are considered reasonable by management
of such Person.  Set forth on Schedule 6.10
is a summary of the insurance coverage of the Loan Parties as in effect on the
Closing Date.

 

6.11                           Taxes.

 

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

 

6.12                           ERISA Compliance.

 

(a)                                  Each
Plan is in compliance with the applicable provisions of ERISA, the Internal
Revenue Code and other federal or state Laws except to the extent that noncompliance
has not resulted in and would not reasonably be expected to result in a
Material Adverse Effect.  Each Plan that
is intended to qualify under Section 401(a) of the Internal Revenue Code
has received a favorable determination letter from the IRS or an application
for such a letter is currently being processed by the IRS with respect thereto
and, to the best knowledge of the Loan Parties, nothing has occurred which
would prevent, or cause the loss of, such qualification except to the extent
the event has not resulted in or would not reasonably be expected to result in
a Material Adverse Effect.

 

(b)                                 No
ERISA Event has occurred or is reasonably expected to occur that has resulted
or could reasonably be expected to result in a Material Adverse Effect.

 

6.13                           Subsidiaries.

 

Set forth on Schedule 6.13
is a complete and accurate list as of the Closing Date of each Subsidiary,
together with (i) jurisdiction of formation, (ii) number of shares of each
class of Capital Stock outstanding, and (iii) number and percentage of
outstanding shares of each class owned (directly or indirectly) by GFI or

 

65

 

any Subsidiary.  Set forth on Schedule 6.13 is a
complete and accurate list as of June 30, 2004 of the number and effect,
if exercised, of all outstanding options, warrants, rights of conversion or
purchase and all other similar rights with respect thereto of each
Subsidiary.  The outstanding Capital
Stock of each Subsidiary is validly issued, fully paid and non-assessable.

 

6.14                           Margin Regulations; Investment
Company Act; Public Utility Holding Company Act.

 

(a)                                  Neither
Borrower is engaged, nor will engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the
meaning of Regulations U and T issued by the FRB), or extending credit for the
purpose of purchasing or carrying margin stock.  Following the application of the proceeds of each Borrowing or
drawing under each Letter of Credit, not more than 25% of the value of the
assets (either of any Borrower only or of the Borrowers and their Subsidiaries
on a consolidated basis) subject to the provisions of Section 8.01
or Section 8.05 or subject to any restriction contained in any
agreement or instrument between any Borrower and any Lender or any Affiliate of
any Lender relating to Indebtedness and within the scope of Section 9.01(f)
will be margin stock.

 

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

 

6.15                           Disclosure.

 

Each Loan Party has
disclosed to the Administrative Agent and the Lenders all agreements,
instruments and corporate or other restrictions to which it or any of its Subsidiaries
is subject, and all other matters known to it, that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse
Effect.  No report, financial statement,
certificate or other information furnished (whether in writing or orally) by or
on behalf of any Loan Party to the Administrative Agent or any Lender in
connection with the transactions contemplated hereby and the negotiation of
this Agreement or delivered hereunder or under any other Loan Document (in each
case, as modified or supplemented by other information so furnished) contains
any material misstatement of fact or omits to state any material fact necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that, with respect to projected
financial information, the Loan Parties represent only that such information
was prepared in good faith based upon assumptions believed to be reasonable at
the time.

 

6.16                           Compliance with Laws.

 

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

 

6.17                           Intellectual Property; Licenses, Etc.

 

GFI and its Subsidiaries
own, or possess the legal right to use, all of the trademarks, copyrights,
patents, material licenses and other material intellectual property rights
(collectively, “IP Rights”) that are reasonably necessary for the
operation of their respective businesses. 
Set forth on Schedule 6.17 is a list of

 

66

 

all IP Rights registered
or pending registration with the United States Copyright Office, the United
States Patent and Trademark Office, the United Kingdom Patent Office or the
European Community Trademark Office and owned by each Loan Party as of the
Closing Date.  Except for such claims
and infringements that could not reasonably be expected to have a Material
Adverse Effect, no claim has been asserted and is pending by any Person
challenging or questioning the use of any IP Rights or the validity or
effectiveness of any IP Rights, nor does any Loan Party know of any such claim,
and, to the knowledge of the Responsible Officers of the Loan Parties, the use
of any IP Rights by GFI or any Subsidiary or the granting of a right or a
license in respect of any IP Rights from GFI or any Subsidiary does not
infringe on the rights of any Person. 
None of the IP Rights owned by any of the Loan Parties is subject to any
licensing agreement or similar arrangement other than (a) licenses of software
in the ordinary course of business to customers, value added resellers and
distributors, (b) licenses of trademarks and tradenames in the ordinary course
of business to value added resellers and distributors, (c) as set forth on Schedule 6.17
or (d) as otherwise not prohibited hereunder.

 

6.18                           Solvency.

 

The Loan Parties are
Solvent on a consolidated basis.

 

6.19                           Perfection of Security Interests in
the Collateral.

 

The Collateral Documents
create valid security interests in, and Liens on, the Collateral purported to
be covered thereby, which security interests and Liens are currently perfected
security interests and Liens, prior to all other Liens other than Permitted
Liens.

 

6.20                           Business Locations.

 

Set forth on Schedule 6.20(a)
is a list of all real property (other than corporate apartments) that is owned
or leased by the Loan Parties as of the Closing Date.  Set forth on Schedule 6.20(b) is a list of all
locations where any material tangible personal property of any Loan Party is
located as of the Closing Date.  Set
forth on Schedule 6.20(c) is the chief executive office of each
Loan Party as of the Closing Date.  The
exact legal name and state of organization of each Loan Party is as set forth
on the signature pages hereto or on the signature pages of any Joinder
Agreement delivered in connection herewith.

 

6.21                           Brokers’ Fees.

 

Except for the Fee
Letter, neither GFI nor any Subsidiary has any obligation to any Person in
respect of any finder’s, broker’s, investment banking or other similar fee in
connection with any of the Credit Extensions contemplated under the Loan
Documents.

 

6.22                           Labor Matters.

 

There are no collective
bargaining agreements or Multiemployer Plans covering the employees of GFI or
any Subsidiary as of the Closing Date and neither GFI nor any Subsidiary has
suffered any strikes, material walkouts, material work stoppages or other
material labor difficulty within the last five years.

 

6.23                           Representations as to Foreign Obligations.

 

The Foreign Borrower and
each Foreign Guarantor represents and warrants to the Administrative Agent and
the Lenders that:

 

67

 

(a)                                  Such
Foreign Loan Party is subject to civil and commercial Laws with respect to its
obligations under this Agreement and the other Loan Documents to which it is a
party (collectively as to such Foreign Loan Party, the “Applicable Foreign
Loan Party Documents”), and the execution, delivery and performance by such
Foreign Loan Party of the Applicable Foreign Loan Party Documents constitute
and will constitute private and commercial acts and not public or governmental
acts.  Neither such Foreign Loan Party
nor any of its property has any immunity from jurisdiction of any court or from
any legal process (whether through service or notice, attachment prior to
judgment, attachment in aid of execution, execution or otherwise) under the
laws of the jurisdiction in which such Foreign Loan Party is organized and
existing in respect of its obligations under the Applicable Foreign Loan Party
Documents.

 

(b)                                 The Applicable Foreign Loan Party Documents
are in proper legal form under the Laws of the jurisdiction in which such
Foreign Loan Party is organized and existing for the enforcement thereof
against such Foreign Loan Party under the Laws of such jurisdiction, and to
ensure the legality, validity, enforceability, priority or admissibility in
evidence of the Applicable Foreign Loan Party Documents.  It is not necessary to ensure the legality,
validity, enforceability, priority or admissibility in evidence of the
Applicable Foreign Loan Party Documents that the Applicable Foreign Loan Party
Documents be filed, registered or recorded with, or executed or notarized
before, any court or other authority in the jurisdiction in which such Foreign
Loan Party is organized and existing or that any registration charge or stamp
or similar tax be paid on or in respect of the Applicable Foreign Loan Party
Documents or any other document, except for (i) any such filing, registration,
recording, execution or notarization as has been made or is not required to be
made until the Applicable Foreign Loan Party Document or any other document is
sought to be enforced and (ii) any charge or tax as has been timely paid.

 

(c)                                  There is no tax, levy, impost, duty, fee,
assessment or other governmental charge, or any deduction or withholding,
imposed by any Governmental Authority in or of the jurisdiction in which such
Foreign Loan Party is organized and existing either (i) on or by virtue of the
execution or delivery of the Applicable Foreign Loan Party Documents or (ii) on
any payment to be made by such Foreign Loan Party pursuant to the Applicable
Foreign Loan Party Documents, except as has been disclosed to the Administrative
Agent.

 

(d)                                 The execution, delivery and performance of
the Applicable Foreign Loan Party Documents executed by such Foreign Loan Party
are, under applicable foreign exchange control regulations of the jurisdiction
in which such Foreign Loan Party is organized and existing, not subject to any
notification or authorization except (i) such as have been made or obtained or
(ii) such as cannot be made or obtained until a later date (provided
that any notification or authorization described in clause (ii) shall be made
or obtained as soon as is reasonably practicable).

 

ARTICLE VII

AFFIRMATIVE COVENANTS

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder
shall remain unpaid or unsatisfied, or any Letter of Credit shall remain
outstanding, the Domestic Loan Parties shall and shall cause each Subsidiary
to:

 

7.01                           Financial Statements.

 

Deliver to the
Administrative Agent (who shall promptly furnish to the other Lenders),
in form and detail satisfactory to the Administrative Agent:

 

68

 

(a)                                  as
soon as available, but in any event within 120 days after the end of each
fiscal year of GFI (or after the consummation of an initial Public Equity
Offering, within 90 days after the end of each fiscal year of GFI), a
consolidated and consolidating balance sheet of GFI and its Subsidiaries as at
the end of such fiscal year, and the related consolidated and consolidating
statements of income or operations, shareholders’ equity and cash flows for
such fiscal year, setting forth in each case in comparative form the figures
for the previous fiscal year, all in reasonable detail and prepared in
accordance with GAAP, audited and accompanied by a report of an independent
certified public accountant of nationally recognized standing, which report and
opinion shall be prepared in accordance with generally accepted auditing
standards and shall not be subject to any “going concern” or like qualification
or exception or any qualification or exception as to the scope of such audit;

 

(b)                                 as
soon as available, but in any event within 45 days after the end of each of the
first three fiscal quarters of each fiscal year of GFI, a consolidated and
consolidating balance sheet of GFI and its Subsidiaries as at the end of such
fiscal quarter, and the related consolidated and consolidating statements of
income or operations, shareholders’ equity and cash flows for such fiscal
quarter and for the portion of GFI’s fiscal year then ended, setting forth in
each case in comparative form the figures for the corresponding fiscal quarter
of the previous fiscal year and the corresponding portion of the previous
fiscal year, all in reasonable detail and certified by a Responsible Officer of
GFI as fairly presenting the financial condition, results of operations,
shareholders’ equity and cash flows of GFI and its Subsidiaries in accordance
with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes and
such consolidating statements to be certified by a Responsible Officer of GFI
to the effect that such statements are fairly stated in all material respects
when considered in relation to the consolidated financial statements of GFI and
its Subsidiaries;

 

(c)                                  as soon as available, but in any event within
30 days after the end of each calendar month of each fiscal year of GFI, a
consolidated balance sheet of GFI and its Subsidiaries as at the end of such
calendar month, and the related consolidated statements of income or
operations, shareholders’ equity and cash flows for such calendar month,
setting forth in each case in comparative form (i) the figures for the
corresponding calendar month of the previous fiscal year and (ii) for such
calendar month as projected in the forecast for such calendar month delivered
pursuant to Section 7.01(d), all in reasonable detail and certified
by a Responsible Officer of GFI as fairly presenting in all material respects
the financial condition and results of operations of GFI and its Subsidiaries,
subject only to normal quarterly and year-end audit adjustments and the absence
of footnotes;

 

(d)                                 as soon as available, but in any event within
30 days after the end of each fiscal year of GFI, forecasts prepared by
management of GFI, in form reasonably satisfactory to the Administrative Agent
and the Required Lenders, of statements of income or operations and cash flows
of GFI and its Subsidiaries on a monthly basis for the immediately following
fiscal year (including the fiscal year in which the Maturity Date occurs); and

 

(e)                                  as soon as available, but in any event within
30 days after the end of each fiscal quarter of GFI, (i) a copy of any Focus
Report filed with the National Association of Securities Dealers by GFI or any
of its Subsidiaries, (ii) any reports delivered during such fiscal quarter to
any Governmental Authorities by GFI or any of its Subsidiaries and (iii) a list
of counterparties for which they have mark-to-market limits and/or exposure of
at least $100,000.

 

As to any information
contained in materials furnished pursuant to Section 7.02(d), GFI
shall not be separately required to furnish such information under clause (a)
or (b) above, but the foregoing

 

69

 

shall not be in
derogation of the obligation of GFI to furnish the information and materials
described in subsections (a) and (b) above at the times specified therein.

 

7.02                           Certificates; Other Information.

 

Deliver to the
Administrative Agent (who shall promptly furnish to the other Lenders),
in form and detail satisfactory to the Administrative Agent:

 

(a)                                  concurrently
with the delivery of the financial statements referred to in Sections 7.01(a),
(b) and (c), a duly completed Compliance Certificate signed by a
Responsible Officer of GFI;

 

(b)                                 promptly
after any request by the Administrative Agent or any Lender, copies of any
detailed audit reports, management letters or recommendations submitted to the
board of directors (or the audit committee of the board of directors) of either
Borrower by independent accountants in connection with the accounts or books of
such Borrower or any Subsidiary, or any audit of any of them;

 

(c)                                  concurrently
with the delivery of the financial statements referred to in Sections
7.01(a), (b) and (c), a certificate of a Responsible Officer
of GFI containing information regarding the amount of all Dispositions,
Involuntary Dispositions, and Equity Issuances that occurred during the period
covered by such financial statements;

 

(d)                                 promptly
after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of GFI, and
copies of all annual, regular, periodic and special reports and registration
statements which GFI may file or be required to file with the SEC under
Section 13 or 15(d) of the Securities Exchange Act of 1934 or to a holder
of any Indebtedness owed by GFI or any Subsidiary in its capacity as such a
holder and not otherwise required to be delivered to the Administrative Agent
pursuant hereto;

 

(e)                                  promptly after the
furnishing thereof, copies of any statement or report furnished to any holder
of debt securities of any Loan Party or any Subsidiary thereof pursuant to the
terms of any indenture, loan or credit or similar agreement (including, without
limitation, the JPI Subordinated Debt Documents) and not otherwise required to
be furnished to the Lenders pursuant to Section 7.01 or any other
clause of this Section 7.02;

 

(f)                                    promptly, and in
any event within five Business Days after receipt thereof by any Loan Party or
any Subsidiary thereof, copies of each notice or other correspondence received
from the SEC (or comparable agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such
agency regarding financial or other operational results of any Loan Party or
any Subsidiary thereof;

 

(g)                                 concurrently
with the delivery of the financial statements referred to in Section 7.01(a),
a certificate of a Responsible Officer of GFI (i) listing (A) all applications,
if any, for Copyrights, Patents or Trademarks (each such term as defined in the
Security Agreements) made since the date of the prior certificate (or, in the
case of the first such certificate, the Closing Date), (B) all issuances of
registrations or letters on existing applications for Copyrights, Patents and
Trademarks (each such term as defined in the Security Agreements) received
since the date of the prior certificate (or, in the case of the first such
certificate, the Closing Date), (C) all material Trademark Licenses, Copyright
Licenses and Patent Licenses (each such term as defined in the Security
Agreements) that are reasonably necessary for the operation of the Businesses
entered into

 

70

 

since the date of the
prior certificate (or, in the case of the first such certificate, the Closing
Date) and (D) all such Copyrights, Patents or Trademarks that are subject to a
licensing or franchise agreement, and (ii) attaching the insurance binder or
other evidence of insurance for any insurance coverage of GFI or any Subsidiary
that was renewed, replaced or modified during the period covered by such
financial statements; and

 

(h)                                 promptly,
such additional information regarding the business, financial or corporate
affairs of GFI or any Subsidiary, or compliance with the terms of the Loan
Documents, as the Administrative Agent or any Lender may from time to time
reasonably request.

 

Documents required to be
delivered pursuant to Section 7.01(a), (b) or (c) or Section 7.02(d)
(to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (i) on which GFI posts such
documents, or provides a link thereto on GFI’s website on the Internet at the
website address listed on Schedule 11.02; or (ii) on which such
documents are posted on GFI’s behalf on IntraLinks/IntraAgency or another
relevant website, if any, to which each Lender and the Administrative Agent
have access (whether a commercial, third-party website or whether sponsored by
the Administrative Agent); provided that: (i) GFI shall deliver paper
copies of such documents to the Administrative Agent or any Lender that
requests GFI to deliver such paper copies until a written request to cease
delivering paper copies is given by the Administrative Agent or such Lender and
(ii) GFI shall notify the Administrative Agent (by telecopier or electronic
mail) of the posting of any such documents and provide to the Administrative
Agent by electronic mail electronic versions (i.e., soft copies) of such
documents.  Notwithstanding anything
contained herein, in every instance GFI shall be required to provide paper copies
of the Compliance Certificates required by Section 7.02(a) to the
Administrative Agent.  Except for such
Compliance Certificates, the Administrative Agent shall have no obligation to
request the delivery or to maintain copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by GFI with
any such request for delivery, and each Lender shall be solely responsible for
requesting from the Administrative Agent delivery to it or maintaining its
copies of such documents.

 

7.03                           Notices.

 

Promptly notify the
Administrative Agent and each Lender:

 

(a)                                  of
the occurrence of any Default.

 

(b)                                 of
any matter that has resulted or could reasonably be expected to result in a
Material Adverse Effect, including (i) breach or non-performance of, or any
default under, a Contractual Obligation of GFI or any Subsidiary; (ii) any
dispute, litigation, investigation, proceeding or suspension between GFI or any
Subsidiary and any Governmental Authority; or (iii) the commencement of, or any
material development in, any litigation or proceeding affecting GFI or any
Subsidiary, including pursuant to any applicable Environmental Laws (and in the
case of the preceding clauses (i) through (iii), and for the avoidance of
doubt, only to the extent any matter has resulted in or could reasonably be
expected to result in a Material Adverse Effect).

 

(c)                                  of
the occurrence of any ERISA Event.

 

(d)                                 of
any material change in accounting policies or financial reporting practices by
GFI or any Subsidiary.

 

71

 

Each notice pursuant to
this Section shall be accompanied by a statement of a Responsible Officer
of GFI setting forth details of the occurrence referred to therein and stating
what action GFI has taken and proposes to take with respect thereto.  Each notice pursuant to Section 7.03(a)
shall describe with particularity any and all provisions of this Agreement and
any other Loan Document that have been breached.

 

7.04                           Payment of Obligations.

 

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

 

7.05                           Preservation of Existence, Etc.

 

(a)  Preserve, renew and maintain in full force
and effect its legal existence and (to the extent the concept of good standing
exists in such jurisdiction) good standing under the Laws of the jurisdiction
of its organization except in a transaction permitted by Section 8.04
or 8.05; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the
normal conduct of its business, except to the extent that the failure to do so
could not reasonably be expected to have a Material Adverse Effect; and preserve
or renew all of its material registered patents, trademarks, trade names and
service marks, the non-preservation of which could reasonably be expected to
have a Material Adverse Effect.

 

7.06                           Maintenance of Properties.

 

(a)  Maintain, preserve and protect all of its
material properties and equipment necessary in the operation of its business in
good working order and condition, ordinary wear and tear excepted; (b) make all
necessary repairs thereto and renewals and replacements thereof, except where
the failure to do so could not reasonably be expected to have a Material
Adverse Effect and (c) use the standard of care typical in the industry in the
operation and maintenance of its facilities.

 

7.07                           Maintenance of Insurance.

 

Maintain in full force and
effect insurance (including worker’s compensation insurance, liability
insurance, casualty insurance and business interruption insurance) with
financially sound and reputable insurance companies not Affiliates of a
Borrower, in such amounts, with such deductibles and covering such risks as are
considered reasonable by management of such Person.

 

7.08                           Compliance with Laws.

 

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

 

72

 

7.09                           Books and Records.

 

(a)  Maintain proper books of record and account,
in which full, true and correct entries in conformity with GAAP consistently
applied shall be made of all financial transactions and matters involving the
assets and business of GFI or such Subsidiary, as the case may be; and (b)
maintain such books of record and account in material conformity with all
applicable requirements of any Governmental Authority having regulatory
jurisdiction over GFI or such Subsidiary, as the case may be.

 

7.10                           Inspection Rights.

 

Permit representatives
and independent contractors of the Administrative Agent and each Lender to
visit and inspect any of its properties, to examine its corporate, financial
and operating records, and make copies thereof or abstracts therefrom, and to
discuss its affairs, finances and accounts with its directors, officers, and
independent public accountants, at the expense of the Administrative Agent or
such Lender and at such reasonable times during normal business hours and as
often as may be reasonably desired, upon reasonable advance notice to GFI; provided,
however, that when an Event of Default exists the Administrative Agent
or any Lender (or any of their respective representatives or independent
contractors) may do any of the foregoing at the expense of GFI at any time
during normal business hours and upon reasonable advance notice.

 

7.11                           Use of Proceeds.

 

Use the proceeds of the
Credit Extensions to finance working capital, to make capital expenditures and
for other lawful corporate purposes, provided that in no event shall the
proceeds of the Credit Extensions be used in contravention of any Law or of any
Loan Document.

 

7.12                           Additional Subsidiaries.

 

Promptly, and in any
event, not later than forty-five (45) days, after the acquisition or formation
of any Subsidiary:

 

(a)                                  notify
the Administrative Agent thereof in writing, together with (i) jurisdiction of
formation, (ii) number of shares of each class of Capital Stock outstanding,
(iii) number and percentage of outstanding shares of each class owned (directly
or indirectly) by any Borrower or any Subsidiary, (iv) number and effect, if
exercised, of all outstanding options, warrants, rights of conversion or
purchase and all other similar rights with respect thereto and (v) a statement
as to whether such Subsidiary is a Material Subsidiary; and

 

(b)                                 if
such Subsidiary is a Domestic Subsidiary that is a Material Subsidiary (other
than a Regulated Subsidiary), cause such Person to (i) become a Domestic
Guarantor by executing and delivering to the Administrative Agent a Joinder
Agreement or such other documents as the Administrative Agent shall reasonably
deem appropriate for such purpose, and (ii) deliver to the Administrative Agent
documents of the types referred to in Sections 5.01(g) and (h)
and favorable opinions of counsel to such Person (which shall cover, among
other things, the legality, validity, binding effect and enforceability of the
documentation referred to in clause (b)(i)), all in form, content and scope
reasonably satisfactory to the Administrative Agent.

 

(c)                                  if
such Subsidiary is a Foreign Subsidiary that is a Material Subsidiary (other
than a Regulated Subsidiary), cause such Person to (i) become a Foreign
Guarantor by executing and delivering to the Administrative Agent a Joinder
Agreement or such other documents as the Administrative Agent shall reasonably
deem appropriate for such purpose, and (ii) deliver to the

 

73

 

Administrative Agent such
security documents as the Administrative Agent shall reasonably request
(consistent with those provided by Foreign Subsidiaries on the Closing Date)
and such documents of the types referred to in Sections 5.01(g) and (h)
and favorable opinions of counsel to such Person (which shall cover, among
other things, the legality, validity, binding effect and enforceability of the
documentation referred to in clause (c)(i)), all in form, content and scope
reasonably satisfactory to the Administrative Agent.

 

(d)                                 If at any time any Domestic Subsidiary that is
not a Domestic Guarantor provides a guarantee of (i) GFI LLC’s obligations in
respect of the JPI Subordinated Indebtedness, (ii) any Person’s obligations
with respect to the Additional Subordinated Indebtedness or (iii) any
Indebtedness permitted pursuant to Section 8.03(j), then promptly
(and in any event within five (5) days), cause such Subsidiary to (A) become a
Domestic Guarantor by executing and delivering to the Administrative Agent a
Joinder Agreement or such other documents as the Administrative Agent shall
reasonably deem appropriate for such purpose, and (B) deliver to the
Administrative Agent such security documents as the Administrative Agent shall
reasonably request (consistent with those provided by Domestic
Subsidiaries on the Closing Date) and such
documents of the types referred to in Section 5.01(g) and favorable
opinions of counsel to such Person (which shall cover, among other things, the
legality, validity, binding effect and enforceability of the documentation
referred to in clause (A)), all in form, content and scope reasonably
satisfactory to the Administrative Agent.

 

(e)                                  If at any time any Foreign Subsidiary that is not
a Foreign Guarantor provides a guarantee of (i) GFI LLC’s obligations in
respect of the JPI Subordinated Indebtedness, (ii) any Person’s obligations
with respect to the Additional Subordinated Indebtedness or (iii) any
Indebtedness permitted pursuant to Section 8.03(j), then promptly
(and in any event within five (5) days), cause such Subsidiary to (A) become a
Foreign Guarantor by executing and delivering to the Administrative Agent a
Joinder Agreement or such other documents as the Administrative Agent shall
reasonably deem appropriate for such purpose, and (B) deliver to the
Administrative Agent such security documents as the Administrative Agent shall
reasonably request (consistent with those provided by Foreign
Subsidiaries on the Closing Date) and such
documents of the types referred to in Section 5.01(g) and favorable
opinions of counsel to such Person (which shall cover, among other things, the
legality, validity, binding effect and enforceability of the documentation
referred to in clause (A)), all in form, content and scope reasonably
satisfactory to the Administrative Agent.

 

7.13                           ERISA Compliance.

 

Do, and cause each of its
ERISA Affiliates to do, each of the following: (a) maintain each Plan in
compliance in all material respects with the applicable provisions of ERISA,
the Internal Revenue Code and other federal or state law; and (b) cause each
Plan that is qualified under Section 401(a) of the Internal Revenue Code
to maintain such qualification, except in each case referenced in clause (a) or
(b), to the extent that the failure to do so could not reasonably be expected
to have a Material Adverse Effect.

 

7.14                           Pledged Assets.

 

(a)                                  Cause
each Domestic Loan Party to (subject to the time periods permitted in Section 7.12,
to any exceptions in the Collateral Documents and to the limitations on Liens
in the next sentence) (i) cause all of its owned and leased real and personal
Property (other than leased office space for which appropriate landlord
consents are not obtained with commercially reasonable efforts) to be subject
at all times to first priority, perfected and, in the case of real Property
(whether leased or owned), title insured Liens in favor of the Administrative
Agent to secure the Obligations pursuant to the terms and conditions

 

74

 

of the Collateral
Documents or, with respect to any such Property acquired subsequent to the
Closing Date, such other additional security documents as the Administrative
Agent shall reasonably request, subject in any case to Permitted Liens and (ii)
deliver such other documentation as the Administrative Agent may reasonably
request in connection with the foregoing, including, without limitation,
appropriate UCC-1 financing statements, real estate title insurance policies,
surveys, environmental reports, certified resolutions and other organizational
and authorizing documents of such Person, favorable opinions of counsel to such
Person (which shall cover, among other things, the legality, validity, binding
effect and enforceability of the documentation referred to above and the
perfection of the Administrative Agent’s Liens thereunder) and other items of
the types required to be delivered pursuant to Section 5.01(h), all
in form, content and scope reasonably satisfactory to the Administrative
Agent.  The Domestic Loan Parties will
cause (a) 100% of the issued and outstanding Capital Stock of each Domestic
Subsidiary that is a Material Subsidiary and (b) 65% (or such greater percentage
that, due to a change in an applicable Law after the date hereof, (1) could not
reasonably be expected to cause the undistributed earnings of such Foreign
Subsidiary as determined for United States federal income tax purposes to be
treated as a deemed dividend to such Foreign Subsidiary’s United States parent
and (2) could not reasonably be expected to cause any adverse tax consequences)
of each class of the issued and outstanding Capital Stock (and in any event no
more than 65% of the voting stock in the aggregate) in each Foreign Subsidiary
that is a Material Subsidiary directly owned by GFI or any Domestic Subsidiary
to be subject at all times to a first priority, perfected Lien in favor of the
Administrative Agent, subject to Permitted Liens, pursuant to the terms and
conditions of the relevant Collateral Documents or such other security
documents as the Administrative Agent shall reasonably request and no other
Capital Stock of any Subsidiary of any Domestic Loan Party shall be subject to
any Lien in favor of the Administrative Agent.

 

(b)                                 Cause
each Foreign Loan Party to (subject to the time periods permitted in Section 7.12,
to any exceptions in the Collateral Documents and to the limitations on Liens
in the next sentence) (i) cause all of its owned and leased real and personal
Property to be subject at all times to first priority, perfected and, in the
case of real Property (whether leased or owned), title insured Liens in favor
of the Administrative Agent to secure the Foreign Obligations pursuant to the
terms and conditions of the relevant Collateral Documents or, with respect to
any such Property acquired subsequent to the Closing Date, such other
additional security documents as the Administrative Agent shall reasonably
request, subject in any case to Permitted Liens and (ii) deliver such security documents as the Administrative
Agent shall reasonably request (consistent with those provided by
Foreign Subsidiaries on the Closing Date) and
such other documentation as the Administrative Agent may reasonably request in
connection with the foregoing, including, without limitation, appropriate UCC-1
financing statements, real estate title insurance policies, surveys,
environmental reports, certified resolutions and other organizational and
authorizing documents of such Person, favorable opinions of counsel to such
Person (which shall cover, among other things, the legality, validity, binding
effect and enforceability of the documentation referred to above and the
perfection of the Administrative Agent’s Liens thereunder) and other items of the
types required to be delivered pursuant to Section 5.01(h), all in
form, content and scope reasonably satisfactory to the Administrative
Agent.  The Foreign Loan Parties will
cause 100% of the issued and outstanding Capital Stock of each Domestic Subsidiary
that is a Material Subsidiary and 100% of the issued and outstanding Capital
Stock of each Foreign Subsidiary that is a Material Subsidiary directly owned
by any Foreign Loan Party to be subject at all times to a first priority,
perfected Lien in favor of the Administrative Agent pursuant to the terms and
conditions of the Foreign Pledge Agreements (to secure the Foreign Obligations)
or such other security documents as the Administrative Agent shall reasonably
request and no other Capital Stock of any Subsidiary of any Foreign Loan Party
shall be subject to any Lien in favor of the Administrative Agent.

 

75

 

7.15                           Landlord Waivers.

 

Within thirty (30) days
after the Closing Date, in the case of any personal property Collateral located
at a premises leased in the state of New York or in London, England by a Loan
Party, use commercially reasonable efforts to obtain such estoppel letters,
consents and waivers from the landlords on such real property as may be
requested by the Administrative Agent.

 

7.16                           Insurance Policies.

 

Within thirty (30) days
after the Closing Date, provide the Administrative Agent with copies of
insurance policies or certificates of insurance of the Loan Parties evidencing
liability and casualty insurance meeting the requirements set forth in the Loan
Documents, including, but not limited to, naming the Administrative Agent as
additional insured (in the case of liability insurance) or loss payee (in the
case of hazard insurance) on behalf of the Lenders.

 

7.17                           Stock Certificates.

 

On or before
September 30, 2004, deliver to the Administrative Agent certificates
evidencing the Capital Stock of the following entities (together with duly
executed in blank, undated stock powers attached thereto):  GFI Securities Limited, GFI Brokers Limited,
Fenics Software Limited, Fenics Software Inc., GFINet UK Limited, Fenics
Limited, GFInet Europe Ltd. and GFI Holdings Limited.

 

ARTICLE VIII

NEGATIVE COVENANTS

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder
shall remain unpaid or unsatisfied, or any Letter of Credit shall remain
outstanding, no Domestic Loan Party shall, nor shall it permit any Subsidiary
to, directly or indirectly:

 

8.01                           Liens.

 

Create, incur, assume or
suffer to exist any Lien upon any of its property, assets or revenues, whether
now owned or hereafter acquired, other than the following:

 

(a)                                  Liens
pursuant to any Loan Document;

 

(b)                                 Liens
existing on the date hereof and listed on Schedule 8.01 and any
renewals, refinancings or extensions thereof, provided that (i) the
property covered thereby is not increased, (ii) the amount secured or benefited
thereby is not increased except by an amount equal to a reasonable premium or
other amount paid, and fees and expenses reasonably incurred, in connection
with such refinancing and by an amount equal to any existing commitments
unutilized thereunder, (iii) the direct or contingent obligor with respect
thereto is not changed and (iv) any renewal, refinancings or extension of the
obligations secured or benefited thereby is permitted by Section 8.03(b);

 

(c)                                  Liens
(other than Liens imposed under ERISA) for taxes, assessments or governmental
charges or levies not yet due or which are being contested in good faith and by
appropriate proceedings diligently conducted, if adequate reserves with respect
thereto are maintained on the books of the applicable Person in accordance with
GAAP;

 

76

 

(d)                                 statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen
and suppliers and other Liens imposed by law or pursuant to customary
reservations or retentions of title arising in the ordinary course of business,
provided that such Liens secure only obligations that are not overdue by
more than sixty (60) days and no action has been taken to enforce the same or
that are being contested in good faith by appropriate proceedings for which
adequate reserves determined in accordance with GAAP have been established;

 

(e)                                  (i)
pledges or deposits in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other social security
legislation, other than any Lien imposed by ERISA or (ii) any lien arising by
operation of law and any lien arising in the ordinary course of trading
(including any lien on a brokerage or trading account of GFI or any Subsidiary
where such lien arises in the ordinary course of business of trading,
including, for the avoidance of doubt, any lien in favor of Euroclear);

 

(f)                                    deposits
to secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature incurred in the ordinary course of
business;

 

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

 

(h)                                 Liens
securing judgments for the payment of money not constituting an Event of
Default under Section 9.01(i) or securing appeal or other surety
bonds related to such judgments;

 

(i)                                     Liens
securing Indebtedness permitted under Section 8.03(e); provided
that (i) such Liens do not at any time encumber any Property other than the
Property financed by such Indebtedness, (ii) the Indebtedness secured thereby
does not exceed the cost of the Property being acquired on the date of
acquisition and (iii) such Liens attach to such Property concurrently with or
within ninety days after the acquisition thereof;

 

(j)                                     leases
or subleases granted to others not interfering in any material respect with the
business of GFI or any of its Subsidiaries;

 

(k)                                  any
interest of title of a lessor under, and Liens arising from UCC financing
statements (or equivalent filings, registrations or agreements in foreign
jurisdictions) relating to, leases permitted by this Agreement;

 

(l)                                     normal
and customary rights of setoff upon deposits of cash in favor of banks or other
depository institutions;

 

(m)                               Liens
of a collection bank arising under Section 4-210 of the Uniform Commercial
Code on items in the course of collection;

 

(n)                                 Liens
of sellers of goods to GFI and any of its Subsidiaries arising under
Article 2 of the Uniform Commercial Code or similar provisions of
applicable law in the ordinary course of business, covering only the goods sold
and securing only the unpaid purchase price for such goods and related
expenses;

 

77

 

(o)                                 Liens
securing Indebtedness permitted hereunder not to exceed $5 million in the
aggregate on Properties acquired pursuant to Section 8.02(f) or
otherwise approved in writing by the Required Lenders in their sole discretion;

 

(p)                                 Liens
in favor of the Parent securing the JPI Subordinated Indebtedness; provided
that such Liens are subordinated to the Liens of the Administrative Agent
securing the Obligations hereunder in a manner satisfactory to the
Administrative Agent (it being understood and agreed that as of the Closing
Date such Liens are subordinated in a manner satisfactory to the Administrative
Agent); and

 

(q)                                 other
Liens which secure Indebtedness of GFI and its Subsidiaries; provided
that the aggregate principal amount of Indebtedness secured thereby shall not
at any time exceed $1,000,000.

 

8.02                           Investments.

 

Make any Investments,
except:

 

(a)                                  Investments
held by GFI or such Subsidiary in the form of cash or Cash Equivalents;

 

(b)                                 Investments
existing as of the Closing Date and set forth in Schedule 8.02;

 

(c)                                  (i)
Investments by any Domestic Loan Party in any other Domestic Loan Party and
(ii) Investments by any Foreign Loan Party in any other Loan Party;

 

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

 

(e)                                  Guarantees
permitted by Section 8.03;

 

(f)                                    Permitted
Acquisitions;

 

(g)                                 deposits
by Regulated Subsidiaries with, or pledges of cash by Regulated Subsidiaries
to, clearing agencies, including Euroclear, in the ordinary course of business;

 

(h)                                 advances
or loans to employees, to the extent permitted by applicable Law and to the
extent repaid within twelve (12) months of the date of such advance or loan,
not to exceed $5,000,000 in the aggregate at any one time outstanding;

 

(i)                                     Investments
in securities permitted by Section 8.14;

 

(j)                                     Investments in Regulated Subsidiaries
necessary to comply with statutory capital requirements under applicable Laws;
and

 

(k)                                  the payment by GFI or any of its Subsidiaries
of the ordinary course expenses of any other Subsidiary of GFI; provided that
any such expenses are reimbursable to GFI or such applicable Subsidiary; and

 

78

 

(l)                                     other
Investments not exceeding $5,000,000 in the aggregate at any one time
outstanding.

 

8.03                           Indebtedness.

 

Create, incur, assume or
suffer to exist any Indebtedness, except:

 

(a)                                  Indebtedness
under the Loan Documents;

 

(b)                                 Indebtedness
of GFI and its Subsidiaries set forth in Schedule 8.03 and any
renewals, refinancings and extensions thereof on terms and conditions not
materially less favorable to the applicable debtor(s); provided that the amount
of such Indebtedness is not increased at the time of such refinancing,
refunding, renewal or extension except by an amount equal to a reasonable
premium or other amount paid, and fees and expenses reasonably incurred, in
connection with such refinancing and by an amount equal to any existing
commitments unutilized thereunder;

 

(c)                                  intercompany
Indebtedness permitted under Section 8.02;

 

(d)                                 obligations
(contingent or otherwise) of GFI or any Subsidiary existing or arising under
any Swap Contract, provided that (i) such obligations are (or were)
entered into by such Person in the ordinary course of business for the purpose
of mitigating risks associated with liabilities, commitments, investments,
assets, or property held or reasonably anticipated by such Person, or changes
in the value of securities issued by such Person, and not for purposes of
speculation or taking a “market view;” and (ii) such Swap Contract does not
contain any provision exonerating the non-defaulting party from its obligation
to make payments on outstanding transactions to the defaulting party;

 

(e)                                  purchase
money Indebtedness (including obligations in respect of Capital Leases or
Synthetic Leases) hereafter incurred by GFI or any of its Subsidiaries to
finance the construction, improvement or purchase of fixed assets and renewals,
refinancings and extensions thereof, provided that (i) the total of all
such Indebtedness for all such Persons taken together shall not exceed an
aggregate principal amount of $5,000,000 at any one time outstanding; (ii) such
Indebtedness when incurred shall not exceed the purchase price of the asset(s)
financed; and (iii) no such Indebtedness shall be refinanced for a principal
amount in excess of the principal balance outstanding thereon at the time of
such refinancing;

 

(f)                                    JPI
Subordinated Indebtedness;

 

(g)                                 Indebtedness
in an aggregate amount not to exceed $5,000,000 incurred or assumed in
connection with a Permitted Acquisition; provided  that, (i) such
Indebtedness is recourse only to the entity or assets so acquired and (ii) the
Borrower shall have demonstrated that after giving effect to any such Permitted
Acquisition and the incurrence or assumption of the related Indebtedness on a
Pro Forma Basis, the Borrower is in compliance with all of the covenants set
forth in Section 8.11;

 

(h)                                 endorsements
in the ordinary course of business of negotiable instruments for deposit or
collection;

 

(i)                                     Additional
Subordinated Indebtedness in an aggregate principal amount not to exceed
$25,000,000 at any one time outstanding; provided  that, at least
3 days prior to the date of

 

79

 

closing on any such
Additional Subordinated Indebtedness, GFI shall have delivered to the
Administrative Agent a Pro Forma Compliance Certificate demonstrating that,
upon giving effect to the incurrence of such Additional Subordinated
Indebtedness on a Pro Forma Basis, the Loan Parties are in compliance with Section 8.11;

 

(j)                                     other
unsecured Indebtedness of the Loan Parties in an aggregate principal amount not
to exceed $5,000,000 at any one time outstanding;

 

(k)                                  [Intentionally
Omitted];

 

(l)                                     obligations
of Regulated Subsidiaries to clearing agencies with respect to transactions
executed by the Regulated Subsidiaries in the ordinary course of business;

 

(m)                               any
payable owing by any Subsidiary to GFI or any of its other Subsidiaries for the payment by GFI or any of its Subsidiaries
in accordance with Section 8.02(k) of the ordinary course expenses
of such Subsidiary;

 

(n)                                 any Indebtedness of any Subsidiary that is
not a Loan Party owing to any other Subsidiary that is not a Loan Party;

 

(o)                                 any Indebtedness owing by a Regulated
Subsidiary to any Loan Party; and

 

(p)                                 Guarantees
(which Guarantees in respect of any Indebtedness permitted under clauses (f)
and (i) shall be similarly subordinated) with respect to Indebtedness permitted
under clauses (a) through (j) of this Section 8.03.

 

8.04                           Fundamental Changes.

 

Merge, dissolve,
liquidate, consolidate with or into another Person, or Dispose of (whether in
one transaction or in a series of transactions) all or substantially all of its
assets (whether now owned or hereafter acquired) to or in favor of any Person;
provided that, subject to Section 7.12 and provided that, after
giving effect to any such transaction, no Default or Event of Default shall
exist, (a) GFI may merge or consolidate
with any of its Subsidiaries provided that GFI shall be the continuing
or surviving corporation, (b) the Foreign Borrower may merge or consolidate with any of its
Subsidiaries provided that the Foreign Borrower shall be the continuing
or surviving corporation, (c) any Domestic Subsidiary of GFI may merge or
consolidate with any other Domestic Subsidiary of GFI provided that if a Loan
Party is a party thereto, a Loan Party shall be the continuing or surviving
corporation, (d) any Foreign Subsidiary may merge or consolidate with any other
Foreign Subsidiary provided that if a Loan Party is a party thereto, a Loan
Party shall be the continuing or surviving corporation, (e) any Foreign
Subsidiary may be merged or consolidated with or into any Loan Party provided
that such Loan Party shall be the continuing or surviving corporation, (f) any Domestic Subsidiary may wind up,
liquidate or dissolve itself so long as it transfers all or substantially all
of its assets to a Domestic Loan Party prior to such wind up, liquidation or
dissolution, (g) any Foreign Subsidiary may wind up, liquidate or dissolve
itself so long as it transfers all or substantially all of its assets to a
Foreign Loan Party prior to such wind up, liquidation or dissolution, (h) any
Subsidiary may wind up, liquidate or dissolve itself if GFI determines in good
faith that such wind up, liquidation or dissolution is in GFI’s best interests
and is not materially disadvantageous to the Lenders and the assets of such
Subsidiary are transferred to a Loan Party prior to such dissolution and
(i) nothing in this Section 8.04 shall prohibit any Disposition
otherwise permitted under Section 8.05.

 

80

 

8.05                           Dispositions.

 

Make any Disposition
unless (a) the consideration paid in connection therewith shall be indebtedness
evidenced by promissory notes and/or cash or Cash Equivalents paid
contemporaneously with consummation of the transaction and shall be in an
amount not less than the fair market value of the Property disposed of, (b)
such transaction does not involve the sale or other disposition of a minority
equity interest in any Material Subsidiary, (c) such transaction does not
involve a sale or other disposition of receivables other than receivables owned
by or attributable to other Property concurrently being disposed of in a
transaction otherwise permitted under this Section 8.05, and
(d) the greater of the aggregate net book value and the fair market value
of all of the assets sold or otherwise disposed of by GFI and its Subsidiaries
in all such transactions in any fiscal year of the Borrower shall not exceed
$10,000,000; provided that, in determining
compliance with this Section 8.05 a Disposition shall be excluded
to the extent the proceeds of such Disposition are used within the Application
Period following such Disposition to make Eligible Reinvestments.

 

8.06                           Restricted Payments.

 

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

 

(a)                                  each
Domestic Subsidiary may make Restricted Payments (directly or indirectly) to
any Domestic Loan Party;

 

(b)                                 each
Foreign Subsidiary may make Restricted Payments (directly or indirectly) to any
Loan Party;

 

(c)                                  each
Borrower and each Subsidiary may declare and make dividend payments or other
distributions payable solely in the Capital Stock of such Person;

 

(d)                                 upon
or after the consummation of an initial Public Equity Offering, GFI may (i)
repurchase, redeem or acquire the Capital Stock of Fenics not owned by a Loan
Party with the common stock of GFI and (ii) use the proceeds of such Public
Equity Offering to purchase, redeem, acquire or retire shares of its preferred
Capital Stock or of any class of the Capital Stock of Fenics not owned by a
Loan Party or any warrants or options to purchase any such shares of such
Capital Stock so long as (A) no Default or Event of Default exists immediately
prior to and after giving effect to any such purchase, redemption, acquisition
or retirement and (B) the aggregate amount paid by GFI for all such Capital
Stock so purchased, redeemed, acquired or retired plus the aggregate
amount utilized by GFI to prepay or redeem JPI Subordinated Indebtedness in
accordance with Section 8.15(c) hereof does not exceed 50% of the
aggregate proceeds received from such initial Public Equity Offering and (C)
(I) with respect to the preferred Capital Stock of GFI, such purchases,
redemptions, acquisitions, retirements or prepayments are made within one
hundred and eighty (180) days of the consummation of such initial Public Equity
Offering and (II) with respect to any of the Capital Stock of Fenics purchased
with proceeds of the Public Equity Offering, such purchases, redemptions,
acquisitions, retirements or prepayments of all such Capital Stock are
commenced, including by the giving of notice to such shareholders, within five
(5) months of the consummation of such initial Public Equity Offering;

 

(e)                                  upon
or after the consummation of any subsequent Public Equity Offering, GFI may use
the proceeds of such Public Equity Offering to make dividends or purchase,
redeem, acquire or retire shares of its Capital Stock of any class or any
warrants or options to purchase

 

81

 

any such shares of its
Capital Stock so long as (i) no Default or Event of Default exists immediately
prior to and after giving effect to any such dividend, purchase, redemption,
acquisition or retirement, (ii) the aggregate amount paid by GFI for all
Capital Stock so purchased, redeemed, acquired or retired plus the
aggregate amount of such dividends made by GFI does not exceed 50% of the
aggregate proceeds of such subsequent Public Equity Offering and (iii) such
dividends, purchases, redemptions, acquisitions or retirements are made within
ninety (90) days of the consummation of such subsequent Public Equity Offering;

 

(f)                                    GFI
may purchase shares of its Capital Stock issued by GFI to shareholders of GFI
(other than the Parent)  in an aggregate
amount not to exceed $3,000,000 during the term of this Agreement; and

 

(g)                                 such
other dividends and redemptions as may be approved in writing by the Required
Lenders.

 

8.07                           Change in Nature of Business.

 

Engage
in any material line of business substantially different from those lines of
business conducted by GFI and its Subsidiaries on the Closing Date or any
business substantially related or incidental thereto.

 

8.08                           Transactions with Affiliates and
Insiders.

 

Enter into or permit to
exist any transaction or series of transactions with any officer, director or
Affiliate of such Person other than (a) transactions expressly permitted by
this Article VIII, (b) compensation and reimbursement of expenses
of officers and directors approved by GFI’s compensation committee and (c)
except as otherwise specifically limited in this Agreement, other transactions
which are entered into in the ordinary course of such Person’s business on terms
and conditions substantially as favorable to such Person as would be obtainable
by it in a comparable arms-length transaction with a Person other than an
officer, director or Affiliate.

 

8.09                           Burdensome Agreements.

 

(a)                                  Enter
into, or permit to exist, any Contractual Obligation that encumbers or
restricts on the ability of any such Person to (i) pay dividends or make any
other distributions to any Loan Party on its Capital Stock or with respect to
any other interest or participation in, or measured by, its profits, (ii) pay
any Indebtedness or other obligation owed to any Loan Party, (iii) make loans
or advances to any Loan Party, (iv) sell, lease or transfer any of its Property
to any Loan Party, (v) pledge its Property pursuant to the Loan Documents or
any renewals, refinancings, exchanges, refundings or extension thereof or (vi)
act as a Loan Party pursuant to the Loan Documents or any renewals,
refinancings, exchanges, refundings or extension thereof, except (in respect of
any of the matters referred to in clauses (i)-(v) above) for (1) this Agreement
and the other Loan Documents, (2) the JPI Subordinated Debt Documents, (3) the
Certificate of Designation and the Series A and B Certificates of Designation,
(4) any document or instrument governing Indebtedness incurred pursuant to Sections
8.03(e) or (i), provided that any such restriction contained
therein relates only to the asset or assets constructed or acquired in
connection therewith, (5) any Permitted Lien or any document or instrument
governing any Permitted Lien, provided that any such restriction
contained therein relates only to the asset or assets subject to such Permitted
Lien, (6) customary restrictions and conditions contained in any agreement
relating to the sale of any Property permitted under Section 8.05
pending the consummation of such sale, (7) customary nonassignment provisions
as to the assets financed in any lease governing a leasehold interest or in any
other contracts

 

82

 

which are not material to
the business and operations of GFI and its Subsidiaries or (8) restrictions or
conditions imposed by Laws.

 

(b)                                 Enter
into, or permit to exist, any Contractual Obligation that prohibits or
otherwise restricts the existence of any Lien upon any of its Property in favor
of the Administrative Agent (for the benefit of the Lenders) for the purpose of
securing the Obligations, whether now owned or hereafter acquired, or requiring
the grant of any security for any obligation if such Property is given as
security for the Obligations, except (i) any document or instrument governing
Indebtedness incurred pursuant to Section 8.03(e), provided
that any such restriction contained therein relates only to the asset or assets
constructed or acquired in connection therewith, (ii) in connection with any
Permitted Lien or any document or instrument governing any Permitted Lien, provided
that any such restriction contained therein relates only to the asset or assets
subject to such Permitted Lien and (iii) pursuant to customary restrictions and
conditions contained in any agreement relating to the sale of any Property
permitted under Section 8.05, pending the consummation of such
sale.

 

8.10                           Use of Proceeds.

 

Use the proceeds of any
Credit Extension, whether directly or indirectly, and whether immediately,
incidentally or ultimately, (a) to purchase or carry margin stock (within the
meaning of Regulations U and T of the FRB) or to extend credit to others
for the purpose of purchasing or carrying margin stock or to refund
indebtedness originally incurred for such purpose or (b) for any purpose which
would be prohibited by Section 151 of the U.K. Companies Act 1985.

 

8.11                           Financial Covenants.

 

(a)                                  Consolidated
Capital.  Permit Consolidated
Capital at any time to be less than the sum of $60,000,000, increased on a
cumulative basis as of the end of each fiscal quarter, commencing with the
fiscal quarter ending June 30, 2004 by an amount equal to 50% of
Consolidated Net Income (to the extent positive) for the fiscal quarter then
ended plus 100% of the amount of all Equity Issuances (other than Equity
Issuances to the minority shareholders of Fenics otherwise permitted by Section 8.06(d))
after the Closing Date and during such fiscal quarter as evidenced on the books
of GFI in accordance with GAAP (less the amount of equity redemptions and
prepayments of JPI Subordinated Indebtedness to the extent permitted by Sections
8.06 and 8.15).

 

(b)                                 Consolidated
Leverage Ratio.  Permit the
Consolidated Leverage Ratio as of the end of each calendar month to be greater
than the ratio set forth below opposite such calendar month:

 

	
  Calendar Month Ending

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  July 31,
  2004 through June 30, 2005

  	
   

  	
  2.00 to 1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  July 31,
  2005 and thereafter

  	
   

  	
  1.75 to 1.0

  	
   

  

 

(c)                                  Consolidated
Fixed Charge Coverage Ratio.  Permit
the Consolidated Fixed Charge Coverage Ratio as of the end of each calendar
month to be less than the ratio set forth below opposite such calendar month:

 

	
  Calendar Month Ending

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  July 31,
  2004 through November 30, 2004

  	
   

  	
  1.15 to 1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31,
  2004 through November 30, 2005

  	
   

  	
  1.25 to 1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31,
  2005 and thereafter

  	
   

  	
  1.35 to 1.0

  	
   

  

 

83

 

(d)                                 Consolidated
EBITDA.  Permit Consolidated EBITDA,
as of the end of any calendar month for the twelve month period ending on such
date to be less than the amount set forth below opposite such calendar month:

 

	
  Calendar Month Ending

  	
   

  	
  Minimum
  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  July 31,
  2004 through December 31, 2004

  	
   

  	
  $

  	
  35,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  January 31,
  2005 through December 31, 2005

  	
   

  	
  $

  	
  38,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  January 31,
  2006 and thereafter

  	
   

  	
  $

  	
  41,000,000

  	
   

  

 

8.12                           Organization Documents; Fiscal Year;
Legal Name, State of Formation and Form of Entity.

 

(a)  Amend, modify or change its Organization
Documents in a manner materially adverse to the Lenders; (b) change its fiscal
year; or (c) without providing ten (10) days prior written notice to the
Administrative Agent, change its name, state of formation or form of
organization.

 

8.13                           Sale Leasebacks.

 

Enter into any Sale and
Leaseback Transaction.

 

8.14                           Proprietary Trading.

 

Engage in any trading
activity for its own account (it being agreed that matched principal
transactions will not be considered trading for its own account) other than (a)
any activity entered into in the ordinary course of business for the purposes
of managing its cash and (b) any trading of securities for its own account;
provided that after giving effect to any such purchase of securities the
aggregate amount of all initial purchases of such securities subsequent to the
Closing Date shall not exceed five percent (5%) of Consolidated Capital at the
time of such purchase.

 

8.15                           Prepayment of Other Indebtedness, Etc.

 

(a)                                  Amend or modify any of the terms of any
Indebtedness of GFI or any Subsidiary (other than Indebtedness arising under
the Loan Documents) if such amendment or modification would add or change any
terms in a manner materially adverse to GFI or any Subsidiary, or shorten the
final maturity or average life to maturity or require any payment to be made
sooner than originally scheduled or increase the interest rate applicable
thereto, except to the extent the incurrence of such Indebtedness as so amended
would be permitted hereunder.

 

(b)                                 After the occurrence and during the
continuation of any Default or Event of Default, with respect to any
Indebtedness other than the JPI Subordinated Indebtedness and any Additional
Subordinated Indebtedness, make (or give any notice with respect thereto) any
voluntary or optional payment or prepayment or redemption or acquisition for
value of (including without limitation, by way of depositing money or
securities with the trustee with respect thereto before due for the purpose of
paying when due), refund, refinance or exchange of any such Indebtedness of GFI
or any Subsidiary (other than Indebtedness arising under the Loan Documents).

 

84

 

(c)                                  With
respect to the JPI Subordinated Indebtedness, (i) make or offer to make any
principal payments with respect to such JPI Subordinated Indebtedness (other
than scheduled principal payments), (ii) redeem or offer to redeem any of such
JPI Subordinated Indebtedness, or (iii) deposit any funds intended to discharge
such JPI Subordinated Indebtedness; provided  that upon or after
the consummation of an initial Public Equity Offering, GFI may prepay or redeem
JPI Subordinated Indebtedness with proceeds from such Public Equity Offering so
long as (A) no Default or Event of Default exists immediately prior to and
after giving effect to any such prepayment or redemption, (B) the aggregate
amount utilized by GFI to prepay or redeem such JPI Subordinated Indebtedness plus
the aggregate amount paid by GFI for all Capital Stock purchased, redeemed,
acquired or retired in accordance with Section 8.06(d) hereof does
not exceed 50% of the aggregate proceeds received from such initial Public
Equity Offering and (C) such redemptions or prepayments are made within one
hundred and eighty (180) days of the consummation of such initial Public Equity
Offering.

 

(d)                                 With
respect to any Additional Subordinated Indebtedness, (i) make or offer to make
any principal payments (other than scheduled principal payments) with respect
to such Additional Subordinated Indebtedness, (ii) redeem or offer to redeem
any of such Additional Subordinated Indebtedness, or (iii) deposit any funds
intended to discharge such Additional Subordinated Indebtedness.

 

ARTICLE IX

EVENTS OF DEFAULT AND REMEDIES

 

9.01                           Events of Default.

 

Any of the following
shall constitute an Event of Default:

 

(a)                                  Non-Payment.  Any Borrower or any other Loan Party fails
to pay (i) when and as required to be paid herein, any amount of principal of
any Loan or any L/C Obligation, or (ii) within three Business Days after the
same becomes due, any interest on any Loan or on any L/C Obligation, or any
commitment fee or other fee due hereunder, or (iii) within five Business Days
after the same becomes due, any other amount payable hereunder or under any
other Loan Document; or

 

(b)                                 Specific
Covenants.  Any Loan Party fails to
perform or observe any term, covenant or agreement contained in any of Section 7.03,
7.05(a), 7.10, 7.11, 7.12 or 7.14 or Article VIII
or

 

(c)                                  Information
Covenants.  Any Loan Party fails to
perform or observe any term, covenant or agreement contained in either Section 7.01
or 7.02 and such failure continues for ten (10) Business Days after the
earlier of (i) written notice to GFI from the Administrative Agent or (ii) a
Responsible Officer of GFI becoming aware of such default; or

 

(d)                                 Other
Defaults.  Any Loan Party fails to
perform or observe any other covenant or agreement (not specified in
subsection (a), (b) or (c) above) contained in any Loan Document on its
part to be performed or observed and such failure continues for thirty days
after the earlier of (i) written notice to GFI from the Administrative Agent or
(ii) a Responsible Officer of GFI becoming aware of such default; or

 

(e)                                  Representations
and Warranties.  Any representation,
warranty, certification or statement of fact made or deemed made by or on
behalf of any Borrower or any other Loan Party

 

85

 

herein, in any other Loan
Document, or in any document delivered in connection herewith or therewith
shall be incorrect or misleading in any material respect when made or deemed
made; or

 

(f)                                    Cross-Default.  (i) GFI or any Subsidiary (A) fails to make
any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee
(other than Indebtedness hereunder and Indebtedness under Swap Contracts or
Treasury Management Agreements) having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all
creditors under any combined or syndicated credit arrangement) of more than the
Threshold Amount, or (B) fails to observe or perform any other agreement or
condition relating to any such Indebtedness or Guarantee or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other
event occurs, the effect of which default or other event is to cause, or to
permit the holder or holders of such Indebtedness or the beneficiary or
beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder
or holders or beneficiary or beneficiaries) to cause, with the giving of notice
if required, such Indebtedness to be demanded or to become due or to be
repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an
offer to repurchase, prepay, defease or redeem such Indebtedness to be made,
prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; provided, that this clause
(B) shall not apply to (1) secured Indebtedness that becomes due as a result of
the voluntary sale or transfer of the property or assets securing such
Indebtedness if such sale or transfer and the prepayment of such Indebtedness
are otherwise permitted under this Agreement and (2) the JPI Subordinated
Indebtedness that becomes prepayable following a Public Equity Offering in
accordance with the terms of this Agreement, or (ii) there occurs under any
Swap Contract an Early Termination Date (as defined in such Swap Contract)
resulting from (A) any event of default under such Swap Contract as to which
GFI or any Subsidiary is the Defaulting Party (as defined in such Swap
Contract) or (B) any Termination Event (as so defined) under such Swap Contract
as to which GFI or any Subsidiary is an Affected Party (as so defined) and, in
either event, the Swap Termination Value owed by GFI or such Subsidiary as a
result thereof is greater than the Threshold Amount; or

 

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

 

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

 

(i)                                     Judgments.  There is entered against GFI or any
Subsidiary one or more final judgments or orders for the payment of money in an
aggregate amount exceeding the Threshold Amount (to the extent not covered by
independent third-party insurance as to which the insurer

 

86

 

does not dispute
coverage), and either (i) enforcement proceedings are commenced by any creditor
upon such judgment or order, or (ii) there is a period of thirty consecutive
days during which a stay of enforcement of such judgment, by reason of a
pending appeal, posting of bond or otherwise, is not in effect; or

 

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

 

(k)                                  Invalidity
of Loan Documents.  Any Loan
Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or satisfaction in full of all the
Obligations, ceases to be in full force and effect or fails to give the
Administrative Agent and/or the Lenders the Liens, material rights, powers and
privileges purported to be created by the Loan Documents; or any Loan Party or
any other Person contests in any manner the validity or enforceability of any
Loan Document; or any Loan Party denies that it has any or further liability or
obligation under any Loan Document, or purports to revoke, terminate or rescind
any Loan Document; or

 

(l)                                     Change
of Control.  There occurs any Change
of Control; or

 

(m)                               JPI
Subordinated Indebtedness.  There
shall occur an Event of Default (or any comparable term) under, and as defined
in, the JPI Subordinated Debt Documents; or

 

(n)                                 Additional
Subordinated Indebtedness.  There
shall occur an “Event of Default” (or any comparable term, which, for the
avoidance of doubt, will allow for the passage of any applicable grace or cure
period) under, and as defined in, the documentation evidencing the Additional
Subordinated Indebtedness.

 

(o)                                 Licenses/Permits.  GFI or any Subsidiary fails to maintain any
license or permit necessary for the continued operation of its business where
the failure to maintain or have such license or permit could reasonably be
expected to have a Material Adverse Effect.

 

9.02                           Remedies Upon Event of Default.

 

If any Event of Default
occurs and is continuing, the Administrative Agent shall, at the request of, or
may, with the consent of, the Required Lenders, take any or all of the
following actions:

 

(a)                                  declare
the commitment of each Lender to make Loans and any obligation of the L/C
Issuers to make L/C Credit Extensions to be terminated, whereupon such
commitments and obligation shall be terminated;

 

(b)                                 declare
the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any
other Loan Document to be immediately due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrowers;

 

87

 

(c)                                  require
that the Borrowers Cash Collateralize their respective L/C Obligations (in an
amount equal to the then Outstanding Amount thereof); and

 

(d)                                 exercise
on behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents or applicable law;

 

provided,
however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to any Borrower under the Bankruptcy Code of the
United States, the obligation of each Lender to make Loans and any obligation
of the L/C Issuers to make L/C Credit Extensions shall automatically terminate,
the unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable, and the
obligation of the Borrowers to Cash Collateralize the L/C Obligations as
aforesaid shall automatically become effective, in each case without further
act of the Administrative Agent or any Lender.

 

9.03                           Application of Funds.

 

After the exercise of
remedies provided for in Section 9.02 (or after the Loans have
automatically become immediately due and payable and the L/C Obligations have
automatically been required to be Cash Collateralized as set forth in the
proviso to Section 9.02),

 

(a)                                  any
amounts received on account of the Obligations (other than the Foreign
Obligations) shall be applied by the Administrative Agent in the following
order:

 

First,
to payment of that portion of such Obligations constituting fees, indemnities,
expenses and other amounts (including Attorney Costs and amounts payable under Article III)
payable to the Administrative Agent in its capacity as such;

 

Second,
to payment of that portion of such Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders
(including Attorney Costs and amounts payable under Article III),
ratably among them in proportion to the amounts described in this clause Second
payable to them;

 

Third,
to payment of that portion of such Obligations constituting accrued and unpaid
interest on the Loans and L/C Borrowings and
fees, premiums and scheduled periodic payments, and any interest accrued
thereon, due under any Swap Contract between any Domestic Loan Party and any
Lender, or any Affiliate of a Lender, to the extent such Swap Contract is
permitted by Section 8.03(d), ratably among the Lenders
(and, in the case of such Swap Contracts, Affiliates of Lenders) in proportion
to the respective amounts described in this clause Third held by them;

 

Fourth,
to payment of that portion of such Obligations constituting unpaid principal of
the Loans and L/C Borrowings, to breakage,
termination or other payments, and any interest accrued thereon, due under any
Swap Contract between any Domestic Loan Party and any Lender, or any Affiliate
of a Lender, to the extent such Swap Contract is permitted by Section 8.03(d),
to amounts due under any Treasury Management Agreement between any Domestic
Loan Party and any Lender or any Affiliate of a Lender, and to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate
undrawn amount of Letters of Credit, ratably among the Lenders (and, in the
case of such Swap Contracts and Treasury Management Agreements, Affiliates of
Lenders) in proportion to the respective amounts described in this clause Fourth
held by them; and

 

Last,
the balance, if any, after all of such Obligations have been indefeasibly paid
in full, to GFI or as otherwise required by Law;

 

88

 

provided
that, subject to Section 2.03(c), amounts used to Cash
Collateralize the aggregate undrawn amount of Letters of Credit pursuant to
clause Fourth above shall be applied to satisfy drawings under such
Letters of Credit as they occur.  If any
amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to
such other Obligations, if any, in the order set forth above; and

 

(b)                                 any
amounts received on account of the Foreign Obligations shall be applied by the
Administrative Agent in the following order:

 

First,
to payment of that portion of the Foreign Obligations constituting fees,
indemnities, expenses and other amounts (including Attorney Costs and amounts
payable under Article III) payable to the Administrative Agent in
its capacity as such;

 

Second,
to payment of that portion of the Foreign Obligations constituting fees,
indemnities and other amounts (other than principal and interest) payable to
the Lenders (including Attorney Costs and amounts payable under Article III),
ratably among them in proportion to the amounts described in this clause Second
payable to them;

 

Third,
to payment of that portion of the Foreign Obligations constituting accrued and
unpaid interest on the Loans and L/C Borrowings and fees, premiums and scheduled periodic payments, and any interest
accrued thereon, due under any Swap Contract between any Foreign Loan Party and
any Lender, or any Affiliate of a Lender, to the extent such Swap Contract is
permitted by Section 8.03(d), ratably among the Lenders
(and, in the case of such Swap Contracts, Affiliates of Lenders) in proportion
to the respective amounts described in this clause Third held by them;

 

Fourth,
to payment of that portion of the Foreign Obligations constituting unpaid
principal of the Loans and L/C Borrowings, to breakage, termination or other payments, and any interest accrued
thereon, due under any Swap Contract between any Foreign Loan Party and any
Lender, or any Affiliate of a Lender, to the extent such Swap Contract is
permitted by Section 8.03(d), to amounts due under any Treasury
Management Agreement between any Foreign Loan Party and any Lender or any
Affiliate of a Lender, and to Cash Collateralize that portion of L/C
Obligations comprised of the aggregate undrawn amount of Letters of Credit,
ratably among the Lenders (and, in the case of such Swap Contracts and Treasury
Management Agreements, Affiliates of Lenders) in proportion to the respective
amounts described in this clause Fourth held by them; and

 

Last,
the balance, if any, after all of the Foreign Obligations have been
indefeasibly paid in full, to the Foreign Borrower or as otherwise required by
Law;

 

provided
that, subject to Section 2.03(c), amounts used to Cash
Collateralize the aggregate undrawn amount of Letters of Credit pursuant to
clause Fourth above shall be applied to satisfy drawings under such
Letters of Credit as they occur.  If any
amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to
the other Foreign Obligations, if any, in the order set forth above.

 

89

 

ARTICLE X

ADMINISTRATIVE AGENT

 

10.01                     Appointment and Authority.

 

Each
of the Lenders and each L/C Issuer hereby irrevocably appoints Bank of America
to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents and authorizes the Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms hereof or thereof, together with such actions and powers as
are reasonably incidental thereto. 
Except as expressly provided in Section 10.06, the
provisions of this Article are solely for the benefit of the
Administrative Agent, the Lenders and the L/C Issuers, and neither the Borrowers nor any other Loan
Party shall have rights as a third party beneficiary of any of such
provisions.

 

10.02                     Rights as a Lender.

 

The
Person serving as the Administrative Agent hereunder shall have the same rights
and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not the Administrative Agent and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Administrative Agent
hereunder in its individual capacity. 
Such Person and its Affiliates may accept deposits from, lend money to,
act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with any Borrower or any Subsidiary or
other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders.

 

10.03                     Exculpatory Provisions.

 

The
Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents.  Without limiting the generality of the
foregoing, the Administrative Agent:

 

(a)                                  shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is
continuing;

 

(b)                                 shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents
that the Administrative Agent is required to exercise as directed in writing by
the Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), provided
that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Loan Document or applicable law; and

 

(c)                                  shall not, except as expressly set forth
herein and in the other Loan Documents, have any duty to disclose, and shall
not be liable for the failure to disclose, any information relating to the
Borrowers or any of their Affiliates that is communicated to or obtained by the
Person serving as the Administrative Agent or any of its Affiliates in any
capacity.

 

The
Administrative Agent shall not be liable for any action taken or not taken by
it (i) with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be

 

90

 

necessary,
or as the Administrative Agent shall believe in good faith shall be necessary,
under the circumstances as provided in Sections 11.01 and 9.02)
or (ii) in the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall be deemed not
to have knowledge of any Default unless and until notice describing such
Default is given to the Administrative Agent by a Borrower, a Lender or an L/C
Issuer.

 

The
Administrative Agent shall not be responsible for or have any duty to ascertain
or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement or any other Loan Document, (ii) the contents of
any certificate, report or other document delivered hereunder or thereunder or
in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth
herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document or (v) the satisfaction
of any condition set forth in Article V or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the
Administrative Agent.

 

10.04                     Reliance by Administrative Agent.

 

The
Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) reasonably
believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person.  The
Administrative Agent also may rely upon any statement made to it orally or by
telephone and reasonably believed by it to have been made by the proper Person,
and shall not incur any liability for relying thereon.  In determining compliance with any condition
hereunder to the making of a Loan, or the issuance of a Letter of Credit, that
by its terms must be fulfilled to the satisfaction of a Lender or an L/C
Issuer, the Administrative Agent may presume that such condition is
satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall
have received notice to the contrary from such Lender or such L/C Issuer prior
to the making of such Loan or the issuance of such Letter of Credit.  The Administrative Agent may consult with
legal counsel (who may be counsel for the Borrowers), independent accountants
and other experts selected by it, and shall not be liable for any action taken
or not taken by it in accordance with the advice of any such counsel,
accountants or experts.

 

10.05                     Delegation of Duties.

 

The
Administrative Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any
one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties.  The exculpatory provisions of this
Article shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.

 

10.06                     Resignation of Administrative Agent.

 

The
Administrative Agent may at any time give notice of its resignation to the
Lenders, the L/C Issuers and GFI.  Upon
receipt of any such notice of resignation, the Required Lenders shall have the
right, in consultation with GFI, to appoint a successor, which shall be a bank
with an office in the United States, or an Affiliate of any such bank with an
office in the United States.  If no such
successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within

 

91

 

30 days after the
retiring Administrative Agent gives notice of its resignation, then the
retiring Administrative Agent may on behalf of the Lenders and the L/C Issuers,
appoint a successor Administrative Agent meeting the qualifications set forth
above; provided that if the Administrative Agent shall notify GFI and
the Lenders that no qualifying Person has accepted such appointment, then such
resignation shall nonetheless become effective in accordance with such notice
and (1) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral
security held by the Administrative Agent on behalf of the Lenders or an L/C
Issuer under any of the Loan Documents, the retiring Administrative Agent shall
continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (2) all payments,
communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Lender and each L/C
Issuer directly, until such time as the Required Lenders appoint a successor
Administrative Agent as provided for above in this Section.  Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the
retiring (or retired) Administrative Agent, and the retiring Administrative
Agent shall be discharged from all of its duties and obligations hereunder or
under the other Loan Documents (if not already discharged therefrom as provided
above in this Section).  The fees
payable by the Borrowers to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the
Borrowers and such successor.  In the
event of any such resignation, the resigning Administrative Agent shall return
to GFI the pro rated amount of the annual upfront administrative fee paid by
GFI for such year.  After the retiring
Administrative Agent’s resignation hereunder and under the other Loan
Documents, the provisions of this Article and Section 11.04
shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while the retiring Administrative
Agent was acting as Administrative Agent.

 

Any resignation by Bank of America as Administrative
Agent pursuant to this Section shall also constitute its resignation as an
L/C Issuer.  Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, (a) such successor
shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer shall be
discharged from all of its duties and obligations hereunder or under the other
Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit
in substitution for the Letters of Credit, if any, outstanding at the time of
such succession or make other arrangement satisfactory to the retiring L/C
Issuer to effectively assume the obligations of the retiring L/C Issuer with
respect to such Letters of Credit.

 

10.07                     Non-Reliance on Administrative
Agent and Other Lenders.

 

Each
Lender and each L/C Issuer acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this
Agreement.  Each Lender and each L/C
Issuer also acknowledges that it will, independently and without reliance upon
the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder.

 

10.08                     No Other Duties, Etc.

 

Anything
herein to the contrary notwithstanding, neither the Sole Lead Arranger nor the
Sole Book Manager listed on the cover page hereof shall have any powers, duties
or responsibilities under this

 

92

 

Agreement or any of the
other Loan Documents, except in its capacity, as applicable, as the
Administrative Agent, a Lender or an L/C Issuer hereunder.

 

10.09                     Administrative Agent May File Proofs
of Claim.

 

In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan or L/C Obligation shall then be due and payable as herein expressed
or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrowers) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

 

(a)                                  to
file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, L/C Obligations and all other Obligations
(other than obligations under Swap Contracts or Treasury Management Agreements
to which the Administrative Agent is not a party) that are owing and unpaid and
to file such other documents as may be necessary or advisable in order to have
the claims of the Lenders, the L/C Issuers and the Administrative Agent
(including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders, the L/C Issuers and the Administrative Agent and
their respective agents and counsel and all other amounts due the Lenders, the
L/C Issuers and the Administrative Agent under Sections 2.03(i) and (j),
2.08 and 11.04) allowed in such judicial proceeding; and

 

(b)                                 to
collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;

 

and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and each
L/C Issuer to make such payments to the Administrative Agent and, in the event
that the Administrative Agent shall consent to the making of such payments
directly to the Lenders and the L/C Issuers, to pay to the Administrative Agent
any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other
amounts due the Administrative Agent under Sections 2.08 and 11.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent
to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of
reorganization, arrangement, adjustment or composition affecting the
Obligations or the rights of any Lender or to authorize the Administrative
Agent to vote in respect of the claim of any Lender in any such proceeding.

 

10.10                     Releases.

 

The Lenders and the L/C
Issuers irrevocably authorize the Administrative Agent, at its option and in
its discretion,

 

(a)                                  to release any Lien on any property granted
to or held by the Administrative Agent under any Loan Document (i) upon
termination of the Aggregate Revolving Commitments and payment in full of all
Obligations (other than contingent indemnification obligations) and the
expiration or termination of all Letters of Credit, (ii) that is sold or to be
sold as part of or in connection with any sale permitted hereunder or under any
other Loan Document, or (iii) subject to Section 11.01, if
approved, authorized or ratified in writing by the Required Lenders or all
Lenders if so required;

 

93

 

(b)                                 to subordinate any Lien on any property
granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien on such property that is permitted by Section 8.01(i);
and

 

(c)                                  to release any Guarantor from its obligations
under the Guaranty if such Person ceases to be a Subsidiary as a result of a
transaction permitted hereunder.

 

Upon
request by the Administrative Agent at any time, the Required Lenders or all Lenders
if so required will confirm in writing the Administrative Agent’s authority to
release or subordinate its interest in particular types or items of property,
or to release any Guarantor from its obligations under the Guaranty pursuant to
this Section 10.10.

 

ARTICLE XI

MISCELLANEOUS

 

11.01                     Amendments, Etc.

 

No amendment or waiver of
any provision of this Agreement or any other Loan Document, and no consent to
any departure by any Borrower or any other Loan Party therefrom, shall be
effective unless in writing signed by the Required Lenders and the Borrowers or
the applicable Loan Party, as the case may be, and acknowledged by the
Administrative Agent, and each such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given; provided,
however, that no such amendment, waiver or consent shall:

 

(a)                                  extend
or increase the Commitment of any Lender (or reinstate any Commitment
terminated pursuant to Section 9.02) without the written consent of
such Lender (it being understood and agreed that a waiver of any condition
precedent set forth in Section 5.02 or of any Default or Event of
Default or a mandatory reduction in Commitments is not considered an extension
or increase in Commitments of any Lender);

 

(b)                                 postpone
any date fixed by this Agreement or any other Loan Document for any payment of
principal, interest, fees or other amounts due to the Lenders (or any of them)
hereunder or under any other Loan Document without the written consent of each
Lender directly affected thereby;

 

(c)                                  reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or any fees or other amounts payable hereunder or under any other
Loan Document without the written consent of each Lender directly affected
thereby; provided, however, that only the consent of the Required
Lenders shall be necessary to amend the definition of “Default Rate” or to
waive any obligation of any Borrower to pay interest at the Default Rate;

 

(d)                                 change
Section 2.12 or Section 9.03 in a manner that would
alter the pro rata sharing of payments or the order of application of payments
required thereby without the written consent of each Lender directly affected
thereby;

 

(e)                                  amend
Section 1.10 or the definition of “Alternative Currency” without
the consent of each Lender directly affected thereby;

 

94

 

(f)                                    change
any provision of this Section 11.01 or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of
Lenders required to amend, waive or otherwise modify any rights hereunder or
make any determination or grant any consent hereunder without the written
consent of each Lender directly affected thereby;

 

(g)                                 (i)
release any Borrower or, except in connection with a merger or consolidation
permitted under Section 8.04 or a Disposition permitted under Section 8.05,
all or substantially all of the Guarantors, from its or their obligations under
the Loan Documents without the written consent of each Lender directly affected
thereby; or (ii) except in connection with a Disposition permitted under
Section 8.05, release all or substantially all of the Collateral without
the written consent of each Lender directly affected thereby;

 

and, provided  further,
that (i) no amendment, waiver or consent shall, unless in writing and signed by
the applicable L/C Issuer in addition to the Lenders required above, affect the
rights or duties of such L/C Issuer under this Agreement or any Letter of
Credit Application relating to any Letter of Credit issued or to be issued by
it; (ii) no amendment, waiver or consent shall, unless in writing and signed by
the Administrative Agent in addition to the Lenders required above, affect the
rights or duties of the Administrative Agent under this Agreement or any other
Loan Document; and (iii) the Fee Letter may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that the Commitment of such
Lender may not be increased or extended without the consent of such Lender.

 

Notwithstanding the fact
that the consent of all the Lenders is required in certain circumstances as set
forth above, (x) each Lender is entitled to vote as such Lender sees fit
on any bankruptcy reorganization plan that affects the Loans, and each Lender
acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code
supersedes the unanimous consent provisions set forth herein and (y) the
Required Lenders shall determine whether or not to allow a Loan Party to use
cash collateral in the context of a bankruptcy or insolvency proceeding and
such determination shall be binding on all of the Lenders.

 

11.02                     Notices; Effectiveness; Electronic
Communication.

 

(a)                                  General.  Except in the case of notices
and other communications expressly permitted to be given by telephone (and
except as provided in subsection (b) below), all notices and other
communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or
sent by telecopier as follows, and all notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

 

(i)                                     if
to a Borrower, the Administrative Agent or an L/C Issuer, to the address,
facsimile number, electronic mail address or telephone number specified for
such Person on Schedule 11.02 or to such other address, facsimile
number, electronic mail address or telephone number as shall be designated by
such party in a notice to the other parties; and

 

(ii)                                  if
to any other Lender, to the address, facsimile number, electronic mail address
or telephone number specified in its Administrative Questionnaire or to such
other address, facsimile number, electronic mail address or telephone number as
shall be designated by such party in a notice to the Borrowers, the
Administrative Agent and the L/C Issuers.

 

Notices
sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by
telecopier shall be deemed to have been given

 

95

 

when sent (except that,
if not given during normal business hours for the recipient, shall be deemed to
have been given at the opening of business on the next business day for the
recipient).  Notices delivered through
electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b).

 

(b)                                 Electronic Communications. 
Notices and other communications to the Lenders and the L/C Issuers
hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by
the Administrative Agent, provided that the foregoing shall not apply to
notices to any Lender or any L/C Issuer pursuant to Article II if
such Lender or such L/C Issuer, as applicable, has notified the Administrative
Agent that it is incapable of receiving notices under such Article by
electronic communication.  The
Administrative Agent or any Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such
procedures may be limited to particular notices or communications.

 

Unless
the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the
“return receipt requested” function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening
of business on the next business day for the recipient, and (ii) notices
or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address
therefor.

 

(c)                                  Change of Address, Etc. 
Each of the Borrowers, the Administrative Agent and the L/C Issuers may
change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the other parties hereto.  Each other Lender may change its address,
telecopier or telephone number for notices and other communications hereunder
by notice to the Borrowers, the Administrative Agent and the L/C Issuers.

 

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

 

11.03                     No Waiver; Cumulative Remedies.

 

No failure by any Lender,
any L/C Issuer or the Administrative Agent to exercise, and no delay by any
such Person in exercising, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or
privilege.  The rights, remedies, powers
and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

 

96

 

11.04                     Expenses; Indemnity; Damage Waiver.

 

(a)                                  Costs and Expenses.  GFI
shall pay (i) all reasonable and documented out-of-pocket expenses
incurred by the Administrative Agent and its Affiliates (including the
reasonable fees, charges and disbursements of counsel for the Administrative
Agent), in connection with the syndication of the credit facilities provided
for herein, the preparation, negotiation, execution, delivery and
administration of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all reasonable and documented out-of-pocket expenses
incurred by any L/C Issuer in connection with the issuance, amendment, renewal
or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all out-of-pocket expenses incurred by the Administrative Agent, any
Lender or any L/C Issuer (including the fees, charges and disbursements of any
counsel for the Administrative Agent, any Lender or any L/C Issuer), in
connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Loan Documents, including its
rights under this Section, or (B) in connection with the Loans made or
Letters of Credit issued hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such
Loans or Letters of Credit.

 

(b)                                 Indemnification by GFI.  GFI
shall indemnify the Administrative Agent (and any sub-agent thereof), each
Lender and each L/C Issuer, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and
hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by any Borrower or any
other Loan Party arising out of, in connection with, or as a result of
(i) the execution or delivery of this Agreement, any other Loan Document
or any agreement or instrument contemplated hereby or thereby, the performance
by the parties hereto of their respective obligations hereunder or thereunder
or the consummation of the transactions contemplated hereby or thereby,
(ii) any Loan or Letter of Credit or the use or proposed use of the
proceeds therefrom (including any refusal by the applicable L/C Issuer to honor
a demand for payment under a
Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of Hazardous Materials on or from any
property owned or operated by any Borrower or any of its Subsidiaries, or any Environmental
Liability related in any way to any Borrower or any of its Subsidiaries, or
(iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory, whether brought by a third party or by GFI or any other Loan
Party, and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee or (y) result from a claim brought by GFI or any other
Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if GFI or such Loan
Party has obtained a final and nonappealable judgment in its favor on such
claim as determined by a court of competent jurisdiction.  The agreements in this Section 11.04(b)
shall survive the termination of the Commitments and the repayment,
satisfaction or discharge of all the Obligations

 

(c)                                  Reimbursement by Lenders.  To
the extent that GFI for any reason fails to indefeasibly pay any amount
required under subsection (a) or (b) of this Section to be paid
by it to the Administrative Agent (or any sub-agent thereof), any L/C Issuer or
any Related Party of any of the foregoing, each Lender severally agrees to pay
to the Administrative Agent (or any such sub-agent), such L/C Issuer or such
Related Party, as the case may be, such Lender’s Pro Rata Share (determined as
of the time that the applicable unreimbursed expense or indemnity payment is
sought) of such unpaid amount, provided that

 

97

 

the unreimbursed expense
or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent (or any
such sub-agent) or such L/C Issuer in its capacity as such, or against any
Related Party of any of the foregoing acting for the Administrative Agent (or
any such sub-agent) or such L/C Issuer in connection with such capacity.  The obligations of the Lenders under this
subsection (c) are subject to the provisions of Section 2.11(e).

 

(d)                                 Waiver of Consequential Damages, Etc.  To
the fullest extent permitted by applicable law, no Borrower shall assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or Letter of
Credit or the use of the proceeds thereof. 
No Indemnitee referred to in subsection (b) above shall be liable
for any damages arising from the use by unintended recipients of any
information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby except to the extent such damages are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee.

 

11.05                     Payments Set Aside.

 

To the extent that any payment
by or on behalf of any Loan Party is made to the Administrative Agent, any L/C
Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender
exercises its right of set-off, and such payment or the proceeds of such
set-off or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by the Administrative Agent or such Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then
(a) to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such set-off had not occurred, and (b)
each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share of any
amount so recovered from or repaid by the Administrative Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate
per annum equal to the applicable Overnight Rate from time to time in effect,
in the Applicable Currency of such recovery or payment.  The obligations of the Lenders and
the L/C Issuers under clause (b) of the preceding sentence shall survive the
payment in full of the Obligations and the termination of this Agreement.

 

11.06                     Successors and Assigns.

 

(a)                                  Successors
and Assigns Generally.  The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted
hereby, except that neither Borrower nor any other Loan Party may assign or
otherwise transfer any of its rights or obligations hereunder without the prior
written consent of each Lender and no Lender may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an Eligible Assignee
in accordance with the provisions of subsection (b) of this Section, (ii)
by way of participation in accordance with the provisions of
subsection (d) of this Section or (iii) by way of pledge or
assignment of a security interest subject to the restrictions of
subsection (f) of this Section (and any other attempted assignment or
transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent
provided in subsection (d) of this Section and, to the

 

98

 

extent expressly
contemplated hereby, the Indemnitees) any legal or equitable right, remedy or
claim under or by reason of this Agreement.

 

(b)                                 Assignments
by Lenders.  Any Lender may at any
time assign to one or more Eligible Assignees all or a portion of its rights
and obligations under this Agreement (including all or a portion of its
Commitment and the Loans (including for purposes of this subsection (b),
participations in L/C Obligations) at the time owing to it); provided
that (i) except in the case of an assignment of the entire remaining amount of
the assigning Lender’s Commitment and the Loans at the time owing to it or in
the case of an assignment to a Lender or an Affiliate of a Lender or an
Approved Fund with respect to a Lender, the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the
Commitment is not then in effect, the principal outstanding balance of the
Loans of the assigning Lender subject to each such assignment, determined as of
the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent or, if “Trade Date” is specified in the
Assignment and Assumption, as of the Trade Date, shall not be less than
$5,000,000 unless the Administrative Agent and, so long as no Event of Default
has occurred and is continuing, GFI, otherwise consents (each such consent not
to be unreasonably withheld or delayed); (ii) each partial assignment shall be
made as an assignment of a proportionate part of all the assigning Lender’s
Loans and Commitments, and rights and obligations with respect thereto,
assigned; (iii) any assignment of a Revolving Commitment must be approved by
the Administrative Agent unless the Person that is the proposed assignee is
itself a Lender (whether or not the proposed assignee would otherwise qualify
as an Eligible Assignee); and (iv) the parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee of $3,500, and the Eligible Assignee, if
it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire.  Subject
to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section, from and after the effective date
specified in each Assignment and Assumption, the Eligible Assignee thereunder
shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under
this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections 3.01, 3.04, 3.05,
11.04 and 11.05 with respect to facts and circumstances occurring
prior to the effective date of such assignment).  Upon request, each Borrower (at its expense) shall execute and
deliver a Note to the assignee Lender. 
Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this subsection shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with subsection (d) of this
Section.

 

(c)                                  Register.  The Administrative Agent, acting solely for
this purpose as an agent of the Borrowers, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amounts of the Loans and L/C Obligations owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be
conclusive, and the Borrowers, the Administrative Agent and the Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. 
The Register shall be available for inspection by each of the Borrowers
and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

(d)                                 Participations.  Any Lender may at any time, without the
consent of, or notice to, any Borrower or the Administrative Agent, sell
participations to any Person (other than a natural person or a

 

99

 

Borrower or any of a
Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or
a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such
Lender’s participations in L/C Obligations) owing to it); provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrowers,
the Administrative Agent and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement.  Any
agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in clauses (a)
through (g) of the first proviso to Section 11.01 that directly
affects such Participant.  Subject to subsection (e)
of this Section, each Borrower agrees that each Participant shall be entitled
to the benefits of Sections 3.01, 3.04 and 3.05  to
the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to subsection (b) of this Section.  To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 11.08  as
though it were a Lender, provided such Participant agrees to be subject
to Section 2.12 as though it were a Lender.

 

(e)                                  Limitation
upon Participation Rights.  A
Participant shall not be entitled to receive any greater payment under Section 3.01
or 3.04  than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the sale
of the participation to such Participant is made with GFI’s prior written
consent.  A Participant that would be a
Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01
unless GFI is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrowers, to comply with Section 3.01(e)
as though it were a Lender.

 

(f)                                    Certain
Pledges.  Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under
this Agreement (including under its Note, if any) to secure obligations of such
Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto.

 

(g)                                 Electronic Execution of Assignments.  The
words “execution,” “signed,” “signature,” and words of like import in any
Assignment and Assumption shall be deemed to include electronic signatures or
the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or
the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

 

(g)                                 Resignation
as L/C Issuer after Assignment. 
Notwithstanding anything to the contrary contained herein, if at any
time Bank of America assigns all of its Commitment and Loans pursuant to
subsection (b) above, Bank of America may, upon thirty days’ notice to GFI
and the Lenders, resign as an L/C Issuer. 
In the event of any such resignation as L/C Issuer, GFI shall be
entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided,
however, that no failure by GFI to appoint any such successor shall
affect the resignation of Bank of America as an L/C Issuer, as the case may
be.  If Bank of America resigns as an
L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder
with respect to all Letters of Credit outstanding as of the effective date of
its resignation as an L/C Issuer and all L/C Obligations with respect thereto
(including the right to require the Lenders to make Base Rate Loans or fund
risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).

 

100

 

11.07                     Confidentiality.

 

Each of the
Administrative Agent and the Lenders agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed
(a) to its and its Affiliates’ partners, directors, officers, employees
and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Information and instructed to keep such
Information confidential); (b) to the extent requested by any regulatory
authority; (c) to the extent required by applicable laws or regulations or
by any subpoena or similar legal process; (d) to any other party to this
Agreement; (e) in connection with the exercise of any remedies hereunder or any
suit, action or proceeding relating to this Agreement or the enforcement of
rights hereunder; (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any Eligible Assignee
of or Participant in, or any prospective Eligible Assignee of or Participant
in, any of its rights or obligations under this Agreement or (ii) any direct or
indirect contractual counterparty or prospective counterparty (or such
contractual counterparty’s or prospective counterparty’s professional advisor)
to any credit derivative transaction relating to obligations of the Loan
Parties; (g) with the consent of GFI; (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this
Section or (ii) becomes available to the Administrative Agent or any
Lender on a nonconfidential basis from a source other than a Borrower; or (i)
to the National Association of Insurance Commissioners or any other similar
organization or any nationally recognized rating agency that requires access to
information about a Lender’s or its Affiliates’ investment portfolio in
connection with ratings issued with respect to such Lender or its
Affiliates.  In addition, the
Administrative Agent and the Lenders may disclose the existence of this
Agreement and information about this Agreement to market data collectors,
similar service providers to the lending industry, and service providers to the
Administrative Agent and the Lenders in connection with the administration and
management of this Agreement, the other Loan Documents, the Commitments, and
the Credit Extensions.  For the purposes
of this Section, “Information” means all information received from any
Loan Party relating to any Loan Party or its business, other than any such
information that is available to the Administrative Agent or any Lender on a
nonconfidential basis prior to disclosure by any Loan Party; provided that, in
the case of information received from a Loan Party after the date hereof, such
information is clearly identified in writing at the time of delivery as
confidential.  Any Person required to
maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information. Notwithstanding
anything herein to the contrary, “Information” shall not include, and the Borrowers, the other Loan Parties,
the Administrative Agent, each Lender and the respective Affiliates of each of
the foregoing (and the respective partners, directors, officers, employees,
agents, advisors and other representatives of each of the foregoing and their
Affiliates) may disclose to any and all Persons, without limitation of any kind (a) any information with respect to the U.S. federal and state income tax
treatment of the transactions contemplated hereby and any facts that may be relevant to
understanding such tax treatment, which facts shall not include for this
purpose the names of the parties or any other Person named herein, or information
that would permit identification of the parties or such other Persons, or any
pricing terms or other nonpublic business or financial information that is
unrelated to such tax treatment or facts, and (b) all materials of any kind (including
opinions or other tax analyses) relating to such tax treatment or facts that are provided to any of
the Persons referred to above.

 

11.08                     Set-off.

 

In addition to any rights
and remedies of the Lenders provided by law, upon the occurrence and during the
continuance of any Event of Default, each Lender, each L/C Issuer and each of
their respective Affiliates is authorized at any time and from time to time,
without prior notice to any Borrower or any

 

101

 

other Loan Party, any
such notice being waived by each Borrower (on its own behalf and on behalf of
each Loan Party) to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final)
at any time held by, and other indebtedness at any time owing by, such Lender
to or for the credit or the account of the respective Loan Parties against any
and all Obligations owing to such Lender hereunder or under any other Loan
Document, now or hereafter existing, irrespective of whether or not the
Administrative Agent or such Lender shall have made demand under this Agreement
or any other Loan Document and although such Obligations may be contingent or
unmatured or denominated in a currency different from that of the applicable
deposit or indebtedness.  Each Lender
agrees promptly to notify GFI and the Administrative Agent after any such
set-off and application made by such Lender; provided, however,
that the failure to give such notice shall not affect the validity of such
set-off and application.

 

11.09                     Interest Rate Limitation.

 

Notwithstanding anything
to the contrary contained in any Loan Document, the interest paid or agreed to
be paid under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender
shall receive interest in an amount that exceeds the Maximum Rate, the excess
interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the applicable Borrower.  In determining whether the interest
contracted for, charged, or received by the Administrative Agent or a Lender
exceeds the Maximum Rate, such Person may, to the extent permitted by applicable
Law, (a) characterize any payment that is not principal as an expense, fee, or
premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the
Obligations hereunder.

 

11.10                     Counterparts.

 

This Agreement may be
executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

 

11.11                     Integration.

 

This Agreement, together
with the other Loan Documents, comprises the complete and integrated agreement
of the parties on the subject matter hereof and thereof and supersedes all
prior agreements, written or oral, on such subject matter.  In the event of any conflict between the
provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control; provided that the inclusion
of supplemental rights or remedies in favor of the Administrative Agent or the
Lenders in any other Loan Document shall not be deemed a conflict with this
Agreement.  Each Loan Document was
drafted with the joint participation of the respective parties thereto and
shall be construed neither against nor in favor of any party, but rather in
accordance with the fair meaning thereof.

 

11.12                     Survival of Representations and
Warranties.

 

All representations and
warranties made hereunder and in any other Loan Document or other document
delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof.  Such representations and warranties have
been or will be relied upon by the Administrative Agent and each Lender,
regardless of any investigation made by the Administrative Agent or any Lender
or on their behalf and notwithstanding that the Administrative Agent or any
Lender may have had notice or knowledge of any Default at the time of any
Credit Extension, and

 

102

 

shall continue in full
force and effect as long as any Loan or any other Obligation hereunder shall
remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

11.13                     Severability.

 

If any provision of this
Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected
or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to
that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

 

11.14                     Replacement of Lenders.

 

Under any circumstances
set forth herein providing that a Borrower shall have the right to replace a
Lender as a party to this Agreement, such Borrower may, upon notice to such
Lender and the Administrative Agent, replace such Lender by causing such Lender
to assign its Commitment and outstanding Loans (with the assignment fee to be
paid by such Borrower in such instance) pursuant to Section 11.06(b)
to one or more other Lenders or Eligible Assignees procured by such Borrower; provided,
however, that if a Borrower elects to exercise such right with respect
to any Lender pursuant to Section 3.06(b), it shall be obligated to
replace all Lenders that have made similar requests for compensation pursuant
to Section 3.01 or 3.04. 
The applicable Borrower(s) shall (x) pay in full all principal,
interest, fees and other amounts due and payable to such Lender through the
date of replacement (including any amounts payable pursuant to Section 3.05),
(y) provide appropriate assurances and indemnities (which may include letters
of credit) to the applicable L/C Issuer as such L/C Issuer may reasonably
require with respect to any continuing obligation of the applicable replacement
Lender to fund participation interests in any L/C Obligations then outstanding,
and (z) release such Lender from its obligations under the Loan Documents.  Any Lender being replaced shall execute and
deliver an Assignment and Assumption with respect to such Lender’s Commitment
and outstanding Loans and participations in L/C Obligations.

 

11.15                     Governing Law; Jurisdiction, Etc.

 

(a)                                  GOVERNING
LAW.  THIS 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 ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING
UNDER FEDERAL LAW.

 

(b)                                 SUBMISSION
TO JURISDICTION.  ANY LEGAL ACTION
OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN 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 AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS.
EACH PARTY HERETO 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 ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED
THERETO. EACH PARTY HERETO WAIVES

 

103

 

PERSONAL SERVICE OF ANY
SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS
PERMITTED BY THE LAW OF SUCH STATE.

 

11.16                     Waiver of Right to Trial by Jury.

 

EACH PARTY TO THIS
AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN 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 ANY LOAN 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 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.

 

11.17                     USA PATRIOT Act Notice.

 

Each Lender and the
Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrowers that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”),
it is required to obtain, verify and record information that identifies the
Borrowers, which information includes the name and address of each Borrower and
other information that will allow such Lender or the Administrative Agent, as
applicable, to identify such Borrower in accordance with the Act.

 

11.18                     Judgment Currency.

 

If,
for the purposes of obtaining judgment in any court, it is necessary to convert
a sum due hereunder or any other Loan Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance with
normal banking procedures the Administrative Agent could purchase the first
currency with such other currency on the Business Day preceding that on which
final judgment is given.  The obligation
of each Borrower in respect of any such sum due from it to the Administrative
Agent or the Lenders hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”)
other than that in which such sum is denominated in accordance with the
applicable provisions of this Agreement (the “Agreement Currency”), be
discharged only to the extent that on the Business Day following receipt by the
Administrative Agent of any sum adjudged to be so due in the Judgment Currency,
the Administrative Agent may in accordance with normal banking procedures
purchase the Agreement Currency with the Judgment Currency.  If the amount of the Agreement Currency so
purchased is less than the sum originally due to the Administrative Agent from
any Borrower in the Agreement Currency, such Borrower agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify the
Administrative Agent or the Person to whom such obligation was owing against
such loss.  If the amount of the
Agreement Currency so purchased is greater than the sum originally due to the
Administrative Agent in such currency, the Administrative Agent agrees to
return the amount of any excess to such Borrower (or to any other Person who
may be entitled thereto under applicable law).

 

[SIGNATURE PAGES FOLLOW]

 

104

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date
first above written.

 

 

	
  BORROWER:

  	
   

  	
  GFI GROUP INC.,

  
	
   

  	
   

  	
  a Delaware corporation,
  as a Borrower and, with

  respect to the Foreign Obligations, as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

   

  
	
  FOREIGN BORROWER:

  	
   

  	
  GFI HOLDINGS LIMITED,

  
	
   

  	
   

  	
  a company incorporated
  under the

  laws of England and Wales

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

   

  
	
  DOMESTIC GUARANTORS:

  	
   

  	
  GFI GROUP LLC,

  
	
   

  	
   

  	
  a New York limited liability
  company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GFINET INC.,

  
	
   

  	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GFI BROKERS LLC,

  
	
   

  	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INTERACTIVE VENTURES
  LLC,

  
	
   

  	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  

 

 

 

	
   

  	
   

  	
  FENICS SOFTWARE INC.,

  
	
   

  	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

   

  
	
  FOREIGN GUARANTORS:

  	
   

  	
  FENICS LIMITED,

  
	
   

  	
   

  	
  a company incorporated
  under the

  laws of England and Wales

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FENICS SOFTWARE
  LIMITED,

  
	
   

  	
   

  	
  a company incorporated
  under the

  laws of England and Wales

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GFINET EUROPE LIMITED,

  
	
   

  	
   

  	
  a company incorporated
  under the

  laws of England and Wales

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James A. Peers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James A. Peers

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  

 

 

 

	
  ADMINISTRATIVE AGENT:

  	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
   

  	
  as Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Sean W. Cassidy

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Sean W. Cassidy

  
	
   

  	
   

  	
  Title:

  	
  Principal

  
	
   

  	
   

  	
   

  	
   

   

  
	
  LENDERS:

  	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
   

  	
  as a Lender and an L/C
  Issuer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Sean W. Cassidy

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Sean W. Cassidy

  
	
   

  	
   

  	
  Title:

  	
  Principal

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BARCLAYS
  BANK PLC,

  
	
   

  	
   

  	
  as
  a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Kathryn C. George

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kathryn C. George

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BROWN
  BROTHERS HARRIMAN & CO.,

  
	
   

  	
   

  	
  as
  a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Stuart Ratciffe

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Stuart Ratciffe

  
	
   

  	
   

  	
  Title:

  	
  Relationship Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE
  ROYAL BANK OF SCOTLAND PLC,

  
	
   

  	
   

  	
  as
  a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Gregory Derek
  Elswood

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gregory Derek Elswood

  
	
   

  	
   

  	
  Title:

  	
  Business Development
  DirectorQuickLinks
 -- Click here to rapidly navigate through this document
  

Exhibit 10.2  

 
 

DOMESTIC
  SECURITY AGREEMENT    
    

        THIS DOMESTIC SECURITY AGREEMENT (as amended and modified from time to time, this "Domestic Security Agreement")
dated as of August 23, 2004 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 administrative
agent (in such capacity, the "Administrative 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 Credit Agreement dated as of August 23, 2004 (as amended, modified, supplemented and extended from time to time, the
"Credit Agreement") among GFI Group, Inc., a Delaware corporation ("GFI"), GFI Holdings Limited
(the "Foreign Borrower"; together with GFI, the "Borrowers"), the Guarantors identified therein, the
Lenders identified therein and Bank of America, N.A., as Administrative Agent, the Lenders have agreed to provide credit facilities to the Borrowers; and 

        WHEREAS,
this Domestic Security Agreement is required under the terms of the Credit 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: 

        1.    Definitions.    

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

        "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. 

2

 

        "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. 

        "Secured Obligations" means, without duplication, (i) all of the obligations of the Loan Parties to the Lenders (including any L/C
Issuer) and the Administrative Agent, under the Credit Agreement or any other Loan Document (including, but not limited to, any interest accruing after the commencement of a proceeding by or against
any Loan Party 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, (ii) all of the obligations owing by the Loan Parties under any Swap Contract between any Loan Party and any Lender or Affiliate of a
Lender, whether now existing or hereafter arising and (iii) all costs and expenses incurred in connection with enforcement and collection of the obligations described in the foregoing clauses
(i) and (ii), including Attorney Costs. 

        "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. 

        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 Administrative 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; 

        (e)   all
Copyrights; 

        (f)    all
Copyright Licenses; 

        (g)   all
Deposit Accounts; 

        (h)   all
Documents; 

3

 

        (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 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 Administrative 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. 

        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 Administrative 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 Administrative Agent or any 

4

 

holder
of the Secured Obligations of any payment relating to such Account pursuant hereto, nor shall the Administrative 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 Administrative 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
Administrative Agent may reasonably require in connection with such test verifications and (ii) the Administrative 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 Administrative Agent's satisfaction the existence, amount and terms of any Accounts. 

        4.    Representations and Warranties.    Each Grantor hereby represents and warrants to the Administrative 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: 

        (a)   Legal Name; Chief Executive Office.    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 6.20(c) to the Credit Agreement. 

        (ii)   Each
Grantor's chief executive office is located (and for the prior five years has been) at the location(s) set forth on  Schedule 6.20(c) to the Credit Agreement. 

        (iii)  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 Administrative 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 Permitted Liens. 

        (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 GFI and its Subsidiaries most recently delivered to the Administrative Agent pursuant to the Credit 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 Administrative Agent, been 

5

 

endorsed
over and delivered to, or submitted to the control of, the Administrative 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 6.17 to the Credit 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. 

        (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 6.17 to the Credit 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. 

        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 Permitted Liens. 

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

        (c)    Change in Structure, Location or Type.    Not, without providing ten days prior written notice to the
Administrative Agent (i) change its name or state of formation, (ii) be party to a 

6

 

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 Administrative Agent such agreements,
assignments or instruments (including affidavits, notices, reaffirmations and amendments and restatements of existing documents, as the Administrative Agent may reasonably request) and do all such
other things as the Administrative Agent may reasonably deem necessary, appropriate or convenient (i) to assure to the Administrative Agent the effectiveness and priority of its security
interests hereunder, including (A) such instruments as the Administrative 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 Administrative Agent of its rights and interests hereunder. To that end, each Grantor authorizes the Administrative 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 Administrative 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 Administrative Agent, its
nominee or any other Person whom the Administrative 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 Administrative 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 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 Administrative Agent without notice thereof to such Grantor
wherever the Administrative 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
Administrative Agent in its sole discretion reasonably deems necessary, appropriate or convenient to preserve, protect and enforce the security interests of the Administrative Agent under the law of
such other jurisdiction (and, if a Grantor shall fail to do so promptly upon the request of the Administrative Agent, then the Administrative 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 Administrative Agent so requests, such
Grantor agrees to notify such agents in writing of the Administrative Agent's security interest therein and, upon the Administrative Agent's request, instruct them to hold all such Collateral for the
account of the holders of the Secured 

7

 

Obligations
and subject to the Administrative Agent's instructions. Each Grantor agrees to mark its books and records to reflect the security interest of the Administrative Agent in the Collateral. 

        (e)    Control.    Execute and deliver all agreements, assignments, instruments or other documents as the
Administrative 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 Administrative Agent of such possession or control, (ii) notify such Person of the Administrative Agent's
security interest in such Collateral, (iii) instruct such Person to hold all such Collateral for the Administrative Agent's account and subject to the Administrative 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 Administrative 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 public domain; (B) notify the Administrative 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 Administrative 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 Permitted Lien
or as otherwise provided in the Credit 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 Administrative Agent, for the ratable benefit of the holders of the Secured Obligations, shall obtain a perfected security interest in such mark
pursuant to 

8

 

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 Administrative 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 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 Administrative
Agent within five Business Days after the last day of the fiscal quarter in which such filing occurs. Upon request of the Administrative Agent, a Grantor shall execute and deliver any and all
agreements, instruments, documents and papers as the Administrative Agent may reasonably request to evidence the security interest of the Administrative 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 Administrative 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
Permitted Lien or as otherwise provided in the Credit Agreement). 

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

        (k)    Commercial Tort Claims.    

        (i)    Promptly
notify the Administrative 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 GFI to result in an award in excess of $1,000,000. 

9

 

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

        6.    Advances by Administrative Agent.    On failure of any Grantor to perform any of the covenants and agreements
contained herein, the Administrative 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 Administrative
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 Permitted Lien), expenditures made in defending against any adverse claim and all other expenditures that the Administrative 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 Administrative 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 Loan Documents or any other documents relating to the Secured Obligations. The Administrative 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. 

        7.    Remedies.    

        (a)    General Remedies.    Upon the occurrence of an Event of Default and during the continuation thereof, the
Administrative Agent shall have, in addition to the rights and remedies provided herein, in the Loan 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
Administrative 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
Administrative Agent at the expense of the Grantors any Collateral at any place and time designated by the Administrative Agent that is reasonably convenient to both parties, (iv) remove any
Collateral from any such premises for the purpose of effecting sale or other 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 Administrative 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 Administrative 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
Administrative Agent and the holders of the Secured 

10

 

Obligations
with respect to the Secured Obligations, the Grantors shall pay the Administrative Agent and each of the holders of the Secured Obligations all reasonable documented costs and expenses
incurred by the Administrative Agent or any such holder of the Secured Obligations, including Attorney Costs 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 Administrative 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 GFI in accordance with the notice provisions of Section 11.02 of the Credit Agreement at least ten Business Days before the time of sale
or other event giving rise to the requirement of such notice. The Administrative 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 Administrative 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 Administrative 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 Administrative Agent has exercised any or all of its rights and remedies hereunder, (i) each Grantor will promptly upon request of the Administrative Agent instruct
all account debtors to remit all payments in respect of Accounts to a mailing location selected by the Administrative Agent and (ii) the Administrative Agent shall have the right to enforce any
Grantor's rights against its customers and account debtors, and the Administrative Agent or its designee may notify any Grantor's customers and account debtors that the Accounts of such Grantor have
been assigned to the Administrative Agent or of the Administrative 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, sue for, compound, settle, compromise and give acquittance for any and all amounts due or to become due on any
Account, and, in the Administrative 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 Administrative Agent in accordance with the provisions hereof shall
be solely for the Administrative 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 Administrative 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 Administrative Agent and the holders of the Secured Obligations from and against all liabilities, damages, losses, actions, claims, judgments, costs, expenses, charges
and Attorney Costs suffered or incurred by the Administrative 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 

11

 

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 Administrative Agent shall have the right to enter and remain upon the various premises of the Grantors without cost or charge to the Administrative 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 Administrative 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 Administrative Agent or the holders of the Secured
Obligations to exercise any right, remedy or option under this Domestic Security Agreement, any other Loan Document, any other documents relating to the Secured Obligations, or as provided by law, or
any delay by the Administrative 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 Administrative Agent
or the holders of the Secured Obligations shall only be granted as provided herein. To the extent permitted by law, neither the Administrative Agent, the holders of the Secured Obligations, nor any
party acting as attorney for the Administrative 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 Administrative Agent and the holders of the Secured Obligations under this Domestic Security
Agreement shall be cumulative and not exclusive of any other right or remedy that the Administrative 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 Administrative 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 Administrative Agent shall have provided such notices, however, the Administrative 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 Administrative 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 Costs. 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. 

        8.    Rights of the Administrative Agent.    

        (a)    Power of Attorney.    In addition to other powers of attorney contained herein, each Grantor hereby designates
and appoints the Administrative 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 

12

 

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 Administrative 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 Administrative 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;

	(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 Administrative Agent or as the Administrative 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 Administrative 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 Administrative 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 Administrative Agent may reasonably deem appropriate; and

	(xii)
	to
do and perform all such other acts and things as the Administrative 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 Administrative 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 Administrative Agent in this Domestic Security Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Administrative 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 

13

 

misconduct.
This power of attorney is conferred on the Administrative Agent solely to protect, preserve and realize upon its security interest in the Collateral. 

        (b)    The Administrative 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 Administrative Agent hereunder, the Administrative 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 Administrative Agent shall be relieved of all responsibility for the Collateral upon
surrendering it or tendering the surrender of it to the Grantors. The Administrative 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 Administrative 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 Administrative 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 Administrative Agent shall have no obligation to clean, repair or otherwise prepare the Collateral for
sale. 

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

        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 Administrative 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 Credit Agreement or other document relating to the Secured Obligations, and each Grantor irrevocably waives the
right to direct the application of such payments and proceeds and acknowledges and agrees that the Administrative Agent shall have the continuing and exclusive right to apply and reapply any and all
such payments and proceeds in the Administrative Agent's sole discretion, notwithstanding any entry to the contrary upon any of its books and records. 

        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 Loan Documents). Upon such
payment and termination, this Domestic Security Agreement and the liens and security interests of the Administrative Agent hereunder shall be automatically terminated and the Administrative 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 Administrative Agent or any 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 Attorney Costs) incurred by the Administrative 

14

 

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. 

        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 Section 11.01 of the Credit Agreement. 

        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 Administrative Agent and the holders of the Secured
Obligations hereunder, to the benefit of the Administrative 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 requisite Lenders under the Credit Agreement. To
the fullest extent permitted by law, each Grantor hereby releases the Administrative 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 Administrative Agent or such holder, or their respective officers, attorneys, employees or agents. 

        14.    Notices.    All notices required or permitted to be given under this Domestic Security Agreement shall be given
as provided in Section 11.02 of the Credit Agreement. 

        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. 

        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. 

        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 ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 

        (b)   ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS DOMESTIC SECURITY AGREEMENT OR ANY OTHER LOAN 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 ADMINISTRATIVE AGENT, ON
BEHALF OF ITSELF AND EACH LENDER, CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH GRANTOR AND THE ADMINISTRATIVE AGENT, ON
BEHALF OF ITSELF AND EACH LENDER, 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 LOAN
DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH GRANTOR AND THE 

15

 

ADMINISTRATIVE
AGENT, ON BEHALF OF ITSELF AND EACH LENDER, 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. 

        18.    Waiver of Right to Trial by Jury.    

        EACH
PARTY TO THIS DOMESTIC SECURITY AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS DOMESTIC SECURITY
AGREEMENT OR ANY OTHER LOAN 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 LOAN 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. 

        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. 

        20.    Entirety.    This Domestic Security Agreement, the other Loan 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 Loan Documents, any other documents relating to the Secured Obligations, or the transactions contemplated herein and therein. 

        21.    Survival.    All representations and warranties of the Grantors hereunder shall survive the execution and
delivery of this Domestic Security Agreement, the other Loan 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. 

        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 Administrative
Agent shall have the right to proceed against such other property, guarantee or endorsement upon the occurrence of any Event of Default, and the Administrative Agent shall have the right, in its sole
discretion, to determine which rights, security, liens, security interests or remedies the Administrative 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 Administrative Agent or the holders of the Secured Obligations under this Domestic Security
Agreement, under any of the other Loan Documents or under any other document relating to the Secured Obligations. 

        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 

16

 

consideration
of the undertakings of each of the Grantors to accept joint and several liability for the obligations of each of them. 

        (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 Loan 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 Loan Documents or in any other documents relating to the Secured Obligations, the
obligations of each Grantor under the Credit Agreement, the other Loan 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] 

17

 

        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:	

/s/  JAMES A. PEERS      
 Name: James A. Peers

Title: Chief Financial Officer
	

 	
 	

GFI GROUP LLC,

a New York limited liability company
	

 	
 	

By:	

/s/  JAMES A. PEERS      
 Name: James A. Peers

Title: Chief Financial Officer
	

 	
 	

GFINET INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  JAMES A. PEERS      
 Name: James A. Peers

Title: Chief Financial Officer
	

 	
 	

GFI BROKERS LLC,

a Delaware limited liability company
	

 	
 	

By:	

/s/  JAMES A. PEERS      
 Name: James A. Peers

Title: Chief Financial Officer
	

 	
 	

INTERACTIVE VENTURES LLC,

a Delaware limited liability company
	

 	
 	

By:	

/s/  JAMES A. PEERS      
 Name: James A. Peers

Title: Chief Financial Officer
	

 	
 	

FENICS SOFTWARE INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  JAMES A. PEERS      
 Name: James A. Peers

Title: Chief Financial Officer

18

 

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

BANK
OF AMERICA, N.A., GI Administrative Agent 

	

By:	
 	

/s/  SEAN W. CASSIDY      
 Name: Sean W. Cassidy

Title: Principal	
 	

 	
 	

 

19

QuickLinks

DOMESTIC SECURITY AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]