Document:

Exhibit
10.3

 

 

GUARANTEE
AND COLLATERAL AGREEMENT

 

made
by

 

INTERACTIVE
BROKERS GROUP LLC

 

and
certain of its Subsidiaries

 

in
favor of

 

JPMORGAN
CHASE BANK, N.A., as

Administrative Agent

 

Dated
as of May 19, 2006

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SECTION 1. DEFINED TERMS

  	
   

  	
   

  
	
  1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  1.2.

  	
   

  	
  Other Definitional Provisions

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SECTION 2. GUARANTEE

  	
   

  	
   

  
	
  2.1.

  	
   

  	
  Guarantee

  	
   

  	
  4

  
	
  2.2.

  	
   

  	
  Right of Contribution

  	
   

  	
  5

  
	
  2.3.

  	
   

  	
  No Subrogation

  	
   

  	
  5

  
	
  2.4.

  	
   

  	
  Amendments, etc. with respect to the Borrower Obligations

  	
   

  	
  5

  
	
  2.5.

  	
   

  	
  Guarantee Absolute and Unconditional

  	
   

  	
  6

  
	
  2.6.

  	
   

  	
  Reinstatement

  	
   

  	
  6

  
	
  2.7.

  	
   

  	
  Payments

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SECTION 3. GRANT OF
  SECURITY INTEREST

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SECTION 4. REPRESENTATIONS
  AND WARRANTIES

  	
   

  	
   

  
	
  4.1.

  	
   

  	
  Title; No Other Liens

  	
   

  	
  8

  
	
  4.2.

  	
   

  	
  Perfected First Priority Liens

  	
   

  	
  8

  
	
  4.3.

  	
   

  	
  Jurisdiction of Organization; Chief Executive Office

  	
   

  	
  8

  
	
  4.4.

  	
   

  	
  Farm Products

  	
   

  	
  8

  
	
  4.5.

  	
   

  	
  Pledged Notes

  	
   

  	
  9

  
	
  4.6.

  	
   

  	
  Receivables

  	
   

  	
  9

  
	
  4.7.

  	
   

  	
  Intellectual Property

  	
   

  	
  9

  
	
  4.8.

  	
   

  	
  Commercial Tort Claims

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SECTION 5. COVENANTS

  	
   

  	
   

  
	
  5.1.

  	
   

  	
  Delivery of Instruments, Certificated Securities and
  Chattel Paper

  	
   

  	
  10

  
	
  5.2.

  	
   

  	
  Maintenance of Perfected Security Interest; Further
  Documentation

  	
   

  	
  10

  
	
  5.3.

  	
   

  	
  Changes in Name, etc.

  	
   

  	
  10

  
	
  5 4.

  	
   

  	
  Notices

  	
   

  	
  10

  
	
  5.5.

  	
   

  	
  Pledged Notes

  	
   

  	
  10

  
	
  5.6.

  	
   

  	
  Intellectual Property

  	
   

  	
  11

  
	
  5.7.

  	
   

  	
  Commercial Tort Claims

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SECTION 6. REMEDIAL
  PROVISIONS

  	
   

  	
   

  
	
  6.1.

  	
   

  	
  Certain Matters Relating to Receivables

  	
   

  	
  11

  
	
  6.2.

  	
   

  	
  Communications with Obligors; Grantors Remain Liable

  	
   

  	
  12

  
	
  6.3.

  	
   

  	
  Pledged Notes

  	
   

  	
  12

  
	
  6.4

  	
   

  	
  Proceeds to be Turned Over To Administrative Agent

  	
   

  	
  13

  
	
  6.5.

  	
   

  	
  Application of Proceeds

  	
   

  	
  13

  

 

ii

 

	
  6.6.

  	
   

  	
  Code and Other Remedies

  	
   

  	
  14

  
	
  6.7.

  	
   

  	
  Deficiency

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SECTION 7. THE
  ADMINISTRATIVE AGENT

  	
   

  	
   

  
	
  7.1.

  	
   

  	
  Administrative Agent’s Appointment as
  Attorney-in-Fact, etc.

  	
   

  	
  15

  
	
  7.2.

  	
   

  	
  Duty of Administrative Agent

  	
   

  	
  16

  
	
  7.3.

  	
   

  	
  Execution of Financing Statements

  	
   

  	
  16

  
	
  7.4.

  	
   

  	
  Authority of Administrative Agent

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SECTION 8. MISCELLANEOUS

  	
   

  	
   

  
	
  8.1.

  	
   

  	
  Amendments in Writing

  	
   

  	
  17

  
	
  8.2.

  	
   

  	
  Notices

  	
   

  	
  17

  
	
  8.3.

  	
   

  	
  No Waiver by Course of Conduct; Cumulative Remedies

  	
   

  	
  17

  
	
  8.4.

  	
   

  	
  Enforcement Expenses; Indemnification

  	
   

  	
  17

  
	
  8.5.

  	
   

  	
  Successors and Assigns

  	
   

  	
  18

  
	
  8.6.

  	
   

  	
  Set-Off

  	
   

  	
  18

  
	
  8.7.

  	
   

  	
  Counterparts

  	
   

  	
  18

  
	
  8.8.

  	
   

  	
  Severability

  	
   

  	
  18

  
	
  8.9.

  	
   

  	
  Section Headings

  	
   

  	
  18

  
	
  8.10

  	
   

  	
  Integration

  	
   

  	
  18

  
	
  8.11.

  	
   

  	
  GOVERNING LAW

  	
   

  	
  19

  
	
  8.12.

  	
   

  	
  Submission To Jurisdiction; Waivers

  	
   

  	
  19

  
	
  8.13.

  	
   

  	
  Acknowledgements

  	
   

  	
  19

  
	
  8.14.

  	
   

  	
  Additional Grantors

  	
   

  	
  19

  
	
  8.15.

  	
   

  	
  Releases

  	
   

  	
  20

  
	
  8.16.

  	
   

  	
  WAIVER OF JURY TRIAL

  	
   

  	
  20

  
	
  8.17.

  	
   

  	
  Grantors

  	
   

  	
  20

  

 

	
  SCHEDULES

  	
   

  
	
   

  	
   

  
	
  Schedule 1

  	
  Notice Addresses

  
	
  Schedule 2

  	
  Investment Property

  
	
  Schedule 3

  	
  Perfection Matters

  
	
  Schedule 4

  	
  Jurisdictions of
  Organization and Chief Executive Offices

  
	
  Schedule 5

  	
  Intellectual Property

  
	
   

  	
   

  
	
  ANNEXES

  	
   

  
	
   

  	
   

  
	
  Annex 1

  	
  Form of Acknowledgment
  and Consent

  
	
  Annex 2

  	
  Form of Assumption Agreement

  

 

iii

 

GUARANTEE
AND COLLATERAL AGREEMENT

 

GUARANTEE AND
COLLATERAL AGREEMENT, dated as of May 19, 2006, made by each of the signatories
hereto (together with any other entity that may become a party hereto as
provided herein, the “Grantors”), in favor of JPMorgan Chase Bank, N.A.,
as Administrative Agent (in such capacity, the “Administrative Agent”)
for the banks and other financial institutions or entities (the “Lenders”)
from time to time parties to the Credit Agreement, dated as of May 19, 2006 (as
amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Interactive Brokers Group LLC (the “Borrower”),
the Lenders, Harris, N.A., as syndication agent (the “Syndication Agent”),
Citibank, N.A. and HSBC Bank USA, National Association, as co-syndication
agents, and the Administrative Agent.

 

W I  T  N  E  S
S  E  T  H:

 

WHEREAS, pursuant
to the Credit Agreement, the Lenders have severally agreed to make extensions
of credit to the Borrower upon the terms and subject to the conditions set
forth therein;

 

WHEREAS, the
Borrower is a member of an affiliated group of companies that includes each
other Grantor;

 

WHEREAS, the
proceeds of the extensions of credit under the Credit Agreement will be used in
part to enable the Borrower to make valuable transfers to one or more of the
other Grantors in connection with the operation of their respective businesses;

 

WHEREAS, the
Borrower and the other Grantors are engaged in related businesses, and each
Grantor will derive substantial direct and indirect benefit from the making of
the extensions of credit under the Credit Agreement; and

 

WHEREAS, it is a
condition precedent to the obligation of the Lenders to make their respective
extensions of credit to the Borrower under the Credit Agreement that the
Grantors shall have executed and delivered this Agreement to the Administrative
Agent for the ratable benefit of the Lenders;

 

NOW, THEREFORE, in
consideration of the premises and to induce the Administrative Agent and the
Lenders to enter into the Credit Agreement and to induce the Lenders to make
their respective extensions of credit to the Borrower thereunder, each Grantor
hereby agrees with the Administrative Agent, for the ratable benefit of the
Lenders, as follows:

 

SECTION
1. DEFINED TERMS

 

1.1.      Definitions. (a)
Unless otherwise defined herein, terms defined in the Credit Agreement and used
herein shall have the meanings given to them in the Credit Agreement, and the
following terms are used herein as defined in the New York UCC: Accounts,
Certificated Security, Chattel Paper, Commercial Tort Claims, Documents,
Equipment, Farm Products, Fixtures, General Intangibles, Instruments,
Inventory, Letter-of-Credit Rights and Supporting Obligations.

 

(b)       The following terms shall
have the following meanings:

 

“Agreement”:
this Guarantee and Collateral Agreement, as the same may be amended,
supplemented or otherwise modified from time to time.

 

 

“Borrower
Obligations”: the collective reference to the unpaid principal of and
interest on the Loans and all other obligations and liabilities of the Borrower
(including, without limitation, interest accruing at the then applicable rate
provided in the Credit Agreement after the maturity of the Loans and interest
accruing at the then applicable rate provided in the Credit Agreement after the
filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Borrower, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding)
to the Administrative Agent or any Lender (or, in the case of any Specified
Swap Agreement, any Affiliate of any Lender), whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter
incurred, which may arise under the Credit Agreement, this Agreement, the other
Loan Documents, any Specified Swap Agreement or any other document made,
delivered or given in connection with any of the foregoing, in each case
whether on account of principal, interest, reimbursement obligations, fees,
indemnities, costs, expenses or otherwise (including, without limitation, all
fees and disbursements of counsel to the Administrative Agent or to the Lenders
that are required to be paid by the Borrower pursuant to the terms of any of
the foregoing agreements).

 

“Capital Stock”:
any and all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all equivalent ownership
interests in a Person (other than a corporation) and any and all warrants,
rights or options to purchase any of the foregoing, except for debt securities
convertible or exchangeable into such capital stock.

 

“Collateral”:
as defined in Section 3.

 

“Collateral
Account”: any collateral account established by the Administrative Agent as
provided in Section 6.1 or 6.4.

 

“Copyrights”:
(i) all copyrights arising under the laws of the United States, any other
country or any political subdivision thereof, whether registered or
unregistered and whether published or unpublished (including, without
limitation, those listed in Schedule 5), all registrations and
recordings thereof, and all applications in connection therewith, including,
without limitation, all registrations, recordings and applications in the
United States Copyright Office, and (ii) the right to obtain all renewals
thereof.

 

“Copyright
Licenses”: any written agreement naming any Grantor as licensor or licensee
(including, without limitation, those listed in Schedule 5), granting any right under any Copyright,
including, without limitation, the grant of rights to manufacture, distribute,
exploit and sell materials derived from any Copyright.

 

“Guarantor
Obligations”: with respect to any Guarantor, all obligations and
liabilities of such Guarantor which may arise under this Agreement (including,
without limitation, Section 2) or any other Loan Document to which such
Guarantor is a party, in each case whether on account of guarantee obligations,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise
(including, without limitation, all fees and disbursements of counsel to the
Administrative Agent or to the Lenders that are required to be paid by such
Guarantor pursuant to the terms of this Agreement or any other Loan Document).

 

“Guarantors”:
the collective reference to each Grantor (other than the Borrower).

 

“Intellectual
Property”: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United
States, multinational or foreign laws or otherwise, including, without
limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent
Licenses, the Trademarks and the Trademark Licenses, and all rights to sue at
law or in equity for any

 

2

 

infringement or other
impairment thereof, including the right to receive all proceeds and damages
therefrom.

 

“Intercompany
Note”: any promissory note evidencing loans made by any Grantor to the
Borrower or any of its Subsidiaries.

 

“Investment
Property”: the collective reference to (i) all “investment property” as
such term is defined in Section 9-102(a)(49) of the New York UCC (other than
any Shared Collateral) and (ii) whether or not constituting “investment
property” as so defined, all Pledged Notes.

 

“Issuers”:
the collective reference to each issuer of any Investment Property that is a
Wholly Owned Subsidiary that is a Material Subsidiary.

 

“New York UCC”:
the Uniform Commercial Code as from time to time in effect in the State of New
York.

 

“Obligations”:
(i) in the case of the Borrower, the Borrower Obligations, and (ii) in the case
of each Guarantor, its Guarantor Obligations.

 

“Patents”:
(i) all letters patent of the United States, any other country or any political
subdivision thereof, all reissues and extensions thereof and all goodwill
associated therewith, including, without limitation, any of the foregoing
referred to in Schedule 5, (ii) all applications for letters patent of
the United States or any other country and all divisions, continuations and
continuations-in-part thereof, including, without limitation, any of the
foregoing referred to in Schedule 5, and (iii) all rights to obtain any
reissues or extensions of the foregoing.

 

“Patent License”:
all agreements, whether written or oral, providing for the grant by or to any
Grantor of any right to manufacture, use or sell any invention covered in whole
or in part by a Patent, including, without limitation, any of the foregoing
referred to in Schedule 5.

 

“Pledged Notes”:
all promissory notes listed on Schedule 2 and all Intercompany Notes at
any time issued to any Grantor.

 

“Proceeds”:
all “proceeds” as such term is defined in Section 9-102(a)(64) of the New York
UCC and, in any event, shall include, without limitation, all dividends or
other income from the Investment Property, collections thereon or distributions
or payments with respect thereto.

 

“Receivable”:
any right to payment for goods sold or leased or for services rendered, whether
or not such right is evidenced by an Instrument or Chattel Paper and whether or
not it has been earned by performance (including, without limitation, any
Account).

 

“Securities Act”:
the Securities Act of 1933, as amended.

 

“Shared Collateral”:
the collateral pledged pursuant to the Pledge and Collateral Agency Agreement.

 

“Trademarks”:
(i) 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 all 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

 

3

 

thereof or any other
country or any political subdivision thereof, or otherwise, and all common-law
rights related thereto, including, without limitation, any of the foregoing
referred to in Schedule 5, and (ii) the right to obtain all renewals
thereof.

 

“Trademark
License”: any agreement, whether written or oral, providing for the grant
by or to any Grantor of any right to use any Trademark, including, without
limitation, any of the foregoing referred to in Schedule 5.

 

“Vehicles”:
all cars, trucks, trailers, construction and earth moving equipment and other
vehicles covered by a certificate of title law of any state.

 

1.2.      Other Definitional
Provisions. (a) The words “hereof,” “herein”, “hereto” and “hereunder” and
words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement, and
Section and Schedule references are to this Agreement unless otherwise
specified.

 

(b)       The meanings given to terms
defined herein shall be equally applicable to both the singular and plural
forms of such terms.

 

(c)       Where the context requires,
terms relating to the Collateral or any part thereof, when used in relation to
a Grantor, shall refer to such Grantor’s Collateral or the relevant part
thereof.

 

SECTION
2. GUARANTEE

 

2.1.      Guarantee. (a) Each of
the Guarantors hereby, jointly and severally, unconditionally and irrevocably,
guarantees to the Administrative Agent, for the ratable benefit of the Lenders,
(and in the case of Specified Swap Agreements, Affiliates of Lenders), and
their respective successors, indorsees, transferees and assigns, the prompt and
complete payment and performance by the Borrower when due (whether at the
stated maturity, by acceleration or otherwise) of the Borrower Obligations.

 

(b)       Anything herein or in any
other Loan Document to the contrary notwithstanding, the maximum liability of
each Guarantor hereunder and under the other Loan Documents shall in no event
exceed the amount which can be guaranteed by such Guarantor under applicable
federal and state laws relating to the insolvency of debtors (after giving
effect to the right of contribution established in Section 2.2).

 

(c)       Each Guarantor agrees that
the Borrower Obligations may at any time and from time to time exceed the
amount of the liability of such Guarantor hereunder without impairing the
guarantee contained in this Section 2 or affecting the rights and remedies of
the Administrative Agent or any Lender hereunder.

 

(d)       The guarantee contained in
this Section 2 shall remain in full force and effect until all the Borrower
Obligations and the obligations of each Guarantor under the guarantee contained
in this Section 2 shall have been satisfied by payment in full and the
Revolving Commitments shall be terminated, notwithstanding that from time to
time during the term of the Credit Agreement the Borrower may be free from any
Borrower Obligations.

 

(e)       No payment made by the
Borrower, any of the Guarantors, any other guarantor or any other Person or
received or collected by the Administrative Agent or any Lender from the
Borrower, any of the Guarantors, any other guarantor or any other Person by
virtue of any action or proceeding or any set-off or appropriation or
application at any time or from time to time in reduction of or in payment of

 

4

 

the Borrower Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of
any Guarantor hereunder which shall, notwithstanding any such payment (other
than any payment made by such Guarantor in respect of the Borrower Obligations
or any payment received or collected from such Guarantor in respect of the
Borrower Obligations), remain liable for the Borrower Obligations up to the
maximum liability of such Guarantor hereunder until the Borrower Obligations
are paid in full and the Revolving Commitments are terminated.

 

2.2.      Right of Contribution.
Each Guarantor hereby agrees that to the extent that a Guarantor shall have
paid more than its proportionate share of any payment made hereunder, such
Guarantor shall be entitled to seek and receive contribution from and against
any other Guarantor hereunder which has not paid its proportionate share of
such payment. Each Guarantor right of contribution shall be subject to the
terms and conditions of Section 2.3. The provisions of this Section 2.2 shall
in no respect limit the obligations and liabilities of any Guarantor to the
Administrative Agent and the Lenders, and each Guarantor shall remain liable to
the Administrative Agent and the Lenders for the full amount guaranteed by such
Guarantor hereunder.

 

2.3.      No Subrogation.
Notwithstanding any payment made by any Guarantor hereunder or any set-off or
application of funds of any Guarantor by the Administrative Agent or any
Lender, no Guarantor shall be entitled to be subrogated to any of the rights of
the Administrative Agent or any Lender against the Borrower or any other
Guarantor or any collateral security or guarantee or right of offset held by
the Administrative Agent or any Lender for the payment of the Borrower
Obligations, nor shall any Guarantor seek or be entitled to seek any contribution
or reimbursement from the Borrower or any other Guarantor in respect of
payments made by such Guarantor hereunder, until all amounts owing to the
Administrative Agent and the Lenders by the Borrower on account of the Borrower
Obligations are paid in full and the Revolving Commitments are terminated. If
any amount shall be paid to any Guarantor on account of such subrogation rights
at any time when all of the Borrower Obligations shall not have been paid in
full, such amount shall be held by such Guarantor in trust for the
Administrative Agent and the Lenders, segregated from other funds of such
Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over
to the Administrative Agent in the exact form received by such Guarantor (duly
indorsed by such Guarantor to the Administrative Agent, if required), to be
applied against the Borrower Obligations, whether matured or unmatured, in such
order as the Administrative Agent may determine.

 

2.4.      Amendments, etc. with
respect to the Borrower Obligations. Each Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against any
Guarantor and without notice to or further assent by any Guarantor, any demand
for payment of any of the Borrower Obligations made by the Administrative Agent
or any Lender may be rescinded by the Administrative Agent or such Lender and
any of the Borrower Obligations continued, and the Borrower Obligations, or the
liability of any other Person upon or for any part thereof, or any collateral
security or guarantee therefor or right of offset with respect thereto, may,
from time to time, in whole or in part, be renewed, extended, increased,
amended, modified, accelerated, compromised, waived, surrendered or released by
the Administrative Agent or any Lender, and the Credit Agreement and the other
Loan Documents and any other documents executed and delivered in connection
therewith may be amended, modified, supplemented or terminated, in whole or in
part, as the Administrative Agent (or the Required Lenders or all Lenders, as
the case may be) may deem reasonably advisable from time to time, and any
collateral security, guarantee or right of offset at any time held by the
Administrative Agent or any Lender for the payment of the Borrower Obligations
may be sold, exchanged, waived, surrendered or released. Neither the
Administrative Agent nor any Lender shall have any obligation to protect,
secure, perfect or insure any Lien at any time held by it as security for the
Borrower Obligations or for the guarantee contained in this Section 2 or any
property subject thereto.

 

5

 

2.5.      Guarantee Absolute and
Unconditional. Each Guarantor waives any and all notice of the creation,
renewal, extension or accrual of any of the Borrower Obligations and notice of
or proof of reliance by the Administrative Agent or any Lender upon the
guarantee contained in this Section 2 or acceptance of the guarantee contained
in this Section 2; the Borrower Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred, or
renewed, extended, amended, increased or waived, in reliance upon the guarantee
contained in this Section 2; and all dealings between the Borrower and any of
the Guarantors, on the one hand, and the Administrative Agent and the Lenders,
on the other hand, likewise shall be conclusively presumed to have been had or
consummated in reliance upon the guarantee contained in this Section 2. Each
Guarantor waives diligence, presentment, protest, demand for payment and notice
of default or nonpayment to or upon the Borrower or any of the Guarantors with
respect to the Borrower Obligations. Each Guarantor understands and agrees that
the guarantee contained in this Section 2 shall be construed as a continuing,
absolute and unconditional guarantee of payment without regard to (a) the
validity or enforceability of the Credit Agreement or any other Loan Document,
any of the Borrower Obligations or any other collateral security therefor or
guarantee or right of offset with respect thereto at any time or from time to
time held by the Administrative Agent or any Lender, (b) any defense, set-off
or counterclaim (other than a defense of payment or performance) which may at
any time be available to or be asserted by the Borrower or any other Person
against the Administrative Agent or any Lender, or (c) any other circumstance
whatsoever (with or without notice to or knowledge of the Borrower or such
Guarantor) which constitutes, or might be construed to constitute, an equitable
or legal discharge of the Borrower for the Borrower Obligations, or of such
Guarantor under the guarantee contained in this Section 2, in bankruptcy or in
any other instance. When making any demand hereunder or otherwise pursuing its
rights and remedies hereunder against any Guarantor, the Administrative Agent
or any Lender may, but shall be under no obligation to, make a similar demand
on or otherwise pursue such rights and remedies as it may have against the Borrower,
any other Guarantor or any other Person or against any collateral security or
guarantee for the Borrower Obligations or any right of offset with respect
thereto, and any failure by the Administrative Agent or any Lender to make any
such demand, to pursue such other rights or remedies or to collect any payments
from the Borrower, any other Guarantor or any other Person or to realize upon
any such collateral security or guarantee or to exercise any such right of
offset, or any release of the Borrower, any other Guarantor or any other Person
or any such collateral security, guarantee or right of offset, shall not
relieve any Guarantor of any obligation or liability hereunder, and shall not
impair or affect the rights and remedies, whether express, implied or available
as a matter of law, of the Administrative Agent or any Lender against any
Guarantor. For the purposes hereof “demand” shall include the commencement and
continuance of any legal proceedings.

 

2.6.      Reinstatement. The
guarantee contained in this Section 2 shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of
any of the Borrower Obligations is rescinded or must otherwise be restored or
returned by the Administrative Agent or any Lender upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Borrower or any
Guarantor, or upon or as a result of the appointment of a receiver, intervenor
or conservator of, or trustee or similar officer for, the Borrower or any
Guarantor or any substantial part of its property, or otherwise, all as though
such payments had not been made.

 

2.7.      Payments. Each
Guarantor hereby guarantees that payments hereunder will be paid to the
Administrative Agent without set-off or counterclaim in Dollars at the Funding
Office.

 

SECTION
3. GRANT OF SECURITY INTEREST

 

Each Grantor
hereby assigns and transfers to the Administrative Agent, and hereby grants to
the Administrative Agent, for the ratable benefit of the Lenders, (and in the
case of Specified Swap Agreements, Affiliates of Lenders), a security interest
in, all of the following property now owned or at

 

6

 

any time hereafter
acquired by such Grantor or in which such Grantor now has or at any time in the
future may acquire any right, title or interest (collectively, the “Collateral”),
as collateral security for the prompt and complete payment and performance when
due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s
Obligations:

 

(a)       all Accounts;

 

(b)       all Chattel Paper;

 

(c)       all Commercial Tort Claims
notified in accordance with Section 5.7;

 

(d)       all Documents (other than
Title Documents with respect to Vehicles);

 

(e)       all Equipment;

 

(f)        all Fixtures;

 

(g)       all General Intangibles;

 

(h)       all Instruments;

 

(i)        all Intellectual Property;

 

(j)        all Inventory;

 

(k)       all Investment Property;

 

(l)        all Letter-of-Credit
Rights;

 

(m)      all Deposit Accounts (other
than payroll accounts);

 

(n)       all other property not
otherwise described above (except for any property specifically excluded from
any clause in this section above, any property specifically excluded from any
defined term used in any clause of this section above or any property otherwise
specifically excluded pursuant to any other provision of this Agreement or the
other Loan Documents);

 

(o)       all books and records
pertaining to the Collateral; and

 

(p)       to the extent not otherwise
included, all Proceeds, Supporting Obligations and products of any and all of
the foregoing and all collateral security and guarantees given by any Person
with respect to any of the foregoing;

 

provided,
however, that notwithstanding any of the other provisions set forth in
this Section 3, this Agreement shall not constitute a grant of a security
interest in (i) any property to the extent that such grant of a security
interest is prohibited by any Requirements of Law of a Governmental Authority,
requires a consent not obtained (after the commercially reasonable efforts of
the relevant Grantor) of any Governmental Authority pursuant to such
Requirement of Law or is prohibited by, or constitutes a breach or default
under or results in the termination of or requires any consent not obtained
(after the commercially reasonable efforts of the relevant Grantor) under, any
contract, license, agreement, instrument or other document evidencing or giving
rise to such property or, in the case of any Investment Property or Pledged
Note, any applicable shareholder or similar agreement, except to the extent
that such Requirement of Law or the term in such contract, license, agreement,
instrument or other document or

 

7

 

shareholder or similar
agreement providing for such prohibition, breach, default or termination or
requiring such consent is ineffective under applicable law or (ii) Collateral
owned by any Grantor on the date hereof or hereafter acquired that is subject
to a Lien securing a purchase money obligation or Capital Lease Obligation permitted
to be incurred pursuant to the Credit Agreement if the contract or other
agreement in which such Lien is granted (or the documentation providing for
such purchase money obligation or Capital Lease Obligation) validly prohibits
the creation of any other Lien on such Collateral; and provided, further,
that notwithstanding anything in this Agreement to the contrary, in no event
shall the Collateral include any Shared Collateral.

 

SECTION
4. REPRESENTATIONS AND WARRANTIES

 

To induce the
Administrative Agent and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective extensions of credit to the
Borrower thereunder, each Grantor hereby represents and warrants to the
Administrative Agent and each Lender that:

 

4.1.      Title; No Other Liens.
Except for the security interest granted to the Administrative Agent for the
ratable benefit of the Lenders, (and in the case of Specified Swap Agreements,
Affiliates of Lenders), pursuant to this Agreement and the other Liens permitted
to exist on the Collateral by the Credit Agreement, such Grantor owns each item
of the Collateral free and clear of any and all Liens or claims of others. No
Grantor has filed, consented to or authorized the filing of any financing
statement or other public notice with respect to all or any part of the
Collateral in any public office, except such as have been filed in favor of the
Administrative Agent, for the ratable benefit of the Lenders, (and in the case
of Specified Swap Agreements, Affiliates of Lenders), pursuant to this
Agreement or as are permitted by the Credit Agreement. For the avoidance of
doubt, it is understood and agreed that any Grantor may, as part of its
business, grant licenses to third parties to use Intellectual Property owned or
developed by a Grantor. For purposes of this Agreement and the other Loan
Documents, such licensing activity shall not constitute a “Lien” on such
Intellectual Property. Each of the Administrative Agent and each Lender
understands that any such licenses may be exclusive to the applicable
licensees, and such exclusivity provisions may limit the ability of the
Administrative Agent to utilize, sell, lease or transfer the related
Intellectual Property or otherwise realize value from such Intellectual
Property pursuant hereto.

 

4.2.      Perfected First Priority
Liens. When financing statements and the other filings specified on
Schedule 3 in appropriate form are filed in the offices specified in Schedule 3
and Pledged Notes have been delivered to the Administrative Agent, as required
(assuming continued possession by the Administrative Agent of such certificates
and that such certificates are located in the United States), this Agreement
will be effective to create, in favor of the Administrative Agent, for the
ratable benefit of the Lenders, (and in the case of Specified Swap Agreements,
Affiliates of Lenders), a valid and perfected security interest under the New
York UCC in all of the respective right, title and interest of each Grantor in,
to and under the Collateral, as collateral security for payment of the
Obligations to the extent perfection can be achieved by filing Uniform
Commercial Code financing statements and delivering Pledged Notes and such
security interest will be prior to all other Liens on the Collateral in
existence on the date hereof except for Liens permitted by the Credit
Agreement.

 

4.3.      Jurisdiction of
Organization; Chief Executive Office. On the date hereof, such Grantor’s
jurisdiction of organization, identification number from the jurisdiction of
organization (if any), and the location of such Grantor’s chief executive
office or sole place of business or principal residence, as the case may be,
are specified on Schedule 4. Such Grantor has furnished to the Administrative
Agent a certified charter, certificate of incorporation or other organization
document and long-form good standing certificate as of a date which is recent
to the date hereof.

 

4.4.      Farm Products. None of
the Collateral constitutes, or is the Proceeds of, Farm Products.

 

8

 

4.5.      Pledged Notes. (a)
Each of the Pledged Notes constitutes (or, in the case of Pledge Notes which
are not intercompany notes, to the knowledge of the Grantor constitute) the
legal, valid and binding obligation of the obligor with respect thereto,
enforceable against such obligor in accordance with its terms, subject to the
effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights
generally, general equitable principles (whether considered in a proceeding in
equity or at law) and an implied covenant of good faith and fair dealing.

 

(b)       Such Grantor is the record
and beneficial owner of, and has good and marketable title to, the Pledged
Notes, free of any and all Liens or options in favor of, or claims of, any
other Person, except the security interest created by this Agreement and Liens
permitted by the Credit Agreement.

 

4.6.      Receivables. (a) No
material amount payable to such Grantor under or in connection with any
Receivable is evidenced by any Instrument or Chattel Paper which has not been
delivered to the Administrative Agent.

 

(b)       The amounts represented by
such Grantor to the Lenders from time to time as owing to such Grantor in
respect of the Receivables will at such times be accurate in all material
respects.

 

4.7.      Intellectual Property.
(a) Schedule 5 lists all Intellectual Property owned by such Grantor in its own
name on the date hereof.

 

(b)       On the date hereof, all
material Intellectual Property owned or used by such Grantor is valid,
subsisting, unexpired and enforceable, has not been abandoned and does not
infringe the intellectual property rights of any other Person.

 

(c)       Except as set forth in Schedule
5, on the date hereof, none of the Intellectual Property is the subject of
any licensing or franchise agreement pursuant to which such Grantor is the
licensor or franchisor.

 

(d)       No holding, decision or
judgment has been rendered by any Governmental Authority which would limit,
cancel or question the validity of, or such Grantor’s rights in, any
Intellectual Property in any respect that could reasonably be expected to have
a Material Adverse Effect.

 

(e)       No action or proceeding is
pending, or, to the knowledge of such Grantor, threatened, on the date hereof
(i) seeking to limit, cancel or question the validity of any Intellectual
Property or such Grantor’s ownership interest therein, and (ii) which, if
adversely determined, could reasonably be expected to have a Material Adverse
Effect.

 

4.8.      Commercial Tort Claims

 

(a)       On the date hereof, no
Grantor has rights in any Commercial Tort Claim with potential value in excess
of $100,000.

 

(b)       Upon the filing of a
financing statement covering and specifically describing any Commercial Tort
Claim referred to in Section 5.7 hereof against such Grantor in the
jurisdiction specified in Schedule 3 hereto, the security interest granted in
such Commercial Tort Claim will constitute a valid perfected security interest in
favor of the Administrative Agent, for the ratable benefit of the Lenders, (and
in the case of Specified Swap Agreements, Affiliates of Lenders), as collateral
security for such Grantor’s Obligations, enforceable in accordance with the
terms hereof against such Grantor, which

 

9

 

security interest shall
be prior to all other Liens on such Collateral except for unrecorded liens
permitted by the Credit Agreement which have priority over the Liens on such
Collateral by operation of law.

 

SECTION
5. COVENANTS

 

Each Grantor
covenants and agrees with the Administrative Agent and the Lenders that, from
and after the date of this Agreement until the Obligations shall have been paid
in full and the Revolving Commitments shall have terminated:

 

5.1.      Delivery of Instruments,
Certificated Securities and Chattel Paper. If any amount payable under or
in connection with any of the Collateral shall be or become evidenced by any
Instrument, Certificated Security or Chattel Paper, such Instrument,
Certificated Security or Chattel Paper shall be immediately delivered to the
Administrative Agent, duly indorsed in a manner satisfactory to the
Administrative Agent, to be held as Collateral pursuant to this Agreement.

 

5.2.      Maintenance of Perfected
Security Interest; Further Documentation. (a) Such Grantor shall maintain
the security interest in the Collateral created by this Agreement as a
perfected security interest having at least the priority described in Section
4.2 with respect to the Collateral and shall defend such security interest
against the claims and demands of all Persons whomsoever, subject to the rights
of such Grantor under the Loan Documents to dispose of the Collateral.

 

(b)       Such Grantor will furnish to
the Administrative Agent and the Lenders from time to time statements and
schedules further identifying and describing the assets and property of such
Grantor and such other reports in connection therewith as the Administrative
Agent may reasonably request, all in reasonable detail.

 

(c)       At any time and from time to
time, upon the written request of the Administrative Agent, and at the sole
expense of such Grantor, such Grantor will promptly and duly execute and
deliver, and have recorded, such additional financing or continuation
statements (or other filings as reasonably necessary) and deliver any
additional Pledged Notes or take such further actions as necessary to enable
the Administrative Agent to obtain “control” (within the meaning of the
applicable Uniform Commercial Code) with respect to the Pledged Notes, as
required, as the Administrative Agent may reasonably request for the purpose of
obtaining or preserving the full benefits of this Agreement and of the rights
and powers herein granted.

 

5.3.      Changes in Name, etc.
Such Grantor will not, except upon 15 days’ prior written notice to the
Administrative Agent and delivery to the Administrative Agent of all additional
executed financing statements and other documents reasonably requested by the
Administrative Agent to maintain the validity, perfection and priority of the
security interests provided for herein, (i) change its jurisdiction of
organization or the location of its chief executive office or sole place of
business or principal residence from that referred to in Section 4.3 or (ii)
change its name.

 

5.4.      Notices. Such Grantor
will advise the Administrative Agent and the Lenders promptly, in reasonable
detail, of the occurrence of any event set forth in Section 5.7(d) of the
Credit Agreement.

 

5.5.      Pledged Notes. (a)
Subject to the terms of the Credit Agreement, any sums paid upon or in respect
of the Pledged Notes upon any liquidation or dissolution which is not permitted
under the Credit Agreement of any Issuer shall be paid over to the
Administrative Agent to be held by it hereunder as additional collateral
security for the Obligations, and in case any distribution of capital which is
not permitted under the Credit Agreement shall be made on or in respect of the
Pledged Notes, the property so distributed shall, unless otherwise subject to a
perfected security interest in favor of the Administrative

 

10

 

Agent, be delivered to
the Administrative Agent to be held by it hereunder as additional collateral security
for the Obligations. If any sums of money or property so paid or distributed in
respect of the Pledged Notes which is required by this Section 5.5 to be paid
or delivered over to the Administrative Agent shall be received by such
Grantor, such Grantor shall, until such money or property is paid or delivered
to the Administrative Agent, hold such money or property in trust for the
Administrative Agent and the Lenders, segregated from other funds of such
Grantor, as additional collateral security for the Obligations.

 

(b)       In the case of each Grantor
which is an Issuer, such Issuer agrees that it will be bound by the terms of
this Agreement relating to the Pledged Notes issued by it and will comply with
such terms insofar as such terms are applicable to it.

 

5.6.      Intellectual Property.
(a) Whenever such Grantor, either by itself or through any agent, employee,
licensee or designee, shall file an application for the registration of any
Intellectual Property with the United States Patent and Trademark Office, the
United States Copyright 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 the later of (i) ten Business Days
after such filing or (ii) five Business Days after the last day of the fiscal
quarter in which such filing occurs. Upon request of the Administrative Agent,
such Grantor shall execute and deliver, and have recorded, any and all
agreements, instruments, documents, and papers as the Administrative Agent may
reasonably request to evidence the Administrative Agent’s and the Lenders’
security interest in any Copyright, Patent or Trademark and the goodwill and
general intangibles of such Grantor relating thereto or represented thereby.

 

(b)       Subject to the Credit
Agreement and the reasonable business judgment of such Grantor, such Grantor
will take all reasonable and necessary steps, including, without limitation, in
any proceeding before the United States Patent and Trademark Office, the United
States Copyright 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 the material
Intellectual Property, including, without limitation, filing of applications
for renewal, affidavits of use and affidavits of incontestability.

 

5.7.      Commercial Tort Claims.
If such Grantor shall obtain an interest in any Commercial Tort Claim with a
potential value in excess of $100,000, such Grantor shall (a) within 30 days of
obtaining such interest, provide written notice thereof to the Administrative
Agent and (b) promptly thereafter sign and deliver documentation reasonably
acceptable to the Administrative Agent granting a security interest under the
terms and provisions of this Agreement in and to such Commercial Tort Claim.

 

SECTION
6. REMEDIAL PROVISIONS

 

6.1.      Certain Matters Relating
to Receivables. (a) If an Event of Default shall have occurred and be
continuing, the Administrative Agent shall have the right to make test
verifications of the Receivables in any manner and through any medium that it
reasonably considers advisable, and each Grantor shall furnish all such
assistance and information as the Administrative Agent may require in
connection with such test verifications. At any time and from time to time, but
only if an Event of Default shall have occurred and be continuing, upon the
Administrative Agent’s request and at the expense of the relevant Grantor, such
Grantor shall cause independent public accountants or others satisfactory to
the Administrative Agent to furnish to the Administrative Agent reports showing
reconciliations, aging and test verifications of, and trial balances for, the
Receivables.

 

(b)       The Administrative Agent
hereby authorizes each Grantor to collect such Grantor’s Receivables, subject
to the Administrative Agent’s direction and control, and the Administrative
Agent may curtail or terminate said authority at any time after the occurrence
and during the continuance of an

 

11

 

Event of Default. If
required by the Administrative Agent at any time after the occurrence and
during the continuance of an Event of Default, any payments of Receivables,
when collected by any Grantor, (i) shall be forthwith (and, in any event,
within two Business Days) deposited by such Grantor in the exact form received,
duly indorsed by such Grantor to the Administrative Agent if required, in a
Collateral Account maintained under the sole dominion and control of the
Administrative Agent, subject to withdrawal by the Administrative Agent for the
account of the Lenders only as provided in Section 6.5, and (ii) until so
turned over, shall be held by such Grantor in trust for the Administrative
Agent and the Lenders, segregated from other funds of such Grantor. If an Event
of Default shall have occurred and be continuing, each such deposit of Proceeds
of Receivables shall be accompanied by a report identifying in reasonable
detail the nature and source of the payments included in the deposit.

 

(c)       At the Administrative Agent’s
reasonable request, each Grantor shall deliver to the Administrative Agent all
original and other documents evidencing, and relating to, the agreements and
transactions which gave rise to the Receivables, including, without limitation,
all original orders, invoices and shipping receipts.

 

6.2.      Communications with
Obligors; Grantors Remain Liable. (a) Upon the request of the Administrative
Agent at any time after the occurrence and during the continuance of an Event
of Default, each Grantor shall notify obligors on the Receivables that the
Receivables have been assigned to the Administrative Agent for the ratable
benefit of the Lenders, (and in the case of Specified Swap Agreements,
Affiliates of Lenders), and that payments in respect thereof shall be made
directly to the Administrative Agent.

 

(b)       Anything herein to the
contrary notwithstanding, each Grantor shall remain liable under each of the
Receivables 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 thereto. Neither the Administrative Agent nor any
Lender shall have any obligation or liability under any Receivable (or any
agreement giving rise thereto) by reason of or arising out of this Agreement or
the receipt by the Administrative Agent or any Lender of any payment relating
thereto, nor shall the Administrative Agent or any Lender be obligated in any
manner to perform any of the obligations of any Grantor under or pursuant to
any Receivable (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 thereunder, to
present or file any claim, to take any action to enforce any performance or to
collect the payment of any amounts which may have been assigned to it or to
which it may be entitled at any time or times.

 

6.3.      Pledged Notes. (a)
Unless an Event of Default shall have occurred and be continuing and the
Administrative Agent shall have given notice to the relevant Grantor of the
Administrative Agent’s intent to exercise its corresponding rights pursuant to
Section 6.3(b), each Grantor shall be permitted to receive all payments made in
respect of the Pledged Notes paid in the normal course of business of the
relevant Issuer and consistent with past practice, to the extent permitted in
the Credit Agreement.

 

(b)       If an Event of Default shall
occur and be continuing and the Administrative Agent shall have given three
Business Days notice of its intent to exercise such rights to the relevant
Grantor or Grantors, (i) the Administrative Agent shall have the right to
receive any and all payments or other Proceeds paid in respect of the Pledged
Notes and make application thereof to the Obligations in such order as the
Administrative Agent may determine, and (ii) any or all of the Pledged Notes
shall be registered in the name of the Administrative Agent or its nominee, and
the Administrative Agent or its nominee may thereafter exercise any and all
rights of conversion, exchange and subscription and any other rights, privileges
or options pertaining to such Pledged Notes as if it were the absolute owner

 

12

 

thereof (including,
without limitation, the right to exchange at its discretion any and all of the
Pledged Notes upon the merger, consolidation, reorganization, recapitalization
or other fundamental change in the corporate or other organizational structure
of any Issuer, or upon the exercise by any Grantor or the Administrative Agent
of any right, privilege or option pertaining to such Pledged Notes, and in
connection therewith, the right to deposit and deliver any and all of the
Pledged Notes with any committee, depositary, transfer agent, registrar or
other designated agency upon such terms and conditions as the Administrative
Agent may determine), all without liability except to account for property
actually received by it, but the Administrative Agent shall have no duty to any
Grantor to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing.

 

(c)       Each Grantor hereby
authorizes and instructs each Issuer of any Investment Property pledged by such
Grantor hereunder to (i) comply with any instruction received by it from the
Administrative Agent in writing that (x) states that an Event of Default has
occurred and is continuing and (y) is otherwise in accordance with the terms of
this Agreement, without any other or further instructions from such Grantor,
and each Grantor agrees that each Issuer shall be fully protected in so
complying, and (ii) unless otherwise expressly permitted hereby, pay any
dividends or other payments with respect to the Pledged Notes directly to the
Administrative Agent. The provisions of this paragraph (c) shall not apply in
respect of any Issuer that is a Regulated Entity unless the Borrower, in its
reasonable judgment, determines that such provisions would not have an adverse
regulatory, financial or accounting effect on such Issuer, and the Borrower
agrees to use its best efforts to make a determination as to whether such
provisions would have such an effect reasonably promptly following the Closing
Date or the date on which the Pledged Note of such Issuer is pledged hereunder,
as the case may be. The Borrower shall promptly notify the Administrative Agent
of any such determination and if such determination is that such provisions
would not have such an effect cause such Issuer to execute and deliver to the
Administrative Agent an Acknowledgment and Consent in the form of Annex 1
attached hereto.

 

6.4.      Proceeds to be Turned Over
To Administrative Agent. In addition to the rights of the Administrative
Agent and the Lenders specified in Section 6.1 with respect to payments of
Receivables, if an Event of Default shall occur and be continuing, all Proceeds
received by any Grantor consisting of cash, checks and other near-cash items
shall be held by such Grantor in trust for the Administrative Agent and the
Lenders, segregated from other funds of such Grantor, and shall, forthwith upon
receipt by such Grantor, be turned over to the Administrative Agent in the
exact form received by such Grantor (duly indorsed by such Grantor to the
Administrative Agent, if required). All Proceeds received by the Administrative
Agent hereunder shall be held by the Administrative Agent in a Collateral
Account maintained under its sole dominion and control. All Proceeds while held
by the Administrative Agent in a Collateral Account (or by such Grantor in
trust for the Administrative Agent and the Lenders) shall continue to be held
as collateral security for all the Obligations and shall not constitute payment
thereof until applied as provided in Section 6.5.

 

6.5.      Application of Proceeds.
At such intervals as may be agreed upon by the Borrower and the Administrative
Agent, or, if an Event of Default shall have occurred and be continuing, at any
time at the Administrative Agent’s election, the Administrative Agent may apply
all or any part of Proceeds constituting Collateral, whether or not held in any
Collateral Account, and any proceeds of the guarantee set forth in Section 2,
in payment of the Obligations in the following order:

 

First,
to pay incurred and unpaid fees and expenses of the Administrative Agent under
the Loan Documents;

 

13

 

Second,
to the Administrative Agent, for application by it towards payment of amounts
then due and owing and remaining unpaid in respect of the Obligations, pro
rata among the Lenders according to the amounts of the Obligations then
due and owing and remaining unpaid to the Lenders;

 

Third,
to the Administrative Agent, for application by it towards prepayment of the
Obligations, pro  rata among the Lenders according to the amounts
of the Obligations then held by the Lenders; and

 

Fourth,
any balance remaining after the Obligations shall have been paid in full and
the Revolving Commitments shall have terminated shall be paid over to the
Borrower or to whomsoever may be lawfully entitled to receive the same.

 

6.6.      Code and Other Remedies.
If an Event of Default shall occur and be continuing, the Administrative Agent,
on behalf of the Lenders, may exercise, in addition to all other rights and
remedies granted to them in this Agreement and in any other instrument or
agreement securing, evidencing or relating to the Obligations, all rights and
remedies of a secured party under the New York UCC or any other applicable law.
Without limiting the generality of the foregoing, the Administrative Agent,
without demand of performance or other demand, presentment, protest,
advertisement or notice of any kind (except any notice required by law referred
to below) to or upon any Grantor or any other Person (all and each of which
demands, defenses, advertisements and notices are hereby waived), may in such
circumstances forthwith collect, receive, appropriate and realize upon the
Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give
option or options to purchase, or otherwise dispose of and deliver the
Collateral or any part thereof (or contract to do any of the foregoing), in one
or more parcels at public or private sale or sales, at any exchange, broker’s
board or office of the Administrative Agent or any Lender or elsewhere upon
such terms and conditions as it may deem advisable and at such prices as it may
deem best, for cash or on credit or for future delivery without assumption of
any credit risk. The Administrative Agent or any Lender shall have the right
upon any such public sale or sales, and, to the extent permitted by law, upon
any such private sale or sales, to purchase the whole or any part of the
Collateral so sold, free of any right or equity of redemption in any Grantor,
which right or equity is hereby waived and released. Each Grantor further
agrees, at the Administrative Agent’s request, to assemble the Collateral and
make it available to the Administrative Agent at places which the
Administrative Agent shall reasonably select, whether at such Grantor’s
premises or elsewhere. The Administrative Agent shall apply the net proceeds of
any action taken by it pursuant to this Section 6.6, after deducting all
reasonable costs and expenses of every kind incurred in connection therewith or
incidental to the care or safekeeping of any of the Collateral or in any way
relating to the Collateral or the rights of the Administrative Agent and the
Lenders hereunder, including, without limitation, reasonable attorneys’ fees
and disbursements, to the payment in whole or in part of the Obligations, in
such order as the Administrative Agent may elect, and only after such
application and after the payment by the Administrative Agent of any other
amount required by any provision of law, including, without limitation, Section
9-615(a)(3) of the New York UCC, need the Administrative Agent account for the
surplus, if any, to any Grantor. To the extent permitted by applicable law,
each Grantor waives all claims, damages and demands it may acquire against the
Administrative Agent or any Lender arising out of the exercise by them of any
rights hereunder. If any notice of a proposed sale or other disposition of
Collateral shall be required by law, such notice shall be deemed reasonable and
proper if given at least 10 days before such sale or other disposition.

 

6.7.      Deficiency. Each
Grantor shall remain liable for any deficiency if the proceeds of any sale or
other disposition of the Collateral are insufficient to pay its Obligations and
the fees and disbursements of any attorneys employed by the Administrative
Agent or any Lender to collect such deficiency.

 

14

 

SECTION
7. THE ADMINISTRATIVE AGENT

 

7.1.      Administrative Agent’s
Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably
constitutes and appoints the Administrative Agent and any officer or agent
thereof, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and
stead of such Grantor and in the name of such Grantor or in its own name, for
the purpose of carrying out the terms of this Agreement, to take any and all
appropriate action and to execute any and all documents and instruments which
may be necessary or desirable to accomplish the purposes of this Agreement,
and, without limiting the generality of the foregoing, each Grantor hereby
gives the Administrative Agent the power and right, on behalf of such Grantor,
without notice to or assent by such Grantor, to do any or all of the following:

 

(i)        in the name of such Grantor
or its own name, or otherwise, take possession of and indorse and collect any
checks, drafts, notes, acceptances or other instruments for the payment of
moneys due under any Receivable or with respect to any other Collateral and
file any claim or take any other action or proceeding in any court of law or
equity or otherwise deemed appropriate by the Administrative Agent for the
purpose of collecting any and all such moneys due under any Receivable or with
respect to any other Collateral whenever payable;

 

(ii)       in the case of any
Intellectual Property, execute and deliver, and have recorded, any and all
agreements, instruments, documents and papers as the Administrative Agent may
request to evidence the Administrative Agent’s and the Lenders’ security
interest in such Intellectual Property and the goodwill and general intangibles
of such Grantor relating thereto or represented thereby;

 

(iii)      pay or discharge taxes and
Liens levied or placed on or threatened against the Collateral, effect any
repairs or any insurance called for by the terms of this Agreement and pay all
or any part of the premiums therefor and the costs thereof;

 

(iv)
execute, in connection with any sale provided for in Section 6.6, any
indorsements, assignments or other instruments of conveyance or transfer with
respect to the Collateral; and

 

(v)       (1) direct any party liable
for any payment under any of the Collateral to make payment of any and all
moneys due or to become due thereunder directly to the Administrative Agent or
as the Administrative Agent shall direct; (2) ask or demand for, collect, and
receive payment of and receipt for, any and all moneys, claims and other
amounts due or to become due at any time in respect of or arising out of any
Collateral; (3) sign and indorse any invoices, freight or express bills, bills
of lading, storage or warehouse receipts, drafts against debtors, assignments,
verifications, notices and other documents in connection with any of the
Collateral; (4) commence and prosecute any suits, actions or proceedings at law
or in equity in any court of competent jurisdiction to collect the Collateral
or any portion thereof and to enforce any other right in respect of any
Collateral; (5) defend any suit, action or proceeding brought against such
Grantor with respect to any Collateral; (6) settle, compromise or adjust any
such suit, action or proceeding and, in connection therewith, give such
discharges or releases as the Administrative Agent may deem appropriate; (7)
assign any Copyright, Patent or Trademark (along with the goodwill of the
business to which any such Copyright, Patent or Trademark pertains), throughout
the world for such term or terms, on such conditions, and in such manner, as
the Administrative Agent shall in its sole discretion determine; and (8)
generally, sell, transfer, pledge and make any agreement with respect to or
otherwise deal with any of the Collateral as fully and completely as though the
Administrative Agent were the absolute owner thereof for all purposes, and do,
at the

 

15

 

Administrative Agent’s
option and such Grantor’s expense, at any time, or from time to time, all acts
and things which the Administrative Agent deems necessary to protect, preserve
or realize upon the Collateral and the Administrative Agent’s and the Lenders’
security interests therein and to effect the intent of this Agreement, all as
fully and effectively as such Grantor might do.

 

Anything in this
Section 7.1(a) to the contrary notwithstanding, the Administrative Agent agrees
that it will not exercise any rights under the power of attorney provided for
in this Section 7.1(a) unless an Event of Default shall have occurred and be
continuing.

 

(b)       If any Grantor fails to
perform or comply with any of its agreements contained herein, the
Administrative Agent, at its option, but without any obligation so to do, may
perform or comply, or otherwise cause performance or compliance, with such
agreement.

 

(c)       The expenses of the
Administrative Agent incurred in connection with actions undertaken as provided
in this Section 7.1, together with interest thereon at a rate per annum equal
to the highest rate per annum at which interest would then be payable on any
category of past due ABR Loans under the Credit Agreement, from the date of
payment by the Administrative Agent to the date reimbursed by the relevant
Grantor, shall be payable by such Grantor to the Administrative Agent on
demand.

 

(d)       Each Grantor hereby ratifies
all that said attorneys shall lawfully do or cause to be done by virtue hereof.
All powers, authorizations and agencies contained in this Agreement are coupled
with an interest and are irrevocable until this Agreement is terminated and the
security interests created hereby are released.

 

7.2.      Duty of Administrative
Agent. The Administrative Agent’s sole duty with respect to the custody,
safekeeping and physical preservation of the Collateral in its possession,
under Section 9-207 of the New York UCC or otherwise, shall be to deal with it
in the same manner as the Administrative Agent deals with similar property for
its own account. Neither the Administrative Agent, any Lender, any Affiliate of
any Lender nor any of their respective officers, directors, employees or agents
shall be liable for failure to demand, collect or realize upon any of the Collateral
or for any delay in doing so or shall be under any obligation to sell or
otherwise dispose of any Collateral upon the request of any Grantor or any
other Person or to take any other action whatsoever with regard to the
Collateral or any part thereof. The powers conferred on the Administrative
Agent and the Lenders hereunder are solely to protect the Administrative Agent’s
and the Lenders’ interests in the Collateral and shall not impose any duty upon
the Administrative Agent or any Lender to exercise any such powers. The
Administrative Agent and the Lenders shall be accountable only for amounts that
they actually receive as a result of the exercise of such powers, and neither
they nor any of their officers, directors, employees or agents shall be responsible
to any Grantor for any act or failure to act hereunder, except for their own
gross negligence or willful misconduct.

 

7.3.      Execution of Financing
Statements. Pursuant to any applicable law, each Grantor authorizes the
Administrative Agent to file or record financing statements and other filing or
recording documents or instruments with respect to the Collateral without the
signature of such Grantor in such form and in such offices as the
Administrative Agent determines appropriate to perfect the security interests
of the Administrative Agent under this Agreement. Each Grantor authorizes the
Administrative Agent to use the collateral description “all personal property”
in any such financing statements. Each Grantor hereby ratifies and authorizes
the filing by the Administrative Agent of any financing statement with respect
to the Collateral made prior to the date hereof.

 

7.4.      Authority of
Administrative Agent. Each Grantor acknowledges that the rights and
responsibilities of the Administrative Agent under this Agreement with respect
to any action taken by the

 

16

 

Administrative Agent or
the exercise or non-exercise by the Administrative Agent of any option, voting
right, request, judgment or other right or remedy provided for herein or
resulting or arising out of this Agreement shall, as between the Administrative
Agent and the Lenders, be governed by the Credit Agreement and by such other
agreements with respect thereto as may exist from time to time among them, but,
as between the Administrative Agent and the Grantors, the Administrative Agent
shall be conclusively presumed to be acting as agent for the Lenders with full
and valid authority so to act or refrain from acting, and no Grantor shall be under
any obligation, or entitlement, to make any inquiry respecting such authority.

 

SECTION
8. MISCELLANEOUS

 

8.1.      Amendments in Writing.
None of the terms or provisions of this Agreement may be waived, amended,
supplemented or otherwise modified except in accordance with Section 9.1 of the
Credit Agreement.

 

8.2.      Notices. All notices,
requests and demands to or upon the Administrative Agent or any Grantor
hereunder shall be effected in the manner provided for in Section 9.2 of the
Credit Agreement; provided that any such notice, request or demand to or upon
any Guarantor shall be addressed to such Guarantor at its notice address set
forth on Schedule 1.

 

8.3.      No Waiver by Course of
Conduct; Cumulative Remedies. Neither the Administrative Agent nor any Lender
shall by any act (except by a written instrument pursuant to Section 8.1),
delay, indulgence, omission or otherwise be deemed to have waived any right or
remedy hereunder or to have acquiesced in any Default or Event of Default. No
failure to exercise, nor any delay in exercising, on the part of the
Administrative Agent or any Lender, any right, power or privilege hereunder
shall operate as a waiver thereof. No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by the
Administrative Agent or any Lender of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy which the Administrative
Agent or such Lender would otherwise have on any future occasion. The rights
and remedies herein provided are cumulative, may be exercised singly or
concurrently and are not exclusive of any other rights or remedies provided by
law.

 

8.4.      Enforcement Expenses;
Indemnification. (a) Each Guarantor agrees to pay or reimburse each Lender
and the Administrative Agent for all its reasonable costs and expenses incurred
in collecting against such Guarantor under the guarantee contained in Section 2
or otherwise enforcing or preserving any rights under this Agreement and the
other Loan Documents to which such Guarantor is a party, including, without
limitation, the reasonable fees and disbursements of counsel to each Lender and
of counsel to the Administrative Agent.

 

(b)       Each Guarantor agrees to
pay, and to save the Administrative Agent and the Lenders harmless from, any
and all liabilities with respect to, or resulting from any delay in paying, any
and all stamp, excise, sales or other taxes which may be payable or determined
to be payable with respect to any of the Collateral or in connection with any
of the transactions contemplated by this Agreement.

 

(c)       Each Guarantor agrees to
pay, and to save the Administrative Agent and the Lenders harmless from, any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever with respect to the execution, delivery, enforcement, performance
and administration of this Agreement to the extent the Borrower would be
required to do so pursuant to Section 9.5 of the Credit Agreement.

 

17

 

(d)       The agreements in this
Section 8.4 shall survive repayment of the Obligations and all other amounts
payable under the Credit Agreement and the other Loan Documents.

 

8.5.      Successors and Assigns.
This Agreement shall be binding upon the successors and assigns of each Grantor
and shall inure to the benefit of the Administrative Agent and the Lenders and
their successors and assigns; provided that no Grantor may assign, transfer or
delegate any of its rights or obligations under this Agreement without the
prior written consent of the Administrative Agent.

 

8.6.      Set-Off. Each Grantor
hereby irrevocably authorizes the Administrative Agent and each Lender at any
time and from time to time while an Event of Default shall have occurred and be
continuing, without notice to such Grantor or any other Grantor, any such
notice being expressly waived by each Grantor, to set-off and appropriate and
apply any and all deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent,
matured or unmatured, at any time held or owing by the Administrative Agent or
such Lender (or any branch or agency thereof) to or for the credit or the
account of such Grantor, or any part thereof in such amounts as the Administrative
Agent or such Lender may elect, against and on account of the obligations and
liabilities of such Grantor to the Administrative Agent or such Lender
hereunder and claims of every nature and description of the Administrative
Agent or such Lender against such Grantor, in any currency, whether arising
hereunder, under the Credit Agreement, any other Loan Document or otherwise, as
the Administrative Agent or such Lender may elect, whether or not the
Administrative Agent or any Lender has made any demand for payment and although
such obligations, liabilities and claims may be contingent or unmatured. The
Administrative Agent and each Lender shall notify such Grantor promptly of any
such set-off and the application made by the Administrative Agent or such Lender
of the proceeds thereof, provided that the failure to give such notice shall
not affect the validity of such set-off and application. The rights of the
Administrative Agent and each Lender under this Section 8.6 are in addition to
other rights and remedies (including, without limitation, other rights of
set-off) which the Administrative Agent or such Lender may have.

 

8.7.      Counterparts. This
Agreement may be executed by one or more of the parties to this Agreement on
any number of separate counterparts (including by telecopy), and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

 

8.8.      Severability. Any
provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

8.9.      Section Headings. The
Section headings used in this Agreement are for convenience of reference only
and are not to affect the construction hereof or be taken into consideration in
the interpretation hereof.

 

8.10.    Integration. This
Agreement and the other Loan Documents represent the agreement of the Grantors,
the Administrative Agent and the Lenders with respect to the subject matter
hereof and thereof, and there are no promises, undertakings, representations or
warranties by the Administrative Agent or any Lender relative to subject matter
hereof and thereof not expressly set forth or referred to herein or in the
other Loan Documents.

 

18

 

8.11.
  GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

8.12.    Submission To Jurisdiction;
Waivers. Each party to this Agreement hereby irrevocably and
unconditionally:

 

(a)       submits for itself and its
property in any legal action or proceeding relating to this Agreement and the
other Loan Documents to which it is a party, or for recognition and enforcement
of any judgment in respect thereof, to the non-exclusive general jurisdiction
of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York, and appellate courts from any
thereof;

 

(b)       consents that any such
action or proceeding may be brought in such courts and waives any objection
that it may now or hereafter have to the venue of any such action or proceeding
in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same;

 

(c)       agrees that service of
process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of
mail), postage prepaid, to such Grantor at its address referred to in Section
8.2 or at such other address of which the Administrative Agent shall have been
notified pursuant thereto;

 

(d)       agrees that nothing herein
shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and

 

(e)       waives, to the maximum
extent not prohibited by law, any right it may have to claim or recover in any
legal action or proceeding referred to in this Section any special, exemplary,
punitive or consequential damages.

 

8.13.    Acknowledgements. Each
Grantor hereby acknowledges that:

 

(a)       it has been advised by
counsel in the negotiation, execution and delivery of this Agreement and the
other Loan Documents to which it is a party;

 

(b)       neither the Administrative
Agent nor any Lender has any fiduciary relationship with or duty to any Grantor
arising out of or in connection with this Agreement or any of the other Loan
Documents, and the relationship between the Grantors, on the one hand, and the
Administrative Agent and Lenders, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and

 

(c)       no joint venture is created
hereby or by the other Loan Documents or otherwise exists by virtue of the
transactions contemplated hereby among the Lenders or among the Grantors and
the Lenders.

 

8.14.    Additional Grantors.
Each Subsidiary of the Borrower that is required to become a party to this
Agreement pursuant to Section 5.8 of the Credit Agreement shall become a
Grantor for all purposes of this Agreement upon execution and delivery by such
Subsidiary of an Assumption Agreement in the form of Annex 2 hereto.

 

19

 

8.15.    Releases. (a) At such
time as the Loans and the other Obligations (other than Obligations in respect
of Specified Swap Agreements) shall have been paid in full and the Revolving
Commitments have been terminated, the Collateral shall be released from the
Liens created hereby, and this Agreement and all obligations (other than those
expressly stated to survive such termination) of the Administrative Agent and
each Grantor hereunder shall terminate, all without delivery of any instrument
or performance of any act by any party, and all rights to the Collateral shall
revert to the Grantors. Following any such termination, each Grantor is hereby
authorized to file UCC termination statements without the signature of the
Administrative Agent or any Lender. At the request and sole expense of any
Grantor following any such termination, the Administrative Agent shall deliver
to such Grantor any Collateral held by the Administrative Agent hereunder, and
execute and deliver to such Grantor such documents as such Grantor shall
reasonably request to evidence such termination.

 

(b)       If any of the Collateral
shall be sold, transferred or otherwise disposed of by any Grantor in a
transaction permitted by the Credit Agreement, then the Administrative Agent,
at the request and sole expense of such Grantor, shall execute and deliver to
such Grantor all releases or other documents reasonably necessary or desirable
for the release of the Liens created hereby on such Collateral. At the request
and sole expense of the Borrower, a Guarantor shall be released from its
obligations hereunder in the event that all the Capital Stock of such Guarantor
shall be sold, transferred or otherwise disposed of in a transaction permitted
by the Credit Agreement; provided that the Borrower shall have delivered
to the Administrative Agent, at least ten days prior to the date of the
proposed release, a written request for release identifying the relevant
Guarantor and the terms of the sale or other disposition in reasonable detail,
including the price thereof and any expenses in connection therewith, together
with a certification by the Borrower stating that such transaction is in
compliance with the Credit Agreement and the other Loan Documents.

 

8.16.
  WAIVER
OF JURY TRIAL. EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

8.17.    Grantors.
Notwithstanding anything contained in this Agreement to the contrary, no
Foreign Subsidiary or Excluded Regulated Subsidiary shall be deemed to be a
Grantor hereunder.

 

20

 

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

 

 

	
   

  	
   

  	
  INTERACTIVE BROKERS
  GROUP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Paul J. Brody

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Paul J. Brody

  Title:   Chief Financial Officer

  

 

 

SIGNATURE PAGE TO
GUARANTEE AND COLLATERAL AGREEMENT

 

 

	
   

  	
   

  	
  [NAME
  OF SUBSIDIARY]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 

SIGNATURE PAGE TO
GUARANTEE AND COLLATERAL AGREEMENT

 

 

	
   

  	
   

  	
  JPMORGAN
  CHASE BANK, N.A., as Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Anastasio

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Robert Anastasio

  
	
   

  	
   

  	
   

  	
  Title:
    Vice President

  

 

 

SIGNATURE PAGE TO
GUARANTEE AND COLLATERAL AGREEMENTCONFIDENTIAL
TREATMENT REQUESTED

WITH RESPECT TO CERTAIN PORTIONS HEREOF

DENOTED WITH “       *      
”

Exhibit 10.47

EXECUTION COPY

EURONEXT BRUSSELS S.A./N.V.

EURONEXT AMSTERDAM N.V.

EURONEXT PARIS S.A.

EURONEXT
LISBON — SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS,

S.A.

AND

BANQUE
CENTRALE DE COMPENSATION S.A.

LCH.CLEARNET GROUP LIMITED

______________

AMENDED AND RESTATED CLEARING
AGREEMENT

______________

 

 

1

 

CONTENTS

 

	
  Clause

  	
   

  	
   

  	
   

  	
  Page

  
	
  Article 1.

  	
   

  	
  Interpretation

  	
   

  	
  5

  
	
  Article 2.

  	
   

  	
  Provision Of Clearing Services

  	
   

  	
  8

  
	
  Article 3.

  	
   

  	
  Obligations Of The Euronext Market Undertakings

  	
   

  	
  8

  
	
  Article 4.

  	
   

  	
  Obligations Of Clearnet

  	
   

  	
  10

  
	
  Article 5.

  	
   

  	
  Collaboration And Communication Of Information
  Between Parties

  	
   

  	
  17

  
	
  Article 6.

  	
   

  	
  Confidentiality

  	
   

  	
  19

  
	
  Article 7.

  	
   

  	
  Duration And Accession By New Undertakings.

  	
   

  	
  20

  
	
  Article 8.

  	
   

  	
  Termination

  	
   

  	
  20

  
	
  Article 9.

  	
   

  	
  Assignment And Delegation

  	
   

  	
  21

  
	
  Article 10.

  	
   

  	
  Non-Compete Undertakings

  	
   

  	
  22

  
	
  Article 11.

  	
   

  	
  Amendment

  	
   

  	
  23

  
	
  Article 12.

  	
   

  	
  Liability

  	
   

  	
  23

  
	
  Article 13.

  	
   

  	
  Amendments To Rules

  	
   

  	
  24

  
	
  Article 14.

  	
   

  	
  Severability

  	
   

  	
  24

  
	
  Article 15.

  	
   

  	
  Notices

  	
   

  	
  24

  
	
  Article 16.

  	
   

  	
  Waivers

  	
   

  	
  25

  
	
  Article 17.

  	
   

  	
  Agreement

  	
   

  	
  25

  
	
  Article 18.

  	
   

  	
  Governing Law

  	
   

  	
  25

  
	
  Article 19.

  	
   

  	
  Amicable Resolution

  	
   

  	
  25

  
	
  Article 20.

  	
   

  	
  Arbitration, Service Of Process

  	
   

  	
  25

  
	
  Schedule 1 PART
  A EURONEXT MARKETS

  	
   

  	
  1-27

  
	
  Schedule 1 PART
  B NOTICES (ARTICLE 15)

  	
   

  	
  1-29

  
	
  Schedule 2 PART
  A CURRENT FEES

  	
   

  	
  2-31

  
	
  Schedule 2 PART
  B PROCEDURE FOR ESTABLISHING FEE REDUCTIONS

  	
   

  	
  2-32

  
	
  Schedule 3 CLEARING
  FEE COMMITMENT

  	
   

  	
  3-33

  
	
  Schedule 4 RETROCESSION
  FEES

  	
   

  	
  4-34

  

 

 

2

 

THIS AGREEMENT is made the 31st day
of October 2003

BETWEEN

Euronext Amsterdam N.V., a limited
liability company (“naamloze vennootschap”) organised under the laws of the Netherlands,
whose registered office is at Beursplein 5, 1012 JW Amsterdam, recorded in the
Commercial Register of Amsterdam under number 34138585, and represented by
Mr. George Möller, Chairman of the Board of Directors (“Euronext Amsterdam”);

Euronext Brussels S.A./N.V., a
limited liability company (“société anonyme”, “naamloze
vennootschap”) organised
under the laws of Belgium and recognised as a market undertaking in accordance
with Article 16 of the Belgian Law of 2 August 2002 governing the supervision
of the financial sector and financial services (“Loi relative à la surveillance du secteur financier et aux services
financiers/Wet betreffende het toezicht op de financiele sector en de
financiele diensten”), whose
registered office is at Palais de la Bourse, Place de la Bourse, 1000 Brussels,
recorded in the Commercial Register of Brussels under number 632 870, and
represented by Mr. Olivier Lefebvre, Chairman of the Board of Directors (“Euronext Brussels”);

Euronext Paris S.A., a limited
liability company (“société anonyme”) organised under the laws of France, whose
registered office is at Palais de la Bourse, Place de la Bourse, 75002 Pans,
recorded in the Commercial Register of Paris under number B 343 406 732, and
represented by Mr. Jean-Francois Theodore, Chairman of the Board of
Directors (“Euronext Paris”);

Euronext Lisbon — Sociedade Gestora de Mercados
Regulamentados, S.A., a limited liability company (“sociedade anònima”) organised under the laws of Portugal
whose head office is at Edificio da Bolsa, Rua Soeiro Pereira Gomes, Lisbon,
with a share capital of 6,000,000 Euros, tax N.° (P) 504 825 330, recorded in
the Lisbon Business Registry Office, under number N.° 8875, and represented by
Mr. João Freixa, Chief Executive Officer (“Euronext Lisbon”);

On one hand

and

Banque Centrale de Compensation S.A.
trading as Clearnet, a limited liability company (“société anonyme”) organized under the laws of France, whose
registered office is at Palais de la Bourse, Place de la Bourse, 75002 Paris,
France, recorded in the Commercial Register of Paris under number B 692 032
485, and represented by Mr. Patrice Renault, Chief Executive Officer (“Clearnet”);

LCH.Clearnet Group Limited, a
limited liability company incorporated in England & Wales whose registered
office is at Aldgate House, 33 Aldgate High Street, London, EC3N 1E A, United
Kingdom, with registered number 4743602, and represented by Mr. David
Hardy, Chief Executive Officer (“LCH.Clearnet”);

On the other hand,

(hereafter each a “party” and collectively named “the parties”)

 

 

3

 

WHEREAS

(A)                 Euronext
Amsterdam is a recognised exchange within the meaning of Article 22 of the
Dutch Securities Transactions Supervision Law 1995 (“de  Wet toezicht
effectenverkeer 1995”) authorised pursuant to the Exchange
Recognition delivered by the Dutch Ministry of Finance on 22 September 2000;

(B)                   Euronext
Brussels is recognised as a market undertaking having Belgium as a Home state
according to Article 144 of the Belgian Law of 2 August 2002 governing the
supervision of the financial sector and financial services (“Loi relative à la surveillance du secteur financier et
aux services financiers/ Wet betreffende het toezicht op de financiele sector
en de financiele diensten”);

(C)                   Euronext
Paris is authorised as a market undertaking (“entreprise
de marche”) within the
meaning of the “Code Monétaire et Financier”;

(D)                  Euronext
Lisbon is a company managing a regulated market authorised pursuant to Article
15 of the Portuguese Decree-Law n.° 394/99, of 13 October 1999, as amended by
the Decree-Law n.° 8-D/2002, of 15 January 2002 (“Regime juridico das entidades gestoras de mercados de valores
mobiliários e de sistemas conexos”);

(E)                    Euronext
Amsterdam, Euronext Brussels, Euronext Paris and Euronext Lisbon (each a “Euronext Market Undertaking” and
collectively the “Euronext Market
Undertakings”) operate and/or supervise the markets (“Euronext Markets”) which are specified in
Schedule 1 of this Agreement (as amended or added to from time to time);

(F)                    This
Agreement is not intended to cover clearing services in respect of the
marketplaces operated by LIFFE Administration and Management which are the
subject of separate contractual arrangements with the London Clearing House
Limited, another LCH.Clearnet Group member, for such clearing services;

(G)                   Clearnet
is a Clearing House, regulated in France according to the provisions of the “Code Monétaire et Financier”;

(H)                  By
virtue of the following instruments Clearnet has been nominated to act as a
central counterparty to Clearing Members and to provide clearing services for
Transactions effected on any of the marketplaces provided by the Euronext
Market Undertakings as may be specified in accordance with the provisions of
this contract:

(1)                    The merger agreement
between the Euronext Market Undertakings (except Euronext Lisbon) dated 22
September 2000;

(2)                    The
designation of Clearnet as a Clearing House by the Board of Euronext Brussels
on 20 December 2000 and authority to exercise its clearing activities in
Belgium according to Article 22 of the Belgian Law of 2 August 2002 governing
the supervision of the financial sector and financial services (“Loi relative à la surveillance du secteur financier
et aux services financiers/ Wet betreffende het toezicht op de financiele
sector en de financiele diensten”);

 

 

4

 

(3)                    The
recognition by the Netherlands Authority for the Financial Markets (ex-Stichting Toezicht Effectenverkeer and
Dutch Central Bank) on 31 January 2001;

(4)                    The Clearnet
general shareholders’ meeting dated 28 May 1999 approving the transfer of
assets between Société des Bourses Francaises and Clearnet; and

(5)                    The Accession
to Clearing Agreement between Euronext Market Undertakings dated 3 July 2003.

(I)                       In
accordance with the Merger Agreement dated 31 October 2003 among LCH.Clearnet,
Clearnet, Euronext Paris and certain other parties (the “Merger Agreement”), LCH.Clearnet will
acquire the entire issued share capital of Clearnet, so that Clearnet will
become a member of the LCH.Clearnet Group;

(J)                      It
has been agreed that Clearnet and the Euronext Market Undertakings will enter
into, effective upon Completion (as defined in the Merger Agreement), a revised
clearing agreement governing the terms and conditions upon which Clearnet will
provide central counterparty clearing services to the Euronext Market
Undertakings; and

(K)                  Clearnet
has agreed to provide such services.

IT IS AGREED AS FOLLOWS:

ARTICLE I. INTERPRETATION

Unless otherwise defined herein, all terms in this Agreement shall have
the meanings set forth in the Clearing Rule Book of Clearnet (the “Clearing Rule Book”) as amended or
supplemented from time to time, and the following expressions shall have the
following meanings:

“associate” means, in
relation to a body corporate (the “first body
corporate”):

(a)                    any other body
corporate which is its subsidiary undertaking or parent undertaking or fellow
subsidiary undertaking of the parent undertaking;

(b)                   any body
corporate whose directors are accustomed to act in accordance with the first
body corporate’s instructions or directions; and

(c)                    any body
corporate in the capital of which the first body corporate, and any other body
corporate under (a) or (b) taken together, is (or would on the fulfilment of a
condition or the occurrence of a contingency be) interested so that they are
(or would on the fulfilment of the condition or the occurrence of the
contingency be) able:

(i)                        to
exercise or control the exercise of more than 50% of the votes able to be cast
at general meetings on all, or substantially all, matters; or

(ii)                     to appoint or
remove directors holding a majority of voting rights at board meetings on all,
or substantially all, matters; or

(iii)                  to direct or
cause the direction of the management and policies of such entity, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise;

 

 

5

 

and “associated with” shall be
construed accordingly.

“Clearing Fees” means the
clearing fees (excluding fees and other amounts charged to members in respect
of clearing services other than registration of Transactions, including without
limitation exercise / assignment fees, delivery fees, penalty and other special
fees) which Clearnet collects from its Clearing Members for services provided
in relation to their Transactions on the markets operated by the Euronext
Market Undertakings set out in Schedule 1, including where applicable
Retrocession Fees;

“Clearing Member” means a
General Clearing Member or an Individual Clearing Member in their capacity as a
clearing member of any Euronext Market, admitted as such by Clearnet, under the
conditions set forth in Chapter 4 of the Clearing Rule Book;

“Clearing Rules” means the
rules of Clearnet as defined in the Clearing Rule Book and where the context so
admits, the Admission Agreement (as defined in the Clearing Rule Book), in each
case as amended from time to time;

“Clearing Services” means
all functions specified by the Clearing Rules as in effect at the date hereof
including registration of Transactions, supervision of the open positions of
Clearing Members, calculation of the associated risk, the calling of Margin to
cover such risk, guarantee of the proper settlement of positions as central
counterparty, management of the default procedures and transmission of the
settlement instructions to the settlement provider;

“Clearnet-Euronext Contractual
Documentation” means any and all of the rules, regulations and
procedures of the Euronext Market Undertakings, the Clearing Rules, the Service
Level Agreement and any other document from time to time specified as such by
the parties in writing;

“Competing Business”       *      

“Completion” has the same
meaning as in the Merger Agreement;

“Derivative” means any
non-securitised instrument of one of the following categories:

(i)                        options
and futures contracts in respect of Securities or commodities, including
equivalent cash-settled instruments;

(ii)                     any
other instruments (other than warrants and other types of Securities) the value
of which is determined by reference to prices of Securities or commodities,
interest rates or yields, foreign exchange rates or other indices or measures
which, subject to relevant National Regulations, a Euronext Market Undertaking
may determine to be eligible for trading on a Euronext Market for Derivatives;

“Euronext Group” means
Euronext N.V. and its associates and “member
of the Euronext Group” or “Euronext
Group member” means any one such entity, it being specified that for
the purposes of this Agreement in all respects LIFFE Administration and
Management is excluded from the definition of “Euronext Group” and “Euronext
Group member”;

 

 

6

 

“Exchange Rules” means, in
relation to any Euronext Market, the rules, regulations and procedures adopted
by the relevant Euronext Market Undertaking in relation to that market;

“Fees” means Clearing Fees
and Other Fees;

“Financial Instrument”
means any Security or Derivative;

“Good Practice” means, in
relation to the Clearing Services, the exercise of such skill, diligence,
prudence, experience, expertise, foresight and judgement as would be reasonably
expected from a skilled and experienced professional;

“LCH.Clearnet Business” means
the business of providing a wide range of central counterparty clearing
services in respect of financial instruments entered into by and with users or
exchanges, including in respect of equities, fixed income securities and
repurchase agreements, interest rate swaps and other products, foreign exchange
products, commodities (including, without limitation, metals, energy, weather,
agricultural and emissions) and derivatives (including, without limitation,
financial, credit, metals, energy weather, agricultural and emissions
derivatives), whether traded on regulated exchanges, ATSs or over the counter;

“LCH.Clearnet Group” means
LCH.Clearnet, its parent undertakings (if any) and its associates and their
joint venture and partnership interests, and “member
of the LCH.Clearnet Group” or “LCH.Clearnet
Group member” means any one such entity or interest;

“Material Interest” means,
in relation to a body corporate, the holding or holdings of a Euronext Market
Undertaking and its related parties (which shall mean any person which is an
associate of it and any director, officer, employee or agent of it or its
associates but excluding LIFFE Administration and Management) which, when
aggregated, confer the entitlement to exercise or control the exercise of          *         
or more of the votes able to be cast on all or substantially all matters at
general meetings of the relevant company and/or the entitlement to appoint a
quarter or more of the directors of such body corporate;

“National Regulation”
means any and all laws and regulations applicable in the jurisdiction of the
relevant Euronext Market Undertaking, as amended from time to time;

“Other Fees” means any
fees other than Clearing Fees which Clearnet collects from its Clearing Members
for services provided in relation to dealings on the markets operated by the
Euronext Market Undertakings set out in Schedule 1;

“parent undertaking” has
in relation to any undertaking the same meaning as in section 742 of the UK
Companies Act 1985;

“Restricted Area” means,
in relation to a Euronext Market Undertaking, each country in the European
Economic Area, Switzerland, the United States of America or Japan in which a
member of the LCH.Clearnet Group carries on business at the date of this
Agreement and any other territory in which the business plan of LCH.Clearnet at
the date of this Agreement contemplates that any member of the LCH.Clearnet
Group will carry on business in the period during which article 10 of this
Agreement applies to the relevant Euronext Market Undertaking;

 

 

7

 

“Retrocession Fees” means
the transitional exchange fees collected by Clearnet in the name and on behalf
of a Euronext Market Undertaking pursuant to Article 4;

“Security” means any
transferable security of one of the following categories:

(i)                        Shares
or certificates or depositary receipts in respect of Shares;

(ii)                     bonds
or other debt securities, whether or not convertible into Shares;

(iii)                  warrants or similar securities
entitling the holder to acquire any of the aforesaid securities or any basket
of such securities or to receive a cash amount determined by reference to a
future price or value of any such security or basket;

(iv)                 units
in collective investment undertakings or participation units in other
investment vehicles;

(v)                    any
other securities which, subject to relevant National Regulations, a Euronext
Market Undertaking may determine to be eligible for trading on a Euronext
Market for Securities;

“Shares” means any shares
of capital stock or other equity securities issued by a corporation or other
incorporated business enterprise;

“subsidiary undertaking”
has in relation to any undertaking the same meaning as in section 742 of the UK
Companies Act 1985; and

“Transaction” means any
purchase, sale or exchange of a Financial Instrument, including a repurchase
agreement or a Securities loan or a buy and sell back.

In the event of any inconsistency between the provisions of this
Agreement and any provision of Clearing Rules, the provisions of this Agreement
shall prevail.

ARTICLE 2. PROVISION OF CLEARING
SERVICES

This Agreement sets out the terms on which Clearnet will provide
Clearing Services for each of the Euronext Market Undertakings. The parties
will agree the organisation and standards of performance of such Clearing
Services and the related obligations of the Euronext Market Undertakings in a
separate service level agreement (the “Service
Level Agreement”), forming part of the Clearnet-Euronext Contractual
Documentation.

LCH.Clearnet and Clearnet provide clearing services to a wide range of
exchanges and other trading platforms. In providing services to such exchanges
and trading platforms, each of LCH.Clearnet and Clearnet undertakes       *      

ARTICLE 3. OBLIGATIONS OF THE
EURONEXT MARKET UNDERTAKINGS

The Service Level Agreement shall set out the specification for the
provision by each Euronext Market Undertaking of a communications link between
their own computers and the respective node of Clearnet. The Service Level
Agreement shall also contain the change control procedures and authorities for
any changes to such specification, which must be agreed by the parties.

 

 

8

 

Each Euronext Market Undertaking is responsible for providing Clearnet
with accurate details of all Transactions executed in accordance with the
Exchange Rules, or with the National Regulations, if applicable. Such
notification shall be made as specified in the Service Level Agreement. Each
Euronext Market Undertaking is responsible for providing to Clearnet data feeds
and all other information necessary for Clearnet to carry out its risk
management and operational functions and provide clearing services to the
Euronext Markets in accordance with this Agreement. Such data feeds and other
information as are created or originated by a Euronext Market Undertaking or an
associate shall be provided free of charge. Data feeds or information created
or originated by a third party shall:

(1)                     where
currently provided to Clearnet as at the date of this Agreement, continue to be
provided (subject to any obligation of confidentiality or other limitation on
disclosure applicable to a Euronext Market Undertaking) at the cost currently
charged to Clearnet, or free of charge where currently so provided, except that
any increase in the cost to a Euronext Market Undertaking of providing such
data feeds or information after the date of this Agreement shall be dealt with
in accordance with the following sub-paragraph (2);

(2)                     otherwise
be provided to Clearnet (subject to any obligation of confidentiality or other
limitation on disclosure applicable to a Euronext Market Undertaking) at a cost
equivalent to such additional charge (if any) as the Euronext Market
Undertaking incurs to a third party in respect of the right specifically to
provide such information to Clearnet. However, where this is likely to result
in a significant new charge or increased charge to Clearnet, Clearnet shall (a)
have the option to obtain the data feed or information at its own cost directly
from a third party (without any liability to any Euronext Market Undertaking
for the termination of existing arrangements), or (b) where the data feed or
information is essential to the provision by Clearnet of the Clearing Services
and Clearnet cannot reasonably obtain the information from any other source,
have the right to require that the parties meet to discuss and agree an
equitable percentage share of the new or increased cost which shall be borne by
each of them.

The Euronext Market Undertakings shall use their reasonable efforts to
provide support to Trading Members in the context of new projects and
otherwise.

For so long as this Agreement remains in force and/or Clearnet remains
a member of the LCH.Clearnet Group (whichever is the shorter period),       *      
Where it is contractually
able to do so, the relevant Euronext Group member shall invite LCH.Clearnet
to tender for such services and, where
practicable, give Clearnet the
opportunity to make       *      
offer. Before contracting with a third party for the procurement of such
services, the relevant Euronext Group member shall give Clearnet an opportunity       *      

Subject always to Article 10, where       *      
arise from time to time in relation to the LCH.Clearnet Business (other than
that conducted       *      
which become available to any Euronext Market Undertaking, or in which it may
be offered the choice to participate, the Euronext Market Undertaking shall
offer such opportunities to Clearnet       *      

 

 

9

 

In any of the events contemplated above, Clearnet
shall have the right to nominate another suitable LCH.Clearnet Group entity to
participate in its place, subject to the consent of the relevant Euronext
Market Undertaking(s) (such consent not to be unreasonably withheld) and to any
necessary regulatory approval.

ARTICLE 4. OBLIGATIONS OF CLEARNET

4.1                    The
Euronext Market Undertakings have to date received a number of Clearing
Services from Clearnet. Subject to the terms and conditions set out in this
Agreement, Clearnet shall provide, or cause to be provided, to each Euronext
Market Undertaking, such Clearing Services:

(a)                     to at least
the same level and with the same degree of accuracy, quality, completeness, timelines
and efficiency as was provided before Completion;

(b)                   in accordance
with Good Practice;

(c)                    and in
accordance with such further levels/standards as are specified in the Service
Level Agreement.

      *      

By this Agreement Clearnet undertakes, vis-à-vis each
of the Euronext Market Undertakings, to act as central counterparty for
Transactions made on the Euronext Markets as specified in the Clearing Rules.

In accordance with the Clearing Rules, any Transaction
executed in accordance with the rules of the relevant Euronext Market
Undertaking and with the National Regulations, where applicable, shall

•                            following
the matching and trade processing of such Transaction in the trading system of
the relevant Euronext Market Undertaking, be registered by Clearnet in the
clearing system in the name of the relevant Clearing Members;

•                            upon
such registration by Clearnet, be immediately novated and replaced by two
Transactions; and

•                            upon
such novation and replacement by Clearnet, be immediately guaranteed by Clearnet
to the Clearing Member in accordance with the Clearing Rules.

Where the parties so agree in writing by exchange of
letters, any Euronext Market Undertaking may pass certain Transactions to
Clearnet for processing and dispatch of transmission of details to a depository
or settlement agency, without Clearnet providing any novation and replacement
or guarantee in respect of the Transaction. The document recording such
agreement shall govern the provision of such a service where any such term is
at variance with any term of this Agreement.

 

 

10

 

4.2                    A
Euronext Market Undertaking may at any time introduce new Financial Instruments
for trading on a Euronext Market, provided that where Clearnet is to provide
clearing services for such Financial Instruments the relevant Euronext Market
Undertaking shall, as soon as practicable, advise Clearnet of the proposal to
introduce the same and shall thereafter consult with Clearnet to implement the
new services and allow it to conduct studies on feasibility and cost as well as
risk management. Following notice of the introduction of such new Financial
Instrument from the relevant Euronext Market Undertaking, Clearnet shall use
all reasonable efforts to provide Clearing Services for such Financial
Instrument and may refuse to provide such Clearing Services only in writing and
on the basis of objective financial or technical (including risk management)
criteria.  In the case of such refusal by
Clearnet to provide Clearing Services, Transactions involving the new Financial
Instrument shall be processed in accordance with the last paragraph of Article
4.1.

4.3                    Clearnet
may perform any of the obligations in this Agreement through any suitable
LCH.Clearnet Group member, after any necessary regulatory approval and approval
by the relevant Euronext Market Undertakings and provided that the performance
through any LCH.Clearnet Group member is not in any material way detrimental to
the position of the Euronext Market Undertaking, including, without limitation,
its tax treatment.

4.4                    Clearnet
shall collect Fees from the Clearing Members for services provided in relation
to their dealings on the markets operated by the Euronext Market Undertakings
set out in Schedule 1. The Fees of Clearnet in effect on the date hereof (the “Current Fees”) are as set forth in Schedule
2 Part A.       *      
Clearnet and the Euronext Market Undertakings shall consult upon the
implementation of any such proposed change in fee structure       *      

4.5                          *      
Clearnet shall, as part of its collection of Fees, collect Retrocession Fees in
relation to each Euronext Market specified in Schedule 1 from its Clearing
Members on behalf of each Euronext Market Undertaking and shall account to each
such Euronext Market Undertaking for Retrocession Fees collected on its behalf.
The level of such Retrocession Fees for each Euronext Market shall be
calculated in accordance with Schedule 4, subject always to the provisions of
this Article 4.

Subject to Article 4.7, 4.8 and 4.9, Clearnet shall
pay each Euronext Market Undertaking on a monthly basis in arrears all
Retrocession Fees collected on its behalf under this Agreement and each such
payment shall be accompanied by a written statement that sets out in detail the
calculation of the total amount due. If any Euronext Market Undertaking has any
objection to the amounts listed on such statement, it may review Clearnet’s
records with respect thereto and Clearnet shall cooperate fully in such review
by providing all appropriate records and making its officers, employees, agents
and consultants reasonably available during regular business hours without
charge to the relevant Euronext Market Undertaking, as may be reasonably
required in connection therewith. Following such review, the parties shall
endeavour in good faith to resolve any disagreement with respect to the
calculation of the Retrocession Fees due hereunder. Clearnet shall maintain
true and complete books of account containing an accurate

 

 

11

 

record of all data necessary for the proper
computation of all Retrocession Fees collected by Clearnet under the terms of
this Agreement in the manner provided for as at the date of this Agreement and
shall, for as long as any Retrocession Fees are to be collected hereunder and
for a period of three years thereafter, give each Euronext Market Undertaking
access to such books of account and allow each Euronext Market Undertaking to
take copies of such upon reasonable request.

4.6                    Clearnet
and any Euronext Market Undertaking may at any time propose reductions in the
Clearing Fees that Clearnet charges to Clearing Members on any Euronext Market
with respect to the clearing of Transactions on that market (any such reduction
referred to as a “Fee Reduction”).
Subject to the terms of this Article 4 (including the principles set forth in
Article 4.7 below), a proposal for a Fee Reduction shall be dealt with in
accordance with the procedure set forth in Schedule 2 Part B.

4.7                          *      

4.8                    Notwithstanding
any other provision of this Article 4,       *      
At the end of each calender month during such period, Clearnet shall calculate
the Clearing Fees collected on each such market and the amount of Retrocession
Fees which would be due to the relevant Euronext Market Undertaking. Clearnet
shall then make a reconciliation between the amount collected as against the
guaranteed average fee levels in Schedule 3. To the extent that the Clearing
Fees collected by Clearnet, net of the amount of Retrocession Fees calculated
as due to the relevant Euronext Market Undertaking, are,       *      
the Euronext Market Undertaking in question shall allow Clearnet to set off       *      
for that month against       *      
and/or make such additional payments to Clearnet as are necessary to ensure
that Clearnet       *      
To the extent that the

 

 

12

 

Clearing Fees collected by Clearnet, net of the amount
of Retrocession Fees calculated as due to the relevant Euronext Market
Undertaking,       *      
Clearnet shall pay       *      
to the relevant
Euronext Market Undertaking       *      

4.9                    During
the term of this Agreement, unless agreed otherwise by Clearnet and Euronext
Amsterdam,       *      
Euronext Amsterdam shall be obliged to pay to Clearnet an amount of       *      
which amount for calendar year 2003 shall be due and payable in accordance with
the schedule currently in place for the payment of Retrocession Fees in 2003
and which amounts for the following calendar years shall be due and payable in
equal monthly instalments. Clearnet shall set off any Retrocession Fees which
are due from Clearnet to Euronext Amsterdam in accordance with Article 4.5 in
respect of a period against the amount of the payment due to it from Euronext
Amsterdam under this Article 4.9 for that period and shall be liable to pay the
net amount of Retrocession Fees, if any, remaining after such set-off. If,
after any set-off of such Retrocession Fees an amount is due from Euronext
Amsterdam, Euronext Amsterdam shall pay such amount within 30 days of the
receipt of the written statement detailing such amount, prepared in accordance
with the second paragraph of Article 4.5. Clearnet and Euronext Amsterdam agree
that where Clearnet introduces a change in its tariff structure applicable to
the markets operated by Euronext Amsterdam, Clearnet and Euronext Amsterdam
shall discuss whether it may be appropriate to vary the amount of the payment
to Clearnet contemplated under this Article 4.9.

4.10              Clearnet
agrees that for so long as it has the benefit of the       *      
in relation to any Euronext Market without the prior written agreement of the
affected Euronext Market Undertaking.

4.11              For
so long as Clearnet remains an LCH.Clearnet Group member, the general fee
policy applied by Clearnet to the Euronext Group shall be determined by
LCH.Clearnet following discussions in good faith with the Euronext Market
Undertakings on a regular basis and prior to any significant changes in fee
policy or structure.       *      

4.12              Without
prejudice and in addition to any other provision of this Article 4, each of the
Euronext Market Undertakings undertakes, jointly and severally, to satisfy the
following obligations to Clearnet,       *      

4.12.1          *      
Clearnet shall set off such amount

 

13

 

against the aggregate amount of the Retrocession Fees
due to any one or more of the Euronext Market Undertakings (such set off shall
be effected against such amounts owed to each Euronext Market Undertaking in
such proportions as may be requested in a joint written request by or on behalf
of the Euronext Market Undertakings or, in the absence of such a written
request or in the event that the terms of the request would not result in full
satisfaction of such obligations to Clearnet, in Clearnet’s absolute
discretion, without prejudice in all cases to the joint and several liability
of the Euronext Market Undertakings). Such set-off shall be made against
Retrocession Fees calculated within 30 days of 31 December 2003.

4.12.2    Calendar year 2004 - The Euronext Market Undertakings will pay
to Clearnet, within 30 days of 31 December 2004, an amount equivalent to the       *      
for the purposes of this Article 4.12 (except as specified below), is the       *      
received by Clearnet in respect of cash, options, futures, OTC and other
markets cleared by it, whether under this Agreement or otherwise (and, for the
avoidance of doubt, excluding non-clearing revenue and treasury income as
contemplated in the Clearnet Business Plan dated 30 April 2003, which
non-clearing revenue amounts to       *      
in 2004 and       *      
in 2005 and which treasury income amounts to    *   
in 2004 and    *    in 2005), net of any
Retrocession Fees which Clearnet has paid to any Euronext Market Undertaking
pursuant to this Agreement and after application of all other provisions of
this Agreement, including Article 4.8) in comparison with a forecast Total Net
Clearing Revenue of    *    (being the forecast
contained in the Clearnet Business Plan dated 30 April 2003, up to but not
exceeding an amount of    *    in aggregate.
Clearnet shall set off such amount against the aggregate amount of the
Retrocession Fees due to any one or more of the Euronext Market Undertakings
(such set off shall be effected against such amounts owed to each Euronext
Market Undertaking in such proportions as may be requested in a joint written
request by or on behalf of the Euronext Market Undertakings or, in the absence
of such a written request or in the event that the terms of the request would
not result in full satisfaction of such obligations to Clearnet, in Clearnet’s
absolute discretion, without prejudice in all cases to Clearnet’s rights to
demand payment from such Euronext Market Undertaking and to the joint and
several liability of the Euronext Market Undertakings). Any such set-off shall
be made against Retrocession Fees calculated within 30 days of 31 December
2004. Where there is a surplus in actual Total Net Clearing Revenue (which for
this purpose alone shall be limited to Total Net Clearing Revenue which is net
clearing revenue received by Clearnet in respect only of markets cleared by it
as at the date of the Clearnet Business Plan dated 30 April 2003) as against
such forecast Total Net Clearing Revenue for such calendar year, Clearnet shall
pay an amount equivalent to such surplus, up to but not exceeding an amount of    *   
in aggregate, to the Euronext Market Undertakings (in such proportions as may
be requested in a joint written request by or on behalf of the Euronext Market
Undertakings or, in the

 

 

14

 

absence of such a written request, in Clearnet’s
absolute discretion) within 30 days of 31 December 2004.

4.12.3    Calendar year 2005 - The
Euronext Market Undertakings will pay to Clearnet, within 30 days of 31
December 2005,    *    for the 2005 calendar year
in comparison with a forecast Total Net Clearing Revenue of    *   
(being the forecast contained in the Clearnet Business Plan dated 30 April
2003), up to but not exceeding an amount of    *   
in aggregate. Clearnet shall set off such amount against the aggregate amount
of the Retrocession Fees due to any one or more of the Euronext Market
Undertakings (such set off shall be effected against such amounts owed to each
Euronext Market Undertaking in such proportions as may be requested in a joint
written request by or on behalf of the Euronext Market Undertakings or, in the absence
of such a written request or in the event that the terms of the request would
not result in full satisfaction of such obligations to Clearnet, in Clearnet’s
absolute discretion, without prejudice in all cases to Clearnet’s rights to
demand payment from such Euronext Market Undertaking and to the joint and
several liability of the Euronext Market Undertakings). Any such set-off shall
be made against Retrocession Fees calculated within 30 days of 31 December
2005. Where there is a surplus in actual Total Net Clearing Revenue (which for
this purpose alone shall be limited to Total Net Clearing Revenue which is net
clearing revenue received by Clearnet in respect only of markets cleared by it
as at the date of the Clearnet Business Plan dated 30 April 2003) as against
such forecast Total Net Clearing Revenue for such calendar year, Clearnet shall
pay an amount equivalent to such surplus, up to but not exceeding an amount of    *   
in aggregate, to the Euronext Market Undertakings (in such proportions as may
be requested in a joint written request by or on behalf of the Euronext Market
Undertakings or, in the absence of such a written request, in Clearnet’s
absolute discretion) within 30 days of 31 December 2005.

In respect of the calculation under Article 4.12.2 or 4.12.3,
Clearnet’s actual Total Net Clearing Revenue for the calendar year in question
shall be determined by Clearnet and Clearnet shall provide to the Euronext
Market Undertakings a written statement that sets out in detail the calculation
of such Total Net Clearing Revenue. If any Euronext Market Undertaking has any
objection to the calculation contained in such statement, it may review
Clearnet’s records with respect thereto and Clearnet shall cooperate fully in
such review by providing all appropriate records and making its officers,
employees, agents and consultants reasonably available during regular business
hours as may be reasonably required in connection therewith. Following such
review, the parties shall endeavour in good faith to resolve any disagreement
with respect to the calculation of the Total Net Clearing Revenue for the
period in question. Clearnet shall maintain true and complete books of account
containing an accurate record of all data necessary for the proper computation
of Total Net Clearing Revenue under the terms of this Agreement and shall,
until 31 December 2008, give the Euronext Market Undertakings access to such
books of account and allow the Euronext Market Undertakings to take copies of
such upon reasonable request.

 

 

15

 

Where any Euronext Market Undertaking ceases or
anticipates ceasing to be a wholly owned subsidiary within the Euronext Group,
the parties shall, at the request of such Euronext Market Understanding, discuss
whether the obligations of such Euronext Market Undertaking under this Article
4.12 should be assumed by another Euronext Market Undertaking or in a different
manner, without prejudice to the continuing joint and several obligations of
the other Euronext Market Undertakings under this Article 4.12.

The target Total Net Clearing Revenue figures set
forth in Articles 4.12.2 and 4.12.3 (i.e.    *   
for 2004 and    *    for 2005) are based on the
product flow and the fee schedule assumptions underlying the forecast contained
in the Clearnet Business Plan dated 30 April 2003. For the purposes of
effecting the calculations under Articles 4.12.2 and 4.12.3, the forecast Total
Net Clearing Revenue figures shall be adjusted pro rata where one or more of
the assumptions which impact on that forecast are modified at the initiative of
any Olympus Group member in a manner which was not contemplated in the Clearnet
Business Plan dated 30 April 2003 and the forecasts contained therein.

4.13              In
respect of any amounts due and payable to Clearnet pursuant to this Agreement
from any Euronext Market Undertaking, and subject to the provisions of Article
4.12, Clearnet shall, insofar as it is able to do so, set off such obligations
to it against Retrocession Fees which are or would otherwise be due to such
Euronext Market Undertaking or any other amounts due by Clearnet to such
Euronext Market Undertaking pursuant to this Agreement, without prejudice to
Clearnet’s rights to demand payment from such Euronext Market Undertaking.

4.14              Where
all of the Euronext Market Undertakings become subject to insolvency
proceedings as contemplated under Article 8.5, Clearnet may by notice to each
of the Euronext Market Undertakings declare any amounts which are not but
would, with the passing of time and with reasonable certainty, become due and
payable by such Euronext Market Undertakings to Clearnet pursuant to Article
4.9 or 4.12, to be immediately due and payable (whereupon the same shall become
so payable). Where Clearnet becomes subject to insolvency proceedings as
contemplated under Article 8.5, any Euronext Market Undertaking may by notice
to Clearnet declare any amounts which are not but would, with the passing of
time and with reasonable certainty, become due and payable by Clearnet to such
Euronext Market Undertaking pursuant to Article 4.8 or 4.12, to be immediately
due and payable (whereupon the same shall become so payable).

4.15              Clearnet
shall use its reasonable efforts to provide support to Clearing Members in the
context of new projects and otherwise, such support and services to be provided
to each Euronext Market Undertaking at a level and in a manner equivalent to
that at which such support and services are provided to other markets serviced
by LCH.Clearnet Group members.

4.16              Clearnet
shall provide timely and appropriate support, assistance and resources to the
Euronext Group in response to specific requests relating to Clearing Services,
in particular in connection with the development and implementation of new
products and markets.

 

 

16

 

ARTICLE 5. COLLABORATION
AND COMMUNICATION OF INFORMATION BETWEEN PARTIES

5.1                    This
Agreement has been drawn up in a spirit of partnership and balance of
contractual relations, with each of the parties committing on the basis of its
capabilities and professionalism.

5.2                    The
parties agree to collaborate closely in their contractual relations and to
perform their obligations in total good faith in accordance with this Agreement
and the Service Level Agreement. Each party undertakes to maintain active,
regular collaboration and ongoing dialogue with its members and the other
parties in relation to the subject matter of this Agreement.

5.3                    Such
collaboration and consultation shall include, but not be limited to, the
following areas:

5.3.1                   changes to the
fee structures and policies set by LCH.Clearnet, including exercise and
assignment fees, deposit interest policy and any other charge relating to
activity on Euronext Markets;

5.3.2                   merging of open
interest, fungibility of Financial Instruments traded on Euronext Markets,
margin offsets with Financial Instruments traded on other trading platforms or
over the counter (it being specified that any actions with respect to these
topics are subject to Article 5.7);

5.3.3                   changes to
membership criteria or financial resources requirements relevant to any
Euronext Markets;

5.3.4                   action against
any member of a Euronext Market;

5.3.5                   margin levels
regarding products traded on Euronext Markets;

5.3.6                   procedures for the
registration of Financial Instruments traded on Euronext Markets;

5.3.7                   acceptable
forms and currencies of collateral relevant to any Euronext Markets;

5.3.8                   access to
settlement systems relevant to any Euronext Markets;

5.3.9                   changes to the
organisational structure of the LCH.Clearnet Group which may be relevant to the
provision, by Clearnet or any other LCH.Clearnet Group member, of services to
the Euronext Markets under this Agreement;

5.3.10             LCH.Clearnet IT
architecture as it is relevant to the Euronext Markets;

5.3.11             settlement dates
relevant to any Euronext Markets; and

5.3.12             buy-in procedures
relevant to any Euronext Markets.

5.4                    Moreover:

Each of the parties undertakes that it will co-operate
in relation to the subject matter of this Agreement, by the sharing of relevant
information or otherwise, with any Competent Authority or body having
responsibility for any matter arising out of, or connected with, the regulation
of

 

 

17

 

any member, market or clearing house in relation to
any such matter, and with the other parties (who shall in turn have the right
to share such information with any Competent Authority with jurisdiction over
them, provided that such action does not place the disclosing party in breach
of any obligation of confidentiality of which the other parties are made
aware).

The Euronext Market Undertakings and Clearnet
undertake that the Exchange Rules and the Clearing Rules are designed to ensure
that there is at all times a Clearing Member to clear the trades of every
Trading Member who has access to any Euronext Market. In particular, the
Clearnet-Euronext Contractual Documentation shall describe how access to
trading facilities is removed from any Clearing Member (and any Trading Member
for whom that Clearing Member acts as clearer) which is, or seems likely to
become, in default under the Clearnet-Euronext Contractual Documentation, and
the procedures to be followed with the aim of permitting non-defaulting Trading
Members to continue to operate in spite of a default of their Clearing Member
or removing their access to trading facilities where necessary.

If any of the parties becomes aware of any problem in
relation to any Transaction, or the clearing and settlement of any Transaction,
or any circumstances which are likely to give rise to such a problem, it shall
immediately notify the other party.

The Service Level Agreement shall outline the
procedures of the parties for the audit and surveillance of their respective
members. Any communications between the parties as provided in such document
shall be made as therein stipulated.

5.5                    In
order to ensure that the Euronext Markets operate in an orderly manner and are,
as far as is possible, insulated from the risk of contagion of adverse effects
flowing from events on non-Euronext markets, Clearnet and LCH.Clearnet
undertake to co-operate with the Euronext Market Undertakings through dialogue
and consultation to the greatest extent reasonably practicable. In particular,
Clearnet and LCH.Clearnet undertake as follows:

•                             The
general approach to the setting of margin rates or levels for Financial
Instruments traded on any of the Euronext Markets, the determination of the
methodology for margining and the subsequent adaptation thereof shall be established
by the board of LCH.Clearnet on the recommendation of the risk committee of
LCH.Clearnet, which committee will include at least one representative of the
Euronext Group. Adjustments to margin levels set on the basis of the general
approach or to the methodology for margining will be made by Clearnet or
LCH.Clearnet only following consultation with the relevant Euronext Market
Undertaking wherever possible, but each Euronext Market Undertaking
acknowledges that in certain market conditions it may not be possible for such
consultation to take place prior to the implementation of changes to initial
margin.

•                             Where
there is a default by a Trading Member or a Clearing Member, Clearnet and the
relevant Euronext Market Undertaking shall in accordance with the default
procedures which form part of the Clearing Rules or the Exchange Rules (as
applicable), co-operate generally, and in particular as to the liquidation of
any open positions, so as to minimise any adverse impact upon any of the
Euronext Markets or Clearnet.

 

 

18

 

5.6                    Where
Clearnet admits a member for the clearing of trades executed on non-Euronext
markets, Clearnet shall have in place procedures to ensure a clear separation
of records so as not to allow such member to receive information concerning the
Euronext Markets.

5.7                    
   *   

Furthermore, no member of the Olympus Group shall
introduce    *    relating to Financial
Instruments traded on a Euronext Market, or    *   
registered by Clearnet or any other Olympus Group member, without the prior
consent of the relevant Euronext Market Undertaking (which shall not be
unreasonably withheld). Should Clearnet change its existing margining system,
each Euronext Market Undertaking may opt on a case by case basis not to include
Financial Instruments in the new margining arrangements where such Euronext
Market Undertaking reasonably considers that such inclusion would have a
significant adverse effect on its competitive position. If such decision of a
Euronext Market Undertaking by itself gives rise to additional Clearnet costs
as a result of maintaining both the existing margining system and the new
margining system, such Euronext Market Undertaking shall reimburse such
reasonable additional costs following justification of such costs.

5.8                    
   *   

ARTICLE 6.  CONFIDENTIALITY

Each of the parties shall, both during and after the arrangements
contemplated by this Agreement have terminated:

(a)                    keep
confidential all information, whether in written or any other form, which has
been disclosed to it by or on behalf of the other party in confidence or which
by its nature ought to be regarded as confidential (including, without
limitation, any business information in respect of the other party which is not
directly applicable or relevant to the Transactions contemplated by this
Agreement); and

(b)                   procure that
its officers, employees and representatives keep secret and treat as
confidential all such documentation and information.

This clause does not apply to information:

 

 

19

 

(a)                    to the extent
that the Clearing Rules or the rules of the Euronext Market Undertakings
provide for such information to be disclosed to any other exchange, clearing
organisation, or regulatory authority;

(b)                   to the extent
made available to the recipient party by a third party who is entitled to
divulge such information and who is not under any obligation of confidentiality
in respect of such information to the other party or which has been disclosed
under an express statement that it is not confidential;

(c)                    to the extent
required to be disclosed by any applicable law or by any governmental or other
regulatory or supervisory body or authority of competent jurisdiction to whose
rules the party making the disclosure is subject, whether or not having the
force of law, provided that the party disclosing the information shall notify
the other party of the information to be disclosed (and of the circumstances in
which the disclosure is alleged to be required) as early as reasonably possible
before such disclosure must be made and shall take all reasonable action to
avoid and limit such disclosure;

(d)                   disclosed to
any applicable tax authority to the extent reasonably required to assist the
settlement of the disclosing party’s tax affairs; or

(e)                    which shall
after the date of this Agreement become published or otherwise generally
available to the public, except in consequence of a wilful or negligent act or
omission by the other party to this Agreement in contravention of these
obligations, or to information which the recipient party can prove was already
known to it before its receipt from the disclosing party.

The provisions of this clause shall survive any termination of this
Agreement for a period of 3 years.

ARTICLE 7. DURATION AND ACCESSION BY
NEW UNDERTAKINGS

This Agreement will take effect upon Completion, and will continue in
force until terminated in accordance with the provisions of Article 8 of this
Agreement.

Where the Euronext Group is enlarged to include any new market
operator, such operator shall, and each Euronext Market Undertaking shall use
its reasonable efforts to procure that such operator shall, accede to this
Agreement by a side letter signed by itself and the parties, subject to and in
the circumstances contemplated by Article 3.

ARTICLE 8. TERMINATION

8.1                    This
Agreement has an initial term of    *    (the “Initial Term”) from the date when it takes
effect under Article 7, unless terminated earlier pursuant to Article 8.3, 8.4,
8.5 or 8.6 of this Agreement. At the end of the Initial Term, this Agreement
shall remain in force until terminated by any party giving notice of
termination to the other parties, provided that such notice of termination may
not be served before the expiry of the Initial Term and must provide for a
notice period of not less than    *    unless
terminated earlier pursuant to Article 8.3,
8.4, 8.5 or 8.6.

8.2                    Where
force majeure (as defined in the Clearing Rules) prevents any party (the
“affected party”) from temporarily performing its obligations under this
Agreement, the parties shall

 

 

20

 

immediately seek to resolve the issue in accordance
with Article 19 of this Agreement. Failing such resolution within a period of 6
weeks, this Agreement may, in relation to the affected party, be terminated
with immediate effect upon written notice from any party to the other parties.
Where force majeure (as defined in the Clearing Rules) prevents any party (the
“affected party”) from non-temporarily performing its obligations under this
Agreement, any party may terminate this Agreement immediately in relation to
the affected party.

8.3                    Where
any Euronext Market Undertaking (the “affected party”) becomes subject to any
arrangements which result in    *    the parties
will consult in accordance with Article 19 of this Agreement to determine
whether or not this Agreement should continue in force, and if so how the
contractual relationship should proceed, in relation to the affected party.

8.4                    Where
Clearnet becomes subject to any arrangements which result in (i) it ceasing to
be a member of the LCH.Clearnet Group, or (ii) a change of control in the
ultimate parent undertaking of the LCH.Clearnet Group (to the extent that the
change results in a person becoming a new parent undertaking of that
undertaking), the parties will consult in accordance with Article 19 of this
Agreement to determine whether or not this Agreement should continue in force,
and if so how the contractual relationship should proceed.

8.5                    Where
Clearnet or any Euronext Market Undertaking (the “affected party”) becomes
subject to insolvency proceedings, including without limitation, the passing of
a resolution for a winding up, the appointment of a receiver, administrative
receiver or administrator, the making of a composition of arrangements with
creditors or any proceedings or event of equivalent effect, the parties will
consult in accordance with Article 19 of this Agreement to determine whether or
not this Agreement should continue in force in relation to the affected party,
and if so how the contractual relationship should proceed.

8.6                    If
Clearnet or any of the Euronext Market Undertakings (the “breaching party”)
fails to perform any material obligation as specified in this Agreement, any
party to whom the relevant obligation is owed may terminate this Agreement in
relation to the breaching party with immediate effect by giving notice,
specifying the clause broken, provided that it first gives the breaching party
a reasonable period of time to repair the failure, following consultation in
accordance with Article 19 of this Agreement.

8.7                    Termination
of this Agreement as between Clearnet and any single Euronext Market
Undertaking shall not equate to termination of the entire contract as between
all of the parties.

8.8                    After
termination of this Agreement, for whatever reason, any remaining “open
interest” should be finally settled between the parties.

ARTICLE 9. ASSIGNMENT AND DELEGATION

Except as provided in Article 3, 4 and 7 of this Agreement, no party
shall take any actions or measures to assign, transfer, charge or otherwise
deal with all or any of its rights and/or obligations under or pursuant to this
Agreement or delegate the performance of any of its obligations under or

 

 

21

 

pursuant to this Agreement without the prior written approval of the
other parties. Such approval not to be unreasonably withheld or delayed.

ARTICLE 10. NON-COMPETE UNDERTAKINGS

10.1              Each
Euronext Market Undertaking hereby represents as of the date of its entry into
this Agreement that it is not its intention to establish or acquire a Material
Interest in a business with a view to competing with the LCH.Clearnet Business
and undertakes and agrees that, for a period of    *   
following its entry into this Agreement (or until it ceases to be a party to
this Agreement, if earlier):

10.1.1        save as permitted by
clause 10.1.2    *   

10.1.2        if it acquires a Material
Interest in an undertaking (which may include a single entity or multiple
entities grouped together in a single or related transactions) which includes
as a secondary or incidental part of its overall operations    *   

10.1.3        if its business begins to
converge with the business of any LCH.Clearnet Group member (whether by
acquisition, entering a joint venture or otherwise) so that the two businesses
come into direct competition with each other, as soon as reasonably practicable
after such circumstances come to its attention, it shall notify LCH.Clearnet of
such convergence and shall discuss with LCH.Clearnet in good faith the
development and continuation of such converging business on a joint basis; and

10.1.4        *   

10.2              Each
of LCH.Clearnet and Clearnet hereby undertakes that, for a period of    *   
following its entry into this Agreement (or until it ceases to be a party to
this Agreement, if earlier), if it develops or acquires any new business which
consists of, or includes,    *     with
the business of any Euronext Market Undertaking, it shall as soon as reasonably
practicable after such circumstances come to its attention notify each Euronext
Market Undertaking and shall discuss with each Euronext Market Undertaking in
good faith the development and continuation of such business, as it relates to
the competing trading platform, on a joint basis. This undertaking does not
apply to

 

 

22

 

any business of LCH.Clearnet and/or Clearnet currently
operated or contemplated  for development
in the LCH.Clearnet business plan as at the date of this Agreement.

ARTICLE 11. AMENDMENT

No amendment of this Agreement shall be valid unless it is in writing
and signed by or on behalf of the parties to it.

Unless expressly agreed, no amendment shall constitute a general waiver
of any provisions of this Agreement, nor shall it affect any rights,
obligations or liabilities under or pursuant to this Agreement which have
already accrued up to the date of amendment, and the rights and obligations of
the parties under or pursuant to this Agreement shall remain in full force and
effect, except and only to the extent they are so amended.

ARTICLE 12. LIABILITY

12.1              Except
as expressly provided in this Agreement and subject to the provisions of this
Article, no party shall be liable to any other party for any liability, claim,
loss, damages and expenses of any kind or nature arising from the performance
or non-performance of its obligations under this Agreement except to the extent
that such liability, claim, loss, damages or expenses result from the first
party’s negligence, wilful default or fraud and no party shall incur any
liability for any indirect, special or consequential loss or consequential
damages of any kind.

12.2              Notwithstanding
any other provision of this Agreement, no party shall be deemed to be in breach
of this Agreement, or otherwise be liable to any other party, for any loss or
damage suffered as a result of any force majeure event (as defined in the
Clearing Rules) of which it has notified that other party.

12.3              Subject
to Articles 12.1 and 12.2 above, each Euronext Market Undertaking shall
indemnify Clearnet fully for:

12.3.1        any reasonably foreseeable
loss which it may incur as a result of the Euronext Market Undertaking’s
failure to    *    and

12.3.2        any loss which it may
incur as a result of any    *    that results in
a material interruption of Clearing Services provided in accordance with this
Agreement.

12.4              Subject
to Articles 12.1 and 12.2 above, Clearnet shall indemnify each Euronext Market
Undertaking fully for:

12.4.1    any reasonably foreseeable
loss which it may incur as a result of a failure on the part of Clearnet to    *   
and notified to it by a Euronext Market Undertaking as provided in the Clearnet-Euronext
Contractual Documentation; and

 

 

23

 

12.4.2                  any loss which
it may incur as a result of any    *    that
results in a material interruption of Clearing Services provided to such
Euronext Market Undertaking in accordance with this Agreement.

ARTICLE 13. AMENDMENTS TO RULES

13.1              Clearnet
may at any time amend its Clearing Rules, provided that Clearnet shall consult
with each Euronext Market Undertaking in respect of any proposed amendment to
any part of the Clearing Rules insofar as they are applicable to the
performance of Clearnet’s obligations under this Agreement owed to such
Euronext Market Undertaking.

13.2              Any
Euronext Market Undertaking may at any time amend its rules, provided that such
Euronext Market Undertaking shall consult with Clearnet in respect of any
proposed amendment which may have an impact on the provision of the Clearing
Services by Clearnet.

13.3              Each
party agrees that it will not knowingly maintain or introduce any requirement
binding on its members which is reasonably likely to have a material adverse
effect on the ability of any of the other parties properly and fully to comply
with their obligations under this Agreement, unless such amendment is required
by the party’s regulator or to fulfil legal or taxation requirements.

13.4              If
any party becomes aware that any provision in another party’s rules,
regulations or procedures is materially inconsistent with any provision of the
other documentation, it shall notify the other party as soon as reasonably
practicable and the parties shall co-operate to make such amendments as they
may agree in order to remove that inconsistency.

13.5              Each
party acknowledges that any other party may make any amendment to its rules,
regulations or procedures if required to do so in order to comply with law or
its obligations to or any valid requirement of any regulator with jurisdiction
over it or authority to regulate its business activities.

ARTICLE 14. SEVERABILITY

If any provision of this Agreement is held to be invalid or
unenforceable, then such provision shall (so far as invalid or unenforceable)
be given no effect and shall be deemed not to be included in this Agreement but
without invalidating any of the remaining provisions of this Agreement unless
this provision is of a material nature.

The parties shall then use all reasonable endeavours to replace the
invalid or unenforceable provisions by a valid and enforceable substitute
provision the effect of which is as close as possible to the intended effect of
the invalid or unenforceable provision.

ARTICLE 15. NOTICES

Any notice to be given by one party to another party under, or in
connection with, this Agreement shall be in writing and signed by or on behalf
of the party giving it. It shall be served by sending it by fax to the number
set out in part B of Schedule l, or sending it by registered post to the
address set out in part B of Schedule 1, and in each case marked for the
attention of the relevant party (or as otherwise notified from time to time).

 

 

24

 

ARTICLE 16. WAIVERS

No failure or delay by any party in exercising any right or remedy
provided by law or pursuant to this Agreement shall impair such right or remedy
or operate or be construed as a waiver or variation of it or preclude its
exercise at any subsequent time and no single or partial exercise of any such
right or remedy shall preclude any other or further exercise of it or the
exercise of any other right or remedy.

ARTICLE 17. AGREEMENT

This Agreement, including the schedules hereto, sets out the entire
agreement and understanding between the parties in respect of the subject
matter of this Agreement.

In this Agreement unless the context otherwise requires the headings
are inserted for convenience only and do not affect the construction of the
Agreement and any reference to a rule, an enactment or statutory provision is a
reference to it as it may have been, or may from time to time be, amended,
modified, consolidated, re-enacted or replaced.

ARTICLE 18. GOVERNING LAW

This Agreement and the relationship between the parties shall be
governed by, and interpreted in accordance with, French law.

ARTICLE 19. AMICABLE RESOLUTION

In case of dispute or any difference of interpretation between the
parties as to the execution or termination of this Agreement, the parties
undertake to attempt to find an amicable resolution within the spirit of this
Agreement.

Where such an amicable agreement cannot be reached within one month,
the parties agree that any dispute shall be resolved in accordance with Article
20 of this Agreement.

ARTICLE 20. ARBITRATION, SERVICE OF
PROCESS

Any issue which is not resolved by the procedures of Article 19 of this
Agreement shall be referred to “EuroArbitration” to be dealt with under its
Rules of Expertise, Mediation or Arbitration, as appropriate.

Each of the Euronext Market Undertakings, Clearnet and LCH.Clearnet
irrevocably consents to service of process or any other documents in connection
with proceedings in any court by facsimile transmission, personal service,
delivery at any address specified in this Agreement or any other usual address,
mail or in any other manner permitted by French law, the law of the place of
service or the law of the jurisdiction where proceedings are instituted.

 

 

25

 

AS WITNESS the hands of the duly authorised representatives of the
parties

Date

SIGNED BY

For Euronext Amsterdam N.V.

Date

SIGNED BY

For Euronext Brussels S.A./N.V.

Date

SIGNED BY

For Euronext Paris S.A.

Date

SIGNED BY

For Euronext Lisbon — Sociedade Gestora de Mercados Regulamentados,
S.A.

Date

SIGNED BY

For Banque Centrale 

de Compensation S.A.

Date

SIGNED BY

For LCH.Clearnet Group Limited

Date

 

 

26

 

SCHEDULE 1 PART A

EURONEXT
MARKETS

Each of the following markets identified as being operated by a
Euronext Market Undertaking is a “Euronext Market” for the purposes of this
Agreement.

1.                          Euronext
Paris operates four regulated French markets and one organised market:

Securities
Markets

(1)                    Bourse de
Paris (which includes the Premier Marché, the Second Marché and the Marché des
EDR (European Depositary Receipts)).

(2)                    the Nouveau
Marché.

Derivatives
Markets

(1)                    the MONEP.

(2)                    the MATIF.

Organised
Markets

(1)                    Marché Libre
OTC (which is categorised as a Securities Market for the purposes of Schedule
4C but does not constitute a cash equities market for the purposes of Article
4.8).

2.                          Euronext
Amsterdam operates regulated Dutch markets:

(1)                    the securities
market Euronext Amsterdam Stock Exchange (AEX) (which includes (a) the official
market, (b) the domestic market for unlisted securities and (c) Euro NM
Amsterdam).

(2)                    the
derivatives market Amsterdam Derivative Markets.

3.                          Euronext
Amsterdam supervises “Prof Trades exchanges”.

4.                          Euronext
Brussels organises five Belgian regulated markets:

Securities
markets

(1)                    the Premier Marché/Eerste Markt.

(2)                    the Second Marché/Tweede Markt.

(3)                    the Nouveau Marché/Nieuwe Markt.

(4)                    the Trading
Facility.

Derivatives
markets

(1)                    the Euronext
Brussels Derivatives Market.

 

 

27

 

5.                          Euronext
Brussels organises regular Public Auctions (“Ventes publiques”/“Openbare
veiligen”) and a “Marché Libre” which are not regulated markets.

6.                          Euronext
Lisbon operates the following markets:

Derivatives
Markets

(1)                    Mercado de
futuros e opções (Futures and Options Market)

Cash
Markets

(1)                    Mercado de
Cotações Oficiais (Market of Official Listing)

(2)                    Segundo
Mercado (Second Market)

(3)                    Novo Mercado
(New Market)

(4)                    Mercado sem Cotações
(Market without Quotations)

 

 

28

 

SCHEDULE 1 PART B

NOTICES
(ARTICLE 15)

CLEARNET

Address:                    39 Rue Cambon,

75001 Paris - France

Fax:                                                 + 33 (1) 1 49 27 10 60

For the attention of: Christophe Hemon

LCH.CLEARNET

Address:                    Aldgate House, 33 Aldgate High Street,

London, EC3N 1EA, United Kingdom

Fax:                                                 + 44 (0) 20 7426 7001

For the attention of: David Hardy

EURONEXT PARIS

Address:                    39 Rue Cambon,

75001 Paris - France

Fax:                                                 + 33 (0) 1 49 27 16 04

For the attention of: Patrick Stephan

EURONEXT BRUSSELS

Address:                    Palais de la Bourse

1000 Brussels - Belgium

Fax:                                                 + 32 (2) 509 1321

For the attention of: Anne-Sophie Pijcke

EURONEXT AMSTERDAM

Address:                    P.O. Box 13163

1000 GJ Amsterdam - The Netherlands

Fax:                                                 + 31 (20) 550 4945

For the attention of: Guus Warringa

EURONEXT LISBON

Address:                    Atrium Saldanha, Praça Duque de Saldanha, n° 1, 5° A, 

Lisboa - Portugal

 

Fax:              + 351 22 615 8439

For the attention of: Maria do Rosario Azevedo

 

 

 

29

SCHEDULE
2 PART A

CURRENT FEES

 

CLEARNET

 

Clearing activities

 

Amsterdam Segment

 

Fees
applicable in 2003

 

30

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

1.         CASH MARKETS

 

A.       SUBACCOUNT FEE

 

Clearnet charges a
‘subaccount fee’ of €   *    per year for every
additional account a clearing member holds.

 

B.        VARIABLE FEES

 

	Clearing fees:

 

A variable clearing fee
of €   *     is charged per trade.

 

	Delivery fees:

 

A variable delivery fee
of €   *     is charged daily per delivered
net position per security.

 

	Penalty fees:

 

A fee is charged as a
percentage of the effective value of the non-settlement:

effective value < or equal to €    *     -->       *  %

effective value > €   *      and < or equal to €   *      -->     *     %

effective value > €    *     -->     *    
%

For each non settlement (per
security per Clearing Member) a minimum of €    *    is charged, a maximum of €   *     is charged per day per Clearing Member.

 

31

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

2.         DERIVATIVES MARKETS

 

A.       SUBACCOUNT FEE

 

Clearnet charges a
‘subaccount fee’ of €    *    per year for
every additional account a clearing member holds.

 

B.        VARIABLE FEES

 

	Clearing
     fees:

 

As yet, no distinction is
made between trading and clearing fees for derivative transactions. Derivative
transaction fees are         *         .
For derivative transaction fees we refer to the Euronext Amsterdam Fee Book.
The Fee Book also provides the fee structure for professional arrangements.

 

	Exercise/tender
     & assignment fees:

 

Exercise/tender &
assignment fees are          *           
(see Tables 1 and 2). For each exercise a maximum of
€    *    is applicable per member. (A
refund will be granted under conditions set by Clearnet.)

 

Table 1: Exercise & Assignment Fees - Options

 

	
   

  	
   

  	
  Per contract

  	
   

  	
  Introducing broker,

  Public order

  correspondent

  member.

  	
   

  	
  Executing

  broker,

  Introducing

  broker

  firm account,

  Off-floor

  trader

  	
   

  	
  Designated

  trader,

  Floor

  broker

  specialist

  	
   

  	
  Non-designated

  trader

  
	
  Equity options

  	
   

  	
  Exercise & ass. fee

  	
   

  	
  *% of total exercise value

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  
	
  Index options (10)

  	
   

  	
  Exercise & ass. fee

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  
	
  Index options (100)

  	
   

  	
  Exercise & ass. fee

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  
	
  Commodity options

  	
   

  	
  Exercise & ass. fee

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  
	
  Currency options

  	
   

  	
  Exercise & ass. fee

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  

 

32

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

Table 2: Tender & Assignment Fees - Futures

 

	
   

  	
   

  	
  Per contract

  	
   

  	
  Off-floor trader

  	
   

  	
  Broker

  	
   

  	
  (Local) Trader

  	
   

  
	
  Index futures (200) and Currency futures

  	
   

  	
  Tender & ass. fee

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  Index futures (20) and Equity futures

  	
   

  	
  Tender & ass. fee

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  Commodity futures

  	
   

  	
  Tender & ass. fee

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  

 

 

33

Clearing Activities

Lisbon Segment

 

 

 

Fee Applicable in 2003

 

34

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

Cash Market 1

 

Clearing Fee

 

Clearnet charges €     *      
per trade 2

 

Derivatives Markets

 

Clearing Fee

 

Clearing charges a flat fee for both contract side of
€     *      3.

 

Exercise & Assignment Fee

 

Depending on the derivative contract, the following fee is charged to
each side of the contract:

 

	
  Product

  	
   

  	
  Fee

  	
   

  
	
  Future
  Contracts

  	
   

  	
  Fee charged to           *           

  	
   

  
	
  Index Futures

  	
   

  	
          *         €

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Single Stock Futures DS

  	
   

  	
   

  	
   

  
	
  PT

  	
   

  	
          *         €

  	
   

  
	
  EDP

  	
   

  	
          *         €

  	
   

  
	
  BCP

  	
   

  	
          *         €

  	
   

  
	
  Cimpor

  	
   

  	
          *         €

  	
   

  
	
  PT—Multimedia

  	
   

  	
          *         €

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sonae

  	
   

  	
          *         €

  	
   

  

 

	
  Option Contracts

  	
   

  	
  Fee charged to           *           

  	
   

  
	
  Index Options

  	
   

  	
          *         €

  	
   

  
	
  Single Stock Options

  	
   

  	
                   

  	
   

  
	
  PT

  	
   

  	
          *         €

  	
   

  
	
  EDP

  	
   

  	
          *         €

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sonae

  	
   

  	
          *         €

  	
   

  
	
  PT—Multimedia

  	
   

  	
          *         €

  	
   

  

1          To be
implemented with the migration of the Portuguese market into Clearing® 21

 

2          “Trade”
refers to each party of the deal, i.e., the selling side and the buying side

 

3          Base:
Trading, roll-over and block trades

 

 

35

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

Membership Fee

 

	
  Clearing Members (also Trading)

  	
   

  	
  Fee

  	
   

  
	
  Admission

  	
   

  	
          *         €

  	
   

  
	
  Maintenance (monthly)

  	
   

  	
          *         €

  	
   

  

 

 

36

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

OTC MARKET

 

Repos

 

	
  Non Guaranteed Repos-Registration

  	
   

  
	
  Collateral

  	
   

  	
  Fee (p.a.)

  	
   

  	
  Minimum

  	
   

  	
  Maximum

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  (Number of days)

  	
   

  
	
  Government Bonds

  	
   

  	
          *         

  	
  % 

  	
          *         

  	
   

  	
          *         

  	
   

  
	
  Corporate Bonds

  	
   

  	
          *         

  	
  %

  	
          *         

  	
   

  	
          *         

  	
   

  
	
  Stocks

  	
   

  	
          *         

  	
  % 

  	
          *         

  	
   

  	
          *         

  	
   

  

 

	
   

  	
  Fee (p.a.) x Transaction Value x 

  	
  Term

  	
   

  
	
   

  	
   

  	
  360

  	
   

  

 

	
   

  	
  Changes to the Repo

  	
   

  	
   

  
	
  Government Bonds

  	
   

  	
  Fee

  	
   

  	
  Minimum

  	
   

  	
  Maximum

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  (Number of days)

  	
   

  
	
  Anticipation of start date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=     *     

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
   

  	
   

  
	
  Postponement of start date

  	
   

  	
  *     

  	
  %

  	
  *     

  	
   

  	
  *     

  	
   

  
	
  Anticipation of end
  date

  	
   

  	
  *     

  	
  %

  	
  *     

  	
   

  	
  *     

  	
   

  
	
  Postponment of end date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
   

  	
   

  
	
  Collateral Substitution

  	
   

  	
  *      

  	
  % 

  	
  *     

  	
   

  	
  *     

  	
   

  
										

 

 

37

 

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

	
  Corporate Bonds

  	
   

  	
  Fee

  	
   

  	
  Minimum

  	
   

  	
  Maximum ( # days)

  	
   

  
	
  Anticipation of start date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Postponement of start date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Anticipation of end
  date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Postponement of end
  date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Collateral Substitution

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  

 

	
  Stocks

  	
   

  	
  Fee

  	
   

  	
  Minimum

  	
   

  	
  Maximum ( # days)

  	
   

  
	
  Anticipation of start date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Postponement of start date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Anticipation of end
  date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Postponement of end
  date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Collateral Substitution

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  

 

A+B

 

A=           *                          

B=      *                    

 

 

38

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

	
  Non Guaranteed Repos—Settlement Failure fee

  
	
  Collateral

  	
   

  	
  Fee

  	
   

  	
  Minimum (EUR)

  	
   

  
	
  Government Bonds

  	
   

  	
        *          

  	
  %

  	
        *          

  	
   

  
	
  Corporate Bonds

  	
   

  	
        *          

  	
  %

  	
        *          

  	
   

  
	
  Stocks

  	
   

  	
        *          

  	
  %

  	
        *          

  	
   

  

 

	
  Securities
  Lending                                              Non
  Guaranteed Loans—Registration

  
	
   

  
	
  Collateral

  	
   

  	
  Fee (p.a.)

  	
   

  	
  Minimum

  	
   

  	
  Maximum

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  (Number of days)

  	
   

  
	
  Government Bonds

  	
   

  	
        *          

  	
  %

  	
        *          

  	
   

  	
        *          

  	
   

  
	
  Corporate Bonds

  	
   

  	
        *          

  	
  %

  	
        *          

  	
   

  	
        *          

  	
   

  
	
  Stocks

  	
   

  	
        *          

  	
  %

  	
        *          

  	
   

  	
        *          

  	
   

  

 

	
  Guaranteed Loans—Registration

  
	
  Government Bonds

  	
               *                  %

  	
              *          

  	
              *          

  	
   

  
	
  Stocks

  	
               *                  %

  	
              *          

  	
              *          

  	
   

  

 

	
   

  	
  Fee (p.a.) x Transaction Value x 

  	
  Term

  	
   

  
	
   

  	
   

  	
  360

  	
   

  

 

 

39

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

	
  Changes to the Securities Lending

  
	
  Government Bonds—Non Guaranteed
    Loans

  	
   

  	
  Fee

  	
   

  	
  Minimum

  	
   

  	
  Maximum ( # days)

  	
   

  
	
  Anticipation of start date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
   

  	
   

  
	
  Postponement of start date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Anticipation of end
  date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Postponement of end
  date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
   

  	
   

  
	
  Collateral Substitution

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  

 

	
  Government Bonds—Guaranteed Loans

  	
   

  	
  Fee

  	
   

  	
  Minimum

  	
   

  	
  Maximum ( # days)

  	
   

  
	
  Anticipation of start date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
   

  	
  B=    *      

  	
   

  	
   

  	
   

  
	
  Postponement of start
  date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Anticipation of end
  date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Postponement of end
  date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
   

  	
  B=    *      

  	
   

  	
   

  	
   

  

 

	
  Corporate Bonds—Non Guaranteed Loans 

  	
   

  	
  Fee

  	
   

  	
  Minimum

  	
   

  	
  Maximum ( # days)

  	
   

  
	
  Anticipation of start date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Postponement of start date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Anticipation of end
  date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Postponement of end
  date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Collateral Substitution

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  

 

 

40

 

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

	
  Stocks—Non Guaranteed Loans 

  	
   

  	
  Fee

  	
   

  	
  Minimum

  	
   

  	
  Maximum ( # days)

  	
   

  
	
  Anticipation of start date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Postponement of start date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Anticipation of end
  date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Postponement of end
  date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Collateral Substitution

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  

 

	
  Stocks—Guaranteed Loans 

  	
   

  	
  Fee

  	
   

  	
  Minimum

  	
   

  	
  Maximum ( # days)

  	
   

  
	
  Anticipation of start date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  
	
  Postponement of start date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Anticipation of end
  date

  	
   

  	
  *      

  	
  %

  	
  *      

  	
   

  	
  *      

  	
   

  
	
  Postponement of end
  date

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *    +

  	
   

  	
  A=    *      

  	
   

  
	
   

  	
   

  	
  B=    *      

  	
  %

  	
  B=    *      

  	
   

  	
        

  	
   

  

 

A+B

 

A=          *                           

B=     *                     

 

	
  Non Guaranteed Loans—Settlement Failure fee

  
	
  Collateral

  	
   

  	
  Fee (p.a)

  	
   

  	
  Minimum (EUR)

  	
   

  
	
  Government Bonds

  	
   

  	
  *

  	
  %

  	
  *

  	
   

  
	
  Corporate Bonds

  	
   

  	
  *

  	
  %

  	
  *

  	
   

  
	
  Stocks

  	
   

  	
  *

  	
  %

  	
  *

  	
   

  

 

 

41

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CEV (securities lending pool) Operations

 

Fee =            *                     

 

The offers displayed within the CEV will be:

 

(a)                *         
by a     *  % spread, in relation to the remuneration
intended by the lender for transactions involving shares;

 

(b)                  *       
by a     *  % spread, in relation to the remuneration
intended by the lender for transactions involving bonds;

 

(c)                   *      
by a     *  % spread, in relation to the remuneration
offered by the borrower for transactions involving shares;

 

(d)                   *      
by a     *  % spread, in relation to the remuneration
offered by the borrower for transactions involving bonds.

 

Membership Fees

 

	
  Fees

  	
   

  	
  Guaranteed

  Transaction Members

  	
   

  	
  Non-Guaranteed

  Transaction Members

  	
   

  	
  Broker Members

  	
   

  
	
  Repos

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Admission

  	
   

  	
  *         €

  	
   

  	
  *         €

  	
   

  	
  *         €

  	
   

  
	
  Maintenance (monthly)

  	
   

  	
  *         €

  	
   

  	
  *         €

  	
   

  	
  *         €

  	
   

  
	
  Securities Lending

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Admission

  	
   

  	
  *         €

  	
   

  	
  *         €

  	
   

  	
  *         €

  	
   

  
	
  Maintenance (monthly)

  	
   

  	
  *         €

  	
   

  	
  *         €

  	
   

  	
  *         €

  	
   

  

 

Registration System

 

	
  Fees

  	
   

  	
  Per Year

  	
   

  
	
  ARTS—Repos

  	
   

  	
  *                 €

  	
   

  
	
  ARTS—Securities Lending

  	
   

  	
  *                 €

  	
   

  

 

 

42

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

	
  Discounts applicable

  	
   

  	
  %

  	
   

  
	
      *     
  and    *       accesses

  	
   

  	
  *                    

  	
  %

  
	
      *     
  and    *       accesses

  	
   

  	
  *                    

  	
  %

  
	
      *     
  and    *       accesses

  	
   

  	
  *                    

  	
  %

  
	
            
  >    *      accesses

  	
   

  	
  *                    

  	
  %

  

 

 

43

Exhibit
10-47-04

CLEARNET

 

Clearing
activities

 

Paris
Segment

 

Fees applicable in 2003

 

44

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

1    EQUITIES
and BONDS

 

A.  Annual membership fee

 

CLEARNET charges members involved in clearing equity and bond
transaction and annual fee for each trading member they serve. The amount
varies according to the type of securities and the amounts cleared.

 

This membership fee is billed monthly.

The first invoice is sent the launch month, no pro rata is applied within the
month.

 

	
  ANNUAL TOTALS (by trading member cleared)

  	
   

  	
  EQUITIES

  	
   

  	
  BONDS

  	
   

  	
  ALL SECURITIES

  	
   

  
	
  Rate A

  	
   

  	
  €  *

  	
   

  	
  €  *

  	
   

  	
  €  *

  	
   

  
	
  Rate B

  	
   

  	
  €  *

  	
   

  	
  €  *

  	
   

  	
  €  *

  	
   

  

 

Rate B applies to trading members clearing more than   *  
transactions a year.

 

Note:                   For any information concerning access to clearing,
please contact our Sales department on +33 1 49 27 54 41.

 

B.   Clearing fees

 

CLEARNET charges a clearing fee on each transaction (including
applications except House/House and Market Maker/Market Maker), including both
those through NSC VE and Report and those off market. Fees vary according to          *          and the          *         .

 

	
   

  	
   

  	
  EQUITIES

  	
   

  	
  BONDS

  	
   

  
	
   

  	
   

  	
  Amount

  	
   

  	
  Rate

  	
   

  	
  Amount

  	
   

  	
  Rate

  	
   

  
	
  Bracket (1)

  	
   

  	
  Up
  to *  €

  	
   

  	
  €  *   /trans.

  	
   

  	
  Up
  to €  *   

  	
   

  	
      *    
  €/trans.

  	
   

  
	
  Bracket (2)

  	
   

  	
  From
  €  *  to   €  *

  	
   

  	
  *

  	
  %

  	
  Over
  €  *   

  	
   

  	
  *

  	
  %

  
	
  Bracket (3)

  	
   

  	
  From
  €  *  to   €  *

  	
   

  	
  *

  	
  %

  	
   

  	
   

  	
   

  	
   

  

(*) Fees on a single transaction
may not exceed €  *

 

45

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

C.   Clearing Services

 

•Purchase costs

 

A fee is charged by CLEARNET when a clearing member is unable to
deliver one or several securities owed and the clearing house makes the
delivery on its behalf. The fee is €         *          and is invoiced in addition to any
amount due to meet the cost of purchasing the securities.

 

•Fail penalty

 

These penalties are applied to clearing members whose transactions, on
the financial instruments eligible in the SRD, fail during the delivery and
payment procedures. A fee is charged for each business day the trade remains
unsettled.

 

The following scale is applied:

Less or equal to €         *         :
         *         %

Between €         *         and €         *         
:          *         %

Up to €         *         :
         *         % in the limit of a daily ceiling of €         *         all values included.

 

D.  Give-up-Take-up

 

CLEARNET charges a fixed clearing fee of €         *         
on each give-up and
take-up.

 

 

46

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

2.   DERIVATIVES

 

A.  Annual membership fee

 

CLEARNET charges annual membership fees for clearing of interest-rate
derivatives on MATIF, and equity and index derivatives on MONEP.

 

Clearing members of both MATIF and MONEP pay a single for the two
markets.

 

	
   

  	
   

  	
  Interest

  rates

  	
   

  	
  Commodities

  	
   

  	
  Equity/

  Index

  	
   

  	
  All

  derivatives

  	
   

  
	
  Fee

  	
  €

  	
  *

  	
   

  	
  *

  	
  €

  	
  *

  	
  €

  	
  *

  	
   

  

 

This membership fee is billed monthly.

The first invoice is sent the launch month, no pro rata is applied within the
month.

 

Note:                   For any information concerning access to clearing,
please contact our Sales department on +33 1 49 27 54 41.

 

B.   Clearing fees

 

A clearing fee is charged for each contract cleared. This fee varies
according to the type of contract involved.

Electronic locals and Market makers benefit from special conditions.

 

Fees are billed monthly by CLEARNET for all interest-rate derivatives
and all commodity derivatives. Fees are billed daily for equity and index
options and index futures.

 

 

47

 

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

	
   

  	
   

  	
  Basic rates

  	
   

  	
  Electronic local

  	
   

  
	
  Interest-rate futures

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5-year EURO

  	
  €

  	
  *

  	
  €

  	
  *

  	
  (2)

  
	
  EURO Notional

  2-year EURO

  E Bond

  3-month EURIBOR

  	
  €

  	
  *

  	
  €

  	
  *

  	
  (2)

  
	
  Commodity futures (3)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Milling wheat

  Rapeseed

  Rapeseed meal

  Rapeseed oil

  Sunflower seeds

  Maize

  	
  €

  	
  *

  	
   

  	
   

  	
   

  
	
  Index futures

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CAC 40

  	
  *

  	
  €

  	
   

  	
   

  	
   

  
	
  Dow Jones STOXX50SM

  Dow Jones Eurostoxx 50SM

  	
  *

  	
  €

  	
  *

  	
  €

  	
  (2)

  
	
  Dow Jones STOXXSM/600 sectors

  Dow Jones EurostoxxSM sector

  	
  *

  	
  €

  	
  *

  	
  €

  	
  (2)

  
	
  Interest-rate options

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EURO Notional options

  5-year EURO options

  3-month EURIBOR options

  	
  €

  	
  *

  	
   

  	
  —

  	
   

  
	
  Commodity options

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Milling wheat options

  Rapeseed options

  	
  €

  	
  *

  	
   

  	
  —

  	
   

  
	
  Equity and Index options

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Equity options

  CAC 40 options

  	
   

  	
  *

  	
   

  	
  —

  	
   

  
	
  Dow Jones STOXX50SM options

  Dow Jones Eurostoxx50SM option

  	
  *

  	
  €

  	
   

  	
  —

  	
   

  
	
  Tracker options

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CAC 40 Master Unit option

  Dow Jones Eurostoxx50SM/Master Unit
  option

  	
   

  	
  *

  	
   

  	
   

  	
   

  

 

(1)                                  Rates for equity and CAC 40 option
clearing fee are calculated on the basis of transactions RECORDED
in clearer account.

 

	
  Amount

  	
   

  	
  Rate

  	
   

  
	
  Up to €    *    

  	
   

  	
  *

  	
  %

  
	
  From €    *    
  to €    *    

  	
   

  	
  *

  	
  %

  
	
  From €    *    
  to €    *    

  	
   

  	
  *

  	
  %

  
	
  €    *    
  and up

  	
   

  	
  *

  	
  %

  

 

(2)                                  Where a transaction is cancelled out with
a converse transaction in the course of the same trading session so that the
result is a zero sum, fees are reduced by     *    %.

 

(3)                                  Clearnet applies an additional fee of €    *     per contract which should have been
netted in D day.

 

Market making

 

EURONEXT applies special arrangements for members giving specific
undertakings under contrat d’animation
agreements.

For further information, contact our Trading department on +33 1 49 27
15 59

 

 

48

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

MONEP market makers

Total clearing fees payable by market makers on equity and index
options (MONEP) may not exceed €    *     for General market makers and €    *     or RFQ (request for quote) market makers.

Total clearing fees payable by market makers on trackers may not exceed
€    *     for General market makers.

 

The clearing fee per contract varies as follows.

 

	
  Contract

  	
   

  	
  General market maker

  	
   

  	
  RFQ market maker

  	
   

  
	
  CAC 40 options

  	
   

  	
  €   *

  	
   

  	
  €   *

  	
   

  
	
  Equity options 

  

                                                        (annual
  totals)

  	
   

  	
   

  	
   

  	
  From    *   
  to    *   contracts €   *   

  From    *    to    *                 
  €   *

  From    *                              
  €   *

  	
   

  
	
  Dow Jones STOXX50SM option

  Dow Jones Eurostoxx 50SM option

  	
   

  	
  *   €

  	
   

  	
  *   €

  	
   

  
	
  CAC 40 Master Unit option

  Dow Jones Eurostoxx50/Master Unit option

  	
   

  	
  *   €

  	
   

  	
  na

  	
   

  

 

C. Clearing services

 

	
   

  	
   

  	
  Delivery

  	
   

  	
  Exercise

  	
   

  	
  Transfer

  	
   

  
	
  Interest-rate futures

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EURO Notional

  2-year EURO

  5- year EURO

  E Bond

  3-month EURIBOR

  	
  €

  	
  *

  	
   

  	
  *

  	
  €

  	
  *

  	
  (1)

  
	
  Commodity futures

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Milling wheat

  Rapeseed

  Rapeseed meal

  Rapeseed oil

  Sunflower seeds

  Maize

  	
  €

  	
  *

  	
   

  	
  *

  	
   €

  	
  *

  	
  (1)

  
	
  Index futures

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CAC 40

  Dow Jones STOXX50SM

  Dow Jones Eurostoxx50SM

  Dow Jones STOXX/600 sector

  Dow Jones EurostoxxSM sector

  	
  €

  €

  €

  	
  *

  *

  *

  	
   

  	
  *

  

  

  	
   €

  	
  *

  	
  (1)

  
	
  Interest-rate options

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EURO Notional options

  5-year EURO options

  3-month EURIBOR options

  	
  *

  	
  €

  	
   

  	
  € *

  	
   €

  	
  *

  	
  (1)

  
	
  Commodity options

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Milling wheat options

  Rapeseed options

  	
  *

  	
  €

  	
   

  	
  € *

  	
   €

  	
  *

  	
  (1)

  
	
  Equity and Index options

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Equity options

  CAC 40 options

  	
   

  	
   

  	
   

  	
    *

  	
   

  	
  € *

  	
   

  
	
  Dow Jones Eurostoxx50SM option

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dow Jones STOXX50SM option

  	
  *

  	
  *

  	
   

  	
   

  	
   

  	
  par
  ligne (1)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tracker options

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CAC 40 Master Unit option

  Dow Jones Eurostoxx50SM Master Unit option

  	
   

  	
   

  	
   

  	
   

  	
   €

  	
  *

  	
  (1)

  

 

 

49

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

(1)                                  Transfer of positions resulting from the decision of an order-giver
to change clearer, a change in the accounts attributed to the order-giver or a clearer’s
closure are subject to special rates. The total amount may not exceed €      *          per request and is payable by the member
receiving the transfer.

 

	
  First       *      
  transfer

  	
   

  	
  €      *   /   transfer

  	
   

  
	
  Additional transfer

  	
   

  	
  €      *   /   transfer

  	
   

  

 

The Keys for Fees distribution between sending member
and destination member are:

 

Case n° 1:       *      % for Sending member -      *      % for Destination member

Case n° 2:       *      % for Sending member -      *      % for Destination member

Case n° 3:       *      % for Sending member -      *      % for Destination member

Case n° 4:       *      % for Sending member -      *      % for Destination member

 

In Case n° 4 (      *      % for Sending member -      *      % for Destination member), the fees will
be by default the Case n° 2:       *      % for Sending member -      *      % for Destination member.

 

The creation of positions on the position account of the member
are subject to special rates. The positions are updated in real time on the
account of the member. Only CLEARNET is authorised to use the function of
positions’ creation.

 

The fees for this operation are:

A creation of position
between       *       and       *       lots:                 €      *      

A creation of
positions over       *      
lots:                                           €      *      

 

•Special conditions applying to commodity contracts

 

Delivery administration
fee

CLEARNET levies delivery administration fees on the buyer
and seller for each contract giving rise to a delivery notice.

 

	
  Contract

  	
   

  	
  Amount

  	
   

  
	
  Milling wheat

  	
  €

  	
  *

  	
   

  
	
  Rapeseed

  	
   

  	
   

  	
   

  
	
  Rapeseed oil

  	
   

  	
   

  	
   

  
	
  Rapeseed meal

  	
  €

  	
  *

  	
   

  
	
  Maize

  	
   

  	
   

  	
   

  
	
  Sunflower seeds

  	
   

  	
   

  	
   

  

 

For positions cleared one day after the maturity date.
Clearnet levies delivery administration fees.

 

Set charge for delivery
costs

These charges concern approval, analysis and forwarding of samples. They are
charges to the buyer and the seller on every contract giving rise to delivery
in accordance with the procedures set out by CLEARNET.

 

 

50

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

	
  Charge

  	
   

  	
  Contract

  	
   

  	
  Amount

  	
   

  
	
  Approval (By delivered
  contract)

  	
   

  	
  Rapeseed

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Maize

  	
  €

  	
  *

  	
   

  
	
   

  	
   

  	
  Rapeseed meal

  	
  €

  	
  *

  	
   

  
	
   

  	
   

  	
  Sunflower seeds

  	
  €

  	
  *

  	
   

  
	
   

  	
   

  	
  Rapeseed oil

  	
  €

  	
  *

  	
   

  
	
  Analysis (By sample)

  	
   

  	
  Rapeseed

  	
  €

  	
  *

  	
   

  
	
   

  	
   

  	
  Maize

  	
  €

  	
  *

  	
   

  
	
   

  	
   

  	
  Rapeseed meal

  	
  €

  	
  *

  	
   

  
	
   

  	
   

  	
  Sunflower seeds

  	
  €

  	
  *

  	
  (*) 

  
	
   

  	
   

  	
  Rapeseed oil

  	
  €

  	
  *

  	
   

  
	
  Forwarding By sample

  	
   

  	
  Rapeseed

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Maize

  	
  €

  	
  *

  	
   

  
	
   

  	
   

  	
  Rapeseed meal

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sunflower seeds

  	
  €

  	
  *

  	
   

  
	
   

  	
   

  	
  Rapeseed oil

  	
  €

  	
  *

  	
   

  

 

The amount of charges is set
on the basis of prices indicated by service providers and costs actually billed
in the previous year.

 

Any countervailing or
additional analysis will be charged to the member concerned on the basis of
actual costs as soon as the bills are received.

 

(*):   amount for additional analysis

 

	
  Charge

  	
   

  	
  Amount

  	
   

  
	
  Oleic acidity

  	
   

  	
  *       €

  	
   

  
	
  Pesticide content

  	
   

  	
  *       €

  	
   

  
	
  Radioactivity

  	
   

  	
  *       €

  	
   

  

 

D.  IT services for clearing

 

Equity and Index options 

 

Dissemination
of clearing information

 

	
  Services

  	
   

  	
  Amount

  	
   

  
	
  File access

  	
   

  	
   

  	
   

  
	
  FLUX
  DES OPERATIONS DU JOUR

  	
   

  	
  €          *          a
  year

  	
   

  

 

E.   Client's
full performance guarantee option

 

The client's full
performance guarantee option is available only for rate, index and commodity
futures.

 

The client's full
performance guarantee option is granted for one year, and takes effect from the
payment by the clearing member of a €       *       
fee for each client guaranteed.

 

3. POWERNEXT

 

51

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

CLEARNET charges clearing fee of €       *        /MWH on net position.

 

52

 

CLEARNET

 

Clearing
activities

 

Brussels
Segment

 

Fees applicable in 2003

 

53

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

 

1.   CASH MARKETS

 

A.  TURNOVER

 

	
  Type of operation

  	
   

  	
  Clearing rate

  	
   

  
	
  Market transactions

  	
   

  	
  *

  	
  % 

  

 

B.   LENDING & BORROWING FEES

 

B.1. Fees in favour of the lender (lending fees)

 

flat rate:        *        €    per loan

 

variable:       *       *       *       *       *

 

*       =       *

*       =       *

 

B.2 Fees at the expense of the borrower (borrowing
fees and service fees)

 

The fees at the expense of the borrower are limited to:

 

       *       
€       +       *       %
       /       *       
or        *        €        +       *       
basis points

 

 

54

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

Hereafter a more specific approach:

 

1)   Borrowing fees

 

             *        €       * number of lendings per month/number of
borrowings per month

 

Anyway these fees are limited to * € per borrowing.

 

*    variable:       *       *       *       *       *

 

*       =       *

*       =       *

 

2)   Service Fees

 

•    flat rate:
       *       
€ per borrowing

 

•    variable:       *       *       *       *       *

 

*       =       *

*       =       *

 

C.  INDEMNITIES
FOR LATE DELIVERY

 

	
  Type of rejected and valued sale position

  	
   

  	
  Fixed indemnities (per clearing day)

  	
   

  
	
  Continuous–1st day–Stock

  	
   

  	
  *  

  	
   

  
	
  Continuous–1st day–Coupon/Right/Strip

  	
   

  	
  *  

  	
   

  
	
  Continuous–Next days–Stock

  	
   

  	
  *  

  	
   

  
	
  Continuous–Next days–Coupon/Right/Strip

  	
   

  	
  *  

  	
   

  
	
  Fixing–1st day–Stock

  	
   

  	
  *  

  	
   

  
	
  Fixing–1st day–Coupon/Right/Strip

  	
   

  	
  *  

  	
   

  
	
  Fixing–Next days–Stock

  	
   

  	
  *  

  	
   

  
	
  Fixing–Next days–Coupon/Right/Strip

  	
   

  	
  *  

  	
   

  

 

	
  Type of rejected and valued sale position

  	
   

  	
  Pro rata indemnities (per calendar day)

  	
   

  
	
  Continuous segment

  	
   

  	
  *
  %

  	
   

  
	
  Fixing segment

  	
   

  	
  *
  %

  	
   

  

 

 

55

The rates  indicated below are expressed in euro and are
subject to VAT at the applicable rate. 

Unofficial translation for information purposes only.

 

CLEARNET

 

D.  SPECIAL
FEES

 

o                                    There are NO charges on:

 

       *       

       *       

       *       

       *       

       *       

       *       

 

o                                    A supplement of €       *        will be invoiced to the requesting party
for each intervention from the Market Surveillance or the Clearing Department.

 

 

56

The rates indicated below are expressed in euro and
are subject to VAT at the applicable rate.

Unofficial translation for information purposes only.

 

CLEARNET

 

 

2.   DERIVATIVES
MARKETS

 

A.  BROKERS
(House and Client transactions)

 

	
  Stock Options (1)

  	
   

  	
  Premium <
         *       

  Premium >
         *       

  Exercise/Assignment fee

  	
  *

  *

  *

  
	
  BEL20® Index Option

  	
   

  	
  BEL20® Index option (BXO)

  Cash settlement fee

  	
  *

  *

  
	
  BEL20® Index Future

  	
   

  	
  BEL20® Index future (BXF)

  Cash settlement fee

  	
  *

  *

  

 

B.  MARKET
MAKERS

 

	
  Stock Options (1)

  	
   

  	
  Premium <
         *       

  Premium >        *       

  Exercise/Assignment fee

  	
  *

  *

  * 

  
	
  BEL20® Index Option

  	
   

  	
  Premium < *
  (BXO)

  Premium > *

  Cash settlement fee

  	
  *

  *

  *

  
	
  BEL20® Index Future

  	
   

  	
  BEL20® Index future (BXF)

  Cash settlement fee

  	
  *

  *

  

 

(1)        The fees for exercise assignment of each above-mentioned contract
are taken into account on the invoice of the new month following the settlement
day.

There is NO tariff on exercises of options through the DVP system.

 

 

C.  SPECIAL
FEES

 

 

>       *       

>       *       

>       *       

>       *       

>       *       

>       *       

For more details, please contact the Clearing
Department ([graphic]322 509 95 25)

 

 

57

SCHEDULE 2 PART B

PROCEDURE FOR ESTABLISHING

FEE REDUCTIONS

1.                          In
the event that either Clearnet or any Euronext Market Undertaking desires to
propose a Fee Reduction (the “proposing entity”), in respect of a Euronext
Market, the proposing entity shall notify each Euronext Market Undertaking (if
the proposing entity is Clearnet) or Clearnet and the other Euronext Market
Undertakings (if the proposing entity is a Euronext Market Undertaking) in
writing of such proposal, setting forth sufficient detail so that the recipient
can fully understand the proposal and its effect on the Clearing Fees then in
force for such Euronext Market.

2.                          Within
thirty (30) calendar days of the date of such written proposal, the parties
shall meet to discuss the proposal, including any possible adjustments that may
be suggested by the recipients of the proposal.

3.                          If
the parties cannot agree on such Fee Reduction during such initial meeting, a
second meeting shall be held within thirty (30) calendar days following the
first meeting to attempts in good faith to agree on the proposed Fee Reduction.

4.         If no agreement is
reached by the end of such second meeting:

(a)                    if the
proposing entity is a Euronext Market Undertaking to which Retrocession Fees
are due in relation to the Euronext Market which is the subject of the Fee
Reduction, then any differences remaining unresolved by the end of such meeting
shall be resolved in favour of such Euronext Market Undertaking, subject to the
principles set forth in Article 4.7;

(b)                   if the proposing
entity is a Euronext Market Undertaking to which Retrocession Fees are no
longer due to relation to the Euronext Market which is the subject of the Fee
Reduction, then any differences remaining unresolved by the end of such meeting
shall be resolved in favour of Clearnet, subject to the principles set forth in
Article 4.11; and

(c)                    if
the proposing entity is Clearnet, then any differences remaining unresolved by
the end of such meeting shall be resolved in favour of Clearnet, subject to the
principles set forth in Article 4.7 and in Article 4.11).

 

1

SCHEDULE 3

CLEARING FEE COMMITMENT

Cash equities markets

Pursuant to Article 4.8, the parties [ILLEGIBLE] to the receipt by
Clearnet of Clearing Fees for clearing services in relation to    *   
equivalent to the following average amounts per trade, per side, for the
following periods:

 

	
  Year

  	
  Fee commitment (Euro
  per side of each transaction)

  
	
  2004

  	
     *   

  
	
  2005

  	
     *   

  
	
  2006

  	
     *   

  
	
  2007

  	
     *   

  
	
  2008

  	
     *   

  

 

 

2

SCHEDULE 4

RETROCESSION FEES

Schedule 4A Amsterdam

Subject to the terms of Article 4, the Retrocession Fees collected on
behalf of Euronext Amsterdam are as follows:

A fixed amount of    *    % of the Clearing
Fees on the Euronext Amsterdam cash markets.

Schedule 4B Brussels

Subject to the terms of Article 4, the Retrocession Fees collected on
behalf of Euronext Brussels are as follows:

A fixed amount of    *    % of the
Clearing Fees on the Euronext Brussels each and derivative markets.

Schedule 4C Paris

Subject to the terms of Article 4, the Retrocession Fees collected on
behalf of Euronext Paris are as follows:

A fixed amount of    *    euro per side
of each transaction cleared on cash markets or on derivative markets.

A variable amount, which constitutes a percentage of the value of
trades cleared on the cash market and options market. Depending on the number
of trades cleared on the markets per month, one of the four percentage rates
below will apply:

 

	
  Up
  to    *    trades cleared

  	
   

  	
     *   %

  
	
  From
     *    to    *   
  trades cleared

  	
   

  	
     *   %

  
	
  From
     *    to    *   
  trades cleared

  	
   

  	
     *   %

  
	
  Over
     *    trades cleared

  	
   

  	
     *   %

  

The percentage rates apply to the total value on Tranche 2 (as the term
is defined in the current Clearnet fee schedule) on the cash market, and to the
aggregate underlying value cleared by brokers on the options market.

Furthermore, the total amount invoiced will be limited, for the term of
this Agreement, by a floor and a cap to that, across all the Securities Markets
identified in Schedule 1A as operated by Euronext Paris, it shall not be:

•                            Less
than    *    % of the total amount of clearing
fees

•                            Or
greater than    *    of the same amount

 

 

3

 

and, across all the Derivatives Markets identified in Schedule 1A
as  operated by Euronext Paris, it shall
not be:

•                            Less
than    *    % of the total amount of clearing
fees

•                            Or
greater than    *    % of the same amount.

Schedule 4D Lisbon

Subject to the terms of Article 4, the Retrocession Fees collected on
behalf of Euronext Lisbon are as follows:

A fixed amount of    *    % of the
Clearing Fees on the Euronext Lisbon cash and derivatives markets.

 

 

4

EURONEXT BRUSSELS S.A./N V.

EURONEXT AMSTERDAM N V.

EURONEXT PARIS S.A.

EURONEXT LISBON - SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS, S A

and

BANQUE CENTRALE DE COMPENSATION

LCH CLEARNET GROUP LIMITED

 

	
  AMENDMENT N° I

  TO THE AMENDED AND RESTATED CLEARING AGREEMENT 

  MADE ON 31ST OCTOBER, 2003

  

 

 

 

This Amendment is made on 9 September 2005

between

EURONEXT PARIS S.A.

A limited company
incorporated in France, with a capital of Euro 130 332 568 whose registered
office is at Palais de la Bourse — Place de la Bourse — 75002 — Paris France
recorded in the Commercial Register of Paris (Registre
du Commerce et des Sociétés de Paris) under number B 343406732 RCS PARIS,

Represented by Mr
Jean-François THEODORE, Chairman of the Board of Directors

“EURONEXT PARIS”

and

EURONEXT AMSTERDAM N.V

A public limited liability
company organised under the laws of Netherlands, whose registered office is at
Beursplein 5, 1012 JW Amsterdam, recorded in the Commercial Register of
Amsterdam under number 34138585,

Represented by Mr. Joost VAN
DER DOES DE WILLEBOIS, Chairman of the Board of Directors and Mr. Jean -
François THEODORE, Member of the Board of Directors

“EURONEXT AMSTERDAM”

and

EURONEXT BRUSSELS S.A./N.V.

A private company organised
under the laws of Belgium, whose registered office is at Palais de la Bourse,
Place de la Bourse, 1000 Brussels, recorded in legal entitles register (“registre
des personnes morales”/“rechtspersonenregister”) under number TVA/BIW BE 0242
100.122, RPM Bruxelles/RPR Brussel, CBC Banque 191-0424242-27

Represented by Mr Olivier
LEFEBVRE, Chairman of the Board of Directors

“EURONEXT BRUSSELS”

and

EURONEXT LISBON — SOCIEDADE GESTORA
DE MERCADOS REGULAMENTADOS, S.A.

A limited liability company (“sociedade
anónima”) organised under the laws of Portugal whose head office is at Praça Duque de Saldapha, nol ~ 5oA, Lisbon,
with a share capital of 8,750,000 Euros, tax N.o (P) 504 825 330,
recorded in the Lisbon Business Registry Office, under number N. ° 8875,

Represented by Mr Miguel José
Pereira AIHAYDE MARQUES, Chairman of the Board of Directors

“EURONEXT LISBON”

on the one hand; and

BANQUE CENTRALE DE COMPENSATION S.A.

A limited company
incorporated in France, with a capital of Euro 113 066 820,26, whose registered
office is located 18, rue du Quatre September — 75002 — Paris France recorded
in the Commercial Register of Paris (Registre
du Commerce a des Sociétés de Paris) under number B 692 032 485 RCS PARIS.

Represented by
Mr. Christophe HEMON, Chief Executive Officer,

 

 

2

 

“CLEARNET”

and

LCH.CLEARNET GROUP LIMITED

A limited liability company
incorporated in England &
Wales whose registered office is at Aldgate House, 33 Aldgate High Street,
London, EC3N 1EA, United Kingdom, with registered number 4743602,

Represented by Mr. David
HARDY, Chief Executive Officer

“LCH.CLEARNET”

on the other hand

Each of the above are herein called “Party” and collectively called “the Parties”

WHEREAS

The Parties have entered into the Amended and Restated Clearing Agreement
made on 31st October, 2003 setting out the terms on which Clearnet provides
Clearing Services for each of the Euronext Market Undertakings

The Parties have agreed to bring the
modifications described below in the aforementioned agreement.

1—DEFINITION

Unless otherwise defined herein, all terms in
this Amendment shall have the meanings set forth in the Clearing Rule Book of
Clearnet (the “Clearing Rule Book”) as amended or supplemented from time to
time, or in the Agreement and the following expressions shall have the
following meanings:

“Agreement”
means the Amended and Restated Clearing Agreement entered into between the
Euronext Market Undertaking and LCH.Clearnet and Clearnet on 31st October,
2003.

“Amendment”
means this Amendment n°1.

2—PURPOSE OF THE AMENDMENT

2.1                  The Parties
hereby agree to delete the wording of Schedule 4D Lisbon and to replace it by
the

following wording:

Subject to the terms of
Article 4, the Retrocession Fees collected on behalf of Euronext Lisbon are as
follows:

A fixed amount of    *   
the Euronext Lisbon cash market and a fixed amount of    *    the Euronext Lisbon derivatives market

2.2                  The Parties
hereby agree to modify Schedule 1 dated 31st October, 2003 as
follows:

 

 

3

 

SCHEDULE I PART A

EURONEXT
MARKETS

Each of the following markets identified as being operated by a
Euronext Market Undertaking is a “Euronext Market” for the purposes of this
Agreement.

1.                         Euronext
Paris operates the following markets:

Regulated
Securities Markets

(1)                     Eurolist by
Euronext as of 21 February 2005

Regulated
Derivatives Markets

(1)                     MONEP;

(2)                     MATIF

Non-regulated
Market

(1)                     Marché Libre
OTC (which is categorised as a Securities Market for the purposes of Schedule
4C but does not constitute a cash equities market for the purposes of Article 4
8)

2.                         Euronext
Amsterdam operates the following Markets:

Regulated
Securities Market

(1)                     Eurolist by
Euronext as of 4 April 2005

Regulated
Derivatives Market

(1)                     Amsterdam
derivatives Markets

Non-regulated
Market

Traded but not Listed

3.                         Euronext
Brussels organises the following Belgian markets:

Regulated
Securities Markets

(1)                     Eurolist by
Euronext as of 4 April 2005

(2)                     Trading
Facility

Regulated
Derivatives Markets

(1)                     Euronext
Brussels Derivatives Market.

Non-regulated
Markets

(1)                     Public
Auctions (“Ventes publiques”/“Openbare veiligen”);

(2)                     Free Market (“Marché
Libre”/ “Vrije Markt”)

 

 

4

 

4.                         Euronext
Lisbon operates the following markets:

Regulated
Securities Market

(1)                     Eurolist by
Euronext as of 4 April 2005

Regulated
Derivatives Market

(1)                     Euronext
Lisbon Futures and Options Market

Non-regulated
markets

(1)                     Mercado Sem
Cotaçoes (Market without Quotations);

(2)                     EasyNext
Lisbon

 

 

5

 

(3) SCHEDULE 1
PART B

NOTICES (ARTICLE 15)

 

	
  CLEARNET

  
	
  Address:

  	
  18, rue du Quatre Septembre,

  75002 Paris - France

  
	
  Fax:

  	
  + 33 (1) 1 70 37 65 03

  
	
   

  	
   

  
	
  For the
  attention of: Chief Executive Officer and General Secretary

  
	
   

  	
   

  
	
  Additional
  notifications regarding Schedule 1 exclusively:

  
	
  Address:

  	
  18, rue du Quatre Septembre,

  75002 Paris - France

  
	
  Fax:

  	
  + 33 (1) 1 70 37 65 02
  and 65 01

  
	
   

  	
   

  
	
  For the
  attention of: Director of Operation Department and Director of Legal
  Department

  
	
   

  	
   

  
	
  LCH.CLEARNET

  	
   

  
	
  Address:     

  	
  Aldgate House, 33
  Aldgate High Street,

  London, EC3N 1EA, United Kingdom

  
	
  Fax:

  	
  + 44 (0) 20 7426 7001

  
	
   

  	
   

  
	
  For the
  attention of: Chief Executive Officer

  
	
   

  	
   

  
	
  EURONEXT
  PARIS

  	
   

  
	
  Address:

  	
  39 Rue Cambon,

  75001 Paris - France

  
	
  Fax:

  	
  + 33 (0) 1 49 27 54 18

  
	
   

  	
   

  
	
  For the
  attention of: General Counsel, Executive Legal Director

  
	
   

  	
   

  
	
  EURONEXT
  BRUSSELS

  	
   

  
	
  Address:

  	
  Palais de la Bourse

  1000 Brussels - Belgium

  
	
  Fax:

  	
  + 32 (2) 509 13 21

  
	
   

  	
   

  
	
  For the
  attention of: Head of Legal, Regulation Affairs, Anne-Sophie Pijcke 

  
	
   

  	
   

  
	
  EURONEXT
  AMSTERDAM

  	
   

  
	
  Address:

  	
  P.O. Box 19163

  1000 GD Amsterdam The Netherlands

  
	
  Fax:

  	
  + 31 (20) 550 49 54

  
	
   

  	
   

  
	
  For the
  attention of: Head of Legal, Regulation Affairs, Guus Warringa

  
	
   

  	
   

  
	
  EURONEXT
  LISBON

  	
   

  
	
  Address:

  	
  Atrium Saldanha, Praça Duque de Saldanha, no 1, 5o
  A, 

  Lisboa — Portugal

  
	
  Fax:

  	
  + 351 21 795 20 29

  
	
   

  	
   

  
	
  For the
  attention of: Head of Legal, Regulation Affairs, Pedro Pinto

  

 

 

6

 

2.3 The Parties hereby agree to add to Article 15 the
following words:

Notwithstanding the above principle, in case of any future modification
of Schedule 1, including reduction or extension of the Euronext Markets, change
of Euronext Markets name, change of contact, the relevant Party shall promptly
notify its relevant counterparty (the “Recipient”) by any written means in
accordance with Schedule I Part B.

Subject to the foregoing as an exception to Article 11, such notified
modifications shall automatically take effect 20 business days following
receipt by the Recipient whereupon Schedule 1 shall be deemed to be amended
accordingly. However in the event that the Recipient serves the proposing
counterparty with a written notice expressly rejecting the proposal
modification prior to the end of the 20 business days period following receipt
by the Recipient then the modification shall not be effected in this manner and
the provisions of Article 11 shall  apply

3 -EFFECTIVENESS OF THIS AMENDMENT

Unless otherwise agreed for specific provisions, this Amendment shall
come into effect    *    . By exception as
regards the Schedule 1 Part A, name modifications, notably those regarding
Eurolist, shall enter into effect as of their respective creation date
mentioned in the amended Schedule and the amendment to Article 15 herein shall
take effect on the date of this Amendment

4 - REMAINING PROVISIONS

All other provisions of the Agreement remain in effect and applicable
as drafted in the Agreement. This Amendment is attached to the Agreement and
forms an integral part of it

This Agreement has been signed on the date stated at the beginning in
six originals in Paris

 

	
  EURONEXT AMSTERDAM

  	
   

  	
  EURONEXT LISBON

  
	
  Signed by: Mr. Joost VAN DER DOES DE

  	
   

  	
  Signed by: Mr. Miguel José Pereira AJHAYDE

  
	
  WILLEBOIS, and Mr. Jean-François THEODORE,

  	
   

  	
  MARQUES,

  
	
  Title: Respectively, Chairman of the Board of

  	
   

  	
  Title: Chairman of the Board of Directors

  
	
  Directors and Member of the Board of Directors

  	
   

  	
   

  
	
  /s/ Joost VAN DER DOES
  DE WILLEBOIS

  	
   

  	
  /s/ Miguel José Pereira AJHAYDE MARQUES

  
	
   

  	
   

  	
   

  

 

	
  EURONEXT PARIS

  	
   

  	
  EURONEXT BRUSSELS

  
	
  Signed by: Mr. Jean-Francois THEODORE

  	
   

  	
  Signed by: Mr. Olivier LEFEBVRE,

  
	
  Title: Chairman of the Board of Directors

  	
   

  	
  Title: Chairman of the Board of Directors

  
	
  /s/ Jean-François THEODORE

  	
   

  	
  /s/ Olivier LEFEBVRE

  

 

	
  LCH CLEARNET GROUP LIMITED

  	
   

  	
  BANQUE CENIRALE DE COMPENSATION

  
	
  Signed by: David HARDY

  	
   

  	
  Signed by: Christophe HEMON

  
	
  Title: Chief Executive Officer

  	
   

  	
  Title: Chief Executive Officer

  
	
  /s/ David HARDY

  	
   

  	
  /s/ Christophe HEMON

  

 

 

7

 

EXECUTION COPY

EURONEXT BRUSSELS SA/NV

EURONEXT AMSTERDAM N.V.

EURONEXT PARIS SA

EURONEXT LISBON

And

BANQUE CENTRALE DE
COMPENSATION

LCH.CLEARNET GROUP LTD

 

	
  AMENDMENT No 2

  TO THE AMENDED AND RESTATED CLEARING AGREEMENT

  MADE ON 31ST OCTOBER 2003

  

 

 

 

This amendment is made on July 27 2007

between

EURONEXT PARIS S.A.

A limited company Incorporated in France, with a
capital of Euro 130 332 568 whose registered office is at Palais de la Bourse —
Place de la Bourse — 75002 — Paris France recorded in the Commercial Register
of Paris (Registre du Commerce et des
Sociétés de Paris) under
number B 343406732 RCS PARIS;

Represented by Mr. Jean François THEODORE, Chairman of the Board of
Directors

“Euronext Paris”

and

EURONEXT AMSTERDAM N.V.

A private company organised
under the laws of Netherlands, whose registered office is at Beursplein 5, 1012
JW Amsterdam, recorded in the
Commercial Register of Amsterdam under number 34138585, Represented by Mr.
Joost VAN DER DOS DE VILLEBOIS, Chairman of the Board of Directors and Mr.
Jean-François THEODORE,
Member of the Board of Directors

“Euronext Amsterdam”

and

EURONEXT BRUSSELS S.A./ N.V.

A private company organised under the laws of Belgium,
whose registered office is at Palais de la Bourse, Place de la Bourse, 1000
Brussels, recorded in the legal entities register (“Registre des personnes
morales”) under number TVA BE 0242.100.122, RPR Brussels, CBC Banque
191-0424242-27,

Represented by Mr. Olivier LEFEBVRE, Chairman of the Board of
Directors

“Euronext Brussels”

and

EURONEXT LISBON — SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS, S.A.

A limited liability company (“sociedade anónima”)
organised under the laws of Portugal whose head office is at Edlficio da Bolsa,
Rua Soeiro Perelra Gomes, Lisbon, with a share capital of 6,000,000 Euros, tax
N.° (P) 504 825 330, recorded in the Lisbon Business Registry Office, under
number N.° 8875,

Represented by Mr. Miguel José PEREIRA ATHAYDE MARQUES, Chief
Execute Officer

“Euronext Lisbon”

all together referred to as the “EMUs”or Individually the “EMU”

on the one hand, and

 

 

2

 

BANQUE CENTRALE DE
COMPENSATION S.A.

A limited company
Incorporated in France, with a capital of Euro 113 066 820,26, whose registered
office is located 18, rue du Quatre Septembre - 75002 - Paris France recorded
in the Commercial Register of Paris (Registre
du Commerce et des Sociétés de Paris) under number B 692 032 485 RCS
PARIS,

Represented by Mr. Christophe HEMON, Chief Executive Officer,

“CLEARNET”

and

LCH.CLEARNET GROUP LIMITED,

A limited liability company incorporated in England & Wales whose
registered office is at Aldgate House, 33 Aldgate High Street, London, EC3N
1EA, United Kingdom, with registered number 4743602,

Represented by Mr. David HARDY, Chief Executive Officer

“LCH.CLEARNET”

on the other hand.

Individually called “Party” and
collectively called “the Parties”

 

 

3

 

WHEREAS

The Parties have entered into the Amended and Restated Clearing
Agreement made on 31st October, 2003 setting out the terms on which Clearnet
provides Clearing Services for each of the EMUs (the “ARCA”).

Pursuant to article 4.5 of the ARCA, Clearnet collects fees from its
Clearing Members and retrocedes the EMUs the [ILLEGIBLE] Fees after application
of all other provisions as provided by articles 4.8    *   
4.9   *    and 4.11    *   
of the ARCA.

Parties have agreed to adopt the following calculation procedures of
articles 4.5, 4.8, 4.9   *    and 4.12.2 

of the ARCA.

1. DEFINITION
AND INTERPRETATION

1.1.     Definition

Unless otherwise defined herein, all terms with capital letters in this
amendment n°2 (the “Amendment”)
shall have the meaning set forth in the ARCA.

The following expressions shall have the following meanings:.

“CLEARNET Contact” means the person
nominated by Clearnet in compliance with article 4 below

“EMUs Contact”
means the person nominated by the EMUs in compliance with article 4 below,

“Posted Transactions” means the
Transactions that have been registered in a Position Account”.

In the eventuality, the Clearing Rule Book is modified in a way that
the above definition of Posted Transactions is modified, Parties agree to meet
in order to adapt the agreed definition of Posted Transactions.

Any other terms with capital letter shall have the meaning agreed in
the Clearing Rule Book of CLEARNET (the “Clearing Rule Book”)
as amended or supplemented from time to time.

1.2.     Interpretation

It is expressly agreed that in case of contradiction between the
provisions of the ARCA and the provisions of this Amendment the provisions of
the Amendment shall prevail.

2.        ADJUSTMENT CALCULATION OF THE GUARANTEE MECHANISM PROCEDURE

The purpose of this article is to describe the calculation methods
determining the amount of Retrocession Fees payable to the EMUs, as well as the
invoicing and payment processes.

2.1.     Amount
or Retrocession Fees collected by CLEARNET on the Clearing Members

Pursuant to article 4.5 of the ARCA, until December 31st
2008, “CLEARNET shall collect Retrocession Fees in relation to each Euronext
Market specified in Schedule 1 of the ARCA from its Clearing Members on behalf
of each EMU and shall account to each such EMU for Retrocession Fees collected
on its behalf. The level of such
Retrocession Fees for each Euronext Market shall be calculated in accordance
with Schedule 4 of the ARCA “Retrocession Fees”, subject always to the
provisions of this Article 4.

The Parties hereby agree that the terms or paragraphs used in Schedule
4C of the ARCA “Retrocession Fees–Paris” and listed below shall have the
following meaning:

 

 

4

 

“trades cleared” should be
understood as Posted Transactions

“The percentage rates apply to the
total value on Tranche 2 (as the term is defined in the current Clearnet fee
schedule) on the cash market and to the aggregate underlying value cleared by
brokers  on the options market” means
that;

•                                *   

•                                *   

Clearnet is liable to proceed to the calculations described in this
article in compliance with Article 3.1.1 below.

The EMUs are liable for the implementation of the invoicing process in
compliance with article 3.1.2 below.

Such amount shall be paid in compliance with article 3.1.3 below.

2.2.    *    provided for in Article 4.8
or the ARCA

Pursuant to article 4.8 of the ARCA    *   

Clearnet is liable to proceed to the calculations described below in
compliance with Article 3 below.

2.2.1.    *   

2.2.2.    *   

 

 

5

 

   *   

(b)    *   

2.2.3.     Invoicing breakdown

Notwithstanding the provisions of the ARCA such amount of Rebate
Retrocession Fees or Additional Retrocession Fees shall be split between the
relevant EMUs on the basis of the allocation key indicated by the EMUs Contact
on a monthly basis.

If the EMUs Contact does not provide such information, Clearnet shall
split the appropriate amount between the relevant EMUs using the allocation key
used the previous month.

The relevant EMUs shall issue invoices / credit notes in compliance
with Article 3.1.2 below.

2.3.        *   
provided for in Article 4.9 of the ARCA

From    *   

For this purpose Euronext Amsterdam shall issue
credit notes in compliance with Article 3.1.2 below. The payment of such amount
can be set off from the Retrocession Fees due to Euronext Amsterdam pursuant to
article 4.5 of the ARCA.

2.4.               Guarantee Level 3:
Revenue Guarantee provided for in Article 4.12 of the ARCA

Pursuant to article 4.12 of the ARCA    *   

   *   

   *   

   *   

 

 

6

 

   *   

   *   

   *   

3.        RETROCESSION FEES CALCULATION AND INVOICING
PROCESS

3.1.     Monthly
process (Retrocession Fees    *   

3.1.1.   Calculation

At the end of each month Clearnet is liable for preparing the following
listed items based on statistical data:

•                             Retrocession
Fees (Article 2.1 above) subject to

   *   

 

 

7

 

   *   

Clearnet shall then send to the EMUs Contact a written statement within
the 5 first business days of the following month.

Within 5 business days following the receipt by the EMUs Contacts of
such written statement, the latter shall send confirmation of such calculation
by email to CLEARNET Contact.

3.1.2.  Invoicing

Each EMU shall, on the basis of the agreed calculation, send an invoice
/ credit note for the appropriate amount of each of the items listed below
corresponding to the month, by the end of the following month:

•                             Retrocession
Fees subject to

•                             
   *   

•                             
   *   

In case of discrepancy between the actual data registered in Clearnet’s
accounts and the statistical data used for the calculation as mentioned in
article 3.1.1 above, an adjustment shall be made on the appropriate EMU
invoices / credit notes corresponding to the items of the following months.

3.1.3.  Payment

The payments or the amounts of the invoices/credit notes received from
each EMU can be set off per EMU.

Clearnet shall pay to or receive from each EMU the appropriate amount
within 30 days following the receipt of the invoices/credit notes.

If a payment is not made or received in due time, the delay will result
in interest being charged or received at a rate equal to one and a half times
the marginal lending rate fixed by the European Central Bank. The interest
charge will not imply any waiver of the right to damages due to late payment.

3.2.     Yearly
process    *   

Each year Clearnet is liable for calculating the Additional
Retrocession Fees or Rebate Retrocession Fees and send to the EMUs Contact the
written statement by January 31st of the following year at the
latest.

Within 10 business days following the receipt by the EMUs Contact of
the written statement, the latter shall send approval of calculations by email
to Clearnet Contact.

The designated EMUs shall, on the basis of the agreed calculation, send
an invoice / credit note for the appropriate amount by the end of February of
the following year.

Clearnet shall pay to or receive from the EMU(s) indicated by the EMUs
Contact the Additional Retrocession Fees or the Rebate Retrocession Fees within
30 days after receipt of the invoice / credit note.

4.        CONTACT

Clearnet and the EMUs all together will each nominate a representative
who will be in charge of the follow-up of the ARCA. The Parties commit to
formalise their choice by letter at the latest on August 31st 2005.

5.        JOINT AND SEVERAL LIABILITY

In accordance with article 4.12 of the ARCA, the Parties agree that the
EMUs are jointly and severally liable for amounts payable to Clearnet under the
ARCA as amended from time to time.

 

 

8

 

Consequently, in case of failure of one or more EMU(s) to perform its
obligation to pay to Clearnet amounts due under article 4.12 of the ARCA,
Clearnet shall be entitled to obtain payment of the remainder from any other EMU.

6.        Effectiveness of this amendment

This Amendment shall come into effect retroactively on    *   

7.        REMAINING PROVISIONS

All other provisions of the Agreement remain in effect and applicable
as drafted in the Agreement.

 

 

9

 

	
  Signed in six
  originals on
               July
  27 2005

  	
   

  	
  In
  Paris,              [ILLEGIBLE]

  
	
  EURONEXT
  AMSTERDAM

  Signed by: Mr Joost Van Der Dos De Villebois,

  and Mr. Jean- François Theodore,

  Title; Respectively Chairman of the Board of
  Directors and Member of the Board of Directors

  	
   

  	
  EURONEXT LISBON

  Signed by: Mr. Miguel
  José Pereira Athayde Marques, Title: Chief Executive Officer

  
	
  /s/ Jean- François
  Theodore

  /s/ Joost Van Der Dos De Villebois

  	
   

  	
  /s/ Miguel José
  Pereira Athayde Marques

  
	
  EURONEXT PARIS

  Signed by: Jean-François Theodore,

  Title: Chairman of the Board of Directors

  	
   

  	
  EURONEXT
  BRUSSELS

  Signed by: Mr. Olivier
  Lefebvre;

  Title: Chairman of the
  Board of Directors

  
	
  /s/ Jean-François
  Theodore

  	
   

  	
  /s/ Mr. Olivier
  Lefebvre

  
	
  LCH CLEARNET GROUP
  LIMITED

  Signed by: David HARDY,

  Title: Chief Executive Officer

  	
   

  	
  BANQUE CENTRALE
  DE COMPENSATION

  Signed by: Christophe
  HEMON,

  Title: Chief Executive
  Officer

  
	
  /s/ David Hardy

  	
   

  	
  /s/ Christophe Hemon

  

 

 

10

 

Execution copy

EURONEXT BRUSSELS S A./N
V

EURONEXT AMSTERDAM N V

EURONEXT PARIS S. A.

EURONEXT LISBON - SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS, SA.

and

BANQUE CENTRALE DE
COMPENSATION

LCH
CLEARNET GROUP LIMlTED

 

AMENDMENT
N° 3

TO THE AMENDED AND RESTATED
CLEARING AGREEMENT

MADE ON 31ST OCTOBER, 2003

 

 

 

 

This Amendment is made on October 4, 2006

between

EURONEXT PARIS S.A.

A limited liability company (“société anonyme”)
organised under the laws of France, whose registered office is at 39 rue
Cambon, 75039 Paris, recorded in the Commercial Register of Paris, (Registre du
Commerce et des Sociétés de Paris), under number B 343 406 732 RCS PARIS,

Represented by Mr. Jean-François THEODORE,
Chairman of the Board of Directors.

“EURONEXT PARIS”

and

EURONEXT AMSTERDAM N.V.

A public limited liability company organised under the
laws of Netherlands, whose registered office is at Beursplein 5, 1012 JW
Amsterdam, recorded in the Commercial Register of Amsterdam under number
34138585

Represented by Mr. Joost VAN DER DOES DE
WILLEBOIS, Chairman of the Board of Directors and Mr Jean- François THEODORE,
Member of the Board of Directors

“EURONEXT AMSTERDAM”

and

EURONEXT BRUSSELS
S.A./N.V.

A private company organized under the laws of Belgium,
whose registered office is at Palais de la Bourse, Place de la Bourse, 1000
Brussels, recorded in legal entities register (“registre des, personnes morales”/
“rechtspersonenregister”) under number JVA/BIW BE 0242 100.122, RPM
Bruxelles/RPR Brussel, CBC Banque 191-0424242-27

Represented by Mr Olivier LEFEBVRE, Chairman of the
Board of Directors

“EURONEXT BRUSSELS”

and

EURONEXT LISBON —
SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS, S.A.

A limited liability company (“sociedade anonima”)
organised under the laws of Portugal whose head office is at Av da Liberdade
n.° 196-7° A Lisbon, with a share capital of 8,750,000 Euros, tax N° (P) 504
825 330, recorded in the Lisbon Business Registry Office, under number N° 8875,

Represented by Mr. Miguel José Pereira ATHAYDE
MARQUES, Chairman of the Board of Directors

“EURONEXT LISBON”

on the one hand; and

 

 

2

 

BANQUE CENTRALE
DE COMPENSATION S.A.

A limited company Incorporated in France, with the
commercial name “LCH. Clearnet SA”
whose registered office is located 18, rue du Quatre Septembre — 75002 — Paris
France recorded is the Commercial
Register of Paris (registre du Commerce et
des Sociétés de Paris) under
number B 692 032 485 RCS
PARIS,

Represented by Mr Christophe
HEMON, Chief Executive Officer.

“CLEARNET”

and

LCH.CLEARNET GROUP LIMITED

A limited liability company incorporated in England
& Wales whose registered office is at Aldgate House, 33 Aldgate High
Street, London, EC3N IEA, United Kingdom, with registered number 4743602,

Represented by Mr. Roger Lidell, Chief Executive
Officer.

“LCH.CLEARNET”

on the other hand.

Each of the above are herein called “Party”
and collectively called “the Parties”

 

 

3

 

WHEREAS

The Parties have entered into the Amended and Restated Clearing
Agreement made on 31st October, 2003 setting out the terms on which Clearnet
provides Clearing Services for each of the Euronext Market Undertakings.

The Parties have signed a first amendment dated July 27, 2005 (the “Amendment n° 1”) modifying the amount of the Retrocession Fees
and the list of the Euronext markets. The second amendment to the ARCA dated
September 9, 2005 (the “Amendment n° 2”)
has clarified the calculation method of the Retrocession Fees.

The purpose of this amendment n°3 (the “Amendment n°3”) is (i) to    *   
regarding the derivatives markets operated by the EMU’s as listed in Schedule I
as modified by the Amendment n°1, and (ii) to modify the financial provisions
between Euronext Amsterdam and Clearnet regarding Amsterdam derivatives market.

The Parties have agreed to bring the modifications described below in
the aforementioned agreement.

1 — DEFINITIONS

Unless otherwise defined herein, all terms is this Amendment shall have
the meanings set forth in the Agreement and the following expressions shall
have the following meanings:

“Agreement” means the
Amended and Restated Clearing Agreement entered into between the Euronext
Market Undertakings and LCH Clearnet and Clearnet on 31st October,
2003, as amended

“Amendment” means this
Amendment n° 3.

2
— PURPOSE OF THE AMENDMENT

2.1 Modifications with regard to the
derivatives markets,    *    mentioned in Article
4.5, § 1, of the Agreement.

As stipulated in Article 4.5, § 1 of the Agreement, the Parties hereby
agree to    *    foreseen in that provision and
agree that, as far as the derivatives markets are concerned, are obligation of
Clearnet to collect Retrocession Fees for the Euronext Market Undertakings    *   
regarding Paris derivatives market. It is agreed between the Parties that this
[ILLEGIBLE] concerns the derivatives markets of the Euronext Market
Undertakings and does not modify the provisions of the Agreement with respect
to the cash markets including without limitation the commitments with regard to
the levels of Retrocession Fees for the cash markets The Schedule 4 of the Agreement
shall be interpreted accordingly.

2.2 Modification of Article 4.9 of
the Agreement.

As foreseen in Article 4.9 of the Agreement, Clearnet and Euronext
Amsterdam hereby agree to modify Euronext Amsterdam’s obligation to pay    *   
entered into on Euronext Amsterdam as follows:

 

 

4

 

   *   

3 — EFFECTIVENESS OF THIS
AMENDMENT

Unless otherwise agreed for specific provisions, this Amendment shall
come into effect on the date of this Amendment

4 — REMAINING PROVISIONS

All other provisions of the Agreement, as amended remain in effect and
applicable as drafted in the Agreement

This Amendment is attached to the Agreement and forms an integral part
of it

This Agreement has been signed on the date stated at the beginning in
six originals in Paris,

 

	
  EURONEXT AMSTERDAM

  Signed by: Mr. Joost VAN DER DOES DE WILLEBOIS, and Mr. Jean-François
  THEODORE,

  Title: Respectively, Chairman of the Board of Directors and Member of the
  Board of Directors

  	
   

  	
  EURONEXT
  LISBON

  Signed by: Mr. Miguel José
  Pereira ATHAYDE MARQUES,

  Title: Chairman of the Board of Directors

  
	
  /s/ Mr. Joost VAN DER
  DOES DE WILLEBOIS

  	
   

  	
  /s/ Mr. Miguel Jose Pereira ATHAYDE MARQUES

  
	
  /s/ Mr. Jean-François THEODORE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EURONEXT PARIS

  Signed by: Mr. Jean-François
  THEODORE

  Title: Chairman of the Board of Directors

  	
   

  	
  EURONEXT
  BRUSSELS

  Signed by: Mr. Olivier LEFEBVRE,

  Title: Chairman of the Board of Directors

  
	
  /s/ Mr. Jean-François
  THEODORE

  	
   

  	
  /s/ Mr. Oliver LEFEBVRE

  
	
   

  	
   

  	
   

  
	
  LCH CLEARNET GROUP LIMITED

  Signed by: Mr. Roger LIDDEL

  Title: Chief Executive Officer

  	
   

  	
  BANQUE
  CENTRALE DE COMPENSATION

  Signed by: Mr. Christophe HEMON

  Title: Chief Executive Officer

  
	
  /s/ Mr. Roger LIDDEL

  	
   

  	
  /s/ Mr. Christophe HEMON

  

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]