Document:

Exhibit 10.1

 

Execution Version

 

First Amendment and Waiver To Note Purchase Agreement 

 

This First Amendment and Waiver To Note Purchase Agreement (this “First Amendment”), dated as of September 27, 2013, is entered into by and among IntercontinentalExchange, Inc., a Delaware corporation (the “Company”), IntercontinentalExchange Group, Inc., a Delaware corporation (“New ICE Parent” and with the Company, each an “Obligor” and together the “Obligors”) and the holders of the outstanding Notes referred to below (the “Noteholders”).

 

Recitals

 

A.The Company and the several Noteholders party thereto are party to that certain Note Purchase Agreement, dated as of November 9, 2011 (as amended, supplemented, restated or otherwise modified from time to time, the “Note Purchase Agreement”), pursuant to which the Company issued (i) $200,000,000 in aggregate principal amount of its 4.13%, Senior Notes, Tranche A, due November 9, 2018 (the “Tranche A Notes”), and (ii) $200,000,000 in aggregate principal amount of its 4.69%, Senior Notes, Tranche B, due November 9, 2021 (the “Tranche B Notes”, and together with the Tranche A Notes, the “Notes”).  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Note Purchase Agreement as amended hereby.

 

B.Upon receipt of the requisite shareholder and governmental approvals and the satisfaction or waiver of certain conditions, the Company desires to enter into the following series of transactions (the “NYSE Merger Transactions”) pursuant to the Amended and Restated Agreement and Plan of Merger (as amended, modified or supplemented from time to time in accordance with its terms, the “Merger Agreement”), dated as of March 19, 2013 among NYSE Euronext, a Delaware corporation, the Company, New ICE Parent, Braves Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of New ICE Parent (“Braves Merger Sub”) and Baseball Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of New ICE Parent (“Yankees Merger Sub”):

 

(i)On the date of consummation of the proposed merger, Braves Merger Sub will first merge with and into the Company with the Company surviving such merger (the “Braves Merger”).  Shares of the Company will be converted into an equivalent number of new shares of New ICE Parent common stock.  The Company will become a wholly owned subsidiary of New ICE Parent after the closing of the first merger transaction.

 

(ii)Following the effectiveness of the Braves Merger, NYSE Euronext will merge with and into Yankees Merger Sub with Yankees Merger Sub surviving such merger (the “Yankees Merger”).  Under certain circumstances described in the Merger Agreement, the Yankees Merger will be restructured to provide instead for the merger of Yankees Merger Sub with and into NYSE Euronext with NYSE Euronext surviving such merger.  In either case, NYSE Euronext’s stock will be converted into the cash and shares of New ICE Parent common stock that represent the merger consideration.  After the effectiveness of the Yankees Merger, NYSE Euronext will be a wholly owned subsidiary of New ICE Parent and sibling company of the Company (hereinafter, such surviving entity in either form, “NYSE”).

 

    	  

    	 

    
 

 

 (iii)Following the completion of the mergers, the shares in New ICE Parent held by the Company will be retired and cancelled for no consideration.

 

C.The Company has requested the consent of the Noteholders to amend the Note Purchase Agreement effective upon the consummation of the NYSE Merger Transactions, all on the terms and conditions set forth herein.

 

D.The Company has further requested the consent of the Noteholders to waive certain provisions of the Note Purchase Agreement, as set forth herein, effective on the Execution Date (as hereinafter defined).

 

Statement of Agreement

 

Now, Therefore, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Article I

 

Amendments to Note Purchase Agreement

 

Unless
otherwise indicated on Schedule I hereto (which amendments shall be effective on the Execution Date in accordance with
Section 2.1), effective upon the First Amendment Effective Date (as hereinafter defined), the Note Purchase Agreement is hereby
amended to delete the stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the double−underlined text (indicated textually in the same manner as the following example:
double−underlined text) as set forth in the conformed copy of the Note Purchase
Agreement attached hereto as Exhibit A.

 

Article II

 

Conditions to Effectiveness

 

Section 2.1. Execution Date.  The waivers and consents set forth in Article V and the amendments to the Note Purchase Agreement specified in Schedule I attached hereto shall become effective as of the date hereof (the “Execution Date”) when, and only when, each of the following conditions precedent shall have been satisfied:

 

(a)This First Amendment shall have been duly executed and delivered by each of the Obligors and each of the Noteholders;

 

    	-2-

    	 

    
 

 

(b)The Noteholders shall have received evidence reasonably satisfactory to them that the Bank Credit Agreement has been amended to be in the form thereof provided to the Noteholders prior to the date of this First Amendment; and

 

(c)The Obligors shall have paid all reasonable fees and disbursements of Chapman and Cutler LLP incurred to the Execution Date in connection with the preparation, negotiation, execution and delivery of this First Amendment and the transactions contemplated hereby.

 

Section 2.2. First Amendment Effective Date.  The amendments set forth in Article I shall become effective as of the date (the “First Amendment Effective Date”) when, and only when, each of the following conditions precedent shall have been satisfied:

 

(a)The Noteholders shall have received evidence reasonably satisfactory to them that the closing of the NYSE Merger Transactions has occurred or will occur substantially concurrently with the occurrence of the First Amendment Effective Date in accordance with the Merger Agreement (as in effect on the Execution Date), without any amendment or modification thereto that, in the reasonable determination of the Required Holders, would be adverse in any material respect to the rights or interests of the Noteholders;

 

(b)The Noteholders shall have received a Subsidiary Guaranty (together with the guaranty provided by New ICE Parent in Section 22 of the Note Purchase Agreement as amended by this First Amendment, the “Guaranties”), duly executed and delivered by NYSE, by which NYSE guarantees all obligations under the Note Purchase Agreement and the Notes (the “Obligations”);

 

(c)The Noteholders shall have received a legal opinion from counsel to the Company, New ICE Parent and NYSE, in form and substance reasonably satisfactory to Chapman and Cutler LLP, as counsel to the Required Holders, addressing such matters as Chapman and Cutler LLP, as counsel to the Required Holders, may reasonably request;

 

(d)The Noteholders shall have received (i) an unaudited consolidated balance sheet of New ICE Parent and its Subsidiaries as of the last day of the fiscal quarter most recently ended prior to the First Amendment Effective Date showing adjustments on a Pro Forma Basis to give effect to the consummation of the NYSE Merger Transactions as if such events had occurred on such date and (ii) an unaudited consolidated income statement of New ICE Parent and its Subsidiaries for the period of four fiscal quarters most recently ended prior to the First Amendment Effective Date showing adjustments on a Pro Forma Basis to give effect to the consummation of the NYSE Merger Transactions as if such events had occurred on the first day of such period, together with an Officer’s Certificate with respect to the period covered by such financial statements, executed by a Senior Financial Officer of New ICE Parent, setting forth the computation of the financial covenants set forth in Sections 10.1 and 10.2 of the Note Purchase Agreement as of the last day of the period covered by such financial statements, all of which shall be in form and substance reasonably satisfactory to the Required Holders;

 

    	-3-

    	 

    
 

 

(e)The Noteholders shall have received a certificate, signed by a Responsible Officer of each Obligor, in form and substance reasonably satisfactory to the Required Holders, certifying that the representations and warranties set forth in Article III hereof are true and correct as of the First Amendment Effective Date;

 

(f)The Noteholders shall have received (i) a certificate of the secretary, an assistant secretary or other appropriate officer of New ICE Parent as of the First Amendment Effective Date, in form and substance reasonably satisfactory to the Required Holders, certifying (A) that attached thereto is a true and complete copy of the articles or certificate of incorporation, certificate of formation or other organizational document and all amendments thereto of New ICE Parent, certified as of a recent date by the Secretary of State (or comparable Governmental Authority) of its jurisdiction of organization, and that the same has not been amended since the date of such certification, (B) that attached thereto is a true and complete copy of the bylaws, operating agreement or similar governing document of New ICE Parent, as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (C) below were adopted to and including the date of such certificate, and (C) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or similar governing body) of New ICE Parent, authorizing the execution, delivery and performance of this First Amendment and its joining to the Note Purchase Agreement and guaranty of the obligations thereunder, and as to the incumbency and genuineness of the signature of each officer of New ICE Parent executing this First Amendment, and attaching all such copies of the documents described above; and (ii) a certificate of the secretary, an assistant secretary or other appropriate officer of NYSE as of the First Amendment Effective Date, in form and substance reasonably satisfactory to the Required Holders, certifying (A) that attached thereto is a true and complete copy of the articles or certificate of incorporation, certificate of formation or other organizational document and all amendments thereto of NYSE, certified as of a recent date by the Secretary of State (or comparable Governmental Authority) of its jurisdiction of organization, and that the same has not been amended since the date of such certification, (B) that attached thereto is a true and complete copy of the bylaws, operating agreement or similar governing document of NYSE, as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (C) below were adopted to and including the date of such certificate, and (C) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or similar governing body) of NYSE, authorizing the execution, delivery and performance of a guaranty under the Note Purchase Agreement, and as to the incumbency and genuineness of the signature of each officer of NYSE executing such guaranty, and attaching all such copies of the documents described above; 

 

(g)The Obligors shall have paid all remaining reasonable fees and disbursements of Chapman and Cutler LLP not previously paid in accordance with Section 2.1(e) in connection with the preparation, negotiation, execution and delivery of this First Amendment and the transactions contemplated hereby; and

 

(h)The Obligors shall have paid the amendment fee required by Section 2.3 hereof to each Noteholder.

 

    	-4-

    	 

    
 

 

Section 2.3. Amendment Fee.  Unless the Notes are prepaid pursuant to Section 8.2 of the Note Purchase Agreement prior to the relevant Amendment Fee Due Date (defined below) as contemplated under Article VI of this First Amendment, the Obligors will pay an amendment fee to each Noteholder in an amount equal to 0.25% of the outstanding principal amount of the Notes held by such holder, which fee shall be fully earned and non-refundable on the date paid.  Such amendment fee shall be paid on or before the earlier of (the “Amendment Fee Due Date”):

 

(a)the date on which the NYSE Merger Transactions are consummated; and

 

(b)December 31, 2013.

 

Article III

 

Representations and Warranties of the Obligors

 

Each Obligor hereby represents and warrants, as of the Execution Date and as of the First Amendment Effective Date, that:

 

Section 3.1. Organization; Power and Authority.  Each Obligor is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each Obligor has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, and except on and after the First Amendment Effective Date as may be limited by the existence of the Trust Options, to transact the business it transacts and proposes to transact, to execute and deliver this First Amendment and to perform the provisions hereof and the Note Purchase Agreement as amended by this First Amendment, and, in the case of the Company, the Notes.

 

Section 3.2. Authorization, Etc. This First Amendment and the Note Purchase Agreement as amended by this First Amendment have been duly authorized by all necessary corporate action on the part of each Obligor and each of this First Amendment and the Note Purchase Agreement as amended by this First Amendment constitutes a legal, valid and binding obligation of the Obligors enforceable against the Obligors in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

    	-5-

    	 

    
 

 

Section 3.3. Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by each Obligor of this First Amendment and the Note Purchase Agreement as amended by this First Amendment will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Obligors or any Subsidiary under (i) the corporate charter or by-laws or other organic documents of the Obligors or such Subsidiary or (ii) any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, or any other agreement or instrument to which the Obligors or any Subsidiary is bound or by which the Obligors or any Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Obligors or any Subsidiary, or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Obligors or any Subsidiary; in each case, other than where such violations, conflicts, breaches or defaults, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

 

Section 3.4. Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by Obligors of this First Amendment or the Note Purchase Agreement as amended by this First Amendment, other than such as have been obtained or made, as applicable, and other than routine filings after the First Amendment Effective Date with the SEC and/or state blue sky authorities.

 

Section 3.5. Private Offering. None of New ICE Parent, NYSE, or anyone acting on their behalf has offered the Guaranties of the Notes to be provided by them or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Noteholders each of which has been offered the Guaranties in connection with a private investment.  None of New ICE Parent, NYSE or anyone acting on its behalf has taken, or will take, any action that would subject the issuance of the Guaranties to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction.

 

Section 3.6. Notes Rank Pari Passu.  The obligations of the Obligors under the Note Purchase Agreement and the Notes rank pari passu in right of payment with all other senior unsecured Indebtedness (actual or contingent) of the Obligors, including, without limitation, the Permitted Escrow Bonds when issued and on the First Amendment Effective Date.

 

Section 3.7. No Default.  No event has occurred or condition exists that, either before or after giving effect to this First Amendment, would constitute a Default or Event of Default.

 

Section 3.8 . Foreign Assets Control Regulations, Etc. (a)  Neither Obligor nor any Controlled Entity is (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, United States Department of the Treasury (“OFAC”) (an “OFAC Listed Person”) (ii) an agent, department, or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is the target of any OFAC Sanctions Program, or (iii) otherwise blocked, the target of sanctions under or engaged in any activity in violation of other United States economic sanctions, including but not limited to, the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act (“CISADA”) or any similar law or regulation with respect to Iran or any other country, the Sudan Accountability and Divestment Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the United States or any enabling legislation or executive order relating to any of the foregoing (collectively, “U.S. Economic Sanctions”) (each OFAC Listed Person and each other Person, entity, organization and government of a country described in clause (i), clause (ii) or clause (iii), a “Blocked Person”).  Neither Obligor nor any Controlled Entity has been notified that its name appears or may in the future appear on a state list of Persons that engage in investment or other commercial activities in Iran or any other country that is the target of U.S. Economic Sanctions.

 

    	-6-

    	 

    
 

 

(b)No part of the proceeds from the sale of the Notes under the Note Purchase Agreement constituted or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by either Obligor or any Controlled Entity, directly or indirectly, (i) in connection with any investment in, or any transactions or dealings with, any Blocked Person, or (ii) otherwise in violation of U.S. Economic Sanctions.

 

(c)Neither Obligor nor any Controlled Entity (i) has been found in violation of, charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes under the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act), the USA PATRIOT Act or any other United States law or regulation governing such activities (collectively, “Anti-Money Laundering Laws”) or any U.S. Economic Sanctions violations, (ii) to the actual knowledge of New ICE Parent and the Company after making due inquiry, is under investigation by any Governmental Authority for possible violation of Anti-Money Laundering Laws or any U.S. Economic Sanctions violations, (iii) has been assessed civil penalties under any Anti-Money Laundering Laws or any U.S. Economic Sanctions, or (iv) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws.  The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable current and future Anti-Money Laundering Laws and U.S. Economic Sanctions.

 

(d)(1)Neither Obligor nor any Controlled Entity (i) has been charged with, or convicted of bribery or any other anti-corruption related activity under any applicable law or regulation in a U.S. or any non-U.S. country or jurisdiction, including but not limited to, the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010 (collectively, “Anti-Corruption Laws”), (ii) to the actual knowledge of New ICE Parent and the Company after making due inquiry, is under investigation by any U.S. or non-U.S. Governmental Authority for possible violation of Anti-Corruption Laws, (iii) has been assessed civil or criminal penalties under any Anti-Corruption Laws or (iv) has been or is the target of sanctions imposed by the United Nations or the European Union;

 

    	-7-

    	 

    
 

 

(2)To the actual knowledge of each Obligor after making due inquiry, neither Obligor nor any Controlled Entity has, within the last five years, directly or indirectly offered, promised, given, paid or authorized the offer, promise, giving or payment of anything of value to a Governmental Official or an employee of a commercial counterparty for the purposes of: (i) influencing any act, decision or failure to act by such Governmental Official in his or her official capacity or by such employee of a commercial counterparty in his or her professional capacity, (ii) inducing a Governmental Official to do or omit to do any act in violation of the Governmental Official’s lawful duty, or (iii) inducing a Governmental Official or a commercial counterparty to use his or her influence with a government or instrumentality to affect any act or decision of such government or entity; in each case in order to obtain, retain or direct business or to otherwise secure an improper advantage in violation of any applicable law or regulation or which would cause any holder to be in violation of any law or regulation applicable to such holder; and

 

(3)No part of the proceeds from the sale of the Notes under the Note Purchase Agreement was or will be used, directly or indirectly, for any improper payments, including bribes, to any Governmental Official or employee of a commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage.  The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable current and future Anti-Corruption Laws.

 

(e)Certain Definitions. 

 

“Controlled Entity” means (i) any of the Subsidiaries of the Company or of New ICE Parent, as applicable, and any of the Company’s or New ICE Parent’s respective Controlled Affiliates and (ii) if either the Company or New ICE Parent has a parent company, such parent company and its Controlled Affiliates.  As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Governmental Official” means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity.

 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

 

Section 3.9. Merger.  On the First Amendment Effective Date, (i) the NYSE Merger Transactions have been consummated in accordance with the terms and conditions of the Merger Agreement without any waiver, modification or consent thereunder that is adverse to the Noteholders in any material respect and (ii) there has not been any effect, event, development, change or occurrence that, individually or in the aggregate, has had or is reasonably expected to have, a Material Adverse Effect on the Yankees Group.  For purposes of this Section 3.9, “Material Adverse Effect” and the “Yankees Group” shall have the respective meanings assigned to them in the Merger Agreement (as in effect on the Execution Date).

 

    	-8-

    	 

    
 

 

Section 3.10.  Unrestricted Subsidiaries.  No Subsidiary has been or will be designated as an Unrestricted Subsidiary, as such term is defined in the Note Purchase Agreement prior to giving effect to the amendments contemplated hereby. 

 

Article IV

 

Private Placement Representations of each Noteholder

 

Section 4.1. Investment Intent. Each Noteholder severally represents that it is receiving the Guaranties for its own account or for one or more separate accounts maintained by it or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Noteholder’s or such pension or trust funds’ property shall at all times be within such Noteholder’s or such pension or trust funds’ control.  Each Noteholder understands that the Guaranties have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that neither New ICE Parent nor NYSE is required to, and neither New ICE Parent nor NYSE intends to, register its Guaranty.  Each Noteholder represents that it understands and acknowledges that the offering and issuance of the Guaranties is intended to be exempt from registration under the Securities Act by virtue of Section 4(a)(2) of the Securities Act.

 

Section 4.2. Accredited Investor.  Each Noteholder represents that it is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others are also “accredited investors”).  Each Noteholder further represents that such Noteholder has had the opportunity to ask questions of New ICE Parent and received answers and information concerning the terms and conditions of the issuance of the Guaranties, and has such knowledge and experience in business and financial matters and with respect to investments in securities similar to the Guaranties that it is capable of evaluating the risks and merits of the investment in the Guaranties.

 

Article V

 

Waivers and Consents

 

Section 5.1. Change in Control Prepayment. Each Noteholder party to this First Amendment irrevocably waives, in accordance with Section 17 of the Note Purchase Agreement, its right to receive any prepayment of the Notes, or any Change in Control notice and offer thereof, in each case, arising under Section 8.7 of the Note Purchase Agreement in connection with the NYSE Merger Transactions.  The foregoing waivers extend solely to the notice, offer and prepayment otherwise required under Section 8.7 of the Note Purchase Agreement in connection with the NYSE Merger Transactions as described herein and does not apply to any subsequent Change in Control.

 

    	-9-

    	 

    
 

 

Section 5.2. Public Bond Issuance.  (a) The Noteholders hereby consent and agree:

 

(i)to the issuance of the Permitted Escrow Bonds (as defined below) having the terms described herein, provided that (v) the proceeds of the Permitted Escrow Bonds will be held in the Permitted Escrow Account (as defined below) on the issuance thereof, (w) the Indebtedness evidenced by the Permitted Escrow Bonds and all Guaranties given in connection therewith are, on a pro forma basis giving effect to the NYSE Merger Transactions as of the last day of the Company’s fiscal quarter ending prior to the date the Permitted Escrow Bonds are issued, permitted within the limitations of the Note Purchase Agreement, (x) such Permitted Escrow Bonds are secured solely by a Lien on the Permitted Escrow Account, (y) the obligations of the Obligors and their Subsidiaries under the Permitted Escrow Bonds and all Guaranties given in connection therewith shall be unsecured obligations (other than with respect to the Lien on the Permitted Escrow Account) ranking pari passu in right of payment with the obligations of the Obligors and their Subsidiaries under the Note Purchase Agreement, the Notes and the Guaranties given in connection therewith and (z) within seven months of the date of issuance, such Permitted Escrow Bonds are either redeemed in full or the proceeds thereof are applied to the merger consideration paid concurrently with the consummation of the NYSE Merger Transactions;

 

(ii)to the Lien on the Permitted Escrow Account having the terms described herein in favor of the trustee for the Permitted Escrow Bonds solely for the benefit of the holders of the Permitted Escrow Bonds;

 

(iii)to exclude the Permitted Escrow Bonds and all Guaranties given in connection therewith from “Indebtedness” under the Note Purchase Agreement (including, without limitation, for purposes of Sections 10.1, 10.2, 10.3 and 11(g) thereof and the defined terms used therein) from the date of issuance of the Permitted Escrow Bonds until the earlier of (x) the consummation of the NYSE Merger Transactions and (y) the date that is 15 days after the Permitted Escrow Bond Issuer (as defined below) delivers a termination notice to the Escrow Agent (as defined below) indicating that the NYSE Merger Transactions shall not be consummated; and

 

(iv)to the redemption of the Permitted Escrow Bonds in the event the NYSE Merger Transactions are not consummated and that such redemption shall not give rise to an Event of Default under Section 11(g)(iii) of the Note Purchase Agreement.

 

(b)The Obligors agree that the Indebtedness represented by the Permitted Escrow Bonds and all Guaranties given in connection therewith shall be deemed to have been incurred on the date the Permitted Escrow Bonds are required by the terms hereof to be included in Indebtedness under the Note Purchase Agreement, and from and after such time, all terms and provisions of the Note Purchase Agreement relating to Indebtedness shall apply to the Permitted Escrow Bonds.

 

(c)As used in this Article V, the following terms have the respective meanings set forth below.

 

    	-10-

    	 

    
 

 

“Permitted Escrow Account” means an escrow account established in connection with the issuance of Permitted Escrow Bonds which shall be governed by the Permitted Escrow Agreement.  The funds held in the Permitted Escrow Account may include, in addition to the net proceeds from the issue of the Permitted Escrow Bonds, such additional funds as the Permitted Escrow Bond Issuer may deposit in an amount sufficient to fund, together with such proceeds, (i) the redemption price on the Permitted Escrow Bonds in connection with any Special Mandatory Redemption, (ii) accrued interest on the Permitted Escrow Bonds from the date of issuance to the latest possible date for a Special Mandatory Redemption and (iii) related fees and expenses.  The funds held in the Permitted Escrow Account may be invested in cash or cash equivalents in accordance with the terms of the Permitted Escrow Agreement.

 

“Permitted Escrow Agreement” means the escrow agreement with an escrow agent (the “Escrow Agent”) governing the Permitted Escrow Account.  The terms of the Permitted Escrow Agreement shall be customary for transactions of this type and shall provide that the funds held in such account shall be released only either (i) to or at the direction of the Permitted Escrow Bond Issuer upon delivery of a certificate by the Permitted Escrow Bond Issuer that the NYSE Merger Transactions will be consummated substantially concurrently with the release of the funds (the “NYSE Merger Release”) or (ii) to the trustee or paying agent for the Permitted Escrow Bonds to fund a Special Mandatory Redemption (the “Special Mandatory Redemption Release”).   Any portion of the funds that the Permitted Escrow Bond Issuer certifies is not required to fund the cash consideration payable in the NYSE Merger Transactions or the Special Mandatory Redemption, as applicable, shall be released immediately prior to the NYSE Merger Release or Special Mandatory Redemption Release, as applicable, to or at the direction of the Permitted Escrow Bond Issuer.  The Permitted Escrow Agreement may contain such other provisions not inconsistent with the foregoing, including additional conditions for the NYSE Merger Release, as the Permitted Escrow Bond Issuer, after consultation with the underwriters or initial purchasers for the Permitted Escrow Bonds, may consider appropriate.

 

“Permitted Escrow Bonds” means any debt securities that are issued (x) by any Subsidiary of the Company and guaranteed by the Company, (y) jointly by the Company and any Subsidiary or (z) by the Company, alone or together with guarantees from one or more Subsidiaries of the Company, in each case prior to the consummation of the NYSE Merger Transactions, in an aggregate principal amount of up to $1.5 billion; provided that the net proceeds from such issuance shall be deposited in the Permitted Escrow Account and be subject to the terms of the Permitted Escrow Agreement.  The terms of the Permitted Escrow Bonds may provide that they are subject to a special mandatory redemption if the NYSE Merger Transactions have not been consummated on or prior to a specified date, which date shall not be later than seven months from the issue date, or if the Permitted Escrow Bond Issuer determines prior to such date that the NYSE Merger Transactions will not be consummated and provides a redemption notice to the trustee or paying agent for the Permitted Escrow Bonds, in each case at a redemption price equal to up to 101% of the principal amount thereof plus accrued and unpaid interest to the redemption date (each a “Special Mandatory Redemption”).  The Permitted Escrow Bonds may contain such other terms and conditions, not inconsistent with the foregoing, as the Permitted Escrow Bond Issuer, after consultation with the underwriters or initial purchasers for the Permitted Escrow Bonds, may consider appropriate.

 

    	-11-

    	 

    
 

 

“Permitted Escrow Bond Issuer” means any issuer of the Permitted Escrow Bonds specified in clauses (x), (y) or (z) of the definition of “Permitted Escrow Bonds”.

 

Section 5.3. No Other Modification.   The consents and waivers set forth in this Article V apply solely to the matters expressly described herein on the terms and conditions provided, and no waiver or modification of any of the other terms, covenants, rights, or remedies under the Note Purchase Agreement or Notes is granted or implied herein.  The foregoing waivers shall not obligate the Noteholders to agree to any additional waiver of any provision of the Note Purchase Agreement or Notes, nor be deemed to constitute or operate as a waiver of any right under the Note Purchase Agreement to exercise remedies resulting from any existing Default or Event of Default of which the Noteholders are not actually aware or of any future Default or Event of Default.

 

Article VI

 

Make-Whole Prepayment of the Notes

 

Section 6.1 Make-Whole Prepayment Following Bond Issuance.   The Company agrees it will, within five Business Days following, and subject to, the issuance of Permitted Escrow Bonds in an aggregate principal amount of at least $1.0 billion, prepay all of the Notes in full in accordance with Section 8.2 of the Note Purchase Agreement, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus the applicable Make-Whole Amount determined for the prepayment date with respect to such principal amount of each Note then outstanding.

 

Section 6.2 Notice of Make-Whole Prepayment.   The Company will give at least three Business Days’ prior written notice to each holder of the Notes of any prepayment of the Notes pursuant to Section 6.1 above or of any other prepayment to be made pursuant to Section 8.2 of the Note Purchase Agreement from and after the date hereof and on or prior to the earlier of (x) the consummation of the NYSE Merger Transactions and (y) March 31, 2014.  Such notice shall include all information required by Section 8.2 of the Note Purchase Agreement, including an estimated computation of the Make-Whole Amount for each tranche of the Notes.  Two Business Days prior to the date set for prepayment, the Company shall deliver to each holder of Notes the calculation of the actual Make-Whole Amount as required by Section 8.2 of the Note Purchase Agreement.  Each holder of the Notes party hereto hereby irrevocably waives its right to any longer notice period under Section 8.2 of the Note Purchase Agreement in connection with such prepayment. For the avoidance of doubt, upon such prepayment of the Notes in full, no amendment fee shall be payable.

 

    	-12-

    	 

    
 

 

Article VII

 

Acknowledgement and Confirmation

 

Each party to this First Amendment hereby confirms and agrees on the Execution Date and on the First Amendment Effective Date that, after giving effect to this First Amendment and the amendments and waivers contemplated hereby, and except as expressly amended hereby, the Note Purchase Agreement and the other Note Documents to which it is a party remain in full force and effect and enforceable against such party in accordance with their respective terms, are hereby ratified and confirmed and shall not be discharged, diminished, limited or otherwise affected in any respect.  Each Obligor represents and warrants to the Noteholders as of the Execution Date and as of the First Amendment Effective Date that it has no knowledge of any claims, counterclaims, offsets, or defenses to or with respect to its obligations under the Note Documents, or if such Obligor has any such claims, counterclaims, offsets, or defenses to the Note Documents or any transaction related to the Note Documents, the same are hereby waived, relinquished, and released in consideration of the execution of this First Amendment.  This acknowledgement and confirmation by each Obligor is made and delivered to induce the Noteholders to enter into this First Amendment, and each Obligor acknowledges that the Noteholders would not enter into this First Amendment in the absence of the acknowledgement and confirmation contained herein. 

 

Article VIII

 

Miscellaneous

 

Section 8.1. Joinder of ICE New Parent to Note Purchase Agreement.  New ICE Parent agrees to be bound, from and after the First Amendment Effective Date, by all of the provisions of the Note Purchase Agreement (including, without limitation, Section 22 thereof) and the other Note Documents specifically applicable to New ICE Parent and agrees that it shall, on and as of the First Amendment Effective Date, be a party to the Note Purchase Agreement, as amended hereby.

 

Section 8.2. Governing Law.  This First Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules).

 

Section 8.3 Note Document.  As used in the Note Purchase Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Note Purchase Agreement after amendment by this First Amendment.  Any reference to the Note Purchase Agreement or any of the other Note Documents herein or in any such documents shall refer to the Note Purchase Agreement and Note Documents as amended hereby.  This First Amendment is limited to the matters expressly set forth herein, and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Note Purchase Agreement except as expressly set forth herein.  This First Amendment shall constitute a Note Document under the terms of the Note Purchase Agreement.

 

    	-13-

    	 

    
 

 

Section 8.4. Expenses.  The Obligors shall (i) pay all reasonable fees and expenses of counsel to the Noteholders and (ii) reimburse the Noteholders for all reasonable out-of-pocket costs and expenses, in each case, in connection with the preparation, negotiation, execution and delivery of this First Amendment and the other Note Documents delivered in connection herewith.

 

Section 8.5. Severability.  To the extent any provision of this First Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this First Amendment in any jurisdiction.

 

Section 8.6. Successors and Assigns.  This First Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

 

Section 8.7. Construction.  The headings of the various sections and subsections of this First Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof.

 

Section 8.8. Counterparts; Integration. This First Amendment may be executed and delivered via facsimile or electronic mail with the same force and effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures hereto were upon the same instrument.  This First Amendment constitutes the entire contract among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

Section 8.9. Breach of First Amendment.  The provisions of this First Amendment shall be deemed to constitute agreements of the Obligors under the Note Purchase Agreement and, accordingly, (a) any failure to prepay the Notes pursuant to Section 6.1 of this First Amendment or to make any other prepayment of the Notes for which a notice of prepayment is delivered pursuant to Section 6.2 of this First Amendment shall constitute an immediate Event of Default under the Note Purchase Agreement, in each case, if such failure is not remedied within three Business Days after the date on which such payment has become due and payable, and (b) any failure to comply with any other terms or provisions hereof shall constitute an Event of Default under the Note Purchase Agreement if such failure is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default or (ii) either Obligor receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to paragraph (d) of Section 11 of the Note Purchase Agreement).

 

[Remainder of page intentionally left blank]

 

    	-14-

    	 

    
 

In Witness Whereof, the parties hereto have caused this First Amendment to be executed by their duly authorized officers as of the date first above written.

 

	 	
IntercontinentalExchange, Inc.

	 
	 	 	 	 
	 	
By:

	/s/ Scott
A. Hill	 
	 	Name:	
Scott A. Hill

	 
	 	
Title:

	
Senior Vice President

	 
	 	 	
Chief Financial Officer

	 
	 	 	 	 
	 	
Intercontinental Exchange Group, Inc.

	 
	 	 	 
	 	
By:

	/s/ Scott
A. Hill	 
	 	
Name:

	
Scott A. Hill

	 
	 	
Title:

	
Vice President, Chief Financial Officer

	 

 

Notice Address for IntercontinentalExchange Group, Inc.

 

	
Party

	
Address

	
IntercontinentalExchange Group, Inc.

	
2100 RiverEdge Parkway

Suite 500

Atlanta, GA 30328

Attention:        Johnathan H. Short, Esq.

  Andrew J. Surdykowski, Esq.

Telephone: (770) 857-4700

 

SIGNATURE PAGE TO

FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	
 First Amendment to

	 	
 Note Purchase Agreement

 

As of the date first written above.

	 	
Noteholders:

 

The Variable Annuity Life Insurance Company

 

Lexington Insurance Company

 

United Guaranty Residential Insurance Company

 

The United States Life Insurance Company in the  City of New York (s/b/m to First SunAmerica Life  Insurance Company)

 

American General Life Insurance Company (s/b/m to Western National Life Insurance Company)

 

National Union Fire Insurance Company of Pittsburgh, PA

 

By:  AIG Asset Management (U.S.), LLC, as Investment Adviser

 

	 	
By

	/s/ Gerald
F. Herman	 
	 	 	
Name:
Gerald F. Herman

	 
	 	 	
Title:  
Vice President

	 
	 	 	 	 
	 	We acknowledge that we hold $55,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018

 

	 	
The Variable Annuity Life Insurance Company:

	 	$	34,375,000	 
	 	
Lexington Insurance Company

	 	$	17,187,500	 
	 	
United Guaranty Residential Insurance Company

	 	$	3,437,500	 
	 	  	 	$	55,000,000	 

 

	 	
We acknowledge that we hold $55,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021

	 	 	 	 	 
	 	
American General Life Insurance Company (s/b/m to

	 	 	 
	 	
Western National Life Insurance Company

	 	$	25,000,000	 
	 	
National Union Fire Insurance Company of

	 	 	 	 
	 	
Pittsburgh, Pa

	 	$	17,187,500	 
	 	
The United States Life Insurance Company in the

	 	 	 	 
	 	
City of New York (s/b/m to First SunAmerica Life

	 	 	 	 
	 	
Insurance Company

	 	$	9,375,000	 
	 	
United Guaranty Residential Insurance Company

	 	$	3,437,500	 
	 	  	 	$	55,000,000	 

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	
 First Amendment to

	 	
 Note Purchase Agreement

 

As of the date first written above.

 

	
Noteholders:

	
The Northwestern Mutual Life Insurance Company

	 	 	 	 
	 	
By

	/s/ David
A. Barras
	 	 	
Name: David A. Barras

	 
	 	 	
Its Authorized Representative

	 
	 	 	 	 
	 	
We acknowledge that we hold $22,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 
	 	
We acknowledge that we hold $48,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

As of the date first written above.

 

	
Noteholders:

	

Teachers Insurance and Annuity Association of America

	 	 	 	 
	 	
By

	/s/ Ho
Young Lee
	 	 	Name: Ho
Young Lee	 
	 	 	Title:   Managing Director	 
	 	 	 	 
	 	

We acknowledge that we hold $12,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 
	 	
We acknowledge that we hold $43,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

As of the date first written above.

 

	
Noteholders:

	
The Lincoln National Life Insurance Company

	 
	 	 	 	 
	 	By: 	
Delaware Investment Advisers, a series of Delaware Management Business Trust, Attorney in Fact

	 	 	 	 
	 	
By

	/s/ Frank
Latorraca
	 	 	Name: Frank LaTorraca	 
	 	 	Title:   Vice President	 
	 	 	 	 
	 	

We acknowledge that we hold $22,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 
	 	
We acknowledge that we hold $13,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

	 	 	 
	
 

	

Lincoln Life & Annuity Company of New York

	 
	 	 	 	 
	 	By: 	

Delaware Investment Advisers, a series of Delaware Management Business Trust, Attorney in Fact

	 	 	 	 
	 	
By

	/s/ Frank
Latorraca
	 	 	Name:  Frank LaTorraca	 
	 	 	Title:    Vice President	 
	 	 	 	 
	 	

We acknowledge that we hold $3,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 
	 	

We acknowledge that we hold $2,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

As of the date first written above.

 

	
Noteholders:

	

Aviva Life and Annuity Company 

	 
	 	 	 	 
	 	
By:

	Aviva Investors North America, Inc., Its authorized attorney-in-fact
	 	 	 	 
	 	
By

	/s/ Roger
D. Fors
	 	 	Name: Roger
D. Fors	 
	 	 	Title:   VP
Private Fixed Income	 
	 	 	 	 
	 	

We acknowledge that we hold $17,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 
	 	
We acknowledge that we hold $13,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

    	  

    	 

    
 

 

 

	IntercontinentalExchange, Inc., et al.	
First Amendment to

	 	
 Note Purchase Agreement

 

As of the date first written above.

 

	
Noteholders:

	
Transamerica Life Insurance Company

 

	 	By:	
AEGON USA Investment Management, LLC, its investment manager

	 	 	 	 
	 	
By

	/s/ Bill
Henricksen	 
	 	 	
Name: Bill Henricksen

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
We acknowledge that we hold $8,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 	 
	 	
We acknowledge that we hold $4,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

	 	 	 	 
	 	
Western Reserve Life Assurance Company of Ohio

	 	 	 	 
	 	By: 	
AEGON USA Investment Management, LLC, its investment manager

	 	 	 	 
	 	
By

	/s/ Bill
Henricksen	 
	 	 	
Name: Bill Henricksen

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
We acknowledge that we hold $2,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 	 
	 	
Transamerica Advisors Life Insurance Company of New York

	 	 	 	 
	 	By:	
AEGON USA Investment Management, LLC, its investment manager

	 	 	 	 
	 	
By

	/s/ Bill
Henricksen	 
	 	 	
Name: Bill Henricksen

	 
	 	 	
Title: 
 Vice President

	 
	 	 	 	 
	 	We acknowledge that we hold $2,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

	
Noteholders:

	Transamerica Advisors Life Insurance Company
	 	 	 
	 	By:	
AEGON USA Investment Management, LLC, its investment manager

	 
	 	 	 	 
	 	
By

	 /s/
Bill Henricksen
	 	 	Name: Bill Henricksen	 
	 	 	Title:   Vice President	 
	 	 	 	 
	 	
We acknowledge that we hold $2,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 	 
	 	
Transamerica Life (Bermuda) Ltd

	 
	 	 	 	 
	 	By:	
AEGON USA Investment Management, LLC, its investment manager

	 
	 	 	 	 
	 	
By

	/s/ Bill
Henricksen
	 	 	
Name: Bill Henricksen

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	We acknowledge that we hold $4,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

	
As of the date first written above.

	 	 
	 	 	 
	Noteholders:	
Connecticut General Life Insurance Company

	 	 	 
	 	By:	
CIGNA Investments, Inc. (authorized agent)

	 
	 	 	 	 
	 	
By

	/s/ Elisabeth
V. Piker	 
	 	 	
Name: Elisabeth V. Piker

	 
	 	 	
Title:   Managing Director

	 
	 	 	 	 
	 	
We acknowledge that we hold $7,000,000_ 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 	 
	 	
We acknowledge that we hold $2,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

	 	 	 	 
	 	
Life Insurance Company of North America

	 	 	 	 
	 	By:	
CIGNA Investments, Inc. (authorized agent)

	 
	 	 	 	 
	 	
By

	/s/ Elisabeth
V. Piker
	 	 	
Name: Elisabeth V. Piker

	 
	 	 	
Title:   Managing Director

	 
	 	 	 	 
	 	
We acknowledge that we hold $2,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 	 
	 	
We acknowledge that we hold $3,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

	
Noteholders:

	
CIGNA Health and Life Insurance Company

	 	 	 
	 	By:	
CIGNA Investments, Inc. (authorized agent)

	 
	 	 	 	 
	 	
By

	/s/ Elisabeth
V. Piker
	 	 	
Name: Elisabeth V. Piker

	 
	 	 	
Title:   Managing Director

	 
	 	 	 	 
	 	
We acknowledge that we hold $4,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

	
As of the date first written above.

	 	 
	 	 	 
	Noteholders:	
Great-West Life & Annuity Insurance Company

	 	 	 
	 	
By

	/s/ Tad
Anderson
	 	 	
Name: Tad Anderson

	 
	 	 	
Title:   Assistant Vice
President, Investment

	 
	 	 	 	 
	 	
By

	/s/
Ward Argust
	 	 	
Name:  Ward Argust

	 
	 	 	
Title:    Manager, Investment

	 
	 	 	 	 
	 	
We acknowledge that we hold $18,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

	
As of the date first written above.

	 	 
	 	 	 
	 Noteholders:	
Western-Southern  Life Assurance Company

	 	 
	 	
By 

	/s/ James
J. Vance
	 	 	
Name: James J. Vance

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
By

	/s/ Jeffrey
L. Stainton
	 	 	
Name: Jeffrey L. Stainton

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
We acknowledge that we hold $6,650,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 	 
	 	
Columbus Life Insurance Company

	 
	 	 	 	 
	 	
By

	/s/ James
J. Vance
	 	 	
Name: James
J. Vance

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
By

	/s/ Jeffrey
L. Stainton
	 	 	
Name: Jeffrey
L. Stainton

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
We acknowledge that we hold $1,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

	
As of the date first written above.

	 	 
	 	 	 
	Noteholders:	
Integrity Life Insurance Company

	 
	 	 	 
	 	
By

	/s/ James
J. Vance
	 	 	
Name: James
J. Vance

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
By

	/s/ Kevin
L. Howard
	 	 	
Name: Kevin L. Howard

	 
	 	 	
Title:   Senior
Vice President

	 
	 	 	 	 
	 	
We acknowledge that we hold $2,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

	 	 	 	 
	 	
The Lafayette Life Insurance Company

	 
	 	 	 	 
	 	
By

	/s/ James
J. Vance
	 	 	Name: James
J. Vance	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
By

	/s/ Kevin
L. Howard
	 	 	
Name: Kevin L. Howard

	 
	 	 	
Title:   Senior
Vice President

	 
	 	 	 	 
	 	
We acknowledge that we hold $2,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.	First Amendment to
	 	Note Purchase Agreement

 

	
As of the date first written above.

	 	 
	 	 	 
	Noteholders:	
National Interstate Insurance Company

	 
	 	 	 
	 	
By

	/s/ Gary
N. MOnda
	 	 	
Name: Gary
N. Monda

	 
	 	 	
Title:   Vice President

	 
	 	 	 	 
	 	
By

	/s/ Gregory
J. Trusz
	 	 	
Name:  Gregory J. Trusz

	 
	 	 	
Title:    Sr.
Investment Analyst

	 
	 	 	 	 
	 	
We acknowledge that we hold $2,350,000 4.13% Senior Notes, Tranche A, due November 9, 2018. 

	 	 	 	 

 

    	  

    	 

    
 

 

 

 

	IntercontinentalExchange, Inc., et al.  	First Amendment to 
	 	 Note Purchase Agreement

 

As of the date first written above.

 

	Noteholders:	
Continental Casualty Company

	 
	 	 	 	 
	
 

	
By 

	/s/ Edward
J. Lavin	 
	 	 	Name: Edward
J. Lavin	 
	 	 	Title:   Assistant
Vice President	 
	 	 	 	 
	 	We acknowledge that we hold $8,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.  	First Amendment to 
	 	 Note Purchase Agreement

 

As of the date first written above.

 

	Noteholders:	
PHL Variable Insurance Company

	 
	 	 	 	 
	
 

	
By

	/s/ Christopher
M. Wilkos	 
	 	 	Name: Christopher
M. Wilkos	 
	 	 	Title:   Executive
Vice President	 
	 	 	 	 
	 	We acknowledge that we hold $8,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021.

 

    	  

    	 

    
 

	IntercontinentalExchange, Inc., et al.  	First Amendment to 
	 	 Note Purchase Agreement

 

As of the date first written above.

 

	Noteholders:	
Senior Health Insurance Company of Pennsylvania

	 	 	 	 
	
 

	
By: 

	Conning, Inc., as Investment Manager	 

 

	
 

	
By

	/s/ Samuel
Otchere	 
	 	 	Name: Samuel Otchere	 
	 	 	Title:   Director	 

 

	 	We acknowledge that we hold $2,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.
	 	 	 	 
	 	Primerica Life Insurance Company	 
	 	 	 
	
 

	
By: 

	Conning, Inc., as Investment Manager	 

 

	
 

	
By

	/s/ Samuel
Otchere	 
	 	 	Name: Samuel Otchere	 
	 	 	Title:   Director	 
	 	 	 	 
	 	We acknowledge that we hold $2,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018.

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.  	First Amendment to 
	 	 Note Purchase Agreement

 

As of the date first written above.

 

	Noteholders:	

National Mutual Benefit

Guaranty Income Life Insurance Company 

Group Health Cooperative

	 
	 	 	 	 
	
 

	
By: 

	Prime Advisors, Inc., its Attorney-in-Fact	 

 

	
 

	
By

	/s/ Scott
Sell	 
	 	 	Name: Scott Sell	 
	 	 	Title:   Vice President	 
	 	 	 	 
	 	We acknowledge that we hold $1,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018 for Guaranty Income Life Insurance Company.
	 	 	 	 
	 	We acknowledge that we hold $1,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018 for Group Health Cooperative.
	 	 	 	 
	 	We acknowledge that we hold $1,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021 for National Mutual Benefit.
	 	 	 	 

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.  	First Amendment to 
	 	 Note Purchase Agreement

 

Schedule I

 

The following provisions of the composite blacklined conformed copy of the Note Purchase Agreement attached hereto as Exhibit A shall become effective on the Execution Date as set forth in Section 2.1 of the First Amendment to the Note Purchase Agreement:

 

	
Section 7.3

	
Visitation (except references to “Obligors” shall remain references to the “Company” until the First Amendment Effective Date).

 

	
Section 9.7

	
Subsidiary Guarantors (except references to “New Ice Parent” in such section shall be deemed to be to “the Company” until the First Amendment Effective Date).

 

	
Section 10.3

	
Limitation on Liens. Amendments to Sections 10.3(k), 10.3(l) and 10.3(n).

 

	
Section 10.4 

	
Sale of Assets. Addition of clause (iv) and the last sentence of the last paragraph of Section 10.4.

 

	
Section 10.8 

	
Terrorism Sanctions Regulations.

 

	
Schedule B 

	
Defined Terms.

 

	
 

	

Addition of following definitions:

 

“CISADA”

 

“Clearing House Subsidiary”

 

“Controlled Entity” (except references to “New Ice Parent” in such definition shall be deemed to be to “the Company” until the First Amendment Effective Date)

 

“Material Credit Facility”

 

“Permitted Lien”

 

“Regulatory Capital Assets”

 

“Specified Clearing House Subsidiary Indebtedness”

 

“U.S. Economic Sanctions”

 

Amendments to the following definitions:

 

“Blocked Person”

 

“Excluded Assets”

 

“Guaranty Fund” (except references to “New Ice Parent” in such definition shall be deemed to be to “the Company” until the First Amendment Effective Date)

 

“Hedge Agreement”

 

“Indebtedness”

 

“Regulated Subsidiary”

 

“Total Leverage Ratio”

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc., et al.  	First Amendment to 
	 	 Note Purchase Agreement

 

Exhibit A

 

Composite Blacklined Conformed Copy of Note Purchase Agreement

Reflecting First Amendment to the Note Purchase Agreement

 

[see attached]

 

    	  

    	 

    
 

 

Conformed Version

 

Execution Copy

	 

 

IntercontinentalExchange, Inc.

 

IntercontinentalExchange Group, Inc.

 

$400,000,000 Senior Notes

$200,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018

$200,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021

	 	 	 
	 	 	 
	
Note Purchase Agreement

	 	 	 

 

Dated as of November 9, 2011

 

(as amended pursuant to the First Amendment to Note Purchase Agreement

dated as of September 27, 2013)

	 

 

    	  

    	 

    
 

Table of Contents

	  	  	  	  	  	  
	
Section

	  	
Heading

	  	
Page

	  	  	  	  	  	  
	

Section 1.

	  	
Authorization of Notes

	  	
1

	  
	 	 	 	 	 	 
	
Section 1.1.

	  	
Description of Notes

	  	
1

	  
	
Section 1.2.

	  	
New ICE Parent Guaranty

	  	
1

	  
	  	  	  	  	  	  
	
Section 2.

	  	
Sale and Purchase of Notes

	  	
12

	  
	 	 	 	 	 	 
	
Section 2.1.

	  	
Notes

	  	
12

	  
	  	  	  	  	  	  
	
Section 3.

	  	
Closing

	  	
2

	  
	  	  	  	  	  	  
	
Section 4.

	  	
Conditions to Closing

	  	
2

	  
	 	 	 	 	 	 
	
Section 4.1.

	  	
Representations and Warranties

	  	
2

	  
	
Section 4.2.

	  	
Performance; No Default

	  	
2

	  
	
Section 4.3.

	  	
Compliance Certificates

	  	
23

	  
	
Section 4.4.

	  	
Opinions of Counsel

	  	
3

	  
	
Section 4.5.

	  	
Purchase Permitted By Applicable Law, Etc

	  	
3

	  
	
Section 4.6.

	  	
Sale of Other Notes

	  	
3

	  
	
Section 4.7.

	  	
Payment of Special Counsel Fees

	  	
34

	  
	
Section 4.8.

	  	
Private Placement Number

	  	
34

	  
	
Section 4.9.

	  	
Changes in Corporate Structure

	  	
4

	  
	
Section 4.10.

	  	
Funding Instructions

	  	
4

	  
	
Section 4.11.

	  	
Proceedings and Documents

	  	
4

	  
	  	  	  	  	  	  
	
Section 5.

	  	
Representations and Warranties of the Company

	  	
4

	  
	 	 	 	 	 	 
	
Section 5.1.

	  	
Organization; Power and Authority

	  	
4

	  
	
Section 5.2.

	  	
Authorization, Etc

	  	
45

	  
	
Section 5.3.

	  	
Disclosure

	  	
45

	  
	
Section 5.4.

	  	
Organization and Ownership of Shares of Subsidiaries

	  	
5

	  
	
Section 5.5.

	  	
Financial Statements; Material Liabilities

	  	
6

	  
	
Section 5.6.

	  	
Compliance with Laws, Other Instruments, Etc

	  	
6

	  
	
Section 5.7.

	  	
Governmental Authorizations, Etc

	  	
6

	  
	
Section 5.8.

	  	
Litigation; Observance of Agreements, Statutes and Orders

	  	
6

	  
	
Section 5.9.

	  	
Taxes

	  	
7

	  
	
Section 5.10.

	  	
Title to Property; Leases

	  	
7

	  
	
Section 5.11.

	  	
Licenses, Permits, Etc

	  	
7

	  
	
Section 5.12.

	  	
Compliance with ERISA

	  	
8

	  
	
Section 5.13.

	  	
Private Offering by the Company

	  	
89

	  
	
Section 5.14.

	  	
Use of Proceeds; Margin Regulations

	  	
9

	  
	
Section 5.15.

	  	
Existing Indebtedness; Future Liens

	  	
9

	  

 

    	-i-

    	 

    
 

 

	
Section 5.16.

	  	
Foreign Assets Control Regulations, Etc

	  	
910

	  
	
Section 5.17.

	  	
Status under Certain Statutes

	  	
10

	  
	
Section 5.18.

	  	
Environmental Matters

	  	
10

	  
	
Section 5.19.

	  	
Notes Rank Pari Passu

	  	
11

	  
	  	  	  	  	  	  
	
Section 6.

	  	
Representations of the Purchaser

	  	
11

	  
	 	 	 	 	 	 
	
Section 6.1.

	  	
Purchase for Investment

	  	
11

	  
	
Section 6.2.

	  	
Accredited Investor

	  	
1112

	  
	
Section 6.3.

	  	
Source of Funds

	  	
12

	  
	  	  	  	  	  	  
	
Section 7.

	  	
Information as to Company

	  	
13

	  
	 	 	 	 	 	 
	
Section 7.1.

	  	
Financial and Business Information

	  	
13

	  
	
Section 7.2.

	  	
Officer’s Certificate

	  	
1617

	  
	
Section 7.3.

	  	
Visitation

	  	
17

	  
	  	  	  	  	  	  
	
Section 8.

	  	
Payment of the Notes

	  	
1718

	  
	 	 	 	 	 	 
	
Section 8.1.

	  	
Required Prepayments

	  	
1718

	  
	
Section 8.2.

	  	
Optional Prepayments with Make-Whole Amount

	  	
1718

	  
	
Section 8.3.

	  	
Allocation of Partial Prepayments

	  	
18

	  
	
Section 8.4.

	  	
Maturity; Surrender, Etc.

	  	
18

	  
	
Section 8.5.

	  	
Purchase of Notes

	  	
1819

	  
	
Section 8.6.

	  	
Make-Whole Amount for the Notes

	  	
1819

	  
	
Section 8.7.

	  	
Change in Control

	  	
20

	  
	  	  	  	  	  	  
	
Section 9.

	  	
Affirmative Covenants

	  	
2122

	  
	 	 	 	 	 	 
	
Section 9.1.

	  	
Compliance with Law

	  	
2122

	  
	
Section 9.2.

	  	
Insurance

	  	
22

	  
	
Section 9.3.

	  	
Maintenance of Properties

	  	
22

	  
	
Section 9.4.

	  	
Payment of Taxes and Claims

	  	
2223

	  
	
Section 9.5.

	  	
Corporate Existence, Etc

	  	
2223

	  
	
Section 9.6.

	  	
Notes to Rank Pari Passu

	  	
23

	  
	
Section 9.7.

	  	
Subsidiary Guarantors

	  	
2324

	  
	
Section 9.8.

	  	
Designation of SubsidiariesCompany to Remain Subsidiary

	  	
2425

	  
	
Section 9.9.

	  	
Books and Records

	  	
2425

	  
	
Section 9.10.

	  	
Bank Credit Agreement

	  	
25

	  
	  	  	  	  	  	  
	
Section 10.

	  	
Negative Covenants

	  	
2425

	  
	 	 	 	 	 	 
	
Section 10.1.

	  	
Financial Covenants

	  	
2425

	  
	
Section 10.2.

	  	
Priority Indebtedness

	  	
2426

	  
	
Section 10.3.

	  	
Limitation on Liens

	  	
2526

	  
	
Section 10.4.

	  	
Sales of Assets

	  	
2728

	  
	
Section 10.5.

	  	
Merger and Consolidation

	  	
2830

	  
	
Section 10.6.

	  	
Line of Business

	  	
2831

	  
	
Section 10.7.

	  	
Transactions with Affiliates

	  	
2931

	  

 

    	-ii-

    	 

    
 

 

	
Section 10.8.

	  	
Terrorism Sanctions Regulations

	  	
2931

	  
	
Section 10.9.

	  	
Restricted Subsidiaries

	  	
29

	  
	  	  	  	  	  	  
	
Section 11.

	  	
Events of Default

	  	
2932

	  
	  	  	  	  	  	  
	
Section 12.

	  	
Remedies on Default, Etc

	  	
3235

	  
	  	  	  	  	  	  
	
Section 12.1.

	  	
Acceleration

	  	
3235

	  
	
Section 12.2.

	  	
Other Remedies

	  	
3235

	  
	
Section 12.3.

	  	
Rescission

	  	
3236

	  
	
Section 12.4.

	  	
No Waivers or Election of Remedies, Expenses, Etc

	  	
3336

	  
	  	  	  	  	  	  
	
Section 13.

	  	
Registration; Exchange; Substitution of Notes

	  	
3336

	  
	 	 	 	 	 	 
	
Section 13.1.

	  	
Registration of Notes

	  	
3336

	  
	
Section 13.2.

	  	
Transfer and Exchange of Notes

	  	
3337

	  
	
Section 13.3.

	  	
Replacement of Notes

	  	
3437

	  
	  	  	  	  	  	  
	
Section 14.

	  	
Payments on Notes

	  	
3437

	  
	 	 	 	 	 	 
	
Section 14.1.

	  	
Place of Payment

	  	
3437

	  
	
Section 14.2.

	  	
Home Office Payment

	  	
3438

	  
	  	  	  	  	  	  
	
Section 15.

	  	
Expenses, Etc

	  	
3538

	  
	 	 	 	 	 	 
	
Section 15.1.

	  	
Transaction Expenses

	  	
3538

	  
	
Section 15.2.

	  	
Survival

	  	
3538

	  
	  	  	  	  	  	  
	
Section 16.

	  	
Survival of Representations and Warranties; Entire Agreement

	  	
3539

	  
	  	  	  	  	  	  
	
Section 17.

	  	
Amendment and Waiver

	  	
3639

	  
	 	 	 	 	 	 
	
Section 17.1.

	  	
Requirements

	  	
3639

	  
	
Section 17.2.

	  	
Solicitation of Holders of Notes

	  	
3639

	  
	
Section 17.3.

	  	
Binding Effect, Etc

	  	
3740

	  
	
Section 17.4.

	  	
Notes Held by Company, Etc

	  	
3740

	  
	  	  	  	  	  	  
	
Section 18.

	  	
Notices

	  	
3740

	  
	  	  	  	  	  	  
	
Section 19.

	  	
Reproduction of Documents

	  	
3841

	  
	  	  	  	  	  	  
	
Section 20.

	  	
Confidential Information

	  	
3842

	  
	  	  	  	  	  	  
	
Section 21.

	  	
Substitution of Purchaser

	  	
3942

	  

 

    	-iii-

    	 

    
 

 

	  	  	  	  	  	  
	
Section 22.

	  	
MiscellaneousParent Guaranty 

	  	
3943

	  
	 	 	 	 	 	 
	
Section 22.1.

	  	
Parent Guaranty

	  	
43

	  
	
Section 22.2.

	  	
Guaranty Unconditional

	  	
44

	  
	
Section 22.3.

	  	
Duty Only Upon Payment in Full; Reinstatement in Certain Circumstances

	  	
45

	  
	
Section 22.4.

	  	
Waivers of the Company and New ICE Parent

	  	
46

	  
	
Section 22.5.

	  	
Subrogation

	  	
47

	  
	
Section 22.6.

	  	
Stay of Acceleration

	  	
47

	  
	
Section 22.7.

	  	
Continuing Guaranty; Assignments

	  	
48

	  
	  	  	  	  	  	  
	
Section 23.

	  	
Miscellaneous

	  	
49

	  
	 	 	 	 	 	 
	
Section 22.1.23.1.

	  	
Successors and Assigns

	  	
3949

	  
	
Section 22.2.23.2.

	  	
Payments Due on Non-Business Days

	  	
4049

	  
	
Section 22.3.23.3.

	  	
Accounting Terms; Changes in GAAP

	  	
4049

	  
	
Section 22.4.23.4.

	  	
Severability

	  	
4051

	  
	
Section 22.5.23.5.

	  	
Construction

	  	
4051

	  
	
Section 22.6.23.6.

	  	
Counterparts

	  	
4151

	  
	
Section 22.7.23.7.

	  	
Governing Law

	  	
4152

	  
	
Section 22.8.23.8.

	  	
Jurisdiction and Process; Waiver of Jury Trial

	  	
4152

	  

 

    	-iv-

    	 

    
 

 

	  	  	  
	
Schedule A

	
—

	
Information Relating to Purchasers

	  	  	  
	
Schedule B

	
—

	
Defined Terms

	  	  	  
	
Schedule 4.9

	
—

	
Changes in Corporate Structure

	  	  	  
	
Schedule 5.4

	
—

	
Subsidiaries of the Company

	  	  	  
	
Schedule 5.5

	
—

	
Financial Statements

	  	  	  
	
Schedule 5.8

	
—

	
Litigation

	  	  	  
	
Schedule 5.15

	
—

	
Existing Indebtedness

	  	  	  
	
Schedule 10.3

	
—

	
Existing Liens

	  	  	  
	
Exhibit 1(a)

	
—

	
Form of 4.13% Senior Note, Tranche A, due November 9, 2018

	  	  	  
	
Exhibit 1(b)

	
—

	
Form of 4.69% Senior Note, Tranche B, due November 9, 2021

	  	  	  
	
Exhibit 4.4(a)

	
—

	
Form of Opinion of Associate General Counsel to the Company

	  	  	  
	
Exhibit 4.4(b)

	
—

	
Form of Opinion of Special Counsel to the Company

	  	  	  
	
Exhibit 4.4(c)

	
—

	
Form of Opinion of Special Counsel to the Purchasers

 

    	-v-

    	 

    
 

 

IntercontinentalExchange, Inc.

IntercontinentalExchange Group, Inc.

2100 River Edge Parkway, 5th Floor

Atlanta, Georgia 30328

 

$400,000,000 Senior Notes

 

$200,000,000 4.13% Senior Notes, Tranche A, due November 9, 2018

 

$200,000,000 4.69% Senior Notes, Tranche B, due November 9, 2021

 

Dated as of

November 9, 2011

(as amended pursuant to First Amendment

dated as of September 27, 2013)

 

To the Purchasers listed in

the attached Schedule A:

 

Ladies and Gentlemen:

 

IntercontinentalExchange, Inc., a Delaware corporation (the “Company”), agreesand IntercontinentalExchange Group, Inc., a Delaware corporation (“New ICE Parent” and, together with the Company, individually an “Obligor”, and collectively the “Obligors”), jointly and severally agree with the Purchasers listed in the attached Schedule A (the “Purchasers”) to this Note Purchase Agreement (this “Agreement”) as follows:

 

	

Section 1.

	
Authorization of Notes.

 

Section 1.1.     Description of Notes.  The Company will authorize the issue and sale of (i) $200,000,000 aggregate principal amount of its 4.13%, Senior Notes, Tranche A, due November 9, 2018 (the “Tranche A Notes”) and (ii) $200,000,000 aggregate principal amount of its 4.69%, Senior Notes, Tranche B, due November 9, 2021 (the “Tranche B Notes”, and together with the Tranche A Notes, the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement)).  The Tranche A Notes and the Tranche B Notes shall be substantially in the form set out in Exhibit 1(a) and Exhibit 1(b), respectively, with such changes therefrom, if any, as may be approved by the Purchasers and the Company.  Certain capitalized terms used in this Agreement are defined in Schedule B; references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement.

 

Section 1.2      New ICE Parent Guaranty.  From and after the First Amendment Effective Date, the Company’s obligations to pay principal, interest and Make-Whole Amount, if any, and all other amounts due under this Agreement and the Notes will be absolutely, unconditionally and irrevocably guaranteed by New ICE Parent pursuant to the guaranty set forth in Section 22 hereof.

 

    	  

    	 

    
 

 

	

Section 2.

	
Sale and Purchase of Notes.

 

Section 2.1.     Notes.  Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, the Notes in the principal amount and in the tranche specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof.  The obligations of each Purchaser hereunder are several and not joint obligations and each Purchaser shall have no obligation and no liability to any Person for the performance or nonperformance by any other Purchaser hereunder.

 

	

Section 3.

	
Closing.

 

The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603 at 10:00 a.m. Central time, at a closing (the “Closing”) on November 9, 2011 or on such other Business Day thereafter on or prior to November 30, 2011 as may be agreed upon by the Company and the Purchasers.   On the Closing Date, the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing Date and registered in such Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to Account Number 2000022243526, at Wells Fargo Bank, Atlanta, Georgia, ABA Number 121000248, in the Account Name of “IntercontinentalExchange, Inc.”  If, on the Closing Date, the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any Purchaser’s satisfaction, such Purchaser shall, at such Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.

 

	

Section 4.

	
Conditions to Closing.

 

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions applicable to the Closing Date:

 

Section 4.1.     Representations and Warranties.  The representations and warranties of the Company in this Agreement shall be correct when made and at the time of the Closing.

 

Section 4.2.     Performance; No Default.  The Company shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by the Company prior to or at the Closing, and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing.  Neither the Company nor any Restricted Subsidiary shall have entered into any transaction since the date of the Memorandum that would have been prohibited by Section 10 hereof had such Section applied since such date.

 

    	-2-

    	 

    
 

 

Section 4.3.     Compliance Certificates.

 

(a)Officer’s Certificate of the Company.  The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the Closing Date, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

 

(b)Secretary’s Certificate of the Company.  The Company shall have delivered to such Purchaser a certificate, dated the Closing Date, certifying as to the resolutions attached thereto and other corporate proceedings of the Company relating to the authorization, execution and delivery of the Notes and this Agreement.

 

Section 4.4.     Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the Closing Date (a) from Andrew J. Surdykowski, Vice President & Associate General Counsel of the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b) from Nelson Mullins Riley & Scarborough LLP, special counsel for the Company, covering the matters set forth in Exhibit 4.4(b) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), and (c) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.4(c) and covering such other matters incident to such transactions as such Purchaser may reasonably request.

 

Section 4.5.     Purchase Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof.  If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.

 

Section 4.6.     Sale of Other Notes.  Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A.

 

    	-3-

    	 

    
 

 

Section 4.7.      Payment of Special Counsel Fees.  Without limiting the provisions of Section 15.1, the Company shall have paid on or before the Closing Date, the reasonable fees, reasonable charges and reasonable disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least two Business Days prior to the Closing Date.

 

Section 4.8.   Private Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the Securities Valuation Office of the National Association of Insurance Commissioners) shall have been obtained for each tranche of the Notes.

 

Section 4.9.   Changes in Corporate Structure.  The Company shall not have changed its jurisdiction of organization or, except as reflected in Schedule 4.9, been a party to any merger or consolidation, or shall have succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.

 

Section 4.10.  Funding Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the bank and account information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited.

 

Section 4.11.  Proceedings and Documents. All corporate and other organizational proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request.

 

	

Section 5.

	
Representations and Warranties of the Company.

 

The Company represents and warrants to each Purchaser that:

 

Section 5.1.   Organization; Power and Authority.  The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  The Company has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.

 

    	-4-

    	 

    
 

 

Section 5.2.       Authorization, Etc. This Agreement and the Notes to be issued on the Closing Date have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each such Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 5.3.       Disclosure. The Company, through its agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC and Mitsubishi UFJ Securities (USA), Inc., has delivered to you and each other Purchaser a copy of a Private Placement Memorandum, dated September, 2011 (the “Memorandum”), relating to the transactions contemplated hereby.  The Memorandum fairly describes, in all material respects, the general nature of the business and principal properties of the Company and its Restricted Subsidiaries.  This Agreement, the Memorandum, the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby and the financial statements listed in Schedule 5.5, in each case, delivered to the Purchasers prior to October 21, 2011 (this Agreement, the Memorandum and such documents, certificates or other writings and such financial statements being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made.  Except as disclosed in the Disclosure Documents, since December 31, 2010, there has been no change in the financial condition, operations, business or properties of the Company or any of its Restricted Subsidiaries except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect.  There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

 

Section 5.4.       Organization and Ownership of Shares of Subsidiaries. (a) Schedule 5.4 contains a complete and correct list of the Company’s Restricted and Unrestricted Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary.

 

(b)All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien.

 

(c)Each Subsidiary identified in Schedule 5.4 is a corporation, limited liability company or other legal entity, as the case may be, duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as the case may be, has the corporate or other power and authority to own, lease and operate its properties and to conduct its business, and is duly qualified as a foreign corporation, limited liability company or other legal entity, as the case may be, to transact business and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    	-5-

    	 

    
 

 

(d)No Subsidiary is a party to, or otherwise subject to, any legal, regulatory, contractual or other restriction or any agreement (other than this Agreement, the restrictions listed on Schedule 5.4 and customary limitations imposed by corporate law statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary.

 

Section 5.5.       Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the financial statements of the Company and its Subsidiaries listed on Schedule 5.5.  All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments).  The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.

 

Section 5.6.       Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of this Agreement and the Notes will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under (i) the corporate charter or by-laws or other organic documents of the Company or such Subsidiary or (ii) any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary, or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary.  

 

Section 5.7.       Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement or the Notes, other than such as have been obtained or made, as applicable, and other than routine filings after the Closing Date with the SEC and/or state blue sky authorities.  

 

Section 5.8.       Litigation; Observance of Agreements, Statutes and Orders. (a) Schedule 5.8 describes certain litigation proceedings affecting the Company and its Subsidiaries.  There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any Restricted Subsidiary or any property of the Company or any Restricted Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority, including the proceedings described on Schedule 5.8, that, individually or in the aggregate, if adversely determined, would reasonably be expected to have a Material Adverse Effect.

 

    	-6-

    	 

    
 

 

(b)Neither the Company nor any Restricted Subsidiary is (i) in default under any term of any agreement or instrument to which it is a party or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation, Environmental Laws, the USA Patriot Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

 

Section 5.9.       Taxes. The Company and its Subsidiaries have filed or caused to be filed all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not individually or in the aggregate Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.  The Company knows of no basis for any other tax or assessment that would reasonably be expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of federal, state or other taxes for all fiscal periods are adequate.  The federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run (except for certain statutory exceptions for net operating losses and tax credit carryforwards)) for all fiscal years up to and including the fiscal year ended December 31, 2007.

 

Section 5.10.     Title to Property; Leases. The Company and its Restricted Subsidiaries have good and sufficient title to their respective properties which the Company and its Restricted Subsidiaries own or purport to own that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Restricted Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement.  All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects.

 

Section 5.11.    Licenses, Permits, Etc.  (a) The Company and its Restricted Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect;

 

(b)to the knowledge of the Company, no product or service of the Company or any of its Restricted Subsidiaries infringes in any Material respect any Material license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person; and

 

    	-7-

    	 

    
 

 

(c)to the knowledge of the Company, there is no Material violation by any Person of any right of the Company or any of its Restricted Subsidiaries with respect to any Material patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Restricted Subsidiaries.

 

Section 5.12.    Compliance with ERISA. (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that would reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or to section 436 or 430 of the Code or section 4068 of ERISA, other than such liabilities or Liens as would not be individually or in the aggregate Material.

 

(b)The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities.  The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.

 

(c)The Company and its ERISA Affiliates have not incurred any withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material.

 

(d)The expected post-retirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries is not Material.

 

(e)The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of Section 406 of ERISA or in connection with which a tax would be imposed pursuant to Section 4975(c)(1)(A)-(D) of the Code.  The representation by the Company in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of each Purchaser’s representation in Section 6.3 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser.

 

    	-8-

    	 

    
 

 

Section 5.13.    Private Offering by the Company. Neither the Company nor anyone acting on the Company’s behalf has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 55 other Institutional Investors, each of which has been offered the Notes in connection with a private sale for investment.  Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction.

 

Section 5.14.    Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes to refinance existing Indebtedness and for general corporate purposes of the Company and in compliance with all laws referenced in Section 5.16.  No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220).  Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

 

Section 5.15.    Existing Indebtedness; Future Liens.  (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Restricted Subsidiaries in a principal amount of $10,000,000 or greater as of September 30, 2011 (including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty Obligations thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Restricted Subsidiaries.  Neither the Company nor any Restricted Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Restricted Subsidiary that is outstanding in an aggregate principal amount of greater than $1,000,000, and no event or condition exists with respect to any such Indebtedness of the Company or any Restricted Subsidiary, that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 

(b)Except as disclosed in Schedule 5.15, neither the Company nor any Restricted Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.3.

 

(c)Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except as specifically indicated in Schedule 5.15.

 

    	-9-

    	 

    
 

 

Section 5.16.    Foreign Assets Control Regulations, Etc. (a) Neither the Company nor any Affiliated Entity is (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, U.S. Department of Treasury (“OFAC”) (an “OFAC Listed Person”) or (ii) a department, agency or instrumentality of, or is otherwise controlled by or acting on behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program (each OFAC Listed Person and each other Person, entity, organization and government of a country described in clause (ii), a “Blocked Person”).

 

(b)No part of the proceeds from the sale of the Notes hereunder constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used, directly by the Company or indirectly through any Affiliated Entity, in connection with any investment in, or any transactions or dealings with, any Blocked Person.

 

(c)To the Company’s knowledge, neither the Company nor any Affiliated Entity (i) is under investigation by any Governmental Authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes under any applicable law (collectively, “Anti-Money Laundering Laws”), (ii) has been assessed civil penalties under any Anti-Money Laundering Laws or (iii) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws.  The Company has taken reasonable measures appropriate to the circumstances (in any event as required by applicable law) to ensure that the Company and each Affiliated Entity is and will continue to be in compliance with all applicable current and future Anti-Money Laundering Laws.

 

(d)No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any improper payments to any governmental official or employee, political party, official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage.  The Company has taken reasonable measures appropriate to the circumstances (in any event as required by applicable law) to ensure that the Company and each Affiliated Entity is and will continue to be in compliance with all applicable current and future anti-corruption laws and regulations.

 

Section 5.17.     Status under Certain Statutes. Neither the Company nor any Restricted Subsidiary is an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended, or is subject to regulation under the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.

 

Section 5.18.     Environmental Matters.  (a) Neither the Company nor any Restricted Subsidiary has knowledge of any liability or has received any notice of any liability, and no proceeding has been instituted raising any liability against the Company or any of its Restricted Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them, or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.

 

    	-10-

    	 

    
 

 

(b)Neither the Company nor any Restricted Subsidiary has knowledge of any facts which would give rise to any liability, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.

 

(c)Neither the Company nor any of its Restricted Subsidiaries has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in each case in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect.

 

(d)All buildings on all real properties now owned, leased or operated by the Company or any of its Restricted Subsidiaries are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.19.       Notes Rank Pari Passu.  The obligations of the Company under this Agreement and the Notes rank pari passu in right of payment with all other senior unsecured Indebtedness (actual or contingent) of the Company, including, without limitation, all senior unsecured Indebtedness of the Company described in Schedule 5.15 hereto.

 

	

Section 6.

	
Representations of the Purchaser.

 

Section 6.1.       Purchase for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by it or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or such pension or trust funds’ property shall at all times be within such Purchaser’s or such pension or trust funds’ control.  Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to, and does not intend to, register the Notes.  Each Purchaser represents that it understands and acknowledges that the offering and sale of the Notes are intended to be exempt from registration under the Securities Act by virtue of Section 4(2) of the Securities Act.

 

    	-11-

    	 

    
 

 

Section 6.2.    Accredited Investor.  Each Purchaser represents that it is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others are also “accredited investors”).   Each Purchaser further represents that such Purchaser has had the opportunity to ask questions of the Company and received answers and information concerning the terms and conditions of the sale of the Notes, and has such knowledge and experience in business and financial matters and with respect to investments in securities similar to the Notes that it is capable of evaluating the risks and merits of the investment in the Notes.  

 

Section 6.3.       Source of Funds.  Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:

 

(a)     the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the National Association of Insurance Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or

 

(b)    the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or

 

(c)    the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

 

    	-12-

    	 

    
 

 

(d)     the Source constitutes assets of an ìinvestment fundî (within the meaning of Part V of PTE 84-14 (the ìQPAM Exemptionî)) managed by a ìqualified professional asset managerî or ìQPAMî (within the meaning of Part V of the QPAM Exemption), no employee benefit planís assets that are included in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Section V(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, exceed 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, as of the last day of its most recent calendar quarter, the QPAM does not own a 10% or more interest in the Company and no person controlling or controlled by the QPAM (applying the definition of ìcontrolî in Section V(e) of the QPAM Exemption) owns a 20% or more interest in the Company (or less than 20% but greater than 10%, if such person exercises control over the management or policies of the Company by reason of its ownership interest) and (i) the identity of such QPAM and (ii) the names of all employee benefit plans whose assets are included in such investment fund have been disclosed to the Company in writing pursuant to this clause (d); or

 

(e)     the Source constitutes assets of a “plan(s)” (within the meaning of Section IV of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Section IV(d) of the INHAM Exemption) owns a 5% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or

 

(f)      the Source is a governmental plan; or

 

(g)     the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or

 

(h)     the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.

 

As used in this Section 6.3, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA.

 

	

Section 7.

	
Information as to Company.

 

Section 7.1.     Financial and Business Information.  The CompanyNew ICE Parent shall deliver to each holder of Notes that is an Institutional Investor:

 

(a)     Quarterly Statements — within 45 days (or, if earlier and if applicable to the CompanyNew ICE Parent, the quarterly report deadline under the Exchange Act rules and regulations) after the end of each quarterly fiscal period in each fiscal year of the CompanyNew ICE Parent (other than the last quarterly fiscal period of each such fiscal year), 

 

 (i)a consolidated balance sheet of the CompanyNew ICE Parent and its Subsidiaries as at the end of such quarter, and

 

    	-13-

    	 

    
 

 

(ii)    consolidated statements of income, changes in shareholders’ equity and cash flows of the CompanyNew ICE Parent and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

 

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer of New ICE Parent as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that any financial statements required to be delivered as set forth above following the consummation of the NYSE Merger Transactions but prior to four (4) full fiscal quarters ending after the consummation of the NYSE Merger Transactions shall not be required to contain any comparative consolidated figures; provided, further, that filing with the SEC within the time period specified above the Companyof New ICE Parent’s Quarterly Report on Form 10-Q prepared in compliance with the requirements therefor shall be deemed to satisfy the requirements of this Section 7.1(a), provided, further, that the CompanyObligors shall be deemed to have made such delivery of such Form 10-Q if it shall have timely made such Form 10-Q available on “EDGAR” and on its website on the Internet at http://ir.theice.com/sec.cfm (or at another website accessible by the holders without charge) in connection with each such filing with the SEC and shall have given each holder timely notice of such availability on EDGAR and on its home page (or other accessible website) in connection with each delivery (such availability being referred to as “Electronic Delivery”); provided, further, that for the eight full fiscal quarters following the consummation of the NYSE Merger Transactions, such quarterly financial statements shall be accompanied by Transitional Consolidating Financial Statements and a schedule of outstanding Indebtedness identifying which entities have issued such Indebtedness;

 

(b)     Annual Statements — within 90 days (or, if earlier and if applicable to the CompanyNew ICE Parent, the annual report deadline under the Exchange Act rules and regulations) after the end of each fiscal year of the CompanyNew ICE Parent, 

 

 (i)      a consolidated balance sheet of the CompanyNew ICE Parent and its Subsidiaries, as at the end of such year, and

 

 (ii)     consolidated statements of income, changes in shareholders’ equity and cash flows of the CompanyNew ICE Parent and its Subsidiaries, for such year,

 

setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon of independent certified public accountants of recognized national standing (the “Accountants’ Opinion”), which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that any financial statements required to be delivered as set forth above following the consummation of the NYSE Merger Transactions but prior to four (4) full fiscal quarters ending after the consummation of the NYSE Merger Transactions shall not be required to contain any comparative consolidated figures; provided, further, that filing with the SEC within the time period specified above of the CompanyNew ICE Parent’s Annual Report on Form 10-K for such fiscal year (together with the CompanyNew ICE Parent’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the requirements therefor shall be deemed to satisfy the requirements of this Section 7.1(b), provided, further, that the CompanyNew ICE Parent shall be deemed to have made such delivery of such Form 10-K and Accountants’ Opinion if it shall have timely made Electronic Delivery thereof; provided, further that for the eight full fiscal quarters following the consummation of the NYSE Merger Transactions, such annual financial statements shall be accompanied by Transitional Consolidating Financial Statements; 

 

    	-14-

    	 

    
 

 

(c)     SEC and Other Reports — except for filings referred to in Section 7.1(a) and (b) above, promptly upon their becoming available and, to the extent applicable, one copy of (i) each financial statement, report, notice or proxy statement sent by the CompanyNew ICE Parent or any Subsidiary to its principal lending banks as a whole (excluding any information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto filed by the CompanyNew ICE Parent or any Subsidiary with the SEC and of all press releases and other statements made available generally by the CompanyNew ICE Parent or any Subsidiary to the public concerning developments that are Material, provided that the CompanyNew ICE Parent shall be deemed to have made such delivery of such reports if it shall have timely made Electronic Delivery thereof;

 

(d)    Notice of Default or Event of Default — promptly, and in any event within five Business Days after a Responsible Officer becomes aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(g), a written notice specifying the nature and period of existence thereof and what action the Company isObligors are taking or proposespropose to take with respect thereto;

 

(e)     ERISA Matters — promptly, and in any event within five Business Days after a Responsible Officer becomes aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Companyeither Obligor or an ERISA Affiliate proposes to take with respect thereto:

 

    	-15-

    	 

    
 

 

 

   (i)        with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date thereof; or

 

   (ii)       the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Companyeither Obligor or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or

 

   (iii)      any event, transaction or condition that would result in the incurrence of any liability by the Companyeither Obligor or any ERISA Affiliate pursuant to Title I or IV of ERISA or the imposition of a penalty or excise tax under the provisions of the Code relating to employee benefit plans, or the imposition of any Lien on any of the rights, properties or assets of the Companyeither Obligor or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect;

 

(f)       Notices from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice to the Companyeither Obligor or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that would reasonably be expected to have a Material Adverse Effect; and

 

(g)      Requested Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Companyeither Obligor or any of itstheir Subsidiaries (except with respect to information which disclosure thereof is prohibited pursuant to any arrangements with any Governmental Authority or regulatory authority) or relating to the ability of the Company or New ICE Parent to perform its respective obligations hereunder and under the Notes, or the ability of any Subsidiary Guarantor to perform its obligations under any Subsidiary Guaranty, as from time to time may be reasonably requested by any such holder of Notes or such information regarding the CompanyObligors required to satisfy the requirements of 17 C.F.R. §230.144A, as amended from time to time, in connection with any contemplated transfer of the Notes; and (h) Unrestricted Subsidiaries — In the event that one or more Unrestricted Subsidiaries shall either (i) own more than 10% of the consolidated total assets of the Company and its Subsidiaries (excluding Excluded Assets), or (ii) account for more than 10% of the consolidated gross revenues of the Company and its Subsidiaries, determined in each case in accordance with GAAP, then, within the respective periods provided in Section 7.1(a) and (b) above, the Company shall deliver to each holder of Notes that is an Institutional Investor, unaudited financial statements of the character and for the dates and periods as in said Sections 7.1(a) and (b) covering such group of Unrestricted Subsidiaries (on a consolidated basis), together with a consolidating statement reflecting eliminations or adjustments required to reconcile the financial statements of such group of Unrestricted Subsidiaries to the financial statements delivered pursuant to Sections 7.1(a) and (b).

 

    	-16-

    	 

    
 

 

Section 7.2.     Officer’s Certificate.  Each set of financial statements delivered to a holder of Notes that is an Institutional Investor pursuant to Section 7.1(a) or Section 7.1(b) hereof shall be accompanied by a certificate of a Senior Financial Officer of New ICE Parent setting forth (which, in the case of electronic delivery of any such financial statements, shall be by separate concurrent delivery of such certificate to each such holder of Notes):

 

(a)      Covenant Compliance — the information required in order to establish whether the Company wasObligors were in compliance with the requirements of Sections 10.1 through 10.5, inclusive, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence and explanatory footnotes of all pro forma adjustments and all adjustments to Consolidated EBITDA); and

 

(b)      Event of Default — a statement that such officer has reviewed the relevant terms hereof and that such review shall not have disclosed the existence during the quarterly or annual period covered by the statements then being furnished of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action the CompanyObligors shall have taken or proposes to take with respect thereto.

 

Section 7.3.     Visitation.  The CompanyEach Obligor shall permit the representatives of each holder of Notes that is an Institutional Investor:

 

(a)      No Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Companysuch Obligor, to visit the principal executive office of the Companysuch Obligor, to discuss the affairs, finances and accounts of the CompanyObligors and its Restrictedtheir Subsidiaries with the Companysuch Obligor’s officers, and (with the consent of the Companysuch Obligor, which consent will not be unreasonably withheld) to visit the other offices and properties of the Companysuch Obligor and each Restricted Subsidiary, in each case no more than once per calendar year, as may be reasonably requested in writing; and

 

(b)      Default — if a Default or Event of Default then exists, at the expense of the CompanyObligors, to visit and inspect any of the offices or properties of the CompanyObligors or any Restricted Subsidiary, to examine all their respective books of account, records, reports and other papers (except with respect to information which disclosure thereof is prohibited pursuant to any arrangementsrelating to communications with any Governmental Authority or regulatory authoritySelf-Regulatory Organization with jurisdiction over any Regulated Subsidiary or which are confidential with respect to members or users of such Regulated Subsidiaries), to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizesObligors authorize said accountants to discuss the affairs, finances and accounts of the CompanyObligors and its Restrictedtheir Subsidiaries), all at such times and as often as may be requested.

 

    	-17-

    	 

    
 

 

	
Section 8.

	
Payment of the Notes.

 

Section 8.1.     Required Prepayments.  As provided therein, the entire unpaid principal amount of the Tranche A Notes and the Tranche B Notes shall become due and payable on the respective stated maturity dates thereof.

 

Section 8.2.     Optional Prepayments with Make-Whole Amount.  The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the original aggregate principal amount of the Notes to be prepaid in the case of a partial prepayment, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount of each Note then outstanding.  The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment.  Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes of the applicable tranche to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated respective Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes to be prepaid a certificate of a Senior Financial Officer specifying the calculation of each such Make-Whole Amount as of the specified prepayment date.

 

            Section 8.3.     Allocation of Partial Prepayments.  In the case of each partial prepayment of the Notes, other than any offer of prepayment of the Notes pursuant to Sections 8.7 and 10.4 that has been rejected by any holder or holders of Notes, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.  

 

           Section 8.4.      Maturity; Surrender, Etc.  In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount.  From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount as aforesaid, interest on such principal amount shall cease to accrue.  Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

 

    	-18-

    	 

    
 

 

   Section 8.5.      Purchase of Notes.  The CompanyObligors will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to a written offer to purchase any outstanding Notes made by the Companyan Obligor or an Affiliate pro rata to the holders of the Notes upon the same terms and conditions.  Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days.  A failure by a holder of Notes to respond within 15 Business Days to any such offer made pursuant to this Section 8.5 shall be deemed to constitute a rejection of such offer by such holder.  If the holders of more than 51% of the principal amount of the Notes then outstanding accept such offer, the Companysuch Obligor or such Affiliate shall promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 5 Business Days from its receipt of such notice to accept such offer.  The Company will promptly cancel all Notes acquired by iteither Obligor or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

 

Section 8.6.   Make-Whole Amount for the Notes.  The term “Make-Whole Amount” means with respect to any Note an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note of the applicable tranche, minus the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings with respect to the Called Principal of such Note:

 

“Called Principal” means, the principal of the Note of the applicable tranche that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

“Discounted Value” means, the amount obtained by discounting all Remaining Scheduled Payments from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on such Note is payable) equal to the Reinvestment Yield.

 

“Reinvestment Yield” means, 0.50% plus the yield to maturity calculated by using (i) the yields reported, as of 10:00 A.M. (New York City time) on the second Business Day preceding the Settlement Date on screen “PX-1” on the Bloomberg Financial Market Service (or such other display as may replace Page PX-1) for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively traded on the run U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.

 

    	-19-

    	 

    
 

 

In the case of each determination under clause (i) or clause (ii), as the case may be, of the preceding paragraph, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the applicable actively traded on the run U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable actively traded on the run U.S. Treasury security with the maturity closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.

 

“Remaining Average Life” means, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date and the scheduled due date of such Remaining Scheduled Payment.

 

“Remaining Scheduled Payments” means, all payments of such Called Principal and interest thereon that would be due after the Settlement Date if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of such Note, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or 12.1.

 

“Settlement Date” means, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

Section 8.7.     Change in Control.   (a) Notice of Change in Control. The Company will, within 15 Business Days after any Responsible Officer has knowledge of the occurrence of any Change in Control, give written notice of such Change in Control to each holder of Notes and such notice shall contain and constitute an offer to prepay Notes of each tranche as described in subparagraph (b) of this Section 8.7 and shall be accompanied by the certificate described in subparagraph (e) of this Section 8.7.

 

(b)     Offer to Prepay Notes.  The offer to prepay Notes contemplated by subparagraph (a) of this Section 8.7 shall be an offer to prepay, in accordance with and subject to this Section 8.7, all, but not less than all, the Notes held by each holder (in this case only, “holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such offer (the “Proposed Prepayment Date”).  If such Proposed Prepayment Date is in connection with an offer contemplated by subparagraph (a) of this Section 8.7, such date shall be not less than 20 days and not more than 30 days after the date of such offer (if the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment Date shall be the 20th day after the date of such offer).

 

    	-20-

    	 

    
 

 

(c)     Acceptance; Rejection.  A holder of Notes may accept or reject the offer to prepay made pursuant to this Section 8.7 by causing a notice of such acceptance or rejection to be delivered to the Company at least 5 Business Days prior to the Proposed Prepayment Date. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of such offer by such holder.

 

(d)     Prepayment.  Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment (without the payment of any Make-Whole Amount).  The prepayment shall be made on the Proposed Prepayment Date.

 

(e)     Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.7 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 8.7; (iii) the principal amount of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.7 have been fulfilled; and (vi) in reasonable detail, the nature and date or proposed date of the Change in Control.

 

       (f)“Change in Control” Defined.  “Change in Control” means an event or series of events by which:

 

(i)       any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time or the occurrence of any other event or condition (such right, an “option right”)), directly or indirectly, of 35% or more of the equity securities of the CompanyNew ICE Parent entitled to vote for members of the board of directors or other equivalent governing body of the CompanyNew ICE Parent on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or

 

    	-21-

    	 

    
 

 

(ii)      during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the CompanyNew ICE Parent ceases to be composed of individuals that are Continuing Directors.  ; “Continuing Directors” means, as of any date, members of the board of directors or other equivalent governing body of the CompanyNew ICE Parent (i) who were members of that board or equivalent governing body on the datelater of (A) the First Amendment Effective Date or (B) 24 months prior to such date, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors).

 

	
Section 9.

	
Affirmative Covenants.

 

The CompanyEach of the Obligors covenants that so long as any of the Notes are outstanding:

 

Section 9.1.    Compliance with Law.  Without limiting Section 10.8, the Companyeach Obligor will, and will cause each of its respective Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA Patriot Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.2.    Insurance.  The CompanyEach Obligor will, and will cause each of its Restricted Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated except for any non-maintenance that would not reasonably be expected to have a Material Adverse Effect.  

 

Section 9.3.    Maintenance of Properties.  The CompanyEach Obligor will, and will cause each of its Restricted Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section shall not prevent the Companyeither Obligor or any Restricted Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Companysuch Obligor has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    	-22-

    	 

    
 

 

Section 9.4.     Payment of Taxes and Claims.  The CompanyEach Obligor will, and will cause each of its Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent such taxes, assessments, charges and levies have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Companyeither Obligor or any Subsidiary not permitted by Section 10.3, provided that neither the Companyan Obligor nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by the Companysuch Obligor or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Companysuch Obligor or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Companysuch Obligor or such Subsidiary or (ii) the non-filing or nonpayment, as the case may be, of all such taxes, assessments, charges, levies and claims in the aggregate would not reasonably be expected to have a Material Adverse Effect.

 

Section 9.5.     Corporate Existence, Etc.  Subject to Sections 10.5, the Companyeach Obligor will at all times preserve and keep in full force and effect its corporate existence.  Subject to Sections 10.4 and 10.5, the Companyeach Obligor will at all times preserve and keep in full force and effect the corporate existence of each of its Restricted Subsidiaries (unless merged into the Companyeither Obligor or a Restricted Subsidiary) and all rights and franchises of the CompanyObligors and its Restrictedtheir Subsidiaries unless, in the good faith judgment of the CompanyObligors, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.6.     Notes to Rank Pari Passu. The Notes and all other obligations under this Agreement of the Companyeach Obligor are and at all times shall remain direct and unsecured obligations of the Companysuch Obligor ranking pari passu as against the assets of the Companysuch Obligor with all other Notes from time to time issued and outstanding hereunder without any preference among themselves and pari passu with all Indebtedness outstanding under the Bank Credit Agreement and all other present and future unsecured Indebtedness (actual or contingent) of the Companysuch Obligor which is not expressed to be subordinate or junior in rank to any other unsecured Indebtedness of the Companysuch Obligor.

 

    	-23-

    	 

    
 

 

Section 9.7.     Subsidiary Guarantors.  (a)  The CompanyNew ICE Parent will cause any Subsidiary whichthat is required by the terms of the Banka Material Credit AgreementFacility to become a party to as a borrower (except for ICE Europe Parent Limited in its capacity as a direct borrower under the Bank Credit Agreement),a Foreign Subsidiary that is a borrower under a Material Credit Facility and not jointly and severally liable for the obligations of New ICE Parent, the Company or a Subsidiary Guarantor thereunder) or otherwise guarantee, Indebtedness of New ICE Parent, the Company or a Subsidiary Guarantor in respect of such BankMaterial Credit Agreement,Facility to enter into a subsidiary guaranty agreement (or a joinder to an existing guaranty agreement), which shall be in a form substantially comparable to and not more restrictive than suchthe guaranty delivered under such Material Credit Facility and otherwise reasonably acceptable to the Company and the Required Holders, providing for a guaranty of the obligations of the Company under the Notes and this Agreement (a “Subsidiary Guaranty”) and deliver to each of the holders of the Notes (substantially concurrently with the incurrence of any such obligation pursuant to the Banksuch Material Credit AgreementFacility) the following items:

 

(1)a certificate signed by an authorized Responsible Officer of the CompanyObligors making representations and warranties substantially to the effect of those contained in Sections 5.2, 5.4(c), 5.6 and 5.7, with respect to such Subsidiary and the Subsidiary Guaranty, as applicable; and

 

 (2)     an opinion of counsel (who may be in-house counsel for the CompanyObligors) addressed to each of the holders of the Notes reasonably satisfactory to the Required Holders, substantially to the effect that the Subsidiary Guaranty by such Person has been duly authorized, executed and delivered and that the Subsidiary Guaranty constitutes the legal, valid and binding obligation of such Person enforceable in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(b)The holders of the Notes agree to discharge and release anyAny Subsidiary Guarantor shall be automatically released from anyits Subsidiary Guaranty upon the written request of the Companywritten notice by the Company (including a certification that the following conditions to such release have been or will be concurrently satisfied) to the holders of the Notes, provided that (i) such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under the Subsidiary Guaranty) as an obligor and guarantor under and in respect of the Bank Credit Agreement and the Company so certifieseach Material Credit Facility (or such Subsidiary Guarantor has never been a guarantor of or in respect of any Material Credit Facility) and the Obligors so certify to the holders of the Notes in a certificate of a Responsible Officer, (ii) at the time of such release and discharge, the CompanyObligors shall deliver a certificate of a Responsible Officer to the holders of the Notes stating that no Default or Event of Default exists, and (iii) if any fee or other form of consideration is given to any holder of Indebtedness of the CompanyObligors for the purpose of such release, holders of the Notes shall receive equivalent consideration. , and (iv) in the case of the Subsidiary Guaranty to be delivered by NYSE pursuant to subsection (c) below, on the date of such release, if NYSE remains a Subsidiary of New ICE Parent, after giving effect to the release of NYSE from any other Guaranty Obligation that will be released concurrently with its release under its Subsidiary Guaranty, (x) the remaining Indebtedness of NYSE would not be in excess of $100,000,000 (it being understood that any such remaining Indebtedness of NYSE thereupon will constitute Priority Indebtedness for as long as NYSE is not a Subsidiary Guarantor) and the Obligors so certify to the holders of the Notes in a certificate of a Responsible Officer and (y) the lowest rating of any issuance by New ICE Parent of senior, unsecured, long-term indebtedness for borrowed money that is not guaranteed by any Person (unless, immediately after giving effect to such release and discharge, such Person is also an obligor of the Guaranty Obligations) or subject to any other credit enhancement by Standard & Poor’s Financial Services LLC and Moody’s Investors Service, Inc. is not less than BBB- and Baa3, respectively.

 

    	-24-

    	 

    
 

 

Section 9.8.    Designation of Subsidiaries.  The Company may from time to time cause any Subsidiary (other than a Subsidiary Guarantor) to be designated as an Unrestricted Subsidiary or any Unrestricted Subsidiary to be designated a Restricted Subsidiary; provided, however, that at the time of such designation and immediately after giving effect thereto, (a) no Default or Event of Default would exist under the terms of this Agreement, (b) the Company could incur at least $1.00 of additional Priority Indebtedness under Section 10.2 and (c) the Company and its Restricted Subsidiaries would be in compliance with all of the covenants set forth in this Section 9 and Section 10 if tested on the date of such action and provided, further, that once a Subsidiary has been designated an Unrestricted Subsidiary, it shall not thereafter be redesignated as a Restricted Subsidiary on more than one occasion and once a Subsidiary has been designated a Restricted Subsidiary, it shall not thereafter be redesignated as an Unrestricted Subsidiary on more than one occasion.  Within ten (10) days following any designation described above, the Company will deliver to each holder a notice of such designation accompanied by a certificate signed by a Senior Financial Officer of the Company certifying compliance with all requirements of this Section 9.8 and setting forth all information required in order to establish such compliance.(c) Substantially concurrently with the consummation of the NYSE Merger Transactions, New ICE Parent will cause NYSE to execute and deliver a Subsidiary Guaranty to the holders of the Notes.

 

Section 9.8.     Company to Remain Subsidiary.  Unless it is merged or consolidated in accordance with Section 10.5, the Company will at all times remain a direct or indirect Subsidiary of New ICE Parent.

 

Section 9.9.     Books and Records. The Company Each Obligor will, and will cause each of its Restricted Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Companysuch Obligor or such Restricted Subsidiary, as the case may be.

 

Section 9.10.    Bank Credit Agreement. The Obligors will provide the holders of the Notes with copies of any and all amendments, modifications, restatements, replacements, extensions, renewals, and supplements to the Bank Credit Agreement occurring on and after the date of the First Amendment, reasonably promptly upon their full execution and delivery.

 

	
Section 10.

	
Negative Covenants.

 

The CompanyEach of the Obligors covenants that so long as any of the Notes are outstanding:

 

Section 10.1.     Financial Covenants.  

 

    	-25-

    	 

    
 

 

 

(a)    Total Leverage Ratio.  The CompanyObligors will not permit the Total Leverage Ratio as of the last day of any fiscal quarter to be greater than 3.25 to 1.00.

 

(b)    Interest Coverage Ratio.  The CompanyObligors will not permit the Interest Coverage Ratio as of the last day of any fiscal quarter to be less than 4.75 to 1.00.

 

Section 10.2.  Priority Indebtedness.  The CompanyObligors will not, and will not permit any Restricted Subsidiary to, create, assume or incur or in any manner be or become liable in respect of any Priority Indebtedness, unless at the time of incurrence thereof and after giving effect thereto and to the application of the proceeds thereof, Priority Indebtedness would not exceed 1510% of Consolidated Net Worth (Consolidated Net Worth to be determined as of the end of the then most recently ended fiscal quarter of the CompanyNew ICE Parent for which financial statements are available; provided that, until the consummation of the NYSE Merger Transactions has been reflected in the balance sheet of New ICE Parent, Consolidated Net Worth shall be determined using the most recent quarterly financial statements of the Company or, at the option of the Company, on a Pro Forma Basis (as defined below) after giving effect to the NYSE Merger Transactions as if such transactions had occurred as of the end of such fiscal quarter).

 

Section 10.3.    Limitation on Liens.   The CompanyObligors will not, and will not permit any of its Restrictedtheir Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the CompanyObligors or any such Restricted Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive such income or profits, except:

 

(a)Liens for taxes, assessments or other governmental charges or statutory obligations that are not delinquent for a period of more than 30 days or remain payable without any penalty or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP (if so required);

 

(b)any attachment or judgment Lien not constituting an Event of Default;

 

(c)Liens incidental to the conduct of business or the ownership of properties and assets (including landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s and other similar Liens for sums not yet due and payable)), in any case, securing sums (i) not constituting borrowed money that are not overdue by more than 90 days or (ii) the validity or amount of which is being contested in good faith by appropriate proceedings and Liens to secure the performance of bids, tenders, leases, or trade contracts, or to secure statutory obligations (including obligations under workers compensation, unemployment insurance and other social security legislation), surety or appeal bonds or other Liens incurred in the ordinary course of business and not in connection with the borrowing of money;

 

    	-26-

    	 

    
 

 

(d)any leases, subleases, licenses or sublicenses granted by the CompanyNew ICE Parent or any of its Restricted Subsidiaries to third parties in the ordinary course of business and not interfering in any material respect with the business of the CompanyNew ICE Parent and its Restricted Subsidiaries, and any interest or title of a lessor, sublessor, licensor or sublicensor under any lease or license permitted under this Agreement or Liens consisting of minor defects in title that do not interfere with the CompanyNew ICE Parent’s or the applicable Subsidiary’s ability to conduct its business as currently conducted;

 

(e)Liens securing Indebtedness of a Restricted Subsidiary to the CompanyNew ICE Parent or to a Restricted Subsidiary;

 

(f) Liens existing as of the Closing Date and reflected in Schedule 10.3; 

 

(g)Liens securing purchase money Indebtedness, provided that (x) any such Lien shall attach to the property being acquired, constructed or improved with such Indebtedness concurrently with or within ninety (90) days after the acquisition (or completion of construction or improvement) or the refinancing thereof by the CompanyNew ICE Parent or such Restricted Subsidiary, (y) the amount of the Indebtedness secured by such Lien shall not exceed 100% of the cost to the CompanyNew ICE Parent or such Restricted Subsidiary of acquiring, constructing or improving the property and any other assets then being financed solely by the same financing source, and (z) any such Lien shall not encumber any other property of the CompanyNew ICE Parent or any of its Restricted Subsidiaries except assets then being financed solely by the same financing source;

 

(h)any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the CompanyNew ICE Parent or a Restricted Subsidiary or its becoming a Restricted Subsidiary (other than pursuant to Section 9.8), or any Lien existing on any property acquired by the CompanyNew ICE Parent or any Restricted Subsidiary at the time such property is so acquired (whether or not the Indebtedness secured thereby shall have been assumed), provided that (i) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person’s becoming a Restricted Subsidiary or such acquisition of property, (ii) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally creating such Lien, other property which is an improvement to or is acquired for specific use in connection with such acquired property, and (iii) at the time of such incurrence and after giving effect thereto, no Default or Event of Default would exist; 

 

(i)Liens securing Indebtedness on property or assets of the CompanyNew ICE Parent or its Restricted Subsidiaries which Liens were given after the Closing Date, provided the CompanyNew ICE Parent makes, or causes to be made, effective provision whereby the Notes will be equally and ratably secured with any and all other obligations thereby secured, such security to be pursuant to an agreement reasonably satisfactory to the Required Holders and, in any such case, the Notes shall have the benefit, to the fullest extent that, and with such priority as, the holders of the Notes may be entitled under applicable law, of an equitable Lien on such property;

 

    	-27-

    	 

    
 

 

(j) any extensions, renewals or replacements of any Lien permitted by the preceding subparagraphs (f), (g), (h) and (i) of this Section 10.3, provided that (i) no additional property shall be encumbered by such Liens, (ii) the unpaid principal amount of the Indebtedness or other obligations secured thereby shall not be increased on or after the date of any extension, renewal or replacement, (iii) at such time and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing, and (iv) the CompanyNew ICE Parent could incur at least $1.00 of additional Priority Indebtedness under Section 10.2; 

 

(k)Liens created or existing over all or any part of any Guaranty Fund or any Regulatory Capital Assets; 

 

(l) Liens on assets held by any clearing house Subsidiary of the Company to secure any short term borrowings by such Subsidiary from the Federal Reserve Discount Window or other central bank money market operations or other central securities depositories or external custodians in support of its clearing, depository and settlement business to the extent permitted by applicable Governmental Authorities; andsecuring Specified Clearing House Subsidiary Indebtedness on assets held by any Clearing House Subsidiary and described in the definition of Specified Clearing House Subsidiary Indebtedness;

 

(m)   Liens resulting from the existence or exercise of any of the Trust Options; and

 

(mn)  Liens securing Priority Indebtedness of the Company or any Restricted(or other obligations that do not constitute Indebtedness for borrowed money and are not secured by Liens permitted by subparagraphs (a) through (m), inclusive, of this Section 10.3) of New ICE Parent or any Subsidiary, provided that the aggregate principal amount of any such Priority Indebtedness, or such other obligations secured under this Section 10.3(n), shall be permitted by Section 10.2, and, provided further that, no such Liens may secure any obligations under any BankMaterial Credit AgreementFacility.

 

Section 10.4.     Sales of Assets.  The CompanyNew ICE Parent will not, and will not permit any Restricted Subsidiary to, sell, lease or otherwise dispose of any Substantial Part (as defined below) of the assets of the CompanyNew ICE Parent and its Restricted Subsidiaries; provided, however, that the CompanyNew ICE Parent or any Restricted Subsidiary may sell, lease or otherwise dispose of assets constituting a Substantial Part of the assets of the CompanyNew ICE Parent and its Restricted Subsidiaries if such assets are sold in an arms length transaction and, at such time and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and an amount equal to the net proceeds received from such sale, lease or other disposition (but only with respect to that portion of such assets that exceeds the definition of “Substantial Part” set forth below) shall be used within 365 days of such sale, lease or disposition, in any combination:

 

    	-28-

    	 

    
 

 

(1)to acquire productive assets used or useful in carrying on the business of the CompanyNew ICE Parent and its Restricted Subsidiaries and having a value at least equal to the value of such assets sold, leased or otherwise disposed of; and/or

 

(2)to prepay or retire Senior Indebtedness of the CompanyNew ICE Parent and/or its Restricted Subsidiaries, provided that (i) the Company shall offer to prepay each outstanding Note in a principal amount, which equals the Ratable Portion for such Note, and (ii) any such prepayment of the Notes shall be made at par, together with accrued interest thereon to the date of such prepayment, but without the payment of the Make-Whole Amount.  Any offer of prepayment of the Notes pursuant to this Section 10.4 shall be given to each holder of the Notes by written notice that shall be delivered not less than fifteen (15) days and not more than sixty (60) days prior to the proposed prepayment date.  Each such notice shall state that it is given pursuant to this Section and that the offer set forth in such notice must be accepted by such holder in writing and shall also set forth (i) the proposed prepayment date, (ii) a description of the circumstances which give rise to the proposed prepayment and (iii) a calculation of the Ratable Portion for such holder’s Notes.  Each holder of the Notes which desires to have its Notes prepaid shall notify the Company in writing delivered not less than five (5) Business Days prior to the proposed prepayment date of its acceptance of such offer of prepayment.  Prepayment of Notes pursuant to this Section 10.4 shall be made in accordance with Section 8.2 (but without payment of the Make-Whole Amount).

 

A sale, lease or other disposition of assets shall be deemed to be a “Substantial Part” of the assets of the CompanyNew ICE Parent and its Restricted Subsidiaries if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by the CompanyNew ICE Parent and its Restricted Subsidiaries during any period of 12 consecutive months, exceeds 1020% of Consolidated Total Assets (Consolidated Total Assets to be determined as of the end of the fiscal year of the CompanyNew ICE Parent immediately preceding such sale, lease or other disposition) for which financial statements are available, but, until the NYSE Merger Transactions have been reflected in the balance sheet of New ICE Parent, giving pro forma effect to the consummation of the NYSE Merger Transactions as if such transactions had occurred as of such prior fiscal year end), taken as a whole; provided that there shall be excluded from any determination of a “Substantial Part” any (i) sale or disposition of assets in the ordinary course of business of the CompanyNew ICE Parent and its Restricted Subsidiaries, (ii) any transfer of assets from the CompanyNew ICE Parent to any Restricted Subsidiary or from any Restricted Subsidiary to the Company or a RestrictedNew ICE Parent or another Subsidiary, and (iii) any sale or transfer of property acquired by the CompanyNew ICE Parent or any Restricted Subsidiary after the date of this Agreement to any Person within 365 days following the acquisition or construction of such property by the CompanyNew ICE Parent or any Subsidiary if the CompanyNew ICE Parent or a Subsidiary shall concurrently with such sale or transfer, lease such property, as lessee and (iv) any disposition of Excluded Assets.  For the avoidance of doubt, the granting of a Permitted Lien or the termination or unwinding of any Hedge Agreement permitted hereunder shall not constitute a disposition of assets.

 

    	-29-

    	 

    
 

 

Section 10.5.     Merger and Consolidation.  The CompanyObligors will not, and will not permit any of its Restrictedtheir Subsidiaries to, consolidate with or merge with any other Person or convey, transfer or lease substantially all of its assets in a single transaction or series of transactions to any Person; provided that: 

 

(1)any Restricted Subsidiary of the Company may (x) consolidate with or merge with, or convey, transfer or lease substantially all of its assets in a single transaction or series of transactions to, (i) the Company or a Restricted New ICE Parent or any Wholly Owned Subsidiary of the Company that is a solvent entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia;

 

(2)   any Subsidiary (other than the Company) may (x) consolidate with or merge with (i) an Obligor or a Subsidiary so long as in any merger or consolidation involving the Companyan Obligor, the CompanyObligor shall be the surviving or continuing corporationentity or, if a Subsidiary is the surviving or continuing entity, such merger or consolidation complies with Section 10.5(3) below, and in any merger or consolidation involving a Subsidiary Guarantor (and not an Obligor), the surviving or continuing entity shall be a Subsidiary Guarantor, or (ii) any other Person so long as the survivor is a Restricted Subsidiary, or (y) convey, transfer or lease all of its assets in complianceor substantially all of its assets to (i) New ICE Parent or any Subsidiary, or (ii) to any other Person so long as such transaction or transactions comply with the provisions of Section 10.4; and do not constitute a conveyance, transfer or lease of substantially all of the assets of New ICE Parent; 

 

(23)   the foregoing restriction does not apply to the consolidation or merger of New ICE Parent or the Company with, or the conveyance, transfer or lease of substantially all of the assets of New ICE Parent or the Company in a single transaction or series of transactions to, any Person so long as:

 

(a)     the successor formed by such consolidation or the survivor of such merger of either New ICE Parent or the Company, or the Person that acquires by conveyance, transfer or lease substantially all of the assets of New ICE Parent or the Company, as applicable, as an entirety, as the case may be (the “Successor Corporation”), shall be a solvent entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia;

 

(b)     if New ICE Parent or the Company, as applicable, is not the Successor Corporation, (i) such Successor Corporation shall have executed and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes (pursuant to such agreements and instruments as shall be reasonably satisfactory to the Required Holders), and, for the avoidance of doubt, shall henceforth be treated as the “Company” or “New ICE Parent”, as applicable, for all purposes under this Agreement, and (ii) the Successor Corporation shall have caused to be delivered to each holder of Notes an opinion of nationally recognized independent counsel, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms; and

 

    	-30-

    	 

    
 

 

(c)     immediately after giving effect to such transaction (i) no Default or Event of Default would exist (it being agreed that, for purposes of determining compliance with Section 10.1, such transaction shall be treated on a pro forma basis for the relevant period as having been consummated as of the last day of the immediately preceding fiscal quarter), and (ii) the CompanyNew ICE Parent could incur at least $1.00 of additional Priority Indebtedness under Section 10.2. 10.2; and

 

(4)   the foregoing restriction does not apply to the exercise and consummation of any Trust Option.

 

Section 10.6.     Line of Business.  The CompanyObligors will not and will not permit any Restricted Subsidiary to engage in any business if, as a result, the general nature of the business in which the CompanyNew ICE Parent and its Restricted Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the CompanyNew ICE Parent and its Restricted Subsidiaries, taken as a whole, are engaged on the date of this Agreement as described in the MemorandumFirst Amendment Effective Date.

 

Section 10.7.     Transactions with Affiliates.  The CompanyObligors will not and will not permit any Restricted Subsidiary to enter into directly or indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Companyan Obligor or another Restricted Subsidiary), except in the ordinary course and upon fair and reasonable terms that are not materially less favorable to the Companysuch Obligor or such Restricted Subsidiary, taken as a whole, than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate.

 

Section 10.8.     Terrorism Sanctions Regulations.  The CompanyEach Obligor will not and will not permit any AffiliatedControlled Entity to (a) to become a Blocked Person or (b) have any investments(including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target  of sanctions imposed by the United Nations or by the European Union, or (b) directly or indirectly to have any investment in or engage in any dealings or transactions with any Blockeddealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person. if such investment, dealing or transaction (i) would cause any holder to be in violation of any law or regulation applicable to such holder, or (ii) is prohibited by sanctions under any U.S. Economic Sanctions, or (c)  to engage, nor shall any Affiliate of either engage, in any activity that could cause such Person or any holder to violate sanctions under CISADA or any similar law or regulation with respect to Iran or any other country that is the target of U.S. Economic Sanctions.

 

Section 10.9.     Restricted Subsidiaries. The Company will not permit as of the last day of any fiscal quarter (i) the Consolidated Total Assets of the Company and its Restricted Subsidiaries to be less than 80% of the consolidated total assets (excluding Excluded Assets) of the Company and its Subsidiaries as of such date or (ii) the Consolidated EBITDA of the Company and its Restricted Subsidiaries to be less than 80% of the consolidated earnings before interest, taxes, depreciation and amortization of the Company and its Subsidiaries, for the period of four consecutive fiscal quarters ending on such date.

 

    	-31-

    	 

    
 

 

Section 11.                Events of Default.

 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing:

 

(a)the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

 

(b)the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or

 

(c)the Companyeither Obligor defaults in the performance of or compliance with any term contained in Sections 10.1 to 10.5, inclusive, or any Subsidiary Guarantor defaults in the performance of or compliance with any term of any Subsidiary Guaranty beyond any period of grace or cure period provided with respect thereto; or 

 

(d)the Companyeither Obligor defaults in the performance of or compliance with any term contained herein (other than those referred to in paragraphs (a), (b) and (c) of this Section 11) and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default or (ii) the Companyeither Obligor receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (d) of Section 11); or

 

(e)either the Parent Guaranty or any Subsidiary Guaranty ceases to be a legally valid, binding and enforceable obligation or contract of aNew ICE Parent or the Subsidiary Guarantor (other than upon a release of any Subsidiary Guarantor from a Subsidiary Guaranty in accordance with the terms of Section 9.7(b) hereof), respectively, or New ICE Parent or any Subsidiary Guarantor or any party by, through or on account of any such Person, challenges the validity, binding nature or enforceability of the Parent Guaranty or any such Subsidiary Guaranty; or

 

(f)any representation or warranty made in writing by or on behalf of the Companyeither Obligor or any Subsidiary Guarantor in this Agreement or any Subsidiary Guaranty or by any Responsible Officer of the Companyeither Obligor or any Subsidiary Guarantor in any writing furnished in connection withpursuant to this Agreement, the Notes or any Subsidiary Guaranty proves to have been false or incorrect in any material respect on the date as of which made; or

 

    	-32-

    	 

    
 

 

(g)(i) the Companyeither Obligor or any Restricted Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest (in the payment amount of at least $100,000) on any Indebtedness other than the Notes that is outstanding in an aggregate principal amount of at least $25,000,000100,000,000 beyond any period of grace provided with respect thereto, or (ii) the Companyeither Obligor or any Restricted Subsidiary is in default in the performance of or compliance with any term of any instrument, mortgage, indenture or other agreement relating to any Indebtedness other than the Notes in an aggregate principal amount of at least $25,000,000100,000,000 or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared, due and payable or one or more Persons has the right to declare such Indebtedness to be due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or, the right of the holder of Indebtedness to convert such Indebtedness into equity interests), the Company or any Restricted or, with respect to any Subsidiary, the transaction pursuant to which such Subsidiary becomes a Subsidiary of New ICE Parent), either Obligor or any Subsidiary has become obligated to purchase or repay Indebtedness other than the Notes before its regular maturity or before its regularly scheduled dates of payment because holders of such Indebtedness in an aggregate outstanding principal amount of at least $25,000,000 or one or more Persons have the right to require the Company or any Restricted Subsidiary to purchase or repay such Indebtedness; or 100,000,000 have exercised their corresponding right of redemption or repurchase (a “Mandatory Prepayment Event”), unless (x) such Mandatory Prepayment Event also constitutes a Change in Control hereunder and the Company complies with its obligations under Section 8.7 with respect thereto or (y) the Company makes an offer to prepay the Notes concurrently with its offer to prepay such other Indebtedness in accordance with the procedures set forth in Section 8.7 at a price equal to 100% of the principal amount of the Notes to be prepaid, together with interest accrued thereon to the date of such prepayment, plus a premium equal to the Make-Whole Amount; provided that (1) in the event the Mandatory Prepayment Event requires the Company to make an offer to the holders of such other Indebtedness to repurchase their Indebtedness, the Company’s offer to prepay the Notes may be conditioned on holders of not less than $100,000,000 in aggregate principal amount exercising their repurchase right in accordance with the terms of such other Indebtedness and (2) in the case of any other Mandatory Prepayment Event, the amount of Indebtedness to be repurchased or redeemed by the Company exceeds $100,000,000; provided further that the Company shall repurchase or redeem any such other Indebtedness concurrently with, or subsequent to, its repurchase of the Notes hereunder; provided, however, that notwithstanding the foregoing, this clause (g) shall not apply to (i) Specified Clearing House Subsidiary Indebtedness that is recourse only to the relevant Clearing House Subsidiary except to the extent such Indebtedness has been outstanding for more than 45 days since the borrowing thereof and (ii) any unsecured Indebtedness of any Clearing House Subsidiary that is recourse only to such Clearing House Subsidiary and has not been outstanding for more than 5 business days since the borrowing thereof; or

 

(h)the Companyeither Obligor, any Material Subsidiary or any Subsidiary Guarantor (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or

 

    	-33-

    	 

    
 

 

(i) a court or governmental authority of competent jurisdiction enters an order appointing, without consent by the Companyeither Obligor, any of itstheir Material Subsidiaries or any Subsidiary Guarantor, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Companyeither Obligor, any of itstheir Material Subsidiaries or any Subsidiary Guarantor, or any such petition shall be filed against the Companyeither Obligor, any of itstheir Material Subsidiaries or any Subsidiary Guarantor and such petition shall not be dismissed within 60 days; or

 

(j) a final judgment or judgments at any one time outstanding for the payment of money aggregating in excess of $25,000,000100,000,000 (to the extent not covered by independent third party insurance as to which the insurer does not dispute coverage) are rendered against one or more of the Company, its RestrictedObligors, their Subsidiaries or any Subsidiary Guarantor and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or

 

(k)if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Companyeither Obligor or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) the aggregate “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall exceed $25,000,000,100,000,000, (iv) the Companyeither Obligor or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (v) the Companyeither Obligor or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Companyeither Obligor or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that could increase the liability of the Companyeither Obligor or any Subsidiary thereunder; and any such event or events described in clauses (i) through (vi) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect.

 

    	-34-

    	 

    
 

 

As used in Section 11(k), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned to such terms in section 3 of ERISA.

 

Notwithstanding anything herein to the contrary, neither the existence nor the exercise of any of the Trust Options shall, by itself, constitute a Default or Event of Default; provided, however, that the circumstances giving rise to the exercise of any Trust Option may independently constitute a Default or Event of Default in accordance with the terms hereof.

 

Section 12.     Remedies on Default, Etc.

 

Section 12.1.     Acceleration.  (a) If an Event of Default with respect to the Companyeither Obligor described in paragraph (h) or (i) of Section 11 (other than an Event of Default described in clause (i) of paragraph (h) or described in clause (vi) of paragraph (h) by virtue of the fact that such clause encompasses clause (i) of paragraph (h)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.

 

(b)     If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the CompanyObligors, declare all the Notes then outstanding to be immediately due and payable.

 

(c)     If any Event of Default described in paragraph (a) or (b) of Section 11 has occurred and is continuing with respect to any Notes, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the CompanyObligors, declare all the Notes held by such holder or holders to be immediately due and payable.

 

Upon any Note becoming due and payable under this Section 12.1, whether automatically or by declaration, such Note will forthwith mature and the entire unpaid principal amount of such Note, plus (i) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (ii) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.  The CompanyEach Obligor acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the CompanyObligors (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the CompanyObligors in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

 

Section 12.2.     Other Remedies.  If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

 

    	-35-

    	 

    
 

 

Section 12.3.     Rescission.  At any time after the Notes have been declared due and payable pursuant to clause (b) or (c) of Section 12.1, the Required Holders by written notice to the CompanyObligors, may rescind and annul any such declaration and its consequences if (a) the Company hasObligors have paid all overdue interest on the Notes, all principal of and Make-Whole Amount on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the CompanyObligor nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to any Notes.  No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

 

Section 12.4.     No Waivers or Election of Remedies, Expenses, Etc.  No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies.  No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.  Without limiting the obligations of the CompanyObligors under Section 15, the CompanyObligors will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements.

 

Section 13.                Registration; Exchange; Substitution of Notes.

 

Section 13.1.     Registration of Notes.  The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes.  The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register.  Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary.  The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

 

    	-36-

    	 

    
 

 

Section 13.2.     Transfer and Exchange of Notes.  Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) of the same tranche in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note.  Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of the Note of such tranche originally issued hereunder.  Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon.  The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes.  Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a tranche, one Note of such tranche may be in a denomination of less than $100,000.  Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.3, provided, that in lieu thereof such holder may (in reliance upon information provided by the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under section 406(a) of ERISA.

 

The Notes have not been registered under the Securities Act or under the securities laws of any state and may not be transferred or resold unless registered under the Securities Act and all applicable state securities laws or unless an exemption from the requirement for such registration is available.  

 

Section 13.3.     Replacement of Notes.  Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and

 

(a)in the case of loss, theft or destruction, of indemnity reasonably satisfactory to the Company (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or

 

(b)in the case of mutilation, upon surrender and cancellation thereof,

 

the Company at its own expense shall execute and deliver not more than ten Business Days following satisfaction of such conditions, in lieu thereof, a new Note of the same tranche, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

 

Section 14.                Payments on Notes.

 

Section 14.1.     Place of Payment.  Subject to Section 14.2, payments of principal, Make-Whole Amount and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction.  The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

 

    	-37-

    	 

    
 

 

Section 14.2.     Home Office Payment.  So long as any Purchaser or such Purchaser’s nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount and interest by the method and at the address specified for such purpose for such Purchaser on Schedule A hereto, or by such other reasonable method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1.  Prior to any sale or other disposition of any Note held by any Purchaser or such Person’s nominee, such Person will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2.  The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note.

 

Section 15.                Expenses, Etc.

 

Section 15.1.     Transaction Expenses.  Whether or not the transactions contemplated hereby are consummated, the CompanyObligors will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel for the Purchasers, if reasonably required by the Required Holders, local or other counsel) incurred by each Purchaser and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Notes or any Subsidiary Guaranty (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes or any Subsidiary Guaranty or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Notes or any Subsidiary Guaranty, or by reason of being a holder of any Note, and (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Companyeither Obligor or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary Guaranty.  The CompanyObligors will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes).

 

Section 15.2.     Survival.  The obligations of the CompanyObligors under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement.

 

    	-38-

    	 

    
 

 

Section 16.                Survival of Representations and Warranties; Entire Agreement.  

 

All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any such Note or portion thereof or interest therein and the payment of any Note may be relied upon by any subsequent holder of any such Note, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder of any such Note.  All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement.  Subject to the preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between the Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.

 

Section 17.                Amendment and Waiver.

 

Section 17.1.     Requirements.  This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the CompanyObligors and the Required Holders, except that (i) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 66, 21 or 2122 hereof, or any defined term (as it is used in any such Section), will be effective as to any holder of Notes unless consented to by such holder of Notes in writing, and (ii) no such amendment or waiver may, without the written consent of the CompanyObligors and all of the holders of Notes at the time outstanding affected thereby, (A) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of interest (if such change results in a decrease in the interest rate) or of the Make-Whole Amount on, the Notes, (B) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver, or (C) amend any of Sections 8, 11(a), 11(b), 12, 1717, 20 or 20.22.   

 

Section 17.2.     Solicitation of Holders of Notes.

 

(a)  Solicitation.  The CompanyObligors will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes.  The CompanyObligors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.

 

(b)  Payment.  The CompanyObligors will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support is concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment.

 

    	-39-

    	 

    
 

 

(c)  Consent in Contemplation of Transfer.  Any consent made pursuant to this Section 17 by a holder of Notes that has transferred or has agreed to transfer its Notes to the Companyan Obligor, any Subsidiary or any Affiliate of the Companyeither Obligor and, in any such case, has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.

 

Section 17.3.     Binding Effect, Etc.  Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the CompanyObligors without regard to whether such Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the CompanyObligors and the holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such Note.  As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.

 

Section 17.4.     Notes Held by Company, Etc.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Companyeither Obligor or any of itstheir Affiliates and Notes held by parties who are contractually required to abstain from voting with respect to matters affecting the holders of the Notes shall be deemed not to be outstanding.

 

Section 18.                Notices.

 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by a recognized overnight delivery service (with charges prepaid) or (c) by posting to IntraLinks® or a similar service reasonably acceptable to the Required Holders if the sender on the same day sends or causes to be sent notice of such posting by email or in accordance with clause (a) or (b) above.  Any such notice must be sent:

 

(i) if to a Purchaser or such Purchaser’s nominee, to such Purchaser or such Purchaser’s nominee at the address or, in the case of clause (c) above, the email address, specified for such communications in Schedule A to this Agreement, or at such other address as such Purchaser or such Purchaser’s nominee shall have specified to the Company in writing pursuant to this Section 18;

 

    	-40-

    	 

    
 

 

(ii)if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing pursuant to this Section 18; or

 (iii)     if to the Companyeither Obligor, to the Companysuch Obligor at its address set forth at the beginning hereof to the attention of Chief Financial Officer, with a copy to the General Counsel, or at such other address as the Companyeither Obligor shall have specified to the holder of each Note in writing.

 

Notices under this Section 18 will be deemed given only when actually received.

 

Section 19.                Reproduction of Documents.

 

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced.  The CompanyEach Obligor agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This Section 19 shall not prohibit the Companyeither Obligor or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

 

    	-41-

    	 

    
 

 

Section 20.                Confidential Information.

 

For the purposes of this Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Companyeither Obligor or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Companysuch Obligor or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Companyeither Obligor or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available.  Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) such Purchaser’s directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by such Purchaser’s Notes), (ii) such Purchaser’s financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which such Purchaser sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which such Purchaser offers to purchase any security of the Companyeither Obligor (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser  is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, any Subsidiary Guaranty and this Agreement.  Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement.  On reasonable request by the Companyeither Obligor in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Companysuch Obligor embodying the provisions of this Section 20.

 

Section 21.                Substitution of Purchaser.

 

Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6.  Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Affiliate in lieu of such original Purchaser.  In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.

 

    	-42-

    	 

    
 

 

 

	
Section 22.

	
MiscellaneousNew ICE Parent Guaranty.

 

Section 22.1.     Successors and Assigns.  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not.New ICE Parent Guaranty.

 

(a)       New ICE Parent hereby irrevocably, absolutely and unconditionally, and jointly and severally, guarantees (this “Parent Guaranty”) to each of the holders of the Notes (collectively, the “Guaranteed Parties”) the full and prompt payment, at any time and from time to time as and when due (whether at the stated maturity, by acceleration or otherwise), of all obligations of the Company and any Subsidiary Guarantor under this Agreement, the Notes and the other Note Documents, including, without limitation, all principal of and interest on the Notes, the Make-Whole Amount (if any), all fees, expenses, indemnities and other amounts payable under this Agreement, the Notes or any other Note Document (including interest accruing after the filing of a petition or commencement of a case by or with respect to the Company seeking relief under any Insolvency Laws (as hereinafter defined), whether or not the claim for such interest is allowed in such proceeding), and all other obligations of the Company and any Subsidiary Guarantor under this Agreement, the Notes and the other Note Documents that, but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, would become due, whether now existing or hereafter created or arising and whether direct or indirect, absolute or contingent, due or to become due (all liabilities and obligations described in this clause (a), collectively, the “Guaranteed Obligations”).

 

(b)       Notwithstanding the provisions of subsection (a) above and notwithstanding any other provisions contained herein or in any other Note Document:

 

(i)     no provision of this Parent Guaranty shall require or permit the collection from New ICE Parent of interest in excess of the maximum rate or amount that New ICE Parent may be required or permitted to pay pursuant to applicable law; and

 

(ii)    the liability of New ICE Parent under this Parent Guaranty as of any date shall be limited to a maximum aggregate amount (the “Maximum Guaranteed Amount”) equal to the greatest amount that would not render New ICE Parent’s obligations under this Parent Guaranty subject to avoidance, discharge or reduction as of such date as a fraudulent transfer or conveyance under applicable federal and state laws pertaining to bankruptcy, reorganization, arrangement, moratorium, readjustment of debts, dissolution, liquidation or other debtor relief, specifically including, without limitation, the Bankruptcy Code and any fraudulent transfer and fraudulent conveyance laws (collectively, “Insolvency Laws”), in each instance after giving effect to all other liabilities of New ICE Parent, contingent or otherwise, that are relevant under applicable Insolvency Laws (specifically excluding, however, any liabilities of New ICE Parent in respect of intercompany Indebtedness to any of its Affiliates to the extent that such Indebtedness would be discharged in an amount equal to the amount paid by New ICE Parent hereunder, and after giving effect as assets to the value (as determined under applicable Insolvency Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights of New ICE Parent pursuant to (y) applicable law or (z) any agreement (including this Parent Guaranty) providing for an equitable allocation among New ICE Parent and its Affiliates of obligations arising under guaranties by such parties).

 

    	-43-

    	 

    
 

 

(c)       The guaranty of New ICE Parent set forth in this Section 22 is a guaranty of payment as a primary obligor, and not a guaranty of collection.  New ICE Parent hereby acknowledges and agrees that the Guaranteed Obligations, at any time and from time to time, may exceed the Maximum Guaranteed Amount, in each case without discharging, limiting or otherwise affecting the obligations of New ICE Parent hereunder or the rights, powers and remedies of any Guaranteed Party hereunder or under any other Note Document.

 

Section 22.2.       Guaranty Absolute.  New ICE Parent agrees that its obligations hereunder are irrevocable, absolute and unconditional, are independent of the Guaranteed Obligations and any security therefor or other guaranty or liability in respect thereof, whether given by New ICE Parent or any other Person, and shall not be discharged, limited or otherwise affected by reason of any of the following, whether or not New ICE Parent has notice or knowledge thereof:

 

(a)     any change in the time, manner or place of payment of, or in any other term of, any Guaranteed Obligations or any guaranty, security or other liability in respect thereof, or any amendment, modification or supplement to, restatement of, or consent to any rescission or waiver of or departure from, any provisions of this Agreement, the Notes, any other Note Document or any agreement or instrument delivered pursuant to any of the foregoing;

 

(b)     the invalidity or unenforceability of any Guaranteed Obligations, any guaranty, security or other liability in respect thereof or any provisions of this Agreement, the Notes, any other Note Document or any agreement or instrument delivered pursuant to any of the foregoing;

 

(c)     the addition or release of any other guarantor or the taking, acceptance or release of other guarantees of any Guaranteed Obligations or for any guaranty, security or other liability in respect thereof;

 

(d)     any discharge, modification, settlement, compromise or other action in respect of any Guaranteed Obligations or any guaranty, security or other liability in respect thereof, including any acceptance or refusal of any offer or performance with respect to the same or the subordination of the same to the payment of any other obligations;

 

(e)     any agreement not to pursue or enforce or any failure to pursue or enforce (whether voluntarily or involuntarily as a result of operation of law, court order or otherwise) any right or remedy in respect of any Guaranteed Obligations, any guaranty, security or other liability in respect thereof;

 

(f)          the exercise of any right or remedy available under the Note Documents, at law, in equity or otherwise in respect of any guaranty, security or other liability for any Guaranteed Obligations, in any order and by any manner thereby permitted;

 

    	-44-

    	 

    
 

(g)     any bankruptcy, reorganization, arrangement, liquidation, insolvency, dissolution, termination, reorganization or like change in the corporate structure or existence of the Company or any other Person directly or indirectly liable for any Guaranteed Obligations;

 

(h)     any manner of application of any payments by or amounts received or collected from any Person, by whomsoever paid and howsoever realized, whether in reduction of any Guaranteed Obligations or any other obligations of the Company or any other Person directly or indirectly liable for any Guaranteed Obligations, regardless of what Guaranteed Obligations may remain unpaid after any such application; or

 

(i)           any other circumstance that might otherwise constitute a legal or equitable discharge of, or a defense, set-off or counterclaim available to, the Company, any guarantor or a surety or guarantor generally, other than the payment in full in cash of the Guaranteed Obligations (other than contingent and indemnification obligations not then due and payable) (the “Termination Requirements”).

 

Section 22.3.     Certain Waivers.  New ICE Parent hereby knowingly, voluntarily and expressly waives:

 

(a)     presentment, demand for payment, demand for performance, protest and notice of any other kind, including, without limitation, notice of nonpayment or other nonperformance (including notice of default under any Note Document with respect to any Guaranteed Obligations), protest, dishonor, acceptance hereof, extension of additional credit to the Company and of any of the matters referred to in Section 22.2 and of any rights to consent thereto;

 

(b)     any right to require the Guaranteed Parties or any of them, as a condition of payment or performance by New ICE Parent hereunder, to proceed against, or to exhaust or have resort to any collateral or other security from or any deposit balance or other credit in favor of, the Company, any other guarantor or any other Person directly or indirectly liable for any Guaranteed Obligations, or to pursue any other remedy or enforce any other right; and any other defense based on an election of remedies with respect to any collateral or other security for any Guaranteed Obligations or for any guaranty or other liability in respect thereof, notwithstanding that any such election (including any failure to pursue or enforce any rights or remedies) may impair or extinguish any right of indemnification, contribution, reimbursement or subrogation or other right or remedy of New ICE Parent against the Company, any other guarantor or any other Person directly or indirectly liable for any Guaranteed Obligations or any such collateral or other security;

 

(c)     any right or defense based on or arising by reason of any right or defense of the Company or any other Person, including, without limitation, any defense based on or arising from a lack of authority or other disability of the Company or any other Person, the invalidity or unenforceability of any Guaranteed Obligations or any Note Document or other agreement or instrument delivered pursuant thereto, or the cessation of the liability of the Company for any reason other than the satisfaction of the Termination Requirements;

 

    	-45-

    	 

    
 

 

(d)     any defense based on any Guaranteed Party’s acts or omissions in the administration of the Guaranteed Obligations, any guaranty, security or other liability in respect thereof or any collateral or other security for any of the foregoing, and promptness, diligence, or any requirement that any Guaranteed Party create, protect, perfect, secure, insure, continue or maintain any Liens in any such security;

 

(e)     any right to assert against any Guaranteed Party, as a defense, counterclaim, crossclaim or set-off, any defense, counterclaim, claim, right of recoupment or set-off that it may at any time have against any Guaranteed Party in respect of the Guaranteed Obligations (including, without limitation, failure of consideration, fraud, fraudulent inducement, statute of limitations, payment, accord and satisfaction and usury), other than compulsory counterclaims and other than the indefeasible payment in full in cash of the Guaranteed Obligations; and

 

(f)     any defense based on or afforded by any applicable law that limits the liability of or exonerates guarantors or sureties or that may in any other way conflict with the terms of this Parent Guaranty.

 

Section 22.4.     No Subrogation.  New ICE Parent hereby agrees that, until satisfaction of the Termination Requirements (defined below), it will not exercise any claim or right that it may have against the Company or any other guarantor at any time as a result of any payment made by New ICE Parent under or pursuant to this Parent Guaranty or the performance or enforcement hereof, including any right of subrogation to the rights of any of the Guaranteed Parties against the Company or any other guarantor, any right of indemnity, contribution or reimbursement against the Company or any other guarantor, any right to enforce any remedies of any Guaranteed Party against the Company or any other guarantor, or any benefit of, or any right to participate in, any security held by any Guaranteed Party to secure payment of the Guaranteed Obligations, in each case whether such claims or rights arise by contract, statute (including without limitation any Debtor Relief Law), common law or otherwise.  New ICE Parent further agrees that if any amount shall be paid to or any distribution received by New ICE Parent on account of any such rights of subrogation, indemnity, contribution or reimbursement at any time prior to the satisfaction of the Termination Requirements, such amount or distribution shall be deemed to have been received and to be held in trust for the benefit of the Guaranteed Parties, and shall forthwith be delivered to the holders of the Notes in the form received (with any necessary endorsements in the case of written instruments), to be applied against the Guaranteed Obligations, whether or not matured, in accordance with the terms of the applicable Note Documents and without in any way discharging, limiting or otherwise affecting the liability of New ICE Parent under any other provision of this Parent Guaranty.  Additionally, in the event the Company or any other guarantor becomes a “debtor” within the meaning of the Bankruptcy Code, the Guaranteed Parties, as attorney-in-fact for New ICE Parent, are hereby authorized and appointed by New ICE Parent, to file proofs of claim on behalf of New ICE Parent and vote the rights of New ICE Parent in any plan of reorganization, and to demand, sue for, collect and receive every payment and distribution on any indebtedness of the Company or any other guarantor to New ICE Parent in any such proceeding, New ICE Parent hereby assigning to the Guaranteed Parties all of its rights in respect of any such claim, including the right to receive payments and distributions in respect thereof.

 

    	-46-

    	 

    
 

 

 Section 22.5.    Financial Condition of the Company.  New ICE Parent represents that it has knowledge of the Company’s financial condition and affairs and that it has adequate means to obtain from the Company on an ongoing basis information relating thereto and to the Company’s ability to pay and perform the Guaranteed Obligations, and agrees to assume the responsibility for keeping, and to keep, so informed for so long as this Parent Guaranty is in effect.  New ICE Parent agrees that the Guaranteed Parties shall have no obligation to investigate the financial condition or affairs of the Company for the benefit of New ICE Parent nor to advise New ICE Parent of any fact respecting, or any change in, the financial condition or affairs of the Company that might become known to any Guaranteed Party at any time, whether or not such Guaranteed Party knows or believes or has reason to know or believe that any such fact or change is unknown to New ICE Parent, or might (or does) materially increase the risk of New ICE Parent as guarantor, or might (or would) affect the willingness of New ICE Parent to continue as a guarantor of the Guaranteed Obligations.

 

Section 22.6.     Payments; Applications; Set-Off.

 

(a)      New ICE Parent agrees that, upon the failure of the Company to pay any Guaranteed Obligations when and as the same shall become due (whether at the stated maturity, by acceleration or otherwise), and without limitation of any other right or remedy that any Guaranteed Party may have at law, in equity or otherwise against New ICE Parent, New ICE Parent will, subject to the provisions of Section 22.1(b), forthwith pay or cause to be paid to the Guaranteed Parties an amount equal to the amount of the Guaranteed Obligations then due and owing as aforesaid.

 

(b)     All payments made by New ICE Parent hereunder will be made in U.S. Dollars to the Guaranteed Parties, without set-off, counterclaim or other defense and, in accordance with this Agreement, free and clear of and without deduction for any taxes (except as required by applicable law), New ICE Parent hereby agreeing to comply with and be bound by the provisions of this Agreement in respect of all payments made by it hereunder. 

 

(c)     All payments made hereunder shall be applied in the same manner provided in respect of principal prepayments under Section 8.3 of this Agreement.

 

(d)     Upon and at any time after the occurrence and during the continuance of any Event of Default, each Guaranteed Party and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency), at any time held and other obligations (in whatever currency) at any time owing by such Guaranteed Party or any such Affiliate to or for the credit or the account of New ICE Parent (other than customer deposits, security deposits and other monies, instruments and accounts held by New ICE Parent in trust for or for the benefit of others) against any and all of the obligations of New ICE Parent now or hereafter existing under this Parent Guaranty or any other Note Document to such Guaranteed Party, irrespective of whether or not such Guaranteed Party shall have made any demand under this Parent Guaranty or any other Note Document and although such obligations of New ICE Parent may be contingent or unmatured or are owed to an Affiliate of such Guaranteed Party different from the Affiliate holding such deposit or obligated on such indebtedness.  The rights of each Guaranteed Party and their respective Affiliates under this subsection are in addition to other rights and remedies (including other rights of setoff) that such Guaranteed Parties or their respective Affiliates may have.  Each Guaranteed Party agrees to notify New ICE Parent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

    	-47-

    	 

    
 

 

Section 22.7.     No Waiver.  The rights and remedies of the Guaranteed Parties expressly set forth in this Parent Guaranty and the other Note Documents are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity or otherwise.  No failure or delay on the part of any Guaranteed Party in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or be construed to be a waiver of any Default or Event of Default.  No course of dealing between New ICE Parent and the Guaranteed Parties or any Affiliate thereof (or the partners, directors, officers, employees, agents, trustees and advisors of any of the foregoing) thereof shall be effective to amend, modify or discharge any provision of this Parent Guaranty or any other Note Document or to constitute a waiver of any Default or Event of Default.  No notice to or demand upon New ICE Parent in any case shall entitle New ICE Parent to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of any Guaranteed Party to exercise any right or remedy or take any other or further action in any circumstances without notice or demand.

 

Section 22.8.     Enforcement.  The obligations of New ICE Parent hereunder are independent of the Guaranteed Obligations, and a separate action or actions may be brought against New ICE Parent whether or not action is brought against the Company or any other guarantor and whether or not the Company or any other guarantor is joined in any such action.  New ICE Parent agrees that to the extent all or part of any payment of the Guaranteed Obligations made by the Company or any other guarantor to the Guaranteed Parties is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by or on behalf of any Guaranteed Party to a trustee, receiver or any other creditor of the Company or any other guarantor under any Insolvency Laws (the amount of any such payment, a “Reclaimed Amount”), then, to the extent of such Reclaimed Amount, this Parent Guaranty shall continue in full force and effect or be revived and reinstated, as the case may be, as to the Guaranteed Obligations intended to be satisfied as if such payment had not been received; and New ICE Parent acknowledges that the term “Guaranteed Obligations” includes all Reclaimed Amounts that may arise from time to time.

 

Section 22.9.     Addition, Release of Guarantors.  New ICE Parent recognizes that the provisions of this Agreement require its Subsidiaries in certain circumstances to guaranty the Guaranteed Obligations, and agrees that its obligations hereunder shall not be discharged, limited or otherwise affected by reason of the same, or by reason of any Guaranteed Party’s actions in effecting the same or in releasing any such Subsidiary Guarantor, in each case without the necessity of giving notice to or obtaining the consent of New ICE Parent.

 

    	-48-

    	 

    
 

 

Section 22.10.   Continuing Guaranty; Term; Successors and Assigns; Assignment; Survival.  This Parent Guaranty is a continuing guaranty and covers all of the Guaranteed Obligations as the same may arise and be outstanding at any time and from time to time from and after the date hereof, and shall (i) remain in full force and effect until satisfaction of all of the Termination Requirements, (ii) be binding upon and enforceable against New ICE Parent and its successors and assigns (provided, however, that New ICE Parent may not sell, assign or transfer any of its rights, interests, duties or obligations hereunder without the prior written consent of the holders of the Notes (except in connection with a transaction permitted under Section 10.5 of this Agreement in accordance with the terms thereof)) and (iii) inure to the benefit of and be enforceable by each Guaranteed Party and its successors and permitted assigns.  Without limiting the generality of clause (iii) above, any Guaranteed Party may, in accordance with the provisions of this Agreement, assign all or a portion of the Guaranteed Obligations held by it (including by the sale of participations), whereupon each Person that becomes the holder of any such Guaranteed Obligations shall (except as may be otherwise agreed between such Guaranteed Party and such Person) have and may exercise all of the rights and benefits in respect thereof granted to such Guaranteed Party under this Parent Guaranty or otherwise.  New ICE Parent hereby irrevocably waives notice of and consents in advance to the assignment as provided above from time to time by any Guaranteed Party of all or any portion of the Guaranteed Obligations held by it and of the corresponding rights and interests of such Guaranteed Party hereunder in connection therewith.  All representations, warranties, covenants and agreements herein shall survive the execution and delivery of this Parent Guaranty.

 

	
Section 23.

	
Miscellaneous.

Section 23.1.     Successors and Assigns.  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not.

 

Section 22.2.23.2.    Payments Due on Non-Business Days.  Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the notice of any prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

 

Section 22.3.23.3.    Accounting Terms; Changes in GAAP; Pro Forma Calculation.  (a) All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP.  Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP.  For purposes of determining compliance with the covenants set out in this Agreement, any election by the Companyor requirement to measure any financial liability using fair value (as permitted by Accounting Standard Codification Topic No. 825-10-25 – Fair Value Option) shall be disregarded and such determination shall be made as if such election had not been made.

 

    	-49-

    	 

    
 

 

(b)     Changes in GAAP.  If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in this Agreement, and either the CompanyObligors or the Required Holders shall so request, representatives of the holders of the Notes designated by the Required Holders at such time and the CompanyObligors shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Holders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein, and (ii) the CompanyNew ICE Parent shall provide to the holders of the Notes that are Institutional Investors financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the financial statements described in Section 5.5 for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

 

(c)       Pro Forma Calculation.  Notwithstanding the foregoing, calculations to determine compliance by the Obligors with any of the covenants contained in Section 10.1 (and definitions related thereto), shall be determined in each case on a pro forma basis (a “Pro Forma Basis”) after giving effect to any Acquisition, Asset Disposition or incurrence or repayment of Indebtedness (each, a “transaction”) occurring since the beginning of the relevant Reference Period and on or prior to the last day of such period as if such transaction had occurred as of the first day of such period, in accordance with the following:

 

(i)      any Indebtedness incurred or assumed by New ICE Parent or any Subsidiary thereof in connection with any transaction (including any Indebtedness of a Person acquired in an Acquisition that is not retired or repaid in connection therewith) shall be deemed to have been incurred or assumed as of (and with the corresponding Consolidated Interest Expense included from) the first day of the applicable period (and if such Indebtedness has a floating or formula rate, such Indebtedness shall, for purposes of such determination, have an implied rate of interest during the applicable period determined by utilizing the rate of interest that is or would be in effect with respect to such Indebtedness as of the date of determination);

 

(ii)     any Indebtedness retired or repaid in connection with any transaction (including any Indebtedness of a Person acquired in an Acquisition) shall be deemed to have been retired or repaid as of (and with the corresponding Consolidated Interest Expense excluded from) the first day of the applicable period; 

 

(iii)     with respect to any Asset Disposition, income statement items (whether positive or negative) attributable to the assets sold or otherwise disposed of, shall be excluded beginning as of the first day of the applicable period; and

 

    	-50-

    	 

    
 

 

(iv)    with respect to any Acquisition, (A) income statement items (whether positive or negative) and balance sheet items attributable to the Person or assets acquired shall (to the extent not otherwise included in the consolidated financial statements of New ICE Parent and its Subsidiaries in accordance with GAAP or in accordance with other provisions of this Agreement) be included in such calculations to the extent relating to the applicable period, and (B) operating expense reductions, cost savings and other pro forma adjustments attributable to such Acquisition may be included to the extent that such adjustments (y) would be permitted pursuant to Article XI of Regulation S-X under the Securities Act (irrespective of whether New ICE Parent is subject thereto) or (z) have been approved by the Administrative Agent under the Bank Credit Agreement; provided that each Officer’s Certificate delivered pursuant to Section 7.2 shall contain or be accompanied by a brief explanation, by footnote, schedule or otherwise, of pro forma adjustments made pursuant to this clause (iv); and provided further that (I) the Required Holders shall be entitled to object in writing to an adjustment pursuant to the foregoing subclause (z) within 15 days from the delivery of such certificate, (II) any adjustment to which the Required Holders have so objected shall be deemed impermissible after the expiration of 15 days from the delivery of such objection unless a sufficient number of holders withdraw their objection within such 15-day period such that the remaining holders that timely delivered their objections no longer constitute Required Holders, and (III) any such adjustment which has not been deemed impermissible pursuant to the foregoing subclause (II) shall be deemed permissible (and not subject to objection) for any subsequent fiscal quarters to which it is applicable.

 

Section 22.4.23.4.    Severability.  Any provision of this Agreement that 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 (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 22.5.23.5.    Construction.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

 

For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.

 

Section 22.6.23.6.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.  Delivery of an executed counterpart of this Agreement by facsimile, electronic mail (including PDF) or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.

 

    	-51-

    	 

    
 

 

Section 22.7.23.7.    Governing Law.  This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

 

Section 22.8.23.8.    Jurisdiction and Process; Waiver of Jury Trial.   (a) Each party to this Agreement irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes.  To the fullest extent permitted by applicable law, each party to this Agreement irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(b)          Each party to this Agreement consents to process being served by or on behalf of any other party hereto in any suit, action or proceeding of the nature referred to in Section 22.823.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18 or at such other address of which such party shall then have been notified pursuant to said Section.  Each party to this Agreement agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.  Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.

 

(c)          Nothing in this Section 22.823.8 shall affect the right of any party to this Agreement to serve process in any manner permitted by law, or limit any right that any party hereto may have to bring proceedings against any other party hereto in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

(d)          The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document executed in connection herewith or therewith.

*   *   *   *   *

 

    	-52-

    	 

    
 

 

	IntercontinentalExchange, Inc.	Note Purchase Agreement

 

The execution hereof by the Company and the Purchasers shall constitute a contract among the Company and the Purchasers for the uses and purposes hereinabove set forth.  

 

	 	 Very truly yours,
	 	 
	 	IntercontinentalExchange, Inc.

	 	 	 	 
	
 

	
By

	 	 
	 	 	Name:  Scott A. Hill	 
	 	 	Title:  Senior Vice President, 	 
	 	 	           Chief Financial Officer	 

 

    	  

    	 

    
 

 

	IntercontinentalExchange, Inc.	Note Purchase Agreement

 

Purchaser Signature Pages Intentionally Omitted

from Conformed Copy

 

    	  

    	 

    
 

 

Schedule A Intentionally Omitted

from Conformed Copy

 

 

Schedule A

(to Note Purchase Agreement)

 

    	  

    	 

    
 

 

Defined Terms

 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 

“Acquisition” means any transaction or series of related transactions, consummated on or after the date hereof, by which New ICE Parent directly, or indirectly through one or more Subsidiaries, (i) acquires any division or line of business of any Person, or all or substantially all of the assets, of any Person, whether through purchase of assets, merger or otherwise, or (ii) acquires Capital Stock of any Person having at least a majority of Total Voting Power of the then outstanding Capital Stock of such Person.

 

“Administrative Agent” means Wells Fargo Bank, National Association, in its capacity as administrative agent or successor administrative agent under the Bank Credit Agreement, together with its successors and assigns in such capacity.

 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person.  Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the CompanyNew ICE Parent.

 

“Affiliated Entity” means any of the Subsidiaries of the CompanyNew ICE Parent and any of their or the CompanyNew ICE Parent’s respective Controlled Affiliates.

 

“Asset Disposition” means any sale, assignment, lease, conveyance, transfer or other disposition by New ICE Parent or any of its Subsidiaries (whether in one or a series of transactions) of all or any of its assets, business or other properties (including Capital Stock of Subsidiaries); provided that any such sale, assignment, lease, conveyance, transfer or other disposition to give effect to, or otherwise facilitate, directly or indirectly, any Permitted Lien shall not constitute an Asset Disposition.

 

“Anti-Money Laundering Laws” is defined in Section 5.16(c).

 

“Bankruptcy Code” means 11 U.S.C. §§ 101 et seq., and any successor statute.

 

“Bank Credit Agreement” means the Credit Agreement dated as of November 9, 2011, among the Company, ICE Europe Parent Limited, New ICE Parent, the Administrative Agent, and the other financial institutions party thereto, as may be amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof, which constitute the bank credit facility or facilities of the Company and its Subsidiaries.

 

“Blocked Person” is defined in Section 5.16(a)3.8 of the First Amendment.

 

“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed.

 

    	Schedule B

(to Note Purchase Agreement)

    	 

    
 

 

“Capital Lease” means, with respect to any Person, any lease of property (whether real, personal or mixed) by such Person as lessee that is or is required to be, in accordance with GAAP, recorded as a capital lease on such Person’s balance sheet.

 

“Capital Lease Obligations” means, with respect to any Person, the obligations of such Person to pay rent or other amounts under any Capital Lease of such Person, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any Person that is not a corporation, any and all partnership, membership, limited liability company or other equity interests of such Person; and in each case under clauses (i) and (ii), any and all warrants, rights or options to purchase any of the foregoing or any securities convertible into or exchangeable for any of the foregoing.

 

“Cash Equivalents” is defined in accordance with GAAP.

 

“CISADA” is defined in Section 3.8 of the First Amendment.

 

“Clearing House Subsidiary” means any Subsidiary of New ICE Parent the principal business of which is the provision of or conducting of clearing, depository or settlement operations.

 

“Closing” is defined in Section 3.

 

“Closing Date” means the date of the Closing. 

 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.

 

“Company” means IntercontinentalExchange, Inc., a Delaware corporation.

 

“Confidential Information” is defined in Section 20.

 

“Consolidated EBITDA” shall meanmeans, for any Reference Period, the aggregate of (i) Consolidated Net Income for such period, plus (ii) the sum of (A) interest expense, (B) federal, state, local and other income taxes, (C) depreciation and amortization of intangible assets, and (D) non-cash charges (including without limitation stock based compensation)expense, (D) fees and integration, restructuring and severance expenses and charges incurred during such period in connection with any Acquisition or Asset Disposition consummated no more than six months prior to the beginning of such Reference Period not to exceed (x) for any Reference Period ending between the Closing Date and September 30, 2015, $150,000,000 or (y) for any Reference Period ending after September 30, 2015, five percent of Consolidated EBITDA for such Reference Period (calculated without giving effect to this clause (D)), (E) noncash charges (including stock based compensation and any impairment charge or write–off or write–down of goodwill or other intangible assets), (F) extraordinary losses and (G) all losses during such period resulting from any Asset Disposition outside the ordinary course of business, all to the extent taken into account in the calculation of Consolidated Net Income for such Reference Period and all calculated in accordance with GAAP, minus (iii) the sum of (A) extraordinary gains or income and (B) non-cash credits increasing income for such period, (B) all gains during such period resulting from any Asset Disposition outside the ordinary course of business, (C) any cash disbursements during such period that relate to noncash charges included in Consolidated EBITDA pursuant to clause (ii)(E) of this definition during such Reference Period or the twelve months preceding such Reference Period and (D) any noncash gains for such period that represent the reversal of any accrual, or the reversal of any cash reserves, that relates to charges included in Consolidated EBITDA pursuant to clause (ii)(D) or (ii)(E) of this definition during such Reference Period or the twelve months preceding such Reference Period, all to the extent taken into account in the calculation of Consolidated Net Income for such period; provided that solely for the purposes of calculating Consolidated EBITDA in connection with Section 10.1(a) of this Agreement, Consolidated EBITDA shall be measured on a pro forma basis.   and all calculated in accordance with GAAP.

 

    	B-2

    	 

    
 

 

“Consolidated Interest Expense” means, for any Reference Period, the sum (without duplication) of (i) total interest expense of the CompanyNew ICE Parent and its Restricted Subsidiaries for such Reference Period in respect of Total Funded Debt (including, without limitation, all such interest expense accrued or capitalized during such Reference Period, whether or not actually paid during such Reference Period), determined on a consolidated basis in accordance with GAAP, and (ii) all recurring unused commitment fees and other ongoing fees in respect of Total Funded Debt paid, accrued or capitalized by the CompanyNew ICE Parent and its Restricted Subsidiaries during such Reference Period.

 

“Consolidated Net Income” shall meanmeans, for any Reference Period, net income (or loss) for the CompanyNew ICE Parent and its Restricted Subsidiaries for such Reference Period, determined on a consolidated basis in accordance with GAAP (after deduction for minority interests); provided that, in making such determination, there shall be excluded (i) the net income (or loss) of any other Person that is not a Restricted Subsidiary of the CompanyNew ICE Parent (or is accounted for by the CompanyNew ICE Parent by the equity method of accounting) except to the extent of actual payment of cash dividends or distributions by such Person to the CompanyNew ICE Parent or any Restricted Subsidiary of the CompanyNew ICE Parent during such period, and (ii) the net income of any Restricted Subsidiary of the Company (other than a Regulated Subsidiary)Subsidiary of New ICE Parent to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such net income is not at the time permitted by operation of the terms of its charter, certificate of incorporation or formation or other constituent document or any agreement or instrument (other than this Agreement, the Notes and all other agreements, instruments or documents and certificates now or hereafter executed and delivered to any holder of Notes by or on behalf of the Company with respect to this Agreement, in each case as amended, modified, supplemented or restated from time to time) or Requirement of Law applicable to such Restricted Subsidiary, (iii) the income of any Regulated Subsidiary (A) to the extent that the declaration or payment of dividends or similar distributions by such Regulated Subsidiary of such net income is not at the time permitted by operation of the terms of its charter, certificate of incorporation or formation or other constituent document or any agreement or instrument (other than this Agreement, the Notes and all other agreements, instruments or documents and certificates now or hereafter executed and delivered to any holder of Notes by or on behalf of the Company with respect to this Agreement, in each case as amended, modified, supplemented or restated from time to time) or Requirement of Law applicable to such Regulated Subsidiary or (B) other than to the extent that such Regulated Subsidiary reasonably believes, in good faith, that such income could be distributed, declared and paid as a dividend or similar distribution without causing such Regulated Subsidiary’s capital, share capital or equity, as applicable, to be at or below the highest level at which dividends by such Regulated Subsidiary may be restricted, other activities undertaken by such Regulated Subsidiary may be limited or other regulatory actions with respect to such Regulated Subsidiary may be taken, in each case by applicable Governmental Authorities based upon such capital, share capital or equity, as applicable (but for the avoidance of doubt, cash dividends or other cash distributions actually paid to the Company or any Restricted Subsidiary of the Company (unless the income of such Subsidiary in receipt of such cash dividend or other cash distribution would(x) any Note Document or (y) any Material Credit Facility and the documents related thereto, as in effect on the First Amendment Effective Date), or any judgment, decree, order, statute, rule or government regulation applicable to such Subsidiary, provided that there shall not be excluded from Consolidated Net Income pursuant to this definition) by such Regulated Subsidiary during such period shall be included in Consolidated Net Income for such period) and (ivsuch part of net income that is used or designated as being available to satisfy regulatory capital or liquidity requirements imposed on any Subsidiary of New ICE Parent by any Governmental Authority or pursuant to any decree, order, statute, rule or government regulation and (iii) without duplication of other deductions or exclusions, any payments made during such Reference Period by Restricted Subsidiaries of the CompanyNew ICE Parent of profit sharing entitlements, rebates, incentives, partnership distributions or similar entitlements.

 

    	B-3

    	 

    
 

 

“Consolidated Net Worth” shall mean the consolidated stockholder’s equity of the Company and its Restricted(i) prior to the date on which the consummation of the NYSE Merger Transactions has been reflected in the balance sheet of New ICE Parent, the Company and its Subsidiaries and (ii) thereafter, New ICE Parent and its Subsidiaries, as defined according to GAAP.

 

“Consolidated Total Assets” means, as of any date of determination, the total amount of all assets (excluding Excluded Assets) of the CompanyNew ICE Parent and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP.

 

“Controlled Entity” means (i) any of the Subsidiaries of New ICE Parent and any of their or New ICE Parent’s respective Controlled Affiliates and (ii) if New ICE Parent has a parent company, such parent company and its Controlled Affiliates. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Control” means, with respect to any Person, (i) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, or (ii) the beneficial ownership of securities or other ownership interests of such Person having 10% or more of the combined voting power of the then outstanding securities or other ownership interests of such Person ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of directors or other governing body of such Person; and the terms “Controlled by” and “Controlling” have correlative meanings.

 

    	B-4

    	 

    
 

 

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

 

 “Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.

 

“Default Rate” means with respect to the Notes of any tranche that rate of interest that is 2% per annum above the rate of interest stated in clause (a) of the first paragraph of the Notes of such tranche.

 

“Delaware Trust” means NYSE Group Trust I, a Delaware statutory trust (or any successor trust as a result of the NYSE Merger Transactions).

 

“Delaware Trust Option” means the call option remedy of the Delaware Trust over the priority shares and/or ordinary shares or other voting securities of NYSE Group, Archipelago Holdings, Inc., or their respective Subsidiaries triggered by a material change in law, substantially as such remedy is provided in the Trust Agreement dated as of April 4, 2007, as in effect on the First Amendment Effective Date (subject to changes solely to reflect the NYSE Merger Transactions).

 

“Disqualified Capital Stock” means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) matures or is mandatorily redeemable or subject to any mandatory repurchase requirement, pursuant to a sinking fund obligation or otherwise, (ii) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (iii) is convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (y) debt securities or (z) any Capital Stock referred to in (i) or (ii) above, in each case under (i), (ii) or (iii) above at any time on or prior to the first anniversary of the maturity date of the Tranche B Notes; provided, however, that only the portion of Capital Stock that so matures or is mandatorily redeemable, is so redeemable at the option of the holder thereof, or is so convertible or exchangeable on or prior to such date shall be deemed Disqualified Capital Stock.

 

“Disclosure Documents” is defined in Section 5.3.

 

“Domestic Subsidiary” means a Subsidiary incorporated or otherwise organized or existing under the laws of the United States, any state thereof or the District of Columbia, other than any such Subsidiary (i) of a controlled foreign corporation within the meaning of Section 957 of the Code (a “CFC”) or (ii) that has no material assets other than capital stock of one or more Foreign Subsidiaries that are CFCs.

 

    	B-5

    	 

    
 

 

“Dutch Foundation” means Stichting NYSE Euronext, a foundation (stichting) incorporated and existing under the laws of The Netherlands.

 

“Dutch Foundation Option” means the call option remedy of the Dutch Foundation over the priority shares and/or common stock or other voting securities of Euronext N.V., a public limited liability company organized under the laws of The Netherlands or any of its Subsidiaries triggered by a material change in law, substantially as such remedy is provided in the Governance and Option Agreement dated as of April 4, 2007, as in effect on the First Amendment Effective Date (subject to changes solely to reflect the NYSE Merger Transactions).

 

“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not limited to those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the CompanyNew ICE Parent under section 414 of the Code.

 

“Event of Default” is defined in Section 11.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Excluded Assets” means any assets included in, or part of, any Guaranty Fund and any Regulatory Capital Assets.  

 

“First Amendment” means the First Amendment to Note Purchase Agreement, dated as of ____, 2013, among the Company, New ICE Parent and the holders of the Notes party thereto.

 

“First Amendment Effective Date” has the meaning given to such term in the First Amendment.

 

“Foreign Subsidiary” means, with respect to any Person, any Subsidiary other than a Domestic Subsidiary.

 

“GAAP” means those generally accepted accounting principles as in effect from time to time in the United States of America.

 

“Governmental Authority” means, as applicable,

 

(a)        the government of

 

    	B-6

    	 

    
 

 

(i)       the United States of America or any state or other political subdivision thereof, or

 

(ii)       any other jurisdiction in which the CompanyNew ICE Parent or any Restricted Subsidiary conducts all or any part of its business, or which has jurisdiction over any properties of the CompanyNew ICE Parent or any Restricted Subsidiary, or

 

  (b)       any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.  

 

“Governmental Official” means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity.

 

“Guaranty Fund” means any fund, deposits or pledged (or transferred) assets, including initial and variation margin, set up by (i) ICE Clear US pursuant to Section 5.4 of its by-laws, original, variation, settlement, delivery or mark-to-market margin, buyer’s security or seller’s security, in any case whether contingent or actual (or similar arrangement), set up, maintained or established by (i) ICE Clear US, (ii) ICE Clear Europe, (iii) The Clearing Corporation, (iv) ICE Clear Credit, (v) ICE Clear Canada, and (vi) such other clearing houses or RegulatedClearing House Subsidiaries owned and operated by the Company or a Subsidiary of the Company in the future, in each case in which its members (or other Persons) make contributions, make deposits, set aside funds, pledge (or transfer) assets, grant security interests in assets or transfer title to margin or other collateral assets or the like to, among other things, enable the satisfaction (whether in whole or in part) of the obligations of the relevant clearing house or RegulatedClearing House Subsidiary arising in the ordinary course of business or upon the default (or other specified event) of a clearing member or the like to be satisfied.

 

“Guaranty Obligations” means, with respect to any Person, any direct or indirect liability of such Person with respect to any Indebtedness, liability or other obligation (the “primary obligation”) of another Person (the “primary obligor”), whether or not contingent, (i) to purchase, repurchase or otherwise acquire such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or provide funds (x) for the payment or discharge of any such primary obligation or (y) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial condition of the primary obligor (including, without limitation, keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements), (iii) to lease or purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor in respect thereof to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss or failure or inability to perform in respect thereof; provided, however, that, with respect to the CompanyNew ICE Parent and its Subsidiaries, the term Guaranty Obligation shall not include endorsements for collection or deposit in the ordinary course of business.  The amount of any Guaranty Obligation of any guaranteeing Person hereunder shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guaranty Obligation is made and (b) the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guaranty Obligation, unless such primary obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of such Guaranty Obligation shall be such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by such guaranteeing Person in good faith.

 

    	B-7

    	 

    
 

 

“Hazardous Material” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.

 

“Hedge Agreement” means any interest or foreign currency rateagreement with respect to any swap, cap, collar, option, hedge, forward rate or other similar agreement or arrangement designed to protect against fluctuations in interest rates or currency exchange ratesforward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided, however, that, with respect to any Clearing House Subsidiary that is a clearing house operator, the term Hedge Agreement shall not include any such transaction with respect to which such Subsidiary actsentity is a party solely in its capacity as thea central counterparty.

 

“holder” means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1.

 

“ICE Clear Canada” means ICE Clear Canada, Inc., a Manitoba corporation and an indirect wholly-owned Subsidiary of the Company.

 

“ICE Clear Credit” means ICE Clear Credit LLC, a Delaware limited liability company and a Subsidiary of the Company. 

 

“ICE Clear Europe” means ICE Clear Europe Limited, a private limited company incorporated in England and Wales and an indirect wholly-owned Subsidiary of the Company.

 

“ICE Clear US” means ICE Clear U.S., Inc., a New York corporation and an indirect wholly-owned Subsidiary of the Company (formerly known as New York Clearing Corporation).

 

    	B-8

    	 

    
 

 

“Indebtedness” means, with respect to any Person, (without duplication), (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, or upon which interest payments are customarily made, (iii) the maximum stated or faceaggregate amount (but only to the extent drawn and not reimbursed) of all surety bonds, letters of credit (to the extent there is a draw thereunder and such amount remains unreimbursed) and bankers’ acceptances issued or created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (iv) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade payables incurred in the ordinary course of business and not more than 90 days past due), (v) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (vi) all Capital Lease Obligations of such Person, (vii) all Disqualified Capital Stock issued by such Person, with the amount of Indebtedness represented by such Disqualified Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, (viii) the principal balance outstanding and owing by such Person under any synthetic lease, tax retention operating lease or similar off-balance sheet financing product, (ix) all Guaranty Obligations of such Person with respect to Indebtedness of another Person, (x) the net termination obligations of such Person under any Hedge Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date, and (xi) all indebtedness of the types referred to in clauses (i) through (x) above (A) of any partnership or unincorporated joint venture in which such Person is a general partner or joint venturer to the extent such Person is liable therefor or (B) secured by any Lien on any property or asset owned or held by such Person regardless of whether or not the indebtedness secured thereby shall have been incurred or assumed by such Person or is nonrecourse to the credit of such Person, the amount thereof being equal to the value of the property or assets subject to such Lien; provided, however, that (a) for the avoidance of doubt, only immediately preceding clause (x) (and clauses (ix) and (xi) to the extent relating thereto) shall have application to Hedge Agreements and obligations and indebtedness arising with respect thereto and (b) with respect to any Clearing House Subsidiary, the term Indebtedness shall not include any transaction with respect to which such entity is a party solely in its capacity as a central counterparty.

 

“Institutional Investor” means (a) any original purchaser of a Note, (b) any holder of more than $2,000,000 of the aggregate principal amount of the Notes then outstanding, and (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form.

 

“Interest Coverage Ratio” means, as of the last date of any Reference Period ending on the last day of a fiscal quarter, the ratio of (i) Consolidated EBITDA for such Reference Period to (ii) Consolidated Interest Expense for such Reference Period.

 

“Lien” means any mortgage, pledge, hypothecation, assignment, security interest, lien (statutory or otherwise), charge or other encumbrance of any nature, whether voluntary or involuntary, including, without limitation, the interest of any vendor or lessor under any conditional sale agreement, title retention agreement, Capital Lease or any other lease or arrangement having substantially the same effect as any of the foregoing.  

 

“Make-Whole Amount” shall have the meaning set forth in Section 8.6 with respect to any Note.

 

    	B-9

    	 

    
 

 

“Material” means material in relation to the business, operations, affairs, financial condition, assets or properties of the CompanyNew ICE Parent and its Restricted Subsidiaries taken as a whole.

 

“Material Adverse Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the CompanyNew ICE Parent and its Restricted Subsidiaries taken as a whole, or (b) the ability of the Company or New ICE Parent to perform its obligations under this Agreement and the Notes, as applicable, (c) the ability of any Subsidiary Guarantor to perform its obligations under any Subsidiary Guaranty or (d) the validity or enforceability of this Agreement, the Notes or any Subsidiary Guaranty.

 

“Material Credit Facility” means (a) the Bank Credit Agreement and (b) any other agreement(s) creating or evidencing indebtedness for borrowed money entered into by any of New ICE Parent, the Company or any Subsidiary Guarantor, or in respect of which any of New ICE Parent, the Company or any Subsidiary Guarantor is an obligor or otherwise provides a guarantee or other credit support, in a principal amount outstanding or available for borrowing equal to or greater than 2.5% of Consolidated Net Worth, but excluding agreements creating or evidencing publicly traded securities (including, without limitation, securities registered under the Securities Act and securities sold to underwriters for resale pursuant to Rule 144A under the Securities Act with registration rights or contingent registration rights or pursuant to Regulation S under the Securities Act).

 

“Material Subsidiary” means, at any time, (A) any Restricted Subsidiary of the CompanyNew ICE Parent which accounts for more than (i) 5% of the consolidated assets of the CompanyNew ICE Parent and its Restricted Subsidiaries or (ii) 5% of consolidated revenue of the CompanyNew ICE Parent and its Restricted Subsidiaries, and (B) to the extent not duplicative of the foregoing, any Restricted Subsidiary of the CompanyNew ICE Parent that owns, directly or indirectly, 50% or more of the ownership interests of a Restricted Subsidiary described in the foregoing subsection (A).

 

“Memorandum” is defined in Section 5.3.

 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).

 

“New ICE Parent” means IntercontinentalExchange Group, Inc., a Delaware corporation.

 

“Note Documents” means and includes this Agreement, the Notes, any Subsidiary Guaranty and each other document and instrument executed by the Company, New ICE Parent or any other Guarantor in connection therewith.

 

“Notes” is defined in Section 1.

 

“NYSE” means NYSE Euronext, a Delaware corporation.

 

    	B-10

    	 

    
 

 

“NYSE Merger Transactions” means the series of transactions pursuant to the Amended and Restated Agreement and Plan of Merger dated as of March 18, 2013, among NYSE, the Company, New ICE Parent, Braves Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of New ICE Parent, and Baseball Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of New ICE Parent, after giving effect to which the Company and NYSE will be wholly-owned Subsidiaries of New ICE Parent.

 

“Obligors” is defined in the introductory paragraph hereto.

 

“OFAC” is defined in Section 5.16(a).

 

“OFAC Listed Person” is defined in Section 5.16(a).

 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at http://www.ustreas.gov/offices/enforcement/ofac/programs/.

 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.

 

“Parent Guaranty” means the Guaranty of New ICE Parent set forth in Section 22 of this Agreement.

 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

 

“Permitted Lien” means any Lien permitted by clauses (a) through (n) of Section 10.3.

 

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

 

“Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the CompanyNew ICE Parent or any ERISA Affiliate or with respect to which the CompanyNew ICE Parent or any ERISA Affiliate may have any liability.

 

“Priority Indebtedness” means (without duplication), as of the date of any determination thereof, the sum of (i) all unsecured Indebtedness of Restricted Subsidiaries other than the Company (including all Guaranty Obligations with respect to Indebtedness of New ICE Parent and the Company, but excluding (w) unsecured Indebtedness owing to the CompanyNew ICE Parent or any other Restricted Subsidiary, (x) unsecured Indebtedness of a Foreign Subsidiary outstanding at the time such Person became a Restricted Subsidiary (other than an Unrestricted Subsidiary which is designated as a Restricted Subsidiary pursuant to Section 9.8 hereof)Foreign Subsidiary became a Subsidiary, provided that such Indebtedness shall have not been incurred in contemplation of such person becoming a Restricted Subsidiary, (y) Indebtedness that may be deemed to exist pursuant to any performance bond, surety, statutory appeal or similar obligation entered into or incurred by any Restricted Subsidiary that is a clearing house operator acting in its capacity as a central counterparty, and (z) all unsecured Indebtedness of any Restricted Subsidiary which is also a Subsidiary Guarantor) and (ii) all Indebtedness of the CompanyNew ICE Parent and its Restricted Subsidiaries and other obligations secured by Liens other than Indebtedness or other obligations secured by Liens permitted by subparagraphs (a) through (lm), inclusive, of Section 10.3.  For purposes of this Agreement, all Indebtedness of ICE Europe Parent Limited shall constitute “Priority Indebtedness.”

 

    	B-11

    	 

    
 

 

“pro forma” means, for purposes of calculating Consolidated EBITDA for any period of four consecutive quarters, if during such period the Company or any Restricted Subsidiary shall have acquired or disposed of any Person or acquired or disposed of all or substantially all of the operating assets of any Person, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto as if such transaction occurred on the first day of such period.  Pro Forma Basis” is defined in Section 23.3(c) of this Agreement.

 

“property” or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.

 

“Purchasers” means the purchasers of the Notes named in Schedule A hereto.

 

“QPAM Exemption” means Prohibited Transaction Class Exemption 84-14 issued by the United States Department of Labor.

 

“Qualified Institutional Buyer” means any Person who is a qualified institutional buyer within the meaning of such term as set forth in Rule 144(a)(1) under the Securities Act.

 

“Ratable Portion” means, with respect to any Note, an amount equal to the product of (x) the amount equal to the net proceeds being so applied to the prepayment of Senior Indebtedness in accordance with Section 10.4(2), multiplied by (y) a fraction the numerator of which is the outstanding principal amount of such Note and the denominator of which is the aggregate principal amount of Senior Indebtedness of the CompanyNew ICE Parent and its Restricted Subsidiaries being prepaid or receiving prepayment offers pursuant to Section 10.4(2).

 

“Reference Period” with respect to any date of determination, means (except as may be otherwise expressly provided herein) the period of twelve consecutive fiscal months of the CompanyNew ICE Parent immediately preceding such date or, if such date is the last date of a fiscal quarter, the period of four consecutive fiscal quarters ending on such date.

 

“Regulated Subsidiary” means (i) any Subsidiary that is registered as a broker dealer pursuant to Section 15 of the Exchange Act or that is regulated as a broker dealer or underwriter under any foreign securities law, (ii) any Subsidiary regulated as an insurance company, exchange, swap execution facility, swap data repository or, clearing house, securities depository, settlement system, multilateral trading facility, trade repository, systematic internalizer or organized trading facility and (iii) any Subsidiary whose dividends may be restricted, other activities undertaken by such Subsidiary may be limited or other regulatory actions with respect to such Subsidiary may be taken, in each case by any applicable Governmental Authority in the event that such Subsidiary does not maintain capital at the level required by such applicable Governmental Authority.

 

    	B-12

    	 

    
 

 

“Regulatory Capital Assets” means assets that are held due to regulatory capital or regulatory liquidity requirements of any Regulated Subsidiary from time to time, as set forth in a schedule to the Officer’s Certificate most recently delivered in accordance with Section 7.2(a) or another written notice delivered to holders of the Notes containing substantially similar information regarding such assets (it being understood that such assets existing as of the First Amendment Effective Date are reflected on the consolidated balance sheet of the Company and its Subsidiaries as part of short-term restricted cash and investments or long-term restricted cash).

 

“Required Holders” means, at any time, the holders of not less than 51% in principal amount of the Notes of all tranches at the time outstanding (exclusive of Notes then owned by the CompanyNew ICE Parent or any of its Affiliates and any Notes held by parties who are contractually required to abstain from voting with respect to matters affecting the holders of the Notes).

 

“Requirement of Law” means, with respect to any Person, the charter, articles or certificate of organization or incorporation and bylaws or other organizational or governing documents of such Person, and any statute, law, treaty, rule, regulation, order, decree, writ, injunction or determination of any arbitrator or court or other Governmental Authority or any Self-Regulatory Organization, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject or otherwise pertaining to any or all of the transactions contemplated by this Agreement and any related documents.

 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company, New ICE Parent or any Subsidiary Guarantor, as applicable, with responsibility for the administration of the relevant portion of this Agreement or any Subsidiary Guaranty, as applicable.

 

“Restricted Subsidiary” means any Subsidiary in which: (i) at least a majority of the voting securities are owned by the Company and/or one or more Restricted Subsidiaries and (ii) the Company has not designated an Unrestricted Subsidiary by notice in writing given to the holders of the Notes.is only used in the representations given on the Closing Date in Section 5 and has the meaning assigned to such term in this Agreement as in effect on the Closing Date.

 

“SEC” means the Securities and Exchange Commission of the United States, or any successor thereto.

 

“Securities Act” means the Securities Act of 1933, as amended from time to time.

 

“Self-Regulatory Organization” means any U.S. or foreign commission, board, agency or body that is not  a Governmental Authority, but is charged with the supervision or regulation of brokers, dealers, securities underwriting or trading, stock exchanges, clearing houses, commodities exchanges, electronic communication networks, insurance companies or agents, investment companies or investment advisors.

 

    	B-13

    	 

    
 

 

“Senior Indebtedness” means, as of the date of any determination thereof, Total Funded Debt, other than Subordinated Indebtedness.

 

“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the CompanyNew ICE Parent.

 

“Specified Clearing House Subsidiary Indebtedness” includes:

 

(a)        Indebtedness of, and secured by a Lien on cash, Cash Equivalents, marketable securities, gold bullion or other precious metals (including silver and, in relation to those other precious metals, as determined in the reasonable judgment of a Senior Financial Officer and capable of being marked to market on a daily basis) granted by, any Clearing House Subsidiary from the Federal Reserve Discount Window or other central bank money market operations or other central securities depositories or external custodians or other credit providers in support of, or related to, such Subsidiary’s clearing, depository and settlement business, or matters reasonably related or incidental thereto, to the extent not prohibited by applicable Governmental Authorities, provided that any such Indebtedness is not outstanding for longer than 30 days;

 

(b)    Indebtedness of, and secured by a Lien on cash, Cash Equivalents, marketable securities, gold bullion or other precious metals (including silver and, in relation to those other precious metals, as determined in the reasonable judgment of a Senior Financial Officer and capable of being marked to market on a daily basis) granted by, any Clearing House Subsidiary in respect of repurchase agreements, reverse repurchase agreements, sell buy back and buy sell back agreements, securities lending and borrowing agreements and any other similar agreement or transaction (including Hedge Agreements) entered into by such Clearing House Subsidiary in the ordinary course of its clearing, depository and settlement operations, or matters reasonably related or incidental thereto, or in the management of its liabilities, provided that the amount of such Indebtedness does not exceed the market value of the securities or other assets sold, loaned or borrowed or otherwise subject to such applicable agreement or transaction, as the case may be; and

 

(c)    short-term Indebtedness of, and secured by a Lien on cash, Cash Equivalents, marketable securities, gold bullion or other precious metals (including silver and, in relation to those other precious metals, as determined in the reasonable judgment of a Senior Financial Officer and capable of being marked to market on a daily basis) granted by, any Clearing House Subsidiary in respect of any credit facility relating to the clearing, depository and settlement business of such Clearing House Subsidiary, and the purpose of which is to provide funding (A) to satisfy any outstanding obligations of any suspended or defaulted clearing member or participant (or any clearing member or participant that could be declared suspended or defaulted) to any Clearing House Subsidiary as provided in the applicable rules or standardized terms and conditions of the business operated by such Clearing House Subsidiary, (B) with respect to the transfer of positions and related margin from a suspended or defaulted clearing member or participant to another clearing member or participant, (C) to make a transfer in cash in respect of margin related to such suspended or defaulted clearing member’s or participant’s positions, (D) in the event of a liquidity constraint or default by a depositary of such Clearing House Subsidiary, (E) to facilitate the settlement of margin transactions associated with such Clearing House Subsidiary’s business activities or (F) for other matters reasonably related or incidental thereto.

 

    	B-14

    	 

    
 

 

“Subordinated Indebtedness” means all unsecured Indebtedness of the Company and New ICE Parent which shall contain or have applicable thereto subordination provisions providing for the subordination thereof to other Indebtedness of the Company or New ICE Parent, as applicable (including, without limitation, the obligations of the Company and New ICE Parent under this Agreement or the Notes).

 

“Subsidiary” means, as to any Person, any corporation or other Person of which more than fifty percent (50%) of the outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors, board of managers or other governing body of such Person is at the time, directly or indirectly, owned or controlled by such Person and one or more of its other Subsidiaries or a combination thereof (irrespective of whether, at the time, securities of any other class or classes of any such corporation or other Person shall or might have voting power by reason of the happening of any contingency).  Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the CompanyNew ICE Parent.

 

“Subsidiary Guarantor” means each Subsidiary which is party to any Subsidiary Guaranty.

 

“Subsidiary Guaranty” is defined in Section 9.7 of this Agreement.

 

“Substantial Part” is defined in Section 10.4 of this Agreement.

 

“The Clearing Corporation” means The Clearing Corporation, a Delaware corporation and a Subsidiary of the Company.

 

“Total Funded Debt” means, as of any date of determination, the aggregate principal amount of all Indebtedness of the CompanyNew ICE Parent and its Restricted Subsidiaries as of such date, determined on a consolidated basis in accordance with GAAP.

 

“Total Leverage Ratio” means, as of the last day of any Reference Period ending on the last day of a fiscal quarter, the ratio of (i) Total Funded Debt as of such date to (ii) Consolidated EBITDA for such Reference Period; provided that Total Funded Debt as of the last day of any fiscal quarter for purposes of calculating compliance with the financial covenant in Section 10.1(a) as of such date shall not include Specified Clearing House Subsidiary Indebtedness except to the extent such Indebtedness has been outstanding, as of such determination date, for more than 45 days since the borrowing thereof.

 

“Total Voting Power” means, with respect to any Person, the total number of votes which may be cast in the election of directors of such Person at any meeting of stockholders of such Person if all securities entitled to vote in the election of directors of such Person (on a fully diluted basis, assuming the exercise, conversion or exchange of all rights, warrants, options and securities exercisable for, exchangeable for or convertible into, such voting securities) were present and voted at such meeting (other than votes that may be cast only upon the happening of a contingency). 

 

    	B-15

    	 

    
 

 

“tranche” means all Notes having the same maturity, interest rate and schedule for mandatory prepayments.

 

“Tranche A Notes” is defined in Section 1 of this Agreement.

 

“Tranche B Notes” is defined in Section 1 of this Agreement.

 

“Unrestricted Subsidiary” means any Subsidiary so designated by the Company.Transitional Consolidating Financial Statements” means an unaudited condensed income statement and an unaudited condensed balance sheet, without footnotes or other additional disclosures, and without comparative information for the prior year period or the preceding balance sheet date, of the Company and its Subsidiaries on a consolidated basis, and of all other Subsidiaries on a consolidated basis, together with a reconciliation of the relevant income statement and balance sheet amounts to the corresponding line items in the consolidated financial statements of New ICE Parent, in a format reasonably acceptable to the Required Holders, provided that a format substantially similar to the example delivered to the holders prior to the date of the First Amendment shall be deemed acceptable.

 

“Trust Options” means the Delaware Trust Option and the Dutch Foundation Option.

 

“USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

 

“U.S. Economic Sanctions” is defined in Section 3.8 of the First Amendment.

 

“Wholly Owned” means, with respect to any Subsidiary of any Person, that 100% of the outstanding Capital Stock of such Subsidiary (excluding any directors’ qualifying shares and shares required to be held by foreign nationals, in the case of a Foreign Subsidiary) is owned, directly or indirectly, by such Person.

 

    	B-16

    	 

    
 

 

Changes in Corporate Structure

 

None.

 

Schedule 4.9 

(to Note Purchase Agreement)

 

    	  

    	 

    
 

 

Subsidiaries of the Company1

 

	
Company:

	
Jurisdiction of Organization

	
IntercontinentalExchange, Inc. 

	
Delaware

	  	  
	
Direct Domestic Subsidiaries:

	
Jurisdiction of Organization

	
IntercontinentalExchange International, Inc. (“ICE International”) (>99% owned by ICE, <1% owned by CreditTrade, Inc.)

	
Delaware

	
ICE Markets, Inc. (100% owned by ICE)

	
Delaware

	
ICE Data Management Group, LLC (100% owned by ICE)

	
Delaware

	
ICE Data Investment Group, LLC (100% owned by ICE)

	
Delaware

	
ICE Futures U.S., Inc. (100% owned by ICE)

	
Delaware

	
Chatham Energy, LLC (100% owned by ICE)

	
Delaware

	
YellowJacket, Inc. (100% owned by ICE)

	
Delaware

	
Creditex Holdco, LLC (100% owned by ICE)

	
Delaware

	
ICE US Holding Company GP LLC (100% owned by ICE)

	
Delaware

	
TradeCapture OTC Holdings, Inc. (100% owned by ICE)

	
Delaware

	
Ballista Holdings LLC (100% owned by ICE)

	
Delaware

	
ICE Trade Vault, LLC (100% owned by ICE)

	
Delaware

	
ICE U.S. OTC Commodity Markets, LLC (100% owned by ICE)

	
Delaware

	
Brix Holding Company, LLC (100% owned by ICE)

	
Delaware

	
ICE Credit Hub, LLC (100% owned by ICE)

	
Delaware

 

1 Each Subsidiary listed is a Restricted Subsidiary.

 

Schedule 5.4 

(to Note Purchase Agreement)

 

    	  

    	 

    
 

 

	
Indirect Domestic Subsidiaries:

	
Jurisdiction of Organization

	
Creditex Group Inc. (100% owned by Creditex Holdco, Limited)

	
Delaware

	
ICE Data, LP (ICE Management is the direct 1% owner; ICE Investment is the direct 99% owner)

	
Delaware

	
ICE Clear US, Inc. (100% owned by ICE Futures)

	
New York

	
eCOPS, LLC (100% owned by ICE Futures)

	
New York

	
New York Futures Clearing Corporation (100% owned by ICE Futures; dormant)

	
New York

	
Commodity Exchange Center (100% owned by ICE Futures; dormant)

	
New York

	
Ballista Securities LLC (100% owned by Ballista Holdings LLC)

	
New York

	
Trebuchet Holdings, LLC (100% owned by Ballista Holdings LLC)

	
Delaware

	
The Clearing Corporation (100% owned by ICE US Holding Company L.P.)

	
Delaware

	
ICE Clear Credit LLC (100% owned by ICE US Holding Company L.P.)

	
Delaware

	
QW Holdings LLC (50.11% owner is Creditex Group Inc and 49.89% owners are other third party investors)

	
Delaware

	
Q-WIXX B Sub LLC (100% owned by QW Holdings LLC)

	
Delaware

	
ICE Processing, LLC (100% owned by Creditex Group Inc.)

	
Delaware

	
Creditex LLC (100% owned by Creditex Group Inc.)

	
Delaware

	
CreditTrade Inc. (100% owned by Creditex Group Inc.)

	
Delaware

 

    	5.4-2

    	 

    
 

 

	
Indirect Domestic Subsidiaries:

	
Jurisdiction of Organization

	
Creditex Securities Corporation (100% owned by CreditTrade Inc.)

	
Delaware

	
ICE UK GP, LLC (100% owned by ICE International)

	
Delaware

	
ICE UK LP, LLC (100% owned by ICE International)

	
Delaware

	
Chicago Climate Exchange, Inc. (100% owed by Climate Exchange plc)

	
Delaware

	
TradeCapture OTC Corp. (100% owned by TradeCapture OTC Holdings, Inc.)

	
Connecticut

	
Tap & Trade, Inc. (100% owned by TradeCapture OTC Corp.)

	
Connecticut

	
Clearing Corporation for Options and Securities (100% owned by The Clearing Corporation; dormant)

	
Delaware

	
Guaranty Clearing Corporation (100% owned by The Clearing Corporation; dormant)

	
Delaware

	
Chicago Depositary, Inc. (100% owned by The Clearing Corporation; dormant)

	
Illinois

	
onExchange Board of Trade (100% owned by The Clearing Corporation; dormant)

	
Delaware

	
onExchange Clearing Corporation (100% owned by The Clearing Corporation; dormant)

	
Delaware

	
Direct Foreign Subsidiaries:

	
Jurisdiction of Organization

	
Creditex Holdco Limited (100% owned by ICE)

	
United Kingdom

 

    	5.4-3

    	 

    
 

 

	
Indirect Foreign Subsidiaries:

	
Jurisdiction of Organization

	
Creditex Brokerage Holdco Ltd. (100% owned by Creditex Holdco, Limited)

	
United Kingdom

	
ICE US Holding Company LP (ICE US Holding Company GP LLC, ICE & Creditex Group, Inc. collectively own approximately 54.5% of the limited partnership interests and other third party investors own approximately 45.5% of the limited partnership interests and ICE US Holding Company GP LLC owns 100% of the general partnership interests)

	
Cayman Islands

	
ICE Markets Corporation (100% owned by ICE Markets)

	
Canada

	
5509794 Manitoba, Inc. (100% owned by Aether Ios Limited)

	
Canada

	
ICE Futures Canada, Inc. (“ICE Futures Canada”) (100% owned by 5509794 Manitoba, Inc.)

	
Canada

	
ICE Clear Canada, Inc. (100% owned by ICE Futures Canada)

	
Canada

	
Canadian Climate Exchange, Inc. (100% owned by ICE Futures Canada)

	
Canada

	
ICE Services Canada, Inc. (100% owned by ICE Futures Canada)

	
Canada

	
Aether Ios Limited (100% owned by ICE Europe Parent Limited)

	
United Kingdom

	
IntercontinentalExchange Holdings (“ICE Holdings”) (Aether Ios Limited is 100% owner)

	
United Kingdom

	
Climate Exchange plc (ICE Holdings is 100% owner)

	
Isle of Man

	
Climate Spot Markets Limited (100% owned by Climate Exchange plc)

	
United Kingdom

	
European Climate Exchange Limited (Ireland) (Climate Exchange plc is 49% owner and Chicago Climate Exchange is 51% owner)

	
Ireland

 

    	5.4-4

    	 

    
 

 

	
Indirect Foreign Subsidiaries:

	
Jurisdiction of Organization

	
European Climate Exchange Limited (UK) (100% owned by European Climate Exchange Limited (Ireland))

	
United Kingdom

	
Climate Exchange (Europe) Limited (100% owned by European Climate Exchange Limited (Ireland))

	
United Kingdom

	
Insurance Futures Exchange Services Limited (100% owned by European Climate Exchange Limited (Ireland))

	
United Kingdom

	
ICE Markets Limited (100% owned by ICE Holdings)

	
United Kingdom

	
ICE Clear Europe Limited (100% owned by ICE Holdings)

	
United Kingdom

	
ICE Clear UK Limited (100% owned by ICE Holdings; dormant)

	
United Kingdom

	
ICE Futures Holdings Limited (100% owned by ICE Holdings)

	
United Kingdom

	
IntercontinentalExchange Technologies Limited (100% owned by ICE Holdings; dormant)

	
United Kingdom

	
International Petroleum Exchange of London Limited (100% owned by ICE Holdings; dormant)

	
United Kingdom

	
IPE Holdings Limited (100% owned by ICE Holdings; dormant)

	
United Kingdom

	
ICE Education Limited (100% owned by ICE Futures Holdings Limited)

	
United Kingdom

	
International Petroleum Exchange Limited (100% owned by ICE Futures Holdings Limited; dormant)

	
United Kingdom

	
ICE Futures Holdco No. 1 Limited (100% owned by ICE Futures Holdings Limited)

	
United Kingdom

	
ICE Futures Holdco No. 2 Limited (100% owned by ICE Futures Holdings Limited)

	
United Kingdom

	
ICE Futures Europe (ICE Futures Holdco No. 1 Limited is 99% owner and ICE Futures Holdco No. 2 Limited is 1% owner)

	
United Kingdom

 

    	5.4-5

    	 

    
 

 

	
Indirect Foreign Subsidiaries:

	
Jurisdiction of Organization

	
ICE Futures Limited (100% owned by ICE Futures Europe; dormant)

	
United Kingdom

	
ICE Data Services Limited (100% owned by ICE Futures Holdings Limited)

	
United Kingdom

	
ICE Data Holdings Ltd. (ICE Data Services Limited is 80% owner and ICE Holdings is 20% owner)

	
United Kingdom

	
ICE Data LLP (ICE Data Holdings Limited is 99% owner and ICE Holdings is 1% owner)

	
United Kingdom

	
Q-WIXX International Limited (100% owned by Q-WIXX B Sub LLC)

	
United Kingdom

	
ICE Processing International, Limited (100% owned by Aether Ios Limited)

	
United Kingdom

	
Creditex U.K. Limited (100% owned by Aether Ios Limited)

	
United Kingdom

	
Creditex Brokerage LLP (99% owned by Creditex U.K. Limited and 1% owned by Creditex Brokerage Holdco Ltd.)

	
United Kingdom

	
Creditex Singapore Pte Limited (100% owned by CreditTrade Inc.)

	
Singapore

	
ICE Europe Partners LP (ICE UK GP, LLC is 99% owner and ICE UK LP, LLC is 1% owner)

	
United Kingdom

	
ICE Europe Parent Limited (100% owned by ICE Europe Partners LP)

	
United Kingdom

	
ICE Overseas Limited (100% owned by Aether Ios Limited)

	
United Kingdom

	
Climate Exchange Limited (100% owned by ICE Holdings; dormant)

	
United Kingdom

	
ECX Limited (100% owned by ICE Holdings; dormant)

	
United Kingdom

 

    	5.4-6

    	 

    
 

 

	
Indirect Foreign Subsidiaries:

	
Jurisdiction of Organization

	
Climate Spot Exchange Limited (100% owned by Climate Spot Markets Limited)

	
United Kingdom

	
ICE Clear EU CDS LLP (ICE Holdings is 50% owner and ICE Clear Europe Limited is 50% owner)

	
United Kingdom

 

All Regulated Subsidiaries are subject to various capital adequacy requirements and other rules and regulations promulgated by each Regulated Subsidiary’s applicable jurisdiction of organization.  Capital adequacy rules and regulations establish minimum threshold capital amounts that each Regulated Subsidiary must maintain.  Compliance with such rules and regulations may potentially restrict each Regulated Subsidiary’s ability to pay distributions of profits or restrict the amount, timing or frequency of distributions of profits paid by each such Regulated Subsidiary.

 

    	5.4-7

    	 

    
 

 

Financial Statements

 

	
1.

	
Form 10-Q for the quarterly period ended (i) June 30, 2011 and (ii) September 30, 2011.

	
2.

	
Form 10-K for the fiscal year ended (i) December 31, 2008, (ii) December 31, 2009 and (iii) December 31, 2010.

Schedule 5.5

(to Note Purchase Agreement)

 

    	  

    	 

    
 

 

Litigation

 

	
  

	
1.

	
ICE Clear Europe Limited (“ICE Clear Europe”) Regulatory Proceeding

 

On April 28, 2011, ICE Clear Europe received notice from the European Commission (the “Commission”) that the Commission has initiated proceedings to investigate a possible competition law infringement by ICE Clear Europe and nine dealer banks (the “Founding Members”) with respect to ICE Clear Europe’s provision of credit default swap (“CDS”) clearing services.  Specifically, the Commission is investigating (i) whether the fee and profit sharing arrangements between ICE Clear Europe and the Founding Members in connection with the purchase by the Company of The Clearing Corporation from the Founding Members in 2009 create an improper incentive for the Founding Members to only use ICE Clear Europe for clearing CDS transactions and (ii) whether the discount arrangement used by ICE Clear Europe is an abuse of dominant position by giving an unfair advantage to the Founding Members and discriminating against other CDS dealers.  These arrangements were put in place in connection with ICE Clear Europe’s launch of CDS clearing in the midst of the financial crisis and the profit sharing arrangements were part of the consideration the Company paid to the Founding Members and other owners of The Clearing Corporation in connection with the Company’’s purchase of The Clearing Corporation.  The Clearing Corporation assets and operations were and are used by the Company to facilitate back−end clearing of CDS transactions in the United States.  ICE Clear Europe has voluntarily furnished information to the Commission as part of an initial assessment that began in October 2009.  Prior to the notice on April 28, 2011, ICE Clear Europe had no contact from the Commission with respect to this matter since January 2010.  

 

ICE Clear Europe intends to cooperate with the Commission’’s investigation.  Before the Commission reaches an infringement decision, if any, the Commission is required to issue a formal Statement of Objections detailing the specific alleged infringement and supporting evidence and must provide ICE Clear Europe the opportunity to rebut any allegations of wrongdoing.  If the Commission then makes an infringement finding, ICE Clear Europe may be subject to a cease and desist order in respect of the fee and profit sharing arrangements and/or fines.  However, it is too early in the proceedings to determine whether a finding of infringement will be made or the likely range of penalties, if any, if such finding is made by the Commission.  The initiation of proceedings to investigate does not mean that the Commission has made a definitive finding of an infringement of competition law. 

 

	
  

	
2.

	
U.S. Department of Justice Antitrust Division Investigation of Credit Derivatives Market

 

The Company received a letter dated August 11, 2009 from the U.S. Department of Justice (the “DOJ”) that included a Civil Investigative Demand (“CID”) requiring the Company to produce certain documents and answer certain interrogatories related to the credit derivatives market.  The Company operates businesses in the credit derivatives market in the U.S. through its Creditex division and through the operation of ICE Trust U.S., its U.S. credit default swap (“CDS”) clearing house and ICE Clear Europe, its European CDS clearing house.  In connection with the acquisition of The Clearing Corporation (“TCC”) and the concurrent establishment of ICE Trust U.S., the Company entered into agreements with the various dealer/owners of TCC regarding the formation and operation of ICE Trust U.S.  The CID seeks information and documents as part of an Antitrust Division industry investigation into violations of Sections 1 and 2 of the Sherman Act.  The purpose of the CID is to investigate whether there has been or may be a violation of the Sherman Act “by conduct, activities, or proposed action of the following nature: agreements restraining competition in credit derivatives trading, processing, clearing, and information services, attempts to monopolize/monopoly maintenance of credit derivative information services.”  

 

Schedule 5.8

(to Note Purchase Agreement)

 

    	  

    	 

    
 

 

Information and documents requested by the CID are being provided to the DOJ on a rolling basis.

 

3.      Unauthorized Transfer of Certain European Union Emissions Allowances

 

Alleged phishing and hacking incidents have resulted in unauthorized transfers of certain affected European Union emissions allowances, or EUAs, from accounts in various European registries.  The affected EUAs have been transferred between registry accounts and eventually some affected EUAs were delivered by clearing members to the clearing house’s registered accounts in the U.K. pursuant to delivery obligations under relevant ICE Futures Europe contracts. Further, some affected EUAs were delivered to ICE Clear Europe Limited’s (“ICE Clear Europe”) registered accounts in the U.K. as collateral.  In addition, ICE Futures Europe suspended trading in its daily emissions futures markets on January 19, 2011 and such suspension is still in effect.  While this suspension has not extended beyond the daily market, it could eventually apply to our futures emission contracts that settle on a quarterly basis.  We are also aware of litigation between some market participants and it is possible that we could be enjoined in such litigation in the future.  ICE Clear Europe believes, consistent with legal advice received, that it has acquired good title to any Affected Allowances delivered to the Clearing House through the delivery process.

 

    	5.8-2

    	 

    
 

 

Existing Indebtedness

 

1.      As of September 30, 2011, $280 million was outstanding for the following loan:

 

Credit Agreement dated as of August 26, 2010 among IntercontinentalExchange, Inc., Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the lenders named therein for a senior unsecured term loan facility in the aggregate principal amount of $400.0 million (incorporated by reference to Exhibit 10.1 to ICE’s Current Report on Form 8-K filed with the SEC on August 30, 2010, File No. 001-32671).

 

2.      As of September 30, 2011, $37.5 million was outstanding for the following loan:

 

First Amendment to Amended and Restated Credit Agreement dated as of March 31, 2010, amending that certain Credit Agreement, dated as of January 12, 2007, as amended by the First Amendment to Credit Agreement dated as of August 24, 2007, the Second Amendment to Credit Agreement dated as of June 13, 2008, and as amended and restated by the Amendment and Restatement Agreement, dated as of April 9, 2009, among IntercontinentalExchange, Inc., Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the lenders party thereto in the aggregate principal amount of $175.0 million (incorporated by reference to Exhibit 10.2 to ICE’s Current Report on Form 8-K filed with the SEC on April 2, 2010, File No. 001-32671 and re-filed as Exhibit 10.2 to ICE’s Quarterly Report on Form 10-Q filed with the SEC on August 4, 2010 to include the exhibits and schedules to the exhibit).

 

3.      As of September 30, 2011, $74 million was outstanding for the following loan:

 

First Amendment to Credit Agreement dated as of March 31, 2010, amending that certain Credit Agreement, dated as of April 9, 2009, among IntercontinentalExchange, Inc., Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the lenders party thereto providing for a term loan facility in the aggregate principal amount of $200.0 million (incorporated by reference to Exhibit 10.3 to ICE’s Current Report on Form 8-K filed with the SEC on April 2, 2010, File No. 001-32671 and re-filed as Exhibit 10.3 to ICE’s Quarterly Report on Form 10-Q filed with the SEC on August 4, 2010 to include the exhibits and schedules to the exhibit).

 

4.      As of September 30, 2011, $210 million was outstanding for the following loan:

 

First Amendment to Credit Agreement dated as of August 26, 2010, amending that certain Credit Agreement, dated as of March 31, 2010, among IntercontinentalExchange, Inc., Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the lenders party thereto for an aggregate $725.0 million three-year senior unsecured revolving credit facilities (incorporated by reference to Exhibit 10.2 of ICE’s Current Report on Form 8-K filed with the SEC on August 30, 2010, File No. 001-32671).

 

Schedule 5.15

(to Note Purchase Agreement)

 

    	  

    	 

    
 

 

In connection with the sale of the Notes, the Company has entered into the Bank Credit Agreement, pursuant to which the Company (i) entered into a five year $2.1 billion revolving credit facility and (ii) a five year $500.0 million term loan.  The Bank Credit Agreement limits the amount of, and imposes restrictions on the incurring of, Indebtedness of the Company.  All outstanding loans owed under the credit facilities described in paragraphs 1-4 above (collectively, the “Credit Facilities”) will be paid with the Bank Credit Agreement loan proceeds and the Credit Facilities will be terminated upon the closing of the Bank Credit Agreement.

 

    	5.15-2

    	 

    
 

 

Existing Liens

1.Liens consisting of cash collateral as required under the Bank Credit Agreement to secure certain obligations relating to swingline loans and letters of credit thereunder.

2.There is a deed of charge that ICE Clear Europe Limited (“ICE Clear Europe”) has signed with J.P. Morgan (“JPM”) whereby ICE Clear Europe granted JPM a lien over assets in ICE Clear Europe’s accounts with JPM as continuing security for payment of fees, liabilities and obligations owed to JPM under the Global Custody and Clearance Agreement between the two parties.  The lien has never been triggered and ICE Clear Europe thinks the lien is an administrative condition of their signing the Global Custody and Clearance Agreement with JPM.

 

Schedule 10.3

(to Note Purchase Agreement)

 

    	  

    	 

    
 

 

Form of Tranche A Note

IntercontinentalExchange, Inc.

4.13% Senior Note, Tranche A, due November 9, 2018

 

	
No.  [_______]

	November 9, 2011
	
$[__________]

	PPN 45865V A*1

 

For Value Received, the undersigned, IntercontinentalExchange, Inc. (herein called the “Company”), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to [_____________________] or registered assigns, the principal sum of [______________] Dollars (or so much thereof as shall not have been prepaid) on November 9, 2018 with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.13% per annum from the date hereof, payable semi-annually, on the 9th day of May and November in each year and at maturity, commencing on May 9, 2012, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to 6.13%, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 

This Note is one of a tranche of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of November 9, 20112011, as amended by the First Amendment dated as of __________, 2013 (as from time to time further amended, supplemented or modified, the “Note Purchase Agreement”), betweenamong the Company, IntercontinentalExchange Group, Inc., a Delaware corporation, and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.2 and 6.3 of the Note Purchase Agreement, provided, that in lieu thereof such holder may (in reliance upon information provided by the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under section 406(a) of ERISA.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

Exhibit 1(a)

(to Note Purchase Agreement)

 

    	1

    	

    
 

 

This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note in substitution thereof for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

The Company will make any required prepayments of principal on the date and in the amounts specified in the Note Purchase Agreement.  This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

 

If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing, the principal of this Note may be declared or may otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be construed and enforced in accordance with, and the rights of the Company and holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

 

	 	

IntercontinentalExchange, Inc.

	 
	 	 	 	 
	 	
By

	 	 
	 	 	
Name:  Scott A. Hill

	 
	 	 	
Title:  Senior Vice President, 

	 
	 	 	
   Chief Financial Officer

	 

 

    	E-1(a)-2

    	 

    
 

 

[Form of Tranche B Note]

IntercontinentalExchange, Inc.

4.69% Senior Note, Tranche B, due November 9, 2021

 

	

No.  [_______]

	November 9, 2011
	

$[__________]

	PPN 45865V A@9

 

For Value Received, the undersigned, IntercontinentalExchange, Inc. (herein called the “Company”), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to [_____________________] or registered assigns, the principal sum of [______________] Dollars (or so much thereof as shall not have been prepaid) on November 9, 2021 with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.69% per annum from the date hereof, payable semi-annually, on the 9th day of May and November in each year and at maturity, commencing on May 9, 2012, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to 6.69%, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 

This Note is one of a tranche of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of November 9, 20112011, as amended by the First Amendment dated as of __________, 2013 (as from time to time further amended, supplemented or modified, the “Note Purchase Agreement”), betweenamong the Company, IntercontinentalExchange Group, Inc., a Delaware corporation, and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.2 and 6.3 of the Note Purchase Agreement, provided, that in lieu thereof such holder may (in reliance upon information provided by the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under section 406(a) of ERISA.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

Exhibit 1(b)

(to Note Purchase Agreement)

 

    	  

    	 

    
 

 

This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note in substitution thereof for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

The Company will make any required prepayments of principal on the date and in the amounts specified in the Note Purchase Agreement.  This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

 

If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing, the principal of this Note may be declared or may otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be construed and enforced in accordance with, and the rights of the Company and holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

 

	 	
IntercontinentalExchange, Inc.

	 
	 	 	 	 
	 	
By

	 	 
	 	 	
Name:  Scott A. Hill

	 
	 	 	
Title:  Senior Vice President, 

	 
	 	 	
   Chief Financial Officer

	 

 

    	1(b)-2

    	 

    
 

 

Exhibits 4.4(a) – (c) Intentionally Omitted

from Conformed CopyExhibit 10.2

 

Execution Version

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

 

This FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this “First Amendment”), dated as of September 27, 2013, is entered into by and among INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Parent Borrower”), ICE EUROPE PARENT LIMITED, a limited company incorporated under the laws of England and Wales (the “Subsidiary Borrower”, and together with the Parent Borrower, the “Borrowers”), INTERCONTINENTALEXCHANGE GROUP, INC., a Delaware corporation (“New ICE Parent” and collectively with the Borrowers, the “Credit Parties”), the Lenders (as hereinafter defined), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent.

 

RECITALS

 

A.           The Borrowers, the several lenders from time to time party thereto (the “Lenders”), and the Administrative Agent are party to the Credit Agreement, dated as of November 9, 2011 (as amended, supplemented, restated or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made available a term loan facility to the Parent Borrower in the original aggregate principal amount of $500,000,000 and revolving credit facilities to the Borrowers in the aggregate principal amount of $2,100,000,000.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement as amended by this First Amendment.

 

B.           Upon receipt of the requisite shareholder and governmental approvals and the satisfaction or waiver of certain conditions, the Parent Borrower desires to enter into the following series of transactions (the “NYSE Merger Transactions”) pursuant to the Amended and Restated Agreement and Plan of Merger (as amended, modified or supplemented from time to time in accordance with its terms, the “Merger Agreement”), dated as of March 19, 2013, among NYSE Euronext, a Delaware corporation (“NYSE”), the Parent Borrower, New ICE Parent, Braves Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of New ICE Parent (“Braves Merger Sub”), and Baseball Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of New ICE Parent (“Yankees Merger Sub”):

 

●           On the date of consummation of the proposed merger, Braves Merger Sub will first merge with and into the Parent Borrower with the Parent Borrower surviving such merger (the “Braves Merger”).  Shares of the Parent Borrower will be converted into an equivalent number of new shares of New ICE Parent common stock.  The Parent Borrower will become a wholly owned subsidiary of New ICE Parent after the closing of the first merger transaction.

 

●           Following the effectiveness of the Braves Merger, NYSE will merge with and into Yankees Merger Sub with Yankees Merger Sub surviving such merger (the “Yankees Merger”).  Under certain circumstances described in the Merger Agreement, the Yankees Merger will be restructured to provide instead for the merger of Yankees Merger Sub with and into NYSE with NYSE surviving such merger.  In either case, NYSE’s stock will be converted into the cash and shares of New ICE Parent common stock that represent the merger consideration.  After the effectiveness of the Yankees Merger, NYSE will be a wholly owned subsidiary of New ICE Parent and sibling company of the Parent Borrower.

 

    	  

    	 

    
 

 

●           Following the completion of the mergers, the shares in New ICE Parent held by the Parent Borrower will be retired and cancelled for no consideration.

 

C.           The Borrowers have requested (i) the consent of the Required Lenders to amend the Credit Agreement effective upon the consummation of the NYSE Merger Transactions and (ii) the waiver by the Required Lenders of certain provisions of the Credit Agreement, all on the terms and conditions set forth herein.

 

STATEMENT OF AGREEMENT

 

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

 

ARTICLE I

 

AMENDMENTS TO CREDIT AGREEMENT

 

1.1           Amendments to the Credit Agreement.  Effective upon the First Amendment Effective Date (as hereinafter defined) (or, in the case of amendments described on Schedule I hereto, effective upon the Execution Date (as hereinafter defined)), the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double−underlined text (indicated textually in the same manner as the following example: double−underlined text) as set forth in the conformed copy of the Credit Agreement attached hereto as Exhibit A.

 

1.2           Amendments to Exhibits to the Credit Agreement.  Effective upon the First Amendment Effective Date, Exhibit C (Form of Compliance Certificate) to the Credit Agreement is hereby deleted in its entirety and replaced with the new Exhibit C to the Credit Agreement attached hereto as Exhibit B.

 

1.3           Amendments to Schedules to the Credit Agreement.  Effective upon the First Amendment Effective Date, Schedule 1.1(a) of the Credit Agreement is hereby amended by adding New ICE Parent to the Notice Addresses section, with a notice address as set forth on its signature page hereto.

 

1.4           Further Amendments to the Credit Agreement.  Subject to Section 3.3, effective upon the First Amendment Effective Date (as hereinafter defined), the Credit Agreement (as amended by the amendments contemplated by Section 1.1) is hereby further amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double−underlined text (indicated textually in the same manner as the following example: double−underlined text) as set forth in those certain amendments to the Credit Agreement on file with the Administrative Agent.

 

    	2

    	 

    
 

 

ARTICLE II

 

WAIVER

 

The Required Lenders hereby waive, in accordance with Section 10.5 of the Credit Agreement, compliance by the Borrowers with the provisions of the Credit Agreement solely to the extent set forth in this Article II as follows:

 

(a)           the issuance of the Permitted Escrow Bonds (as defined below) having the terms described herein; provided that (v) the proceeds of the Permitted Escrow Bonds are held in the Permitted Escrow Account (as defined below); (w) the Indebtedness evidenced by the Permitted Escrow Bonds and all guaranties given in connection therewith are, on a Pro Forma Basis giving effect to the NYSE Merger Transactions as of the last day of the most recent fiscal quarter of the Parent Borrower ending prior to the date the Permitted Escrow Bonds are issued, permitted within the limitations of the Credit Agreement; (x) such Permitted Escrow Bonds are secured solely by a Lien on the Permitted Escrow Account; (y) the obligations of the Credit Parties and their Subsidiaries under the Permitted Escrow Bonds and all guarantees given in connection therewith shall be unsecured obligations (other than with respect to the Lien on the Permitted Escrow Account) ranking pari passu in right of payment with the obligations of the Credit Parties and their Subsidiaries under the Credit Agreement, the other Credit Documents and the guaranties (including the Subsidiary Guaranties) given in connection therewith; and (z) within seven months of the date of issuance, such Permitted Escrow Bonds are either redeemed in full or the proceeds thereof are applied to the merger consideration paid concurrently with the consummation of the NYSE Merger Transactions;

 

(b)           the Lien on the Permitted Escrow Account having the terms described herein in favor of the trustee for the Permitted Escrow Bonds solely for the benefit of the holders of the Permitted Escrow Bonds;

 

(c)           exclude the Permitted Escrow Bonds and all guaranties given in connection therewith from “Indebtedness” under the Credit Agreement for purposes of Sections 6.1, 7.2 and 7.3 thereof and the defined terms used therein and for purposes of calculating the “Applicable Percentage” as defined therein from the date of issuance of the Permitted Escrow Bonds until the earlier of (x) the consummation of the NYSE Merger Transactions and (y) the date that is 15 days after the Permitted Escrow Bond Issuer (as defined below) delivers a termination notice to the Escrow Agent (as defined below) indicating that the NYSE Merger Transactions shall not be consummated; and

 

(d)           the redemption of the Permitted Escrow Bonds as a result of the NYSE Merger Transactions not being consummated and that such redemption shall not give rise to an Event of Default.

 

“Permitted Escrow Bond Issuer” means any issuer of Permitted Escrow Bonds.

 

    	3

    	 

    
 

 

“Permitted Escrow Bonds” means any debt securities that are issued (x) by any Subsidiary of the Parent Borrower and guaranteed by the Parent Borrower, (y) jointly by the Parent Borrower and any Subsidiary of the Parent Borrower or (z) by the Parent Borrower, alone or together with guarantees from one or more Subsidiaries of the Parent Borrower, in each case prior to the consummation of the NYSE Merger Transactions, in an aggregate principal amount of up to $1.5 billion; provided that the net proceeds from such issuance shall be deposited in the Permitted Escrow Account and be subject to the terms of the Permitted Escrow Agreement.  The terms of the Permitted Escrow Bonds may provide that they are subject to a special mandatory redemption if the NYSE Merger Transactions have not been consummated on or prior to a specified date, which date shall not be later than seven months from the issue date, or if the Permitted Escrow Bond Issuer determines prior to such date that the NYSE Merger Transactions will not be consummated and provides a redemption notice to the trustee or paying agent for the Permitted Escrow Bonds, in each case at a redemption price equal to up to 101% of the principal amount thereof plus accrued and unpaid interest to the redemption date (each a “Special Mandatory Redemption”).  The Permitted Escrow Bonds may contain such other terms and conditions, not inconsistent with the foregoing, as the Permitted Escrow Bond Issuer, after consultation with the underwriters or initial purchasers for the Permitted Escrow Bonds, may consider appropriate.

 

“Permitted Escrow Account” means an escrow account established in connection with the issuance of Permitted Escrow Bonds which shall be governed by the Permitted Escrow Agreement.  The funds held in the Permitted Escrow Account may include, in addition to the net proceeds from the issue of the Permitted Escrow Bonds, such additional funds as the Permitted Escrow Bond Issuer may deposit in an amount sufficient to fund, together with such proceeds, (i) the redemption price on the Permitted Escrow Bonds in connection with any Special Mandatory Redemption, (ii) accrued interest on the Permitted Escrow Bonds from the date of issuance to the latest possible date for a Special Mandatory Redemption and (iii) related fees and expenses.  The funds held in the Permitted Escrow Account may be invested in cash or cash equivalents in accordance with the terms of the Permitted Escrow Agreement.

 

“Permitted Escrow Agreement” means the escrow agreement with an escrow agent (the “Escrow Agent”) governing the Permitted Escrow Account.  The terms of the Permitted Escrow Agreement shall be customary for transactions of this type and shall provide that the funds held in such account shall be released only either (i) to or at the direction of the Permitted Escrow Bond Issuer upon delivery of a certificate by the Permitted Escrow Bond Issuer that the NYSE Merger Transactions will be consummated substantially concurrently with the release of the funds (the “NYSE Merger Release”) or (ii) to the trustee or paying agent for the Permitted Escrow Bonds to fund a Special Mandatory Redemption (the “Special Mandatory Redemption Release”).  Any portion of the funds that the Permitted Escrow Bond Issuer certifies is not required to fund the cash consideration payable in the NYSE Merger Transactions or the Special Mandatory Redemption, as applicable, shall be released immediately prior to the NYSE Merger Release or Special Mandatory Redemption Release, as applicable, to or at the direction of the Permitted Escrow Bond Issuer.  The Permitted Escrow Agreement may contain such other provisions not inconsistent with the foregoing, including additional conditions for the NYSE Merger Release, as the Permitted Escrow Bond Issuer, after consultation with the underwriters or initial purchasers for the Permitted Escrow Bonds, may consider appropriate.

 

    	4

    	 

    
 

 

ARTICLE III

 

CONDITIONS OF EFFECTIVENESS

 

3.1           Except as set forth in Section 3.2, the amendments set forth in Sections 1.1, 1.2 and 1.3 shall become effective as of the date (the “First Amendment Effective Date”) when, and only when, each of the following conditions precedent shall have been satisfied:

 

(a)           The Administrative Agent shall have received an executed counterpart of this First Amendment from each Credit Party and the Required Lenders

 

(b)           The Administrative Agent shall have received evidence reasonably satisfactory to it that the closing of the NYSE Merger Transactions in accordance with the Merger Agreement (as in effect on the Execution Date) has occurred substantially concurrently with the occurrence of the First Amendment Effective Date without any amendment or modification thereto that, in the reasonable determination of the Arrangers, would be adverse in any material respect to the rights or interests of the Lenders;

 

(c)           The Administrative Agent shall have received a Subsidiary Guaranty, duly executed and delivered by NYSE, by which NYSE guarantees the Obligations of New ICE Parent and the Parent Borrower;

 

(d)           The Administrative Agent shall have received the New ICE Parent Guaranty (as defined in the conformed copy of the Credit Agreement attached hereto as Exhibit A), duly executed and delivered by New ICE Parent, by which New ICE Parent guarantees the Obligations;

 

(e)           The Administrative Agent shall have received a legal opinion from counsel to New ICE Parent and NYSE, in form and substance reasonably satisfactory to the Administrative Agent, addressing such matters as the Administrative Agent may reasonably request;

 

(f)           The Administrative Agent shall have received (i) an unaudited consolidated balance sheet of New ICE Parent and its Subsidiaries as of the last day of the fiscal quarter most recently ended prior to the First Amendment Effective Date showing adjustments on a Pro Forma Basis to give effect to the consummation of the NYSE Merger Transactions as if such events had occurred on such date and (ii) an unaudited consolidated income statement of New ICE Parent and its Subsidiaries for the period of four fiscal quarters most recently ended prior to the First Amendment Effective Date showing adjustments on a Pro Forma Basis to give effect to the consummation of the NYSE Merger Transactions as if such events had occurred on the first day of such period, together with a Compliance Certificate with respect to the period covered by such financial statements, executed by a Financial Officer of New ICE Parent, together with a Covenant Compliance Worksheet setting forth the computation of the financial covenants set forth in Article VI of the Credit Agreement as of the last day of the period covered by such financial statements, all of which shall be in form and substance reasonably satisfactory to the Administrative Agent;

 

    	5

    	 

    
 

 

(g)           The Administrative Agent shall have received a certificate, signed by a Responsible Officer of each Credit Party, in form and substance reasonably satisfactory to the Administrative Agent, certifying that the representations and warranties set forth in Article IV are true and correct as of the First Amendment Effective Date;

 

(h)           The Administrative Agent shall have received (i) a certificate of the secretary, an assistant secretary or other appropriate officer of New ICE Parent as of the First Amendment Effective Date, in form and substance reasonably satisfactory to the Administrative Agent, certifying (A) that attached thereto is a true and complete copy of the articles or certificate of incorporation, certificate of formation or other organizational document and all amendments thereto of New ICE Parent, certified as of a recent date by the Secretary of State (or comparable Governmental Authority) of its jurisdiction of organization, and that the same has not been amended since the date of such certification, (B) that attached thereto is a true and complete copy of the bylaws, operating agreement or similar governing document of New ICE Parent, as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (C) below were adopted to and including the date of such certificate, and (C) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or similar governing body) of New ICE Parent, authorizing the execution, delivery and performance of this First Amendment and its joining to the Credit Agreement as amended by this First Amendment and the execution, delivery and performance of the New ICE Parent Guaranty, and as to the incumbency and genuineness of the signature of each officer of New ICE Parent executing this First Amendment and the New ICE Parent Guaranty, and attaching all such copies of the documents described above; and (ii) a certificate of the secretary, an assistant secretary or other appropriate officer of NYSE as of the First Amendment Effective Date, in form and substance reasonably satisfactory to the Administrative Agent, certifying (A) that attached thereto is a true and complete copy of the articles or certificate of incorporation, certificate of formation or other organizational document and all amendments thereto of NYSE, certified as of a recent date by the Secretary of State (or comparable Governmental Authority) of its jurisdiction of organization, and that the same has not been amended since the date of such certification, (B) that attached thereto is a true and complete copy of the bylaws, operating agreement or similar governing document of NYSE, as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (C) below were adopted to and including the date of such certificate, and (C) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or similar governing body) of NYSE, authorizing the execution, delivery and performance of a guaranty under the Credit Agreement, and as to the incumbency and genuineness of the signature of each officer of NYSE executing such guaranty, and attaching all such copies of the documents described above;

 

(i)           On the First Amendment Effective Date, there has not been any effect, event, development, change or occurrence that, individually or in the aggregate, has had or is reasonably expected to have, a Material Adverse Effect on the Yankees Group.  For purposes of this Section 3.1(i), “Material Adverse Effect” and “Yankees Group” shall have the respective meanings assigned to them in the Merger Agreement (as in effect on the Execution Date).

 

(j)           The Administrative Agent shall have received evidence reasonably satisfactory to it that either (i) the Note Purchase Agreement has been amended substantially consistent with the amendments to the Credit Agreement set forth in this First Amendment and otherwise in form and substance satisfactory to the Administrative Agent in the exercise of its reasonable discretion or (ii) 100% of the principal amount of the Senior Notes have been prepaid to the holders thereof, together with any interest accrued thereon and any applicable make-whole amount; and

 

    	6

    	 

    
 

 

(k)           The Credit Parties shall have paid all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent then due in connection with the preparation, negotiation, execution and delivery of this First Amendment (including, without limitation, the reasonable and documented fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto).

 

3.2           The waiver set forth in Article II and the amendments to the Credit Agreement specified on Schedule I hereto shall become effective as of the date (the “Execution Date”) when, and only when, the Administrative Agent shall have received an executed counterpart of this First Amendment from each Credit Party and the Required Lenders.

 

3.3           The amendments to the Credit Agreement set forth in Section 1.4 shall become effective as of the First Amendment Effective Date if, and only if, any Senior Notes remain outstanding on such date.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES

 

Each Credit Party hereby represents and warrants, on and as of the First Amendment Effective Date, that (i) the representations and warranties contained in the Credit Agreement (except the representation set forth in Section 4.10 thereof with respect to clauses (i) and (ii) of the definition of “Material Adverse Effect” only) and the other Credit Documents qualified as to materiality are true and correct and those not so qualified are true and correct in all material respects, both immediately before and after giving effect to this First Amendment (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty is true and correct (if qualified as to materiality) or true and correct in all material respects (if not so qualified), in each case only on and as of such specific date), (ii) this First Amendment has been duly authorized, executed and delivered by such Credit Party and constitutes the legal, valid and binding obligation of such Credit Party enforceable against it in accordance with its terms subject, in the case of the Subsidiary Borrower, to Legal Reservations and except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, by general equitable principles or by principles of good faith and fair dealing (regardless of whether enforcement is sought in equity or at law), (iii) no Default or Event of Default shall have occurred and be continuing on the First Amendment Effective Date, both immediately before and after giving effect to this First Amendment and the amendments contemplated hereby and (iv) the NYSE Merger Transactions have been consummated in accordance with the terms and conditions of the Merger Agreement without any waiver, modification or consent thereunder that is adverse to the Lenders in any material respect.

 

    	7

    	 

    
 

 

ARTICLE V

 

ACKNOWLEDGEMENT AND CONFIRMATION

 

Each party to this First Amendment hereby confirms and agrees that, after giving effect to this First Amendment and the amendments and waiver contemplated hereby, and except as expressly modified hereby, the Credit Agreement and the other Credit Documents to which it is a party remain in full force and effect and enforceable against such party in accordance with their respective terms and shall not be discharged, diminished, limited or otherwise affected in any respect.  Each Credit Party represents and warrants to the Lenders that as of the First Amendment Effective Date it has no knowledge of any claims, counterclaims, offsets, or defenses to or with respect to its obligations under the Credit Documents, or if such Credit Party has any such claims, counterclaims, offsets, or defenses to the Credit Documents or any transaction related to the Credit Documents, the same are hereby waived, relinquished, and released in consideration of the execution of this First Amendment.  This acknowledgement and confirmation by each Credit Party is made and delivered to induce the Administrative Agent and the Lenders to enter into this First Amendment, and each Credit Party acknowledges that the Administrative Agent and the Lenders would not enter into this First Amendment in the absence of the acknowledgement and confirmation contained herein.

 

ARTICLE VI

 

MISCELLANEOUS

 

6.1           Joinder of New ICE Parent to Credit Agreement.  New ICE Parent agrees to be bound, from and after the First Amendment Effective Date, by all of the provisions of the Credit Agreement as amended by this First Amendment and the other Credit Documents specifically applicable to New ICE Parent or to a “Guarantor,” and agrees that it shall, on and as of the First Amendment Effective Date, be a party to the Credit Agreement, as amended hereby, and a “Guarantor” for all purposes thereof to the same extent as if originally a party thereto.

 

6.2           Governing Law.  This First Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules).

 

6.3           Credit Document.  As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this First Amendment.  Any reference to the Credit Agreement or any of the other Credit Documents herein or in any such documents shall refer to the Credit Agreement and the other Credit Documents as amended hereby.  This First Amendment is limited to the matters expressly set forth herein, and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein.  This First Amendment shall constitute a Credit Document under the terms of the Credit Agreement.

 

    	8

    	 

    
 

 

6.4           Expenses.  The Credit Parties shall (i) pay all reasonable fees and expenses of counsel to the Administrative Agent and (ii) reimburse the Administrative Agent for all reasonable out-of-pocket costs and expenses, in each case, in connection with the preparation, negotiation, execution and delivery of this First Amendment and the other Credit Documents delivered in connection herewith.

 

6.5           Severability.  To the extent any provision of this First Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this First Amendment in any jurisdiction.

 

6.6           Successors and Assigns.  This First Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

 

6.7           Construction.  The headings of the various sections and subsections of this First Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof.

 

6.8           Counterparts; Integration. This First Amendment may be executed and delivered via facsimile or electronic mail with the same force and effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures hereto were upon the same instrument.  This First Amendment constitutes the entire contract among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

[remainder of page intentionally left blank]

 

    	9

    	 

    
 

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by their duly authorized officers as of the date first above written.

	 	 
	 	INTERCONTINENTALEXCHANGE, INC.
	 	 	 
	
 

	
By: 

	 /s/
SCOTT A. HILL 
	 	Name: 	Scott A. Hill
	 	
Title:

	
Senior Vice President and

	 	 	
Chief Financial Officer

 

	 	ICE EUROPE PARENT LIMITED
	 	 	 
	
 

	
By: 

	 /s/
SCOTT A. HILL
	 	Name: 	Scott A. Hill
	 	
Title:

	

Director

 

	
 

	
By: 

	 /s/
JOHNATHAN H. SHORT
	 	Name: 	Johnathan H. Short
	 	
Title:

	

Director

 

	 	INTERCONTINENTALEXCHANGE GROUP, INC.
	 	 	 
	
 

	
By: 

	  /s/
SCOTT A. HILL 
	 	Name: 	Scott A. Hill
	 	
Title:

	
Senior Vice President and

	 	 	
Chief Financial Officer

 

Notice Address for IntercontinentalExchange Group, Inc.

 

	
Party

	
Address

	
IntercontinentalExchange Group, Inc.

	
2100 RiverEdge Parkway

Suite 500

Atlanta,
GA 30328

Attention: Johnathan
H. Short, Esq.

                 Andrew
J. Surdykowski, Esq. 

Telephone:  (770) 857-4700

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent, the Multi-Currency Agent, an Issuing Bank, the Swingline Lender and a Lender
	 	 	 
	
 

	
By: 

	 /s/ G. MENDEL LAY, JR.
	 	Name:  G. Mendel Lay, Jr.
	 	Title:    Sr. V.P.

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	BANK OF AMERICA, N.A., as a Lender
	 	 	 
	
 

	
By: 

	 /s/ THOMAS M. PAULK
	 	Name:  Thomas M. Paulk
	 	Title:    Senior Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	COMPASS BANK, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ STEPHEN H. LEE
	 	Name:  Stephen H. Lee
	 	Title:    Senior Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	 

    	 

    
 

 

	 	BANK OF MONTREAL, CHICAGO BRANCH, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ ADAM TARR
	 	Name:  Adam Tarr
	 	Title:    Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	BANK OF MONTREAL, LONDON BRANCH, as a Lender
	 	 	 	 
	
 

	
By: 

	 /s/ ANTHONY EBDON	 /s/ LISA RODRIGUEZ
	 	Name:  Anthony Ebdon 	Lisa Rodriguez
	 	Title:    MD	
MD

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
	 	 	 
	
 

	
By: 

	 /s/ O. CORTEZ
	 	Name:  O. Cortez
	 	Title:    Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	 

    	 

    
 

 

	 	FIFTH THIRD BANK, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ KENNETH W. DEERE
	 	Name:  Kenneth W. Deere
	 	Title:    Senior Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	 

    	 

    
 

 

	 	REGIONS BANK, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ STEPHEN A. BROTHERS
	 	Name:  Stephen A. Brothers
	 	Title:    Senior Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	 

    	 

    
 

 

	 	MORGAN STANLEY BANK, N.A., as a Lender
	 	 	 
	
 

	
By: 

	 /s/ CHRISTOPHER WINTHROP
	 	Name:  Christopher Winthrop
	 	Title:    Authorized Signatory

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	 

    	 

    
 

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ VIRGINIA COSENZA
	 	Name:  Virginia Cosenza
	 	Title:    Vice President

 

	
 

	
By: 

	 /s/ MING K. CHU
	 	Name: Ming K. Chu
	 	Title:   Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ CHARLES HOWES
	 	Name:  Charles Howes
	 	Title:    Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	JPMORGAN CHASE BANK, N.A., as a Lender
	 	 	 
	
 

	
By: 

	 /s/ GABRIEL SYED
	 	Name:  Gabriel Syed
	 	Title:    Vice President

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	 

    	 

    
 

 

	 	GOLDMAN SACHS BANK USA, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ MICHELLE LATZONI
	 	Name:  Michelle Latzoni
	 	Title:    Authorized Signatory

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	 

    	 

    
 

 

	 	BANK OF NEW YORK MELLON, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ STEPHEN D. MANNERS
	 	Name:  Stephen D. Manners
	 	Title:    VP

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ CARA GENTILE
	 	Name:  Cara Gentile
	 	Title:    Senior Vice President

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

	 	THE CHIBA BANK, LTD., NEW YORK BRANCH, as a Lender
	 	 	 
	
 

	
By: 

	 /s/ KATSUNORI UEMATSU
	 	Name:  Katsunori Uematsu
	 	Title:    General Manager

 

SIGNATURE PAGE TO

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

(FIVE-YEAR FACILITY)

 

    	  

    	 

    
 

 

Schedule I

 

Amendments to the following provisions of the Credit Agreement reflected in the composite blacklined conformed copy of the Credit Agreement attached hereto as Exhibit A shall become effective on the Execution Date as set forth in Section 3.2 of the First Amendment to which this schedule is attached.

 

	
Section 1.1  

	
Defined Terms.

 

Insertion of the following new definitions:

 

“Clearing House Subsidiary” (except that references therein to “New ICE Parent” shall be deemed to be references to “the Parent Borrower” until the First Amendment Effective Date)

 

“Material Indebtedness”

 

“Regulatory Capital Assets”

 

Amendments to the following existing definitions:

 

“Guaranty Fund” (except that references therein to “New ICE Parent” shall be deemed to be references to “the Parent Borrower” until the First Amendment Effective Date)

 

“Hedge Agreement”

 

“Indebtedness”

 

“Regulated Subsidiary”

 

“Total Leverage Ratio”

 

	
Section 5.10

	
Subsidiary Guarantors (except that references therein to “New ICE Parent” shall be deemed to be references to “the Parent Borrower” until the First Amendment Effective Date).

 

	
Section 7.2

	
Indebtedness.  Amendments to Section 7.2(iv) and insertion of new Sections 7.2(v) and 7.2(vi).

 

	
Section 7.3

	
Liens.  Amendments to Section 7.3(vii) and 7.3(viii) and insertion of new Section 7.3(xii).

 

    	  

    	 

    
 

 

Exhibit A

 

Composite Blacklined Conformed Copy of Credit Agreement

Reflecting First Amendment to the Credit Agreement

 

[see attached]

    	  

    	 

    
 

CUSIP Number: Deal # 45865UAR3

Revolving Loans (Dollar Revolving Loans) CUSIP # 45865UAT9

Revolving Loans (Multicurrency Revolving Loans) CUSIP # 45865UAS1

Term Loans CUSIP # 45865UAU6

Conformed Version

CREDIT AGREEMENT

 

among

 

INTERCONTINENTALEXCHANGE, INC.

and

ICE EUROPE PARENT LIMITED

as Borrowers,

 

INTERCONTINENTALEXCHANGE GROUP, INC.,

as a Guarantor,

 

THE LENDERS NAMED HEREIN,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Issuing Lender and Swingline Lender

 

BANK OF AMERICA, N.A.,

as Syndication Agent,

 

and

 

BBVA COMPASS BANK,

BANK OF MONTREAL,

THE BANK OF TOKYO-MITSUBISHI UFJ and

FIFTH THIRD BANK

as Co-Documentation Agents

 

$2,600,000,000 Senior Credit Facilities

 

WELLS FARGO SECURITIES, LLC

and

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

Joint Lead Arrangers and Joint Book Runners

 

Dated as of November 9, 2011

(as amended pursuant to the First Amendment to Credit Agreement, dated as of September 27, 2013)

	 

 

    	  

    	 

    
 

 

TABLE OF CONTENTS

 

	 	 	Page
	 
	
ARTICLE I

	 
	
DEFINITIONS

	 
	
1.1

	
Defined Terms

	
1

	
1.2

	
Accounting Terms

	
3637

	
1.3

	
Other Terms; Construction

	
3637

	
1.4

	
Currency Equivalents Generally

	
38

	
1.5

	
Redenomination of Certain Foreign Currencies

	
3839

	  	  	  
	
ARTICLE II

	  	  	  
	
AMOUNT AND TERMS OF THE LOANS

	  
	
2.1

	
Commitments

	
3940

	
2.2

	
Borrowings

	
41

	
2.3

	
Disbursements; Funding Reliance; Domicile of Loans

	
4445

	
2.4

	
Equalization of Borrowings

	
4546

	
2.5

	
Evidence of Debt; Notes

	
47

	
2.6

	
Termination and Reduction of Commitments and Swingline Commitments

	
4748

	
2.7

	
Mandatory Payments and Prepayments

	
49

	
2.8

	
Voluntary Prepayments

	
5051

	
2.9

	
Interest

	
51

	
2.10

	
Fees

	
5253

	
2.11

	
Interest Periods

	
5455

	
2.12

	
Conversions and Continuations

	
5556

	
2.13

	
Method of Payments; Computations; Apportionment of Payments

	
5657

	
2.14

	
Recovery of Payments

	
5859

	
2.15

	
Pro Rata Treatment

	
59

	
2.16

	
Increased Costs; Change in Circumstances; Illegality

	
60

	
2.17

	
Taxes

	
62

	
2.18

	
Compensation

	
6768

	
2.19

	
Replacement of Lenders; Mitigation of Costs

	
68

	
2.20

	
Letters of Credit

	
6970

	
2.21

	
Increase in Commitments

	
77

	
2.22

	
Defaulting Lenders

	
78

	
2.23

	
Cash Collateral

	
81

	
2.24

	
Additional Reserve Costs

	
82

 

    	i

    	 

    
 

 

	  	  	  
	
ARTICLE III

	  	  	  
	
CONDITIONS OF BORROWING

	  
	
3.1

	
Conditions of Initial Borrowing

	
83

	
3.2

	
Conditions of All Borrowings

	
86

	  	  	  
	
ARTICLE IV

	  	  	  
	
REPRESENTATIONS AND WARRANTIES

	  
	
4.1

	
Corporate Organization and Power

	
87

	
4.2

	
Authorization; Enforceability

	
87

	
4.3

	
No Violation

	
8788

	
4.4

	
Governmental and Third-Party Authorization; Permits

	
88

	
4.5

	
Litigation

	
88

	
4.6

	
Taxes

	
88

	
4.7

	
Subsidiaries

	
89

	
4.8

	
Full Disclosure

	
89

	
4.9

	
Margin Regulations

	
89

	
4.10

	
No Material Adverse Effect

	
89

	
4.11

	
Financial Matters

	
90

	
4.12

	
Ownership of Properties

	
91

	
4.13

	
ERISA; Non-U.S. Pension Plans

	
91

	
4.14

	
Environmental Matters

	
92

	
4.15

	
Compliance with Laws

	
92

	
4.16

	
Intellectual Property

	
92

	
4.17

	
Regulated Industries

	
92

	
4.18

	
Insurance

	
93

	
4.19

	
Material Contracts

	
93

	
4.20

	
Certain Restrictions

	
93

	
4.21

	
OFAC; Anti-Terrorism Laws

	
93

	
4.22

	
Legal Form

	
94

	  	  	  
	
ARTICLE V

	  	  	  
	
AFFIRMATIVE COVENANTS

	  	  
	
5.1

	
Financial Statements

	
94

	
5.2

	
Other Business and Financial Information

	
96

	
5.3

	
Existence; Franchises; Maintenance of Properties

	
98

	
5.4

	
Use of Proceeds

	
98

	
5.5

	
Compliance with Laws

	
98

	
5.6

	
Payment of Obligations

	
98

	
5.7

	
Insurance

	
99

	
5.8

	
Maintenance of Books and Records; Inspection

	
99

	
5.9

	
Permitted Acquisitions

	
10099

	
5.10

	
Subsidiary Guarantors

	
100

	
5.11

	
OFAC, PATRIOT Act Compliance

	
101

	
5.12

	
Further Assurances

	
102

	
5.13

	
[Reserved]Note Purchase Agreement

	
102

 

    	ii

    	 

    
 

 

	  	  	  
	  
	
ARTICLE VI

	  	  	  
	
FINANCIAL COVENANTS

	  
	
6.1

	
Maximum Total Leverage Ratio

	
102

	
6.2

	
Minimum Interest Coverage Ratio

	
102

	  	  	  
	
ARTICLE VII

	  	  	  
	
NEGATIVE COVENANTS

	  
	
7.1

	
Merger; Consolidation

	
102

	
7.2

	
Indebtedness

	
103

	
7.3

	
Liens

	
105

	
7.4

	
Asset Dispositions

	
107

	
7.5

	
Acquisitions

	
108

	
7.6

	
Restricted Payments

	
108

	
7.7

	
Transactions with Affiliates

	
108109

	
7.8

	
Lines of Business

	
109

	
7.9

	
Fiscal Year

	
109

	
7.10

	
Accounting Changes

	
109

	  	  	  
	
ARTICLE VIII

	  	  	  
	
EVENTS OF DEFAULT

	  
	
8.1

	
Events of Default

	
109

	
8.2

	
Remedies:  Termination of Commitments, Acceleration, etc

	
112

	
8.3

	
Remedies: Set-Off

	
113

	  	  	  
	
ARTICLE IX

	  	  	  
	
THE ADMINISTRATIVE AGENT

	  
	
9.1

	
Appointment and Authority

	
113114

	
9.2

	
Rights as a Lender

	
113114

	
9.3

	
Exculpatory Provisions

	
114

	
9.4

	
Reliance by Administrative Agent

	
115

	
9.5

	
Delegation of Duties

	
115

	
9.6

	
Resignation of Administrative Agent

	
116

	
9.7

	
Non-Reliance on Administrative Agent and Other Lenders

	
116

	
9.8

	
No Other Duties, Etc

	
116

	
9.9

	
Administrative Agent May File Proofs of Claim

	
116

	
9.10

	
Guaranty Matters; Ineligible Assignees Letter Agreement

	
117

	
9.11

	
Swingline Lender

	
117118

	
9.12

	
Replacement of Impaired Agent

	
117118

 

    	iii

    	 

    
 

 

	  	  	  
	
ARTICLE X

	  	  	  
	
MISCELLANEOUS

	  
	
10.1

	
Expenses; Indemnity; Damage Waiver

	
118

	
10.2

	
Governing Law; Submission to Jurisdiction; Waiver of Venue; Service of Process

	
120

	
10.3

	
Waiver of Jury Trial

	
121

	
10.4

	
Notices; Effectiveness; Electronic Communication

	
121122

	
10.5

	
Amendments, Waivers, etc

	
122123

	
10.6

	
Successors and Assigns

	
124

	
10.7

	
No Waiver

	
129

	
10.8

	
Survival

	
129

	
10.9

	
Severability

	
129

	
10.10

	
Construction

	
129130

	
10.11

	
No Fiduciary Duty

	
130

	
10.12

	
Confidentiality

	
130

	
10.13

	
Counterparts; Integration; Effectiveness

	
131

	
10.14

	
Disclosure of Information

	
131

	
10.15

	
USA Patriot Act Notice

	
131

	
10.16

	
The Parent Borrower as Agent for the Subsidiary Borrower

	
132

	
10.17

	
Judgment Currency

	
132

	  	  	  
	
ARTICLE XI

	  	  	  
	
THE GUARANTY

	  
	
11.1

	
The Guaranty

	
133

	
11.2

	
Guaranty Unconditional

	
133

	
11.3

	
Duty Only Upon Payment in Full; Reinstatement in Certain Circumstances

	
134

	
11.4

	
Waiver by the Parent Borrower

	
134

	
11.5

	
Subrogation

	
134

	
11.6

	
Stay of Acceleration

	
135

	
11.7

	
Continuing Guaranty; Assignments

	
135

 

    	iv

    	 

    
 

 

EXHIBITS

	  	  
	
Exhibit A-1

	
Form of Term Note

	
Exhibit A-2

	
Form of Dollar Revolving Note

	
Exhibit A-3

	
Form of Multicurrency Revolving Note

	
Exhibit A-4

	
Form of Dollar Swingline Note

	
Exhibit A-5

	
Form of Multicurrency Swingline Note

	
Exhibit B-1

	
Form of Notice of Borrowing

	
Exhibit B-2

	
Form of Notice of Swingline Borrowing

	
Exhibit B-3

	
Form of Notice of Conversion/Continuation

	
Exhibit B-4

	
Form of Letter of Credit Notice

	
Exhibit C

	
Form of Compliance Certificate

	
Exhibit D

	
Form of Assignment and Assumption

	
Exhibit E

	
Form of Financial Condition Certificate

	
Exhibit F

	
Form of Tax Compliance Certificates

	  	  
	
SCHEDULES

	  	  
	
Schedule 1.1(a)

	
Commitments and Notice Addresses

	
Schedule 1.1(b)

	
Existing Letters of Credit

	
Schedule 1.1(c)

	
Mandatory Costs Rate

	
Schedule 4.1

	
Jurisdictions of Organization

	
Schedule 4.4

	
Consents and Approvals

	
Schedule 4.5

	
Litigation Matters

	
Schedule 4.7

	
Subsidiaries

	
Schedule 4.14

	
Environmental Matters

	
Schedule 4.19

	
Material Contracts

	
Schedule 7.3

	
Liens

	
Schedule 7.7

	
Transactions with Affiliates

 

    	v

    	 

    
 

 

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT, dated as of the 9th day of November, 2011, is made among INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Parent Borrower”), ICE EUROPE PARENT LIMITED, a limited company incorporated under the laws of England and Wales (the “Subsidiary Borrower”, and together with the Parent Borrower, the “Borrowers”), the Lenders (as hereinafter defined), INTERCONTINENTALEXCHANGE GROUP, INC., a Delaware corporation (“New ICE Parent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (as hereinafter defined) for the Lenders, and BANK OF AMERICA, N.A., as Syndication Agent (as hereinafter defined) for the Lenders.

 

BACKGROUND STATEMENT

 

The Borrowers have requested that the Lenders make available a term loan facility to the Parent Borrower in the aggregate principal amount of $500,000,000 and revolving credit facilities to the Borrowers in the aggregate principal amount of $2,100,000,000.  The Borrowers will use the proceeds of these facilities as provided in Section 5.4.  The Lenders are willing to make available to the Borrowers the credit facilities described herein subject to and on the terms and conditions set forth in this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual provisions, covenants and agreements herein contained, the parties hereto hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1           Defined Terms.  For purposes of this Agreement, in addition to the terms defined elsewhere herein, the following terms have the meanings set forth below (such meanings to be equally applicable to the singular and plural forms thereof):

 

“Account Designation Letter” means a letter from the Borrowers to the Administrative Agent, duly completed and signed by an Authorized Officer of each Borrower and in form and substance reasonably satisfactory to the Administrative Agent, listing any one or more accounts to which such Borrower may from time to time request the Administrative Agent to forward the proceeds of any Loans made hereunder.

 

“Acquisition” means any transaction or series of related transactions, consummated on or after the date hereof, by which New ICE Parent directly, or indirectly through one or more Subsidiaries, (i) acquires any division or line of business of any Person, or all or substantially all of the assets, of any Person, whether through purchase of assets, merger or otherwise, or (ii) acquires Capital Stock of any Person having at least a majority of Total Voting Power of the then outstanding Capital Stock of such Person.

 

    	  

    	 

    
 

 

“Acquisition Amount” means, with respect to any Acquisition, the sum (without duplication) of (i) the amount of cash paid as purchase price by New ICE Parent and its Subsidiaries in connection with such Acquisition, (ii) the value of all Capital Stock issued or given as purchase price by New ICE Parent and its Subsidiaries in connection with such Acquisition (as determined by the parties thereto under the definitive acquisition agreement), (iii) the amount (determined by using the face amount or the amount payable at maturity, whichever is greater) of all Indebtedness incurred, assumed or acquired by New ICE Parent and its Subsidiaries in connection with such Acquisition, (iv) all amounts paid in respect of noncompetition agreements, consulting agreements and similar arrangements entered into in connection with such Acquisition, (v) all amounts paid in respect of any earnout obligations or similar deferred or contingent purchase price obligations of New ICE Parent or any of its Subsidiaries incurred or created in connection with such Acquisition and (vi) the aggregate fair market value of all other real, mixed or personal property paid as purchase price by New ICE Parent and its Subsidiaries in connection with such Acquisition.

 

“Additional Commitment” has the meaning set forth in Section 2.21(c).

 

“Additional Lender” has the meaning set forth in Section 2.21(a).

 

“Adjusted Base Rate” means, at any time with respect to any Base Rate Loan, a rate per annum equal to the Base Rate as in effect at such time plus the Applicable Percentage for Base Rate Loans as in effect at such time.

 

“Adjusted LIBOR Market Index Rate” means, for any date, with respect to any LIBOR Market Index Rate Loan, a rate per annum equal to the LIBOR Market Index Rate as in effect at such time plus the Applicable Percentage for LIBOR Loans as in effect at such time.

 

“Adjusted LIBOR Rate” means, at any time with respect to any LIBOR Loan, a rate per annum equal to the LIBOR Rate (as set forth in clause (i) of the definition thereof) as in effect at such time plus the Applicable Percentage for LIBOR Loans as in effect at such time.

 

“Administrative Agent” means Wells Fargo, in its capacity as Administrative Agent appointed under Section 9.1, and its successors and permitted assigns in such capacity, provided that it is understood that matters concerning the funding of Multicurrency Revolving Loans denominated in a Foreign Currency and Multicurrency Swingline Loans and the disbursement of the proceeds thereof will be administered by the Multicurrency Agent, and references herein to the “Administrative Agent” in such a context shall be deemed to refer to the “Multicurrency Agent”.

 

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

 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.  Notwithstanding the foregoing, no Agent nor any Lender shall be deemed an “Affiliate” of a Borrower or any Subsidiary of a Borrower.

 

“Agents” means, collectively, the Multicurrency Agent and the Administrative Agent.

 

    	2

    	 

    
 

 

“Aggregate Dollar Revolving Credit Exposure” means, at any time, the sum of (i) the aggregate principal amount of Dollar Revolving Loans outstanding at such time, (ii) the aggregate principal amount of Dollar Swingline Loans outstanding at such time and (iii) the aggregate Dollar Letter of Credit Exposure of all Dollar Revolving Lenders at such time.

 

“Aggregate Multicurrency Revolving Credit Exposure” means, at any time, the sum of (i) the Dollar Amount of the Multicurrency Revolving Loans outstanding at such time, (ii) the Dollar Amount of the Multicurrency Swingline Loans outstanding at such time, and (iii) the aggregate Multicurrency Letter of Credit Exposure of all Multicurrency Revolving Lenders at such time.

 

“Agreement” means this Credit Agreement.

 

“Applicable Percentage” means, at any time from and after the Closing Date, the applicable percentage (i) to be added to the Base Rate for purposes of determining the Adjusted Base Rate, (ii) to be added to the LIBOR Rate and the LIBOR Market Index Rate for purposes of, respectively, determining the Adjusted LIBOR Rate and Adjusted LIBOR Market Index Rate and (iii) to be used in calculating the commitment fee payable pursuant to Section 2.10(a)(ii), in each case as determined under the following matrix with reference to the Total Leverage Ratio, but subject to Section 5.1(c):

 

	
Tier

 

	 	
Total Leverage Ratio

 

	 	
Applicable

LIBOR

Margin

 

	
Applicable

Base Rate

Margin

 

	
Applicable

Commitment

Fee Rate

 

	
I

	 	
Less than 1.0 to 1.0

	 	
1.250%

	 	
0.250%

	 	
0.175%

	 
	
II

	 	
Less than 1.5 to 1.0 but greater than or equal to 1.0 to 1.0

	 	
1.375%

	 	
0.375%

	 	
0.225%

	 
	
III

	 	
Less than 2.0 to 1.0 but greater than or equal to 1.5 to 1.0

	 	
1.625%

	 	
0.625%

	 	
0.275%

	 
	
IV

	 	
Less than 2.5 to 1.0 but greater than or equal to 2.0 to 1.0

	 	
1.875%

	 	
0.875%

	 	
0.325%

	 
	
V

	 	
Greater than or equal to 2.5 to 1.0

	 	
2.250%

	 	
1.250%

	 	
0.400%

	 

 

    	3

    	 

    
 

 

On each Adjustment Date (as hereinafter defined), the Applicable Percentage for all Loans and the fees payable pursuant to Section 2.10 shall be adjusted effective as of such Adjustment Date (based upon the calculation of the Total Leverage Ratio as of the last day of the Reference Period to which such Adjustment Date relates) in accordance with the above matrix; provided, however, that, notwithstanding the foregoing or anything else herein to the contrary, if at any time the Parent Borrower shall have failed to deliver any of the financial statements as required by Sections 5.1(a) or 5.1(b), as the case may be, or the Compliance Certificate as required by Section 5.2(a), then at all times from and including the date on which such statements and Compliance Certificate are required to have been delivered until the date on which the same shall have been delivered, each Applicable Percentage shall be determined based on Tier V above (notwithstanding the actual Total Leverage Ratio).  For purposes of this definition, “Adjustment Date” means, with respect to any Reference Period of New ICE Parent beginning with the Reference Period ending as of the last day of the fourth fiscal quarter of fiscal year 2011, the day (or, if such day is not a Business Day, the next succeeding Business Day) of delivery by the Parent Borrower in accordance with Section 5.1(a) or Section 5.1(b), as the case may be, of (i) financial statements as of the end of and for such Reference Period and (ii) a duly completed Compliance Certificate with respect to such Reference Period.  From the Closing Date until the first Adjustment Date requiring a change in any Applicable Percentage as provided herein, each Applicable Percentage shall be based upon the Total Leverage Ratio on the Closing Date, calculated on a Pro Forma Basis as of the fiscal quarter most recently ended, after giving effect to the making of the Loans on the Closing Date, the issuance of the Senior Notes on the Closing Date and the payoff of the Terminating Credit Facilities, as evidenced by a Compliance Certificate delivered by the Parent Borrower to the Administrative Agent on the Closing Date.  Notwithstanding anything to the contrary in this Agreement, the date of consummation of the NYSE Merger Transactions shall constitute an Adjustment Date and the Applicable Percentage for all Loans and the fees payable pursuant to Section 2.10 shall be adjusted effective as of such date (based upon the calculation of the Total Leverage Ratio set forth in the Compliance Certificate delivered pursuant to clause (i) of Section 7.5).

 

“Applicable Period” has the meaning set forth in Section 5.1(c).

 

“Approved Fund” means any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) a Person (or an Affiliate of a Person) that administers or manages a Lender.

 

“Arrangers” mean Wells Fargo Securities, LLC, Merrill Lynch, Price, Fenner & Smith Incorporated and their respective successors.

 

“Asset Disposition” means any sale, assignment, lease, conveyance, transfer or other disposition by New ICE Parent or any of its Subsidiaries (whether in one or a series of transactions) of all or any of its assets, business or other properties (including Capital Stock of Subsidiaries); provided that any such sale, assignment, lease, conveyance, transfer or other disposition to give effect to, or otherwise facilitate, directly or indirectly, any Permitted Lien shall not constitute an Asset Disposition.

 

“Assignment and Assumption” means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.6(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D or any other form approved by the Administrative Agent.

 

“Authorized Officer” means, with respect to any action specified herein to be taken by or on behalf of a Borrower, any officer of such Borrower duly authorized by resolution of its board of directors or other governing body to take such action on its behalf, and whose signature and incumbency shall have been certified to the Administrative Agent by the secretary or an assistant secretary of such Borrower.

 

    	4

    	 

    
 

 

“Bankruptcy Code” means 11 U.S.C. §§ 101 et seq., and any successor statute.

 

“Bankruptcy Event” means the occurrence of an event specified in Section 8.1(f) or Section 8.1(g).

 

“Base Rate” means the highest of (i) the per annum interest rate publicly announced from time to time by Wells Fargo in Charlotte, North Carolina, to be its prime rate (which may not necessarily be its lowest or best lending rate), as adjusted to conform to changes as of the opening of business on the date of any such change in such prime rate, (ii) the Federal Funds Rate plus 0.5% per annum, as adjusted to conform to changes as of the opening of business on the date of any such change in the Federal Funds Rate, and (iii) the LIBOR Rate for an interest period of 1 month plus 1.00%, as adjusted to conform to changes as of the opening of business on the date of any such change of such LIBOR Rate.

 

“Base Rate Loan” means, at any time, any Dollar Revolving Loan, Multicurrency Loan denominated in Dollars or Term Loan that bears interest at such time at the applicable Adjusted Base Rate.

 

“BofA” means Bank of America, N.A.

 

“Borrowers” has the meaning given to such term in the introductory paragraph hereof.

 

“Borrowing” means the incurrence by a Borrower (including as a result of conversions and continuations of outstanding Loans pursuant to Section 2.12) on a single date of a group of Loans of a single Class, Currency and Type (including a Swingline Loan made by the Swingline Lender) and, in the case of LIBOR Loans, as to which a single Interest Period is in effect.

 

“Borrowing Date” means, with respect to any Borrowing, the date upon which such Borrowing is made.

 

“Braves Merger Sub” means Braves Merger Sub, Inc., a Delaware corporation and wholly owned Subsidiary of New ICE Parent.

 

“Business Day” means (i) any day other than a Saturday or Sunday, a legal holiday or a day on which commercial banks in Charlotte, North Carolina or New York, New York are authorized or required by law to be closed, (ii) in respect of any notice or determination in connection with, and payments of principal and interest on, LIBOR Loans denominated in Dollars or a LIBOR Market Index Rate Loan, any such day that is also a day on which trading in Dollar deposits is conducted by banks in London, England in the London interbank Eurodollar market, (iii) in respect of any notice or determination in connection with, and payments of principal and interest on, Loans denominated in Euros, any such day that is also a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system (TARGET) (or, if such clearing system ceases to be operative, such other clearing system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) is open for settlement of payment in Euros, and (iv) in respect of any notice or determination in connection with, and payments of principal and interest on, Loans denominated in any Currency other than Dollars or Euros, any such day that is also a day on which banks are open for foreign exchange business in the principal financial center of the country of such Currency.

 

    	5

    	 

    
 

 

“Capital Lease” means, with respect to any Person, any lease of property (whether real, personal or mixed) by such Person as lessee that is or is required to be, in accordance with GAAP, recorded as a capital lease on such Person’s balance sheet.

 

“Capital Lease Obligations” means, with respect to any Person, the obligations of such Person to pay rent or other amounts under any Capital Lease of such Person, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any Person that is not a corporation, any and all partnership, membership, limited liability company or other equity interests of such Person; and in each case under clauses (i) and (ii), any and all warrants, rights or options to purchase any of the foregoing or any securities convertible into or exchangeable for any of the foregoing.

 

“Cash Collateral Account” has the meaning given to such term in Section 2.20(i).

 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Lender and the Lenders, as collateral for the Letter of Credit Exposure or obligations of Lenders to fund participations in respect thereof, cash or deposit account balances or, if the Administrative Agent and the Issuing Lender shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the Issuing Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalents” means (i) for purposes of Section 2.20(i) only, (A) securities issued or unconditionally guaranteed or insured by the United States of America or any agency or instrumentality thereof, backed by the full faith and credit of the United States of America and maturing within one year from the date of acquisition, (B) commercial paper issued by any Person organized under the laws of the United States of America, maturing within 180 days from the date of acquisition and, at the time of acquisition, having a rating of at least A-1 or the equivalent thereof by Standard & Poor’s Ratings Services or at least P-1 or the equivalent thereof by Moody’s Investors Service, Inc., (C) time deposits and certificates of deposit maturing within 180 days from the date of issuance and issued by a bank or trust company organized under the laws of the United States of America or any state thereof (y) that has combined capital and surplus of at least $500,000,000 or (z) that has (or is a subsidiary of a bank holding company that has) a long-term unsecured debt rating of at least A or the equivalent thereof by Standard & Poor’s Ratings Services or at least A2 or the equivalent thereof by Moody’s Investors Service, Inc., (D) repurchase obligations with a term not exceeding thirty (30) days with respect to underlying securities of the types described in clause (i)(A) above entered into with any bank or trust company meeting the qualifications specified in clause (i)(C) above, and (E) money market funds at least ninety-five percent (95%) of the assets of which are continuously invested in securities of the foregoing types; and (ii) for all other purposes, as defined in accordance with GAAP.

 

    	6

    	 

    
 

 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (iii) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, implemented or issued.

 

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

 

(a)           any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), directly or indirectly, of 35% or more of the equity securities of New ICE Parent entitled to vote for members of the board of directors or equivalent governing body of New ICE Parent on a fully-diluted basis; or

 

(b)           during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of New ICE Parent ceases to be composed of individuals that are Continuing Directors; or

 

(c)           a “Change in Control” (or any other defined term having a similar purpose) as defined in the documentation for the Senior Notes occurs.

 

“Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Term Loans, Dollar Revolving Loans, Multicurrency Revolving Loans, Dollar Swingline Loans or Multicurrency Swingline Loans; when used in reference to any Lender, refers to whether such Lender is a Term Loan Lender, Dollar Revolving Lender or a Multicurrency Revolving Lender; and, when used in reference to any Commitment, refers to whether such Commitment is a Term Loan Commitment, Dollar Revolving Commitment or Multicurrency Revolving Commitment.

 

“Clearing House Subsidiary” means any Subsidiary of New ICE Parent the principal business of which is the provision of or conducting of clearing, depository or settlement operations.

 

“Closing Date” means the first date upon which the initial extensions of credit are made pursuant to this Agreement, which shall be the date upon which each of the conditions set forth in Sections 3.1 and 3.2 shall have been satisfied or waived in accordance with the terms of this Agreement.

 

    	7

    	 

    
 

 

“Co-Documentation Agents” means the Lenders identified as such on the cover page hereof.

 

“Code” means the Internal Revenue Code of 1986, and any successor statute, and all rules and regulations from time to time promulgated thereunder.

 

“Commitments” means, collectively, the Term Loan Commitments, the Dollar Revolving Commitments and the Multicurrency Revolving Commitments.

 

“Compliance Certificate” means a fully completed and duly executed certificate in the form of Exhibit C, together with a Covenant Compliance Worksheet.

 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

 

“Consolidated EBITDA” means, for any Reference Period, the aggregate of (i) Consolidated Net Income for such period, plus (ii) the sum of (A) interest expense, (B) federal, state, local and other income taxes, (C) depreciation and amortization expense, (D) fees and integration, restructuring and severance expenses and charges incurred during such period in connection with any Permitted Acquisition or Asset Disposition consummated no more than six months prior to the beginning of such Reference Period not to exceed (x) for any Reference Period ending between the Closing Date and September 30, 2015, $150,000,000 or (y) for any Reference Period ending after September 30, 2015, five percent of Consolidated EBITDA for such Reference Period (calculated without giving effect to this clause (D)), (E) noncash charges (including stock based compensation and any impairment charge or write–off or write–down of goodwill or other intangible assets), (F) extraordinary losses and (G) all losses during such period resulting from any Asset Disposition outside the ordinary course of business, all to the extent deducted in the calculation of Consolidated Net Income for such Reference Period and all calculated in accordance with GAAP, minus (iii) the sum of (A) extraordinary gains or income, (B) all gains during such period resulting from any Asset Disposition outside the ordinary course of business, (C) any cash disbursements during such period that relate to noncash charges included in Consolidated EBITDA pursuant to clause (ii)(E) of this definition during such Reference Period or the twelve months preceding such Reference Period and (D) any noncash gains for such period that represent the reversal of any accrual, or the reversal of any cash reserves, that relates to charges included in Consolidated EBITDA pursuant to clause (ii)(D) or (ii)(E) of this definition during such Reference Period or the twelve months preceding such Reference Period, all to the extent included in the calculation of Consolidated Net Income for such period and all calculated in accordance with GAAP.

 

“Consolidated Interest Expense” means, for any Reference Period, the sum (without duplication) of (i) total interest expense of New ICE Parent and its Subsidiaries for such Reference Period in respect of Consolidated Total Funded Debt (including all such interest expense accrued or capitalized during such Reference Period, whether or not actually paid during such Reference Period), determined on a consolidated basis in accordance with GAAP, and (ii) all recurring unused commitment fees and other ongoing fees in respect of Consolidated Total Funded Debt (including the unused fees provided for under Section 2.10) paid, accrued or capitalized by New ICE Parent and its Subsidiaries during such Reference Period.

 

    	8

    	 

    
 

 

“Consolidated Net Income” means, for any Reference Period, net income (or loss) for New ICE Parent and its Subsidiaries for such Reference Period, determined on a consolidated basis in accordance with GAAP (after deduction for minority interests); provided that, in making such determination, there shall be excluded (i) the net income (or loss) of any other Person that is not a Subsidiary of New ICE Parent (or is accounted for by New ICE Parent by the equity method of accounting) except to the extent of actual payment of cash dividends or distributions by such Person to New ICE Parent or any Subsidiary of New ICE Parent during such period, (ii) the net income of any Subsidiary of New ICE Parent to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of such net income is not at the time permitted by operation of the terms of its charter, certificate of incorporation or formation or other constituent document or any agreement or instrument (other than (x) a Credit Document or (y) any Material Indebtedness and the documents related thereto, as in effect on the First Amendment Effective Date) or any judgment, decree, order, statute, rule or government regulation applicable to such Subsidiary, provided that there shall not be excluded from Consolidated Net Income such part of net income that is used or designated as being available to satisfy regulatory capital or liquidity requirements imposed on any Subsidiary of New ICE Parent by any Governmental Authority or pursuant to any decree, order, statute, rule or government regulation and (iii) without duplication of other deductions or exclusions, any payments made during such Reference Period permitted under Section 7.6(e).

 

“Consolidated Net Worth” means, as of any date of determination, the consolidated stockholders’ equity of New ICE Parent and its Subsidiaries, as defined according to GAAP.

 

“Consolidated Total Funded Debt” means, as of any date of determination, the aggregate principal amount of all Indebtedness of New ICE Parent and its Subsidiaries as of such date, determined on a consolidated basis in accordance with GAAP.

 

“Continuing Directors” means, as of any date, members of the board of directors or other equivalent governing body of New ICE Parent (i) who were members of that board or equivalent governing body on the later of (A) the First Amendment Effective Date or (B) the date 24 months prior to such date, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors).

 

    	9

    	 

    
 

 

“Control” means, with respect to any Person, (i) the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, or (ii) the beneficial ownership of securities or other ownership interests of such Person having 10% or more of the combined voting power of the then outstanding securities or other ownership interests of such Person ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of directors or other governing body of such Person; and the terms “Controlled” and “Controlling” have correlative meanings.

 

“Covenant Compliance Worksheet” means a fully completed worksheet in the form of Attachment A to Exhibit C.

 

“Credit Documents” means this Agreement, the Notes, the Letters of Credit, the Fee Letters, any Subsidiary Guaranty, the New ICE Parent Guaranty, the Ineligible Assignees Letter Agreement, each Compliance Certificate, each Notice of Borrowing, each Notice of Swingline Borrowing and each Letter of Credit Notice now or hereafter executed and delivered to the Administrative Agent or any Lender by or on behalf of a Borrower or any Guarantor with respect to this Agreement.

 

“Currency” means Dollars or any Foreign Currency.

 

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

 

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

 

“Defaulting Lender” means, subject to Section 2.22(b), any Lender that (i) has failed to (A) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Parent Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (B) pay to the Administrative Agent, the Issuing Lender, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the date when due, (ii) has notified a Borrower, the Administrative Agent, the Issuing Lender or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (iii) has failed, within three Business Days after written request by the Administrative Agent or a Borrower, to confirm in writing to the Administrative Agent and such Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (iii) upon receipt of such written confirmation by the Administrative Agent and such Borrower), or (iv) has, or has a direct or indirect parent company that has, (A) become the subject of a proceeding under any Debtor Relief Law, or (B) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (i) through (iv) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22(b)) upon delivery of written notice of such determination to the Parent Borrower, the Issuing Lender, the Swingline Lender and each Lender.

 

    	10

    	 

    
 

 

“Delaware Trust” means NYSE Group Trust I, a Delaware statutory trust (or any successor trust as a result of the NYSE Merger Transactions).

 

“Delaware Trust Option” means the call option remedy of the Delaware Trust over the priority shares and/or ordinary shares or other voting securities of NYSE Group, Archipelago Holdings, Inc., or their respective Subsidiaries triggered by a material change in law, substantially as such remedy is provided in the Trust Agreement dated as of April 4, 2007, as in effect on the First Amendment Effective Date (subject to changes solely to reflect the NYSE Merger Transactions).

 

“Disqualified Capital Stock” means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) matures or is mandatorily redeemable or subject to any mandatory repurchase requirement, pursuant to a sinking fund obligation or otherwise, (ii) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (iii) is convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (y) debt securities or (z) any Capital Stock referred to in (i) or (ii) above, in each case under (i), (ii) or (iii) above at any time on or prior to the first anniversary of the Maturity Date; provided, however, that only the portion of Capital Stock that so matures or is mandatorily redeemable, is so redeemable at the option of the holder thereof, or is so convertible or exchangeable on or prior to such date shall be deemed to be Disqualified Capital Stock.

 

“Dollar Amount” means, at any time: (a) with respect to an amount denominated in Dollars, such amount; and (b) with respect to an amount denominated in a Foreign Currency, an equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate for the purchase of Dollars with such Foreign Currency.

 

“Dollar Letter of Credit” has the meaning given to such term in Section 2.20(a).

 

    	11

    	 

    
 

 

“Dollar Letter of Credit Exposure” means, with respect to any Dollar Revolving Lender at any time, such Lender’s ratable share (based on the proportion that its Dollar Revolving Commitment bears to the aggregate Dollar Revolving Commitments at such time, or if the Dollar Revolving Commitments have been terminated, based upon the proportion that its Dollar Revolving Commitment bore to the aggregate Dollar Revolving Commitments immediately prior to such termination thereof, giving effect to any subsequent assignments) of the sum of (i) the aggregate Stated Amount of all Dollar Letters of Credit outstanding at such time and (ii) the aggregate amount of all Dollar Reimbursement Obligations outstanding at such time.

 

“Dollar Reimbursement Obligation” has the meaning given to such term in Section 2.20(d).

 

“Dollar Revolving Commitment” means, with respect to any Dollar Revolving Lender at any time, the commitment of such Lender to make Dollar Revolving Loans and participate in Dollar Letters of Credit and Dollar Swingline Loans in an aggregate principal amount at any time outstanding up to the amount set forth opposite such Lender’s name on Schedule 1.1(a) under the caption “Dollar Revolving Commitment” or, if such Lender has entered into one or more Assignment and Assumptions, the amount set forth for such Lender at such time in the Register maintained by the Administrative Agent pursuant to Section 10.6(c) as such Lender’s “Dollar Revolving Commitment,” in either case, as such amount may be reduced at or prior to such time pursuant to the terms hereof or increased from time to time pursuant to Section 2.21.

 

“Dollar Revolving Credit Exposure” means, with respect to any Dollar Revolving Lender at any time, the sum of (i) the aggregate principal amount of all Dollar Revolving Loans made by such Lender that are outstanding at such time, (ii) such Lender’s Dollar Swingline Exposure at such time, and (iii) such Lender’s Dollar Letter of Credit Exposure at such time.

 

“Dollar Revolving Lender” means each Person listed on Schedule 1.1(a) as having a Dollar Revolving Commitment and each other Person that becomes a “Dollar Revolving Lender” hereunder pursuant to Section 2.19(a), Section 2.21 or Section 10.6, and their respective successors and assigns.

 

“Dollar Revolving Loan” means any Revolving Loan made by a Dollar Revolving Lender pursuant to Section 2.1(b) denominated in Dollars.

 

“Dollar Revolving Note” means, with respect to any Dollar Revolving Lender requesting the same, the promissory note of the Parent Borrower in favor of such Dollar Revolving Lender evidencing the Dollar Revolving Loans made by such Lender pursuant to Section 2.1(b), in substantially the form of Exhibit A-1, together with any amendments, modifications and supplements thereto, substitutions therefor and restatements thereof.

 

“Dollar Swingline Commitment” means $150,000,000, or, if less, the aggregate Dollar Revolving Commitments at the time of determination, as such amount may be reduced at or prior to such time pursuant to the terms hereof.

 

“Dollar Swingline Exposure” means, with respect to any Dollar Revolving Lender at any time, its maximum aggregate liability to make Refunded Swingline Loans pursuant to Section 2.2(e) to refund, or to purchase participations pursuant to Section 2.2(f) in, Dollar Swingline Loans that are outstanding at such time.

 

    	12

    	 

    
 

 

“Dollar Swingline Loans” has the meaning set forth in Section 2.1(d).

 

“Dollar Swingline Note” means, if requested by the Swingline Lender, the promissory note of the Parent Borrower in favor of the Swingline Lender evidencing the Dollar Swingline Loans made by the Swingline Lender pursuant to Section 2.1(d), in substantially the form of Exhibit A-3, together with any amendments, modifications and supplements thereto, substitutions therefor and restatements thereof.

 

“Dollar Tranche Utilization Percentage” means, at any time, the percentage that (i) the sum of (A) aggregate principal amount of all outstanding Dollar Revolving Loans and (B) the aggregate Dollar Letter of Credit Exposure of all Dollar Revolving Lenders, bears to (ii) the Dollar Revolving Commitments.

 

“Dollars” or “$” means dollars of the United States of America.

 

“Domestic Subsidiary” means a Subsidiary incorporated or otherwise organized or existing under the laws of the United States, any state thereof or the District of Columbia, other than any such Subsidiary (i) of a controlled foreign corporation within the meaning of Section 957 of the Code (a “CFC”) or (ii) that has no material assets other than Capital Stock of one or more Foreign Subsidiaries that are CFCs.

 

“Dutch Foundation” means Stichting NYSE Euronext, a foundation (stichting) incorporated and existing under the laws of The Netherlands.

 

“Dutch Foundation Option” means the call option remedy of the Dutch Foundation over the priority shares and/or common stock or other voting securities of Euronext N.V., a public limited liability company organized under the laws of The Netherlands or any of its Subsidiaries triggered by a material change in law, substantially as such remedy is provided in the Governance and Option Agreement dated as of April 4, 2007, as in effect on the First Amendment Effective Date (subject to changes solely to reflect the NYSE Merger Transactions).

 

“EMU Legislation” means the legislative measures of the European Union for the introduction of, changeover to or operation of the Euro that apply generally in the European Union.

 

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, allegations, notices of noncompliance or violation, investigations by a Governmental Authority, or proceedings (including administrative, regulatory and judicial proceedings) relating in any way to any Hazardous Substance, any actual or alleged violation of or liability under any Environmental Law or any permit issued, or any approval given, under any Environmental Law (collectively, “Claims”), including (i) any and all Claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from any Hazardous Substance or arising from alleged injury or threat of injury to human health or the environment.

 

    	13

    	 

    
 

 

“Environmental Laws” means any and all federal, state and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, rules of common law and orders of courts or Governmental Authorities, relating to the protection of human health, occupational safety with respect to exposure to Hazardous Substances, or the environment, now or hereafter in effect, including requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Substances.

 

“ERISA” means the Employee Retirement Income Security Act of 1974, and any successor statute, and all rules and regulations from time to time promulgated thereunder.

 

“ERISA Affiliate” means any Person (including any trade or business, whether or not incorporated) deemed to be under “common control” with, or a member of the same “controlled group” as, New ICE Parent or any of its Subsidiaries, within the meaning of Sections 414(b), (c), (m) or (o) of the Code or Section 4001 of ERISA.

 

“ERISA Event” means any of the following with respect to a Plan or Multiemployer Plan, as applicable:  (i) a Reportable Event, (ii) a complete or partial withdrawal by New ICE Parent or any ERISA Affiliate from a Multiemployer Plan that results in liability under Section 4201 or 4204 of ERISA, or the receipt by New ICE Parent or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA, (iii) the distribution by New ICE Parent or any ERISA Affiliate under Section 4041 or 4041A of ERISA of a notice of intent to terminate any Plan or the taking of any action to terminate any Plan, (iv) the commencement of proceedings by the PBGC under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by New ICE Parent or any ERISA Affiliate of a notice from any Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan, (v) the institution of a proceeding by any fiduciary of any Multiemployer Plan against New ICE Parent or any ERISA Affiliate to enforce Section 515 of ERISA, which is not dismissed within thirty (30) days, (vi) the imposition upon New ICE Parent or any ERISA Affiliate of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, or the imposition or threatened imposition of any Lien upon any assets of New ICE Parent or any ERISA Affiliate as a result of any alleged failure to comply with the Code or ERISA in respect of any Plan, (vii) the engaging in or otherwise becoming liable for a nonexempt Prohibited Transaction by New ICE Parent or any ERISA Affiliate, or a violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code by any fiduciary of any Plan for which New ICE Parent or any of its ERISA Affiliates may be directly or indirectly liable, (viii) the occurrence with respect to any Plan of any “accumulated funding deficiency” (within the meaning of Section 302 of ERISA and Section 412 of the Code), whether or not waived, (ix) with respect to plan years beginning prior to January 1, 2008, the adoption of an amendment to any Plan that, pursuant to Section 307 of ERISA, would require the provision of security to such Plan by New ICE Parent or an ERISA Affiliate, or (x) with respect to plan years beginning on or after the PPA 2006 Effective Date, the incurrence of an obligation to provide a notice under Section 101(j) of ERISA, the adoption of an amendment which may not take effect due to the application of Section 436(c)(1) of the Code or Section 206(g)(2)(A) of ERISA, or the payment of a contribution in order to satisfy the requirements of Section 436(c)(2) of the Code or Section 206(g)(2)(B) of ERISA.

 

    	14

    	 

    
 

 

“Euro” or “€” means the single currency of the European Union as constituted by the Treaty on European Union and as referred to in the EMU Legislation.

 

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

 

“Exchange Act” means the Securities Exchange Act of 1934, and any successor statute, and all rules and regulations from time to time promulgated thereunder.

 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (i) Taxes imposed on or measured by net income, profits, net worth or capital, franchise Taxes, and branch profits or similar Taxes (in each case, however denominated), in each case, (A) imposed by the United States (or any political subdivision or taxing authority thereof or therein) or as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision or taxing authority thereof or therein) or (B) that are Other Connection Taxes, (ii) any withholding Taxes imposed on amounts payable to or for the account of a Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (A) such Lender acquires such interest in such Loan or Commitment (other than pursuant to an assignment requested by the Parent Borrower under Section 2.19) or (B) such Lender changes its Lending Office, except in each case to the extent that (x) pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office or (y) the Subsidiary Borrower shall have failed to comply with its obligations under Section 2.17(i)(ii), (iii) Taxes attributable to such Recipient’s failure or inability to comply with Section 2.17(g), (iv) any backup withholding Taxes, and (v) any U.S. federal withholding Taxes imposed under FATCA.

 

“Existing Letters of Credit” means those letters of credit set forth on Schedule 1.1(b) and continued under this Agreement as Dollar Letters of Credit issued by the Issuing Lender pursuant to Section 2.19.

 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof.

 

“Federal Funds Rate” means, for any period, a fluctuating per annum interest rate (rounded upwards, if necessary, to the nearest 1/100 of one percentage point) equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent.

 

    	15

    	 

    
 

 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System or any successor thereto.

 

“Fee Letters” means the Joint Fee Letter and the Wells Fargo Fee Letter.

 

“Financial Condition Certificate” means a fully completed and duly executed certificate, in substantially the form of Exhibit E, together with the attachments thereto.

 

“Financial Officer” means, with respect to any Person, the chief financial officer, vice president-finance, principal accounting officer or treasurer of such Person.

 

“First Amendment” means the First Amendment to Credit Agreement, dated as of September 12, 2013, among the Borrowers, New ICE Parent, the Lenders party thereto, and the Administrative Agent.

 

“First Amendment Effective Date” has the meaning given to such term in the First Amendment.

 

“fiscal quarter” or “FQ” means a fiscal quarter of New ICE Parent and its Subsidiaries.

 

“fiscal year” or “FY” means a fiscal year of New ICE Parent and its Subsidiaries.

 

“Foreign Currency” means Euro, Sterling, Canadian Dollars or Japanese Yen.

 

“Foreign Currency Equivalent” means, on any date of determination, with respect to an amount denominated in Dollars, the equivalent amount thereof in the applicable Foreign Currency that would be required to purchase such amount of Dollars on such date of determination, based upon the Spot Rate.

 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction outside of the United States.

 

“Foreign Subsidiary” means any Subsidiary of New ICE Parent that is not a Domestic Subsidiary.

 

“Fronting Exposure” means at any time there is a Defaulting Lender, (i) with respect to any Issuing Lender, such Defaulting Lender’s unfunded Letter of Credit Exposure (after giving effect to any reallocation pursuant to Section 2.22(a)(iv) and the posting of any Cash Collateral in accordance with Section 2.22(a)(v)), and (ii) with respect to the Swingline Lender, such Defaulting Lender’s Swingline Exposure (after giving effect to any reallocation pursuant to Section 2.22(a)(iv) and the prepayment of any Swingline Loans in accordance with Section 2.22(a)(v)).

 

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

 

    	16

    	 

    
 

 

“GAAP” means generally accepted accounting principles in the United States of America, as set forth in the statements, opinions and pronouncements of the Accounting Principles Board, the American Institute of Certified Public Accountants and the Financial Accounting Standards Board, consistently applied and maintained, as in effect from time to time (subject to the provisions of Section 1.2).

 

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

 

“Guarantor” means New ICE Parent, the Subsidiary Guarantors and any other Person that guarantees the Obligations.

 

“Guaranty Fund” means any fund, deposits or pledged (or transferred) assets, including initial, original, variation, settlement, delivery or mark-to-market margin, buyer’s security or seller’s security, in any case whether contingent or actual (or similar arrangement), set up, maintained or established by (i) ICE Clear US, (ii) ICE Clear Europe, (iii) The Clearing Corporation, (iv) ICE Clear Credit, (v) ICE Clear Canada, and (vi) such other Clearing House Subsidiaries, in each case in which its members (or other Persons) make contributions, make deposits, set aside funds, pledge (or transfer) assets, grant security interests in assets or transfer title to margin or other collateral assets or the like to, among other things, enable the satisfaction (whether in whole or in part) of the obligations of the relevant Clearing House Subsidiary or upon the default (or other specified event) of a clearing member or the like.

 

“Guaranty Obligation” means, with respect to any Person, any direct or indirect liability of such Person with respect to any Indebtedness, liability or other obligation (the “primary obligation”) of another Person (the “primary obligor”), whether or not contingent, (i) to purchase, repurchase or otherwise acquire such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or provide funds (x) for the payment or discharge of any such primary obligation or (y) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial condition of the primary obligor (including keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements), (iii) to lease or purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor in respect thereof to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss or failure or inability to perform in respect thereof; provided, however, that, with respect to New ICE Parent and its Subsidiaries, the term Guaranty Obligation shall not include endorsements for collection or deposit in the ordinary course of business.  The amount of any Guaranty Obligation of any guaranteeing Person hereunder shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guaranty Obligation is made and (b) the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guaranty Obligation, unless such primary obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of such Guaranty Obligation shall be such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by such guaranteeing Person in good faith.

 

    	17

    	 

    
 

 

“Hazardous Substance” means any substance or material meeting any one or more of the following criteria:  (i) it is or contains a substance designated as a hazardous waste, hazardous substance, hazardous material, pollutant, contaminant or toxic substance under any Environmental Law, (ii) it is toxic, explosive, corrosive, ignitable, infectious, radioactive, mutagenic or otherwise hazardous to human health or the environment and is or becomes regulated by any Governmental Authority, (iii) its presence may require investigation or response under any Environmental Law, (iv) it constitutes a nuisance, trespass or health or safety hazard to Persons or neighboring properties, or (v) it is or contains, without limiting the foregoing, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or wastes, crude oil, nuclear fuel, natural gas or synthetic gas.

 

“Hedge Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided, however, that, with respect to any Clearing House Subsidiary, the term Hedge Agreement shall not include any such transaction with respect to which such entity is a party solely in its capacity as a central counterparty.

 

“Hedge Party” means any Lender or any Affiliate of any Lender in its capacity as a counterparty to any Hedge Agreement with New ICE Parent or any Subsidiary, which Hedge Agreement is required or permitted under this Agreement to be entered into by a Borrower, or any former Lender or any Affiliate of any former Lender in its capacity as a counterparty to any such Hedge Agreement entered into prior to the date such Person or its Affiliate ceased to be a Lender.

 

“ICE Clear Canada” means ICE Clear Canada, Inc., a Manitoba corporation and an indirect Wholly-Owned Subsidiary of the Parent Borrower.

 

“ICE Clear Credit” means ICE Clear Credit, LLC, a Delaware limited liability company (formerly ICE Trust U.S. LLC) and a Subsidiary of the Parent Borrower.

 

“ICE Clear Europe” means ICE Clear Europe Limited, a private limited company incorporated under the laws of England and Wales and an indirect Wholly-Owned Subsidiary of the Parent Borrower.

 

“ICE Clear US” means ICE Clear U.S., Inc., a New York corporation and an indirect Wholly-Owned Subsidiary of the Parent Borrower (formerly known as New York Clearing Corporation).

 

“ICE Futures Europe” means ICE Futures Europe, a United Kingdom corporation and an indirect Wholly-Owned Subsidiary of the Parent Borrower.

 

“Increasing Lender” has the meaning set forth in Section 2.21(a).

 

    	18

    	 

    
 

 

“Indebtedness” means, with respect to any Person (without duplication), (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, or upon which interest payments are customarily made, (iii) the aggregate amount (but only to the extent drawn and not reimbursed) of all surety bonds, letters of credit and bankers’ acceptances issued or created for the account of such Person, (iv) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade payables incurred in the ordinary course of business and not more than 90 days past due), (v) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (vi) all Capital Lease Obligations of such Person, (vii) all Disqualified Capital Stock issued by such Person, with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, (viii) the principal balance outstanding and owing by such Person under any synthetic lease, tax retention operating lease or similar off-balance sheet financing product, (ix) all Guaranty Obligations of such Person with respect to Indebtedness of another Person, (x) the net termination obligations of such Person under any Hedge Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date, and (xi) all indebtedness of the types referred to in clauses (i) through (x) above (A) of any partnership or unincorporated joint venture in which such Person is a general partner or joint venturer to the extent such Person is liable therefor or (B) secured by any Lien on any property or asset owned or held by such Person regardless of whether or not the indebtedness secured thereby shall have been incurred or assumed by such Person or is nonrecourse to the credit of such Person, the amount thereof being equal to the value of the property or assets subject to such Lien; provided, however, that (a) for the avoidance of doubt, only immediately preceding clause (x) (and clauses (ix) and (xi) to the extent relating thereto) shall have application to Hedge Agreements and obligations and indebtedness arising with respect thereto and (b) with respect to any Clearing House Subsidiary, the term Indebtedness shall not include any transaction with respect to which such entity is a party solely in its capacity as a central counterparty.

 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of a Borrower under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Ineligible Assignees” means those certain Persons set forth in the Ineligible Assignees Letter Agreement and all Affiliates thereof.

 

“Ineligible Assignees Letter Agreement” means that certain letter agreement, dated as of the First Amendment Effective Date, between the Parent Borrower and the Administrative Agent, as such letter agreement may be amended or modified from time to time with the consent of the Borrower and, in accordance with Section 9.10(b), the Administrative Agent.

 

“Intellectual Property” means (i) all inventions (whether or not patentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications, and patent disclosures, together with all reissues, continuations, continuations-in-part, divisions, revisions, extensions, and reexaminations thereof, (ii) all trademarks, service marks, trade dress, logos, trade names, and corporate names, together with all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (iii) all copyrightable works and all copyrights (registered and unregistered), (iv) all trade secrets and confidential information (including financial, business and marketing plans and customer and supplier lists and related information), (v) all computer software and software systems (including data, databases and related documentation), (vi) all Internet web sites and domain names, (vii) all technology, know-how, processes and other proprietary rights, and (viii) all licenses or other agreements to or from third parties regarding any of the foregoing.

 

    	19

    	 

    
 

 

“Interest Coverage Ratio” means, as of the last day of any Reference Period ending on the last day of a fiscal quarter, the ratio of (i) Consolidated EBITDA for such Reference Period to (ii) Consolidated Interest Expense for such Reference Period.

 

“Interest Period” has the meaning given to such term in Section 2.11.

 

“IRS” means the United States Internal Revenue Service.

 

“Issuing Lender” means Wells Fargo in its capacity as issuer of the Letters of Credit, and its successors in such capacity.

 

“Joint Fee Letter” means the letter from Wells Fargo, Wells Fargo Securities, LLC, BofA and Merrill Lynch, Pierce, Fenner & Smith Incorporated, to the Parent Borrower, dated September 20, 2011, relating to certain fees payable by the Parent Borrower in respect of the transactions contemplated by this Agreement.

 

“Legal Reservations” means:

 

(a)           the principle that equitable remedies (or remedies that are analogous to equitable remedies in other jurisdictions) may be granted or refused at the discretion of a court, the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganization, court schemes, moratoria, administration, examinership, reorganization and other laws generally affecting the rights of creditors;

 

(b)           the time barring of claims under the UK Limitation Act 1980 and the Foreign Limitation Periods Act 1984 and other applicable statutes of limitation, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp duty may be void and defenses of set-off or counterclaim;

 

(c)           similar principles, rights and defenses under the laws of any other jurisdiction to which a Borrower or its assets may be subject; and

 

(d)           any other matters which are set out as qualifications or reservations as to matters of law of general application in the legal opinions provided to the Administrative Agent and the Lenders under the Credit Documents.

 

“Lender Parties” has the meaning given to such term in Section 10.11.

 

“Lenders” means, collectively, the Term Lenders and the Revolving Lenders.  Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender.

 

    	20

    	 

    
 

 

“Lending Office” means, with respect to any Lender, the office of such Lender designated as such in such Lender’s Administrative Questionnaire or in connection with an Assignment and Assumption, or such other office as may be otherwise designated in writing from time to time by such Lender to the Parent Borrower and the Administrative Agent.  A Lender may designate separate Lending Offices as provided in the foregoing sentence for the purposes of making or maintaining different Types and Classes of Loans, and, with respect to LIBOR Loans, such office may be a domestic or foreign branch or Affiliate of such Lender.

 

“Letter of Credit Exposure” means, with respect to any Lender at any time, such Lender’s Dollar Letter of Credit Exposure or Multicurrency Letter of Credit Exposure, or both, as the context requires.

 

“Letter of Credit Maturity Date” means the fifth Business Day prior to the Maturity Date.

 

“Letter of Credit Notice” has the meaning given to such term in Section 2.20(b).

 

“Letters of Credit” means any or all of the Dollar Letters of Credit and Multicurrency Letters of Credit.

 

“LIBOR Loan” means, at any time, any Loan that bears interest at such time at the applicable Adjusted LIBOR Rate.

 

“LIBOR Market Index Rate” means, for any date, the rate for one month deposits in the applicable Currency as reported on Reuters Screen LIBOR01 Page as of 11:00 a.m. London time, on such day, or if such day is not a London Banking Day, then the immediately preceding London Banking Day (or if not so reported, then as reasonably determined by the Administrative Agent from another recognized source or interbank quotation).

 

“LIBOR Market Index Rate Loan” means any Swingline Loan bearing interest at a rate determined by reference to the LIBOR Market Index Rate.

 

“LIBOR Rate” means:

 

(i)           with respect to each LIBOR Loan denominated in any Currency comprising part of the same Borrowing for any Interest Period, an interest rate per annum obtained by dividing (A) (y) the rate of interest appearing on Reuters Screen LIBOR01 Page (or any successor page) that represents the ratean average British Bankers Association Interest Settlement Rate for deposits denominated in such Currency or (z) if no such rate is available, the rate of interest determined by the Administrative Agent to be the rate or the arithmetic mean of rates at which deposits in such Currency in immediately available funds are offered to first-tier banks in the London interbank Eurodollar market, in each case under (y) and (z) above at approximately 11:00 a.m., London time, two (2) Business Days prior to the first day of such Interest Period for a period substantially equal to such Interest Period and in minimum amounts of at least $5,000,000, by (B) the amount equal to 1.00 minus the Reserve Requirement (expressed as a decimal) for such Interest Period; and

 

    	21

    	 

    
 

 

(ii)           for any interest rate calculation with respect to a Base Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars in minimum amounts of at least $5,000,000 for a period equal to one month (commencing on the date of determination of such interest rate) which appears on the Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m., London time, on such date of determination, or, if such date is not a Business Day, then the immediately preceding Business Day.  If, for any reason, such rate does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page) then “LIBOR” for such Base Rate Loan shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars in minimum amounts of at least $5,000,000 would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m., London time, on such date of determination for an Interest Period equal to one month commencing on such date of determination.

 

“Lien” means any mortgage, pledge, hypothecation, assignment, security interest, lien (statutory or otherwise), charge or other encumbrance of any nature, whether voluntary or involuntary, including the interest of any vendor or lessor under any conditional sale agreement, title retention agreement, Capital Lease or any other lease or arrangement having substantially the same effect as any of the foregoing.

 

“Loans” means any or all of the Term Loans, the Revolving Loans and the Swingline Loans.

 

“Local Time” means (a) in the case of Multicurrency Revolving Loans denominated in Foreign Currency or Multicurrency Swingline Loans, London time, and (b) in all other cases, Charlotte, North Carolina time.

 

“Mandatory Costs Rate” has the meaning given to such term in Section 2.24(a).

 

“Margin Stock” has the meaning given to such term in Regulation U.

 

“Material Adverse Effect” means a material adverse effect upon (i) the business, assets, properties, liabilities (actual or contingent), operations, affairs or financial condition of New ICE Parent and its Subsidiaries, taken as a whole, (ii) the ability of any Borrower or any Guarantor to perform their respective obligations under this Agreement or any of the other Credit Documents or (iii) the legality, validity or enforceability of this Agreement or any of the other Credit Documents or the rights and remedies of the Administrative Agent and the Lenders hereunder and thereunder.

 

“Material Contract” has the meaning given to such term in Section 4.19.

 

“Material Indebtedness” means (i) the Senior Notes and (ii) from the First Amendment Effective Date and until the repayment in full of the Senior Notes, any other agreement(s) creating or evidencing indebtedness for borrowed money entered into by any of New ICE Parent, the Parent Borrower or any Subsidiary Guarantor, or in respect of which any of New ICE Parent, the Parent Borrower or any Subsidiary Guarantor is an obligor or otherwise provides a guarantee or other credit support, in a principal amount outstanding or available for borrowing equal to or greater than 2.5% of Consolidated Net Worth, but excluding agreements creating or evidencing publicly traded securities (including, without limitation, securities registered under the Securities Act and securities sold to underwriters for resale pursuant to Rule 144A under the Securities Act with registration rights or contingent registration rights or pursuant to Regulation S under the Securities Act).

 

    	22

    	 

    
 

 

“Material Subsidiary” means, at any time,(i) from the First Amendment Effective Date and until the repayment in full and termination of the Senior Notes, (A) any Subsidiary of New ICE Parent which accounts for more than (x) 5% of the consolidated assets of New ICE Parent and its Subsidiaries or (y) 5% of the consolidated revenue of New ICE Parent and its Subsidiaries and (B) to the extent not duplicative of the foregoing, any Subsidiary of New ICE Parent that owns, directly or indirectly, 50% or more of the ownership interests of a Subsidiary described in the foregoing clause (A) and (ii) thereafter, any one or more Subsidiaries of New ICE Parent which collectively account for more than (A) 10% of the consolidated assets of New ICE Parent and its Subsidiaries or (B) 10% of the consolidated revenue of New ICE Parent and its Subsidiaries.

 

“Maturity Date” means the fifth anniversary of the Closing Date.

 

“Multicurrency Agent” means Wells Fargo Bank, National Association, London Branch, and any other financial institution designated by the Administrative Agent (and reasonably acceptable to the Parent Borrower) to act as its sub-agent and correspondent hereunder in respect of the disbursement and payment of Multicurrency Revolving Loans denominated in a Foreign Currency and Multicurrency Swingline Loans.

 

“Multicurrency Letter of Credit” has the meaning given to such term in Section 2.20(a).

 

“Multicurrency Letter of Credit Exposure” means, with respect to any Multicurrency Revolving Lender at any time, such Lender’s ratable share (based on the proportion that its Multicurrency Revolving Commitment bears to the aggregate Multicurrency Revolving Commitments at such time, or if the Multicurrency Revolving Commitments have been terminated, based upon the proportion that its Multicurrency Revolving Commitment bore to the aggregate Multicurrency Revolving Commitments immediately prior to such termination thereof, giving effect to any subsequent assignments) of the sum of (i) the aggregate Stated Amount of all Multicurrency Letters of Credit outstanding at such time and (ii) the aggregate amount of all Multicurrency Reimbursement Obligations outstanding at such time.

 

“Multicurrency Reimbursement Obligation” has the meaning given to such term in Section 2.20(d).

 

“Multicurrency Revolving Commitment” means, with respect to any Multicurrency Revolving Lender at any time, the commitment of such Lender to make Multicurrency Revolving Loans and participate in Multicurrency Letters of Credit and Multicurrency Swingline Loans in an aggregate principal amount at any time outstanding up to the amount set forth opposite such Lender’s name on Schedule 1.1(a) under the caption “Multicurrency Revolving Commitment” or, if such Lender has entered into one or more Assignment and Assumptions, the amount set forth for such Lender at such time in the Register maintained by the Administrative Agent pursuant to Section 10.6(c) as such Lender’s “Multicurrency Revolving Commitment,” in either case, as such amount may be reduced at or prior to such time pursuant to the terms hereof or increased from time to time pursuant to Section 2.21.

 

“Multicurrency Revolving Credit Exposure” means, with respect to any Multicurrency Revolving Lender at any time, the sum of (i) the aggregate principal Dollar Amount of all Multicurrency Revolving Loans made by such Lender that are outstanding at such time, (ii) the Dollar Amount of such Lender’s Multicurrency Swingline Exposure at such time, and (iii) such Lender’s Multicurrency Letter of Credit Exposure at such time.

 

    	23

    	 

    
 

 

“Multicurrency Revolving Lender” means each Person listed on Schedule 1.1(a) as having a Multicurrency Revolving Commitment and each other Person that becomes a “Multicurrency Revolving Lender” hereunder pursuant to Section 2.19(a), Section 2.21 or Section 10.6, and their respective successors and assigns.

 

“Multicurrency Revolving Loan” means any Revolving Loan made by a Multicurrency Revolving Lender pursuant to Section 2.1(b) denominated in Dollars or a Foreign Currency.

 

“Multicurrency Revolving Note” means, with respect to any Multicurrency Revolving Lender requesting the same, the promissory note of each Borrower in favor of such Multicurrency Revolving Lender evidencing the Multicurrency Revolving Loans made by such Lender pursuant to Section 2.1(c), in substantially the form of Exhibit A-2, together with any amendments, modifications and supplements thereto, substitutions therefor and restatements thereof.

 

“Multicurrency Swingline Commitment” means $150,000,000, or, if less, the aggregate Multicurrency Revolving Commitments at the time of determination, as such amount may be reduced at or prior to such time pursuant to the terms hereof.

 

“Multicurrency Swingline Exposure” means, with respect to any Multicurrency Revolving Lender at any time, its maximum aggregate liability to make Refunded Swingline Loans pursuant to Section 2.2(e) to refund, or to purchase participations pursuant to Section 2.2(f) in, Multicurrency Swingline Loans that are outstanding at such time.

 

“Multicurrency Swingline Loan” has the meaning set forth in Section 2.1(e).

 

“Multicurrency Swingline Note” means, if requested by the Swingline Lender, the promissory note of each Borrower in favor of the Swingline Lender evidencing the Multicurrency Swingline Loans made by the Swingline Lender pursuant to Section 2.1(e), in substantially the form of Exhibit A-4, together with any amendments, modifications and supplements thereto, substitutions therefor and restatements thereof.

 

“Multicurrency Tranche Utilization Percentage” means, at any time, the percentage that (i) the sum of (A) aggregate principal amount of all outstanding Multicurrency Revolving Loans and (B) the aggregate Multicurrency Letter of Credit Exposure of all Multicurrency Revolving Lenders, bears to (ii) the Multicurrency Revolving Commitments.

 

“Multiemployer Plan” means any “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA to which New ICE Parent or any ERISA Affiliate makes, is making or is obligated to make contributions or, during the immediately preceding five plan years, has made or been obligated to make contributions.

 

“Net Cash Proceeds” means, in the case of any Asset Disposition, the aggregate cash proceeds received by New ICE Parent or any Subsidiary of New ICE Parent in respect thereof, less (i) reasonable fees and out-of-pocket expenses payable by New ICE Parent or any of its Subsidiaries in connection therewith, (ii) taxes paid or payable as a result thereof, and (iii) the amount required to retire Indebtedness to the extent such Indebtedness is secured by Liens on the subject property; it being understood that the term “Net Cash Proceeds” shall include, as and when received, any cash received upon the sale or other disposition of any non-cash consideration received by a Borrower or any Subsidiary of a Borrower in respect of any of the foregoing events.

 

    	24

    	 

    
 

 

“New ICE Parent” has the meaning given to such term in the introductory paragraph hereof.

 

“New ICE Parent Guaranty” means the Guaranty Agreement, dated as of the First Amendment Effective Date, made by New ICE Parent in favor of the Agents and the Lenders.

 

“Non-Consenting Lender” means any Lender that does not approve a consent, waiver or amendment to any Credit Document requested by the Borrowers or the Administrative Agent and that requires the approval of all Lenders (or all Lenders directly affected thereby) under Section 10.5 when the Required Lenders have agreed to such consent, waiver or amendment.

 

“Non-Defaulting Lender” means any Lender that is not a Defaulting Lender.

 

“Non−U.S. Pension Plan” means any plan, scheme, fund (including any superannuation fund) or other similar program established, sponsored or maintained outside the United States by New ICE Parent or any one or more of its Subsidiaries primarily for the benefit of employees of New ICE Parent or such Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

 

“Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of November 9, 2011, by and among the Parent Borrower, as issuer, and the purchasers of the Senior Notes party thereto.

 

“Notes” means any or all of the Term Notes, the Dollar Revolving Notes, the Multicurrency Revolving Notes and the Swingline Notes.

 

“Notice of Borrowing” has the meaning given to such term in Section 2.2(b).

 

“Notice of Conversion/Continuation” has the meaning given to such term in Section 2.12(b).

 

“Notice of Swingline Borrowing” has the meaning given to such term in Section 2.2(d).

 

“NYSE” means NYSE Euronext, a Delaware corporation.

 

“NYSE Merger Agreement” means the Amended and Restated Agreement and Plan of Merger, dated as of March 18, 2013, among the Parent Borrower, New ICE Parent, Braves Merger Sub and Yankees Merger Sub, as amended, modified or supplemented from time to time in accordance with its terms.

 

    	25

    	 

    
 

 

“NYSE Merger Transactions” means the following series of transactions to be entered into by the Parent Borrower pursuant to the NYSE Merger Agreement:

 

(i)             On the date of consummation of the proposed merger, Braves Merger Sub will first merge with and into the Parent Borrower with the Parent Borrower surviving such merger (the “Braves Merger”).  Shares of the Parent Borrower will be converted into an equivalent number of new shares of New ICE Parent common stock.  The Parent Borrower will become a wholly owned subsidiary of New ICE Parent after the closing of the Braves Merger.

 

(ii)            Following the effectiveness of the Braves Merger, NYSE will merge with and into Yankees Merger Sub with Yankees Merger Sub surviving such merger (the “Yankees Merger”).  Under certain circumstances described in the Merger Agreement, the Yankees Merger will be restructured to provide instead for the merger of Yankees Merger Sub with and into NYSE with NYSE surviving such merger.  In either case, NYSE’s stock will be converted into the cash and shares of New ICE Parent common stock that represent the merger consideration.  After the effectiveness of the Yankees Merger, NYSE will be a wholly owned subsidiary of New ICE Parent and sibling company of the Parent Borrower.

 

(iii)           Following the completion of the Braves Merger and Yankees Merger, the shares in New ICE Parent held by the Parent Borrower will be retired and cancelled for no consideration.

 

“Obligations” means all principal of and interest (including interest accruing after the filing of a petition or commencement of a case by or with respect to a Borrower seeking relief under any applicable federal and state laws pertaining to bankruptcy, reorganization, arrangement, moratorium, readjustment of debts, dissolution, liquidation or other debtor relief, specifically including the Bankruptcy Code and any fraudulent transfer and fraudulent conveyance laws, whether or not the claim for such interest is allowed in such proceeding) on the Loans and Reimbursement Obligations, and all fees, expenses, indemnities and other obligations owing, due or payable at any time by a Borrower or any Guarantor to the Administrative Agent, any Lender, the Swingline Lender, the Issuing Lender or any other Person entitled thereto, under this Agreement or any of the other Credit Documents, and all payment and other obligations owing or payable at any time by a Borrower to any Hedge Party under or in connection with any Hedge Agreement to fix or limit interest rates payable by a Borrower in respect of any Loans, in each case whether direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, and whether existing by contract, operation of law or otherwise.

 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan or Credit Document).

 

    	26

    	 

    
 

 

“Other Taxes” means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Credit Document, excluding, in each case, such amounts that result from a Lender’s assignment pursuant to Section 10.6, grant of a participation to a Participant pursuant to Section 10.6(d), transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Credit Document (collectively, “Assignment Taxes”), except for Assignment Taxes resulting from an assignment that is requested in writing by the Parent Borrower.

 

“Parent Borrower” has the meaning given to such term in the introductory paragraph hereof.

 

“Participant” has the meaning given to such term in Section 10.6(d).

 

“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act of 2001), and any successor statute, and all rules and regulations from time to time promulgated thereunder.

 

“Payment Office” means the office of the Administrative Agent or the Multicurrency Agent designated on Schedule 1.1(a) under the heading “Instructions for wire transfers to the Administrative Agent,” or such other office as the Administrative Agent or the Multicurrency Agent may designate to the Lenders and the Parent Borrower for such purpose from time to time.

 

“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA, and any successor thereto.

 

“Permitted Acquisition” means (i) any Acquisition permitted to be consummated pursuant to the terms in Section 7.5 and (ii) the NYSE Merger Transactions.

 

“Permitted Liens” has the meaning given to such term in Section 7.3.

 

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

 

“Plan” means any “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is subject to the provisions of Title IV of ERISA (other than a Multiemployer Plan) and to which New ICE Parent or any ERISA Affiliate may have any liability.

 

“PPA 2006 Effective Date” means, with respect to any Plan, except as hereinafter provided, the first day of the first plan year beginning on or after January 1, 2008.  However, solely with respect to a Plan maintained pursuant to one or more collective bargaining agreements between employee representatives and one or more employers ratified before January 1, 2008, such term means the first day of the first plan year beginning on or after the earlier of (A) and (B), where: (A) is the later of (x) the date on which the last collective bargaining agreement relating to the Plan terminates (determined without regard to any extension thereof agreed to after August 17, 2006), or (y) the first day of the first plan year beginning on or after January 1, 2008; and (B) is January 1, 2010.

 

    	27

    	 

    
 

 

“Priority Indebtedness” means (without duplication), as of the date of any determination thereof, the sum of (i) all unsecured Indebtedness of any Subsidiary of New ICE Parent other than the Parent Borrower (including all Guaranty Obligations with respect to Indebtedness of New ICE Parent and the Parent Borrower, but excluding (y) Indebtedness permitted pursuant to Section 7.2(iii) and (z) all unsecured Indebtedness of any Subsidiary of New ICE Parent which is also a Subsidiary Guarantor) and (ii) all Indebtedness of New ICE Parent and its Subsidiaries secured by Liens other than Indebtedness secured by Liens permitted by subparagraphs (i) through (viii), inclusive, of Section 7.3.  For purposes of this Agreement, all Indebtedness of the Subsidiary Borrower shall constitute “Priority Indebtedness.”

 

“Pro Forma Basis” has the meaning given to such term in Section 1.3(c).

 

“Prohibited Transaction” means any transaction described in (i) Section 406 of ERISA that is not exempt by reason of Section 408 of ERISA or by reason of a Department of Labor prohibited transaction individual or class exemption or (ii) Section 4975(c) of the Code that is not exempt by reason of Section 4975(c)(2) or 4975(d) of the Code.

 

“Projections” has the meaning given to such term in Section 4.11(b).

 

“Recipient” means (a) the Administrative Agent, (b) any Lender (including the Swingline Lender) or (c) the Issuing Lender, as applicable.

 

“Reference Period” with respect to any date of determination, means (except as may be otherwise expressly provided herein) the period of twelve consecutive fiscal months of New ICE Parent immediately preceding such date or, if such date is the last day of a fiscal quarter, the period of four consecutive fiscal quarters ending on such date.

 

“Refunded Swingline Loans” has the meaning given to such term in Section 2.2(e).

 

“Register” has the meaning given to such term in Section 10.6(c).

 

“Regulated Subsidiary” means (i) any Subsidiary that is registered as a broker dealer pursuant to Section 15 of the Exchange Act or that is regulated as a broker dealer or underwriter under any foreign securities law, (ii) any Subsidiary regulated as an insurance company, exchange, swap execution facility, swap data repository, clearing house, securities depository, settlement system, multilateral trading facility, trade repository, systematic internalizer or organized trading facility and (iii) any Subsidiary whose dividends may be restricted, other activities undertaken by such Subsidiary may be limited or other regulatory actions with respect to such Subsidiary may be taken, in each case by any applicable Governmental Authority in the event that such Subsidiary does not maintain capital at the level required by such applicable Governmental Authority.

 

“Regulations T, U and X” means Regulations T, U and X, respectively, of the Federal Reserve Board, and any successor regulations.

 

    	28

    	 

    
 

 

“Regulatory Capital Assets” means assets that are held due to regulatory capital or regulatory liquidity requirements of any Regulated Subsidiary from time to time, as set forth on the Compliance Certificate most recently delivered in accordance with Section 5.2(a) or another written notice (in form and detail reasonably satisfactory to the Administrative Agent) delivered to the Administrative Agent (it being understood that such assets existing as of the First Amendment Effective Date are reflected on the consolidated balance sheet of the Parent Borrower and its Subsidiaries as part of short-term restricted cash and investments or long-term restricted cash).

 

“Reimbursement Obligation” has the meaning given to such term in Section 2.20(d).

 

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

 

“Reportable Event” means, with respect to any Plan, (i) any “reportable event” within the meaning of Section 4043(c) of ERISA for which the 30-day notice under Section 4043(a) of ERISA has not been waived by the PBGC (including any failure to meet the minimum funding standard of, or timely make any required installment under, Section 412 of the Code or Section 302 of ERISA, regardless of the issuance of any waivers in accordance with Section 412(d) of the Code), (ii) any such “reportable event” subject to advance notice to the PBGC under Section 4043(b)(3) of ERISA, (iii) any application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code, and (iv) a cessation of operations described in Section 4062(e) of ERISA.

 

“Required Dollar Revolving Lenders” means, at any time, the Dollar Revolving Lenders holding outstanding Dollar Revolving Credit Exposure and Unutilized Dollar Revolving Commitments (or, after the termination of the Dollar Revolving Commitments, outstanding Dollar Revolving Credit Exposure) representing at least a majority of the aggregate, at such time, of all outstanding Dollar Revolving Credit Exposure and Unutilized Dollar Revolving Commitments (or, after the termination of the Dollar Revolving Commitments, the aggregate at such time of all outstanding Dollar Revolving Credit Exposure), provided that the Dollar Revolving Commitment of, and the portion of the outstanding Dollar Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Dollar Revolving Lenders.

 

“Required Lenders” means, at any time, the Lenders holding Term Loans, Revolving Credit Exposures and Unutilized Commitments (or, after the termination of the Commitments, Term Loans and Revolving Credit Exposures) representing at least a majority of the aggregate, at such time, of all outstanding Term Loans, Revolving Credit Exposures and Unutilized Commitments (or, after the termination of the Commitments, the aggregate at such time of all outstanding Term Loans and Revolving Credit Exposures), provided that the Commitment of, and the portion of the outstanding Term Loans and Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

 

    	29

    	 

    
 

 

“Required Multicurrency Revolving Lenders” means, at any time, the Multicurrency Revolving Lenders holding outstanding Multicurrency Revolving Credit Exposure and Unutilized Multicurrency Revolving Commitments (or, after the termination of the Multicurrency Revolving Commitments, outstanding Multicurrency Revolving Credit Exposure) representing at least a majority of the aggregate, at such time, of all outstanding Multicurrency Revolving Credit Exposure and Unutilized Multicurrency Revolving Commitments (or, after the termination of the Multicurrency Revolving Commitments, the aggregate at such time of all outstanding Multicurrency Revolving Credit Exposure), provided that the Multicurrency Revolving Commitment of, and the portion of the outstanding Multicurrency Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Multicurrency Revolving Lenders.

 

“Requirement of Law” means, with respect to any Person, the charter, articles or certificate of organization or incorporation and bylaws or other organizational or governing documents of such Person, and any statute, law, treaty, rule, regulation, order, decree, writ, injunction, official guidance or determination of any arbitrator or court or other Governmental Authority or any Self-Regulatory Organization, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject or otherwise pertaining to any or all of the transactions contemplated by this Agreement and the other Credit Documents.

 

“Reserve Requirement” means, with respect to any Interest Period, the reserve percentage (expressed as a decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) in effect from time to time during such Interest Period, as provided by the Federal Reserve Board, applied for determining the maximum reserve requirements (including basic, supplemental, marginal and emergency reserves) applicable to Wells Fargo under Regulation D with respect to “Eurocurrency liabilities” within the meaning of Regulation D, or under any similar or successor regulation with respect to Eurocurrency liabilities or Eurocurrency funding.

 

“Responsible Officer” means, with respect to any Person, the president, the chief executive officer, the chief financial officer, any executive officer, or any other Financial Officer of such Person, and, with respect to any Borrower, any other officer or similar official thereof responsible for the administration of the obligations of such Borrower in respect of this Agreement or any other Credit Document.

 

“Revaluation Date” means with respect to any Multicurrency Revolving Loan or Multicurrency Swingline Loan, each of the following: (i) each date of a Borrowing of a LIBOR Loan denominated in a Foreign Currency or a Multicurrency Swingline Loan, (ii) each date of a continuation of a LIBOR Loan denominated in a Foreign Currency, and (iii) such additional dates as the Administrative Agent or the Swingline Lender shall reasonably determine or the Required Multicurrency Revolving Lenders shall reasonably require.

 

“Revolving Commitments” means, collectively, the Dollar Revolving Commitments and the Multicurrency Revolving Commitments.

 

“Revolving Credit Exposure” means, with respect to any Revolving Lender at any time, the sum of (i) the aggregate principal Dollar Amount of all Revolving Loans made by such Lender that are outstanding at such time, (ii) such Lender’s Swingline Exposure at such time, and (iii) such Lender’s Letter of Credit Exposure at such time.

 

    	30

    	 

    
 

 

“Revolving Lenders” means, collectively, the Dollar Revolving Lenders and the Multicurrency Revolving Lenders.

 

“Revolving Loans” means, collectively, the Dollar Revolving Loans and the Multicurrency Revolving Loans.

 

“Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/-sanctions/index.html, or as otherwise published from time to time.

 

“Sanctioned Person” means (i) a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/-offices/enforcement/ofac/sdn/index.html, or as otherwise published from time to time, or (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a Sanctioned Country, or (C) a Person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.

 

“Securities Act” means the Securities Act of 1933.

 

“Self-Regulatory Organization” means any U.S. or foreign commission, board, agency or body that is not a Governmental Authority, but is charged with the supervision or regulation of brokers, dealers, securities underwriting or trading, stock exchanges, clearing houses, commodities exchanges, electronic communication networks, insurance companies or agents, investment companies or investment advisors.

 

“Senior Notes” means the aggregate $400,000,000 Senior Notes issued by the Parent Borrower pursuant to the Note Purchase Agreement, consisting of the $200,000,000 4.13% Senior Notes of the Parent Borrower due November 9, 2018 and the  $200,000,000 4.69% Senior Notes of the Parent Borrower due November 9, 2021, and any refinancings, renewals, extensions or replacements thereof.

 

“Spot Rate” for a Currency means the rate determined by the Administrative Agent to be the rate quoted as the spot rate for the purchase of such Currency with another Currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that if such spot rate is not available, the “Spot Rate” shall be determined by reference to a publically available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Parent Borrower, or, in the absence of such an agreement, the Administrative Agent may use any reasonable method it deems appropriate to determine such spot rate, and such determination shall be conclusive absent manifest error.

 

“Stated Amount” means, with respect to any Letter of Credit at any time, the Dollar Amount of the aggregate amount available to be drawn thereunder at such time (regardless of whether any conditions for drawing could then be met).

 

“Sterling” or “£” means the lawful money of the United Kingdom.

 

    	31

    	 

    
 

 

“Subsidiary” means, with respect to any Person, any corporation or other Person of which more than fifty percent (50%) of the outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors, board of managers or other governing body of such Person, is at the time, directly or indirectly, owned or controlled by such Person and one or more of its other Subsidiaries or a combination thereof (irrespective of whether, at the time, securities of any other class or classes of any such corporation or other Person shall or might have voting power by reason of the happening of any contingency).  When used without reference to a parent entity, the term “Subsidiary” shall be deemed to refer to a Subsidiary of New ICE Parent.

 

“Subsidiary Borrower” has the meaning given to such term in the introductory paragraph hereof.

 

“Subsidiary Guarantor” means each Subsidiary which is party to any Subsidiary Guaranty.

 

“Subsidiary Guaranty” has the meaning given to such term in Section 5.10(a).

 

“Swingline Commitment” means the Dollar Swingline Commitment or Multicurrency Swingline Commitment, or both, as the context requires.

 

“Swingline Exposure” means, with respect to any Lender at any time, such Lender’s Dollar Swingline Exposure or Multicurrency Swingline Exposure, or both, as the context requires.

 

“Swingline Lender” means Wells Fargo in its capacity as maker of Swingline Loans, and its successors in such capacity.

 

“Swingline Loans” has the meaning given to such term in Section 2.1(e).

 

“Swingline Maturity Date” means the date which is 30 days prior to the Maturity Date.

 

“Swingline Note” means the Dollar Swingline Note or the Multicurrency Swingline Note, or both, as the context requires.

 

“Syndication Agent” means Bank of America, N.A., and its successors in its capacity as syndication agent.

 

“Target” has the meaning given to such term in Section 5.9(a)(i).

 

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

 

“Term Lender” means any Lender having a Term Loan Commitment (or, after the Term Loan Commitments have terminated, any Lender holding outstanding Term Loans).

 

“Term Loan Commitment” means, with respect to any Lender at any time, the commitment of such Lender to make Term Loans in an aggregate principal amount up to the amount set forth opposite such Lender’s name on Schedule 1.1(a) under the caption “Term Loan Commitment” or, if such Lender has entered into one or more Assignment and Assumptions, the amount set forth for such Lender at such time in the Register maintained by the Administrative Agent pursuant to Section 10.6(c) as such Lender’s “Term Loan Commitment,” in either case, as such amount may be reduced at or prior to such time pursuant to the terms hereof.

 

    	32

    	 

    
 

 

“Term Loans” has the meaning given to such term in Section 2.1(a).

 

“Term Note” means, with respect to any Term Lender requesting the same, the promissory note of the Parent Borrower in favor of such Term Lender evidencing the Term Loan made by such Lender pursuant to Section 2.1(a), in substantially the form of Exhibit A-1, together with any amendments, modifications and supplements thereto, substitutions therefor and restatements thereof.

 

“Terminating Credit Facilities” has the meaning set forth in Section 3.1(c).

 

“Termination Date” means the Maturity Date or such earlier date of termination of the Commitments pursuant to Section 2.6 or Section 8.2.

 

“The Clearing Corporation” means The Clearing Corporation, a Delaware corporation and a Subsidiary of the Parent Borrower.

 

“Threshold Amount” means, (i) from the First Amendment Effective Date and until the repayment in full and termination of the Senior Notes, $100,000,000 and (ii) thereafter, $200,000,000.

 

“Total Leverage Ratio” means, as of the last day of any Reference Period ending on the last day of a fiscal quarter, the ratio of (i) (i) Consolidated Total Funded Debt as of such date to (ii) Consolidated EBITDA for such Reference Period; provided that Consolidated Total Funded Debt as of the last day of any fiscal quarter for purposes of calculating compliance with the financial covenant in Section 6.1 as of such date shall not include Indebtedness permitted pursuant to Section 7.2(iv), 7.2(v) or 7.2(vi) except to the extent such Indebtedness has been outstanding, as of such determination date, for more than 45 days since the borrowing thereof.

 

“Total Voting Power” means, with respect to any Person, the total number of votes which may be cast in the election of directors of such Person at any meeting of stockholders of such Person if all securities entitled to vote in the election of directors of such Person (on a fully diluted basis, assuming the exercise, conversion or exchange of all rights, warrants, options and securities exercisable for, exchangeable for or convertible into, such voting securities) were present and voted at such meeting (other than votes that may be cast only upon the happening of a contingency).

 

“Transitional Consolidating Financial Statements” means an unaudited condensed income statement and an unaudited condensed balance sheet, without footnotes or other additional disclosures, and without comparative information for the prior year period or the preceding balance sheet date, of the Parent Borrower and its Subsidiaries on a consolidated basis, and of all other Subsidiaries on a consolidated basis, together with a reconciliation of the relevant income statement and balance sheet amounts to the corresponding line items in the consolidated financial statements of New ICE Parent, in a format reasonably acceptable to the Administrative Agent; provided that a format substantially similar to the example delivered to the Lenders prior to the First Amendment Effective Date shall be deemed acceptable.

 

    	33

    	 

    
 

 

“Trust Options” means the Delaware Trust Option and the Dutch Foundation Option.

 

“Type” has the meaning given to such term in Section 2.2(a).

 

“UK CTA” means the United Kingdom Corporation Tax Act 2009.

 

“UK Insolvency Event” means:

 

(i)           the Subsidiary Borrower is unable or admits in writing inability to pay its debts as they fall due or is declared to be unable to pay its debts under applicable law, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more classes of its creditors (other than the Administrative Agent and the Lenders) with the purpose of rescheduling any of its indebtedness;

 

(ii)           except in connection with the rules of a Clearing House Subsidiary or any amendment thereto made in accordance with all applicable Requirements of Law, a moratorium is declared in respect of any indebtedness of the Subsidiary Borrower in an aggregate principal amount of at least the Threshold Amount; provided that if a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by such moratorium;

 

(iii)           except in connection with any reorganization on a solvent basis permitted by Section 7.1, any shareholders’ resolution is passed, application is made to a court by the Subsidiary Borrower or its directors, order is made by a court or agreement (other than the rules of a Clearing House Subsidiary or any amendment thereto made in accordance with all applicable Requirements of Law) is entered into or legal proceedings are taken in relation to: (A) the suspension of payments, a moratorium of any indebtedness, winding−up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Subsidiary Borrower; (B) a composition, compromise, assignment or arrangement with any creditor of the Subsidiary Borrower; (C) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of the Subsidiary Borrower, or any of its assets having an aggregate value in excess of the Threshold Amount; or (D) enforcement of any Lien over any assets of the Subsidiary Borrower, or any analogous procedure or step is taken in any jurisdiction, provided that this clause (iii) shall not apply to any winding−up petition (or analogous document in any jurisdiction) which is frivolous or vexatious and is discharged, stayed or dismissed within 30 days of commencement; or

 

(iv)           any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of the Subsidiary Borrower having an aggregate value in excess of the Threshold Amount.

 

“UK ITA” means the United Kingdom Income Tax Act 2007.

 

    	34

    	 

    
 

“UK Qualifying Lender” means a Lender which is beneficially entitled to interest payable to that Lender in respect of a Loan to the Subsidiary Borrower and is (i) a Lender: (1) which is a bank (as defined for the purpose of section 879 UK ITA) making an advance to the Subsidiary Borrower under this Agreement; or (2) in respect of an advance made under this Agreement to the Subsidiary Borrower by a Person that was a bank (as defined for the purpose of section 879 UK ITA) at the time such advance was made, and which, with respect to (1) and (2) above, is within the charge to United Kingdom corporation tax as regards any payment of interest made in respect of that advance; or (ii) a UK Treaty Lender.

 

“UK Treaty Lender” means a Lender which:

 

(i)           is treated as a resident of a jurisdiction having a double taxation agreement with the United Kingdom which makes provision for full exemption from Tax imposed by the United Kingdom on interest; and

 

(ii)         does not carry on business in the United Kingdom through a permanent establishment with which that Lender’s participation in respect of a Loan to the Subsidiary Borrower is effectively connected; and

 

(iii)         if a U.S. Lender, is fully entitled to the benefits of the UK/US Treaty (or if not so entitled, would have been so entitled but for its failure to be so fully entitled being attributable to (x) the status of or any action or omission of the Subsidiary Borrower or any Affiliate thereof or to any relationship between such Lender and the Subsidiary Borrower or any Affiliate thereof or (y) any steps taken or to be taken pursuant to Section 2.19).

 

“UK/US Treaty” means the convention between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital gains which is, on the date the relevant payment of interest on a Loan falls due, in force.

 

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

 

“Unutilized Commitment” means, with respect to any Revolving Lender at any time, such Lender’s Unutilized Dollar Revolving Commitment or Unutilized Multicurrency Revolving Commitment, or both, as the context may require.

 

“Unutilized Dollar Revolving Commitment” means, with respect to any Dollar Revolving Lender at any time, such Lender’s Dollar Revolving Commitment at such time less the sum of (i) the aggregate principal amount of all Dollar Revolving Loans made by such Lender that are outstanding at such time, (ii) such Lender’s Dollar Swingline Exposure at such time and (iii) such Lender’s Dollar Letter of Credit Exposure at such time.

 

    	35

    	 

    
 

 

“Unutilized Dollar Swingline Commitment” means, with respect to the Swingline Lender at any time, the Dollar Swingline Commitment at such time less the aggregate principal amount of all Dollar Swingline Loans that are outstanding at such time.

 

“Unutilized Multicurrency Revolving Commitment” means, with respect to any Multicurrency Revolving Lender at any time, such Lender’s Multicurrency Revolving Commitment at such time less the sum of (i) the aggregate principal amount of all Multicurrency Revolving Loans made by such Lender that are outstanding at such time, (ii) such Lender’s Multicurrency Swingline Exposure at such time and (iii) such Lender’s Multicurrency Letter of Credit Exposure at such time.

 

“Unutilized Multicurrency Swingline Commitment” means, with respect to the Swingline Lender at any time, the Multicurrency Swingline Commitment at such time less the aggregate principal amount of all Multicurrency Swingline Loans that are outstanding at such time.

 

“U.S. Borrower” means a Borrower that is a U.S. Person.

 

“U.S. Lender” means a Lender which is treated as resident (for the purposes of the UK/US Treaty) in the United States of America.

 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance Certificate” has the meaning given to such term in Section 2.17(g)(ii)(B)(3).

 

“Wells Fargo” means Wells Fargo Bank, National Association, and its successors and assigns.

 

“Wells Fargo Fee Letter” means the letter from Wells Fargo and Wells Fargo Securities, LLC, to the Parent Borrower, dated September 20, 2011, relating to certain fees payable by the Parent Borrower in respect of the transactions contemplated by this Agreement.

 

“Wholly-Owned” means, with respect to any Subsidiary of any Person, that 100% of the outstanding Capital Stock of such Subsidiary (excluding any directors’ qualifying shares and shares required to be held by foreign nationals, in the case of a Foreign Subsidiary) is owned, directly or indirectly, by such Person.

 

“Withholding Agent” means each Borrower and the Administrative Agent.

 

“Yankees Merger Sub” means Baseball Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of New ICE Parent.

 

    	36

    	 

    
 

 

1.2           Accounting Terms.  Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial data (including financial ratios and other financial calculations) required to be delivered hereunder shall be prepared in accordance with, GAAP applied on a basis consistent with the most recent audited consolidated financial statements of the Parent Borrower and its Subsidiaries delivered to the Lenders prior to the Closing Date; provided that if the Parent Borrower notifies the Administrative Agent that it wishes to amend any financial covenant in Article VI to eliminate the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Parent Borrower that the Required Lenders wish to amend Article VI for such purpose), then compliance with such covenant shall be determined on the basis of GAAP as in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Parent Borrower and the Required Lenders.  Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the financial statements described in Section 4.11(a) for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, any election or requirement to measure any financial liability using fair value shall be disregarded.

 

1.3           Other Terms; Construction.

 

(a)          The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument, letter or other document shall be construed as referring to such agreement, instrument, letter or other document as from time to time amended, supplemented, restated or otherwise modified (subject to any restrictions on such amendments, supplements, restatements or modifications set forth herein or in any other Credit Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns permitted hereunder, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any Credit Document, shall be construed to refer to such Credit Document in its entirety and not to any particular provision thereof, (iv) all references in a Credit Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Credit Document in which such references appear, (v) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

(b)          All references herein to the Lenders or any of them shall be deemed to include the Swingline Lender and the Issuing Lender unless specifically provided otherwise or unless the context otherwise requires.

 

    	37

    	 

    
 

 

(c)          Notwithstanding the foregoing, calculations to determine compliance by the Borrowers with any of the covenants contained in Article VI (and definitions related thereto) shall be determined in each case on a pro forma basis (a “Pro Forma Basis”) after giving effect to any Acquisition, Asset Sale or incurrence or repayment of Indebtedness (each, a “transaction”) occurring since the beginning of the applicable Reference Period and on or prior to the last day of such period as if such transaction had occurred as of the first day of such period, in accordance with the following:

 

(i)           any Indebtedness incurred or assumed by New ICE Parent or any Subsidiary thereof in connection with any transaction (including any Indebtedness of a Person acquired in a Permitted Acquisition that is not retired or repaid in connection therewith) shall be deemed to have been incurred or assumed as of (and with the corresponding Consolidated Interest Expense included from) the first day of the applicable period (and if such Indebtedness has a floating or formula rate, such Indebtedness shall, for purposes of such determination, have an implied rate of interest during the applicable period determined by utilizing the rate of interest that is or would be in effect with respect to such Indebtedness as of the date of determination);

 

(ii)          any Indebtedness retired or repaid in connection with any transaction (including any Indebtedness of a Person acquired in a Permitted Acquisition) shall be deemed to have been retired or repaid as of (and with the corresponding Consolidated Interest Expense excluded from) the first day of the applicable period;

 

(iii)         with respect to any Asset Disposition, income statement items (whether positive or negative) attributable to the assets sold or otherwise disposed of shall be excluded beginning as of the first day of the applicable period; and

 

(iv)         with respect to any Permitted Acquisition, (A) income statement items (whether positive or negative) and balance sheet items attributable to the Person or assets acquired shall (to the extent not otherwise included in the consolidated financial statements of New ICE Parent and its Subsidiaries in accordance with GAAP or in accordance with other provisions of this Agreement) be included in such calculations to the extent relating to the applicable period (provided that such income statement and balance sheet items are reflected in financial statements or other financial data reasonably acceptable to the Administrative Agent) and (B) operating expense reductions, cost savings and other pro forma adjustments attributable to such Permitted Acquisition may be included to the extent that such adjustments (y) would be permitted pursuant to Article XI of Regulation S-X under the Securities Act (irrespective of whether New ICE Parent is subject thereto) or (z) have been approved in writing by the Administrative Agent; provided that each Compliance Certificate shall contain or be accompanied by a brief explanation, by footnote, schedule or otherwise, of pro forma adjustments made pursuant to this Section 1.3(c)(iv).

 

1.4           Currency Equivalents Generally.

 

(a)          The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Amounts of amounts denominated in Foreign Currencies and shall deliver notice of such determination to the Parent Borrower, provided that the failure of the Administrative Agent to provide the Parent Borrower with any such notice shall neither affect any obligations of the Borrowers hereunder or the applicability of the Spot Rate as so determined nor result in any liability on the part of the Administrative Agent to a Borrower.  Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable Currencies until the next Revaluation Date to occur.  Except for purposes of financial statements delivered by the Parent Borrower hereunder or calculating financial ratios hereunder or except as otherwise provided herein, the applicable amount of any Currency (other than Dollars) for purposes of the Credit Documents shall be such Dollar Amount as so determined by the Administrative Agent in accordance with this Agreement.

 

    	38

    	 

    
 

 

(b)           Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a LIBOR Loan, or the issuance of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing, LIBOR Loan or Letter of Credit is denominated in a Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar Amount (rounded to the nearest unit of such Foreign Currency), as determined by the Administrative Agent.

 

1.5            Redenomination of Certain Foreign Currencies.

 

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

 

(b)           Without prejudice and in addition to any method of conversion or rounding prescribed by any EMU Legislation and (i) without limiting the liability of the Borrowers for any amount due under this Agreement and (ii) without increasing any commitment of any Lender, all references in this Agreement to minimum amounts (or integral multiples thereof) denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall, immediately upon such adoption, be replaced by references to such minimum amounts (or integral multiples thereof) as shall be specified herein with respect to Borrowings denominated in Euro.

 

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

 

    	39

    	 

    
 

 

ARTICLE II

 

AMOUNT AND TERMS OF THE LOANS

 

2.1            Commitments.

 

(a)           Each Term Lender severally agrees, subject to and on the terms and conditions of this Agreement, to make a loan (each, a “Term Loan,” and collectively, the “Term Loans”) to the Parent Borrower on the Closing Date in a principal amount up to its Term Loan Commitment.  No Term Loans shall be made at any time after the Closing Date.  To the extent repaid, the Term Loans may not be reborrowed.

 

(b)           Each Dollar Revolving Lender severally agrees, subject to and on the terms and conditions of this Agreement, to make Dollar Revolving Loans to the Parent Borrower, from time to time on any Business Day during the period from and including the Closing Date to but excluding the Termination Date, in an aggregate principal amount at any time outstanding not exceeding its Dollar Revolving Commitment, provided that no Borrowing of Dollar Revolving Loans shall be made if, immediately after giving effect thereto (and to any concurrent repayment of Dollar Swingline Loans with proceeds of Dollar Revolving Loans made pursuant to such Borrowing), (y) the Dollar Revolving Credit Exposure of any Dollar Revolving Lender would exceed its Dollar Revolving Commitment at such time or (z) the Aggregate Dollar Revolving Credit Exposure would exceed the aggregate Dollar Revolving Commitments at such time.  Subject to and on the terms and conditions of this Agreement, the Parent Borrower may borrow, repay and reborrow Dollar Revolving Loans.

 

(c)           Each Multicurrency Revolving Lender severally agrees, subject to and on the terms and conditions of this Agreement, to make Multicurrency Revolving Loans to any Borrower (on a several basis), from time to time on any Business Day during the period from and including the Closing Date to but excluding the Termination Date, in an aggregate principal amount at any time outstanding not exceeding its Multicurrency Revolving Commitment, provided that no Borrowing of Multicurrency Revolving Loans shall be made if, immediately after giving effect thereto (and to any concurrent repayment of Multicurrency Swingline Loans with proceeds of Multicurrency Revolving Loans made pursuant to such Borrowing), (y) the Multicurrency Revolving Credit Exposure of any Multicurrency Revolving Lender would exceed its Multicurrency Revolving Commitment at such time or (z) the Aggregate Multicurrency Revolving Credit Exposure would exceed the aggregate Multicurrency Revolving Commitments at such time.  Subject to and on the terms and conditions of this Agreement, each Borrower may borrow, repay and reborrow Multicurrency Revolving Loans.

 

    	40

    	 

    
 

 

(d)           The Swingline Lender agrees, subject to and on the terms and conditions of this Agreement, to make loans in Dollars (each, a “Dollar Swingline Loan”) to the Parent Borrower under the Dollar Revolving Commitments, from time to time on any Business Day during the period from the Closing Date to but excluding the Swingline Maturity Date (or, if earlier, the Termination Date), in an aggregate principal amount at any time outstanding not exceeding the Dollar Swingline Commitment.  Dollar Swingline Loans may be made even if the aggregate principal amount of Dollar Swingline Loans outstanding at any time, when added to the aggregate principal amount of the Dollar Revolving Loans made by the Swingline Lender and its Dollar Letter of Credit Exposure in its capacity as a Dollar Revolving Lender outstanding at such time, would exceed the Swingline Lender’s own Dollar Revolving Commitment at such time, but provided that no Borrowing of Dollar Swingline Loans shall be made if, immediately after giving effect thereto, (x) the Dollar Revolving Credit Exposure of any Dollar Revolving Lender would exceed its Dollar Revolving Commitment at such time, (y) the Aggregate Dollar Revolving Credit Exposure would exceed the aggregate Dollar Revolving Commitments at such time or (z) any Dollar Revolving Lender is at such time a Defaulting Lender hereunder unless the Swingline Lender is satisfied it will have no Fronting Exposure after giving effect to such Swingline Loan.  Subject to and on the terms and conditions of this Agreement, the Parent Borrower may borrow, repay (including by means of a Borrowing of Dollar Revolving Loans pursuant to Section 2.2(e)) and reborrow Dollar Swingline Loans.

 

(e)           The Swingline Lender agrees, subject to and on the terms and conditions of this Agreement, to make loans in any Foreign Currency other than Japanese Yen (each, a “Multicurrency Swingline Loan,” and collectively with the Dollar Swingline Loans, the “Swingline Loans”) to any Borrower (on a several basis) under the Multicurrency Revolving Commitments, from time to time on any Business Day during the period from the Closing Date to but excluding the Swingline Maturity Date (or, if earlier, the Termination Date), in an aggregate principal amount at any time outstanding not exceeding the Multicurrency Swingline Commitment.  Multicurrency Swingline Loans may be made even if the aggregate Dollar Amount of Multicurrency Swingline Loans outstanding at any time, when added to the Dollar Amount of the Multicurrency Revolving Loans made by the Swingline Lender and its Multicurrency Letter of Credit Exposure in its capacity as a Multicurrency Revolving Lender outstanding at such time, would exceed the Swingline Lender’s own Multicurrency Revolving Commitment at such time, but provided that no Borrowing of Multicurrency Swingline Loans shall be made if, immediately after giving effect thereto, (x) the Multicurrency Revolving Credit Exposure of any Multicurrency Revolving Lender would exceed its Multicurrency Revolving Commitment at such time, (y) the Aggregate Multicurrency Revolving Credit Exposure would exceed the aggregate Multicurrency Revolving Commitments at such time or (z) any Multicurrency Revolving Lender is at such time a Defaulting Lender hereunder unless the Swingline Lender is satisfied it will have no Fronting Exposure after giving effect to such Swingline Loan.  Subject to and on the terms and conditions of this Agreement, each Borrower may borrow, repay (including by means of a Borrowing of Multicurrency Revolving Loans pursuant to Section 2.2(e)) and reborrow Multicurrency Swingline Loans.

 

2.2            Borrowings.

 

(a)           The Term Loans, Dollar Revolving Loans and Multicurrency Revolving Loans denominated in Dollars shall, at the option of the applicable Borrower and subject to the terms and conditions of this Agreement, be either Base Rate Loans or LIBOR Loans (each, a “Type” of Loan).  The Multicurrency Revolving Loans denominated in a Foreign Currency shall be made and maintained as LIBOR Loans at all times.  All Loans comprising the same Borrowing shall, unless otherwise specifically provided herein, be of the same Class, Type and Currency.  The Swingline Loans shall be made and maintained as LIBOR Market Index Rate Loans at all times.

 

    	41

    	 

    
 

 

(b)          In order to make a Borrowing (other than (w) Borrowings of Swingline Loans, which shall be made pursuant to Section 2.2(d), (x) Borrowings for the purpose of repaying Refunded Swingline Loans, which shall be made pursuant to Section 2.2(e), (y) Borrowings for the purpose of satisfying a Reimbursement Obligation of a Borrower, which shall be made pursuant to Section 2.20(e), and (z) Borrowings involving continuations or conversions of outstanding Revolving Loans, which shall be made pursuant to Section 2.12), the applicable Borrower will give the Administrative Agent written notice (i) not later than 12:00 noon, Charlotte, North Carolina time, three (3) Business Days prior to each Borrowing of Dollar Revolving Loans or Multicurrency Revolving Loans denominated in Dollars to be comprised of LIBOR Loans, (ii) not later than 12:00 noon, Charlotte, North Carolina time, on the Business Day of any Borrowing of Dollar Revolving Loans or Multicurrency Revolving Loans denominated in Dollars to be comprised of Base Rate Loans, and (iii) not later than 10:00 a.m., Charlotte, North Carolina time, four (4) Business Days prior to each Borrowing of Multicurrency Revolving Loans denominated in a Foreign Currency; provided, however, that requests for the Borrowing of the Term Loans and any Revolving Loans to be made on the Closing Date may, at the discretion of the Administrative Agent, be given with less advance notice than as specified hereinabove.  Each such notice (each, a “Notice of Borrowing”) shall be irrevocable, shall be given in the form of Exhibit B-1 and shall specify (1) the aggregate principal amount, Currency, Class and initial Type of the Loans to be made pursuant to such Borrowing, (2) in the case of a Borrowing of LIBOR Loans, the initial Interest Period to be applicable thereto, and (3) the requested Borrowing Date, which shall be a Business Day.  Upon its receipt of a Notice of Borrowing, the Administrative Agent will promptly notify each applicable Lender of the proposed Borrowing.  Notwithstanding anything to the contrary contained herein:

 

(i)           except for a Borrowing with respect to a Refunded Swingline Loan in accordance with Section 2.2(e) and Borrowings to satisfy a Reimbursement Obligation of a Borrower in accordance with Section 2.20(e), the aggregate principal amount of each Borrowing comprised of Base Rate Loans shall not be less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof (or, if less, in the amount of the aggregate Unutilized Commitments with respect to the applicable Class), and the aggregate principal amount of each Borrowing comprised of LIBOR Loans shall not be less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof (or, if less, in the amount of the aggregate Unutilized Commitments with respect to the applicable Class);

 

(ii)          if a Borrower shall have failed to designate the Type of Dollar Revolving Loans or Multicurrency Revolving Loans denominated in Dollars comprising a Borrowing, such Borrower shall be deemed to have requested a Borrowing comprised of Base Rate Loans; and

 

(iii)         if a Borrower shall have failed to select the duration of the Interest Period to be applicable to any Borrowing of LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

 

(c)          Not later than 1:00 p.m., Local Time, on the requested Borrowing Date, each applicable Lender will make available to the Administrative Agent at its Payment Office an amount, in the applicable Currency and in immediately available funds, equal to the amount of the Loan or Loans to be made by such Lender.  To the extent such Lenders have made such amounts available to the Administrative Agent as provided hereinabove, the Administrative Agent will make the aggregate of such amounts available to the applicable Borrower in accordance with Section 2.3(a) and in like funds as received by the Administrative Agent.

 

    	42

    	 

    
 

 

(d)           In order to make a Borrowing of a Swingline Loan, the applicable Borrower will give the Administrative Agent and, with respect to Multicurrency Swingline Loans, the Multicurrency Agent (and the Swingline Lender, if the Swingline Lender is not also the Administrative Agent), written notice not later than 12:00 noon, Local Time, on the date of such Borrowing.  Each such notice (each, a “Notice of Swingline Borrowing”) shall be given in the form of Exhibit B-2, shall be irrevocable and shall specify (i) whether such Swingline Loan is a Dollar Swingline Loan or Multicurrency Swingline Loan, (ii) the principal amount of the Swingline Loan to be made pursuant to such Borrowing (which (A) with respect to Dollar Swingline Loans, shall not be less than $100,000 and, if greater, shall be in an integral multiple of $100,000 in excess thereof (or, if less, in the amount of the Unutilized Dollar Swingline Commitment) and (B) with respect to Multicurrency Swingline Loans, the Dollar Amount of which shall not be less than $5,000,000 and, if greater, shall be in an integral multiple of $1,000,000 in excess thereof (or, if less, in the amount of the Unutilized Multicurrency Swingline Commitment)) and (iii) the requested Borrowing Date, which shall be a Business Day.  Not later than 1:00 p.m., Local Time, on the requested Borrowing Date, the Swingline Lender will make available to the Administrative Agent at its Payment Office an amount, in the applicable Currency and in immediately available funds, equal to the amount of the requested Swingline Loan.  To the extent the Swingline Lender has made such amount available to the Administrative Agent as provided hereinabove, the Administrative Agent will make such amount available to the applicable Borrower in accordance with Section 2.3(a) and in like funds as received by the Administrative Agent.

 

(e)           With respect to any outstanding Swingline Loans, the Swingline Lender may at any time (whether or not an Event of Default has occurred and is continuing) in its sole and absolute discretion, and is hereby authorized and empowered by the applicable Borrower to, cause a Borrowing of (i) Dollar Revolving Loans, with respect to any Dollar Swingline Loan, or (ii) Multicurrency Revolving Loans, with respect to any Multicurrency Swingline Loan, in each case to be made for the purpose of repaying such Swingline Loans by delivering to the Administrative Agent (if the Administrative Agent is not also the Swingline Lender) and each other applicable Lender (on behalf of, and with a copy to, the applicable Borrower), not later than 12:00 noon, Charlotte, North Carolina time, (A) on the Business Day of the proposed Borrowing Date therefor with respect to the repayment of any Dollar Swingline Loans or (B) four Business Days prior to the proposed Borrowing Date therefor with respect to the repayment of any Multicurrency Swingline Loan, a notice (which shall be deemed to be a Notice of Borrowing given by the applicable Borrower) requesting the Dollar Revolving Lenders or Multicurrency Revolving Lenders, as the case may be, to make Dollar Revolving Loans or Multicurrency Revolving Loans, respectively (which, in the case of Dollar Revolving Loans, shall be made initially as Base Rate Loans and, in the case of Multicurrency Revolving Loans, shall be made initially as LIBOR Loans with an Interest Period of 1 month) on such Borrowing Date in an aggregate amount equal to the amount of such Dollar Swingline Loans or Multicurrency Swingline Loans, as the case may be (the “Refunded Swingline Loans”), outstanding on the date such notice is given that the Swingline Lender requests to be repaid.  Not later than 1:00 p.m., Local Time, on the requested Borrowing Date, each applicable Lender (other than the Swingline Lender) will make available to the Administrative Agent at its Payment Office an amount, in the applicable Currency and in immediately available funds, equal to the amount of the Dollar Revolving Loan or Multicurrency Revolving Loan, as the case may be, to be made by such Lender.  To the extent the applicable Lenders have made such amounts available to the Administrative Agent as provided hereinabove, the Administrative Agent will make the aggregate of such amounts available to the Swingline Lender in like funds as received by the Administrative Agent, which shall apply such amounts in repayment of the Refunded Swingline Loans.  Notwithstanding any provision of this Agreement to the contrary, on the relevant Borrowing Date, the Refunded Swingline Loans (including the Swingline Lender’s ratable share thereof, in its capacity as a Lender) shall be deemed to be repaid with the proceeds of the Dollar Revolving Loans or Multicurrency Revolving Loans, as the case may be, made as provided above (including a Dollar Revolving Loan or Multicurrency Revolving Loan, as the case may be, deemed to have been made by the Swingline Lender), and such Refunded Swingline Loans deemed to be so repaid shall no longer be outstanding as Swingline Loans but shall be outstanding as Dollar Revolving Loans or Multicurrency Revolving Loans, as the case may be.  If any portion of any such amount repaid (or deemed to be repaid) to the Swingline Lender shall be recovered by or on behalf of the applicable Borrower from the Swingline Lender in any bankruptcy, insolvency or similar proceeding or otherwise, the loss of the amount so recovered shall be shared ratably among (i) all the Dollar Revolving Lenders, with respect to Dollar Swingline Loans, or (ii) all the Multicurrency Revolving Lenders, with respect to Multicurrency Swingline Loans, in the manner contemplated by Section 2.15(b).

 

    	43

    	 

    
 

 

(f)           If, as a result of any Bankruptcy Event with respect to a Borrower, Dollar Revolving Loans or Multicurrency Revolving Loans, as the case may be, are not made pursuant to Section 2.2(e) in an amount sufficient to repay any amounts owed to the Swingline Lender in respect of any outstanding Swingline Loans, or if the Swingline Lender is otherwise precluded for any reason from giving a notice on behalf of the applicable Borrower as provided for hereinabove, the Swingline Lender shall be deemed to have sold without recourse, representation or warranty, and each Dollar Revolving Lender or Multicurrency Revolving Lender, as the case may be, shall be deemed to have purchased and hereby agrees to purchase, a participation in such outstanding Swingline Loans in an amount equal to its ratable share (based on the proportion that its Dollar Revolving Commitment or Multicurrency Revolving Commitment, as the case may be, bears to the aggregate Dollar Revolving Commitments or Multicurrency Revolving Commitments, respectively, at such time, or if the Dollar Revolving Commitments or Multicurrency Revolving Commitments, as the case may be, have been terminated, based on the proportion that its Dollar Revolving Commitment or Multicurrency Revolving Commitment, as the case may be, bears to the aggregate Dollar Revolving Commitments or Multicurrency Revolving Commitments, respectively, in each case immediately prior to the termination thereof) of the unpaid amount thereof together with accrued interest thereon.  Upon (i) one (1) Business Day’s prior notice from the Swingline Lender, with respect to a participation in Dollar Swingline Loans, or (ii) four (4) Business Days’ prior notice from the Swingline Lender with respect to a participation in Multicurrency Swingline Loans, each Dollar Revolving Lender or Multicurrency Revolving Lender, as the case may be (other than the Swingline Lender), will make available to the Administrative Agent at its Payment Office an amount, in the applicable Currency and in immediately available funds, equal to its respective participation.  To the extent the applicable Lenders have made such amounts available to the Administrative Agent as provided hereinabove, the Administrative Agent will make the aggregate of such amounts available to the Swingline Lender in like funds as received by the Administrative Agent.  In the event any applicable Lender fails to make available to the Administrative Agent the amount of such Lender’s participation as provided in this Section 2.2(f), the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with interest thereon for each day from the date such amount is required to be made available for the account of the Swingline Lender until the date such amount is made available to the Swingline Lender at the Federal Funds Rate for the first three (3) Business Days and thereafter at the Adjusted Base Rate.  Promptly following its receipt of any payment by or on behalf of the applicable Borrower in respect of a Swingline Loan, the Swingline Lender will pay to each Dollar Revolving Lender or Multicurrency Revolving Lender, as the case may be, that has acquired a participation therein such Lender’s ratable share of such payment.

 

    	44

    	 

    
 

 

(g)           Notwithstanding any provision of this Agreement to the contrary, the obligation of each Dollar Revolving Lender and each Multicurrency Revolving Lender (other than the Swingline Lender) to make Dollar Revolving Loans or Multicurrency Revolving Loans, as the case may be, for the purpose of repaying any Refunded Swingline Loans pursuant to Section 2.2(e) and each such Dollar Revolving Lender’s or Multicurrency Revolving Lender’s, as the case may be, obligation to purchase a participation in any unpaid Swingline Loans pursuant to Section 2.2(f) shall be absolute and unconditional and shall not be affected by any circumstance or event whatsoever, including (i) any set-off, counterclaim, recoupment, defense or other right that such Lender may have against the Swingline Lender, the Administrative Agent, a Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of any Default or Event of Default, (iii) the failure of the amount of such Borrowing of Loans to meet the minimum Borrowing amount specified in Section 2.2(b), or (iv) the failure of any conditions set forth in Section 3.2 or elsewhere herein to be satisfied.

 

2.3            Disbursements; Funding Reliance; Domicile of Loans.

 

(a)           Each Borrower hereby authorizes the Administrative Agent to disburse the proceeds of each Borrowing in accordance with the terms of any written instructions from any Authorized Officer of such Borrower, provided that the Administrative Agent shall not be obligated under any circumstances to forward amounts to any account not listed in an Account Designation Letter.  Each Borrower may at any time deliver to the Administrative Agent an Account Designation Letter listing any additional accounts or deleting any accounts listed in a previous Account Designation Letter.

 

(b)           Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.2 and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by a Borrower, the Adjusted Base Rate.  If a Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period.  If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing.  Any payment by a Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

    	45

    	 

    
 

 

(c)           The obligations of the Lenders hereunder to make Loans, to fund participations in Swingline Loans and Letters of Credit and to make payments pursuant to Section 10.1(c) are several and not joint.  The failure of any Lender to make any Loan, to fund any such participation or to make any such payment on any date shall not relieve any other Lender of its corresponding obligation, if any, hereunder to do so on such date, but no Lender shall be responsible for the failure of any other Lender to so make its Loan, purchase its participation or to make any such payment required hereunder.

 

(d)           Each Lender may, at its option, make and maintain any Loan at, to or for the account of any of its Lending Offices, provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan to or for the account of such Lender in accordance with the terms of this Agreement.

 

2.4            Equalization of Borrowings.

 

(a)           It is the intent of the parties that, to the extent reasonably practicable, the Dollar Tranche Utilization Percentage and the Multicurrency Tranche Utilization Percentage be equal or as close to equal as reasonably possible giving effect to the Borrowers’ right to utilize the Multicurrency Revolving Commitments for Loans denominated in Foreign Currencies and the Subsidiary Borrower’s right to only utilize the Multicurrency Revolving Commitments for Loans and Letters of Credit. Accordingly, the Borrowers shall, in consultation with the Administrative Agent, use commercially reasonable efforts to (i) allocate all Borrowings and prepayments between the Dollar Revolving Commitments, Dollar Revolving Loans and Dollar Letters of Credit on the one hand and the Multicurrency Revolving Commitments, Multicurrency Revolving Loans and Multicurrency Letters of Credit on the other hand in such a manner as to accomplish such intent and (ii) provided that such reallocation does not result in breakage expense to the Borrowers (or such breakage expense is waived by the applicable Lenders), cause outstanding Borrowings under one facility (i.e., the facility established hereby for Dollar Revolving Loans or for Multicurrency Revolving Loans) to be refinanced by Borrowings under the other facility established hereby as of the end of each Interest Period applicable to any Borrowing in such a manner as to accomplish such intent.

 

(b)           Notwithstanding anything in this Agreement to the contrary, (i) for purposes of determining the Borrowers’ compliance with the Borrowing minimums and increments set forth in Section 2.2(b)(i), amounts borrowed simultaneously pursuant to clause (i) of the second sentence of Section 2.4(a) shall be aggregated; (ii) prepayments made pursuant to clause (ii) of the second sentence of Section 2.4(a) shall not be subject to the prepayment minimums and increments set forth in Section 2.7(a); (iii) the conditions precedent set forth in Section 3.2(b) and Section 3.2(c) (other than the absence of an Event of Default under Section 8.1(f) or Section 8.1(g)) shall not be applicable to Borrowings made (and applied exclusively to the refinancing of Borrowings) pursuant to clause (ii) of the second sentence of Section 2.4(a); and (iv) the failure to maintain such approximately equal percentages in accordance with this Section 2.4 shall not be a Default or Event of Default hereunder.  Furthermore, for the avoidance of doubt, it is agreed and understood that in no event shall the Borrowers be required to shift Borrowings from one Borrower to the other in order to obtain an equalization of Borrowings under this Section 2.4.

 

    	46

    	 

    
 

 

(c)           Notwithstanding the foregoing, no equalization Borrowing or related prepayment pursuant to this Section 2.4 shall be required if, absent such Borrowing and repayment and after giving effect to any Borrowing or prepayment being made which gave rise to the applicability of this Section 2.4, (i) the Dollar Revolving Credit Exposure does not exceed by $1,000,000 or more an amount equal to what the Dollar Revolving Credit Exposure would be if the Dollar Revolving Credit Exposure Percentage and the Multicurrency Revolving Credit Exposure Percentage were equal and (ii) the Multicurrency Revolving Credit Exposure does not exceed by $1,000,000 or more an amount equal to what the Multicurrency Revolving Credit Exposure would be if the Dollar Revolving Credit Exposure Percentage and the Multicurrency Revolving Credit Exposure Percentage were equal.  Moreover, the parties acknowledge that for administrative reasons it may not always be practicable to have Borrowings and prepayments contemplated hereby occur simultaneously and agree that the Borrowers shall be deemed in compliance with this Section to the extent that they make such Borrowings and prepayments (and give related required notices) in a manner and time-frame reasonably acceptable to the Administrative Agent and consistent with the stated objective of this Section 2.4.  Exchange rate computations made for purposes of implementing this Section 2.4 shall be made on such days and at such times as may be reasonably specified by the Administrative Agent to facilitate the objectives of this Section.

 

2.5            Evidence of Debt; Notes.

 

(a)           Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to the applicable Lending Office of such Lender resulting from each Loan made by such Lending Office of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lending Office of such Lender from time to time under this Agreement.

 

(b)           The Administrative Agent shall maintain the Register pursuant to Section 10.6(c), and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made by such Lender, the Class, Currency and Type of each such Loan and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder in respect of each such Loan and (iii) the amount of any sum received by the Administrative Agent hereunder from each Borrower in respect of each such Loan and each Lender’s share thereof.

 

(c)           The entries made in the Register and subaccounts maintained pursuant to Section 2.5(b) (and, if consistent with the entries of the Administrative Agent, the accounts maintained pursuant to Section 2.5(a)) shall, to the extent permitted by applicable law, be conclusive absent manifest error of the existence and amounts of the obligations of the Borrowers therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain such account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of each Borrower to repay (with applicable interest) the Loans made to such Borrower by such Lender in accordance with the terms of this Agreement.

 

    	47

    	 

    
 

 

(d)           The Loans of each Class made by each Lender shall, if requested by the applicable Lender (which request shall be made to the Administrative Agent), be evidenced (i) in the case of Term Loans, by a Term Note appropriately completed in substantially the form of Exhibit A-1, (ii) in the case of Dollar Revolving Loans, by a Dollar Revolving Note appropriately completed in substantially the form of Exhibit A-2, (iii) in the case of Multicurrency Revolving Loans, by a Multicurrency Revolving Note appropriately completed in substantially the form of Exhibit A-3, (iv) in the case of the Dollar Swingline Loans, by a Dollar Swingline Note appropriately completed in substantially the form of Exhibit A-4 and (v) in the case of the Multicurrency Swingline Loans, by a Multicurrency Swingline Note appropriately completed in substantially the form of Exhibit A-5, in each case executed by the applicable Borrower and payable to the order of such Lender.  Each Note shall be entitled to all of the benefits of this Agreement and the other Credit Documents and shall be subject to the provisions hereof and thereof.

 

2.6            Termination and Reduction of Commitments and Swingline Commitments.

 

(a)           The Term Loan Commitments shall automatically and permanently terminate concurrently with the making of the Term Loans on the Closing Date.  Unless sooner terminated pursuant to any other provision of this Section 2.6 or Section 8.2, (i) the Revolving Commitments shall be automatically and permanently terminated on the Termination Date and (ii) the Swingline Commitments shall be automatically and permanently terminated on the Swingline Maturity Date.

 

(b)           At any time and from time to time after the date hereof, upon not less than five (5) Business Days’ prior written notice to the Administrative Agent (and in the case of a termination or reduction of the Unutilized Dollar Swingline Commitment or the Unutilized Multicurrency Swingline Commitment, the Swingline Lender), the Parent Borrower may terminate in whole or reduce in part the aggregate Unutilized Dollar Revolving Commitments, the aggregate Unutilized Multicurrency Revolving Commitments, the Unutilized Dollar Swingline Commitment or the Unutilized Multicurrency Swingline Commitment, provided that any such partial reduction shall be in an aggregate Dollar Amount of not less than $5,000,000 ($500,000 in the case of the Unutilized Dollar Swingline Commitment or the Unutilized Multicurrency Swingline Commitment) or, if greater, an integral multiple of $1,000,000 in excess thereof ($100,000 in the case of the Unutilized Dollar Swingline Commitment or the Unutilized Multicurrency Swingline Commitment).  The amount of any termination or reduction made under this Section 2.6(b) may not thereafter be reinstated; provided that a notice of termination or reduction delivered by the Parent Borrower under this Section 2.6(b) may state that such notice is conditioned upon the effectiveness or occurrence of any other event specified therein, in which case such notice may be revoked by the Parent Borrower by written notice to the Administrative Agent on or before one Business Day before the specified effective date if such condition is not satisfied.

 

    	48

    	 

    
 

 

(c)           Except as set forth in Section 2.6(d), each reduction of the Commitments pursuant to this Section shall be applied ratably among the Lenders of such Class according to their respective Commitments of such Class.  Notwithstanding any provision of this Agreement to the contrary, (i) any reduction of the Commitments pursuant to this Section 2.6 that has the effect of reducing the aggregate Dollar Revolving Commitments to an amount less than the amount of the Dollar Swingline Commitment at such time shall result in an automatic corresponding reduction of the Dollar Swingline Commitment to the amount of the aggregate Dollar Revolving Commitments (as so reduced), and (ii) any reduction of the Commitments pursuant to this Section 2.6 that has the effect of reducing the aggregate Multicurrency Revolving Commitments to an amount less than the amount of the Multicurrency Swingline Commitment at such time shall result in an automatic corresponding reduction of the Multicurrency Swingline Commitment to the amount of the aggregate Multicurrency Revolving Commitments (as so reduced), in each case, without any further action on the part of the Borrowers, the Swingline Lender or any other Lender.

 

(d)          The Parent Borrower (on behalf of itself and the Subsidiary Borrower) may terminate the unused amount of the Commitment of any Revolving Lender that is a Defaulting Lender upon not less than ten Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.22(a)(ii) will apply to all amounts thereafter paid by the Borrowers for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim any Borrower, the Administrative Agent, any Issuing Bank, the Swingline Lender or any Lender may have against such Defaulting Lender.

 

2.7            Mandatory Payments and Prepayments.

 

(a)           Except to the extent due or paid sooner pursuant to the provisions of this Agreement, the Parent Borrower shall repay the Term Loans on each date set forth below in the aggregate principal amount opposite such date:

 

	
Date

	
Payment Amount

	
March 31, 2012

	
$12,500,000

	
June 30, 2012

	
$12,500,000

	
September 30, 2012

	
$12,500,000

	
December 31, 2012

	
$12,500,000

	
March 31, 2013

	
$12,500,000

	
June 30, 2013

	
$12,500,000

	
September 30, 2013

	
$12,500,000

	
December 31, 2013

	
$12,500,000

	
March 31, 2014

	
$12,500,000

	
June 30, 2014

	
$12,500,000

	
September 30, 2014

	
$12,500,000

	
December 31, 2014

	
$18,750,000

	
March 31, 2015

	
$18,750,000

	
June 30, 2015

	
$18,750,000

	
September 30, 2015

	
$18,750,000

	
December 31, 2015

	
$18,750,000

	
March 31, 2016

	
$18,750,000

	
June 30, 2016

	
$18,750,000

 

    	49

    	 

    
 

 

	
Date

	
Payment Amount

	
September 30, 2016

	
$18,750,000

	
Maturity Date

	
$200,000,000

 

(b)           Except to the extent due or paid sooner pursuant to the provisions of this Agreement, (i) the aggregate outstanding principal of the Term Loans and the Revolving Loans shall be due and payable in full on the Maturity Date, (ii) the aggregate outstanding principal of the Dollar Swingline Loans shall be due and payable in full on the Swingline Maturity Date, and (iii) the aggregate outstanding principal amount of each Multicurrency Swingline Loan shall be due and payable in full on the earlier of (A) the date ten (10) Business Days following the date such Multicurrency Swingline Loan is made, and (B) the Swingline Maturity Date.

 

(c)           In the event that, at any time, the Aggregate Dollar Revolving Credit Exposure (excluding the aggregate amount of any Dollar Swingline Loans to be repaid with proceeds of Dollar Revolving Loans made on the date of determination) shall exceed the aggregate Dollar Revolving Commitments at such time (after giving effect to any concurrent termination or reduction thereof), the Parent Borrower will immediately prepay the outstanding principal amount of the Dollar Swingline Loans to the amount of such excess and, to the extent of any excess remaining after prepayment in full of outstanding Dollar Swingline Loans, the outstanding principal amount of the Dollar Revolving Loans in the amount of such excess; provided that, to the extent such excess amount is greater than the aggregate principal amount of Dollar Swingline Loans and Dollar Revolving Loans outstanding immediately prior to the application of such prepayment, the amount so prepaid shall be retained by the Administrative Agent and held in the Cash Collateral Account as cover for Dollar Letter of Credit Exposure, as more particularly described in Section 2.20(i), and thereupon such cash shall be deemed to reduce the aggregate Dollar Letter of Credit Exposure by an equivalent amount.  In the event that, on any Revaluation Date, the Aggregate Multicurrency Revolving Credit Exposure (excluding the aggregate amount of any Multicurrency Swingline Loans to be repaid with proceeds of Multicurrency Revolving Loans made on such Revaluation Date) shall exceed 105% of the aggregate Multicurrency Revolving Commitments at such time (after giving effect to any concurrent termination or reduction thereof), the applicable Borrower or Borrowers, as the case may be, will prepay the outstanding principal amount of the Multicurrency Swingline Loans in the amount of such excess and, to the extent of any excess remaining after prepayment in full of outstanding Multicurrency Swingline Loans, the outstanding principal amount of the Multicurrency Revolving Loans in the amount of such excess, (i) within 1 Business Day after receipt of notice thereof for any such prepayment of  Multicurrency Revolving Loans denominated in Dollars and (ii) within 3 Business Days after receipt of notice thereof for any such prepayment of Multicurrency Revolving Loans denominated in a Foreign Currency or Multicurrency Swingline Loans, provided that, to the extent such excess amount is greater than the aggregate principal amount of Multicurrency Swingline Loans and Multicurrency Revolving Loans outstanding immediately prior to the application of such prepayment, the amount so prepaid shall be retained by the Administrative Agent and held in the Cash Collateral Account as cover for Multicurrency Letter of Credit Exposure, as more particularly described in Section 2.20(i), and thereupon such cash shall be deemed to reduce the aggregate Multicurrency Letter of Credit Exposure by an equivalent amount.

 

    	50

    	 

    
 

 

2.8            Voluntary Prepayments.

 

(a)           At any time and from time to time, each Borrower shall have the right to prepay the Loans of any Class made to such Borrower, in whole or in part, without premium or penalty (except as provided in clause (iii) below), upon written notice given to the Administrative Agent not later than 12:00 noon, Local Time, three (3) Business Days prior to each intended prepayment of LIBOR Loans, one (1) Business Day prior to each intended prepayment of Base Rate Loans and on the date of each intended prepayment of LIBOR Market Index Rate Loans, provided that (i) each partial prepayment of LIBOR Loans or Multicurrency Swingline Loans shall be in an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof, and each partial prepayment of Base Rate Loans shall be in an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof ($100,000 and $100,000, respectively, in the case of Dollar Swingline Loans), (ii) no partial prepayment of LIBOR Loans or Multicurrency Swingline Loans made pursuant to any single Borrowing shall reduce the aggregate outstanding principal amount of the remaining LIBOR Loans or Multicurrency Swingline Loans, respectively, under such Borrowing to less than $5,000,000 or to any greater amount not an integral multiple of $1,000,000 in excess thereof, and (iii) unless made together with all amounts required under Section 2.18 to be paid as a consequence of such prepayment, a prepayment of a LIBOR Loan may be made only on the last day of the Interest Period applicable thereto.  Each such notice shall specify the proposed date of such prepayment and the aggregate principal amount, Class, Currency and Type of the Loans to be prepaid (and, in the case of LIBOR Loans, the Interest Period of the Borrowing pursuant to which made), and shall be irrevocable and shall bind the applicable Borrower to make such prepayment on the terms specified therein.  Revolving Loans and Swingline Loans prepaid pursuant to this Section 2.8(a) may be reborrowed, subject to the terms and conditions of this Agreement.  In the event the Administrative Agent receives a notice of prepayment under this Section, the Administrative Agent will give prompt notice thereof to the Lenders; provided that if such notice has also been furnished to the Lenders, the Administrative Agent shall have no obligation to notify the Lenders with respect thereto.

 

(b)           Each prepayment of the Term Loans made pursuant to Section 2.8(a) shall be applied to reduce the outstanding principal amount of the Term Loans, with such reduction to be applied to the remaining scheduled principal payments in each instance on a pro rata basis.  Each prepayment of the Loans of any Class made pursuant to Section 2.8(a) shall be applied ratably among the Lenders of such Class holding the Loans being prepaid, in proportion to the principal amount held by each.

 

2.9            Interest.

 

(a)           Subject to Section 2.9(b), each Borrower will pay interest in respect of the unpaid principal amount of each Loan made to it, from the date of Borrowing thereof until such principal amount shall be paid in full, (i) at the Adjusted Base Rate, as in effect from time to time during such periods as such Loan is a Base Rate Loan, (ii) at the Adjusted LIBOR Rate, as in effect from time to time during such periods as such Loan is a LIBOR Loan, and (iii) at the Adjusted LIBOR Market Index Rate, as in effect from time to time for all Swingline Loans.

 

    	51

    	 

    
 

 

(b)          Upon the occurrence and during the continuance of any Event of Default under Sections 8.1(a), 8.1(f), or 8.1(g) and (at the election of the Required Lenders) upon the occurrence and during the continuance of any other Event of Default, all outstanding principal amounts of the Loans and, to the greatest extent permitted by law, all interest accrued on the Loans and all other accrued and outstanding fees and other amounts hereunder, shall bear interest at a rate per annum equal to the interest rate applicable from time to time thereafter to such Loans or other amounts plus 2% (or, in the case of interest, fees and other amounts for which no rate is provided hereunder, at the Adjusted Base Rate plus 2%), and, in each case, such default interest shall be payable on demand.  To the greatest extent permitted by law, interest shall continue to accrue after the filing by or against a Borrower of any petition seeking any relief under any Debtor Relief Law.

 

(c)          Accrued (and theretofore unpaid) interest shall be payable as follows:

 

(i)           in respect of each Base Rate Loan (including any Base Rate Loan or portion thereof paid or prepaid pursuant to the provisions of Section 2.7, except as provided hereinbelow) and each LIBOR Market Index Rate Loan, in arrears on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date; provided, that in the event the Loans are repaid or prepaid in full and the Commitments have been terminated, then accrued interest in respect of all Base Rate Loans and LIBOR Market Index Rate Loans shall be payable together with such repayment or prepayment on the date thereof;

 

(ii)          in respect of each LIBOR Loan (including any LIBOR Loan or portion thereof paid or prepaid pursuant to the provisions of Section 2.7, except as provided hereinbelow), in arrears (y) on the last Business Day of the Interest Period applicable thereto (subject to the provisions of Section 2.11(iv)) and (z) in addition, in the case of a LIBOR Loan with an Interest Period having a duration of six months or longer, on each date on which interest would have been payable under clause (y) above had successive Interest Periods of three months’ duration been applicable to such LIBOR Loan; provided, that in the event all LIBOR Loans made pursuant to a single Borrowing are repaid or prepaid in full, then accrued interest in respect of such LIBOR Loans shall be payable together with such repayment or prepayment on the date thereof and any amounts due under Section 2.18, to the extent applicable; and

 

(iii)         in respect of any Loan, at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.

 

(d)          Nothing contained in this Agreement or in any other Credit Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law.  If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount.  In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.

 

    	52

    	 

    
 

 

(e)          The Administrative Agent shall promptly notify the applicable Borrower and the Lenders upon determining the interest rate for each Borrowing of LIBOR Loans after its receipt of the relevant Notice of Borrowing or Notice of Conversion/Continuation, and upon each change in the Base Rate; provided, however, that the failure of the Administrative Agent to provide a Borrower or the Lenders with any such notice shall neither affect any obligations of the Borrowers or the Lenders hereunder nor result in any liability on the part of the Administrative Agent to the Borrowers or any Lender.  Each such determination (including each determination of the Reserve Requirement) shall, absent manifest error, be conclusive and binding on all parties hereto.

 

2.10         Fees.

 

(a)          The Parent Borrower agrees to pay:

 

(i)           To Wells Fargo, for its own account, the administrative fee required under the Wells Fargo Fee Letter to be paid to Wells Fargo, in the amounts due and at the times due as required by the terms thereof;

 

(ii)          To the Administrative Agent, for the account of each Dollar Revolving Lender, a commitment fee for each calendar quarter (or portion thereof) for the period from and including the Closing Date to but excluding the Termination Date, at a per annum rate equal to the Applicable Percentage in effect for such fee from time to time during such quarter on such Dollar Revolving Lender’s ratable share (based on the proportion that its Dollar Revolving Commitment bears to the aggregate Dollar Revolving Commitments) of the average daily aggregate Unutilized Dollar Revolving Commitments (excluding clause (ii) of the definition of Unutilized Dollar Revolving Commitments for purposes of this Section 2.10(a)(ii) only), payable in arrears (i) on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date, and (ii) on the Termination Date;

 

(iii)         To the Administrative Agent, for the account of each Multicurrency Revolving Lender, a commitment fee for each calendar quarter (or portion thereof) for the period from and including the Closing Date to but excluding the Termination Date, at a per annum rate equal to the Applicable Percentage in effect for such fee from time to time during such quarter on such Multicurrency Revolving Lender’s ratable share (based on the proportion that its Multicurrency Revolving Commitment bears to the aggregate Multicurrency Revolving Commitments) of the average daily aggregate Unutilized Multicurrency Commitments (excluding clause (ii) of the definition of Unutilized Multicurrency Revolving Commitments for purposes of this Section 2.10(a)(iii) only), payable in arrears (i) on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date, and (ii) on the Termination Date;

 

    	53

    	 

    
 

 

(iv)          To the Administrative Agent, for the account of each Dollar Revolving Lender, a letter of credit fee for each calendar quarter (or portion thereof) in respect of all Dollar Letters of Credit outstanding during such quarter, at a per annum rate equal to the Applicable Percentage in effect from time to time during such quarter for LIBOR Loans, on such Lender’s ratable share (based on the proportion that its Dollar Revolving Commitment bears to the aggregate Dollar Revolving Commitments, or if the Dollar Revolving Commitments have been terminated, based upon the proportion that its Dollar Revolving Credit Exposure bears to the Aggregate Dollar Revolving Credit Exposure) of the daily average aggregate Stated Amount of such Dollar Letters of Credit, payable in arrears (i) on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date, and (ii) on the later of the Termination Date and the date of termination of the last outstanding Dollar Letter of Credit;

 

(b)          Each applicable Borrower agrees to pay:

 

(i)           To the Administrative Agent, for the account of each Multicurrency Revolving Lender, a letter of credit fee for each calendar quarter (or portion thereof) in respect of all Multicurrency Letters of Credit issued for the account of such Borrower outstanding during such quarter, at a per annum rate equal to the Applicable Percentage in effect from time to time during such quarter for LIBOR Loans, on such Lender’s ratable share (based on the proportion that its Multicurrency Revolving Commitment bears to the aggregate Multicurrency Revolving Commitments, or if the Multicurrency Revolving Commitments have been terminated, based upon the proportion that its Multicurrency Revolving Credit Exposure bears to the Aggregate Multicurrency Revolving Credit Exposure) of the daily average aggregate Stated Amount of such Multicurrency Letters of Credit, payable in arrears (i) on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date, and (ii) on the later of the Termination Date and the date of termination of the last outstanding Multicurrency Letter of Credit;

 

(ii)           To Wells Fargo, for its own account in its capacity as the Issuing Lender, the fronting fee required under the Wells Fargo Fee Letter to be paid to Wells Fargo with respect to each Letter of Credit issued for the account of such Borrower, in the amounts due and at the times due as required by the terms thereof; and

 

(iii)          To the Issuing Lender, for its own account, such commissions, transfer fees and other fees and charges incurred in connection with the issuance and administration of each Letter of Credit issued for the account of such Borrower as are customarily charged from time to time by the Issuing Lender for the performance of such services in connection with similar letters of credit, or as may be otherwise agreed to by the Issuing Lender, but without duplication of amounts payable under Section 2.10(b)(ii).

 

    	54

    	 

    
 

 

2.11          Interest Periods.  Concurrently with the giving of a Notice of Borrowing of LIBOR Loans or Notice of Conversion/Continuation in respect of any Borrowing comprised of Base Rate Loans to be converted into, or LIBOR Loans to be continued as, LIBOR Loans, the applicable Borrower shall have the right to elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR Loans, which Interest Period shall, at the option of the applicable Borrower, be a one, two, three or six-month period; provided, however, that:

 

(i)           all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;

 

(ii)          the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;

 

(iii)         LIBOR Loans may not be outstanding under more than ten (10) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);

 

(iv)         if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;

 

(v)          no Interest Period may be selected with respect to the Term Loans that would end after a scheduled date for repayment of principal of the Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;

 

(vi)         a Borrower may not select any Interest Period that expires after the Maturity Date, with respect to Term Loans or Revolving Loans that are to be maintained as LIBOR Loans;

 

(vii)        if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month during which such Interest Period would otherwise expire, such Interest Period shall expire on the last Business Day of such calendar month; and

 

(viii)       a Borrower may not select any Interest Period (and consequently, no LIBOR Loans shall be made) if an Event of Default shall have occurred and be continuing at the time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.

 

    	55

    	 

    
 

 

2.12          Conversions and Continuations.

 

(a)           The applicable Borrower shall have the right, on any Business Day occurring on or after the Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (t) Borrowings of a Class may only be continued as or converted into a Borrowing of the same Class, (u) a Borrowing denominated in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (v) a Borrowing of LIBOR Loans denominated in a Foreign Currency may not be converted to a Borrowing of a different Type, (w) any such conversion of LIBOR Loans into Base Rate Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $5,000,000 or to any greater amount not an integral multiple of $1,000,000 in excess thereof, (x) except as otherwise provided in Section 2.16(f), LIBOR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, such Borrower will pay, upon such conversion, all amounts required under Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any Swingline Loans, and (z) no conversion of Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans shall be permitted during the continuance of a Default or Event of Default.

 

(b)           A Borrower shall make each such election by giving the Administrative Agent written notice (i) not later than 12:00 noon, Charlotte, North Carolina time, three (3) Business Days prior to the intended effective date of any conversion of Base Rate Loans into LIBOR Loans, or any continuation of LIBOR Loans denominated in Dollars, (ii) not later than 12:00 noon, Charlotte, North Carolina time, four (4) Business Days prior to the intended effective date of any continuation of LIBOR Loans denominated in a Foreign Currency, and (iii) not later than 12:00 noon, Charlotte, North Carolina time, one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into Base Rate Loans.  Each such notice (each, a “Notice of Conversion/Continuation”) shall be irrevocable, shall be given in the form of Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount, Class, Currency and Type of the Loans being converted or continued.  Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation.  In the event that a Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans denominated in Dollars shall automatically be converted to Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof) and LIBOR Loans denominated in a Foreign Currency shall be repaid upon the expiration of the then current Interest Period applicable thereto pursuant to the terms hereof.  In the event a Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

 

    	56

    	 

    
 

 

2.13         Method of Payments; Computations; Apportionment of Payments.

 

(a)           All payments by a Borrower hereunder shall be made without setoff, counterclaim or other defense, in the applicable Currency and in immediately available funds to the Administrative Agent, for the account of the Lenders entitled to such payment or the Administrative Agent, the Multicurrency Agent, the Issuing Lender, or the Swingline Lender, as the case may be (except as otherwise expressly provided herein as to payments required to be made directly to the Lenders) at its Payment Office prior to 1:00 p.m., Local Time, on the date payment is due.  Any payment made as required hereinabove, but after 1:00 p.m., Local Time, shall be deemed to have been made on the next succeeding Business Day.  If any payment falls due on a day that is not a Business Day, then such due date shall be extended to the next succeeding Business Day (except that in the case of LIBOR Loans to which the provisions of Section 2.11(iv) are applicable, such due date shall be the next preceding Business Day), and such extension of time shall then be included in the computation of payment of interest, fees or other applicable amounts.

 

(b)           The Administrative Agent will distribute to the Lenders like amounts relating to payments made to the Administrative Agent for the account of the Lenders as follows:  (i) if the payment is received by 1:00 p.m., Local Time, in immediately available funds, the Administrative Agent will make available to each relevant Lender on the same date, by wire transfer of immediately available funds, such Lender’s ratable share of such payment (based on the percentage that the amount of the relevant payment owing to such Lender bears to the total amount of such payment owing to all of the relevant Lenders), and (ii) if such payment is received after 1:00 p.m., Local Time, or in other than immediately available funds, the Administrative Agent will make available to each such Lender its ratable share of such payment by wire transfer of immediately available funds on the next succeeding Business Day (or in the case of uncollected funds, as soon as practicable after collected).  If the Administrative Agent shall not have made a required distribution to the appropriate Lenders as required hereinabove after receiving a payment for the account of such Lenders, the Administrative Agent will pay to each such Lender, on demand, its ratable share of such payment with interest thereon at the Federal Funds Rate for each day from the date such amount was required to be disbursed by the Administrative Agent until the date repaid to such Lender.

 

(c)           Unless the Administrative Agent shall have received notice from the applicable Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders, as the case may be, the amount due.  In such event, if such Borrower has not in fact made such payment, then each Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

    	57

    	 

    
 

 

(d)          All computations of interest and fees hereunder (including computations of the Reserve Requirement) shall be made on the basis of a year consisting of (i) in the case of interest on Base Rate Loans based on the prime commercial lending rate of the Person serving as the Administrative Agent and Multicurrency Revolving Loans or Multicurrency Swingline Loans denominated in Sterling, 365/366 days, as the case may be, or (ii) in all other instances, 360 days; and in each case under (i) and (ii) above, with regard to the actual number of days (including the first day, but excluding the last day) elapsed.

 

(e)          Notwithstanding any other provision of this Agreement or any other Credit Document to the contrary, all amounts collected or received by the Administrative Agent or any Lender after acceleration of the Loans pursuant to Section 8.2 shall be applied as follows:

 

(i)           first, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ and consultants’ fees irrespective of whether such fees are allowed as a claim after the occurrence of a Bankruptcy Event) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents;

 

(ii)          second, to the payment of any fees owed to the Administrative Agent hereunder or under any other Credit Document;

 

(iii)         third, to the payment of all reasonable and documented out-of-pocket costs and expenses (including reasonable attorneys’ and consultants’ fees irrespective of whether such fees are allowed as a claim after the occurrence of a Bankruptcy Event) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender;

 

(iv)         fourth, to the payment of all of the Obligations consisting of accrued fees and interest (including fees incurred and interest accruing at the then applicable rate after the occurrence of a Bankruptcy Event irrespective of whether a claim for such fees incurred and interest accruing is allowed in such proceeding);

 

(v)          fifth, to the payment of the outstanding principal amount of the Obligations (including the payment of any outstanding Reimbursement Obligations and the obligation to cash collateralize Letter of Credit Exposure), and with respect to any Hedge Agreement between New ICE Parent or any of its Subsidiaries, on the one hand, and any Hedge Party, on the other hand (to the extent such Hedge Agreement is permitted hereunder), any breakage, termination or other payments due under such Hedge Agreement and any interest accrued thereon;

 

(vi)         sixth, to the payment of all other Obligations and other obligations that shall have become due and payable under the Credit Documents and not repaid; and

 

(vii)        seventh, to the payment of the surplus (if any) to whomever may be lawfully entitled to receive such surplus.

 

In carrying out the foregoing, (x) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category, and (y) all amounts shall be apportioned ratably among the Lenders (and Hedge Parties, as applicable) in proportion to the amounts of such principal, interest, fees or other Obligations owed to them respectively pursuant to clauses (iii) through (vii) above.

 

    	58

    	 

    
 

 

2.14          Recovery of Payments.

 

(a)           Each Borrower agrees that to the extent such Borrower makes a payment or payments to or for the account of the Administrative Agent, the Swingline Lender, the Issuing Lender or any Lender, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any Debtor Relief Law (whether as a result of any demand, settlement, litigation or otherwise), then, to the extent of such payment or repayment, the Obligation intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been received.

 

(b)           If any amounts distributed by the Administrative Agent to any Lender are subsequently returned or repaid by the Administrative Agent to a Borrower, its representative or successor in interest, or any other Person, whether by court order, by settlement approved by the Lender in question, or pursuant to applicable Requirements of Law, such Lender will, promptly upon receipt of notice thereof from the Administrative Agent, pay the Administrative Agent such amount.  If any such amounts are recovered by the Administrative Agent from a Borrower, its representative or successor in interest or such other Person, the Administrative Agent will redistribute such amounts to the Lenders on the same basis as such amounts were originally distributed.

 

2.15          Pro Rata Treatment.

 

(a)           Except in the case of Swingline Loans, all fundings, continuations and conversions of Loans of any Class shall be made by the Lenders pro rata on the basis of their respective Commitments of such Class (in the case of the funding of Loans of such Class pursuant to Section 2.2) or on the basis of their respective outstanding Loans of such Class (in the case of continuations and conversions of Loans of such Class pursuant to Section 2.12, or in the event the Commitments for Loans of such Class have expired or have been terminated), as the case may be from time to time.  All payments on account of principal of or interest on any Loans, fees or any other Obligations owing to or for the account of any one or more Lenders shall be apportioned ratably among such Lenders in proportion to the amounts of such principal, interest, fees or other Obligations owed to them respectively.

 

    	59

    	 

    
 

 

(b)          If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other Obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such Obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this Section 2.15 shall not be construed to apply to (x) any payment made by a Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans, Swingline Loans or Letters of Credit to any assignee or participant, other than to a Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.15(b) shall apply).  Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.  If under any applicable bankruptcy, insolvency or similar law, any Lender receives a secured claim in lieu of a setoff to which this Section 2.15(b) applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this Section 2.15(b) to share in the benefits of any recovery on such secured claim.

 

2.16         Increased Costs; Change in Circumstances; Illegality.

 

(a)           If any Change in Law shall:

 

(i)           impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except the Reserve Requirement reflected in the LIBOR Rate) or the Issuing Lender;

 

(ii)          subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)         impose on any Lender or the Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or LIBOR Loans made by such Lender or any Letter of Credit or participation therein, excluding costs or expenses to the extent reflected in the Reserve Requirement or the Mandatory Costs Rate;

 

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

 

    	60

    	 

    
 

 

(b)           If any Lender or the Issuing Lender determines that any Change in Law affecting such Lender or the Issuing Lender or any Lending Office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Lender, to a level below that which such Lender or such Issuing Lender or such Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding company with respect to capital adequacy and liquidity) by an amount deemed by such Lender or the Issuing Lender, as the case may be, to be material, then from time to time the Parent Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company for any such reduction suffered.

 

(c)           A certificate of a Lender or the Issuing Lender (which shall be in reasonable detail) setting forth the amount or amounts necessary to compensate such Lender or Issuing Lender or its respective holding company, as specified in Section 2.16(a) or Section 2.16(b), and delivered to the applicable Borrower shall be conclusive absent manifest error.  The applicable Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof.

 

(d)           Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender or the Issuing Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or the Issuing Lender, as the case may be,  notifies the applicable Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)           If, on or prior to the first day of any Interest Period, (y) the Administrative Agent shall have determined in good faith that adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate for such Interest Period or (z) the Administrative Agent shall have received written notice from the Required Lenders of their determination in good faith that the rate of interest referred to in the definition of “LIBOR Rate” upon the basis of which the Adjusted LIBOR Rate for LIBOR Loans for such Interest Period is to be determined will not adequately and fairly reflect the cost to such Lenders of making or maintaining LIBOR Loans during such Interest Period, the Administrative Agent will forthwith so notify the Borrowers and the Lenders.  Upon such notice, (i) all then outstanding LIBOR Loans shall automatically, on the expiration date of the respective Interest Periods applicable thereto (unless then repaid in full), be converted into Base Rate Loans, (ii) the obligation of the Lenders to make, to convert Base Rate Loans into, or to continue, LIBOR Loans shall be suspended (including pursuant to the Borrowing to which such Interest Period applies), and (iii) any Notice of Borrowing or Notice of Conversion/Continuation given at any time thereafter with respect to LIBOR Loans shall be deemed to be a request for Base Rate Loans, in each case until the Administrative Agent or the Required Lenders, as the case may be, shall have determined that the circumstances giving rise to such suspension no longer exist (and the Required Lenders, if making such determination, shall have so notified the Administrative Agent), and the Administrative Agent shall have so notified the Borrowers and the Lenders.

 

    	61

    	 

    
 

 

(f)          Notwithstanding any other provision in this Agreement, if, at any time after the date hereof and from time to time, any Lender shall have determined in good faith that the introduction of or any change in any applicable law, rule or regulation or in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or compliance with any guideline or request from any such Governmental Authority (whether or not having the force of law), has or would have the effect of making it unlawful for such Lender to make or to continue to make or maintain LIBOR Loans, such Lender will forthwith so notify the Administrative Agent and the Borrowers.  Upon such notice, (i) each of such Lender’s then outstanding LIBOR Loans shall automatically, on the expiration date of the respective Interest Period applicable thereto (or, to the extent any such LIBOR Loan may not lawfully be maintained as a LIBOR Loan until such expiration date, upon such notice) and to the extent not sooner prepaid, be converted into a Base Rate Loan, (ii) the obligation of such Lender to make, to convert Base Rate Loans into, or to continue, LIBOR Loans shall be suspended (including pursuant to any Borrowing for which the Administrative Agent has received a Notice of Borrowing but for which the Borrowing Date has not arrived), and (iii) any Notice of Borrowing or Notice of Conversion/Continuation given at any time thereafter with respect to LIBOR Loans shall, as to such Lender, be deemed to be a request for a Base Rate Loan, in each case until such Lender shall have determined that the circumstances giving rise to such suspension no longer exist and shall have so notified the Administrative Agent, and the Administrative Agent shall have so notified the Borrowers.

 

2.17         Taxes.

 

(a)           Issuing Lender. For purposes of this Section 2.17, the term “Lender” includes any Issuing Lender.

 

(b)           Payments Free of Taxes. Any and all payments by or on account of any obligation of a Borrower under any Credit Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

    	62

    	 

    
 

 

(c)           Payment of Other Taxes by the Borrowers. Each Borrower (without duplication of Section 2.17(b)) shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent or such other Recipient timely reimburse it for the payment of, any Other Taxes.

 

(d)           Indemnification by the Borrowers. Each Borrower, as applicable, shall severally indemnify each Recipient, within ten (10) Business Days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient (whether directly or pursuant to Section 2.17(e)) or required to be withheld or deducted from a payment to such Recipient and any reasonable out-of-pocket expenses arising therefrom or with respect thereto.  A certificate as to the amount of such payment or liability (which shall be in reasonable detail) delivered to the Parent Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.  The Administrative Agent and each Lender agrees to cooperate with any reasonable request made by a Borrower in respect of a claim of a refund in respect of Indemnified Taxes as to which it has been indemnified by such Borrower or with respect to which such Borrower has paid additional amounts pursuant to this Section 2.17(d) if (i) such Borrower has agreed in writing to pay all of the Administrative Agent’s or such Lender’s reasonable out-of-pocket costs and expenses relating to such claim, (ii) the Administrative Agent or such Lender determines, in its good faith judgment, that it would not be disadvantaged, unduly burdened or prejudiced as a result of such claim and (iii) such Borrower furnishes, upon request of the Administrative Agent or such Lender, an opinion of tax counsel (such opinion and such counsel to be reasonably acceptable to the Administrative Agent or such Lender) to the effect that such Indemnified Taxes were wrongly or illegally imposed.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to a Borrower or any other Person.

 

(e)           Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 Business Days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that a Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Credit Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Credit Document or otherwise payable by the Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

 

    	63

    	 

    
 

 

(f)            Evidence of Payments. As soon as practicable after any payment of Taxes by a Borrower to a Governmental Authority pursuant to this Section 2.17, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(g)           Status of Lenders.

 

(i)          Any Lender that is entitled to an exemption from, or reduction in the rate of, the imposition, deduction or withholding of any Indemnified Taxes with respect to payments made under any Credit Document shall deliver to the Parent Borrower and the Administrative Agent, at the time or times reasonably requested by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Parent Borrower or the Administrative Agent as will permit such payments to be made without imposition, deduction or withholding of such Indemnified Taxes or at a reduced rate. In addition, any Lender, if reasonably requested by the Parent Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Parent Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.17(g) (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if such Lender is not legally able to complete, execute and submit such documentation.

 

(ii)          Without limiting the generality of the foregoing, in the event that a Borrower is a U.S. Borrower,

 

(A)         any Lender that is a U.S. Person shall deliver to such Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)           any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), whichever of the following is applicable:

 

    	64

    	 

    
 

 

(1)          in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Credit Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Credit Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

(2)           executed originals of IRS Form W-8ECI;

 

(3)          in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of such Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or

 

(4)           to the extent a Foreign Lender is not the beneficial owner of a payment received under any of the Credit Documents, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect partner;

 

(C)          any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit such Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

    	65

    	 

    
 

 

(D)           if a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to such Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by such Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by such Borrower or the Administrative Agent as may be necessary for such Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Parent Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(h)           Treatment of Certain Refunds. If any party determines, in its reasonable discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17) or that it has obtained, utilized and retained a Tax credit or relief which is attributable to such indemnity payment or additional amount, it shall pay to the indemnifying party an amount equal to such refund or the amount of such credit or relief (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund, credit or relief), net of all reasonable out-of-pocket expenses of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund, credit or relief). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay an amount in respect of such refund, credit or relief to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund,  credit or relief had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to the indemnifying party or any other Person.

 

    	66

    	 

    
 

 

(i)            U.K. Borrower Provisions.

 

(i)           Notwithstanding anything to the contrary set forth in this Section 2.17, the Subsidiary Borrower is not required to pay additional amounts to a Lender (other than a new Lender pursuant to a request by a Borrower under Section 2.19) pursuant to this Section 2.17 in respect of any Tax that is required by the United Kingdom to be withheld from a payment of interest on a Loan made to the Subsidiary Borrower if at the time the payment falls due (i) the relevant Lender is not a UK Qualifying Lender and that Tax would not have been required to be withheld had that Lender been a UK Qualifying Lender unless the reason that that Lender is not a UK Qualifying Lender is a change after the date on which it became a Lender under this Agreement in (or in the interpretation, administration or application of) any law or double taxation agreement or any published practice or published concession of any relevant Governmental Authority; or (ii) the relevant Lender is a UK Treaty Lender and the Subsidiary Borrower is able to demonstrate that that Tax is required to be withheld as a result of the failure of the relevant Lender to comply with its obligations under this Section 2.17(i)(i).  Any Lender which is a Lender in respect of a Loan to the Subsidiary Borrower and which is not, or ceases to be, a UK Qualifying Lender, for whatever reason, shall promptly notify the Administrative Agent and the Subsidiary Borrower.  In relation to all payments to be made to a UK Treaty Lender by the Subsidiary Borrower, such Lender shall cooperate with the Subsidiary Borrower in completing any procedural formalities necessary for the Subsidiary Borrower to obtain authorization to make such a payment without a deduction or withholding for or on account of UK Taxes including, to the extent applicable, making and filing an appropriate application for relief under a double taxation agreement.  Nothing in this Section 2.17(i)(i) shall require a UK Treaty Lender to: (a) register under the HMRC DT Treaty Passport Scheme; or (b) apply the HMRC DT Treaty Passport Scheme to any Loan if it has so registered.

 

(ii)          If a UK Treaty Lender wishes the HMRC DT Treaty Passport Scheme to apply to this Agreement, it shall include an indication to that effect by including its scheme reference number and jurisdiction of tax residence opposite its name in Schedule 1.1(a) if it is a party hereto on the Closing Date or, in the case where it becomes a Lender after the Closing Date or it is a party hereto on the Closing Date and obtains a scheme reference number after the Closing Date, it shall provide written notice to that effect to the Subsidiary Borrower (including its scheme reference number and jurisdiction of tax residence in such notice) and the Subsidiary Borrower shall file a duly completed DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of the Closing Date or, as applicable, promptly following receipt of such notice (and in any event no later than the date 30 days after receipt thereof); provided that in the case of a Lender party hereto on the Closing Date that does not obtain its scheme reference number until after the Closing Date, such notice shall be received by the Subsidiary Borrower prior to the date 21 days after the Closing Date and, for the avoidance of doubt, if such notice is received by the Subsidiary Borrower after the date 21 days after the Closing Date, then the parties agree that the HMRC DT Treaty Passport Scheme shall not apply to this Agreement in respect of such Lender.

 

(j)            Survival. Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Credit Document.

 

    	67

    	 

    
 

 

2.18          Compensation.  Each Borrower will compensate each Lender upon demand for all losses, expenses and liabilities (including any loss, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by such Lender to fund or maintain LIBOR Loans) that such Lender may incur or sustain (i) if for any reason (other than a default by such Lender) a Borrowing or continuation of, or conversion into, a LIBOR Loan to such Borrower does not occur on a date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation given by such Borrower, (ii) if any repayment, prepayment or conversion of any LIBOR Loan to such Borrower occurs on a date other than the last day of an Interest Period applicable thereto (including as a consequence of any assignment made pursuant to Section 2.19(a) or any acceleration of the maturity of the Loans pursuant to Section 8.2), (iii) if any prepayment of any LIBOR Loan to such Borrower is not made on any date specified in a notice of prepayment given by such Borrower or (iv) as a consequence of any other failure by such Borrower to make any payments with respect to any LIBOR Loan to such Borrower when due hereunder.  Calculation of all amounts payable to a Lender under this Section 2.18 shall be made as though such Lender had actually funded its relevant LIBOR Loan through the purchase of a Eurodollar deposit bearing interest at the LIBOR Rate in an amount equal to the amount of such LIBOR Loan, having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be utilized only for the calculation of amounts payable under this Section 2.18.  A certificate (which shall be in reasonable detail) showing the bases for the determinations set forth in this Section 2.18 by any Lender as to any additional amounts payable pursuant to this Section 2.18 shall be submitted by such Lender to the applicable Borrower either directly or through the Administrative Agent.  Determinations set forth in any such certificate made in good faith for purposes of this Section 2.18 of any such losses, expenses or liabilities shall be conclusive absent manifest error.

 

2.19         Replacement of Lenders; Mitigation of Costs.

 

(a)          The Parent Borrower may, at any time (other than after the occurrence and during the continuance of an Event of Default) at its sole expense and effort, require any Lender (i) that has requested compensation from a Borrower under Sections 2.16(a) or 2.16(b) or payments from a Borrower under Section 2.17, or (ii) the obligation of which to make or maintain LIBOR Loans or any funded participations in Letters of Credit not refinanced through a Borrowing of Revolving Loans has been suspended under Section 2.16(f) or (iii) that is a Defaulting Lender or a Non-Consenting Lender, in any case upon notice to such Lender and the Administrative Agent, to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.6), all of its interests, rights (other than its existing rights to payments pursuant to Section 2.16 or Section 2.17) and obligations under this Agreement and the related Credit Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

 

(i)           the Administrative Agent shall have received the assignment fee specified in Section 10.6(b)(iv), which fee shall be payable by the Parent Borrower or such assignee;

 

(ii)          such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and any funded participations in Letters of Credit and Swingline Loans not refinanced through the Borrowing of Revolving Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents (including any amounts under Section 2.18) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the applicable Borrower (in the case of all other amounts);

 

    	68

    	 

    
 

 

(iii)         in the case of any such assignment resulting from a request for compensation under Sections 2.16(a) or 2.16(b) or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)         in the case of an assignment of the interests, rights and obligations under this Agreement and the related Credit Documents of a Non-Consenting Lender, such assignee shall have approved (or shall approve) such consent, waiver or amendment that resulted in the Non-Consenting Lender becoming a Non-Consenting Lender; and

 

(v)          such assignment does not conflict with applicable Requirements of Law.

 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Parent Borrower to require such assignment and delegation cease to apply.

 

(b)         If any Lender requests compensation under Sections 2.16(a) or 2.16(b), or a Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender gives a notice pursuant to Section 2.16(f), then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.16(a), 2.16(b) or 2.17, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 2.16(f), as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Parent Borrower, on behalf of the Borrowers, hereby agrees to pay all reasonable out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

    	69

    	 

    
 

 

2.20         Letters of Credit.

 

(a)           Issuance.  Subject to and upon the terms and conditions herein set forth, so long as no Default or Event of Default has occurred and is continuing, the Issuing Lender will, at any time and from time to time on and after the Closing Date and prior to the earlier of (y) the Letter of Credit Maturity Date and (z) the Termination Date, and upon request by the applicable Borrower in accordance with the provisions of Section 3.2, (i) issue for the account of New ICE Parent or any of its Subsidiaries under the Dollar Revolving Commitments one or more irrevocable standby letters of credit denominated in Dollars and in a form customarily used or otherwise approved by the Issuing Lender (collectively with the Existing Letters of Credit, and, in each case, with all amendments, modifications and supplements thereto, substitutions therefor and renewals and restatements thereof, the “Dollar Letters of Credit”) and (ii) issue for the account of any Borrower or any of its Subsidiaries under the Multicurrency Revolving Commitments one or more irrevocable standby letters of credit denominated in Dollars or any Foreign Currency and in a form customarily used or otherwise approved by the Issuing Lender (with all amendments, modifications and supplements thereto, substitutions therefor and renewals and restatements thereof, the “Multicurrency Letters of Credit”, and collectively with the Dollar Letters of Credit, the “Letters of Credit”).  The Stated Amount of each Letter of Credit shall not be less than $100,000.00 (other than with respect to an Existing Letter of Credit).  Notwithstanding the foregoing:

 

(i)           No Dollar Letter of Credit shall be issued if the Stated Amount upon issuance when added to the Aggregate Dollar Revolving Credit Exposure, would exceed the aggregate Dollar Revolving Commitments at such time;

 

(ii)          No Multicurrency Letter of Credit shall be issued if the Stated Amount upon issuance when added to the Aggregate Multicurrency Revolving Credit Exposure, would exceed the aggregate Multicurrency Revolving Commitments at such time;

 

(iii)         Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, or otherwise will benefit, New ICE Parent or any of its Subsidiaries (other than a Borrower), such Borrower requesting such Letter of Credit shall be obligated to reimburse the Issuing Lender hereunder for any and all drawings under such Letter of Credit (and each Borrower hereby acknowledges that the issuance of Letters of Credit for the benefit of such Persons inures to the benefit of such Borrower and that such Borrower’s business derives substantial benefits from the businesses of such Persons);

 

(iv)         No Letter of Credit shall be issued that by its terms expires later than the Letter of Credit Maturity Date or, in any event, more than one year after its date of issuance; provided, however, that a Letter of Credit may, if requested by a Borrower, provide by its terms, and on terms acceptable to the Issuing Lender, for renewal for successive periods of one year or less (but not beyond the Letter of Credit Maturity Date), unless and until the Issuing Lender shall have delivered a notice of nonrenewal to the beneficiary of such Letter of Credit; and

 

(v)          The Issuing Lender shall be under no obligation to issue any Letter of Credit if, at the time of such proposed issuance, (A) any order, judgment or decree of any Governmental Authority or arbitrator shall purport by its terms to enjoin or restrain the Issuing Lender from issuing such Letter of Credit, or any Requirement of Law applicable to the Issuing Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Lender with respect to such Letter of Credit any restriction or reserve or capital requirement (for which the Issuing Lender is not otherwise compensated) not in effect on the Closing Date, or any unreimbursed loss, cost or expense that was not applicable, in effect or known to the Issuing Lender as of the Closing Date and that the Issuing Lender in good faith deems material to it, (B) the Issuing Lender shall have actual knowledge, or shall have received notice from any Lender, prior to the issuance of such Letter of Credit that one or more of the conditions specified in Section 3.2 are not then satisfied (or have not been waived in writing as required herein) or that the issuance of such Letter of Credit would violate the provisions of Section 2.20(a), (C) with respect to any Dollar Letter of Credit, any Dollar Revolving Lender is at such time a Defaulting Lender hereunder, unless the aggregate Dollar Letter of Credit Exposure of such Lender has been reallocated pursuant to Section 2.22(a)(iv) and any amount not reallocated has been cash collateralized pursuant to Section 2.22(a)(v) or the Issuing Lender has entered into other satisfactory arrangements with the Parent Borrower or such Lender to eliminate the Issuing Lender’s risk with respect to such Lender, or (D) with respect to any Multicurrency Letter of Credit, any Multicurrency Revolving Lender is at such time a Defaulting Lender hereunder, unless the aggregate Multicurrency Letter of Credit Exposure of such Lender has been reallocated pursuant to Section 2.22(a)(iv) and any amount not reallocated has been cash collateralized pursuant to Section 2.22(a)(v) or the Issuing Lender has entered into other satisfactory arrangements with the Borrowers or such Lender to eliminate the Issuing Lender’s risk with respect to such Lender.

 

    	70

    	 

    
 

 

(b)           Notices.  Whenever a Borrower desires the issuance of a Letter of Credit, such Borrower will give the Issuing Lender written notice with a copy to the Administrative Agent not later than 12:00 noon, Charlotte, North Carolina time, three Business Days (or such shorter period as is acceptable to the Issuing Lender in any given case) prior to the requested date of issuance thereof.  Each such notice (each, a “Letter of Credit Notice”) shall be irrevocable, shall be given in the form of Exhibit B-4 and shall specify (i) the requested date of issuance, which shall be a Business Day, (ii) whether the Letter of Credit shall be a Dollar Letter of Credit or a Multicurrency Letter of Credit, (iii) the requested Stated Amount and expiry date of the Letter of Credit, and (iv) the name and address of the requested beneficiary or beneficiaries of the Letter of Credit.  Such Borrower will also complete any application procedures and documents reasonably required by the Issuing Lender in connection with the issuance of any Letter of Credit.  Upon its issuance of any Letter of Credit, the Issuing Lender will promptly notify the Administrative Agent of such issuance, and the Administrative Agent will give prompt notice thereof to each Dollar Revolving Lender or Multicurrency Revolving Lender, as applicable.  The renewal or extension of any outstanding Letter of Credit shall, for purposes of this Section 2.20, be treated in all respects as the issuance of a new Letter of Credit.

 

(c)           Participations.  Immediately upon the issuance of any Dollar Letter of Credit or Multicurrency Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Dollar Revolving Lender or Multicurrency Revolving Lender, respectively, and each Dollar Revolving Lender or Multicurrency Lender, as applicable, shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty (except for the absence of Liens thereon created, incurred or suffered to exist by, through or under the Issuing Lender), an undivided interest and participation, pro rata (based on the proportion that its Dollar Revolving Commitment bears to the aggregate Dollar Revolving Commitments or its Multicurrency Revolving Commitment bears to the aggregate Multicurrency Revolving Commitments, as applicable, at such time, or if the Dollar Revolving Commitments or Multicurrency Revolving Commitments, as applicable, have been terminated, based on the proportion that its Dollar Revolving Commitment bears to the aggregate Dollar Revolving Commitments or its Multicurrency Revolving Commitment bears to the aggregate Multicurrency Revolving Commitments, as applicable, in each case immediately prior to the termination thereof), in such Letter of Credit, each drawing made thereunder and the obligations of the applicable Borrower under this Agreement with respect thereto and any guaranty pertaining thereto; provided, however, that the fees relating to Letters of Credit described in Sections 2.10(b)(ii) and 2.10(b)(iii) shall be payable directly to the Issuing Lender as provided therein, and the other Revolving Lenders shall have no right to receive any portion thereof.  In consideration and in furtherance of the foregoing, (i) each Dollar Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Lender, such Dollar Revolving Lender’s pro rata share (determined as provided above) of each Dollar Reimbursement Obligation not reimbursed by the Parent Borrower on the date due as provided in Section 2.20(d) or through the Borrowing of Dollar Revolving Loans as provided in Section 2.20(e) (because the conditions set forth in Section 3.2 cannot be satisfied, or for any other reason), or of any reimbursement payment required to be refunded to the Parent Borrower for any reason, and (ii) each Multicurrency Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Lender, such Multicurrency Revolving Lender’s pro rata share (determined as provided above) of each Multicurrency Reimbursement Obligation not reimbursed by the applicable Borrower on the date due as provided in Section 2.20(d) or, with respect to a Multicurrency Letter of Credit denominated in Dollars, through the Borrowing of Multicurrency Revolving Loans as provided in Section 2.20(e) (because the conditions set forth in Section 3.2 cannot be satisfied, or for any other reason), or of any reimbursement payment required to be refunded to a Borrower for any reason.  Upon any change in the Commitments of any of the Revolving Lenders, with respect to all outstanding Letters of Credit and Reimbursement Obligations there shall be an automatic adjustment to the applicable participations pursuant to this Section 2.20(c) to reflect the new pro rata shares of the assigning Revolving Lender and the assignee.  Each Lender’s obligation to make payment to the Issuing Lender pursuant to this Section 2.20(c) shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including the termination of the Dollar Revolving Commitments or Multicurrency Revolving Commitments or the existence of any Default or Event of Default, and each such payment shall be made without any offset, abatement, reduction or withholding whatsoever.

 

    	71

    	 

    
 

 

(d)           Reimbursement.  Each Borrower hereby agrees to reimburse the Issuing Lender by making payment to the Administrative Agent, for the account of the Issuing Lender, in immediately available funds, for any payment made by the Issuing Lender under any Letter of Credit issued for the account of such Borrower or its Subsidiaries (each such amount so paid until reimbursed, together with interest thereon payable as provided hereinbelow with respect to a Dollar Letter of Credit , a “Dollar Reimbursement Obligation”, and with respect to a Multicurrency Letter of Credit, a “Multicurrency Reimbursement Obligation”, each a “Reimbursement Obligation”) immediately upon, and in any event on the same Business Day as, the making of such payment by the Issuing Lender (provided that any such Reimbursement Obligation shall be deemed timely satisfied (but nevertheless subject to the payment of interest thereon as provided hereinbelow) if satisfied pursuant to a Borrowing of Dollar Revolving Loans or Multicurrency Revolving Loans, as applicable, made on the date of such payment by the Issuing Lender, as set forth more completely in Section 2.20(e)), together with interest on the amount so paid by the Issuing Lender, to the extent not reimbursed prior to 2:00 p.m., Charlotte, North Carolina time, on the date of such payment or disbursement, for the period from the date of the respective payment to the date the Reimbursement Obligation created thereby is satisfied, (i) at the Adjusted Base Rate as in effect from time to time during such period with respect to Dollar Letters of Credit and Multicurrency Letters of Credit denominated in Dollars, and (ii) at the Adjusted LIBOR Market Index Rate with respect to Multicurrency Letters of Credit denominated in any Foreign Currency, in each case, with such interest also to be payable on demand.  The Issuing Lender will provide the Administrative Agent and the applicable Borrower with prompt notice of any payment or disbursement made or to be made under any Letter of Credit, although the failure to give, or any delay in giving, any such notice shall not release, diminish or otherwise affect such Borrower’s obligations under this Section 2.20(d) or any other provision of this Agreement.  The Administrative Agent will promptly pay to the Issuing Lender any such amounts received by it under this Section 2.20(d).

 

    	72

    	 

    
 

 

(e)           Payment by Revolving Loans.  In the event that the Issuing Lender makes any payment under any Dollar Letter of Credit or Multicurrency Letter of Credit denominated in Dollars and the applicable Borrower shall not have timely satisfied in full its Reimbursement Obligation to the Issuing Lender pursuant to Section 2.20(d), and to the extent that any amounts then held in the Cash Collateral Account established pursuant to Section 2.20(i) shall be insufficient to satisfy such Reimbursement Obligation in full, the Issuing Lender will promptly notify the Administrative Agent, and the Administrative Agent will promptly notify (i) each Dollar Revolving Lender, with respect to any such Dollar Letter of Credit, or (ii) each Multicurrency Revolving Lender, with respect to any such Multicurrency Letter of Credit, of such failure.  If the Administrative Agent gives such notice prior to 12:00 noon, Charlotte, North Carolina time, on any Business Day, each Dollar Revolving Lender or Multicurrency Revolving Lender, as applicable, will make available to the Administrative Agent, for the account of the Issuing Lender, its pro rata share (based on the percentage of the aggregate Dollar Revolving Commitments represented by such Lender’s Dollar Revolving Commitment or the percentage of the aggregate Multicurrency Revolving Commitments represented by such Lender’s Multicurrency Revolving Commitment, as applicable) of the amount of such payment on such Business Day in immediately available funds.  If the Administrative Agent gives such notice after 12:00 noon, Charlotte, North Carolina time, on any Business Day, each such Dollar Revolving Lender shall make its pro rata share of such amount available to the Administrative Agent on the next succeeding Business Day.  If and to the extent any Revolving Lender shall not have so made its pro rata share of the amount of such payment available to the Administrative Agent as set forth above, such Revolving Lender agrees to pay to the Administrative Agent, for the account of the Issuing Lender, forthwith on demand such amount, together with interest thereon at the Federal Funds Rate for each day from such date until the date such amount is paid to the Administrative Agent.  The failure of any Revolving Lender to make available to the Administrative Agent its pro rata share of any payment under any Letter of Credit shall not relieve any other Revolving Lender of its obligation hereunder to make available to the Administrative Agent its pro rata share of any payment under any Letter of Credit on the date required, as specified above, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available to the Administrative Agent such other Revolving Lender’s pro rata share of any such payment.  Each such payment by a Revolving Lender under this Section 2.20(e) of its pro rata share of an amount paid by the Issuing Lender shall constitute a Dollar Revolving Loan or Multicurrency Revolving Loan, as applicable, by such Revolving Lender (the applicable Borrower being deemed to have given a timely Notice of Borrowing therefor) and shall be treated as such for all purposes of this Agreement; provided that for purposes of determining the aggregate Unutilized Dollar Revolving Commitments or aggregate Unutilized Multicurrency Revolving Commitments, as applicable, immediately prior to giving effect to the application of the proceeds of such Revolving Loans, the applicable Reimbursement Obligation being satisfied thereby shall be deemed not to be outstanding at such time.  Each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.20(e) shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including the failure of the amount of such Borrowing of Revolving Loans to meet the minimum Borrowing amount specified in Section 2.2(b); provided, however, that each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.20(e) is subject to the conditions set forth in Section 3.2 (other than delivery by the applicable Borrower of a Notice of Borrowing).

 

    	73

    	 

    
 

 

(f)           Payment to Revolving Lenders.  Whenever the Issuing Lender receives a payment in respect of a Reimbursement Obligation as to which the Administrative Agent has received, for the account of the Issuing Lender, any payments from the Dollar Revolving Lenders or the Multicurrency Revolving Lenders pursuant to Section 2.20(e), the Issuing Lender will promptly pay to the Administrative Agent, and the Administrative Agent will promptly pay to each Dollar Revolving Lender or Multicurrency Revolving Lender, as applicable, that has paid its pro rata share thereof, in immediately available funds, an amount equal to such Dollar Revolving Lender’s or Multicurrency Revolving Lender’s, as applicable, ratable share (based on the proportionate amount funded by such Dollar Revolving Lender to the aggregate amount funded by all Dollar Revolving Lenders or the proportionate amount funded by such Multicurrency Revolving Lender to the aggregate amount funded by all Multicurrency Revolving Lenders, as applicable) of such Reimbursement Obligation.

 

(g)           Existing Letters of Credit.  The Parent Borrower and the Lenders agree that, on and as of the Closing Date, each Existing Letter of Credit issued for the account of the Parent Borrower or any of its Subsidiaries will be deemed continued for the account of such Person under this Agreement as a Dollar Letter of Credit issued pursuant to this Section 2.19.

 

(h)           Obligations Absolute.  The Reimbursement Obligations of each Borrower shall be irrevocable, shall remain in effect until the Issuing Lender shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit, and shall be absolute and unconditional, shall not be subject to counterclaim, setoff or other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including any of the following circumstances:

 

(i)           Any lack of validity or enforceability of this Agreement, any of the other Credit Documents or any documents or instruments relating to any Letter of Credit;

 

(ii)          Any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations in respect of any Letter of Credit or any other amendment, modification or waiver of or any consent to departure from any Letter of Credit or any documents or instruments relating thereto, in each case whether or not such Borrower has notice or knowledge thereof;

 

(iii)         The existence of any claim, setoff, defense or other right that such Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the Issuing Lender, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated hereby or any unrelated transactions (including any underlying transaction between such Borrower and the beneficiary named in any such Letter of Credit);

 

    	74

    	 

    
 

 

(iv)         Any draft, certificate or any other document presented under the Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect (provided that such draft, certificate or other document appears on its face to comply with the terms of such Letter of Credit), any errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, telecopier or otherwise, or any errors in translation or in interpretation of technical terms;

 

(v)          Any defense based upon the failure of any drawing under a Letter of Credit to conform to the terms of the Letter of Credit (provided that any draft, certificate or other document presented pursuant to such Letter of Credit appears on its face to comply with the terms thereof), any nonapplication or misapplication by the beneficiary or any transferee of the proceeds of such drawing or any other act or omission of such beneficiary or transferee in connection with such Letter of Credit;

 

(vi)         The exchange, release, surrender or impairment of any collateral or other security for the Obligations;

 

(vii)        The occurrence of any Default or Event of Default; or

 

(viii)       Any other circumstance or event whatsoever, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, such Borrower or any guarantor.

 

Any action taken or omitted to be taken by the Issuing Lender under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct, shall be binding upon the Borrowers and each Lender and shall not create or result in any liability of the Issuing Lender to the Borrowers or any Lender.  It is expressly understood and agreed that, for purposes of determining whether a wrongful payment under a Letter of Credit resulted from the Issuing Lender’s gross negligence or willful misconduct, (i) the Issuing Lender’s acceptance of documents that appear on their face to comply with the terms of such Letter of Credit, without responsibility for further investigation, regardless of any notice or information to the contrary, (ii) the Issuing Lender’s exclusive reliance on the documents presented to it under such Letter of Credit as to any and all matters set forth therein, including the amount of any draft presented under such Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be insufficient in any respect (so long as such document appears on its face to comply with the terms of such Letter of Credit), and whether or not any other statement or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever, and (iii) any noncompliance in any immaterial respect of the documents presented under such Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute gross negligence or willful misconduct of the Issuing Lender.

 

    	75

    	 

    
 

 

(i)           Cash Collateral Account.  At any time and from time to time (i) after the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the direction or with the consent of (i) with respect to any Dollar Letter of Credit, the Required Dollar Revolving Lenders, or (ii) with respect to any Multicurrency Letter of Credit, the Required Multicurrency Revolving Lenders, shall, require the Parent Borrower (on behalf of itself or the Subsidiary Borrower, as applicable) to deliver to the Administrative Agent such additional amount of cash as is equal to 100% of the aggregate Stated Amount of all Letters of Credit at any time outstanding for the account of a Borrower or its Subsidiaries (whether or not any beneficiary under any Letter of Credit shall have drawn or be entitled at such time to draw thereunder) and (ii) in the event of a prepayment under Section 2.7(c), the Administrative Agent will retain such amount as may then be required to be retained, such amounts to be held by the Administrative Agent in a cash collateral account (the “Cash Collateral Account”).  The Parent Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing Lender, the Dollar Revolving Lenders and the Multicurrency Revolving Lenders, a Lien upon and security interest in the Cash Collateral Account and all amounts held therein from time to time as security for Letter of Credit Exposure, and for application to the applicable Borrower’s Reimbursement Obligations as and when the same shall arise.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account.  Other than any interest on the investment of such amounts in Cash Equivalents, which investments shall be made at the direction of the Parent Borrower (unless a Default or Event of Default shall have occurred and be continuing, in which case the determination as to investments shall be made at the option and in the discretion of the Administrative Agent), amounts in the Cash Collateral Account shall not bear interest.  Interest and profits, if any, on such investments shall accumulate in such account.  In the event of a drawing, and subsequent payment by the Issuing Lender, under any Letter of Credit at any time during which any amounts are held in the Cash Collateral Account, the Administrative Agent will deliver to the Issuing Lender an amount equal to the Reimbursement Obligation created as a result of such payment (or, if the amounts so held are less than such Reimbursement Obligation, all of such amounts) to reimburse the Issuing Lender therefor.  Any amounts remaining in the Cash Collateral Account (including interest) after the expiration of all Letters of Credit and reimbursement in full of the Issuing Lender for all of its obligations thereunder shall be held by the Administrative Agent, for the benefit of the Parent Borrower or the Subsidiary Borrower, as applicable, to be applied against the Obligations of the Borrowers in such order and manner as the Administrative Agent may direct.  If the Parent Borrower is required to provide cash collateral pursuant to Section 2.7(c), such amount (including interest), to the extent not applied as aforesaid, shall be returned to the Parent Borrower on demand, provided that after giving effect to such return (i) the Aggregate Dollar Revolving Credit Exposure would not exceed the aggregate Dollar Revolving Commitments at such time, (ii) the Aggregate Multicurrency Revolving Credit Exposure would not exceed the aggregate Multicurrency Revolving Commitments at such time, and (ii) no Default or Event of Default shall have occurred and be continuing at such time.  If the Parent Borrower is required to provide cash collateral as a result of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Parent Borrower within three Business Days after all Events of Default have been waived.

 

(j)           The Issuing Lender.  The Issuing Lender shall act on behalf of the Dollar Revolving Lenders with respect to any Dollar Letters of Credit issued by it and the documents associated therewith and shall act on behalf of the Multicurrency Revolving Lenders with respect to any Multicurrency Letters of Credit issued by it and the documents associated therewith, and, in each case, the Issuing Lender shall have all of the rights, benefits and immunities (a) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by it in connection with Letters of Credit issued by it or proposed to be issued by it and any documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included the Issuing Lender with respect to such acts or omissions, and (b) as additionally provided herein with respect to the Issuing Lender.

 

    	76

    	 

    
 

 

(k)            Effectiveness.  Notwithstanding any termination of the Commitments or repayment of the Loans, or both, the obligations of each Borrower under this Section 2.20 shall remain in full force and effect until the Issuing Lender, the Dollar Revolving Lenders and the Multicurrency Revolving Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.

 

2.21          Increase in Commitments.

 

(a)           From time to time on and after the Closing Date and prior to the Termination Date, the Parent Borrower may, upon at least 30 days’ notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Lenders), propose to increase the aggregate amount of the Revolving Commitments of any Class by an amount which (i) is not less than $100,000,000 or, if greater, an integral multiple of $10,000,000 in excess thereof, with respect to any such request and (ii) when aggregated with all prior and concurrent increases in the Revolving Commitments of all Classes pursuant to this Section 2.21, is not in excess of $400,000,000.  The Parent Borrower may increase the aggregate amount of the Revolving Commitments by (x) having another lender or lenders (each, an “Additional Lender”) become party to this Agreement, (y) agreeing with any Lender (with the consent of such Lender in its sole discretion) to increase its Revolving Commitment hereunder (each, an “Increasing Lender”) or (z) a combination of the procedures described in clauses (x) and (y) of this sentence; provided that no Lender shall be obligated to increase its Revolving Commitment without its consent.

 

(b)           Any increase in the Revolving Commitments pursuant to this Section 2.21 shall be subject to satisfaction of the following conditions:

 

 (i)          Each Borrower shall deliver to the Administrative Agent a certificate dated as of the applicable increase date signed by an Authorized Officer of such Borrower certifying and attaching the resolutions adopted by such Borrower approving or consenting to such increase;

 

 (ii)         Each of the representations and warranties contained in Article IV qualified as to materiality shall be true and correct and those not so qualified shall be true and correct in all material respects, in each case on and as of such date of increase with the same effect as if made on and as of such date, both immediately before and after giving effect to such increase (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct as of such date); and

 

 (iii)        At the time of such increase, no Default or Event of Default shall have occurred and be continuing or would result from such increase.

 

    	77

    	 

    
 

 

(c)          Upon any increase in the amount of the Revolving Commitments pursuant to this Section 2.21 (each, an “Additional Commitment”):

 

(i)          Each Additional Lender or Increasing Lender shall enter into a Joinder Agreement pursuant to which such Additional Lender and/or Increasing Lender shall, as of the effective date of such increase, undertake an Additional Commitment (or, in the case of an Increasing Lender, pursuant to which such Increasing Lender’s Revolving Commitment shall be increased in the agreed amount on such date) and such Additional Lender shall thereupon become (or, if an Increasing Lender, continue to be) a “Lender” for all purposes hereof.

 

(ii)         Each Borrower shall, as applicable, in coordination with the Administrative Agent, repay all outstanding Loans of the affected Class and incur additional Loans of the affected Class from other Lenders of such Class in each case so that the Lenders participate in each Borrowing of such Class pro rata on the basis of their respective Revolving Commitments of such Class (after giving effect to any increase in the Revolving Commitments pursuant to this Section 2.21) and amounts payable under Section 2.18 as a result of the actions required to be taken under this Section 2.21 shall be paid in full by the applicable Borrower or Borrowers; and

 

(iii)        If any such Additional Lender is a Foreign Lender, such Additional Lender shall deliver the forms required by Section 2.17.

 

2.22         Defaulting Lenders.

 

(a)           Defaulting Lender Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(i)           Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and in Section 10.5.

 

(ii)           Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 8.3 shall be applied at such time or times as may be determined by the Administrative Agent as follows:

 

(A)           first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;

 

(B)           second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Lender or the Swingline Lender hereunder;

 

(C)           third, to Cash Collateralize the Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.23;

 

    	78

    	 

    
 

 

(D)          fourth, as the Parent Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;

 

(E)           fifth, if so determined by the Administrative Agent and the Parent Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lender’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.23;

 

(F)          sixth, to the payment of any amounts owing to the Lenders, the Issuing Lender or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Lender or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;

 

(G)          seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to a Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and

 

(H)         eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction;

 

provided that if (x) such payment is a payment of the principal amount of any Loans or obligations in respect of Letters of Credit which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and obligations in respect of Letters of Credit owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or obligations in respect of Letters of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Reimbursement Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable Class without giving effect to Section 2.22(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.22(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)          Certain Fees.

 

(A)        No Defaulting Lender shall be entitled to receive any commitment fee payable pursuant to Section 2.10(a)(ii) or 2.10(a)(iii) for any period during which that Lender is a Defaulting Lender (and the Parent Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 

    	79

    	 

    
 

 

(B)           Each Defaulting Lender shall be entitled to receive the letter of credit fee pursuant to Sections 2.10(a)(iv) and 2.10(b)(i) for any period during which that Lender is a Defaulting Lender only to the extent allocable to its ratable share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.23.

 

(C)           With respect to any letter of credit fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Parent Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s Letter of Credit Exposure that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the Issuing Lender the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the Issuing Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

(iv)          Reallocation of Participations to Reduce Fronting Exposure. (A) If such Defaulting Lender is a Dollar Revolving Lender, all or any part of such Defaulting Lender’s unfunded Dollar Letter of Credit Exposure and Dollar Swingline Exposure shall be reallocated among the Non-Defaulting Lenders that are Dollar Revolving Lenders in accordance with their respective ratable share of the Dollar Revolving Commitments (calculated without regard to such Defaulting Lender’s Dollar Revolving Commitment) but only to the extent that (x) the conditions set forth in Sections 3.2(b) and 3.2(c) are satisfied at the time of such reallocation as if such reallocation were the making of Dollar Revolving Loans or the issuance of a Dollar Letter of Credit (and, unless the Parent Borrower shall have otherwise notified the Administrative Agent at such time, the Parent Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the Dollar Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Dollar Revolving Commitment, and (B) if such Defaulting Lender is a Multicurrency Lender, all or any part of such Defaulting Lender’s unfunded Multicurrency Letter of Credit Exposure and Multicurrency Swingline Exposure shall be reallocated among the Non-Defaulting Lenders that are Multicurrency Revolving Lenders in accordance with their respective ratable share of the Multicurrency Revolving Commitments (calculated without regard to such Defaulting Lender’s Multicurrency Revolving Commitment) but only to the extent that (x) the conditions set forth in Sections 3.2(b) and 3.2(c) are satisfied at the time of such reallocation as if such reallocation were the making of Multicurrency Revolving Loans or the issuance of a Multicurrency Letter of Credit (and, unless the applicable Borrower shall have otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the Multicurrency Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Multicurrency Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

    	80

    	 

    
 

 

(v)           Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially, be effected (x) first, the applicable Borrower shall prepay Dollar Swingline Loans or Multicurrency Swingline Loans, as the case may be, in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, the Parent Borrower (on behalf of itself or the Subsidiary Borrower, as applicable) shall Cash Collateralize the Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 2.23, in each case within one Business Day following the written request of the Administrative Agent and without prejudice to any right or remedy available to the applicable Borrower hereunder or under law.

 

(b)           Defaulting Lender Cure.  If the Parent Borrower, the Administrative Agent, the Swingline Lender and the Issuing Lender agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments of the applicable Class (without giving effect to Section 2.22(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of any Borrower while that Lender was a Defaulting Lender; provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender; and provided further that such Lender shall be obligated to reimburse the other Lenders for any breakage expenses of the type described in Section 2.19 arising as a result of the foregoing.

 

(c)           New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) the Issuing Lender shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

2.23         Cash Collateral.

 

(a)           Generally.  At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or the Issuing Lender (with a copy to the Administrative Agent), the Parent Borrower shall Cash Collateralize the Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.22(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than such Fronting Exposure.

 

    	81

    	 

    
 

 

(b)           Grant of Security Interest.  Each of the Parent Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the Issuing Lender, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of obligations in respect of Letters of Credit, to be applied pursuant to Section 2.23(c) below.  If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Lender as herein provided, or that the total amount of such Cash Collateral is less than the Fronting Exposure of the Issuing Lender, the Parent Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the applicable Defaulting Lender).

 

(c)           Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.23 or Section 2.22 in respect of Letters of Credit shall be applied to the satisfaction of the applicable Defaulting Lender’s obligation to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

 

(d)           Termination of Requirement.  Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Lender’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.23 following (i) the elimination of such Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and the Issuing Lender that there exists excess Cash Collateral; provided that, subject to Section 2.22, the Person providing Cash Collateral and the Issuing Lender may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations.

 

2.24         Additional Reserve Costs.

 

(a)           If and for so long as any Multicurrency Revolving Lender is required to make special deposits with the Bank of England, to maintain reserve asset ratios or to pay fees, in each case in respect of such Multicurrency Revolving Lender’s LIBOR Loans in any Foreign Currency, such Multicurrency Revolving Lender may require a Borrower to pay, contemporaneously with each payment of interest on each of such LIBOR Loans, additional interest on such LIBOR Loan at a rate per annum equal to the “Mandatory Costs Rate” calculated in accordance with the formula and in the manner set forth in Schedule 1.1(c) hereto (the “Mandatory Costs Rate”).

 

(b)          If and for so long as any Multicurrency Revolving Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the European Central Bank or the European System of Central Banks, but excluding requirements reflected in the Reserve Requirement or the Mandatory Costs Rate) in respect of any of such Multicurrency Revolving Lender’s LIBOR Loans in any Foreign Currency, such Multicurrency Revolving Lender may require a Borrower to pay, contemporaneously with each payment of interest on each of such Multicurrency Revolving Lender’s LIBOR Loans subject to such requirements, additional interest on such LIBOR Loan at a rate per annum specified by such Multicurrency Revolving Lender to be the cost to such Multicurrency Revolving Lender of complying with such requirements in relation to such LIBOR Loan.

 

    	82

    	 

    
 

 

(c)          Any additional interest owed pursuant to paragraph (a) or (b) above shall be determined by the relevant Multicurrency Revolving Lender, which determination shall be conclusive absent manifest error, and notified to the applicable Borrower (with a copy to the Administrative Agent) in reasonable detail at least five Business Days before each date on which interest is payable for the relevant Multicurrency Revolving Loan, and such additional interest so notified to the applicable Borrower by such Multicurrency Revolving Lender shall be payable to the Administrative Agent for the account of such Multicurrency Revolving Lender on each date on which interest is payable for such Multicurrency Revolving Loan.

 

ARTICLE III

 

CONDITIONS OF BORROWING

 

3.1           Conditions of Initial Borrowing.  The Closing Date shall occur upon the satisfaction of the following conditions precedent:

 

(a)          The Administrative Agent shall have received the following, each of which shall be originals or telecopies or in an electronic format acceptable to the Administrative Agent (followed promptly by originals) unless otherwise specified, each properly executed by a Authorized Officer of the applicable Borrower, each dated as of the Closing Date and in such number of copies as the Administrative Agent shall have reasonably requested (or, in the case of certificates of governmental officials, a recent date prior to the Closing Date) and each in a form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:

 

(i)           executed counterparts of this Agreement;

 

(ii)          to the extent requested by any Lender in accordance with Section 2.5(d), a Note or Notes for such Lender, in each case duly completed in accordance with the provisions of Section 2.5(d) and executed by each applicable Borrower;

 

(iii)         if any LIBOR Loans are to be borrowed prior to the 3rd Business Day after the Closing Date by a Borrower, the Administrative Agent shall have received, 3 Business Days prior to the date such LIBOR Loans are to be borrowed, a pre-funding LIBOR indemnity letter from such Borrower and a completed Notice of Borrowing;

 

    	83

    	 

    
 

 

(iv)         a certificate, signed by a Responsible Officer of the Parent Borrower, certifying that (i) all representations and warranties of the Borrowers contained in this Agreement and the other Credit Documents qualified as to materiality shall be true and correct and those not so qualified shall be true and correct in all material respects, in each case as of the Closing Date, both immediately before and after giving effect to the transactions contemplated hereby (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct as of such date), (ii) no Default or Event of Default has occurred and is continuing, both immediately before and after giving effect to the transactions contemplated hereby, (iii) both immediately before and after giving effect to the transactions contemplated hereby, (iii) both immediately before and after giving effect to the transactions contemplated hereby, no Material Adverse Effect has occurred since December 31, 2010, and there exists no event, condition or state of facts that would reasonably be expected to result in a Material Adverse Effect, and (iv) all conditions to the initial extensions of credit hereunder set forth in this Section 3.1 and in Section 3.2 have been satisfied or waived as required hereunder;

 

(v)          (A) a certificate of the secretary or an assistant secretary of the Parent Borrower as of the Closing Date, certifying (i) that attached thereto is a true and complete copy of the articles or certificate of incorporation, certificate of formation or other organizational document and all amendments thereto of such Borrower, certified as of a recent date by the Secretary of State (or comparable Governmental Authority) of its jurisdiction of organization, and that the same has not been amended since the date of such certification, (ii) that attached thereto is a true and complete copy of the bylaws, operating agreement or similar governing document of such Borrower, as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (iii) below were adopted to and including the date of such certificate, and (iii) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or similar governing body) of such Borrower, authorizing the execution, delivery and performance of this Agreement and the other Credit Documents to which it is a party, and as to the incumbency and genuineness of the signature of each officer of such Borrower executing this Agreement or any of such other Credit Documents, and attaching all such copies of the documents described above; and (B) a certificate of a director of the Subsidiary Borrower dated as of the Closing Date certifying (i) that attached thereto is a true and complete copy of the certificate of incorporation and any certificate of incorporation on change of name and the articles of association of the Subsidiary Borrower, and that no amendments or other changes to such certificates or articles of association has been made as of the Closing Date (except as indicated therein); (ii) that attached thereto is a true and complete copy of the resolutions passed by the board of directors of the Subsidiary Borrower resolving that it execute, deliver and perform this Agreement and the other Credit Documents to which the Subsidiary Borrower is party and authorizing a specified person or persons to execute such Credit Documents and sign and/or dispatch all documents and notices to be signed or dispatched thereunder; (iii) that attached thereto is a specimen of the signature of each person authorized by the resolutions referred to in paragraph (ii) above in relation to the Credit Documents and related documents and notices and (iv) confirming that borrowing under the Dollar Revolving Commitments and the Multicurrency Revolving Commitments, would not cause any borrowing or similar limit binding on the Subsidiary Borrower to be exceeded; and attaching copies of all the documents referred to in paragraphs (i), (ii) and (iii) above;

 

(vi)         a certificate as of a recent date of the good standing of the Parent Borrower as of the Closing Date, under the laws of its jurisdiction of organization, from the Secretary of State (or comparable Governmental Authority) of such jurisdiction;

 

    	84

    	 

    
 

 

(vii)        the favorable opinions of (A) Nelson Mullins Riley & Scarborough, LLP, special counsel to the Parent Borrower and its Subsidiaries, (B) Shearman & Sterling (London) LLP, foreign local counsel to the Subsidiary Borrower, and (C) in-house counsel to the Parent Borrower and its Subsidiaries, addressing such matters as the Administrative Agent may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent; and

 

(viii)       a Financial Conditions Certificate executed by the chief financial officer of the Parent Borrower containing the copies of the financial statements referred to in Section 4.11, attaching copies of the Projections and confirming that, as of the Closing Date, after giving effect to the consummation of the transactions contemplated hereby, the Parent Borrower and its Subsidiaries on a consolidated basis are solvent.

 

(b)          All approvals, permits and consents of any Governmental Authorities, any Self-Regulatory Organizations, or other Persons required in connection the consummation of any of the transactions contemplated hereby shall have been obtained, without the imposition of conditions that are materially adverse to the Administrative Agent or the Lenders; all applicable waiting periods shall have expired without any adverse action being taken or threatened by any Governmental Authority or Self-Regulatory Organization having jurisdiction; and no action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before, and no order, injunction or decree shall have been entered by, any court or other Governmental Authority or any Self-Regulatory Organization, in each case to enjoin, restrain or prohibit, to obtain substantial damages in respect of, or to impose materially adverse conditions upon, this Agreement, any of the other Credit Documents or the consummation of the transactions contemplated hereby or that would reasonably be expected to have a Material Adverse Effect.

 

(c)          All principal, interest and other amounts outstanding under the Parent Borrower’s (i) Credit Agreement, dated as of January 12, 2007, as amended by the First Amendment dated as of August 24, 2007 and the Second Amendment dated as of June 13, 2008, as amended and restated by the Amended and Restated Credit Agreement dated as of April 9, 2009, and as amended by the First Amendment to Amended and Restated Credit Agreement dated as of March 31, 2010, providing for $175.0 million of term loans, (ii) Credit Agreement, dated as of April 9, 2009, as amended by the First Amendment dated as of March 31, 2010, providing for $200.0 million in term loans, (iii) Credit Agreement, dated as of March 31, 2010, providing for $725.0 million of revolving loans, as amended by the First Amendment to Credit Agreement, dated as of August 26, 2010 and (iv) Credit Agreement, dated as of August 26, 2010, providing for $400.0 million in term loans (collectively, (i)-(iv), in each case as amended by the Omnibus Amendment Agreement, dated as of April 19, 2011, the “Terminating Credit Facilities”) shall be paid in full, all commitments to extend credit under the agreements and instruments relating to the Terminating Credit Facilities, all letters of credit issued thereunder shall be terminated or cancelled (or deemed issued hereunder) and all guarantees relating thereto shall be terminated; and the Administrative Agent shall have received evidence of the foregoing satisfactory to it of such terminations.

 

(d)          Since December 31, 2010, both immediately before and after giving effect to the transactions contemplated hereby, there shall not have occurred (i) a Material Adverse Effect or (ii) any event, condition or state of facts that would reasonably be expected to have a Material Adverse Effect.

 

    	85

    	 

    
 

 

(e)           The Borrowers shall have paid (i) to the Arrangers, the fees required under the Joint Fee Letter to be paid to them on the Closing Date, in the amounts due and payable on the Closing Date as required by the terms thereof, (ii) to the Administrative Agent, the initial payment of the annual administrative fee described in the Wells Fargo Fee Letter, and (iii) all other fees and reasonable expenses of the Arrangers, the Administrative Agent and the Lenders required to be paid on or prior to the Closing Date (including reasonable fees and expenses of counsel) in connection with this Agreement and the other Credit Documents.

 

(f)            The Administrative Agent shall have received a Compliance Certificate, dated as of the Closing Date, calculating the Total Leverage Ratio on the Closing Date on a Pro Forma Basis as of the fiscal quarter most recently ended, after giving effect to the making of the Loans to be made hereunder on the Closing Date, the issuance of the Senior Notes on the Closing Date and the repayment of the Terminating Credit Facilities.

 

(g)           The Administrative Agent shall have received an Account Designation Letter, together with written instructions from an Authorized Officer of each Borrower, including wire transfer information, directing the payment of the proceeds of any Loans made hereunder.

 

Without limiting the generality of the provisions of the last paragraph of Section 9.3, for purposes of determining compliance with the conditions specified in this Section 3.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

3.2            Conditions of All Borrowings.  The obligation of each Lender to make any Loans hereunder (excluding Revolving Loans made for the purpose of repaying Refunded Swingline Loans pursuant to Section 2.2(e) or for the purpose of paying unpaid Reimbursement Obligations pursuant to Section 2.20(e)), and the obligation of the Issuing Lender to issue, extend, increase or renew any Letters of Credit hereunder, is subject to the satisfaction of the following conditions precedent on the relevant Borrowing Date:

 

(a)           The Administrative Agent shall have received a Notice of Borrowing in accordance with Section 2.2(b), or (together with the Swingline Lender) a Notice of Swingline Borrowing in accordance with Section 2.2(d) or (together with the Issuing Lender) a Letter of Credit Notice in accordance with Section 2.20(b), as applicable;

 

(b)           Each of the representations and warranties of the Borrowers contained in Article IV (except the representation set forth in Section 4.10 with respect to clauses (i) and (ii) of the definition of “Material Adverse Effect” only) and in the other Credit Documents qualified as to materiality shall be true and correct and those not so qualified shall be true and correct in all material respects, in each case on and as of such Borrowing Date (including the Closing Date, in the case of the any Loans made on the Closing Date hereunder) or such date of issuance, extension, increase or renewal of a Letter of Credit with the same effect as if made on and as of such date, both immediately before and after giving effect to the Loans to be made or Letter of Credit to be issued, extended, increased or renewed on such date (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct as of such date); and

 

    	86

    	 

    
 

 

(c)          No Default or Event of Default shall have occurred and be continuing on such date, both immediately before and after giving effect to the Loans to be made or Letter of Credit to be issued, extended, increased or renewed on such date.

 

Each giving of a Notice of Borrowing, a Notice of Swingline Borrowing or a Letter of Credit Notice, and the consummation of each Borrowing or issuance, extension, increase or renewal of a Letter of Credit, shall be deemed to constitute a representation by the Borrowers that the statements contained in Sections 3.2(b) and 3.2(c) are true, both as of the date of such notice or request and as of the relevant Borrowing Date or date of issuance, extension, increase or renewal.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES

 

To induce the Administrative Agent, the Issuing Lender and the Lenders to enter into this Agreement and to induce the Lenders to extend the credit contemplated hereby and the Issuing Lender to issue Letters of Credit, each of the Borrowers and New ICE Parent represents and warrants to the Administrative Agent and the Lenders as follows:

 

4.1           Corporate Organization and Power.  Each of the Borrowers and the Guarantors (i) is a corporation or limited company duly organized or formed, validly existing and (in the case of New ICE Parent or any Domestic Subsidiary) is in good standing under the laws of the jurisdiction of its incorporation (which jurisdictions, as of the Closing Date, are set forth on Schedule 4.1), (ii) has the full corporate power and authority to execute, deliver and perform the Credit Documents to which it is or will be a party, to own and hold its property and to engage in its business as presently conducted, and (iii) is duly qualified to do business as a foreign corporation or limited company and (in the case of New ICE Parent or any Domestic Subsidiary) is in good standing in each jurisdiction where the nature of its business or the ownership of its properties requires it to be so qualified, except where the failure to be so qualified, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

4.2           Authorization; Enforceability.  Each of the Borrowers and the Guarantors has taken all necessary corporate or limited company action to execute, deliver and perform each of the Credit Documents to which it is a party, and has (or on any later date of execution and delivery will have) validly executed and delivered each of the Credit Documents to which it is a party.  This Agreement constitutes, and each of the other Credit Documents upon execution and delivery will constitute, the legal, valid and binding obligation of each Borrower that is a party hereto or thereto, enforceable against it in accordance with its terms, subject, in the case of the Subsidiary Borrower, to Legal Reservations and except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, by general equitable principles or by principles of good faith and fair dealing (regardless of whether enforcement is sought in equity or at law).

 

    	87

    	 

    
 

 

4.3           No Violation.  The execution, delivery and performance by each of the Borrowers and the Guarantors of each of the Credit Documents to which it is a party, and compliance by it with the terms hereof and thereof, do not and will not (i) violate any provision of its articles or certificate of incorporation or formation, its bylaws or operating agreement, or other applicable formation or organizational documents, (ii) contravene any other Requirement of Law applicable to it, (iii) conflict with, result in a breach of or constitute (with notice, lapse of time or both) a default under any indenture, mortgage, lease, agreement, contract or other instrument to which it is a party, by which it or any of its properties is bound or to which it is subject, or (iv)  result in or require the creation or imposition of any Lien, other than a Permitted Lien, upon any of its properties, revenues or assets; except, in the case of clauses (ii) and (iii) above, where such violations, conflicts, breaches or defaults, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

4.4           Governmental and Third-Party Authorization; Permits.  No consent, approval, authorization or other action by, notice to, or registration or filing with, any Governmental Authority, Self-Regulatory Organization, or other Person is required as a condition to or otherwise in connection with the due execution, delivery and performance by any of the Borrowers or the Guarantors of this Agreement or any of the other Credit Documents to which it is a party or the legality, validity or enforceability hereof or thereof, other than (i) consents, authorizations and filings that have been made or obtained and that are in full force and effect, which consents, authorizations and filings are listed on Schedule 4.4, and (ii) consents and filings the failure to obtain or make which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  New ICE Parent and each Subsidiary thereof is in good standing with respect to, or has maintained in effect, all governmental approvals, licenses, permits and authorizations necessary to conduct its business as presently conducted and to own or lease and operate its properties, except for those the failure to obtain which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

4.5           Litigation.  Except as set forth on Schedule 4.5, there are no actions, investigations, suits or proceedings pending or, to the knowledge of a Borrower, threatened, at law, in equity or in arbitration, before any court, other Governmental Authority, Self-Regulatory Organization, arbitrator or other Person, (i) against or affecting New ICE Parent or any Subsidiary thereof or any of their respective properties that, if adversely determined, would reasonably be expected to have a Material Adverse Effect, or (ii) with respect to this Agreement, any of the other Credit Documents or any of the other transactions contemplated hereby or thereby.

 

4.6           Taxes.  Each of New ICE Parent and its Subsidiaries has timely filed all material federal, state, local and foreign tax returns and reports required to be filed by it and has paid, prior to the date on which penalties would attach thereto or a Lien would attach to any of its properties if unpaid, all material taxes, assessments, fees and other charges levied upon it or upon its properties that are shown thereon as due and payable, other than those that are not yet delinquent, or are being contested in good faith and by proper proceedings and for which adequate reserves have been established in accordance with GAAP (or, in the case of the Subsidiary Borrower or the other Foreign Subsidiaries, generally accepted accounting principles in the jurisdiction of its organization).  Such returns accurately reflect in all material respects all liability for taxes of New ICE Parent and its Subsidiaries for the periods covered thereby.  As of the Closing Date, there is no ongoing audit or examination or, to the knowledge of a Borrower, other investigation by any Governmental Authority of the tax liability of any of the Parent Borrower or its Subsidiaries, and there is no material unresolved claim by any Governmental Authority concerning the tax liability of the Parent Borrower or any of its Subsidiaries for any period for which tax returns have been or were required to have been filed, other than unsecured claims for which adequate reserves have been established in accordance with GAAP (or, in the case of the Subsidiary Borrower or the other Foreign Subsidiaries, generally accepted accounting principles in the jurisdiction of its organization).  As of the Closing Date, neither the Parent Borrower nor any of its Subsidiaries has waived or extended or has been requested to waive or extend the statute of limitations relating to the payment of any taxes, except for any waiver or extension that would not reasonably be expected to result in a Material Adverse Effect.

 

    	88

    	 

    
 

 

4.7           Subsidiaries.  Schedule 4.7 sets forth a list, as of the Closing Date, of all of the Subsidiaries of the Parent Borrower and as to each such Subsidiary, the percentage ownership (direct and indirect) of the Parent Borrower in each class of its Capital Stock and each direct owner thereof.

 

4.8           Full Disclosure.  All factual information heretofore, contemporaneously or hereafter furnished in writing to the Administrative Agent, any Arranger or any Lender by or on behalf of New ICE Parent or any Subsidiary thereof pursuant to this Agreement or the other Credit Documents is or will be true and accurate in all material respects on the date as of which such information is dated or certified (or, if such information has been updated, amended or supplemented, on the date as of which any such update, amendment or supplement is dated or certified) and not made incomplete by omitting to state a material fact necessary to make the statements contained herein and therein, in light of the circumstances under which such information was provided, taken as a whole, not misleading; provided that, with respect to projections, budgets and other estimates, except as specifically represented in Section 4.11(b), each of the Borrowers and New ICE Parent represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.  As of the Closing Date, there is no fact known to a Borrower or any Subsidiary of a Borrower that has, or would reasonably be expected to have, a Material Adverse Effect, which fact has not been set forth herein, in the consolidated financial statements of the Parent Borrower and its Subsidiaries furnished to the Administrative Agent and/or the Lenders, or in any certificate, opinion or other written statement made or furnished by a Borrower to the Administrative Agent and/or the Lenders.

 

4.9           Margin Regulations.  Neither New ICE Parent nor any Borrower is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock.  No proceeds of the Loans will be used, directly or indirectly, to purchase or carry any Margin Stock, to extend credit for such purpose or for any other purpose, in each case that would violate or be inconsistent with Regulations T, U or X or any provision of the Exchange Act.

 

4.10         No Material Adverse Effect.  There has been no Material Adverse Effect since December 31, 2010 and there exists no event, condition or state of facts that would reasonably be expected to result in a Material Adverse Effect.

 

 

    	89

    	 

    
 

 

4.11          Financial Matters.

 

(a)           The Parent Borrower has heretofore furnished to the Administrative Agent copies of the audited consolidated balance sheets of the Parent Borrower and its Subsidiaries, for the 2010, 2009 and 2008 fiscal years, in each case with the related statements of income, stockholders’ equity, comprehensive income and cash flows for the fiscal years then ended, together with the opinions of Ernst & Young LLP thereon.  Such financial statements have been prepared in accordance with GAAP and present fairly in all material respects the financial condition of the Parent Borrower and its Subsidiaries on a consolidated basis as of the respective dates thereof and the results of operations of the Parent Borrower and its Subsidiaries on a consolidated basis for the respective periods then ended.  Except as fully reflected in the most recent financial statements referred to above and the notes thereto, there are no material liabilities or obligations with respect to the Parent Borrower and its Subsidiaries of any nature whatsoever (whether absolute, contingent or otherwise and whether or not due) that are required in accordance with GAAP to be reflected in such financial statements and that are not so reflected.

 

(b)           The Parent Borrower has prepared, and has heretofore furnished to the Administrative Agent a copy of, projected consolidated balance sheets and statements of income and cash flows of the Parent Borrower and its Subsidiaries prepared on an annual basis through the end of fiscal year 2016, giving effect to the initial extensions of credit made under this Agreement, the payment of transaction fees and expenses related to the foregoing and the consummation of the other transactions contemplated hereby (the “Projections”).  In the good faith opinion of the Financial Officers of the Parent Borrower, the assumptions used in the preparation of the Projections were fair, complete and reasonable when made and continue to be fair, complete and reasonable as of the date hereof.  The Projections have been prepared in good faith by the Financial Officers of the Parent Borrower, and are believed by the Parent Borrower to be complete and to represent a reasonable estimate of the future performance and financial condition of the Parent Borrower and its Subsidiaries, it being understood that the Projections are subject to significant uncertainties, contingencies and approximations inherent in any projections, many of which are beyond the Parent Borrower’s control, that no assurance can be given that the Projections will be realized, and that actual results may differ from the Projections and such difference may be material.

 

(c)           After giving effect to the consummation of the transactions contemplated hereby, each Borrower (i) has capital sufficient to carry on its businesses as conducted and as proposed to be conducted, (ii) has assets with a fair saleable value, determined on a going concern basis, which are (y) not less than the amount required to pay the probable liability on its existing debts as they become absolute and matured and (z) greater than the total amount of its liabilities (including identified contingent liabilities, valued at the amount that can reasonably be expected to become absolute and matured in their ordinary course), and (iii) does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay such debts and liabilities as they mature in their ordinary course.

 

(d)           Since December 31, 2010, there has not been an occurrence of a “material weakness” (as defined in statement on Auditing Standards No. 60) in, or fraud that involves management or other employees who have a significant role in, New ICE Parent’s or the Parent Borrower’s internal controls over financial reporting, in each case as described in Section 404 of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder and the accounting and auditing principles, rules, standards and practices promulgated or approved with respect thereto, in each case that would reasonably be expected to have a Material Adverse Effect.

 

    	90

    	 

    
 

 

(e)            Neither (i) the board of directors of New ICE Parent or the Parent Borrower, any committee thereof or any Responsible Officer of New ICE Parent or the Parent Borrower has concluded that any financial statement previously furnished to the Administrative Agent for use in connection with the transactions contemplated by this Agreement or otherwise required to be delivered to the Administrative Agent or the Lenders by the express terms of this Agreement should no longer be relied upon because of an error, nor (ii) has New ICE Parent or the Parent Borrower been advised by its auditors that a previously issued audit report or interim review cannot be relied on.

 

4.12          Ownership of Properties.  Each of New ICE Parent and its Subsidiaries (i) has good and marketable title to all material real property owned by it, (ii) holds interests as lessee under valid leases in full force and effect with respect to all material leased real and personal property used in connection with its business, and (iii) has good title to all of its other material properties and assets reflected in the most recent financial statements referred to in Section 4.11(a) (except as sold or otherwise disposed of since the date thereof in the ordinary course of business), in each case free and clear of all Liens other than Permitted Liens.

 

4.13          ERISA; Non-U.S. Pension Plans.

 

(a)           New ICE Parent and its ERISA Affiliates is in compliance with the applicable provisions of ERISA, and each Plan is and has been administered in compliance with all applicable Requirements of Law, including the applicable provisions of ERISA and the Code, in each case except where the failure so to comply, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  No ERISA Event (i) has occurred within the five (5) year period prior to the Closing Date, (ii) has occurred and is continuing, or (iii) to the knowledge of a Borrower, is reasonably expected to occur with respect to any Plan.  No Plan has any Unfunded Pension Liability as of the most recent annual valuation date applicable thereto, and neither New ICE Parent nor any of its ERISA Affiliates has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.

 

(b)           Neither New ICE Parent nor any of its ERISA Affiliates has any outstanding liability on account of a complete or partial withdrawal from any Multiemployer Plan, and neither New ICE Parent nor any of its ERISA Affiliates would become subject to any liability under ERISA if New ICE Parent or any such ERISA Affiliate were to withdraw completely from all Multiemployer Plans as of the most recent valuation date.  No Multiemployer Plan is in “reorganization” or is “insolvent” within the meaning of such terms under ERISA.

 

    	91

    	 

    
 

 

(c)           Each Non−U.S. Pension Plan is in compliance with all requirements of law applicable thereto and the respective requirements of the governing documents for such plan except to the extent such non-compliance would not reasonably be expected to result in a Material Adverse Effect.  With respect to each Non−U.S. Pension Plan, none of New ICE Parent, the Parent Borrower, their respective Affiliates or any of their directors, officers, employees or agents has engaged in a transaction, or other act or omission (including entering into this Agreement and any act done or to be done in connection with this Agreement), that has subjected, or would reasonably be expected to subject, New ICE Parent or any of its Subsidiaries, directly or indirectly, to any penalty (including any tax or civil penalty), fine, claim or other liability (including any liability under a contribution notice or financial support direction (as those terms are defined in the United Kingdom Pensions Act 2004), or any liability or amount payable under section 75 or 75A of the United Kingdom Pensions Act 1995), that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect and there are no facts or circumstances which may give rise to any such penalty, fine, claim, or other liability.  With respect to each Non−U.S. Pension Plan, reserves have been established in the financial statements furnished to Lenders in respect of any unfunded liabilities in accordance with applicable law or, where required, in accordance with ordinary accounting practices in the jurisdiction in which such Non−U.S. Pension Plan is maintained.  The aggregate unfunded liabilities with respect to such Non−U.S. Pension Plans would not reasonably be expected to result in a Material Adverse Effect before the date that, in relation to a Non−U.S. Pension Plan, (i) the entire debt is triggered under Section 75 of the United Kingdom Pensions Act 1995 or (ii) a contribution notice or financial support direction is issued in respect of such debt.  There are no actions, suits or claims (other than routine claims for benefits) pending against or, to the knowledge of New ICE Parent or any Borrower, threatened against New ICE Parent or any of its Subsidiaries with respect to any Non−U.S. Pension Plan which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

 

4.14          Environmental Matters.  Except as set forth on Schedule 4.14, neither New ICE Parent nor any of its Subsidiaries is involved in any suit, action or proceeding, or has received any notice, complaint or other request for information from any Governmental Authority or other Person, with respect to any actual or alleged Environmental Claims, and to the knowledge of a Borrower, there are no threatened Environmental Claims, nor any basis therefor, which in any such case would reasonably be expected to result in a Material Adverse Effect.

 

4.15         Compliance with Laws.  Each of New ICE Parent and its Subsidiaries has timely filed all material reports, documents and other materials required to be filed by it under all applicable Requirements of Law with any Governmental Authority, has retained all material records and documents required to be retained by it under all applicable Requirements of Law, and is otherwise in compliance with all applicable Requirements of Law in respect of the conduct of its business and the ownership and operation of its properties, including the applicable rules of any Self-Regulatory Organization, except in each case to the extent that the failure to comply therewith, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

4.16         Intellectual Property.  Each of New ICE Parent and its Subsidiaries owns, or has the legal right to use, all Intellectual Property necessary for it to conduct its business as currently conducted.  No claim has been asserted or is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does New ICE Parent or any Borrower know of any such claim, and to the knowledge of New ICE Parent and the Borrowers, the use of such Intellectual Property by New ICE Parent or any Subsidiary thereof does not infringe on the known rights of any Person, except for such claims and infringements that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

4.17         Regulated Industries.  No Borrower is an “investment company,” a company “controlled” by an “investment company,” or an “investment advisor,” within the meaning of the Investment Company Act of 1940.

 

    	92

    	 

    
 

 

4.18         Insurance.  The assets, properties and business of New ICE Parent and its Subsidiaries are insured against such hazards and liabilities, under such coverages and in such amounts, as are customarily maintained by prudent companies similarly situated and under policies issued by insurers of recognized responsibility.

 

4.19         Material Contracts.  Schedule 4.19 lists, as of the Closing Date, each “material contract” (within the meaning of Item 601(b)(10) of Regulation S-K under the Securities Act) to which the Parent Borrower or any of its Subsidiaries is a party, by which the Parent Borrower or any of its Subsidiaries or its properties is bound or to which the Parent Borrower or any of its Subsidiaries is subject (collectively, “Material Contracts”), and also indicates the parties thereto.  As of the Closing Date, (i) each Material Contract is in full force and effect and is enforceable by each of the Parent Borrower and its Subsidiaries that is a party thereto in accordance with its terms, subject, in the case of the Subsidiary Borrower, to the Legal Reservations, and except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, by general or equitable principles or by principles of good faith and fair dealing, except where the failure to be in such full force and effect would not reasonably be expected to have a Material Adverse Effect, and (ii) neither the Parent Borrower nor any of its Subsidiaries or, to the knowledge of a Borrower, any other party thereto is in breach of or default under any Material Contract or has given notice of termination or cancellation of any Material Contract, except where such breach or default or termination or cancellation would not reasonably be expected to have a Material Adverse Effect.

 

4.20         Certain Restrictions.  No Subsidiary is a party to, or otherwise subject to, any legal, regulatory, contractual or other restriction or any agreement restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to New ICE Parent or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary except for such restrictions existing under or by reason of (i) this Agreement and the other Credit Documents, (ii) applicable Requirements of Law, and (iii) any documentation evidencing or relating to (x) Indebtedness permitted to be incurred by the Parent Borrower or any of its Subsidiaries under this Agreement or (y) other transactions permitted under this Agreement; provided, in each case, that such restrictions and encumbrances are no more restrictive than those set forth in this Agreement.

 

4.21         OFAC; Anti-Terrorism Laws.

 

(a)           Neither New ICE Parent nor any Affiliate thereof (i) is a Sanctioned Person, (ii) has more than 15% of its assets in Sanctioned Countries, or (iii) derives more than 15% of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Countries.  No part of the proceeds of any Loan hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country.

 

(b)          Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy Act, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) or any enabling legislation or executive order relating thereto.  New ICE Parent and each Subsidiary thereof is in compliance in all material respects with the PATRIOT Act.

 

    	93

    	 

    
 

 

4.22         Legal Form.  All material authorizations, consents, approvals, resolutions, licenses, exemptions, filings or registrations required to make the Credit Documents to which the Subsidiary Borrower is party admissible in evidence in England and Wales have been obtained or effected and are in full force and effect.  All material requirements of English law that the Credit Documents to which the Subsidiary Borrower is a party be filed, recorded or enrolled with any court or other authority in England and Wales have been complied with and no material stamp, registration, notarial or similar Indemnified Taxes or Other Taxes are required to be paid on or in relation to such Credit Documents or the transactions contemplated by such Credit Documents or as referred to in any legal opinions delivered pursuant to the Credit Documents.

 

ARTICLE V

 

AFFIRMATIVE COVENANTS

 

Each of the Borrowers and New ICE Parent covenants and agrees that, until the termination of the Commitments, the termination or expiration of all Letters of Credit and the payment in full in cash of all principal and interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and other amounts then due and owing hereunder:

 

5.1           Financial Statements.  The Parent Borrower will deliver to the Administrative Agent on behalf of the Lenders:

 

(a)          As soon as available and in any event within forty-five (45) days (or, if earlier and if applicable to New ICE Parent, the quarterly report deadline under the Exchange Act rules and regulations) after the end of each of the first three fiscal quarters of each fiscal year, beginning with the first fiscal quarter of fiscal year 2012, unaudited consolidated balance sheets of New ICE Parent and its Subsidiaries as of the end of such fiscal quarter and unaudited consolidated statements of income, cash flows and stockholders’ equity for New ICE Parent and its Subsidiaries for the fiscal quarter then ended and for that portion of the fiscal year then ended, in each case setting forth comparative consolidated figures as of the end of and for the corresponding period in the preceding fiscal year together with comparative budgeted figures for the fiscal period then ended, all in reasonable detail and prepared in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) applied on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such quarter; provided that (i) any financial statements required to be delivered as set forth above following the consummation of the NYSE Merger Transactions but prior to four full fiscal quarters ending after the consummation of the NYSE Merger Transactions shall not be required to contain any comparative consolidated and budgeted figures and (ii) for the first eight full fiscal quarters following the consummation of the NYSE Merger Transactions, such quarterly financial statements shall be accompanied by Transitional Consolidating Financial Statements and a schedule of outstanding Indebtedness identifying the entities that have issued such Indebtedness;

 

    	94

    	 

    
 

 

(b)           As soon as available and in any event within ninety (90) days (or, if earlier and if applicable to New ICE Parent, the annual report deadline under the Exchange Act rules and regulations) after the end of each fiscal year, beginning with fiscal year 2011, an audited consolidated balance sheet of New ICE Parent and its Subsidiaries as of the end of such fiscal year and the related audited consolidated statements of income, cash flows and stockholders’ equity for New ICE Parent and its Subsidiaries for the fiscal year then ended, including the notes thereto, in each case setting forth comparative consolidated figures as of the end of and for the preceding fiscal year together with comparative budgeted figures for the fiscal year then ended, all in reasonable detail and (with respect to the audited statements) certified by the independent certified public accounting firm regularly retained by New ICE Parent and the Parent Borrower or another independent certified public accounting firm of recognized national standing reasonably acceptable to the Administrative Agent, together with (y) a report thereon by such accountants that is not qualified as to going concern or scope of audit and to the effect that such financial statements present fairly in all material respects the consolidated financial condition and results of operations of New ICE Parent and its Subsidiaries as of the dates and for the periods indicated in accordance with GAAP applied on a basis consistent with that of the preceding year or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such year, and (z) a letter from such accountants to the effect that, based on and in connection with their examination of the financial statements of New ICE Parent and its Subsidiaries, they obtained no knowledge of the occurrence or existence of any Default or Event of Default relating to accounting or financial reporting matters (which certificate may be limited to the extent required by accounting rules or guidelines), or a statement specifying the nature and period of existence of any such Default or Event of Default disclosed by their audit; provided that (i) any financial statements required to be delivered as set forth above following the consummation of the NYSE Merger Transactions but prior to four full fiscal quarters ending after the consummation of the NYSE Merger Transactions shall not be required to contain any comparative consolidated and budgeted figures and (ii) for any annual financial statements delivered during the period of the first eight full fiscal quarters following the consummation of the NYSE Merger Transactions, such annual financial statements shall be accompanied by Transitional Consolidating Financial Statements; and

 

(c)            In the event that any financial statement or Compliance Certificate delivered pursuant to Sections 5.1(a), 5.1(b) or 5.2(a) is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Percentage for any period (an “Applicable Period”) than the Applicable Percentage applied for such Applicable Period, then (i) the Parent Borrower shall immediately deliver to the Administrative Agent a correct Compliance Certificate for such Applicable Period and (ii) the Parent Borrower shall immediately pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable Percentage for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 2.13.  This Section 5.1(c) shall not limit the rights of the Administrative Agent and Lenders with respect to Sections 2.9(b) and 8.2.

 

    	95

    	 

    
 

 

Documents required to be delivered pursuant to Sections 5.1, 5.2(a), 5.2(b) or 5.2(c) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent Borrower provides notice to the Lenders that such information has been posted on New ICE Parent’s or the Parent Borrower’s website on the Internet at http://ir.theice.com/sec.cfm, at www.sec.gov/edgar/searchedgar/webusers.htm or at another website identified in such notice and accessible by the Lenders without charge; or (ii) on which such documents are posted on the Parent Borrower’s behalf on SyndTrak or another relevant website, if any, to which each of the Administrative Agent and each Lender has access; provided that (x) upon the request of the Administrative Agent or any Lender lacking access to the internet or SyndTrak, the Parent Borrower shall deliver paper copies of such documents to the Administrative Agent or such Lender (until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender) and (y) the Parent Borrower shall notify (which may be by a facsimile or electronic mail) the Administrative Agent and each Lender of the posting of any documents.  The Administrative Agent shall have no obligation to request the delivery of, or to maintain copies of, the documents referred to in the proviso to the immediately preceding sentence or to monitor compliance by the Parent Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

5.2            Other Business and Financial Information.  The Parent Borrower will deliver to the Administrative Agent and each Lender:

 

(a)           Concurrently with each delivery of the financial statements described in Sections 5.1(a) and 5.1(b), a Compliance Certificate with respect to the period covered by the financial statements being delivered thereunder, executed by a Financial Officer of New ICE Parent, together with a Covenant Compliance Worksheet reflecting the computation of the financial covenants set forth in Article VI as of the last day of the period covered by such financial statements and containing explanatory footnotes of all pro forma adjustments and all adjustments to Consolidated EBITDA;

 

(b)           As soon as available and in any event within thirty (30) days after the commencement of each fiscal year, beginning with the 2012 fiscal year, a consolidated operating budget for the Parent Borrower and its Subsidiaries (or, if available, for New ICE Parent and its Subsidiaries) for such fiscal year (prepared on an annual basis), consisting of a consolidated balance sheet and consolidated statements of income and cash flows, together with a certificate of a Financial Officer of New ICE Parent to the effect that such budget has been prepared in good faith and is a reasonable estimate of the financial position and results of operations of New ICE Parent and its Subsidiaries for the period covered thereby; and as soon as available from time to time thereafter, any modifications or revisions to or restatements of such budget;

 

(c)           Promptly upon the sending, filing or receipt thereof, copies of (i) all financial statements, reports, notices and proxy statements that New ICE Parent or the Parent Borrower shall send or make available generally to its stockholders, (ii) all material regular, periodic and special reports, registration statements and prospectuses (other than on Form S-8) that New ICE Parent or the Parent Borrower shall render to or file with the Securities and Exchange Commission, and (iii) all press releases (excluding member notes and circulars) made available generally by New ICE Parent or any Subsidiary thereof to the public concerning material developments in the business of New ICE Parent and its Subsidiaries; provided that notwithstanding anything to the contrary included in Section 5.1, the Parent Borrower shall be deemed to have given notice to the Administrative Agent and each Lender of the posting on New ICE Parent’s or the Parent Borrower’s Internet website of the business and financial information set forth in clauses (i), (ii) or (iii) of this Section 5.2(c) at the time such information is posted thereon and no further notice shall be required to be provided by the Parent Borrower to the Administrative Agent and the Lenders with respect thereto;

 

    	96

    	 

    
 

 

(d)          Promptly upon (and in any event within five (5) Business Days after) any Responsible Officer of a Borrower obtaining knowledge thereof, written notice of any of the following:

 

(i)           the occurrence of any Default or Event of Default, together with a written statement of a Responsible Officer of the Parent Borrower specifying the nature of such Default or Event of Default, the period of existence thereof and the action that the Parent Borrower has taken and proposes to take with respect thereto;

 

(ii)          the institution or threatened institution of any action, suit, investigation or proceeding against or affecting New ICE Parent or any of its Subsidiaries, including any such investigation or proceeding by any Governmental Authority or Self-Regulatory Organization (other than routine periodic regular or day-to-day inquiries, communications, investigations or reviews), that, if adversely determined, would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, and any material adverse development in any litigation or other proceeding previously reported pursuant to Section 4.5 or this Section 5.2(d)(ii);

 

(iii)         the receipt by New ICE Parent or any of its Subsidiaries from any Governmental Authority or Self-Regulatory Organization of (A) any notice asserting any failure by such Person to be in compliance with applicable Requirements of Law or that threatens the taking of any action against such Person or sets forth circumstances that, if taken or adversely determined, would reasonably be expected to have a Material Adverse Effect, or (B) any notice of any actual or threatened suspension, limitation or revocation of, failure to renew, or imposition of any restraining order, escrow or impoundment of funds in connection with, New ICE Parent or any of its Subsidiaries, where such action would reasonably be expected to have a Material Adverse Effect;

 

(iv)         the occurrence of any ERISA Event, together with (x) a written statement of a Responsible Officer of the Parent Borrower specifying the details of such ERISA Event and the action that the applicable Person has taken and proposes to take with respect thereto, (y) a copy of any notice with respect to such ERISA Event that may be required to be filed with the PBGC and (z) a copy of any notice delivered by the PBGC to New ICE Parent or an ERISA Affiliate with respect to such ERISA Event; and

 

(v)          any other matter or event that has, or would reasonably be expected to have, a Material Adverse Effect, together with a written statement of a Responsible Officer of the Parent Borrower setting forth the nature and period of existence thereof and the action that the affected Persons have taken and propose to take with respect thereto.

 

(e)          As promptly as reasonably possible, such other information about the business, financial condition, operations or properties of New ICE Parent or any of its Subsidiaries as the Administrative Agent or any Lender may from time to time reasonably request (except with respect to information relating to communications with any Governmental Authority or Self-Regulatory Organization with jurisdiction over any Regulated Subsidiary).

 

 

    	97

    	 

    
 

 

5.3           Existence; Franchises; Maintenance of Properties.  Each of the Borrowers and New ICE Parent will, and will cause each of its Subsidiaries to, (i) maintain and preserve in full force and effect its legal existence, except as expressly permitted otherwise by Section 7.1, (ii) obtain, maintain and preserve in full force and effect all other rights, franchises, licenses, permits, certifications, approvals and authorizations required by Governmental Authorities and Self-Regulatory Organizations necessary to the ownership, occupation or use of its properties or the conduct of its business, except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect, and (iii) keep all material properties in good working order and condition (normal wear and tear and damage by casualty excepted), provided that this Section shall not prevent any Borrower or any Subsidiary thereof from discontinuing the operation and the maintenance of any of its properties if such discontinuance, in the good faith judgment of such Borrower, is desirable in the conduct of its business and such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.4           Use of Proceeds.  The proceeds of the Loans shall be used as follows: (i) up to $150,000,000 of the proceeds of the Loans shall be used to provide liquidity or required financial resources for the clearing operations of ICE Clear Europe, (ii) up to $50,000,000 of the proceeds of the Loans shall be used to provide liquidity or required financial resources for the clearing operations of ICE Clear US, (iii) up to $100,000,000 of the proceeds of the Loans shall be used to provide liquidity or required financial resources for the clearing operations of ICE Clear Credit, (iv) up to $3,000,000 of the proceeds of the Loans shall be used to provide liquidity or required financial resources for the clearing operations of ICE Clear Canada, and (v) the remainder, plus any portion of the proceeds no longer necessary to be reserved for the purposes set forth in the foregoing clauses (i) through (iv), shall be used to refinance outstanding obligations under the Terminating Credit Facilities and to provide for working capital and general corporate purposes of the Borrowers; provided, however, that the foregoing dollar amounts may be changed upon written notice to the Administrative Agent from New ICE Parent and the president of any of ICE Clear Europe, ICE Clear US, ICE Clear Credit or ICE Clear Canada, as applicable, such change to be effective upon the date specified in such notice (which shall be a Business Day on or after the date such notice is delivered).

 

5.5           Compliance with Laws.  Each of the Borrowers and New ICE Parent will, and will cause each of its Subsidiaries to, comply in all respects with all Requirements of Law applicable in respect of the conduct of its business and the ownership and operation of its properties, except to the extent the failure so to comply would not reasonably be expected to have a Material Adverse Effect.

 

5.6           Payment of Obligations.  Each of the Borrowers and New ICE Parent will, and will cause each of its Subsidiaries to, (i) pay, discharge or otherwise satisfy at or before maturity all liabilities and obligations as and when due (subject to any applicable subordination, grace and notice provisions), except to the extent failure to do so would not reasonably be expected to have a Material Adverse Effect, and (ii) pay and discharge all taxes, assessments and governmental charges or levies imposed upon it, upon its income or profits or upon any of its properties, prior to the date on which penalties would attach thereto, and all lawful claims that, if unpaid, would become a Lien (other than a Permitted Lien) upon any of the properties of any such Person except to the extent failure to do so would not reasonably be expected to have a Material Adverse Effect; provided, however, that no such Person shall be required to pay any such tax, assessment, charge, levy or claim that is being contested in good faith and by proper proceedings and as to which such Person is maintaining adequate reserves with respect thereto in accordance with GAAP (or, in the case of the Subsidiary Borrower or the other Foreign Subsidiaries, generally accepted accounting principles in the jurisdiction of its organization).

 

    	98

    	 

    
 

 

5.7           Insurance.  Each of the Borrowers and New ICE Parent will, and will cause each of its Subsidiaries to, maintain with financially sound and reputable insurance companies insurance with respect to its assets, properties and business, against such hazards and liabilities, of such types and in such amounts, as is customarily maintained by companies in the same or similar businesses similarly situated.

 

5.8           Maintenance of Books and Records; Inspection.  Each of the Borrowers and New ICE Parent will, and will cause each of its Subsidiaries to, (i) maintain adequate books, accounts and records, in which full, true and correct entries shall be made of all financial transactions in relation to its business and properties, and prepare all financial statements required under this Agreement, in each case in accordance with GAAP (or, in the case of the Subsidiary Borrower or the other Foreign Subsidiaries, generally accepted accounting principles in the jurisdiction of its organization) and in compliance with the requirements of any Governmental Authority or Self-Regulatory Organization having jurisdiction over it, and (ii) permit employees or agents of the Administrative Agent or any Lender to visit and inspect its properties and examine or audit its books, records, working papers and accounts (except with respect to information relating to communications with any Governmental Authority or Self-Regulatory Organization with jurisdiction over any Regulated Subsidiary or which are confidential with respect to members or users of such Regulated Subsidiaries), and make copies and memoranda of them, and to discuss its affairs, finances and accounts with its officers and employees and, upon reasonable notice to New ICE Parent or such Borrower, the independent public accountants of New ICE Parent or such Borrower and its Subsidiaries (and by this provision New ICE Parent or such Borrower authorizes such accountants to discuss the finances and affairs of New ICE Parent or such Borrower and its Subsidiaries), all at such times and from time to time, upon reasonable notice and during business hours, as may be reasonably requested; provided however, that when a Default or Event of Default exists the Administrative Agent may do any of the foregoing at the expense of New ICE Parent or such Borrower at any time during normal business hours and without advance notice.

 

5.9           Permitted Acquisitions.  Each of the Borrowers and New ICE Parent shall comply with, and cause each of its applicable Subsidiaries to comply with, the following covenants; provided, however, that the following covenants shall be required only with respect to Permitted Acquisitions having an Acquisition Amount exceeding $300,000,000:

 

(a)          Promptly after the consummation of any Permitted Acquisition or such later date reasonably acceptable to the Administrative Agent, the Parent Borrower shall have delivered to the Administrative Agent the following, to the extent permitted by Requirements of Law:

 

(i)           a reasonably detailed description of the material terms of such Acquisition (including the purchase price and method and structure of payment) and of each Person or business that is the subject of such Acquisition (each, a “Target”);

 

    	99

    	 

    
 

 

(ii)          to the extent available, audited historical financial statements of the Target (or, if there are two or more Targets that are the subject of such Acquisition and that are part of the same consolidated group, consolidated historical financial statements for all such Targets) for the two (2) most recent fiscal years available, prepared by a firm of independent certified public accountants, and (if available) unaudited financial statements for any interim periods since the most recent fiscal year-end;

 

(iii)         consolidated projected income statements of New ICE Parent and its Subsidiaries (calculated on a Pro Forma Basis giving effect to such Acquisition and the consolidation with New ICE Parent of each relevant Target) for the one-year period (or, if available, such longer period up to three years) following the consummation of such Acquisition, in reasonable detail, together with any appropriate statement of assumptions and pro forma adjustments; and

 

(iv)         a certificate, in form and substance reasonably satisfactory to the Administrative Agent, executed by a Financial Officer of New ICE Parent setting forth the Acquisition Amount and further to the effect that, to the best of such Financial Officer’s knowledge, the requirements set forth in Section 7.5 have been satisfied (with financial covenant calculations to be attached to the certificate using the Covenant Compliance Worksheet).

 

(b)           As soon as reasonably practicable after the consummation of any such Permitted Acquisition, the Parent Borrower will deliver to the Administrative Agent true and correct copies of the fully executed acquisition agreement (including schedules and exhibits thereto) and other material documents and closing papers delivered in connection therewith.

 

5.10         Subsidiary Guarantors.

 

(a)           New ICE Parent (x) will, with respect to each Subsidiary of New ICE Parent that is required by the terms of any Material Indebtedness to become a party as a borrower (other than a Foreign Subsidiary that is a borrower under Material Indebtedness and not jointly and severally liable for the obligations of New ICE Parent, the Parent Borrower or a Subsidiary Guarantor thereunder) or guarantees Indebtedness of New ICE Parent, the Parent Borrower or a Subsidiary Guarantor in respect of such Material Indebtedness, and (y) may from time to time, with respect to any other Subsidiary of New ICE Parent, deliver to the Administrative Agent a subsidiary guaranty agreement to provide a guaranty of the Obligations, which shall be in a form reasonably acceptable to the Administrative Agent (a “Subsidiary Guaranty”), executed by such Subsidiary of New ICE Parent.  In connection with any such Subsidiary Guaranty, the Parent Borrower will deliver to the Lenders (with respect to any Subsidiary Guaranty delivered pursuant to clause (x) above, substantially concurrently with the incurrence of any such obligations in respect of any Material Indebtedness) the following items:

 

(i)           an opinion of counsel (who may be in-house counsel for New ICE Parent or the Parent Borrower) addressed to the Administrative Agent and the Lenders, substantially to the effect that such Subsidiary Guaranty by such Person has been duly authorized, executed and delivered and that such Subsidiary Guaranty constitutes the legal, valid and binding obligation of such Person enforceable in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and addressing such other matters as the Administrative Agent shall reasonably request to the extent permitted by Requirements of Law; and

 

    	100

    	 

    
 

 

(ii)           (A) a copy of the certificate of incorporation (or other charter documents) of such Subsidiary, certified as of a date that is acceptable to the Administrative Agent by the applicable Governmental Authority of the jurisdiction of incorporation or organization of such Subsidiary, (B) a copy of the bylaws, articles of association or similar organizational document of such Subsidiary, certified on behalf of such Subsidiary as of a date that is acceptable to the Administrative Agent by the corporate secretary or assistant secretary of such Subsidiary, (C) an original certificate of good standing for such Subsidiary issued by the applicable Governmental Authority of the jurisdiction of incorporation or organization of such Subsidiary and (D) copies of the resolutions of the board of directors and, if required, stockholders or other equity owners of such Subsidiary authorizing the execution, delivery and performance of the agreements, documents and instruments executed pursuant to this Section 5.10, certified on behalf of such Subsidiary by an Authorized Officer of such Subsidiary, all in form and substance reasonably satisfactory to the Administrative Agent.

 

(b)          The Lenders agree that any Subsidiary Guarantor shall be automatically released from any Subsidiary Guaranty upon the written request of the Parent Borrower (including a certification that the following conditions to release have been or will be concurrently satisfied), provided that (i) such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under any such Subsidiary Guaranty) as an obligor in respect of all Material Indebtedness (or such Subsidiary Guarantor is not at such time an obligor in respect of any Material Indebtedness), (ii) at the time of such release and discharge and immediately after giving effect thereto, no Default or Event of Default shall exist and (ii, (iii) if any fee or other form of consideration is given to any holder of any Material Indebtedness for the purpose of such release, the Lenders shall receive equivalent consideration and (iv) if such Subsidiary Guarantor is NYSE, at the time of such release and discharge, the lowest rating of any issuance by New ICE Parent of senior, unsecured, long−term indebtedness for borrowed money that is not guaranteed by any Person (unless, immediately after giving effect to such release and discharge, such Person is also an obligor of the Obligations) or subject to any other credit enhancement by Standard & Poor’s Financial Services LLC and Moody’s Investors Service, Inc. is not less than BBB- and Baa3 respectively.

 

5.11         OFAC, PATRIOT Act Compliance.  Each of the Borrowers and New ICE Parent will, and will cause each of its Subsidiaries to, (i) refrain from doing business in a Sanctioned Country or with a Sanctioned Person in violation of the economic sanctions of the United States administered by OFAC, and (ii) provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the PATRIOT Act.

 

    	101

    	 

    
 

 

5.12         Further Assurances.  Each of the Borrowers and New ICE Parent will, and will cause each of its Subsidiaries to, make, execute, endorse, acknowledge and deliver any amendments, modifications or supplements hereto and restatements hereof and any other agreements, instruments or documents, and take any and all such other actions, as may from time to time be reasonably requested by the Administrative Agent or the Required Lenders to effect, confirm or further assure or protect and preserve the interests, rights and remedies of the Administrative Agent and the Lenders under this Agreement and the other Credit Documents.

 

5.13         [Reserved]Note Purchase Agreement.  New ICE Parent will provide the Administrative Agent with copies of any and all amendments, modifications, restatements, replacements, extensions, renewals, and supplements to the Note Purchase Agreement occurring after the First Amendment Effective Date, reasonably promptly upon their full execution and delivery.

 

ARTICLE VI

 

FINANCIAL COVENANTS

 

Each of the Borrowers and New ICE Parent covenants and agrees that, until the termination of the Commitments, the termination or expiration of all Letters of Credit and the payment in full in cash of all principal and interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and other amounts then due and owing hereunder:

 

6.1           Maximum Total Leverage Ratio.  The Total Leverage Ratio as of the last day of any fiscal quarter, beginning with the fourth fiscal quarter of 2011, shall not be greater than the ratio of 3.25 to 1.00.

 

6.2           Minimum Interest Coverage Ratio.  The Interest Coverage Ratio as of the last day of any fiscal quarter, beginning with the fourth fiscal quarter of 2011, shall not be less than 5.0 to 1.0.

 

ARTICLE VII

 

NEGATIVE COVENANTS

 

Each of the Borrowers and New ICE Parent covenants and agrees that, until the termination of the Commitments, the termination or expiration of all Letters of Credit and the payment in full in cash of all principal and interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and other amounts then due and owing hereunder:

 

7.1           Merger; Consolidation.  Each of the Borrowers and New ICE Parent will not, and will not permit or cause any of its Subsidiaries to, liquidate, wind up or dissolve, or enter into any consolidation, amalgamation, merger or other combination, or agree to do any of the foregoing; provided, however, that so long as no Default or Event of Default has occurred and is continuing or would result therefrom:

 

    	102

    	 

    
 

 

(i)           any Subsidiary of New ICE Parent (other than a Borrower) may merge, consolidate or amalgamate with, or be liquidated into, (x) a Borrower (so long as such Borrower is the surviving or continuing entity), (y) any other Subsidiary of New ICE Parent (other than (A) a Borrower or (B) any Subsidiary Guarantor unless the surviving or continuing entity is a Subsidiary Guarantor) or (z) any other Person, so long as such merger, consolidation or amalgamation constitutes a Permitted Acquisition and the applicable provisions of Sections 5.9 and 7.5 are satisfied, and if either Person is a Wholly Owned Subsidiary and/or a Subsidiary Guarantor, the surviving Person is a Wholly Owned Subsidiary and/or Subsidiary Guarantor, as applicable;

 

(ii)          a Borrower may merge, consolidate or amalgamate with another Person (other than New ICE Parent, any other Borrower or a Subsidiary of New ICE Parent), so long as (y) such Borrower is the surviving entity, and (z) if such merger, consolidation or amalgamation constitutes an Acquisition, the applicable conditions and requirements of Sections 5.9 and 7.5 are satisfied;

 

(iii)          New ICE Parent may merge, consolidate or amalgamate with another Person (other than any Borrower or any other Subsidiary of New ICE Parent), so long as (y) New ICE Parent is the surviving entity, and (z) if such merger, consolidation or amalgamation constitutes an Acquisition, the applicable conditions and requirements of Sections 5.9 and 7.5 are satisfied;

 

(iv)         to the extent not otherwise permitted under the foregoing clauses, any Subsidiary that has sold, transferred or otherwise disposed of all or substantially all of its assets in connection with an Asset Disposition permitted under this Agreement and/or no longer conducts any active trade or business may be liquidated, wound up and dissolved; and

 

(v)          any of the Trust Options may be exercised.

 

7.2           Indebtedness.  Each of the Borrowers and New ICE Parent will not, and will not permit or cause any of its Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness other than (without duplication):

 

(i)           Indebtedness of the Parent Borrower and New ICE Parent in favor of the Administrative Agent and the Lenders incurred under this Agreement and the other Credit Documents;

 

(ii)          accrued expenses (including salaries, accrued vacation and other compensation), current trade or other accounts payable and other current liabilities arising in the ordinary course of business and not incurred through the borrowing of money, in each case above to the extent constituting Indebtedness;

 

(iii)         unsecured loans and advances by New ICE Parent or any Subsidiary thereof to New ICE Parent or any other Subsidiary thereof;

 

(iv)         Indebtedness of, and secured by a Lien on cash, Cash Equivalents, marketable securities, gold bullion or other precious metals (including silver and, in relation to those other precious metals, as are reasonably satisfactory to the Administrative Agent and capable of being marked to market on a daily basis) granted by, any Clearing House Subsidiary from the Federal Reserve Discount Window or other central bank money market operations or other central securities depositories or external custodians or other credit providers in support of, or related to, such Subsidiary’s clearing, depository and settlement business, or matters reasonably related or incidental thereto, to the extent not prohibited by applicable Governmental Authorities, provided that any such Indebtedness is not outstanding for longer than 30 days;

 

    	103

    	 

    
 

 

(v)           Indebtedness of, and secured by a Lien on cash, Cash Equivalents, marketable securities, gold bullion or other precious metals (including silver and, in relation to those other precious metals, as are reasonably satisfactory to the Administrative Agent and capable of being marked to market on a daily basis) granted by, any Clearing House Subsidiary in respect of repurchase agreements, reverse repurchase agreements, sell buy back and buy sell back agreements, securities lending and borrowing agreements and any other similar agreement or transaction (including Hedge Agreements) entered into by such Clearing House Subsidiary in the ordinary course of its clearing, depository and settlement operations, or matters reasonably related or incidental thereto, or in the management of its liabilities, provided that the amount of such Indebtedness does not exceed the market value of the securities or other assets sold, loaned or borrowed or otherwise subject to such applicable agreement or transaction, as the case may be;

 

(vi)           short-term Indebtedness of, and secured by a Lien on cash, Cash Equivalents, marketable securities, gold bullion or other precious metals (including silver and, in relation to those other precious metals, as are reasonably satisfactory to the Administrative Agent and capable of being marked to market on a daily basis) granted by, any Clearing House Subsidiary in respect of any credit facility relating to the clearing, depository and settlement business of such Clearing House Subsidiary, and the purpose of which is to provide funding (A) to satisfy any outstanding obligations of any suspended or defaulted clearing member or participant (or any clearing member or participant that could be declared suspended or defaulted) to any Clearing House Subsidiary as provided in the applicable rules or standardized terms and conditions of the business operated by such Clearing House Subsidiary, (B) with respect to the transfer of positions and related margin from a suspended or defaulted clearing member or participant to another clearing member or participant, (C) to make a transfer in cash in respect of margin related to such suspended or defaulted clearing member’s or participant’s positions, (D) in the event of a liquidity constraint or default by a depositary of such Clearing House Subsidiary, (E) to facilitate the settlement of margin transactions associated with such Clearing House Subsidiary’s business activities or (F) for other matters reasonably related or incidental thereto;

 

(vii)           [reserved];Indebtedness of the Parent Borrower evidenced by the Senior Notes;

 

(viii)        unsecured Indebtedness of New ICE Parent or the Parent Borrower under Hedge Agreements entered into in the ordinary course of business to manage existing or anticipated interest rate or foreign currency risk and not for speculative purposes;

 

    	104

    	 

    
 

 

(ix)          Indebtedness that may be deemed to exist pursuant to any performance bond, surety, statutory appeal or similar obligation entered into or incurred by any Subsidiary that is a clearing house operator acting in its capacity as a central counterparty;

 

(x)           Indebtedness secured by Liens permitted pursuant to Sections 7.3(i) through 7.3(vii);

 

(xi)          other unsecured Indebtedness of New ICE Parent, the Parent Borrower or any Subsidiary Guarantor; provided that (A) that at the time of incurrence of such Indebtedness, no Default or Event of Default shall have occurred and be continuing (or would result therefrom), and (B) the Parent Borrower is in compliance with the Total Leverage Ratio covenant set forth in Section 6.1 on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness; and

 

(xii)         other Priority Indebtedness of New ICE Parent and its Subsidiaries (including Indebtedness of the Subsidiary Borrower incurred under this Agreement and the other Credit Documents); provided that at the time of incurrence of such Priority Indebtedness (or in the case of Indebtedness of the type described in Section 7.2(iv), on the 31st day following the incurrence of such Indebtedness, if not sooner repaid in full) and after giving effect thereto and to the application of the proceeds thereof, (A) no Default or Event of Default shall have occurred and be continuing (or would result therefrom) and (B) the aggregate amount of all such Indebtedness permitted pursuant to this Section 7.2(xii) shall not exceed an amount equal to 15%(x) from the First Amendment Effective Date and until the repayment in full and termination of the Senior Notes, 10%, or (y) thereafter, 15%, in each case of the Consolidated Net Worth of New ICE Parent and its Subsidiaries (to be determined on a Pro Forma Basis as of the end of the most recently ended fiscal quarter of New ICE Parent for which financial statements have been delivered pursuant to Sections 5.1(a) or 5.1(b) or the First Amendment).

 

7.3           Liens.  Each of the Borrowers and New ICE Parent will not, and will not permit or cause any of its Subsidiaries to, directly or indirectly, make, create, incur, assume or suffer to exist, any Lien upon or with respect to any part of its property or assets, whether now owned or hereafter acquired or agree to do any of the foregoing, other than the following (collectively, “Permitted Liens”):

 

(i)            Liens in existence on the Closing Date and set forth on Schedule 7.3 and any extensions, renewals or replacements thereof; provided that any such extension, renewal or replacement Lien shall be limited to all or a part of the property that secured the Lien so extended, renewed or replaced (plus any improvements on such property) and shall secure only those obligations that it secures on the date hereof (and any renewals, replacements, refinancings or extensions of such obligations that do not increase the outstanding principal amount thereof);

 

(ii)           Liens imposed by law, such as Liens of carriers, warehousemen, mechanics, materialmen and landlords, incurred in the ordinary course of business securing sums (A) not constituting borrowed money that are not overdue by more than 90 days or (B) the validity or amount of which is being contested in good faith by appropriate proceedings;

 

    	105

    	 

    
 

 

(iii)           Liens (other than any Lien imposed by ERISA, the creation or incurrence of which would result in an Event of Default under Section 8.1(l)) incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other forms of governmental insurance or benefits, or to secure the performance of letters of credit, bids, tenders, statutory obligations, surety and appeal bonds, leases, public or statutory obligations, government contracts and other similar obligations (other than obligations for borrowed money) entered into in the ordinary course of business;

 

(iv)           Liens for taxes, assessments or other governmental charges or statutory obligations that are not delinquent for a period of more than 30 days or remain payable without any penalty or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP (or, in the case of the Subsidiary Borrower or the other Foreign Subsidiaries, generally accepted accounting principles in the jurisdiction of its organization), if so required;

 

(v)           any attachment or judgment Lien not constituting an Event of Default under Section 8.1(i);

 

(vi)          any leases, subleases, licenses or sublicenses granted by New ICE Parent or any of its Subsidiaries to third parties in the ordinary course of business and not interfering in any material respect with the business of New ICE Parent and its Subsidiaries, and any interest or title of a lessor, sublessor, licensor or sublicensor under any lease or license permitted under this Agreement;

 

(vii)          Liens created or existing over all or any part of any Guaranty Fund or any Regulatory Capital Assets;

 

(viii)        Liens securing Indebtedness permitted pursuant to Sections 7.2(iv), 7.2(v) or 7.2(vi);

 

(ix)           Liens securing (A) purchase money Indebtedness of New ICE Parent and its Subsidiaries incurred solely to finance the acquisition, construction or improvement of any equipment, real property or other fixed assets in the ordinary course of business (or assumed or acquired by New ICE Parent and its Subsidiaries in connection with a Permitted Acquisition or other transaction permitted under this Agreement), including Capital Lease Obligations, and any renewals, replacements, refinancings or extensions thereof; provided that (x) any such Lien shall attach to the property being acquired, constructed or improved with such Indebtedness concurrently with or within ninety (90) days after the acquisition (or completion of construction or improvement) or the refinancing thereof by New ICE Parent or such Subsidiary, (y) the amount of the Indebtedness secured by such Lien shall not exceed 100% of the cost to New ICE Parent or such Subsidiary of acquiring, constructing or improving the property and any other assets then being financed solely by the same financing source, and (z) any such Lien shall not encumber any other property of New ICE Parent or any of its Subsidiaries except assets then being financed solely by the same financing source, and (B) other obligations of New ICE Parent and its Subsidiaries (other than any obligation with respect to the Senior Notes), in an aggregate principal amount for all such Indebtedness secured by Liens permitted pursuant to clauses (A) and (B) above not exceeding $100,000,000 outstanding at any time;

 

    	106

    	 

    
 

 

(x)            Liens resulting from the existence or exercise of any of the Trust Options;

 

(xi)           other Liens consisting of minor defects in title that do not interfere with New ICE Parent’s or the applicable Subsidiary’s ability to conduct its business as currently conducted; and

 

(xii)          other Liens incurred by Subsidiaries of New ICE Parent; provided that the total amount of the Indebtedness and other obligations secured thereby (x) shall be permitted by Section 7.2(xii) and (y) does not exceed 2.5% of the Consolidated Net Worth of New ICE Parent and its Subsidiaries (to be determined on a Pro Forma Basis as of the end of the most recently ended fiscal quarter of New ICE Parent for which financial statements have been delivered pursuant to Sections 5.1(a) or 5.1(b)); provided, however, that no such Liens may secure any obligations under the Senior Notes or the Note Purchase Agreement.

 

7.4           Asset Dispositions.  Each of the Borrowers and New ICE Parent will not, and will not permit or cause any of its Subsidiaries to, directly or indirectly, make or agree to make any Asset Disposition except for:

 

(i)             the sale, exchange or other disposition of inventory, Cash Equivalents, assets and properties in the ordinary course of business, the sale or write-off of past due or impaired accounts receivable for collection purposes (but not for factoring, securitization or other financing purposes to the extent not otherwise permitted hereunder), and the termination or unwinding of Hedge Agreements permitted hereunder;

 

(ii)            any Asset Disposition between and among New ICE Parent or any of its Subsidiaries;

 

(iii)           the disposition of any property or asset of New ICE Parent or any Subsidiary resulting from any casualty event or other insured damage, or any taking under power of eminent domain or by condemnation or similar proceeding;

 

(iv)           any Asset Disposition outside the ordinary course of business; provided that (A) such Asset Disposition, whether in one transaction or a series of transactions, does not constitute all or substantially all of the assets of New ICE Parent and its Subsidiaries taken as a whole, (B) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (C) in respect of any Asset Disposition with an aggregate book or fair value exceeding $500,000,000, New ICE Parent shall provide the Lenders with a Compliance Certificate prepared on a Pro Forma Basis after giving effect to such Asset Disposition demonstrating compliance with the covenants in Article VI; and

 

(v)            any Asset Disposition in connection with Indebtedness permitted pursuant to Sections 7.2(iv), 7.2(v) and 7.2(vi) and Liens permitted pursuant to Section 7.3(viii).

 

    	107

    	 

    
 

 

7.5           Acquisitions.  Each of the Borrowers and New ICE Parent will not, and will not permit or cause any of its Subsidiaries to, consummate any Acquisition, provided that New ICE Parent or any of its Subsidiaries may consummate any Acquisition so long as (i) New ICE Parent and the Borrowers are in compliance with the covenants in Article VI on a Pro Forma Basis after giving effect to such Acquisition; provided, however, that prior to the closing of an Acquisition having an Acquisition Amount exceeding $300,000,000, the Parent Borrower shall provide the Lenders with a Compliance Certificate prepared on a Pro Forma Basis that demonstrates such compliance, (ii) in the case of an Acquisition to which a Borrower is a party involving a merger, amalgamation or the acquisition of control of the Capital Stock of a Person, such Borrower is the surviving or acquiring entity, as the case may be, (iii) each business acquired shall be in substantially the same line of business as the business conducted by New ICE Parent or its Subsidiaries on the Closing Date or in lines of business reasonably related thereto or in support thereof, (iv) the board of directors or equivalent governing body of the Person whose Capital Stock or business is acquired shall have approved such Acquisition, if required by applicable law (but provided in any event such Acquisition shall not be “hostile”), and (v) no Default or Event of Default shall have occurred and be continuing at the time of the consummation of any such Acquisition or would exist immediately after giving effect thereto.

 

7.6           Restricted Payments.  Each of the Borrowers and New ICE Parent will not, and will not permit or cause any of its Subsidiaries to, directly or indirectly, declare or make any dividend payment, or make any other distribution of cash, property or assets, in respect of any of its Capital Stock or any warrants, rights or options to acquire its Capital Stock, or purchase, redeem, retire or otherwise acquire for value any shares of its Capital Stock or any warrants, rights or options to acquire its Capital Stock, or set aside funds for any of the foregoing (any of the foregoing being a “Restricted Payment”), except that:

 

(a)           each Subsidiary may make payments to New ICE Parent for its proportionate share of the tax liability of the affiliated group of entities that file consolidated federal income tax returns;

 

(b)           each Subsidiary of New ICE Parent may declare and make dividend payments or other distributions ratably with respect to the applicable class of their Capital Stock, in each case to the extent not prohibited under applicable Requirements of Law;

 

(c)           New ICE Parent and any of its Subsidiaries may declare and make dividend payments or other distributions payable solely in its Capital Stock;

 

(d)           so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, New ICE Parent may make any Restricted Payment;

 

(e)           the Subsidiaries of New ICE Parent may make payments of profit sharing entitlements, rebates, incentives, partnership distributions or similar entitlements; and

 

(f)            any Subsidiary may surrender or receive UK tax losses and make or receive payment in respect thereof to or from any Affiliate in accordance with its usual practice.

 

    	108

    	 

    
 

 

7.7           Transactions with Affiliates.  New ICE Parent will not and will not permit any Subsidiary to enter into directly or indirectly any material transaction or material group of related transactions (including the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than New ICE Parent or another Subsidiary) except upon fair and reasonable terms that are not materially less favorable to New ICE Parent or such Subsidiary, taken as a whole, than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate.

 

7.8           Lines of Business.  New ICE Parent will not and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which New ICE Parent and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which New ICE Parent and its Subsidiaries, taken as a whole, are engaged on the First Amendment Effective Date.

 

7.9           Fiscal Year.  Each of the Borrowers and New ICE Parent will not, and will not permit or cause any of its Subsidiaries to, change its fiscal year or its method of determining fiscal quarters.

 

7.10         Accounting Changes.  Other than as permitted pursuant to Section 1.2, New ICE Parent will not, and will not permit or cause any of its Subsidiaries to, make or permit any material change in its accounting policies or reporting practices, except as may be required by GAAP (or, in the case of the Subsidiary Borrower or the other Foreign Subsidiaries, generally accepted accounting principles in the jurisdiction of its organization).

 

ARTICLE VIII

 

EVENTS OF DEFAULT

 

8.1           Events of Default.  The occurrence of any one or more of the following events shall constitute an “Event of Default”:

 

(a)           a Borrower shall fail to pay when due (i) any principal of any Loan or any Reimbursement Obligation, or (ii) any interest on any Loan or other Obligation, any fee payable under this Agreement or any other Credit Document, or (except as provided in clause (i) above) any other Obligation (other than any Obligation under a Hedge Agreement), and (in the case of this clause (ii) only) such failure shall continue for a period of three (3) Business Days;

 

(b)           New ICE Parent or a Borrower shall (i) fail to observe, perform or comply with any condition, covenant or agreement contained in any of Sections 5.2(d)(i), 5.3, 5.4, or 5.10 or in Articles VI or VII or (ii) fail to observe, perform or comply with any condition, covenant or agreement contained in Sections 5.1 or 5.2 (other than Section 5.2(d)(i)) and (in the case of this clause (ii) only) such failure shall continue unremedied for a period of five (5) days after the earlier of (y) the date on which a Responsible Officer of New ICE Parent or a Borrower acquires knowledge thereof and (z) the date on which written notice thereof is delivered by the Administrative Agent or any Lender to New ICE Parent or a Borrower;

 

(c)           New ICE Parent, a Borrower or any Subsidiary Guarantor shall fail to observe, perform or comply with any condition, covenant or agreement contained in this Agreement or any of the other Credit Documents other than those enumerated in Sections 8.1(a) and 8.1(b), and such failure (i) by the express terms of such Credit Document, constitutes an Event of Default, or (ii) shall continue unremedied for any grace period specifically applicable thereto or, if no grace period is specifically applicable, for a period of thirty (30) days after the earlier of (y) the date on which a Responsible Officer of New ICE Parent or a Borrower or any Subsidiary Guarantor  acquires knowledge thereof and (z) the date on which written notice thereof is delivered by the Administrative Agent or any Lender to New ICE Parent or a Borrower;

 

    	109

    	 

    
 

 

(d)          any representation or warranty made or deemed made by or on behalf of New ICE Parent, a Borrower or any Subsidiary Guarantor in this Agreement, in any Compliance Certificate or in any of the other Credit Documents or any other writing furnished pursuant to any of the foregoing shall prove to have been incorrect, false or misleading in any material respect as of the time made, deemed made or furnished;

 

(e)           (i) New ICE Parent, a Borrower or any of their respective Subsidiaries shall (A) fail to pay when due (whether at scheduled maturity, required prepayment, acceleration, demand or otherwise and after giving effect to any applicable grace period or notice provisions) any principal of or interest due under any other Indebtedness (other than the Indebtedness incurred pursuant to this Agreement, the Note Purchase Agreement and the Senior Notes) having an aggregate principal amount of at least the Threshold Amount or (B) fail to observe, perform or comply with any condition, covenant or agreement contained in any agreement or instrument evidencing or relating to any such Indebtedness, or any other event shall occur or condition exist in respect thereof, and the effect of such failure, event or condition is to cause, or permit the holder or holders of such Indebtedness (or a trustee or agent on its or their behalf) to cause (with or without the giving of notice, lapse of time, or both), without regard to any subordination terms with respect thereto, such Indebtedness to become due prior to its stated maturity or any regularly scheduled date of payment; , or (C) any event shall occur or condition exist that obligates New ICE Parent or any of its Subsidiaries to purchase, repurchase or redeem prior to its stated maturity or any regularly scheduled date of payment any Indebtedness in an aggregate principal amount in excess of the Threshold Amount (provided, however, that this clause (i) of this Section 8.1(e) shall not apply to (1) any secured Indebtedness of any Clearing House Subsidiary that is recourse only to such Clearing House Subsidiary and its property and assets and has not been outstanding for more than 45 days since the borrowing thereof and (2) any unsecured Indebtedness of any Clearing House Subsidiary that is recourse only to such Clearing House Subsidiary and has not been outstanding for more than 5 Business Days since the borrowing thereof;); or (ii) an event of default shall occur under the Note Purchase Agreement or the Senior Notes;

 

(f)           New ICE Parent, a Borrower or any Material Subsidiary shall (i) file a voluntary petition or commence a voluntary case seeking liquidation, winding-up, reorganization, dissolution, arrangement, readjustment of debts or any other relief under the Bankruptcy Code or under any other applicable Debtor Relief Law (except, in the case of the Subsidiary Borrower, in connection with any reorganization on a solvent basis permitted by Section 7.1), now or hereafter in effect, (ii) consent to the institution of, or fail to controvert in a timely and appropriate manner, any petition or case of the type described in Section 8.1(g), (iii) apply for or consent to the appointment of or taking possession by a custodian, trustee, receiver or similar official for or of itself or all or a substantial part of its properties or assets, (iv) fail generally, or admit in writing its inability, to pay its debts generally as they become due, (v) make a general assignment for the benefit of creditors or (vi) take any corporate action to authorize or approve any of the foregoing;

 

    	110

    	 

    
 

 

(g)          any involuntary petition or case shall be filed or commenced against New ICE Parent, a Borrower or any Material Subsidiary seeking liquidation, winding-up, reorganization, dissolution, arrangement, readjustment of debts, the appointment of a custodian, trustee, receiver or similar official for it or all or a substantial part of its properties or any other relief under the Bankruptcy Code or under any other Debtor Relief Law, now or hereafter in effect, and such petition or case shall continue undismissed and unstayed for a period of sixty (60) days; or an order, judgment or decree approving or ordering any of the foregoing shall be entered in any such proceeding;

 

(h)          a UK Insolvency Event shall occur in respect of the Subsidiary Borrower;

 

(i)           any one or more money judgments, writs or warrants of attachment, executions or similar processes involving an aggregate amount (to the extent not paid or fully bonded or covered by insurance as to which the surety or insurer, as the case may be, has the financial ability to perform and has acknowledged liability in writing) in excess of the Threshold Amount shall be entered or filed against New ICE Parent, a Borrower or any of their respective Subsidiaries or any of their respective properties and the same shall not be paid, dismissed, bonded, vacated, stayed or discharged within a period of thirty (30) days or in any event later than five (5) days prior to the date of any proposed sale of such property thereunder;

 

(j)           any Credit Document shall for any reason (other than as explicitly permitted under this Agreement or any other Credit Document) cease to be in full force and effect as to any Borrower or Guarantor, or any Borrower or Guarantor or any Person acting on behalf thereof shall deny or disaffirm such Borrower’s or such Guarantor’s obligations thereunder;

 

(k)          a Change of Control shall have occurred;

 

(l)           any ERISA Event or any other event or condition shall occur or exist with respect to any Plan or Multiemployer Plan and, as a result thereof, together with all other ERISA Events and other events or conditions then existing, New ICE Parent and its ERISA Affiliates have incurred, or would reasonably be expected to incur, liability to any one or more Plans or Multiemployer Plans or to the PBGC (or to any combination thereof) in excess of the Threshold Amount;

 

(m)          New ICE Parent or any of its Subsidiaries shall have been notified that any of them has, in relation to a Non−U.S. Pension Plan, incurred a debt or other liability under section 75 or 75A of the United Kingdom Pensions Act 1995, or has been issued with a contribution notice or financial support direction (as those terms are defined in the United Kingdom Pensions Act 2004), or otherwise is liable to pay any other amount in respect of Non−U.S. Pension Plans, in each case that would reasonably be expected to result in a Material Adverse Effect; or

 

(n)           any one or more licenses, permits, accreditations or authorizations of New ICE Parent, a Borrower or any of their respective Subsidiaries shall be suspended, limited or terminated or shall not be renewed, or any other action shall be taken by any Governmental Authority or Self-Regulatory Organization in response to any alleged failure by New ICE Parent or any of its Subsidiaries to be in compliance with applicable Requirements of Law, and (i) such action, individually or in the aggregate, has or would reasonably be expected to have a Material Adverse Effect and (ii) such suspension, limitation, termination, non-renewal or other action shall continue unremedied for 90 days following the earlier of (y) the date on which a Responsible Officer of New ICE Parent or a Borrower acquires knowledge thereof and (z) the date on which written notice thereof is delivered by the Administrative Agent or any Lender to New ICE Parent or a Borrower.

 

    	111

    	 

    
 

 

Notwithstanding anything herein to the contrary, neither the existence nor the exercise of any of the Trust Options shall, by itself, constitute a Default or Event of Default; provided, however, that the circumstances giving rise to the exercise of any Trust Option may independently constitute a Default or Event of Default in accordance with the terms hereof.

 

8.2            Remedies:  Termination of Commitments, Acceleration, etc.  Upon and at any time after the occurrence and during the continuance of any Event of Default, the Administrative Agent shall at the direction, or may with the consent, of the Required Lenders, take any or all of the following actions at the same or different times:

 

(a)           declare the Commitments and the Swingline Commitments to be terminated, whereupon the same shall terminate; provided that, upon the occurrence of a Bankruptcy Event, the Commitments, the Swingline Commitments and the Issuing Lender’s obligation to issue Letters of Credit shall automatically be terminated;

 

(b)           declare all or any part of the outstanding principal amount of the Loans to be immediately due and payable, whereupon the principal amount so declared to be immediately due and payable, together with all interest accrued thereon and all other amounts payable under this Agreement and the other Credit Documents (but, for the avoidance of doubt, excluding any amounts owing under any Hedge Agreement), shall become immediately due and payable without presentment, demand, protest, notice of intent to accelerate or other notice or legal process of any kind, all of which are hereby knowingly and expressly waived by each Borrower; provided that, upon the occurrence of a Bankruptcy Event, all of the outstanding principal amount of the Loans and all other amounts described in this Section 8.2(b) shall automatically become immediately due and payable without presentment, demand, protest, notice of intent to accelerate or other notice or legal process of any kind, all of which are hereby knowingly and expressly waived by New ICE Parent and each Borrower;

 

(c)           appoint or direct the appointment of a receiver for the properties and assets of New ICE Parent and the Borrowers, both to operate and to sell such properties and assets, and New ICE Parent and each Borrower, for itself and on behalf of its Subsidiaries, hereby consents to such right and such appointment and hereby waives any objection New ICE Parent or such Borrower or any Subsidiary may have thereto or the right to have a bond or other security posted by the Administrative Agent on behalf of the Lenders, in connection therewith;

 

(d)           exercise all rights and remedies available to it under this Agreement, the other Credit Documents and applicable law; and

 

(e)           direct New ICE Parent or the applicable Borrower to deposit (and New ICE Parent and each Borrower hereby agrees, forthwith upon receipt of notice of such direction from the Administrative Agent, to deposit) with the Administrative Agent from time to time such additional amount of cash as is equal to the aggregate Stated Amount of all Letters of Credit then outstanding (whether or not any beneficiary under any Letter of Credit shall have drawn or be entitled at such time to draw thereunder), such amount to be held by the Administrative Agent in the Cash Collateral Account as security for the Letter of Credit Exposure as described in Section 2.20(i).

 

    	112

    	 

    
 

 

8.3           Remedies: Set-Off.  Upon and at any time after the occurrence and during the continuance of any Event of Default, each Lender, the Issuing Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender or any such Affiliate to or for the credit or the account of New ICE Parent or a Borrower (other than customer deposits, security deposits and other monies, instruments and accounts held by New ICE Parent or a Borrower in trust for or for the benefit of others) against any and all of the obligations of New ICE Parent or such Borrower now or hereafter existing under this Agreement or any other Credit Document to such Lender, the Issuing Lender or such Affiliate, irrespective of whether or not such Lender, the Issuing Lender or such Affiliate shall have made any demand under this Agreement or any other Credit Document and although such obligations of New ICE Parent or such Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or the Issuing Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lender, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, the Issuing Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Lender or their respective Affiliates may have.  Each Lender and the Issuing Lender agrees to notify New ICE Parent or the applicable Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

    	113

    	 

    
 

 

ARTICLE IX

 

THE ADMINISTRATIVE AGENT

 

9.1           Appointment and Authority.  Each of the Lenders (for purposes of this Article, references to the Lenders shall also mean the Swingline Lender) hereby irrevocably appoints Wells Fargo to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents, and Wells Fargo Bank, National Association, London Branch to act on its behalf as the Multicurrency Agent hereunder and under the other Credit Documents, and authorizes each of the Agents to take such actions on its behalf and to exercise such powers as are delegated to the Agents by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Agents and the Lenders, and neither New ICE Parent nor any Borrower shall have rights as a third party beneficiary of any of such provisions.

 

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

 

9.3            Exculpatory Provisions.  The Agents shall not have any duties or obligations except those expressly set forth herein and in the other Credit Documents.  Without limiting the generality of the foregoing, each of the Agents:

 

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

 

(b)           shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that such Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents), provided that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law; and

 

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

 

No Agent shall be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.5 and 8.2) or (ii) in the absence of its own gross negligence or willful misconduct.  Each Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by New ICE Parent, a Borrower or a Lender.

 

    	114

    	 

    
 

 

No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

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

 

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

 

    	115

    	 

    
 

 

9.6           Resignation of Administrative Agent.  The Administrative Agent may at any time give notice of its resignation to the Lenders and the Parent Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Parent Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States, provided that if such bank is not a Lender or an Affiliate of a Lender, the Parent Borrower shall have the right to consent to such appointment (such consent to not be unreasonably withheld).  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Parent Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Credit Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this Section).  The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor.  After the retiring Administrative Agent’s resignation hereunder and under the other Credit Documents, the provisions of this Article and Section 10.1 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

 

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

 

9.8           No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers, Syndication Agent, Co-Documentation Agents or other agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

 

9.9           Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law, the Administrative Agent (irrespective of whether the principal of any Loan or Reimbursement Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on New ICE Parent or any Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

    	116

    	 

    
 

 

(a)           to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Reimbursement Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lender and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Lender and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Lender and the Administrative Agent under Sections 2.10 and 10.1) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the Issuing Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Lender, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.10 and 10.1.

 

Notwithstanding anything in this Section 9.9 to the contrary, nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the Issuing Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender or the Issuing Lender in any such proceeding.

 

9.10          Guaranty Matters; Ineligible Assignees Letter Agreement.

 

The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion:

 

(a)           To release any Subsidiary Guarantor from its obligations under any Subsidiary Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Credit Documents or as required under Section 5.10(b).  Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Subsidiary Guarantor from its obligations under any Subsidiary Guaranty pursuant to this Section 9.10.

 

(b)           To consent to any amendment or modification to the Ineligible Assignees Letter Agreement on the date five Business Days after notice of such amendment or modification unless at least three Lenders (including, if applicable, Wells Fargo in its capacity as a Lender) that are not Affiliates of each other holding in the aggregate more than 25% of the Term Loans, Revolving Credit Exposures and Unutilized Commitments (or, after the termination of the Commitments, Term Loans and Revolving Credit Exposures) have notified the Administrative Agent of their objection to such amendment or modification prior to the expiration of such five Business Day period.

 

    	117

    	 

    
 

 

9.11          Swingline Lender.  The provisions of this Article IX (other than Section 9.2) shall apply to the Swingline Lender mutatis mutandis to the same extent as such provisions apply to the Administrative Agent.

 

9.12          Replacement of Impaired Agent.  If, at any time, the Administrative Agent becomes a Defaulting Lender, each Lender hereby agrees that, upon written notice from the Parent Borrower to the Lenders, the Parent Borrower shall have the right, upon written notice to the Lenders, to appoint as a successor Administrative Agent any Lender that has an office in the United States and that agrees, in its sole discretion at such time, to become the Administrative Agent, and such successor Administrative Agent shall be entitled to all of the rights, powers, privileges and duties of the Administrative Agent and the removed Administrative Agent shall be discharged from all of its duties as Administrative Agent hereunder and under the other Credit Documents.  The Administrative Agent hereby agrees to provide to the Parent Borrower from time to time at the Parent Borrower’s request a list (which may be in electronic form) setting out the names of the Lenders as of the date of such request, their respective Commitments, and the information on record with the Administrative Agent for delivering notices to the Lenders in accordance with Section 10.4.  Nothing in this Section 9.12 shall constitute a waiver or release by the Parent Borrower of any claims it may have hereunder or under the other Credit Documents arising from any Administrative Agent becoming a Defaulting Lender.

 

ARTICLE X

 

MISCELLANEOUS

 

10.1          Expenses; Indemnity; Damage Waiver.

 

(a)           The Parent Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Agents, the Arrangers and their respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and the Arrangers), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket expenses incurred by the Agents or any Lender (including the reasonable and documented fees, charges and disbursements of any counsel for the Agents or any Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Credit Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans, (iii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, and (iv) any civil penalty or fine assessed by OFAC against, and all reasonable and documented costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by, any Agent or any Lender as a result of conduct of a Borrower that violates a sanction enforced by OFAC.

 

    	118

    	 

    
 

 

(b)           The Parent Borrower shall indemnify each Agent (and any sub-agent thereof), the Arrangers, each Lender, and each Related Party of any of the foregoing persons (each such person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by New ICE Parent or any Subsidiary thereof arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Credit Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Substances on or from any property owned or operated by New ICE Parent or any Subsidiary thereof, or any Environmental Claim related in any way to New ICE Parent or any Subsidiary thereof, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by New ICE Parent or any Subsidiary thereof, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent (x) that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) resulting from a claim brought New ICE Parent or any Subsidiary thereof against such Indemnitee for a breach in bad faith of such Indemnitee’s obligations under this Agreement or any other Credit Document, if New ICE Parent or such Subsidiary has obtained a final nonappealable judgment of a court of competent jurisdiction finding a breach in bad faith by such Indemnitee, or (z) arising from any dispute solely among Indemnitees, other than (A) any claims against any Agent, any Arranger or any other titled agent in fulfilling its role as an agent hereunder and (B) any claims arising out of any act or omission on the part of New ICE Parent or any of its Affiliates or Subsidiaries.  This Section 10.1(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)           To the extent that the Parent Borrower for any reason fails to indefeasibly pay any amount required under Section 10.1(a) or Section 10.1(b) to be paid by it to any Agent (or any sub-agent thereof), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) such Lender’s proportion (based on the percentages as used in determining the Required Lenders as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against any Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent) in connection with such capacity.  The obligations of the Lenders under this Section 10.1(c) are subject to the provisions of Section 2.3(c).

 

    	119

    	 

    
 

 

(d)           To the fullest extent permitted by applicable law, New ICE Parent and each Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee referred to in Section 10.1(b) shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems (including Intralinks, SyndTrak or similar systems) in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except as a result of such Indemnitee’s gross negligence, willful misconduct or breach in bad faith of its obligations hereunder, in each case, as determined by a court of competent jurisdiction by final and nonappealable judgment.

 

(e)           All amounts due under this Section shall be payable by the Parent Borrower upon demand therefor.

 

10.2          Governing Law; Submission to Jurisdiction; Waiver of Venue; Service of Process.

 

(a)           This Agreement and the other Credit Documents shall (except as may be expressly otherwise provided in any Credit Document) be governed by, and construed in accordance with, the law of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules); provided that each Letter of Credit shall be governed by, and construed in accordance with, the laws or rules designated in such Letter of Credit or application therefor or, if no such laws or rules are designated, the International Standby Practices of the International Chamber of Commerce, as in effect from time to time (the “ISP”), and, as to matters not governed by the ISP, the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules).

 

(b)           New ICE Parent and each Borrower irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts of the State of New York sitting in New York County and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Credit Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such state court or, to the fullest extent permitted by applicable law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or in any Credit Document shall affect any right that the Administrative Agent, any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit Document against New ICE Parent or a Borrower or any of their respective properties in the courts of any jurisdiction.

 

    	120

    	 

    
 

 

(c)           New ICE Parent and each Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Credit Document in any court referred to in Section 10.2(b).  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)           Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.4.  Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.  The Subsidiary Borrower irrevocably designates and appoints the Parent Borrower, as its authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any suit, action or proceeding of the nature referred to in Section 10.2(b) in any of the courts of the State of New York sitting in New York County or the United States District Court for the Southern District of New York.  The Parent Borrower accepts such appointment.  Said designation and appointment shall be irrevocable by the Subsidiary Borrower until all Obligations payable by the Subsidiary Borrower hereunder and under the other Credit Documents shall have been paid in full in accordance with the provisions hereof and thereof and the Subsidiary Borrower shall have been terminated as a Borrower hereunder.  The Subsidiary Borrower hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 10.2(b) in any of the courts of the State of New York sitting in New York County or the United States District Court for the Southern District of New York as provided in this Section 10.2(d).  The Subsidiary Borrower irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service in such manner and agrees that such service shall be deemed in every respect effective service of process upon the Subsidiary Borrower in any such suit, action or proceeding and shall, to the fullest extent permitted by law, be taken and held to be valid and personal service upon and personal delivery to the Subsidiary Borrower.  To the extent the Subsidiary Borrower has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment, execution or otherwise), the Subsidiary Borrower hereby irrevocably waives such immunity in respect of its obligations under the Credit Documents.

 

10.3          Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	121

    	 

    
 

 

10.4          Notices; Effectiveness; Electronic Communication.

 

(a)           Except in the cases of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 10.4(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows:

 

(i)            if to New ICE Parent, a Borrower, the Administrative Agent, the Multicurrency Agent, the Issuing Lender or the Swingline Lender, to it at the address (or telecopier number) specified for such Person on Schedule 1.1(a); and

 

(ii)           if to any Lender, to it at its address (or telecopier number) set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through electronic communications to the extent provided in Section 10.4(b) shall be effective as provided in Section 10.4(b).

 

(b)           Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Parent Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communication pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or other communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

 

(c)           Any party hereto may change its address or telecopier number for notices and other communications hereunder by notice to the other parties hereto (except that each Lender need not give notice of any such change to the other Lenders in their capacities as such).

 

    	122

    	 

    
 

 

10.5         Amendments, Waivers, etc.  No amendment, modification, waiver or discharge or termination of, or consent to any departure by New ICE Parent or a Borrower from, any provision of this Agreement or any other Credit Document shall be effective unless in a writing signed by the Required Lenders (or by the Administrative Agent at the direction or with the consent of the Required Lenders), and then the same shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, modification, waiver, discharge, termination or consent shall:

 

(a)           unless agreed to by each Lender directly affected thereby, (i) reduce or forgive the principal amount of any Loan or Reimbursement Obligation, reduce the rate of or forgive any interest thereon (provided that only the consent of the Required Lenders shall be required to waive the applicability of any post-default increase in interest rates), or reduce or forgive any fees hereunder (other than fees payable to the Administrative Agent or the Arrangers for their own accounts) (it being understood that an amendment to the definition of Total Leverage Ratio (or any defined terms used therein) shall not constitute a reduction of any interest rate or fees hereunder), (ii) waive, extend or postpone the final scheduled maturity date or any other scheduled date for the payment of any principal of or interest on any Loan (including any scheduled date for the mandatory termination of any Commitments), or waive, extend or postpone the time of payment of any fees hereunder (other than fees payable to the Administrative Agent or the Arrangers for their own accounts), or waive, extend or postpone the time of payment of any Reimbursement Obligation or any interest thereon, or waive, extend or postpone the expiry date of any Letter of Credit beyond the Letter of Credit Maturity Date, or (iii) increase any Commitment of any such Lender over the amount thereof in effect or extend the maturity thereof (it being understood that a waiver of any condition precedent set forth in Section 3.2 or of any Default or Event of Default or mandatory termination of the Commitments, if agreed to by the Required Lenders, Required Dollar Revolving Lenders, Required Multicurrency Revolving Lenders or all Lenders (as may be required hereunder with respect to such waiver), shall not constitute such an increase);

 

(b)           unless agreed to by all of the Lenders, (i) reduce the percentage of the aggregate Commitments or of the aggregate unpaid principal amount of the Loans, or the number or percentage of Lenders, that shall be required for the Lenders or any of them to take or approve, or direct the Administrative Agent to take, any action hereunder or under any other Credit Document (including as set forth in the definition of “Required Lenders”), (ii) change any other provision of this Agreement or any of the other Credit Documents requiring, by its terms, the consent or approval of all the Lenders for such amendment, modification, waiver, discharge, termination or consent, or (iii) change or waive any provision of Section 2.13(e), Section 2.15, any other provision of this Agreement or any other Credit Document requiring pro rata treatment of any Lenders, or this Section 10.5;

 

(c)           change any provisions of any Credit Document in a manner that by its terms adversely affects the rights in respect of payments due to Lenders holding Loans of any Class differently than those of Lenders holding Loans of any other Class without the written consent of the Required Lenders of each adversely affected Class;

 

(d)           unless agreed to by each Hedge Party that would be adversely affected thereby in its capacity as such relative to the Lenders, amend any provision regarding priority of payments in this Agreement or any other Credit Document; and

 

(e)            unless agreed to by each Multicurrency Revolving Lender, amend the definition of Foreign Currency;

 

    	123

    	 

    
 

 

and provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Issuing Lender in addition to the Lenders required above, affect the rights or duties of the Issuing Lender under this Agreement or any other Credit Document relating to any Letter of Credit issued or to be issued by it, (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement, (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Credit Document, (iv) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (v) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Loans or Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other Class) may be effected by an agreement or agreements in writing entered into by the Borrowers and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time, (vi) the Administrative Agent and the Parent Borrower shall be permitted to amend any provision of the Credit Documents (and such amendment shall become effective without any further action or consent of any other party to any Credit Document) if the Administrative Agent and the Parent Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature in any such provision and (vii) the Ineligible Assignees Letter Agreement may be amended in accordance with Section 9.10(b).  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender.

 

Notwithstanding the fact that the consent of all Lenders is required in certain circumstances as set forth above, each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein.  Notwithstanding anything to the contrary herein, to the extent not prohibited by applicable laws, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender.

 

10.6          Successors and Assigns.

 

(a)           The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 10.6(b), (ii) by way of participation in accordance with the provisions of Section 10.6(d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.6(g) (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.6(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

    	124

    	 

    
 

 

(b)           Any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including for purposes of this Section 10.6(b), participations in Swingline Loans and Letters of Credit) at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 

(i)            The prior written consent of the Administrative Agent and the Parent Borrower (such consent not to be unreasonably withheld or delayed) is obtained, except that

 

 (A)           the consent of the Parent Borrower shall not be required if (y) an Event of Default has occurred and is continuing at the time of such assignment or (z) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Parent Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five Business Days after having received notice thereof; and

 

 (B)           the consent of the Administrative Agent shall not be required for assignments (i) in respect of  a Commitment if such assignment is to a Person that is a Revolving Lender or an Affiliate of a Revolving Lender and (ii) in respect of the Term Loan if such assignment is to a Person that is a Lender, an Affiliate of a Lender or an Approved Fund;

 

(ii)           (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans of a Class at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned, and (B) in any case not described in clause (A) above, the aggregate amount of the Commitment of a Class (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of a Class of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than (x) $5,000,000, in the case of any assignment in respect of a Commitment of a Class (which for this purpose includes Revolving Loans of such Class outstanding), or (y) the entire Dollar Swingline Commitment or Multicurrency Swingline Commitment, as the case may be, and the full amount of the outstanding Dollar Swingline Loans or Multicurrency Swingline Loans, respectively, in the case of Swingline Loans, in any case, treating assignments to two or more Approved Funds under common management as one assignment for purposes of the minimum amounts, unless each of the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the Parent Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);

 

    	125

    	 

    
 

 

(iii)           each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment of a Class assigned, except that this clause (iii) shall not apply to rights in respect of Swingline Loans;

 

(iv)           the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment and the assignee, if it is not a Lender of the applicable Class, shall deliver to the Administrative Agent an Administrative Questionnaire;

 

(v)            no such assignment shall be made to the Parent Borrower or any of the Parent Borrower’s Affiliates or Subsidiaries;

 

(vi)           no such assignment shall be made to a natural person or a Defaulting Lender; and

 

(vii)          no such assignment shall be made to any Ineligible Assignee.

 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 10.6(c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.16(a), 2.16(b), 2.17, 2.18 and 10.1 with respect to facts and circumstances occurring prior to the effective date of such assignment.  If requested by or on behalf of the assignee, the Borrowers, at their own expense, will execute and deliver to the Administrative Agent a new Note or Notes to the order of the assignee (and, if the assigning Lender has retained any portion of its rights and obligations hereunder, to the order of the assigning Lender), prepared in accordance with the applicable provisions of Section 2.4 as necessary to reflect, after giving effect to the assignment, the Commitments and/or outstanding Loans, as the case may be, of the assignee and (to the extent of any retained interests) the assigning Lender, in substantially the form of Exhibits A-1, A-2 and/or A-3, as applicable.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.6(d).  If (A) a Lender assigns or transfers any of its rights or obligations hereunder or changes its Lending Office, and (B) as a result of circumstances existing at the date such assignment, transfer or change occurs, a Borrower would be obliged to make a payment to the new Lender or Lender acting through its new Lending Office under Section 2.16 or 2.17, then (except where an assignment or transfer occurs in the ordinary course of primary syndication of the Loan facilities or at the request of the Parent Borrower) the new Lender or Lender acting through its new Lending Office is only entitled to receive payment under Sections 2.16 and 2.17 to the same extent that the existing Lender or Lender acting through its previous Lending Office would have been entitled if the assignment, transfer or change had not occurred.

 

    	126

    	 

    
 

 

(c)           The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at its address for notices referred to in Schedule 1.1(a) a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrowers and each Lender, at any reasonable time and from time to time upon reasonable prior notice.  In addition, at any time that a request for a consent for a material or substantive change to the Credit Documents is pending, any Lender wishing to consult with other Lenders in connection therewith may request and receive from the Administrative Agent a copy of the Register.

 

(d)           Any Lender may at any time, without the consent of, or notice to, New ICE Parent, the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural person, an Ineligible Assignee or New ICE Parent or any of New ICE Parent’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitments and/or the Loans (including such Lender’s participations in Swingline Loans and Letters of Credit) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) New ICE Parent, the Borrowers, the Agents, the Lenders and the Swingline Lender shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.

 

(e)           Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 10.5(a) and clause (i) of Section 10.5(b) that affects such Participant.

 

(f)           New ICE Parent and the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.16(a), 2.16(b), 2.17 and 2.18 (subject to the requirements and limitations therein, including the requirements under Section 2.17 (it being understood that the documentation required under Section 2.17(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.6(b); provided that no Borrower shall be required to make, and such Participant shall not be entitled to receive, any greater payment under Sections 2.16 or 2.17, with respect to any participation, than such Borrower would have been required to make to the relevant participating Lender, and such participating Lender would have been entitled to receive from such Borrower, except to the extent such requirement to make and/or entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation, and provided further that such Participant agrees to be subject to the provisions of Section 2.19 as if it were an assignee under Section 10.6(b).  Each Lender that sells a participation agrees, at a Borrower’s request and expense, to use reasonable efforts to cooperate with each Borrower to effectuate the provisions of Section 2.19 with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 8.3 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.15(b) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as an non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Credit Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

    	127

    	 

    
 

 

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

 

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

 

(i)           Any Lender or participant may, in connection with any assignment, participation, pledge or proposed assignment, participation or pledge pursuant to this Section 10.6, disclose to the assignee, Participant or pledgee or proposed assignee, Participant or pledgee any information relating to New ICE Parent and its Subsidiaries furnished to it by or on behalf of any other party hereto, provided that such assignee, Participant or pledgee or proposed assignee, Participant or pledgee agrees in writing to keep such information confidential to the same extent required of the Lenders under Section 10.12.

 

    	128

    	 

    
 

 

(j)           Notwithstanding anything to the contrary contained herein, if Wells Fargo assigns all of its Commitments and Revolving Loans in accordance with this Section 10.6, Wells Fargo may resign as Issuing Lender or Swingline Lender upon written notice to the Parent Borrower and the Lenders.  Upon any such notice of resignation, the Parent Borrower shall have the right to appoint from among the Lenders a successor Issuing Lender or Swingline Lender, as the case may be; provided that no failure by the Parent Borrower to make such appointment shall affect the resignation of Wells Fargo as Issuing Lender or Swingline Lender, as applicable.  Wells Fargo shall retain all of the rights and obligations of (1) the Issuing Lender hereunder with respect to all Letters of Credit issued by it and outstanding, and (2) the Swingline Lender hereunder with respect to all Swingline Loans made by it, as applicable, in each case as of the effective date of its resignation and all obligations of the Borrowers and the Revolving Lenders with respect thereto (including the right to require the Revolving Lenders to make Revolving Loans or fund participation interests pursuant hereto).

 

10.7         No Waiver.  The rights and remedies of the Administrative Agent and the Lenders expressly set forth in this Agreement and the other Credit Documents are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity or otherwise.  No failure or delay on the part of the Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude other or further exercise thereof or the exercise of any other right, power or privilege or be construed to be a waiver of any Default or Event of Default.  No course of dealing between New ICE Parent, a Borrower, the Administrative Agent or the Lenders or their agents or employees shall be effective to amend, modify or discharge any provision of this Agreement or any other Credit Document or to constitute a waiver of any Default or Event of Default.  No notice to or demand upon New ICE Parent or a Borrower in any case shall entitle New ICE Parent or a Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of the Administrative Agent or any Lender to exercise any right or remedy or take any other or further action in any circumstances without notice or demand.

 

10.8         Survival.  All representations, warranties and agreements made by or on behalf of New ICE Parent or the Borrowers in this Agreement and in the other Credit Documents shall survive the execution and delivery hereof or thereof and the making and repayment of the Loans until the indefeasible payment in full of the Obligations.  In addition, notwithstanding anything herein or under applicable law to the contrary, the provisions of this Agreement and the other Credit Documents relating to indemnification or payment of costs and expenses, including the provisions of Sections 2.16(a), 2.16(b), 2.17, 2.18 and 10.1, shall survive the payment in full of all Loans and Letters of Credit, the termination of the Commitments and any termination of this Agreement or any of the other Credit Documents.  Except as set forth above, this Agreement and the Credit Documents shall be deemed terminated upon the indefeasible payment in full of the Obligations.

 

10.9         Severability.  To the extent any provision of this Agreement is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.

 

    	129

    	 

    
 

 

10.10       Construction.  The headings of the various articles, sections and subsections of this Agreement and the table of contents have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof.  Except as otherwise expressly provided herein and in the other Credit Documents, in the event of any inconsistency or conflict between any provision of this Agreement and any provision of any of the other Credit Documents, the provision of this Agreement shall control.

 

10.11      No Fiduciary Duty.  Each of the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates (collectively, the “Lender Parties”), may have economic interests that conflict with those of New ICE Parent, the Borrowers and their respective Affiliates.  New ICE Parent and each of the Borrowers agrees that nothing in the Agreement or the other Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender Party, on the one hand, and New ICE Parent, such Borrower or any of their respective Affiliates, on the other.  New ICE Parent and each Borrower acknowledges and agrees that (i) the transactions contemplated by this Agreement and the other Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lender Parties, on the one hand, and New ICE Parent and the Borrowers, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender Party has assumed an advisory or fiduciary responsibility in favor of New ICE Parent or any Borrower or their respective Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender Party has advised, is currently advising or will advise any Borrower or its Affiliates on other matters) or any other obligation to New ICE Parent or any Borrower except the obligations expressly set forth in the Credit Documents and (y) each Lender Party is acting solely as principal and not as the agent or fiduciary of New ICE Parent, any Borrower, their respective Affiliates or any other Person.  Each of New ICE Parent and each Borrower acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to the transactions contemplated hereby and the process leading thereto.  Each of New ICE Parent and each Borrower agrees that it will not claim that any Lender Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to New ICE Parent or such Borrower, in connection with the transactions contemplated hereby or the process leading thereto.

 

10.12       Confidentiality.  Each of the Administrative Agent and the Lenders agree to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Requirements of Law or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Agreement or any other Credit Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to New ICE Parent, the Borrowers and their obligations, (g) if required by any rating agency; provided that prior to any such disclosure, such rating agency shall have agreed in writing to maintain the confidentiality of such Information and the Parent Borrower shall have been given prior notice as to what Information will be disclosed, (h) with the consent of the Parent Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a non-confidential basis from a source other than New ICE Parent or any of its Subsidiaries or Affiliates.

 

    	130

    	 

    
 

 

For purposes of this Section, “Information” means all information received from New ICE Parent or any Subsidiary thereof relating to any such Person or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to such disclosure, provided that, in the case of information received from New ICE Parent or any Subsidiary thereof after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

10.13      Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Credit Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof (except for the Fee Letters).  Except as provided in Section 3.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy (or by PDF formatted page sent by electronic mail) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

10.14       Disclosure of Information.  Each of New ICE Parent and each Borrower agrees and consents to the Administrative Agent’s and the Arrangers’ disclosure of information relating to this transaction to Gold Sheets and other similar bank trade publications.  Such information will consist of deal terms and other information customarily found in such publications.

 

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

 

    	131

    	 

    
 

 

10.16       The Parent Borrower as Agent for the Subsidiary Borrower.

 

(a)           The Subsidiary Borrower hereby irrevocably appoints the Parent Borrower as its borrowing agent and attorney-in-fact which appointment shall remain in full force and effect unless and until Administrative Agent shall have received prior written notice signed by the Parent Borrower that it has resigned such position.  The Subsidiary Borrower hereby irrevocably appoints and authorizes the Parent Borrower to (i) provide all notices and instructions under this Agreement on its behalf and (ii) take such action as the Parent Borrower deems appropriate on its behalf to obtain Loans and other extensions of credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. The Subsidiary Borrower agrees that each notice, election, representation and warranty, covenant, agreement and undertaking made on its behalf by the Parent Borrower shall be deemed for all purposes to have been made by the Subsidiary Borrower and shall be binding upon and enforceable against the Subsidiary Borrower to the same extent as if the same had been made directly by the Subsidiary Borrower.

 

(b)           Each Borrower hereby severally agrees to indemnify each Lender and the Administrative Agent and hold each Lender and the Administrative Agent harmless against any and all liability, expense, loss or claim of damage or injury, made against the Lenders and the Administrative Agent by such Borrower or by any third party whosoever, arising from or incurred by reason of the Lenders’ or the Administrative Agent’s relying on any instructions of the Parent Borrower on behalf of the Subsidiary Borrower, except that such Borrower will have no liability under this Section 10.16(b) with respect to any liability that has been finally determined by final non-appealable judgment by a court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct of such Lender or the Administrative Agent.

 

10.17       Judgment Currency.  If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from New ICE Parent or any Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main Charlotte, North Carolina office on the Business Day preceding that on which final, non-appealable judgment is given.  The obligations of New ICE Parent or each Borrower in respect of any sum due to any Lender, the Issuing Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender, the Issuing Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency such Lender, the Issuing Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency.  If the amount of the specified currency so purchased is less than the sum originally due to such Lender, the Issuing Lender or the Administrative Agent, as the case may be, in the specified currency, New ICE Parent and each Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender, the Issuing Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender, the Issuing Lender or the Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 2.15(b), such Lender, the Issuing or the Administrative Agent, as the case may be, agrees to remit such excess to New ICE Parent or such Borrower.

 

    	132

    	 

    
 

 

ARTICLE XI

 

THE GUARANTY

 

11.1         The Guaranty.  In order to induce the Lenders to enter into this Agreement and to extend credit hereunder and in recognition of the direct benefits to be received by the Parent Borrower from the proceeds of the Loans and other extensions of credit, the Parent Borrower hereby unconditionally, absolutely and irrevocably guarantees, as primary obligor and not merely as surety, the full and punctual payment (whether at stated maturity, upon acceleration or otherwise) of all Obligations of the Subsidiary Borrower under the Credit Documents including the principal of and interest on the Loans owing by the Subsidiary Borrower pursuant to this Agreement, all Reimbursement Obligations of the Subsidiary Borrower and all obligations of the Subsidiary Borrower under any Hedge Agreement with any Hedge Party.  This guaranty is a guaranty of payment and not of collection.

 

11.2         Guaranty Unconditional.  The obligations of the Parent Borrower under this Article XI shall be unconditional, absolute and irrevocable and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by:

 

(a)           any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of any other obligor under any of the Credit Documents or Hedge Agreements with any Hedge Party, by operation of law or otherwise;

 

(b)           any modification or amendment of or supplement to any of the Credit Documents or Hedge Agreements with any Hedge Party;

 

(c)           any release, non-perfection, invalidity or impairment of any direct or indirect security for any obligation of any other obligor under any of the Credit Documents or Hedge Agreements with any Hedge Party;

 

(d)           any change in the corporate existence, structure or ownership of any obligor, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting any other obligor or its assets or any resulting release or discharge of any obligation of any other obligor contained in any of the Credit Documents or Hedge Agreements with any Hedge Party;

 

(e)           the existence of any claim, set-off or other rights which any obligor may have at any time against any other obligor, the Administrative Agent, any Lender or any other Person, whether in connection with any of the Credit Documents or Hedge Agreements with any Hedge Party or any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

 

    	133

    	 

    
 

 

(f)           any invalidity or unenforceability relating to or against any other obligor for any reason of any of the Credit Documents, or any provision of applicable law or regulation purporting to prohibit the payment by any other obligor of principal, interest or any other amount payable under any of the Credit Documents or Hedge Agreements with any Hedge Party;

 

(g)           any law, regulation or order of any jurisdiction, or any other event, affecting any term of any Obligation or the Lenders’ rights with respect thereto; or

 

(h)           any other act or omission to act or delay of any kind by any obligor, the Administrative Agent, any Lender or any other Person or any other circumstance whatsoever (other than the defense of payment) which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to the Parent Borrower’s obligations under this Article XI.

 

11.3         Duty Only Upon Payment in Full; Reinstatement in Certain Circumstances.  The Parent Borrower’s obligations under this Article XI shall remain in full force and effect until the Commitments of the Lenders hereunder shall have terminated and all Obligations payable by the Subsidiary Borrower under the Credit Documents shall have been indefeasibly paid in full.  If at any time any payment of the principal of or interest on any Loan or any other Obligation payable by the Subsidiary Borrower under the Credit Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Subsidiary Borrower or otherwise, the Parent Borrower’s obligations under this Article XI with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

 

11.4         Waiver by the Parent Borrower.  The Parent Borrower irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for in this Article XI, as well as any requirement that at any time any action be taken by any Person against the Subsidiary Borrower, any other obligor or any other Person or against any collateral security.  The Parent Borrower warrants and agrees that each waiver set forth in this Section 11.4 is made with full knowledge of its significance and consequences, and such waivers shall be effective to the maximum extent permitted by law.

 

11.5         Subrogation.  The Parent Borrower hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against the Subsidiary Borrower or any other guarantor that arise from the existence, payment, performance or enforcement of the Parent Borrower’s obligations under or in respect of this Article XI or any other Credit Document, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of any Lender against the Subsidiary Borrower or any other guarantor, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from the Subsidiary Borrower or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all Obligations payable under this Agreement shall have been paid in full in cash and the Commitments of the Lenders hereunder shall have expired or been terminated.  If any amount shall be paid to the Parent Borrower in violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in cash of all Obligations, and (b) the Termination Date, such amount shall be received and held in trust for the benefit of the Lenders, shall be segregated from other property and funds of the Parent Borrower and shall forthwith be paid or delivered to the Administrative Agent in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to all amounts payable under this guaranty, whether matured or unmatured, in accordance with the terms of the Credit Documents, or to be held as collateral for any amounts payable under this Article XI thereafter arising.  If (i) the Parent Borrower shall make payment to any Lender of all or any amounts payable under this Article XI, (ii) all Obligations shall have been paid in full in cash, and (iii) the Termination Date shall have occurred, the Lenders will, at the Parent Borrower’s request and expense, execute and deliver to the Parent Borrower appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to the Parent Borrower of an interest in the obligations resulting from such payment made by the Parent Borrower pursuant to this Article XI.

 

    	134

    	 

    
 

 

11.6         Stay of Acceleration.  If acceleration of the time for payment of any amount payable by the Subsidiary Borrower under any of the Credit Documents is stayed upon the insolvency, bankruptcy or reorganization of the Subsidiary Borrower, all such amounts otherwise subject to acceleration under the terms of this Agreement shall nonetheless be payable by the Parent Borrower under this Article XI forthwith on demand by the Administrative Agent made at the request of the Required Lenders.

 

11.7         Continuing Guaranty; Assignments.  The guaranty set forth in this Article XI is a continuing guaranty and shall (a) remain in full force and effect until the later of (i) the indefeasible payment in full in cash of all Obligations payable under this Agreement and (ii) the Termination Date, (b) be binding upon the Parent Borrower, its successors and assigns and (c) inure to the benefit of and be enforceable by the Lenders and their successors, transferees and assigns.

 

    	135

    	 

    
 

 

Exhibit B

 

Amended Exhibit C to the Credit Agreement

 

[see attached]

 

    	  

    	 

    
 

 

EXHIBIT C

 

COMPLIANCE CERTIFICATE

 

THIS CERTIFICATE is delivered pursuant to the Credit Agreement, dated as of November 9, 2011 (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”), among IntercontinentalExchange, Inc., a Delaware corporation (the “Parent Borrower”), ICE Europe Parent Limited, a limited company incorporated under the laws of England and Wales (the “Subsidiary Borrower” and collectively with the Parent Borrower, the “Borrowers”), IntercontinentalExchange Group, Inc., a Delaware corporation (“New ICE Parent”), the Lenders from time to time parties thereto, Wells Fargo Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and Bank of America, N.A., as Syndication Agent.  Capitalized terms used herein without definition shall have the meanings given to such terms in the Credit Agreement.

 

The undersigned hereby certifies that:

 

	
  

	
1.

	
He is a duly elected Financial Officer of New ICE Parent.

 

	
  

	
2.

	
Enclosed with this Certificate are copies of the financial statements of New ICE Parent and its Subsidiaries as of _____________, and for the [________-month period] [year] then ended, required to be delivered under Section [5.1(a)][5.1(b)] of the Credit Agreement.  Such financial statements have been prepared in accordance with GAAP [(subject to the absence of notes required by GAAP and subject to normal year-end adjustments)]1  and fairly present in all material respects the financial condition of New ICE Parent and its Subsidiaries on a consolidated basis as of the date indicated and the results of operation of New ICE Parent and its Subsidiaries on a consolidated basis for the period covered thereby.  [Also enclosed with this Certificate are Transitional Consolidating Financial Statements and a schedule of outstanding Indebtedness identifying the entities that have issued such Indebtedness.]

 

	
  

	
3.

	
The undersigned has reviewed the terms of the Credit Agreement and has made, or caused to be made under the supervision of the undersigned, a review in reasonable detail of the transactions and condition of New ICE Parent and its Subsidiaries during the accounting period covered by such financial statements.

 

	
  

	
4.

	
The examination described in paragraph 3 above did not disclose, and the undersigned has no knowledge of the existence of, any Default or Event of Default during or at the end of the accounting period covered by such financial statements or as of the date of this Certificate. [, except as set forth below.

 

Describe here or in a separate attachment any exceptions to paragraph 4 above by listing, in reasonable detail, the nature of the Default or Event of Default, the period during which it existed and the action that the Borrower has taken or proposes to take with respect thereto.]

  

1 Insert in the case of quarterly financial statements.

 

    	  

    	 

    
 

 

	
  

	
5.

	
Attached to this Certificate as Attachment A is a covenant compliance worksheet reflecting the computation of the financial covenants set forth in Article VI of the Credit Agreement as of the last day of and for the period covered by the financial statements enclosed herewith.

 

IN WITNESS WHEREOF, the undersigned has executed and delivered this Certificate as of the _______ day of _____________, ____.

 

	 	By: 	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	  

    	 

    
 

 

ATTACHMENT A

 

COVENANT COMPLIANCE WORKSHEET

 

A.           Total Leverage Ratio (Section 6.1 of the Credit Agreement)

 

	
(1)

	
Consolidated Total Funded Debt as of the date of determination (other than Indebtedness permitted pursuant to Section 7.2(iv), 7.2(v) or 7.2(vi) except to the extent such Indebtedness has been outstanding for more than 45 days since the borrowing thereof)

	
    $____________  

	
(2)

	
Consolidated EBITDA for the Reference Period ending on the date of determination 

(from Line C(5) below)

	
$____________  

	
(3)

	
Total Leverage Ratio:

Divide Line A(1) by Line A(2)

	
____________  

	
(4)

	
Maximum Total Leverage Ratio as of the date of determination

	
3.25 to 1.00  

 

    	i

    	 

    
 

 

B.           Interest Coverage Ratio (Section 6.2 of the Credit Agreement)

 

	
(1)

	
Consolidated EBITDA for the Reference Period ending on the date of determination (from Line C(5) below)

	
$____________  

	
(2)

	
Consolidated Interest Expense for such period

	
    $____________  

	
(3)

	
Interest Coverage Ratio:

Divide Line B(1) by Line B(2)

	
____________  

	
(4)

	
Minimum Interest Coverage Ratio as of the date of determination

	
5.0 to 1.0  

 

    	ii

    	 

    
 

 

C.           Consolidated EBITDA

 

	
(1)

	
Consolidated Net Income for the Reference Period ending on the date of determination

	  	
$____________  

	
(2)

	
Additions to Consolidated Net Income (to the extent deducted in the calculation of Consolidated Net Income for such period):

	  	  
	  	
(a)           Interest expense

	
    $____________  

	  
	  	
(b)           Federal, state, local and other income taxes

	
$____________  

	  
	  	
(c)           Depreciation and amortization expense

	
$____________  

	  
	  	
(d)          Fees and integration, restructuring and severance expenses and charges incurred during such period in connection with any Permitted Acquisition or Asset Disposition consummated no more than six months prior to the beginning of the Reference Period

	
$____________  

	  
	  	
(e)          Noncash charges (including stock based compensation) and any impairment charge or write–off or write–down of goodwill or other intangible assets)

	  	  
	  	
(f)           Extraordinary losses

	  	  
	  	
(g)         All losses during such period resulting from any Asset Disposition outside the ordinary course of business

	  	  
	  	
(h)           Add Lines C(2)(a) through C(2)(g).

	
$____________  

	  
	
(3)

	
Net Income plus Additions:

Add Lines C(1) and C(2)(h)

	  	
    $____________  

	
(4)

	
Reductions from Consolidated Net Income (to the extent included in the calculation of Consolidated Net Income for such period):

	  	
$____________  

	  	
(a)             Extraordinary gains or income for such period (attach itemized schedule)

	
$____________  

	  
	  	
(b)             All gains during such period resulting from any Asset Disposition outside the ordinary course of business

	
$____________  

	  
	  	
(c)             Cash disbursements during such period that relate to noncash charges included in Consolidated EBITDA pursuant to clause (ii)(E) of the definition of “Consolidated EBITDA” during such Reference Period or the twelve months preceding the Reference Period

	  	  
	  	
(d)             Noncash gains for such period that represent the reversal of any accrual, or the reversal of any cash reserves, that relates to charges included in Consolidated EBITDA pursuant to clause (ii)(D) or (ii)(E) of the definition of “Consolidated EBITDA” during the Reference Period or the twelve months preceding such Reference Period

	  	  
	  	
(e)             Add Lines C(4)(a) through C(4)(d)

	  	
($____________)  

	
(5)

	
Consolidated EBITDA:

Subtract Line C(4)(e) from Line C(3)

	  	
$____________  

 

    	iii

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]