NOTE PURCHASE AGREEMENT

Exhibit 10.4

NOTE PURCHASE AGREEMENT

among

MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

MONEYGRAM INTERNATIONAL, INC.

And

GSMP V ONSHORE US, LTD.

GSMP V OFFSHORE US, LTD.

GSMP V INSTITUTIONAL US, LTD.

Dated as of February 11, 2008

Relating to:

$500,000,000

13.25% Senior Secured Second Lien Notes Due 2018

TABLE OF CONTENTS

				Page
SECTION 1. DEFINITIONS AND ACCOUNTING TERMS					2
1.1.		Definitions.			2
1.2.		Computation of Time Periods.			9
1.3.		Terms Generally.			10
SECTION 2. AUTHORIZATION AND ISSUANCE OF NOTES					10
2.1.		Authorization of Issue.			10
2.2.		Sale and Purchase of the Notes.			10
2.3.		Closing.			11
2.4.		Signing Date Certificate.			11
SECTION 3. CONDITIONS TO CLOSING					12
3.1.		No Violation; No Legal Constraints; Consents, Authorizations and Filings, Etc.			12
3.2.		Indebtedness.			13
3.3.		Material Adverse Change.			13
3.4.		Regulatory.			13
3.5.		Fees and Expenses.			14
3.6.		Holdco Audit/10-K/Absence of Restatement.			14
3.7.		Representations and Warranties.			15
3.8.		Performance; No Default.			15
3.9.		Equity Contribution.			16
3.10.		Pre-Closing Certificate			16
3.11.		Compliance Certificates.			16
3.12.		Opinion of Counsel.			17
3.13.		Financial Information.			17
3.14.		Transaction Documents.			18
3.15.		Execution and Authentication of Indenture and Notes.			18
3.16.		Security Documents and Collateral.			18
3.17.		Bank Clearing Arrangements.			18
3.18.		Company Credit Facilities.			18
3.19.		Pre-Closing Certificate			19
SECTION 4. REPRESENTATIONS AND WARRANTIES					19
4.1.		Disclosure.			19
4.2.		Organization and Authority.			19
4.3.		Holdco Subsidiaries.			20
4.4.		Capitalization.			20
4.5.		Authorization; No Default.			21
4.6.		SEC Documents.			21
4.7.		Taxes.			23
4.8.		Ordinary Course.			23
4.9.		Commitments and Contracts.			23

				Page
4.10.		Litigation and Other Proceedings.			24
4.11.		Insurance.			24
4.12.		Compliance with Laws.			24
4.13.		Benefit Plans.			25
4.14.		Environmental Liability.			26
4.15.		Intellectual Property.			27
4.16.		Board Approvals.			27
4.17.		Brokers and Finders.			27
4.18.		Collateral.			28
4.19.		[Reserved].			28
4.20.		[Reserved].			28
4.21.		Disclosure.			28
4.22.		[Reserved].			28
4.23.		Properties.			28
4.24.		Solvency.			29
4.25.		No Registration Required.			29
4.26.		No Integration of Offerings or General Solicitation.			29
4.27.		Eligibility for Resale under Rule 144A.			29
4.28.		Margin Regulations.			29
4.29.		Investment Company Act.			30
SECTION 5. REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF PURCHASERS					30
5.1.		Representation and Warranties.			30
5.2.		Notice of Transfers of the Notes.			31
SECTION 6. PRE-CLOSING COVENANTS					31
6.1.		Access.			31
6.2.		Investment Policy.			32
6.3.		Ordinary Course.			32
SECTION 7. POST-CLOSING AFFIRMATIVE COVENANTS					32
7.1.		Future Reports to Purchasers.			33
7.2.		Patriot Act and Anti-Money Laundering.			34
7.3.		U.S. Economic Sanctions.			35
7.4.		FCPA and Anti-Bribery Limitations.			35
7.5.		Export Control Limitations.			36
7.6.		Customs and Trade Remedy Laws.			36
7.7.		Anti-Boycott Laws.			37
7.8.		Cross-Border Investment Restrictions.			37
7.9.		Information Related to Alternative Transactions.			37
7.10.		Board Observer Rights.			37
7.11.		Changes to Investment Policy.			38
SECTION 8. PROVISIONS RELATING TO RESALES OF NOTES					38
8.1.		Private Offerings.			38
8.2.		Procedures and Management Cooperation in Private Offerings.			40

				Page
8.3.		No Integration.			41
SECTION 9. EXPENSES AND INDEMNIFICATION					41
9.1.		Expenses.			41
9.2.		Indemnification.			41
9.3.		Waiver of Punitive Damages.			42
9.4.		Survival.			42
9.5.		Tax Treatment of Indemnification Payments.			42
SECTION 10. MISCELLANEOUS					42
10.1.		Notices.			42
10.2.		Benefit of Agreement and Assignments.			43
10.3.		No Waiver; Remedies Cumulative.			43
10.4.		Amendments, Waivers and Consents.			43
10.5.		Counterparts.			44
10.6.		Reproduction.			44
10.7.		Headings.			44
10.8.		Survival of Covenants and Indemnities; Representations.			44
10.9.		Governing Law; Submission to Jurisdiction; Venue.			44
10.10.		Severability.			45
10.11.		Entirety.			45
10.12.		Construction.			45
10.13.		Incorporation.			46
10.14.		Confidentiality.			46
10.15.		Termination; Survival.			46
10.16.		Maximum Rate.			46
10.17.		Patriot Act.			47
10.18.		Currency.			47
10.19.		Further Assurances.			47

EXHIBITS:

Exhibit A		Form of Indenture
Exhibit B		Form of Registration Rights Agreement
Exhibit 2.4		Form of Signing Date Certificate
Exhibit 3.11(a)		Form of Secretary’s Certificate
Exhibit 3.11(b)		Form of Officer’s Certificate
Exhibit 3.11(c)		Form of Solvency Certificate
Exhibit 4		Financial information
SCHEDULES:
Schedule I		Holdco Disclosure Schedules
Schedule 2.2		Information Relating to the Purchasers

NOTE PURCHASE AGREEMENT

     NOTE PURCHASE AGREEMENT, dated as of February 11, 2008, among MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation (the “ Company ”), Moneygram International, Inc., a Delaware Corporation (“ Holdco ”), GSMP V Onshore US, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (“ GSMP Onshore ”), GSMP V Offshore US, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (“ GSMP Offshore ”) and GSMP V Institutional US, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (“ GSMP Institutional ” and together with GSMP Onshore and GSMP Offshore, the “ Purchasers ”).

RECITALS

     WHEREAS, pursuant to that certain Purchase Agreement, dated as of February 11, 2008 (such agreement, together with all of the exhibits and schedules thereto, in each case, as in effect on the date hereof, the “ Equity Purchase Agreement ”), between Holdco and the parties named as “Investors” therein (the “ Equity Investors ”), Holdco has agreed, subject to the terms and conditions set forth therein, to issue and sell to the Equity Investors, on the Closing Date, for an aggregate cash purchase price as determined in the Equity Purchase Agreement (the “ Equity Contribution ”), the number of shares of Series C participating preferred stock of Holdco (the “ Series C Preferred Stock ”), Series D participating convertible preferred stock of Holdco (the “ Series D Preferred Stock ”) and common stock of Holdco (the “ Common Stock ” and, together with the Series C Preferred Stock and the Series D Preferred Stock issued at the closing pursuant to the Equity Purchase Agreement, the “ Initial Equity Securities ”) set forth in the Equity Purchase Agreement. In accordance with the Equity Purchase Agreement, investment units comprised of shares of Series C Preferred Stock, shares of Series D Preferred Stock and Common Stock are to be exchanged, subject to the terms and conditions set forth therein, for shares of Series B participating convertible preferred stock of Holdco (the “ Series B Preferred Stock ”) and shares of Series B-1 participating convertible preferred stock of Holdco (“ Series B-1 Preferred Stock ”). The Equity Investors include investment funds affiliated with Thomas H. Lee Partners L.P. (the “ Lead Sponsor ”) and investment funds affiliated with GS Capital Partners VI, L.P. (“ GSCP ” and, together with the Lead Sponsor, the “ Sponsors ”) and also include the Purchasers.

     WHEREAS, the consummation of the Equity Contribution in accordance with the Equity Purchase Agreement is subject to the consummation of certain concurrent transactions (such transactions, together with the Equity Contribution, the “ Transactions ”), including:

	(a)		that the Company shall have amended and restated the existing $350 million Amended and Restated Credit Agreement, dated as of June 29, 2005, of Holdco, as amended through the date hereof, in accordance with the terms set forth in Schedule D to the Equity Purchase Agreement, to provide the Company with amended and restated senior credit facilities consisting of $300 million of term loans, of which $100 million has been previously funded and $200 million of which shall be new term loans to be funded on the Closing Date contemplated hereby, and a $250 million revolving credit facility (of which no more than $150 million will be drawn on the Closing Date) (collectively, the “ Company Credit Facilities ”);
	(b)		that Holdco shall have (A) on the Satisfaction Date, accepted bids to sell the securities held in its investment portfolio listed on Schedule B to the Equity Purchase Agreement, (B) incurred a Total Loss of not more than $1,700,000,000, and (C) on or prior to the Closing, received full proceeds from such sales in accordance with the bids accepted on the Satisfaction Date; and

(c)

that the Company shall have received the proceeds of the issuance of its 13.25% senior secured second lien notes due 2018 (the “ Notes ”) issued pursuant to the indenture substantially in the form attached hereto as Exhibit A (as amended, supplemented, restated or otherwise modified from time to time in accordance with its terms, the “ Indenture ”).

     WHEREAS, the proceeds from the purchase of the Notes will be used by the Company and its Subsidiaries for investments in accordance with the provisions of the Indenture to supplement the Company’s unrestricted assets, to repay existing indebtedness and to pay related transaction costs and expenses.

     NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1.
DEFINITIONS AND ACCOUNTING TERMS

1.1.

Definitions .

     As used herein, defined terms which are defined in the Indenture shall have, except where otherwise expressly set forth herein, the same respective meanings as such defined terms have in the Indenture, and, in addition, the following terms shall have the meanings specified herein unless the context otherwise requires (it being understood that defined terms shall include in the singular number the plural and in the plural the singular):

     “ Agreement ” is defined in Section 10.4.

     “ AML Laws ” means any anti-money laundering law or regulation applicable to Holdco or any Holdco Subsidiary.

     “ Anti-boycott Laws ” means the Export Administration Act and the Internal Revenue Code and any other applicable law regarding boycotts issued by a foreign government and not endorsed by the United States.

      “Bank Secrecy Act” means the Currency and Foreign Transactions Report Act, as amended.

     “ Bank Term Sheet ” means the term sheet relating to the Company Credit Facilities set forth on Schedule D to the Equity Purchase Agreement.

      “Benefit Plan” has the meaning given to it in Section 4.13(a).

     “ Board of Directors ” has the meaning given to it in Section 4.5(a).

     “ Board Observer ” has the meaning given to it in Section 7.10.

     “ Board Papers ” is defined in Section 7.10.

     “ Certificate of Designations ” has the definition given to it in the Equity Purchase Agreement.

     “ Closing ” is defined in Section 2.3(a).

     “ Closing Date ” is defined in Section 2.3(a).

     “ Closing Payment ” means on the Closing Date, an amount equal to $15,000,000 ( i.e., representing 3.00% of the $500,000,000 of Notes committed to be purchased by the Purchasers pursuant to the Agreement, whether or not the Purchasers purchase all such Notes).

     “ Code ” means the Internal Revenue Code of 1986, as amended from time to time. Section references to the Code are to the Code as in effect at the date of this Agreement, and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor.

     “ Collateral ” means the collateral described in the Security Documents.

     “ Collateral Agent ” means the Trustee in its capacity as Collateral Agent under the Indenture and under the Security Documents and any successor thereto in such capacity.

     “ Common Stock ” is defined in the recitals.

     “ Company Credit Facilities ” is defined in the recitals.

      “Contract” has the meaning given to it in Section 4.5(b).

     “ Credit Documents ” means the Company Credit Facilities and all agreements, guarantees, collateral documents, certificates, instruments, and other documents made or delivered in connection therewith.

     “ Default ” has the meaning given to it in the Indenture.

     “ DTC ” means The Depository Trust Company.

     “ DTC Agreement ” means a letter of representations between the Company and DTC.

     “ Environmental Claims ” means any administrative or judicial actions, suits, orders, claims, proceedings or written notices of noncompliance by or from any person alleging liability arising out of the Release of Hazardous Materials or the failure to comply with Environmental Law.

     “ Environmental Law ” means any Law relating to pollution, the environment or natural resources.

     “ Equity Contribution ” is defined in the recitals.

     “ Equity Documents ” means the Equity Purchase Agreement and all agreements, certificates, instruments, and other documents made or delivered in connection therewith.

     “ Equity Interest ” is defined in the Indenture.

     “ Equity Investors ” is defined in the recitals.

     “ Equity Purchase Agreement ” is defined in the recitals.

     “ ERISA ” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. Section references to ERISA are to ERISA as in effect at the date of this Agreement and any subsequent provisions of ERISA amendatory thereof, supplemental thereto or substituted therefore.

      “ERISA Event ” means (a) an event described in Section 4043 of ERISA and the regulations thereunder with respect to any Benefit Plan, other than any event as to which the thirty day notice period has been waived; or (b) the failure of any Benefit Plan to satisfy the minimum funding standard required for any plan year or part thereof under Section 412 of the Code or Section 302 of ERISA or a waiver of such standard or extension of any amortization period is sought or granted under Section 412 of the Code or Section 303 or 304 of ERISA.

     “ Event of Default ” means “Event of Default”, as such term is defined in the Indenture.

     “ Exchange Act ” means the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

     “ Export Administration Act ” means The Export Administration Act of 1979, as amended, and the executive orders, rules and regulations pursuant to the President’s invocation of emergency powers under the International Emergency Economic Powers Act.

     “ Fee Letter ” means that certain Contingent Fee Letter dated as of the date hereof by and between the Sponsors, the Purchasers, Holdco and the Company.

     “ Financing Documents ” means collectively, this Agreement, the Indenture, the Notes, the Registration Rights Agreements, the Fee Letter and the Management Rights Agreement, and all certificates, instruments, and other documents made or delivered in connection herewith and therewith.

     “ Foreign Plan ” means any employee benefit plan, program, policy, arrangement or agreement maintained or contributed to by the Company or any of its subsidiaries with respect to employees employed outside the United States.

      “GAAP” is defined in Section 4.6.

     “ German Antitrust Act ” means the German Act Against Restraints of Competition (Gesetz gegen Wettbewerbsbeschrankungen).

     “ Governmental Authority ” means any nation, sovereign or government, any state, province, territory or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including a central bank or stock exchange.

     “ Governmental Entity ” means any United States or foreign governmental or regulatory agency, commission, court, body, entity or authority.

     “ GSCP ” is defined in the recitals.

     “ Guarantors ” has the definition given to it in the Indenture.

     “ Hazardous Materials ” means (x) petroleum and petroleum by-products, asbestos that is friable, radioactive materials, medical or infectious wastes or polychlorinated biphenyls and (y) any other material, substance or waste that is prohibited, limited or regulated by Environmental Law because of its hazardous, toxic or deleterious properties or characteristics.

     “ Holdco Disclosure Schedule ” means a schedule attached hereto as Schedule I setting forth, among other things, items the disclosure of which is necessary or appropriate either in response to an

express disclosure requirement contained in a provision hereof or as an exception to one or more of Holdco’s or the Company’s representations or warranties contained in Section 4.

     “ Holdco Intellectual Property ” means all patents and patent applications currently owned by Holdco and the Holdco Subsidiaries that are material to the business of Holdco and the Holdco Subsidiaries, taken as a whole, as currently conducted.

      “Holdco Subsidiary” is defined in Section 4.3.

     “ HSR Act ” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

     “ Infringe ” means, in relation to Intellectual Property, infringing upon, misappropriating or violating the rights of any third party.

      “Indemnitee” has the meaning given to it in Section 9.2.

     “ Indenture ” has meaning given to it in the recitals.

     “ Initial Equity Securities ” is defined in the recitals.

     “ Intellectual Property ” means the following and all rights pertaining thereto: (A) patents, patent applications, provisional patent applications and statutory invention registrations (including all utility models and other patent rights under the Laws of all countries), (B) trademarks, service marks, trade dress, logos, trade names, service names, corporate names, domain names and other brand identifiers, registrations and applications for registration thereof, (C) copyrights, proprietary designs, computer software, mask works, databases, and registrations and applications for registration thereof, (D) confidential and proprietary information, trade secrets, know-how and show-how, and (E) all similar rights, however denominated, throughout the world.

     “ Investment Company Act ” means the Investment Company Act of 1940 as from time to time in effect and any successor act to all or a portion thereof.

     “ Investment Policy ” is defined in Section 6.2.

     “ Investors ” has the definition given to it in the Equity Purchase Agreement.

      “IRS” means the Internal Revenue Service of the United States of America.

     “ Law ” means any federal, state, local or foreign law, statute, ordinance, rule, regulation, judgment, code, order, injunction, arbitration award, writ, decree, agency requirement, license or permit of any Governmental Entity.

     “ Lead Sponsor ” is defined in the recitals.

     “ Management Rights Agreement ” means the management rights agreement dated as of the Closing Date among Holdco, the Company and GS Mezzanine Partners V Institutional, L.P. (the indirect owner of GSMP Institutional).

     “ Material Adverse Effect ” means: (1) for any purpose under this Agreement other than Section 7, any circumstance, event, change, development or effect that, (a) is material and adverse to the financial position, results of operations, business, assets or liabilities of Holdco and the Holdco Subsidiaries, taken

as a whole, (b) would materially impair the ability of Holdco and the Holdco Subsidiaries, taken as a whole, to perform their obligations under this Agreement or any of the other Financing Documents, (c) would materially impair the rights and remedies of the Purchasers under this Agreement or any of the other Financing Documents, taken as a whole, or (d) would materially impair the ability of Holdco to perform its obligations under the Equity Purchase Agreement or otherwise materially threaten or materially impede the consummation of the Purchase (as defined in the Equity Purchase Agreement) and the other transactions contemplated by the Equity Purchase Agreement; provided, however, that the impact of the following matters shall be disregarded: (i) changes in general economic, financial market, credit market, regulatory or political conditions (whether resulting from acts of war or terrorism, an escalation of hostilities or otherwise) generally affecting the U.S. economy, foreign economies or the industries in which Holdco or its Subsidiaries operate, (ii) changes in generally accepted accounting principles, (iii) changes in laws of general applicability or interpretations thereof by any Governmental Authority, (iv) any change in Holdco’s stock price or trading volume, in and of itself, or any failure, in and of itself, by Holdco to meet revenue or earnings guidance published or otherwise provided to the Purchaser (provided that any fact, condition, circumstance, event, change, development or effect underlying any such failure or change, other than any of the foregoing that is otherwise excluded pursuant to clauses (i) through (viii) hereof, may be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur), (v) losses resulting from any change in the valuations of Holdco’s portfolio of securities or sales of such securities and any effect resulting from such changes or sales, (vi) actions or omissions of Holdco or the Sponsors taken as required by the Equity Purchase Agreement or with the prior written consent of the Purchaser, (vii) public announcement, in and of itself, by a third party not affiliated with Holdco of any proposal to acquire the outstanding securities or all or substantially all of the assets of Holdco and (viii) the public announcement of the Equity Purchase Agreement and the transactions contemplated thereby (provided that this clause (viii) shall not apply with respect to Sections 1.2(c)(v), 2.2(d), 2.2(h) and 2.2(k) of the Equity Purchase Agreement); provided further, however, that Material Adverse Effect shall be deemed not to include the impact of the foregoing clauses (i), (ii) and (iii), in each case only insofar and to the extent that such circumstances, events, changes, developments or effects described in such clauses do not have a disproportionate effect on Holdco and the Holdco Subsidiaries (exclusive of its payments systems business) relative to other participants in the industry; and (2) for any purpose under Section 7 of this Agreement, any circumstance, event, change, development or effect that, (a) is material and adverse to the financial position, results of operations, business, assets or liabilities of Holdco and the Holdco Subsidiaries, taken as a whole, (b) would materially impair the ability of Holdco and the Holdco Subsidiaries, taken as a whole, to perform their obligations under this Agreement or any of the other Financing Documents, or (c) would materially impair the rights and remedies of the Purchasers under this Agreement or any of the other Financing Documents, taken as a whole.

      “MSPI” means MoneyGram Payment Systems Inc., a wholly owned subsidiary of the Company.

     “ Multiemployer Plan ” is defined in Section 4.13(e).

     “ Notes ” is defined in the recitals.

     “ OFAC ” means the Office of Foreign Assets Control of the United States Treasury Department.

     “ Officer’s Certificate ” is defined in Section 3.11(b).

     “ Outside Receipt Date ” is defined in Section 3.6 (c).

     “ Patriot Act ” is defined in Section 10.17.

     “ Pre-Closing Certificate ” is defined in Section 3.18

     “ Preferred Stock ” means the Series B Preferred Stock, the Series B-1 Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock.

     “ Previously Disclosed ” means information: (i) set forth in the Holdco Disclosure Schedule corresponding to the provision of this Agreement to which such information relates (provided that any disclosure with respect to a particular paragraph or section of this Agreement or the Holdco Disclosure Schedule shall be deemed to be disclosed for other paragraphs and sections of this Agreement or the Holdco Disclosure Schedule to the extent that the relevance of such disclosure would be reasonably apparent to a reader of such disclosure); or (ii) otherwise disclosed on a SEC Document, prior to the date of this Agreement (excluding any risk factor disclosures contained in such documents and any disclosure of risks included in any “forward-looking statements” disclaimer or other statements that are similarly non-specific, predictive or forward-looking in nature) (“Filed SEC Documents”).

     “ Private Offering ” means any offer and/or sale by one or more of the Purchasers of some or all of the Notes without registration under the Securities Act but in compliance with Rule 144A, Rule 144, Regulation S, Section 4(1) or any other applicable rule or provision under the Securities Act.

     “ Purchase Price ” is defined in Section 2.2(b).

     “ Purchasers ” is defined in the Preamble.

     “ Qualified Institutional Buyer ” means any Person that is a “qualified institutional buyer” within the meaning of Rule 144A.

     “ Registration Rights Agreement ” means the Registration Rights Agreement among the Company, Holdco and each Purchaser, to be dated as of the Closing Date, substantially in the form attached hereto as Exhibit B, as amended, supplemented, restated or otherwise modified from time to time.

     “ Regulation D ” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor regulation to all or a portion thereof.

     “ Regulation T ” means Regulation T of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor regulation to all or a portion thereof.

     “ Regulation U ” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor regulation to all or a portion thereof.

     “ Regulation X ” means Regulation X of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor regulation to all or a portion thereof.

     “ Release ” means any release, spill, emission, leaking, pumping, emitting, discharging, injecting, escaping, leaching, dumping, disposing or migrating into or through the environment in derogation of Environmental Law.

     “ Responsible Officer ” means the chairman, the chief executive officer, the president, the chief financial officer, the chief operating officer, the chief accounting officer or the treasurer.

     “ Rule 144 ” has the meaning given to it in the Indenture.

     “ Rule 144A ” has the meaning given to it in the Indenture.

     “ Rule 502 ” means Rule 502 of Regulation D under the Securities Act as from time to time in effect and any successor regulation to all or a portion thereof.

     “ Satisfaction Date ” has the meaning given to it in the Equity Purchase Agreement.

      “SEC” means the United States Securities and Exchange Commission.

     “ SEC Documents ” is defined in Section 4.6(a).

     “ Securities ” has the meaning given to it in the Equity Purchase Agreement.

     “ Security Documents ” means the security agreements, pledge agreements, collateral assignments and related agreements, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating the security intents in the Collateral as contemplated by the Indenture, which will be identical to the agreement for the First Priority Liens Obligations, but on a second priority lien basis and shall be with respect to the Collateral as described in the Bank Term Sheet.

     “ Series B Preferred Stock ” is defined in the recitals.

      “Series B-1 Preferred Stock” is defined in the recitals .

      “Series C Certificate” has the meaning given to it in the Equity Purchase Agreement.

     “ Series C Preferred Stock ” is defined in the recitals.

     “ Series D Preferred Stock ” is defined in the recitals.

     “ Shareholder Approval ” means the stockholder vote that will be necessary under the Section 312.00 “Shareholder Approval Policy” of the New York Stock Exchange Listed Company Manual so that the Series C Preferred Stock, the Series D Preferred Stock and the Common Stock issued to the Investors at the Closing Date shall become exchangeable for Series B Preferred Stock or Series B-1 Preferred Stock, as applicable, pursuant to the terms of the Equity Purchase Agreement and the terms of the Series C Certificate.

     “ Solvency Certificate ” is defined in Section 3.11(c).

     “ Solvent ” means, with respect to any Person, that (a) the sum of such Person’s debt (including contingent liabilities) does not exceed the present fair saleable value of such Person’s present assets; (b) such Person’s capital is not unreasonably small in relation to its business as contemplated; and (c) such Person has not incurred and does not intend to incur, or believe that it will incur, debts including current obligations beyond its ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount of any contingent liability at any time shall be computed by Holdco and the Company as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that such Person reasonably expects to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under GAAP).

     “ Sponsors ” is defined in the recitals.

     “ State ” means any of the jurisdictions listed on Section 3.3(b) of the Company Disclosure Schedule (as defined in the Equity Purchase Agreement).

     “ Subsequent Purchaser ” means a purchaser of any Note who acquired such Note in a Private Offering in accordance with Section 8.1.

     “ Tax ” or “ Taxes ” means any and all domestic or foreign, federal, state, local or other taxes of any kind (together with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Entity, including taxes on or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, unemployment, social security, workers’ compensation or net worth, and taxes in the nature of excise, withholding, ad valorem or value added, and including any liability in respect of any items described above as a transferee or successor, pursuant to Section 1.1502-6 of the Treasury Regulations (or any similar provision of state, local or foreign Law), or as an indemnitor, guarantor, surety or in a similar capacity under any contract, arrangement, agreement, understanding or commitment (whether oral or written)

     “ Tax Return ” means any return, report or similar filing, (including attached schedules) filed or required to be filed with respect to Taxes (and any amendments thereto), including any information return, claim for refund or declaration of estimated Taxes.

     “ Termination Date ” is defined in Section 2.2(e).

     “ Total First Lien Indebtedness ” means, as of any date of determination, funded Total Indebtedness that in each case is secured by First Priority Liens on property or assets of Holdco and its Subsidiaries.

      “Total Loss” has the meaning given to it in the Equity Purchase Agreement.

     “ Transaction Documents ” means the Credit Documents, the Equity Documents and the Financing Documents.

     “ Transactions ” is defined in the recitals.

     “ Trustee ” means Wells Fargo Bank National Association.

     “ Unrestricted Assets ” has the meaning given to it in Schedule E to the Equity Purchase Agreement.

     “ U.S. Economic Sanction ” means any economic sanction imposed by any rule, regulation or statute of the United States, including without limitation, those administered by OFAC and any other applicable laws imposing economic sanctions.

      “U.S. Foreign Corrupt Practices Act” is defined in Section 4.12(b)

     1.2. Computation of Time Periods .

     For purposes of computation of periods of time hereunder, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.”

     1.3. Terms Generally .

     Unless the context otherwise requires:

     (1) a term has the meaning assigned to it;

     (2) “or” is not exclusive;

     (3) an accounting term not otherwise defined has the meaning assigned to it, and shall be construed, in accordance with GAAP;

     (3) words in the singular include the plural, and in the plural include the singular;

     (4) “will” shall be interpreted to express a command;

     (5) the word “including” means “including without limitation”;

     (6) any reference to any Person shall be construed to include such Person’s successors and permitted assigns;

     (7) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein);

     (8) for purposes of computation of periods of time hereunder, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”; and

     (9) references to sections of or rules under the Securities Act and the Exchange Act will be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time.

SECTION 2.
AUTHORIZATION AND ISSUANCE OF NOTES

     2.1. Authorization of Issue .

     On or prior to the Closing, the Company will authorize the issuance and sale of the Notes. The Notes shall be substantially in the form specified in the Indenture.

     2.2. Sale and Purchase of the Notes .

     (a) Subject to the terms and conditions of this Agreement, on or prior to the Termination Date, the Company will issue and sell to each of the Purchasers and each of the Purchasers will purchase from the Company, at the Closing provided for in Section 2.3, the Notes in the principal amounts and for the portion of the Purchase Price as may be allocated between the Purchasers in their sole discretion. Notwithstanding the foregoing, in the event there is a Proceeds Excess (as defined in the Equity Purchase Agreement), the principal amount of the Notes may, pursuant to the Equity Purchase Agreement, be reduced by an amount equal to the difference between the Proceeds Excess and the amount by which the aggregate purchase price of the Equity Contribution is reduced pursuant to the Equity Purchase Agreement.

     (b) The aggregate cash purchase price (the “ Purchase Price ”) for the Notes shall be equal to the principal face amount of the Notes being so purchased, net of the aggregate amount of the Closing Payment.

     (c) The parties agree to report the sale and purchase of the Notes for all federal, state, local and foreign Tax purposes in a manner consistent with the foregoing and agree to take no position inconsistent with the foregoing, except as required by applicable law.

     (d) The obligations hereunder of the Purchasers to purchase and pay for the Notes are several and not joint and no Purchaser will have any liability to any Person for the performance or non-performance by any other Purchaser.

     (e) The obligation of the Purchasers to purchase the Notes and the obligation of the Company to sell and issue the Notes in accordance with the terms of this Agreement shall terminate on the date of the termination of the Equity Purchase Agreement in accordance with its terms (the “ Termination Date ”).

     2.3. Closing .

     (a) The sale and purchase of the Notes shall occur at the offices of Wachtell, Lipton, Rosen & Katz located at 51 West 52nd Street, New York, New York, commencing at 10 a.m. local time, at a closing (the “ Closing ”) on the third Business Day following the date on which the conditions set forth in Section 3 (other than those conditions that are expressly required to be satisfied at the Closing, but subject to fulfillment of those conditions) are satisfied or waived by the Purchasers, but in any event the Closing shall be no later than 10:00 a.m. CST on March 13, 2008, or at such other time as mutually agreed by the Company and the Purchasers. The date and time of the Closing is referred to herein as the “ Closing Date ”.

     (b) At the Closing, the Company will deliver to each Purchaser purchasing Notes, in such denominations as such Purchaser may request (subject to the terms of the Indenture), representing in the aggregate the full principal amount of Notes to be purchased by such Purchaser on the Closing Date, each such Note dated the Closing Date and registered in such Purchaser’s name, against payment by such Purchaser to the Company of the amount of the applicable portion of the Purchase Price (as provided in Section 2.2) net of the applicable Closing Payment, by wire transfer of immediately available funds to such bank account or accounts as the Company may request in writing at least one Business Day prior to the Closing Date.

     (c) If at the Closing the Company shall fail to deliver to the Purchasers the Notes as provided in Section 2.3(b), or any of the conditions specified in Section 3 shall not have been fulfilled to the Purchasers’ reasonable satisfaction or waived, then each Purchaser shall, at its election, be relieved of all further obligations under this Agreement.

     2.4. Signing Date Certificate .

     On the date of this Agreement, Holdco shall deliver to the Purchasers a certificate, substantially in the form of Exhibit 2.4 to this Agreement from Holdco, signed by the Chief Executive Officer and the Chief Financial Officer of Holdco, certifying: (i) that each of the representations and warranties contained in Sections 4.1 through 4.17, 4.23 and 4.29 of this Agreement shall be true and correct in all material respects (unless qualified by “material” or “Material Adverse Effect” or similar references to materiality, in which case such representations and warranties must be true and correct in all respects) on or as of the execution date of this Agreement as if made on and as of the execution date of this Agreement (unless expressly stated to relate to a specific earlier date, in which case each of such representations and

warranties shall be true and correct in all material respects (unless qualified by “material” or “Material Adverse Effect” or similar references to materiality, in which case the representation and warranties must be true and correct in all respects) as of such earlier date), (ii) to the knowledge of the applicable officer: (x) that none of the written factual information and written data (taken as a whole) furnished by or on behalf of Holdco or any of the Holdco Subsidiaries or any of their respective authorized representatives to the Purchasers on or before the date hereof for purposes of or in connection with this Agreement contained, when furnished, any untrue statement of any material fact or omitted to state any material fact necessary to make such information and data (taken as a whole) not materially misleading at such time in light of the circumstances under which such information or data was furnished, it being understood and agreed that for purposes of such certificate, such factual information and data shall not include projections (including financial estimates, forecasts and/or any other forward-looking information) and information of a general economic or general industry nature, and (y) that the projections (including financial estimates, forecasts and other forward-looking information) contained in the information and data referred to in clause (ii)(x) above were based on good faith estimates and assumptions believed by such Persons to be reasonable at the time made, it being recognized by the Purchasers that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results, and (iii) that the financial information, data and performance information listed on Exhibit 4 hereto furnished by or on behalf of Holdco or the Company to the Purchasers on or before the date hereof for purposes of or in connection with this Agreement was true, complete and accurate as and when furnished to the Purchasers.

     2.5 Fees .

     On the date of this Agreement, Holdco shall pay the fees set forth, and otherwise satisfy the other terms and conditions set forth in, the Fee Letter.

SECTION 3.
CONDITIONS TO CLOSING

     Subject to the final sentence of Section 3.18, each Purchaser’s obligation to purchase and pay for the Notes to be purchased by it at the Closing is subject to the reasonable satisfaction or waiver by it prior to or at the Satisfaction Date (or the Closing Date if such condition expressly requires that it be satisfied prior to or at the Closing Date) of each of the conditions specified below in this Section 3:

     3.1. No Violation; No Legal Constraints; Consents, Authorizations and Filings, Etc.

     (a) the expiration or termination of: (i) any applicable waiting period under the HSR Act and (ii) any applicable waiting period under the German Antitrust Act in each case, required to consummate the purchase from Holdco at the Closing, of the Securities as contemplated by the Equity Purchase Agreement and for the Investors to own, and fully vote and convert into Common Stock, all of the Securities;

     (b) no provision of any applicable Law or regulation and no judgment, injunction, order or decree shall prohibit the Closing or the consummation of any of the transactions contemplated by the Transaction Documents or shall prohibit or restrict any Investor or its Affiliates from owning, or fully voting and converting, the Securities to be acquired by such Investor pursuant to the terms of such respective Securities, and no lawsuit shall have been commenced by a Governmental Entity seeking to effect any of the foregoing;

     (c) On the Closing Date, each Purchaser’s purchase of the Notes shall be permitted by all applicable laws of each jurisdiction to which it is subject; and

     (d) On the Closing Date, the Purchasers shall have received a certificate signed for and on behalf of Holdco by a senior executive officer of Holdco confirming that prior to or concurrently with the Closing, Holdco shall have (A) on the Satisfaction Date, accepted bids to sell the securities held in its investment portfolio listed on Schedule B to the Equity Purchase Agreement that if consummated would result in Holdco incurring a Total Loss of not more than $1,700,000,000, (B) incurred a Total Loss of not more than $1,700,000,000, and (C) on or prior to the Closing, received or receive, as the case may be, full proceeds from such sales in accordance with the bids accepted on the Satisfaction Date.

     3.2. Indebtedness .

     On the Closing Date, the Company and Holdco shall have (i) (A) amended Holdco’s existing Amended and Restated Credit Agreement, dated as of June 29, 2005, in accordance with the terms set forth on Schedule D to the Equity Purchase Agreement, such other material alterations or additional material terms as are acceptable to both the Company and the Purchasers (each acting in their sole discretion), and such other non-material terms and conditions as are acceptable to the Company (acting reasonably); provided, further that the parties acknowledge that each of the terms set forth on Schedule D to the Equity Purchase Agreement are material, (B) received an additional $200 million of term loans (less any original issue discount otherwise permitted under the Equity Purchase Agreement) under its existing Amended and Restated Credit Agreement following such amendment described in clause (A) above; (C) never borrowed any funds under, and shall have terminated, its existing 364-Day Credit Agreement, dated as of November 15, 2007, as amended; (ii) the Purchasers shall have received final drafts of the Company Credit Facilities, five (5) Business Days prior to the Closing Date; and (iii) no Indebtedness (as determined on a consolidated basis in accordance with GAAP) shall remain outstanding immediately after giving effect to the Transaction other than: (x) the loans under the Company Credit Facilities and (y) the Notes and (z) indebtedness incurred in the ordinary course of business not to exceed, individually or in the aggregate, $5 million. After giving effect to the transactions contemplated hereby, there shall not exist (pro forma for such transactions and the financing thereof) any Default or Event of Default under the Indenture or the Notes.

     3.3. Material Adverse Change .

     Except as Previously Disclosed, since September 30, 2007, no change or event shall have occurred and no circumstances shall exist which have had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. With respect to matters which have been Previously Disclosed, in determining whether this condition is satisfied, any circumstance, event or condition occurring after the date hereof shall be taken into account, including any deterioration, worsening or adverse consequence of such Previously Disclosed matters occurring after the date hereof.

     3.4. Regulatory .

     None of the Company or MPSI shall have received written or oral notice from any State to the effect that such State has determined, that the Company or MPSI can no longer conduct their money transfer or payment systems businesses in such State or has revoked, or intends to revoke, the Company’s or MPSI’s license to conduct such businesses in such State, or imposed or intends to impose, one or more conditions on the Company’s or MPSI’s license to conduct businesses in such State (which conditions are materially adverse to the Company or MPSI and are not generally applicable to other persons conducting money transfer or payments systems businesses in such State).

     3.5. Fees and Expenses .

     (a) At the Closing each Purchaser shall have received from the Company, the Closing Payments required to be paid under Section 2.3(b), by netting such amounts from the applicable portion of the principal amount of the Notes being purchased by such Purchaser, as provided in Section 2.3(b).

     (b) At the Closing, all the fees and expenses payable by Holdco and the Company to the Purchasers pursuant to the Transaction Documents, including without limitation, the fees and expenses of each Purchaser and counsel for the Purchasers for which invoices have been presented (including the fees of Fried, Frank, Harris, Shriver & Jacobson LLP, counsel to the Purchasers), shall have been paid in full.

     3.6. Holdco Audit/10-K/Absence of Restatement .

     (a)(i) On or prior to the Satisfaction Date, Holdco (x) shall have received from Deloitte & Touche LLP an unqualified opinion regarding the consolidated financial statements of Holdco and its subsidiaries as of and for the year ended December 31, 2007, prepared in accordance with GAAP (which opinion shall not contain any going concern modification or qualification or other explanatory paragraph) (such an opinion referred to herein as a “ Satisfactory Audit Opinion ”) and (y) shall have filed its Annual Report on Form 10-K in compliance with all applicable rules promulgated under the Exchange Act or (ii) if the conditions set forth in clause (a)(i) of this sentence have not been satisfied on or prior to the Satisfaction Date, then:

     (A) the Purchasers shall have received, (v) at least two (2) business days prior to the Satisfaction Date, a draft of Holdco’s Annual Report on Form 10-K delivered by Holdco in substantially complete form, and (w) at least two (2) business days prior to the Satisfaction Date, a draft opinion from Deloitte & Touche LLP to Holdco regarding the consolidated financial statements of Holdco and its subsidiaries as of and for the year ended December 31, 2007, prepared in accordance with GAAP (which draft opinion shall be unqualified, except that it may contain a going concern qualification referring solely to Holdco’s need to raise additional capital to address the reduced valuation of Holdco’s investment portfolio and shall not contain any other going concern modification or similar qualification or other explanatory paragraph) (such a draft opinion referred to herein as a “ Draft Audit Opinion ”), (x) verbal confirmation (on both the date the draft opinion referred to in clause (w) is delivered and on the Satisfaction Date) from Deloitte & Touche LLP to the effect that the Draft Audit Opinion is in a final form that could be delivered to Holdco as of the Satisfaction Date, and if the Draft Audit Opinion contains a Going Concern qualification, verbal confirmation from Deloitte & Touche LLP that the sale of portfolio securities and the receipt of the funds from the transactions contemplated by the Transaction Documents will result in a Satisfactory Audit Opinion, with an assumption that the amount of the Total Loss does not exceed $1,700,000,000 (provided, however, that on the Satisfaction Date such assumption shall take into account any actual securities sold and the bids received on the securities to be sold), (y) on both the date the draft opinion referred to in clause (w) is delivered and on the Satisfaction Date, a written description delivered by Deloitte & Touche LLP to Holdco as of these dates of all remaining audit procedures that need to be completed for Deloitte & Touche LLP to issue a Satisfactory Audit Opinion, which procedures relate solely to confirming the receipt of funds from the sale of portfolio securities and receipt of the funds from the transactions contemplated by the Transaction Documents; and (z) at least two (2) business days prior to the Satisfaction Date, a written description from Holdco, based on discussions with Deloitte & Touche LLP, of all steps Holdco and Deloitte & Touche LLP will take in order for Holdco to obtain from Deloitte & Touche LLP a Satisfactory Audit Opinion on or prior to the Outside Receipt Date; and

     (B) each of the Purchasers shall have determined (and shall have notified Holdco not later than the Satisfaction Date that it has determined) in its sole judgment and discretion that Holdco will obtain from Deloitte & Touche LLP, a Satisfactory Audit Opinion on or prior to March 14, 2008 (“ Outside Receipt Date ”) and will file its Annual Report on Form 10-K in compliance with all applicable rules promulgated under Exchange Act on or prior to the Outside Receipt Date; it being understood that in making the determination, the Purchasers shall be entitled to consider the foregoing information delivered under clause (A) above, as well as any other factors as they deem relevant, including without limitation any and all information obtained through Holdco’s full compliance with Section 3.2 of the Equity Purchase Agreement and Section 6.1 of this Agreement;

     (b) each of the Purchasers shall have had a full and complete opportunity to review Holdco’s books and records, internal controls and procedures, and to interview current and former Holdco personnel as determined to be necessary by each of the Purchasers, and will have determined (and shall have notified Holdco not later than the Satisfaction Date that this condition has been satisfied) that Holdco’s books and records, internal controls and procedures, as well as Holdco’s prior disclosures, are acceptable to each Purchaser in its sole judgment and discretion; and it is understood and agreed that such determination by the Purchasers shall be based on, among other things, but not limited to, the subjective view of each of the Purchasers of Holdco’s potential exposure, if any, to claims and investigations related in any to Holdco’s books and records, internal controls and procedures, and prior disclosures;

     (c) neither Deloitte & Touche LLP nor any other accounting firm shall have issued to Holdco any opinion regarding the consolidated financial statements of Holdco and its subsidiaries as of and for the year ended December 31, 2007 which is not a Satisfactory Audit Opinion;

     (d) there shall not have been a restatement (nor shall any restatement be under consideration by Holdco, its external auditors or, to the knowledge of Holdco, the SEC) of any prior period financial statements of Holdco; and

     (e) Holdco shall have resolved to the satisfaction of the SEC (including having taken any and all corrective action requested by the Staff of the SEC, if any) all comments received by Holdco from the SEC on the SEC Documents.

     3.7. Representations and Warranties .

     Each of the representations and warranties contained herein shall be true and correct in all material respects (unless qualified by “material” or “Material Adverse Effect” or similar references to materiality, in which case the representation and warranties must be true and correct in all respects) on or as of the Satisfaction Date as if made on and as of the Satisfaction Date (unless expressly stated to relate to a specific earlier date, in which case each of such representations and warranties shall be true and correct in all material respects (unless qualified by “material” or “Material Adverse Effect” or similar references to materiality, in which case the representation and warranties must be true and correct in all respects) as of such earlier date), in each case after giving pro forma effect to the consummation on the Closing Date of the Transactions, the issuance of the Notes to be issued on the date hereof and the application of the proceeds thereof.

     3.8. Performance; No Default .

     The Company and Holdco shall have performed and complied in all material respects with all agreements and covenants contained herein and therein required to be performed or complied with by them prior to or at the Closing (or such compliance shall have been waived on terms and conditions

reasonably satisfactory to the Purchasers) and, as of the Satisfaction Date, after giving effect to the Transactions, the issuance of the Notes and the application of the proceeds thereof, no Default shall have occurred and be continuing.

     3.9. Equity Contribution .

     At the Closing, the Equity Contribution shall have been made to Holdco in accordance with the Equity Purchase Agreement, and Holdco shall have received the Equity Contribution. All conditions precedent set forth in the Equity Documents shall have been satisfied or waived (with the prior consent of the Purchasers if the Purchasers reasonably determine such waiver is adverse to the Purchasers).

     3.10. Pre-Closing Certificate

     (a) The Pre-Closing Certificate shall have been delivered by the Company and acknowledged by the Purchasers pursuant to Section 3.18 on the Satisfaction Date.

     (b) The Purchasers shall have received a certificate signed on behalf of the Company by a senior executive officer confirming that the Pre-Closing Certificate was true and accurate when delivered and that each of the conditions set forth in Sections 3.1(c), 3.1(d), 3.2, 3.5, 3.9, 3.11(c), 3.12, and 3.15 have been satisfied, or as applicable, will be satisfied simultaneously with, and are satisfied as of the Closing Date.

     3.11. Compliance Certificates .

     (a)  Secretary’s Certificate .   The Company and each Guarantor shall have delivered to the Purchasers a Secretary’s Certificate, dated as of the Satisfaction Date (the “ Secretary’s Certificate ”), in the form of Exhibit 3.11(a) hereto, certifying, among other things, as to (i) the Company’s and the Guarantors’ certificate or articles of incorporation or deed of incorporation (or, if an unlimited liability company, limited liability company or limited partnership, certificate of formation) and bylaws or articles of association (or, if an unlimited liability company or limited liability company, unlimited or limited liability company agreement, or, if a limited partnership, limited partnership agreement), (ii) the incumbency and signatures of certain officers of the Company and the Guarantors and (iii) the corporate proceedings of the Company and the Guarantors (including a Board consent in a form reasonably agreed to by the Purchasers) relating to the authorization, execution and delivery of the Notes, this Agreement and the other Financing Documents to which the Company or any Guarantor is a party.

     (b)  Officer’s Certificate .   The Company shall have delivered to the Purchasers an Officer’s Certificate, each dated as of the Satisfaction Date (the “ Officer’s Certificate ”), in the form of Exhibit 3.11(b) hereto, certifying, on and as of the Satisfaction Date (after giving “ pro forma” effect to the consummation on the Closing Date of the Transactions, the issuance of the Notes to be issued on the Closing Date and the application of the proceeds thereof) as to (i) the representations and warranties of the Company, (ii) the performance and compliance in all material respects with all agreements and covenants contained herein, and (iii) no Default or Event of Default shall have occurred and be continuing under the Indenture or the Notes.

     (c)  Solvency Certificate and Solvency Opinion .   On the Closing Date, the Company shall have delivered to the Purchasers a certificate from the Chief Financial Officer of the Company, dated as of the Satisfaction Date (the “ Solvency Certificate ”), in the form of Exhibit 3.11(c), and (if and to the extent delivered under the Company Credit Facilities) letters from a nationally recognized appraisal firm or valuation consultant satisfactory to the Purchasers, in each case certifying or attesting, as applicable, that the Company on a consolidated basis with its Subsidiaries immediately after giving effect to the

consummation of the Transactions, the issuance and sale of the Notes and after giving effect to the application of the proceeds of Notes, will be Solvent.

     3.12. Opinion of Counsel .

     On the Closing Date, the Purchasers shall have received an opinion from Kirkland & Ellis LLP, special New York counsel for the Company, or another counsel for the Company acceptable to the Purchasers, in form and substance reasonably satisfactory to the Purchasers.

     3.13. Financial Information .

     (a) The Purchasers shall have received: (a) as soon as monthly and quarterly financial statements are available to Holdco and its subsidiaries, unaudited consolidated financial statements for any interim period or periods of Holdco and its Subsidiaries ended after the date of the most recent audited financial statements; and (b) customary pro forma consolidated financial statements. The most recent financial statements will show on a pro forma basis on the Closing Date: (i) funded Total Indebtedness of no more than $950 million plus indebtedness incurred in the ordinary course of business not to exceed, individually or in the aggregate, $5 million; (ii) Total First Lien Indebtedness of no more than $450 million; (iii) the Leverage Ratio (but excluding for purposes of the calculation thereof from the definition of Adjusted EBITDA (as defined in the Indenture) any gains or losses associated with the sale of securities held in Holdco or any of its Subsidiaries investment portfolio listed on Schedule B to the Equity Purchase Agreement for Holdco and its Subsidiaries, as at the Closing Date, after giving pro forma effect to the Transactions, for the last twelve-month period then ended for which internal financial statements are then available (but in any event the latest internal financial statement for the most recently ended month immediately prior to the Closing Date shall be available within 10 days after the end of such month) is not greater than: (A) if such last 12 month period ends in January 2008, 3.8:1.00 or (B) if such last 12 month period ends in February 2008, 3.85:1.00 and (iv)(A) the transaction volumes generated from the “Money Transfer” business segment shall be no less than 3,170,700 for the month ended January, 2008 and 3,238,200 for the month ended February, 2008, and (B) the net revenue generated from the “Money Transfer” and the “Express Payment” business segments on a combined basis shall be no less than $35,063,244 for the month ended January 2008 and no less than $35,737,927 for the month ended February, 2008. For purposes of clause (iv)(A) and (iv)(B) of this Section 3.13, the internal monthly financial statements for the months ended January 2008 and February 2008 shall be prepared on the same basis in all material respects to the monthly budgets for January 2008 and February 2008 and the historical monthly results previously provided to the Purchasers and included on Exhibit 4 to this Agreement.

     (b) After giving effect to the Transactions and the payment of fees and expenses payable by Holdco in connection with the transactions contemplated by the Equity Purchase Agreement and the transactions contemplated hereby, including, without limitation, the expenses incurred in connection with the transactions contemplated by clause (iv) of Section 1.2(c) of the Equity Purchase Agreement, the expenses contemplated by Section 5.3 of the Equity Purchase Agreement and the Exclusivity Agreement (as defined in the Equity Purchase Agreement), the fees and expenses of Holdco’s advisors, and the fees and expenses of each Purchaser and counsel for the Purchasers, on a pro forma basis, Holdco shall have (x) at least $150,000,000 in Unrestricted Assets and no more than $150,000,000 will be drawn on the Closing Date, under Holdco’s revolving credit facility (which availability, for the purposes of this Section 3.13(b) shall take into account all letters of credit outstanding either through such facility or otherwise).

     3.14. Transaction Documents .

     On the Satisfaction Date, the Purchasers shall have received true and correct copies of all Transaction Documents (including without limitation, the Indenture, the Notes, the Registration Rights Agreement and the Management Rights Agreement and the other Financing Documents, all of which shall be in form and substance reasonably acceptable to the Purchasers) and such documents (i) shall have been duly authorized, executed and delivered by parties thereto; and (ii) shall be valid and binding obligations of the parties thereto, enforceable against each of them in accordance with its respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity. Without limiting the generality of the preceding sentence, the Purchasers shall have received all such counterpart originals or certified or other copies of this Agreement and the other Financing Documents required to be delivered on the Closing Date.

     3.15. Execution and Authentication of Indenture and Notes .

     On the Closing Date, the Trustee shall have executed the Indenture and authenticated the Notes to be purchased by the Purchasers pursuant to this Agreement.

     3.16. Security Documents and Collateral .

     On the Satisfaction Date, the Trustee, as Collateral Agent, shall have received all Security Documents duly executed by all parties thereto and the provisions of the Security Documents shall create legal, valid and continuing second-priority Liens (subject only to Permitted Liens) on all the Collateral described therein in favor of the Collateral Agent, for the benefit of the Collateral Agent and the Purchasers securing the Obligations (as defined in the Security Documents), enforceable against Holdco, the Company and their respective Subsidiaries, as applicable, except as the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity, which Security Documents and Collateral shall be substantially similar to the Security Documents (as defined in the Company Credit Facilities) and Collateral (as defined in the Company Credit Facilities) provided to the Lenders (as defined in the Company Credit Facilities) under the Company Credit Facilities and shall be in form and substance satisfactory to the Purchasers in their reasonable discretion.

     3.17. Bank Clearing Arrangements .

     The Company shall have demonstrated to the reasonable satisfaction of the Purchasers that adequate bank clearing arrangements are in effect on the Satisfaction Date.

     3.18. Company Credit Facilities .

     (a) Holdco shall not have incurred (or become obligated to incur) fees of more than $7,000,000 relating to the transactions described in Section 1.2(c)(iv) of the Equity Purchase Agreement (other than clauses (D) and (E)) of the Equity Purchase Agreement plus annual administrative agency fees in an amount not exceeding $150,000 per annum payable quarterly; and

     (b) the Applicable Margin (as defined in Schedule D to the Equity Purchase Agreement) on the Term B Loans (as defined in Schedule D to the Equity Purchase Agreement) shall not have been increased by more than 1.25% per annum (all of which may take the form of original issue discount over a four-year life to maturity (i.e. 5% or $10,000,000)); provided that any increase shall have been necessary in the reasonable discretion of the Lead Arranger (as defined in Schedule D to the Equity

Purchase Agreement) to place the Term B Loans and the Lead Arranger shall first consider (in consultation with Holdco and the Investors) using increases in the margin prior to imposing original issue discount.

     3.19. Pre-Closing Certificate .   At the opening of business on the Satisfaction Date, the Company shall deliver to each of the Purchasers a certificate (the “ Pre-Closing Certificate ”) signed on behalf of the Company by a senior executive officer of the Company confirming that each of the conditions set forth in Section 3 (other than those conditions that are expressly required hereunder to be satisfied on the Closing Date; provided, however, the certificate must confirm that such conditions would be satisfied in the hypothetical event that the Closing Date had taken place on the Satisfaction Date) have been satisfied and are satisfied as of the Satisfaction Date. Provided that each Purchaser, in its good faith determination, has no reason to believe at such that time any of the Company’s statements in the Pre-Closing Certificate are false or inaccurate, each Purchaser shall provide an acknowledgement that at such time it has no reason to believe that each of the conditions set forth in Section 3 (other than those conditions that are expressly required hereunder to be satisfied on the Closing Date) are not satisfied at such time. After each Purchaser has provided such acknowledgment, provided that the Pre-Closing Certificate was true and correct when delivered and that the conditions in Sections 3.1(c), 3.1(d), 3.2, 3.5, 3.9. 3.10, 3.11(c), 3.12, and 3.15 are satisfied as of the Closing Date, the Company and each of the Purchasers shall be required to effect the Closing on the Closing Date.

SECTION 4.
REPRESENTATIONS AND WARRANTIES

     Except as Previously Disclosed (but only with respect to Sections 4.2 through and including 4.17), each of Holdco and the Company represents and warrants to the Pu