Global Brokerage Inc. (GLBR)

[Crusen]

I never wrote three.

The loan term is 2 years-FXCM MUST pay it off in 2 years.

Under the terms of the loan, however, Leucadia has rights to sell off holdings of Newco (the entire company was rolled into Newco) beginning in 3 years.

These terms give Leucadia rights to approximately $1 Billion of FXCM equity-almost the entire company.

These rights are not tied to loan repayment, obviously. As the right to sell is set to trigger 1 year after the loan must be repaid.

The right to the equity is triggered whenever a sale from Newco is made.