Document:

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                                                                    Exhibit 10.2

                         RECEIVABLES PURCHASE AGREEMENT

                           DATED AS OF APRIL 28, 2005

                                      AMONG

                         DEJ 98 FINANCE, LLC, AS SELLER,

                  WOLVERINE FINANCE, LLC, AS INITIAL SERVICER,

                 WOLVERINE TUBE, INC., AS PERFORMANCE GUARANTOR,

                      BLUE RIDGE ASSET FUNDING CORPORATION,

               THE LIQUIDITY BANKS FROM TIME TO TIME PARTY HERETO,

                                       AND

         WACHOVIA BANK, NATIONAL ASSOCIATION, INDIVIDUALLY AND AS AGENT
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                                TABLE OF CONTENTS

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ARTICLE I. PURCHASE ARRANGEMENTS..........................................     2
   SECTION 1.1    PURCHASE FACILITY.......................................     2
   SECTION 1.2    INCREMENTAL PURCHASES...................................     2
   SECTION 1.3    DECREASES...............................................     2
   SECTION 1.4    DEEMED COLLECTIONS; PURCHASE LIMIT......................     3
   SECTION 1.5    PAYMENT REQUIREMENTS AND COMPUTATIONS...................     4
ARTICLE II. PAYMENTS AND COLLECTIONS.....................................      4
   SECTION 2.1    PAYMENTS OF RECOURSE OBLIGATIONS........................     4
   SECTION 2.2    COLLECTIONS PRIOR TO THE FACILITY TERMINATION DATE......     4
   SECTION 2.3    COLLECTIONS ON AND AFTER THE FACILITY TERMINATION DATE..     5
   SECTION 2.4    PAYMENT RESCISSION......................................     6
   SECTION 2.5    CLEAN UP CALL...........................................     6
ARTICLE III. COMMERCIAL PAPER FUNDING....................................      6
   SECTION 3.1    CP COSTS................................................     6
   SECTION 3.2    CALCULATION OF CP COSTS.................................     7
   SECTION 3.3    CP COSTS PAYMENTS.......................................     7
   SECTION 3.4    DEFAULT RATE............................................     7
ARTICLE IV. LIQUIDITY FUNDINGS...........................................      7
   SECTION 4.1    LIQUIDITY FUNDINGS......................................     7
   SECTION 4.2    YIELD PAYMENTS..........................................     7
   SECTION 4.3    SELECTION AND CONTINUATION OF INTEREST PERIODS..........     8
   SECTION 4.4    LIQUIDITY FUNDING YIELD RATES...........................     8
   SECTION 4.5    SUSPENSION OF THE LIBO RATE.............................     8
   SECTION 4.6    DEFAULT RATE............................................     9
ARTICLE V. REPRESENTATIONS AND WARRANTIES........... ....................      9
   SECTION 5.1    REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES....     9
ARTICLE VI. CONDITIONS OF PURCHASES......................................     13
   SECTION 6.1    CONDITIONS PRECEDENT TO INITIAL INCREMENTAL PURCHASE....    13
   SECTION 6.2    CONDITIONS PRECEDENT TO ALL PURCHASES AND REINVESTMENTS.    13
ARTICLE VII. COVENANTS...................................................     14
   SECTION 7.1    AFFIRMATIVE COVENANTS OF THE SELLER PARTIES.............    14
   SECTION 7.2    NEGATIVE COVENANTS OF THE SELLER PARTIES................    21
ARTICLE VIII. ADMINISTRATION AND COLLECTION..............................     23
   SECTION 8.1    DESIGNATION OF SERVICER.................................    23
   SECTION 8.2    DUTIES OF SERVICER......................................    24
   SECTION 8.3    CONTROL OF LOCK-BOX AND COLLECTION ACCOUNTS.............    25
   SECTION 8.4    RESPONSIBILITIES OF SELLER..............................    25
   SECTION 8.5    SETTLEMENT REPORTS......................................    25
   SECTION 8.6    SERVICING FEE...........................................    25
ARTICLE IX. AMORTIZATION EVENTS..........................................     26
   SECTION 9.1    AMORTIZATION EVENTS.....................................    26
   SECTION 9.2    REMEDIES................................................    29
ARTICLE X. INDEMNIFICATION...............................................     29
   SECTION 10.1   INDEMNITIES.............................................    29
   SECTION 10.2   INCREASED COST AND REDUCED RETURN.......................    33
   SECTION 10.3   OTHER COSTS AND EXPENSES................................    33
   SECTION 10.4   REPLACEMENT OF FUNDING SOURCE...........................    34
ARTICLE XI. THE AGENT....................................................     34
   SECTION 11.1   AUTHORIZATION AND ACTION................................    34
   SECTION 11.2   DELEGATION OF DUTIES....................................    34
   SECTION 11.3   EXCULPATORY PROVISIONS..................................    34
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   SECTION 11.4    RELIANCE BY AGENT......................................    35
   SECTION 11.5    NON-RELIANCE ON AGENT AND OTHER PURCHASERS.............    35
   SECTION 11.6    REIMBURSEMENT AND INDEMNIFICATION......................    35
   SECTION 11.7    AGENT IN ITS INDIVIDUAL CAPACITY.......................    36
   SECTION 11.8    SUCCESSOR AGENT........................................    36
ARTICLE XII. ASSIGNMENTS AND PARTICIPATIONS..............................     36
   SECTION 12.1    PROHIBITION ON ASSIGNMENTS BY SELLER PARTIES...........    36
   SECTION 12.2    ASSIGNMENTS BY PURCHASERS..............................    36
   SECTION 12.3    PARTICIPATIONS.........................................    37
ARTICLE XIII. MISCELLANEOUS..............................................     38
   SECTION 13.1    WAIVERS AND AMENDMENTS.................................    38
   SECTION 13.2    NOTICES................................................    38
   SECTION 13.3    PROTECTION OF AGENT'S SECURITY INTEREST................    39
   SECTION 13.4    CONFIDENTIALITY........................................    40
   SECTION 13.5    BANKRUPTCY PETITION....................................    40
   SECTION 13.6    LIMITATION OF RECOURSE AND LIABILITY...................    41
   SECTION 13.7    CHOICE OF LAW..........................................    42
   SECTION 13.8    CONSENT TO JURISDICTION................................    42
   SECTION 13.9    WAIVER OF JURY TRIAL...................................    42
   SECTION 13.10   INTEGRATION; BINDING EFFECT; SURVIVAL OF TERMS.........    42
   SECTION 13.11   COUNTERPARTS; SEVERABILITY; SECTION REFERENCES.........    43
   SECTION 13.12   CHARACTERIZATION.......................................    43
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                             EXHIBITS AND SCHEDULES

<TABLE>
<S>            <C>
Exhibit I      Definitions
Exhibit II     Form of Purchase Notice
Exhibit III    Places of Business of the Seller Parties; Locations of Records;
               Federal Employer and Organizational Identification Number(s)
Exhibit IV     Names of Collection Banks; Collection Accounts
Exhibit V      Form of Compliance Certificate
Exhibit VI     Form of Collection Account Agreement
Exhibit VII    Credit and Collection Policy
Exhibit VIII   Form of Settlement Report
Exhibit IX     Form of Performance Undertaking
Schedule A     Commitments of Financial Institutions
Schedule B     Closing Documents
</TABLE>

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                         RECEIVABLES PURCHASE AGREEMENT

          THIS RECEIVABLES PURCHASE AGREEMENT, dated as of April 28, 2005 is
entered into by and among:

          (a) DEJ 98 Finance, LLC, a Delaware limited liability company
     ("SELLER"),

          (b) Wolverine Finance, LLC, a Tennessee limited liability company
     ("WOLVERINE FINANCE"), as initial Servicer,

          (c) Wolverine Tube, Inc., a Delaware corporation, as Performance
     Guarantor,

          (d) Blue Ridge Asset Funding Corporation, a Delaware corporation
     ("BLUE RIDGE"),

          (e) Wachovia Bank, National Association, in its individual capacity,
     and each of the other banks from time to time party hereto as liquidity
     providers (each, a "LIQUIDITY BANK," and collectively, the "LIQUIDITY
     BANKS"; and, together with Blue Ridge, the "PURCHASERS"), and

          (e) Wachovia Bank, National Association, as agent for Blue Ridge and
     the Liquidity Banks under the Transaction Documents and under the Liquidity
     Agreement (together with its successors and assigns in such capacity, the
     "AGENT").

UNLESS DEFINED ELSEWHERE HEREIN, CAPITALIZED TERMS USED IN THIS AGREEMENT SHALL
HAVE THE MEANINGS ASSIGNED TO SUCH TERMS IN EXHIBIT I HERETO (OR, IF NOT DEFINED
IN EXHIBIT I HERETO, THE MEANING ASSIGNED TO SUCH TERM IN EXHIBIT I TO THE
RECEIVABLES SALE AGREEMENT).

                             PRELIMINARY STATEMENTS

          Seller desires to transfer and assign Receivable Interests to the
     Agent, on behalf of one or more Purchasers. from time to time.

          Blue Ridge may, in its absolute and sole discretion, purchase
     Receivable Interests from Seller from time to time.

          In the event that Blue Ridge declines to make any such purchase, the
     Liquidity Banks shall, at the request of Seller, purchase Receivable
     Interests from Seller from time to time.

          Wachovia Bank, National Association has been requested and is willing
     to act as Agent on behalf of Blue Ridge and the Liquidity Banks in
     accordance with the terms hereof.
<PAGE>
                                   ARTICLE I.

                             PURCHASE ARRANGEMENTS

     Section 1.1 Purchase Facility.

          (a) Upon the terms and subject to the conditions of this Agreement
(including, without limitation, Article VI), from time to time prior to the
Facility Termination Date, Seller may sell and assign Receivable Interests to
the Agent, on behalf of one or more Purchasers; PROVIDED THAT Seller may not
sell or assign any Receivable Interest to the Agent if, after giving effect
thereto, the outstanding Aggregate Invested Amount would exceed the least of (i)
the Purchase Limit, (ii) the Net Pool Balance MINUS Required Reserves and (iii)
the product of 85% TIMES the aggregate Outstanding Balance of Eligible
Receivables. Blue Ridge may, at its option, instruct the Agent to purchase on
behalf of Blue Ridge, or if Blue Ridge shall decline to purchase, the Agent
shall purchase, on behalf of the Liquidity Banks, Receivable Interests from time
to time in accordance with the terms and subject to the conditions set forth
herein.

          (b) Seller may, upon at least 10 Business Days' notice to the Agent,
terminate in whole or reduce in part the unused portion of the Purchase Limit
(and the Commitments shall correspondingly be terminated or reduced, ratably,
based on the Liquidity Banks' respective Pro Rata Shares); PROVIDED THAT each
partial reduction of the Purchase Limit shall be in an amount equal to
$5,000,000 (or a larger integral multiple of $1,000,000 if in excess thereof).

     Section 1.2 Incremental Purchases. Seller shall provide the Agent with at
least two (2) Business Days' prior written notice in a form set forth as Exhibit
II hereto of each Incremental Purchase (each, a "PURCHASE NOTICE"). Each
Purchase Notice shall be subject to Section 6.2 hereof and, except as set forth
below, shall be irrevocable and shall specify the requested Purchase Price
(which shall not be less than $1,000,000 or a larger integral multiple of
$250,000) and the Purchase Date. Following receipt of a Purchase Notice, the
Agent will determine whether Blue Ridge agrees to make the proposed purchase. If
Blue Ridge declines to make the proposed purchase, Seller may cancel the
Purchase Notice or, in the absence of such a cancellation, the Incremental
Purchase will be made by the Liquidity Banks. On each Purchase Date, upon
satisfaction of the applicable conditions precedent set forth in Article VI,
Blue Ridge or the Liquidity Banks, as applicable, shall deposit to the Facility
Account, in immediately available funds, no later than 2:00 p.m. (New York
time), an amount equal to (i) in the case of Blue Ridge, the aggregate Purchase
Price of the Receivable Interests Blue Ridge is then purchasing or (ii) in the
case of a Liquidity Bank, such Liquidity Bank's Pro Rata Share of the aggregate
Purchase Price of the Receivable Interests the Liquidity Banks are purchasing.

     Section 1.3 Decreases. Seller shall provide the Agent with prior written
irrevocable notice in conformity with the Required Notice Period (a "REDUCTION
NOTICE") of any proposed reduction of Aggregate Invested Amount, each of which
reductions shall be made only from Collections. Such Reduction Notice shall
designate (i) the date (the "PROPOSED REDUCTION DATE") upon which any such
reduction of Aggregate Invested Amount shall occur (which date shall give effect
to the applicable Required Notice Period), and (ii) the amount of Aggregate
Invested Amount to be reduced which shall be applied ratably to all Receivable
Interests of Blue Ridge and the Liquidity Banks in accordance with the amount of
Invested Amount (if any)

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owing to Blue Ridge, on the one hand, and the amount of Invested Amount (if any)
owing to the Liquidity Banks (ratably based on their respective Pro Rata
Shares), on the other hand (the "AGGREGATE REDUCTION"). Only one (1) Reduction
Notice shall be outstanding at any time.

     Section 1.4 Deemed Collections; Purchase Limit.

          (a) If on any day:

               (i) the Outstanding Balance of any Receivable is reduced or
cancelled as a result of any defective or rejected goods or services, any cash
discount or any other adjustment by any Originator or any Affiliate thereof, or
as a result of any governmental or regulatory action, or

               (ii) the Outstanding Balance of any Receivable is reduced or
canceled as a result of a setoff in respect of any claim by the Obligor thereof
(whether such claim arises out of the same or a related or an unrelated
transaction), or

               (iii) the Outstanding Balance of any Receivable is reduced on
account of the obligation of any Originator or any Affiliate thereof to pay to
the related Obligor any rebate or refund, or

               (iv) the Outstanding Balance of any Receivable is less than the
amount included with respect to such Receivable in calculating the Net Pool
Balance for purposes of any Settlement Report (for any reason other than receipt
of Collections or such Receivable becoming a Defaulted Receivable), or

               (v) any of the representations or warranties of Seller set forth
in Section 5.1(g), (i), (j), (r), (s), (t) or (u) were not true when made with
respect to any Receivable,

then, on such day, Seller shall be deemed to have received a Collection of such
Receivable (A) in the case of clauses (i)-(iv) above, in the amount of such
reduction or cancellation or the difference between the actual Outstanding
Balance and the amount included with respect to such Receivable in calculating
such Net Pool Balance, as applicable; and (B) in the case of clause (v) above,
in the amount of the Outstanding Balance of such Receivable and, not later than
one (1) Business Day thereafter shall pay to the Agent's Account the amount of
any such Collection deemed to have been received in the same manner as actual
cash Collections are distributed under the terms of this Agreement.

          (b) Seller shall ensure that the Aggregate Invested Amount at no time
exceeds the Purchase Limit. If at any time the Aggregate Invested Amount exceeds
the Purchase Limit, Seller shall pay to the Agent immediately an amount to be
applied to reduce the Aggregate Invested Amount (as allocated by the Agent),
such that after giving effect to such payment the Aggregate Invested Amount is
less than or equal to the Purchase Limit.

          (c) Seller shall also ensure that the Receivable Interests shall at no
time exceed in the aggregate 100%. If the aggregate of the Receivable Interests
exceeds 100%, Seller shall pay to the Agent on or before the next succeeding
Settlement Date (or, if such excess is discovered on a Settlement Date, on such
Settlement Date) an amount to be applied to reduce the

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Aggregate Invested Amount (as allocated by the Agent), such that after giving
effect to such payment the aggregate of the Receivable Interests equals or is
less than 100%.

     Section 1.5 Payment Requirements and Computations. All amounts to be paid
or deposited by any Seller Party pursuant to any provision of this Agreement
shall be paid or deposited in accordance with the terms hereof no later than
12:00 noon (New York time) on the day when due in immediately available funds,
and if not received before 12:00 noon (New York time) shall be deemed to be
received on the next succeeding Business Day. If such amounts are payable to the
Agent for the account of a Purchaser, they shall be paid to the Agent's Account,
for the account of such Purchaser until otherwise notified by the Agent. All
computations of CP Costs, Yield, per annum fees calculated as part of any CP
Costs, per annum fees hereunder and per annum fees under the Fee Letter shall be
made on the basis of a year of 360 days for the actual number of days elapsed.
If any amount hereunder shall be payable on a day which is not a Business Day,
such amount shall be payable on the next succeeding Business Day.

                                  ARTICLE II.

                            PAYMENTS AND COLLECTIONS

     Section 2.1 Payments of Recourse Obligations. Without limiting Seller's
other obligations under this Agreement, Seller hereby promises to pay the
following (collectively, the "RECOURSE OBLIGATIONS"):

          (a) all amounts due and owing under Section 1.4 on the dates specified
therein;

          (b) the fees set forth in the Fee Letter on the dates specified
therein;

          (c) all accrued and unpaid Yield on the Receivable Interests accruing
Yield at the Alternate Base Rate or the Default Rate on the last day of each
Interest Period applicable thereto;

          (d) all accrued and unpaid Yield on the Receivable Interests accruing
Yield at the LIBO Rate on the last day of each Interest Period applicable
thereto;

          (e) all accrued and unpaid CP Costs on the Receivable Interests funded
with Commercial Paper on each CP Cost Payment Date; and

          (f) all Broken Funding Costs, upon demand, and all Indemnified
Amounts, within ten (10) days of demand.

     Section 2.2 Collections Prior to the Facility Termination Date.

          (a) Prior to the Facility Termination Date, any Deemed Collections
received by Servicer and the Purchasers' Portion of any Collections received by
Servicer shall be set aside by Servicer for the payment of any accrued and
unpaid Aggregate Unpaids or for a Reinvestment as provided in this Section 2.2.
If at any time any Collections are received by Servicer prior to the Facility
Termination Date, except to the extent a Reduction Notice is pending, Seller
hereby

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requests that the applicable Purchaser(s) make, and either Blue Ridge or the
Liquidity Banks shall make, simultaneously with such receipt, a reinvestment
(each, a "REINVESTMENT") with the Purchasers' Portion of the balance of each and
every Collection received by such Servicer such that after giving effect to such
Reinvestment, the Invested Amount of such Receivable Interest immediately after
such receipt and corresponding Reinvestment shall be equal to the amount of
Invested Amount immediately prior to such receipt.

          (b) On each Settlement Date, or with respect to the CP Costs, on each
CP Cost Payment Date, prior to the Facility Termination Date, the Agent shall
distribute the amounts set aside during the preceding Settlement Period that
have not been subject to a Reinvestment (if not previously paid in accordance
with Section 2.1) in the following order:

          FIRST, to the Servicer (if the Servicer at such time is not Wolverine
     Finance or one of its Affiliates), in payment of the accrued and unpaid
     Servicing Fee for the preceding Settlement Period,

          SECOND, to the Agent's Account, ratably for the payment of all accrued
     and unpaid CP Costs, Yield and Broken Funding Costs (if any) that are then
     due and owing,

          THIRD, to the Agent's Account, ratably for the payment of all accrued
     and unpaid fees under the Fee Letter (if any) that are then due and owing,

          FOURTH, to the Agent's Account, if required under Section 1.3 or 1.4,
     to the ratable reduction of Aggregate Invested Amount,

          FIFTH, to the Agent's Account, for the ratable payment of all other
     unpaid Recourse Obligations, if any, that are then due and owing,

          SIXTH, to the Servicer (if the Servicer at such time is Wolverine
     Finance or one of its Affiliates), the amount of the accrued and unpaid
     Servicing Fee for the preceding Settlement Period, and

          SEVENTH, the balance, if any, to Seller or otherwise in accordance
     with Seller's instructions.

     Section 2.3 Collections on and after the Facility Termination Date. On the
Facility Termination Date and on each day thereafter, the Agent shall set aside
for the Secured Parties all Collections received on each such day. On and after
the Facility Termination Date, the Servicer shall, on each Settlement Date and
on each other Business Day specified by the Agent distribute in the following
manner the amounts set aside pursuant to the preceding sentence:

          FIRST, to the Servicer (if the Servicer at such time is not Wolverine
     Finance or one of its Affiliates), in payment of the accrued and unpaid
     Servicing Fee as of such date,

          SECOND, to the Agent's Account, for the reimbursement of the Agent's
     costs of collection and enforcement of this Agreement,

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          THIRD, to the Agent's Account, ratably for the payment of all accrued
     and unpaid CP Costs, Yield and Broken Funding Costs,

          FOURTH, to the Agent's Account, ratably for the payment of all accrued
     and unpaid fees under the Fee Letter,

          FIFTH, to the Agent's Account, for the ratable reduction of Aggregate
     Invested Amount,

          SIXTH, to the Agent's Account, for the ratable payment of all other
     Aggregate Unpaids,

          SEVENTH, to the Servicer (if the Servicer at such time is Wolverine
     Finance or one of its Affiliates), in payment of the accrued and unpaid
     Servicing Fee as of such date, and

          EIGHTH, after the Final Payout Date, to Seller the balance, if any.

     Section 2.4 Payment Rescission. No payment of any of the Aggregate Unpaids
shall be considered paid or applied hereunder to the extent that, at any time,
all or any portion of such payment or application is rescinded by application of
law or judicial authority, or must otherwise be returned or refunded for any
reason. Seller shall remain obligated for the amount of any payment or
application so rescinded, returned or refunded, and shall promptly pay to the
Agent (for application to the Person or Persons who suffered such rescission,
return or refund) the full amount thereof, PLUS interest thereon at the Default
Rate from the date of any such rescission, return or refunding.

     Section 2.5 Clean Up Call. In addition to Seller's rights pursuant to
Section 1.3, Servicer shall have the right (after providing written notice to
the Agent in accordance with the Required Notice Period), at any time following
the reduction of the Aggregate Invested Amount to a level that is less than
10.0% of the original Purchase Limit, to purchase all, but not less than all, of
the then outstanding Receivable Interests. The purchase price in respect thereof
shall be an amount equal to the Aggregate Unpaids through the date of such
repurchase, payable in immediately available funds to the Agent's Account. Such
repurchase shall be without representation, warranty or recourse of any kind by,
on the part of, or against any Purchaser or the Agent.

                                  ARTICLE III.

                            COMMERCIAL PAPER FUNDING

     Section 3.1 CP Costs. Seller shall pay CP Costs with respect to the
Invested Amount of all Receivable Interests funded through the issuance of
Commercial Paper. Each Receivable Interest that is funded substantially with
Pooled Commercial Paper will accrue CP Costs each day on a pro rata basis, based
upon the percentage share that the Invested Amount in respect of such Receivable
Interest represents in relation to all assets held by Blue Ridge and funded
substantially with related Pooled Commercial Paper.

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     Section 3.2 Calculation of CP Costs. Not later than the 3rd Business Day
immediately preceding each Monthly Reporting Date, Blue Ridge shall calculate
the aggregate amount of CP Costs applicable to its Receivable Interests for the
Calculation Period then most recently ended and shall notify Seller of such
aggregate amount.

     Section 3.3 CP Costs Payments. On each Settlement Date, Seller shall pay to
the Agent (for the benefit of Blue Ridge) an aggregate amount equal to all
accrued and unpaid CP Costs in respect of the Invested Amount of all Receivable
Interests funded with Commercial Paper for the Calculation Period then most
recently ended in accordance with Article II.

     Section 3.4 Default Rate. From and after the occurrence of an Amortization
Event, all Receivable Interests shall accrue yield at the Default Rate.

                                  ARTICLE IV.

                               LIQUIDITY FUNDINGS

     Section 4.1 Liquidity Fundings. Prior to the occurrence of an Amortization
Event, the outstanding Invested Amount of each Receivable Interest funded with a
Liquidity Funding shall accrue Yield for each day during its Interest Period at
either the LIBO Rate or the Alternate Base Rate in accordance with the terms and
conditions hereof. Until Seller gives the required notice to the Agent of
another Yield Rate in accordance with Section 4.4, the initial Yield Rate for
any Receivable Interest funded with a Liquidity Funding shall be the Alternate
Base Rate (unless the Default Rate is then applicable). If any undivided
interest in a Receivable Interest initially funded with Commercial Paper is sold
to the Liquidity Banks pursuant to the Liquidity Agreement, such undivided
interest in such Receivable Interest shall be deemed to have an Interest Period
commencing on the date of such sale.

     Section 4.2 Yield Payments. On the Settlement Date for each Receivable
Interest that is funded with a Liquidity Funding, Seller shall pay to the Agent
(for the benefit of the Liquidity Banks) an aggregate amount equal to the
accrued and unpaid Yield thereon for the entire Interest Period of each such
Liquidity Funding in accordance with Article II.

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     Section 4.3 Selection and Continuation of Interest Periods.

          (a) With consultation from (and approval by) the Agent, Seller shall
from time to time request Interest Periods for the Receivable Interests funded
with Liquidity Fundings, PROVIDED THAT if at any time any Liquidity Funding is
outstanding, Seller shall always request Interest Periods such that at least one
Interest Period shall end on the date specified in clause (A) of the definition
of Settlement Date.

          (b) Seller or the Agent, upon notice to and consent by the other
received at least three (3) Business Days prior to the end of an Interest Period
(the "TERMINATING TRANCHE") for any Liquidity Funding, may, effective on the
last day of the Terminating Tranche: (i) divide any such Liquidity Funding into
multiple Liquidity Fundings, (ii) combine any such Liquidity Funding with one or
more other Liquidity Fundings that have a Terminating Tranche ending on the same
day as such Terminating Tranche or (iii) combine any such Liquidity Funding with
a new Liquidity Funding to be made by the Liquidity Banks on the day such
Terminating Tranche ends.

     Section 4.4 Liquidity Funding Yield Rates. Seller may select the LIBO Rate
(subject to Section 4.5 below) or the Alternate Base Rate for each Liquidity
Funding. Seller shall by 12:00 noon (New York time): (i) at least three (3)
Business Days prior to the expiration of any Terminating Tranche with respect to
which the LIBO Rate is being requested as a new Yield Rate and (ii) at least one
(1) Business Day prior to the expiration of any Terminating Tranche with respect
to which the Alternate Base Rate is being requested as a new Yield Rate, give
the Agent irrevocable notice of the new Yield Rate for the Liquidity Funding
associated with such Terminating Tranche. Until Seller gives notice to the Agent
of another Yield Rate, the initial Yield Rate for any Receivable Interest
assigned or participated to the Liquidity Banks pursuant to the Liquidity
Agreement shall be the Alternate Base Rate (unless the Default Rate is then
applicable).

     Section 4.5 Suspension of the LIBO Rate.

          (a) If any Liquidity Bank notifies the Agent that it has determined
that funding its ratable share of the Liquidity Fundings at a LIBO Rate would
violate any applicable law, rule, regulation, or directive of any governmental
or regulatory authority, whether or not having the force of law, or that (i)
deposits of a type and maturity appropriate to match fund its Liquidity Funding
at such LIBO Rate are not available or (ii) such LIBO Rate does not accurately
reflect the cost of acquiring or maintaining a Liquidity Funding at such LIBO
Rate, then the Agent shall suspend the availability of such LIBO Rate and
require Seller to select the Alternate Base Rate for any Liquidity Funding
accruing Yield at such LIBO Rate.

          (b) If less than all of the Liquidity Banks give a notice to the Agent
pursuant to Section 4.5(a), each Liquidity Bank which gave such a notice shall
be obliged, at the request of Seller, Blue Ridge or the Agent, to assign all of
its rights and obligations hereunder to (i) another Liquidity Bank or (ii)
another funding entity nominated by Seller or the Agent that is an Eligible
Assignee willing to participate in the Liquidity Agreement through the Liquidity
Termination Date in the place of such notifying Liquidity Bank; PROVIDED THAT
(i) the notifying Liquidity Bank receives payment in full of all Aggregate
Unpaids owing to it (whether due or

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accrued), and (ii) the replacement Liquidity Bank otherwise satisfies the
requirements of the Liquidity Agreement.

     Section 4.6 Default Rate. From and after the occurrence of an Amortization
Event, all Receivable Interests funded with a Liquidity Funding shall accrue
Yield at the Default Rate.

                                   ARTICLE V.

                         REPRESENTATIONS AND WARRANTIES

     Section 5.1 Representations and Warranties of the Seller Parties. Each
Seller Party hereby represents and warrants to the Agent and the Purchasers, as
to itself, as of the date hereof and as of the date of each Incremental Purchase
and the date of each Reinvestment that:

          (a) Existence and Power. Such Seller Party's jurisdiction of
organization is correctly set forth in the preamble to this Agreement. Such
Seller Party is duly organized under the laws of that jurisdiction and no other
state or jurisdiction. Such Seller Party is validly existing and in good
standing under the laws of its state of organization. Such Seller Party is duly
qualified to do business and is in good standing as a foreign entity, and has
and holds all organizational power and all governmental licenses,
authorizations, consents and approvals required to carry on its business in each
jurisdiction in which its business is conducted except where the failure to so
qualify or so hold could not reasonably be expected to have a Material Adverse
Effect.

          (b) Power and Authority; Due Authorization, Execution and Delivery.
The execution and delivery by such Seller Party of this Agreement and each other
Transaction Document to which it is a party, and the performance of its
obligations hereunder and thereunder and, in the case of Seller, Seller's use of
the proceeds of Purchases made hereunder, are within its corporate powers and
authority and have been duly authorized by all necessary corporate action on its
part. This Agreement and each other Transaction Document to which such Seller
Party is a party has been duly executed and delivered by such Seller Party.

          (c) No Conflict. The execution and delivery by such Seller Party of
this Agreement and each other Transaction Document to which it is a party, and
the performance of its obligations hereunder and thereunder do not contravene or
violate (i) its certificate or articles of incorporation or by-laws, (ii) any
law, rule or regulation applicable to it, (iii) any restrictions under any
agreement, contract or instrument to which it is a party or by which it or any
of its property is bound, or (iv) any order, writ, judgment, award, injunction
or decree binding on or affecting it or its property, and do not result in the
creation or imposition of any Adverse Claim on assets of such Seller Party or
its Subsidiaries (except as created hereunder) except, in any case, where such
contravention or violation could not reasonably be expected to have a Material
Adverse Effect; and no transaction contemplated hereby requires compliance with
any bulk sales act or similar law.

                                       9
<PAGE>
          (d) Governmental Authorization. Other than the filing of the financing
statements required hereunder, no authorization or approval or other action by,
and no notice to or filing with, any governmental authority or regulatory body
is required for the due execution and delivery by such Seller Party of this
Agreement and each other Transaction Document to which it is a party and the
performance of its obligations hereunder and thereunder.

          (e) Actions, Suits. There are no actions, suits or proceedings
pending, or to the best of such Seller Party's knowledge, threatened, against or
affecting such Seller Party, or any of its properties, in or before any court,
arbitrator or other body, that could reasonably be expected to have a Material
Adverse Effect. Such Seller Party is not in default with respect to any order of
any court, arbitrator or governmental body that could reasonably be expected to
have a Material Adverse Effect.

          (f) Binding Effect. This Agreement and each other Transaction Document
to which such Seller Party is a party constitute the legal, valid and binding
obligations of such Seller Party enforceable against such Seller Party in
accordance with their respective terms, except as such enforcement may be
limited by applicable bankruptcy, insolvency, reorganization or other similar
laws relating to or limiting creditors' rights generally and by general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

          (g) Accuracy of Information. All information heretofore furnished by
such Seller Party or any of its Affiliates to the Agent or any Purchasers for
purposes of or in connection with this Agreement, any of the other Transaction
Documents or any transaction contemplated hereby or thereby is, and all such
information hereafter furnished by such Seller Party or any of its Affiliates to
the Agent or any Purchaser will be, true and accurate in every material respect
on the date such information is stated or certified and not incomplete by
omitting to state any material fact necessary to make such information not
misleading at such time. There is no fact now known to any Authorized Officer of
any Seller Party which has, or would reasonably be expected to have, a Material
Adverse Effect which fact has not been set forth herein, in the financial
statements, or any certificate, opinion or other written statement made or
furnished by such Seller Party or any of its Affiliates to the Agent and the
Purchasers.

          (h) Use of Proceeds. No proceeds of any Purchase hereunder will be
used (i) for a purpose that violates, or would be inconsistent with, (A) Section
7.2(e) of this Agreement or (B) Regulation T, U or X promulgated by the Board of
Governors of the Federal Reserve System from time to time or (ii) to acquire any
security in any transaction which is subject to Section 12, 13 or 14 of the
Securities Exchange Act of 1934, as amended.

          (i) Good Title. Seller is the legal and beneficial owner of the
Receivables, Collections and Related Security with respect thereto, in each case
free and clear of any Adverse Claim, except as created by the Transaction
Documents. There have been duly filed all financing statements or other similar
instruments or documents necessary under the UCC (or any comparable law) of all
appropriate jurisdictions to perfect Seller's ownership interest in each
Receivable, its Collections and the Related Security.

          (j) Perfection. Subject to Section 13.12, this Agreement is effective
to create a valid security interest in favor of the Agent for the benefit of the
Secured Parties in the

                                       10
<PAGE>
Purchased Assets to secure payment of the Aggregate Unpaids, free and clear of
any Adverse Claim except as created by the Transactions Documents. There have
been duly filed all financing statements or other similar instruments or
documents necessary under the UCC (or any comparable law) of all appropriate
jurisdictions to perfect the Agent's (on behalf of the Secured Parties) security
interest in the Purchased Assets.

          (k) Places of Business and Locations of Records. The principal places
of business and chief executive office of such Seller Party and the offices
where it keeps all of its Records are located at the address(es) listed on
Exhibit III or such other locations of which the Agent has been notified in
accordance with Section 7.2(a) in jurisdictions where all action required by
Section 13.3(a) has been taken and completed. Seller's Federal Employer
Identification Number and Delaware Organization Identification Number are
correctly set forth on Exhibit III.

          (l) Collections. The conditions and requirements set forth in Section
7.1(j) and Section 8.2 have at all times been satisfied and duly performed. The
names, addresses and jurisdictions of organization of all Collection Banks,
together with the account numbers of the Collection Accounts of Seller at each
Collection Bank and the post office box number of each Lock-Box, are listed on
Exhibit IV. Seller has not granted any Person, other than the Collateral Agent,
on behalf of the Agent and the Bank Agent, dominion and control of any Lock-Box
or Collection Account, or the right to take dominion and control of any such
Lock-Box or Collection Account at a future time or upon the occurrence of a
future event.

          (m) Material Adverse Effect. (i) The initial Servicer represents and
warrants that since December 31, 2004, no event has occurred that would have a
material adverse effect on the financial condition or operations of the initial
Servicer or the ability of the initial Servicer to perform its obligations under
this Agreement, (ii) the Performance Guarantor represents and warrants that
since December 31, 2004, no event has occurred that would have a material
adverse effect on the financial condition or operations of the Performance
Guarantor and its Subsidiaries or the ability of the Performance Guarantor to
perform its obligations under this Agreement, and (iii) Seller represents and
warrants that since the date of this Agreement, no event has occurred that would
have a material adverse effect on (A) the financial condition or operations of
Seller, (B) the ability of Seller to perform its obligations under the
Transaction Documents, or (C) the collectibility of the Receivables generally or
any material portion of the Receivables.

          (n) Names. The name in which Seller has executed this Agreement is
identical to the name of Seller as indicated on the public record of its state
of organization which shows Seller to have been organized. In the past five (5)
years, Seller has not used any legal names, trade names or assumed names other
than the name in which it has executed this Agreement.

                                       11
<PAGE>
          (o) Ownership of Seller. Performance Guarantor owns, directly or
indirectly, 100% of the issued and outstanding non-voting Equity Interests in
Seller and 49% of the issued and outstanding voting Equity Interests in Seller,
in each case free and clear of any Adverse Claim. Such Equity Interests are
validly issued, fully paid and nonassessable, and there are no options, warrants
or other rights to acquire securities of Seller.

          (p) Not a Holding Company or an Investment Company. Such Seller Party
is not a "holding company" or a "subsidiary holding company" of a "holding
company" within the meaning of the Public Utility Holding Company Act of 1935,
as amended, or any successor statute. Such Seller Party is not an "investment
company" within the meaning of the Investment Company Act of 1940, as amended,
or any successor statute.

          (q) Compliance with Law. Such Seller Party has complied in all
respects with all applicable laws, rules, regulations, orders, writs, judgments,
injunctions, decrees or awards to which it is subject, except where the failure
to so comply could not reasonably be expected to have a Material Adverse Effect.
Each Receivable, together with the Contract related thereto, does not contravene
any laws, rules or regulations applicable thereto (including, without
limitation, laws, rules and regulations relating to truth in lending, fair
credit billing, fair credit reporting, equal credit opportunity, fair debt
collection practices and privacy), and no part of such Contract is in violation
of any such law, rule or regulation, except where such contravention or
violation could not reasonably be expected to have a Material Adverse Effect.

          (r) Compliance with Credit and Collection Policy. Such Seller Party
has complied in all material respects with the Credit and Collection Policy with
regard to each Receivable and the related Contract, and has not made any change
to such Credit and Collection Policy, except such material change as to which
the Agent has been notified in accordance with Section 7.1(a)(vii).

          (s) Payments to Applicable Originator. With respect to each Receivable
transferred to Seller under the Receivables Sale Agreement, Seller has given
reasonably equivalent value to the applicable Originator in consideration
therefor and such transfer was not made for or on account of an antecedent debt.
No transfer by any Originator of any Receivable under the Receivables Sale
Agreement is or may be voidable under any section of the Bankruptcy Reform Act
of 1978 (11 U.S.C. Sections 101 et seq.), as amended.

          (t) Enforceability of Contracts. Each Contract with respect to each
Receivable is effective to create, and has created, a legal, valid and binding
obligation of the related Obligor to pay the Outstanding Balance of the
Receivable created thereunder and any accrued interest thereon, enforceable
against the Obligor in accordance with its terms, except as such enforcement may
be limited by applicable bankruptcy, insolvency, reorganization or other similar
laws relating to or limiting creditors' rights generally and by general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

          (u) Eligible Receivables. Each Receivable included in the Net Pool
Balance as an Eligible Receivable on the date of any Settlement Report was an
Eligible Receivable on such date.

                                       12
<PAGE>
          (v) Purchase Limit and Maximum Receivable Interests. Immediately after
giving effect to each Incremental Purchase hereunder, the Aggregate Invested
Amount is less than or equal to the Purchase Limit and the aggregate of the
Receivable Interests does not exceed 100%.

          (w) Accounting. The manner in which such Seller Party accounts for the
transactions contemplated by this Agreement and the Receivables Sale Agreement
does not jeopardize the true sale analysis.

          (x) OFAC. None of the Seller Parties, any Subsidiary of any Seller
Party or to the best knowledge of any Seller Party, any Affiliate of any Seller
Party (a) is a Sanctioned Person, (b) does business in a Sanctioned Country in
violation of the economic sanctions of the United States administered by OFAC or
(c) does business in such country or with any such agency, organization or
person, in violation of the economic sanctions of the United States administered
by OFAC.

                                   ARTICLE VI.

                             CONDITIONS OF PURCHASES

     Section 6.1 Conditions Precedent to Initial Incremental Purchase. The
initial Incremental Purchase of a Receivable Interest under this Agreement is
subject to the conditions precedent that (a) the Agent shall have received on or
before the date of such Purchase those documents listed on Schedule B and (b)
the Agent shall have received all fees and expenses required to be paid on such
date pursuant to the terms of this Agreement and the Fee Letter.

     Section 6.2 Conditions Precedent to All Purchases and Reinvestments. Each
Incremental Purchase and each Reinvestment shall be subject to the further
conditions precedent that (a) in the case of each such Purchase: (i) the
Servicer shall have delivered to the Agent on or prior to the date of such
Purchase, in form and substance satisfactory to the Agent, all Settlement
Reports as and when due under Section 8.5 and (ii) upon the Agent's request, the
Servicer shall have delivered to the Agent at least two (2) days prior to such
Purchase an interim Settlement Report showing the amount of Eligible
Receivables; (b) the Agent shall have received such other approvals, opinions or
documents as it may reasonably request and (c) on each Purchase Date, the
following statements shall be true (and acceptance of the proceeds of such
Incremental Purchase or Reinvestment shall be deemed a representation and
warranty by Seller that such statements are then true):

               (i) the representations and warranties set forth in Section 5.1
are true and correct on and as of the date of such Incremental Purchase or
Reinvestment as though made on and as of such Purchase Date;

               (ii) no event has occurred and is continuing, or would result
from such Incremental Purchase or Reinvestment, that will constitute an
Amortization Event, and no event has occurred and is continuing, or would result
from such Incremental Purchase or Reinvestment, that would constitute an
Unmatured Amortization Event; and

                                       13
<PAGE>
               (iii) the Aggregate Invested Amount does not exceed the Purchase
Limit and the aggregate Receivable Interests do not exceed 100%.

It is expressly understood that each Reinvestment shall, unless otherwise
directed by the Agent, occur automatically on each day that the Servicer shall
receive any Collections without the requirement that any further action be taken
on the part of any Person and notwithstanding the failure of Seller to satisfy
any of the foregoing conditions precedent in respect of such Reinvestment. The
failure of Seller to satisfy any of the foregoing conditions precedent in
respect of any Reinvestment shall give rise to a right of the Agent, which right
may be exercised at any time on demand of the Agent, to rescind the related
purchase and direct Seller to pay to the Agent's Account, for the benefit of the
applicable Purchaser(s), an amount equal to the Collections prior to the
Facility Termination Date that shall have been applied to the affected
Reinvestment.

                                  ARTICLE VII.

                                   COVENANTS

     Section 7.1 Affirmative Covenants of the Seller Parties. Until the date on
which the Aggregate Unpaids have been indefeasibly paid in full and this
Agreement terminates in accordance with its terms, each Seller Party hereby
covenants, as to itself, as set forth below:

          (a) Financial Reporting. Such Seller Party will maintain, for itself
and each of its Subsidiaries, a system of accounting established and
administered in accordance with GAAP, and furnish or cause to be furnished to
the Agent:

               (i) Annual Reporting. Within 90 days after the close of each of
its respective fiscal years, (i) audited, unqualified consolidated financial
statements (which shall include balance sheets, statements of income and
retained earnings and a statement of cash flows) of Performance Guarantor and
its Subsidiaries for such fiscal year certified in a manner acceptable to the
Agent by independent public accountants reasonably acceptable to the Agent and
(ii) unaudited, financial statements (which shall include balance sheets,
statements of income and retained earnings and a statement of cash flows) of
Seller for such fiscal year, all certified by its chief financial officer.

               (ii) Quarterly Reporting. Within 45 days after the close of the
first three (3) quarterly periods of each of its respective fiscal years, (i)
consolidated balance sheets of Performance Guarantor and its Subsidiaries as at
the close of each such period and consolidated statements of income and retained
earnings and a statement of cash flows of Performance Guarantor and its
Subsidiaries for the period from the beginning of such fiscal year to the end of
such quarter, all certified by Performance Guarantor's chief financial officer
and (ii) balance sheets of Seller as at the close of each such period and
consolidated statements of income and retained earnings and a statement of cash
flows of Seller for the period from the beginning of such fiscal year to the end
of such quarter, all certified by its chief financial officer.

                                       14
<PAGE>
               (iii) Compliance Certificate. Together with the financial
statements required hereunder, a compliance certificate in substantially the
form of Exhibit V signed by such Seller Party's Authorized Officer and dated the
date of such annual financial statement or such quarterly financial statement,
as the case may be.

               (iv) Shareholders Statements and Reports. Promptly upon the
furnishing thereof to the shareholders of such Seller Party copies of all
financial statements, reports and proxy statements so furnished.

               (v) S.E.C. Filings. Promptly upon the filing thereof, copies of
all registration statements and annual, quarterly, monthly or other regular
reports which any Seller Party or any of its Affiliates files with the
Securities and Exchange Commission.

               (vi) Copies of Notices. Promptly upon its receipt of any notice,
request for consent, financial statements, certification, report or other
communication under or in connection with any Transaction Document from any
Person other than the Agent or the Purchasers, copies of the same.

               (vii) Change in Credit and Collection Policy. At least thirty
(30) days prior to the effectiveness of any material change in or material
amendment to the Credit and Collection Policy, a copy of the Credit and
Collection Policy then in effect and a notice (A) indicating such proposed
change or amendment, and (B) if such proposed change or amendment would be
reasonably likely to adversely affect the collectibility of the Receivables or
decrease the credit quality of any newly created Receivables, requesting the
Agent's consent thereto.

               (viii) Other Information. Promptly, from time to time, such other
information, documents, records or reports relating to the Receivables or the
condition or operations, financial or otherwise, of such Seller Party as the
Agent may from time to time reasonably request in order to protect the interests
of the Agent, for the benefit of the Purchasers, under or as contemplated by
this Agreement.

          (b) Notices. Such Seller Party will notify the Agent in writing signed
by an Authorized Officer of such Seller Party of any of the following promptly
upon learning of the occurrence thereof, describing the same and, if applicable,
the steps being taken with respect thereto:

               (i) Amortization Events or Unmatured Amortization Events. The
occurrence of each Amortization Event and each Unmatured Amortization Event.

               (ii) Judgments and Proceedings. (A) (1) The entry of any judgment
or decree against the Performance Guarantor, the Servicer or any of the
Performance Guarantor's other Subsidiaries if the aggregate amount of all
judgments and decrees then outstanding against the Performance Guarantor, the
Servicer and the Performance Guarantor's other Subsidiaries exceeds $2,500,000
after deducting (a) the amount with respect to which the Performance Guarantor,
the Servicer or any such other Subsidiary of the Performance Guarantor, as the
case may be, is insured and with respect to which the insurer has not denied
coverage, and (b) the amount for which the Performance

                                       15
<PAGE>
Guarantor, the Servicer or any such other Subsidiary of the Performance
Guarantor is otherwise indemnified if the terms of such indemnification are
satisfactory to the Agent, and (2) the institution of any litigation,
arbitration proceeding or governmental proceeding against the Performance
Guarantor or the Servicer which, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect; and (B) the entry of
any judgment or decree or the institution of any litigation, arbitration
proceeding or governmental proceeding against Seller.

               (iii) Material Adverse Effect. The occurrence of any event or
condition that has had, or could reasonably be expected to have, a Material
Adverse Effect.

               (iv) Termination Event. The occurrence of a "TERMINATION EVENT"
under and as defined in the Receivables Sale Agreement.

               (v) Defaults Under Other Agreements. The occurrence of a default
or an event of default under any other financing arrangement pursuant to which
such Seller Party is a debtor or an obligor and such financing arrangement is in
excess of $2,500,000.

               (vi) Notices under Receivables Sale Agreement. Copies of all
notices delivered under the Receivables Sale Agreement.

               (vii) Downgrade of Performance Guarantor. Any downgrade in the
rating of any Indebtedness of the Performance Guarantor by S&P or Moody's,
setting forth the Indebtedness affected and the nature of such change.

          (c) Compliance with Laws and Preservation of Corporate Existence. Such
Seller Party will comply in all respects with all applicable laws, rules,
regulations, orders, writs, judgments, injunctions, decrees or awards to which
it is subject, except where the failure to so comply could not reasonably be
expected to have a Material Adverse Effect. Such Seller Party will preserve and
maintain its corporate existence, rights, franchises and privileges in the
jurisdiction of its incorporation, and qualify and remain qualified in good
standing as a foreign corporation in each jurisdiction where its business is
conducted, except where the failure to so preserve and maintain or qualify could
not reasonably be expected to have a Material Adverse Effect.

          (d) Audits. Such Seller Party will furnish to the Agent from time to
time such information with respect to it and the Receivables as the Agent may
reasonably request. Such Seller Party will, from time to time during regular
business hours as requested by the Agent upon reasonable notice and at the sole
cost of such Seller Party, permit the Agent, or its agents or representatives
(and shall cause each Originator to permit the Agent or its agents or
representatives): (i) to examine and make copies of and abstracts from all
Records in the possession or under the control of such Person relating to the
Purchased Assets, including, without limitation, the related Contracts, and (ii)
to visit the offices and properties of such Person for the purpose of examining
such materials described in clause (i) above, and to discuss matters relating to
such Person's financial condition or the Purchased Assets or any Person's
performance under any of the Transaction Documents or any Person's performance
under the Contracts and, in each case, with any of the officers or employees of
Seller or the Servicer

                                       16
<PAGE>
having knowledge of such matters (each of the foregoing examinations and visits,
a "REVIEW"); PROVIDED, HOWEVER, that, so long as no Amortization Event has
occurred and is continuing, the number of Reviews in any one calendar year shall
be limited to a maximum of four (4) and; PROVIDED, FURTHER, that, the Seller
Parties, collectively, shall not be responsible for the reasonable costs and
expenses of more than two (2) Reviews in any one calendar year unless (X) the
immediately preceding audit was unsatisfactory to the Agent with respect to
missing information, erroneous reporting, other non-compliance with the
provisions of the Transaction Documents or questions that have not been answered
to the Agent's satisfaction, or (Y) the Aggregate Invested Amount exceeds an
amount equal to 0.75 times the difference between the most recently computed Net
Pool Balance and the most recently computed Required Reserve.

          (e) Keeping and Marking of Records and Books.

               (i) The Servicer will (and will cause each Originator to)
maintain and implement administrative and operating procedures (including,
without limitation, an ability to recreate records evidencing Receivables in the
event of the destruction of the originals thereof), and keep and maintain all
documents, books, records and other information reasonably necessary or
advisable for the collection of all Receivables (including, without limitation,
records adequate to permit the immediate identification of each new Receivable
and all Collections of and adjustments to each existing Receivable). The
Servicer will (and will cause each Originator to) give the Agent notice of any
material change in the administrative and operating procedures referred to in
the previous sentence.

               (ii) Such Seller Party will (and will cause each Originator to):
(A) on or prior to the date hereof, mark its master data processing records and
other books and records relating to the Receivables with a legend, acceptable to
the Agent, describing the Agent's security interest in the Purchased Assets and
(B) upon the request of the Agent following the occurrence of an Amortization
Event: (x) mark each Contract with a legend describing the Agent's security
interest and (y) deliver to the Agent all Contracts (including, without
limitation, all multiple originals of any such Contract constituting an
instrument, a certificated security or chattel paper) relating to the
Receivables.

          (f) Compliance with Contracts and Credit and Collection Policy. Such
Seller Party will (and will cause each Originator to) timely and fully (i)
perform and comply with all provisions, covenants and other promises required to
be observed by it under the Contracts related to the Receivables, and (ii)
comply in all respects with the Credit and Collection Policy in regard to each
Receivable and the related Contract.

                                       17
<PAGE>
          (g) Performance and Enforcement of Receivables Sale Agreement. Seller
will, and will require each Originator to, perform each of their respective
obligations and undertakings under and pursuant to the Receivables Sale
Agreement, will purchase Receivables thereunder in strict compliance with the
terms thereof and will vigorously enforce the rights and remedies accorded to
Seller under the Receivables Sale Agreement. Seller will take all actions to
perfect and enforce its rights and interests (and the rights and interests of
the Agent, as Seller's assignee) under the Receivables Sale Agreement as the
Agent may from time to time reasonably request, including, without limitation,
making claims to which it may be entitled under any indemnity, reimbursement or
similar provision contained in the Receivables Sale Agreement.

          (h) Ownership. Seller will (or will cause each Originator to) take all
necessary action to (i) vest legal and equitable title to the Purchased Assets
purchased under the Receivables Sale Agreement irrevocably in Seller, free and
clear of any Adverse Claims (other than Adverse Claims in favor of the Agent,
for the benefit of the Secured Parties) including, without limitation, the
filing of all financing statements or other similar instruments or documents
necessary under the UCC (or any comparable law) of all appropriate jurisdictions
to perfect Seller's interest in such Purchased Assets and such other action to
perfect, protect or more fully evidence the interest of Seller therein as the
Agent may reasonably request), and (ii) establish and maintain, in favor of the
Agent, for the benefit of the Secured Parties, a valid and perfected first
priority security interest in all Purchased Assets, free and clear of any
Adverse Claims, including, without limitation, the filing of all financing
statements or other similar instruments or documents necessary under the UCC (or
any comparable law) of all appropriate jurisdictions to perfect the Agent's (for
the benefit of the Secured Parties) security interest in the Purchased Assets
and such other action to perfect, protect or more fully evidence the interest of
the Agent for the benefit of the Secured Parties as the Agent may reasonably
request.

          (i) Reliance. Seller acknowledges that the Agent and the Purchasers
are entering into the transactions contemplated by this Agreement in reliance
upon Seller's identity as a legal entity that is separate from each Originator.
Therefore, from and after the date of execution and delivery of this Agreement,
Seller shall take all reasonable steps, including, without limitation, all steps
that the Agent or any Purchaser may from time to time reasonably request, to
maintain Seller's identity as a separate legal entity and to make it manifest to
third parties that Seller is an entity with assets and liabilities distinct from
those of each Originator and any Affiliates thereof (other than Seller) and not
just a division of any Originator or any such Affiliate. Without limiting the
generality of the foregoing and in addition to the other covenants set forth
herein, Seller will:

               (A) conduct its own business in its own name and require that all
          full-time employees of Seller, if any, identify themselves as such and
          not as employees of any Originator (including, without limitation, by
          means of providing appropriate employees with business or
          identification cards identifying such employees as Seller's
          employees);

               (B) compensate all employees, consultants and agents directly,
          from Seller's own funds, for services provided to Seller by such
          employees, consultants and agents and, to the extent any employee,
          consultant or agent of Seller is also an employee, consultant or agent
          of any Originator or any Affiliate

                                       18
<PAGE>
          thereof, allocate the compensation of such employee, consultant or
          agent between Seller and such Originator or such Affiliate, as
          applicable, on a basis that reflects the services rendered to Seller
          and such Originator or such Affiliate, as applicable;

               (C) clearly identify its offices (by signage or otherwise) as its
          offices and, if such office is located in the offices of any
          Originator, Seller shall lease such office at a fair market rent;

               (D) have a separate telephone number, which will be answered only
          in its name and separate stationery and checks in its own name;

               (E) conduct all transactions with each Originator and the
          Servicer (including, without limitation, any delegation of its
          obligations hereunder as Servicer) strictly on an arm's-length basis,
          allocate all overhead expenses (including, without limitation,
          telephone and other utility charges) for items shared between Seller
          and such Originator on the basis of actual use to the extent
          practicable and, to the extent such allocation is not practicable, on
          a basis reasonably related to actual use;

               (F) at all times have a board of managers consisting of three
          members, at least one member of which is an Independent Manager;

               (G) observe all corporate formalities as a distinct entity, and
          ensure that all limited liability company actions relating to (A) the
          selection, maintenance or replacement of the Independent Manager, (B)
          the dissolution or liquidation of Seller or (C) the initiation of,
          participation in, acquiescence in or consent to any bankruptcy,
          insolvency, reorganization or similar proceeding involving Seller, are
          duly authorized by unanimous vote of its board of managers (including
          the Independent Manager);

               (H) maintain Seller's books and records separate from those of
          each Originator and any Affiliate thereof and otherwise readily
          identifiable as its own assets rather than assets of any Originator or
          any Affiliate thereof;

               (I) prepare its financial statements separately from those of
          each Originator and insure that any consolidated financial statements
          of any Originator or any Affiliate thereof that include Seller and
          that are filed with the Securities and Exchange Commission or any
          other governmental agency have notes clearly stating that Seller is a
          separate legal entity and that its assets will be available first and
          foremost to satisfy the claims of the creditors of Seller;

               (J) except as herein specifically otherwise provided, maintain
          the funds or other assets of Seller separate from, and not commingled
          with, those of any Originator or any Affiliate thereof and only
          maintain bank accounts or other depository accounts to which Seller
          alone is the account party, into which Seller alone makes deposits and
          from which Seller alone (or the Agent hereunder) has the power to make
          withdrawals;

                                       19
<PAGE>
               (K) pay all of Seller's operating expenses from Seller's own
          assets (except for certain payments by any Originator or other Persons
          pursuant to allocation arrangements that comply with the requirements
          of this Section 7.1(i));

               (L) operate its business and activities such that: it does not
          engage in any business or activity of any kind, or enter into any
          transaction or indenture, mortgage, instrument, agreement, contract,
          lease or other undertaking, other than the transactions contemplated
          and authorized by this Agreement and the Receivables Sale Agreement;
          and does not create, incur, guarantee, assume or suffer to exist any
          indebtedness or other liabilities, whether direct or contingent, other
          than (1) as a result of the endorsement of negotiable instruments for
          deposit or collection or similar transactions in the ordinary course
          of business, (2) the incurrence of obligations under this Agreement,
          (3) the incurrence of obligations, as expressly contemplated in the
          Receivables Sale Agreement, to make payment to the applicable
          Originator thereunder for the purchase of Receivables from such
          Originator under the Receivables Sale Agreement, and (4) the
          incurrence of operating expenses in the ordinary course of business of
          the type otherwise contemplated by this Agreement;

               (M) maintain its Organizational Documents in conformity with this
          Agreement, such that it does not amend, restate, supplement or
          otherwise modify its Organizational Documents in any respect that
          would impair its ability to comply with the terms or provisions of any
          of the Transaction Documents, including, without limitation, Section
          7.1(i) of this Agreement;

               (N) maintain the effectiveness of, and continue to perform under
          the Receivables Sale Agreement and the Performance Undertaking, such
          that it does not amend, restate, supplement, cancel, terminate or
          otherwise modify the Receivables Sale Agreement or the Performance
          Undertaking, or give any consent, waiver, directive or approval
          thereunder or waive any default, action, omission or breach under the
          Receivables Sale Agreement or the Performance Undertaking or otherwise
          grant any indulgence thereunder, without (in each case) the prior
          written consent of the Agent;

               (O) maintain its limited liability company separateness such that
          it does not merge or consolidate with or into, or convey, transfer,
          lease or otherwise dispose of (whether in one transaction or in a
          series of transactions, and except as otherwise contemplated herein)
          all or substantially all of its assets (whether now owned or hereafter
          acquired) to, or acquire all or substantially all of the assets of,
          any Person, nor at any time create, have, acquire, maintain or hold
          any interest in any Subsidiary.

               (P) maintain at all times the Required Capital Amount (as defined
          in the Receivables Sale Agreement) and refrain from making any
          dividend, distribution, redemption of Equity Interests or payment of
          any subordinated indebtedness which would cause the Required Capital
          Amount to cease to be so maintained; and

                                       20
<PAGE>
               (Q) take such other actions as are necessary on its part to
          ensure that the facts and assumptions set forth in the opinion issued
          by Dewey Ballantine LLP, as counsel for Seller, in connection with the
          closing or initial Incremental Purchase under this Agreement and
          relating to substantive consolidation issues, and in the certificates
          accompanying such opinion, remain true and correct in all material
          respects at all times.

          (j) Collections. Such Seller Party will cause (1) all proceeds from
all Lock-Boxes to be directly deposited by a Collection Bank into a Collection
Account and (2) each Lock-Box and Collection Account to be subject at all times
to a Collection Account Agreement that is in full force and effect. In the event
any payments relating to the Purchased Assets are remitted directly to Seller or
any Affiliate of Seller, Seller will remit (or will cause all such payments to
be remitted) directly to a Collection Bank and deposited into a Collection
Account within two (2) Business Days following receipt thereof, and, at all
times prior to such remittance, Seller will itself hold or, if applicable, will
cause such payments to be held in trust for the exclusive benefit of the Agent
and the Purchasers. The ownership, dominion and control (subject to the terms of
this Agreement) of each Lock-Box and Collection Account shall be exclusively
maintained by the Collateral Agent and Seller shall not grant the right to take
dominion and control of any Lock-Box or Collection Account at a future time or
upon the occurrence of a future event to any Person, except to the Collateral
Agent as contemplated by this Agreement.

          (k) Taxes. Such Seller Party will file all tax returns and reports
required by law to be filed by it and will promptly pay all taxes and
governmental charges at any time owing, except any such taxes which are not yet
delinquent or are being diligently contested in good faith by appropriate
proceedings and for which adequate reserves in accordance with GAAP shall have
been set aside on its books. Seller will pay when due any taxes payable in
connection with the Receivables, exclusive of taxes on or measured by income or
gross receipts of the Agent or any Purchaser.

          (l) Payment to Applicable Originator. With respect to any Receivable
purchased by Seller from any Originator, such sale shall be effected under, and
in strict compliance with the terms of, the Receivables Sale Agreement,
including, without limitation, the terms relating to the amount and timing of
payments to be made to such Originator in respect of the purchase price for such
Receivable.

     Section 7.2 Negative Covenants of the Seller Parties. Until the date on
which the Aggregate Unpaids have been indefeasibly paid in full and this
Agreement terminates in accordance with its terms, each Seller Party hereby
covenants, as to itself, that:

          (a) Name Change, Offices and Records. Such Seller Party will not
change its name, identity or structure (within the meaning of any applicable
enactment of the UCC), change its jurisdiction of organization, or change any
office where Records are kept unless it shall have: (i) given the Agent at least
ten (10) Business Days' prior written notice thereof and (ii) delivered to the
Agent all financing statements, instruments and other documents requested by the
Agent in connection with such change or relocation.

                                       21
<PAGE>
          (b) Change in Payment Instructions to Obligors. Except as may be
required by the Agent pursuant to Section 8.2(b), such Seller Party will not add
or terminate any bank as a Collection Bank, or make any change in the
instructions to Obligors regarding payments to be made to any Lock-Box or
Collection Account, unless the Agent shall have received, at least ten (10) days
before the proposed effective date therefor, (i) written notice of such
addition, termination or change and (ii) with respect to the addition of a
Collection Bank or a Collection Account or Lock-Box, an executed Collection
Account Agreement with respect to the new Collection Account or Lock-Box;
PROVIDED, HOWEVER, that the Servicer may make changes in instructions to
Obligors regarding payments if such new instructions require such Obligor to
make payments to another existing Collection Account.

          (c) Modifications to Contracts and Credit and Collection Policy. Such
Seller Party will not, and will not permit any Originator to, make any change to
the Credit and Collection Policy that could adversely affect the collectibility
of the Receivables or decrease the credit quality of any newly created
Receivables. Except as provided in Section 8.2(d), the Servicer will not, and
will not permit any Originator to, extend, amend or otherwise modify the terms
of any Receivable or any Contract related thereto other than in accordance with
the Credit and Collection Policy.

          (d) Sales, Liens. Except as otherwise expressly permitted by the
Transaction Documents, Seller will not sell, assign (by operation of law or
otherwise) or otherwise dispose of, or grant any option with respect to, or
create or suffer to exist any Adverse Claim upon (including, without limitation,
the filing of any financing statement) or with respect to, any of the Purchased
Assets, or assign any right to receive income with respect thereto (other than,
in each case, the creation of a security interest therein in favor of the Agent
as provided for herein), and Seller will defend the right, title and interest of
the Secured Parties in, to and under any of the foregoing property, against all
claims of third parties claiming through or under Seller or any Originator.

          (e) Use of Proceeds. Seller will not use the proceeds of the Purchases
for any purpose other than (i) paying for Receivables and Related Security under
and in accordance with the Receivables Sale Agreement, including without
limitation, making payments on the Subordinated Notes to the extent permitted
thereunder and under the Receivables Sale Agreement, (ii) paying its ordinary
and necessary operating expenses when and as due, and (iii) making Restricted
Junior Payments to the extent permitted under this Agreement.

          (f) Termination Date Determination. Seller will not designate the
Termination Date (as defined in the Receivables Sale Agreement), or send any
written notice to any Originator in respect thereof, without the prior written
consent of the Agent, except with respect to the occurrence of such Termination
Date arising pursuant to Section 5.1(d) of the Receivables Sale Agreement.

          (g) Restricted Junior Payments. Seller will not make any Restricted
Junior Payment if after giving effect thereto, Seller's Net Worth (as defined in
the Receivables Sale Agreement) would be less than the Required Capital Amount
(as defined in the Receivables Sale Agreement).

                                       22
<PAGE>
          (h) Seller Indebtedness. Seller will not incur or permit to exist any
Indebtedness or liability on account of deposits except: (i) the Aggregate
Unpaids, (ii) the Subordinated Loans, and (iii) other current accounts payable
arising in the ordinary course of business and not overdue.

          (i) Prohibition on Additional Negative Pledges. No Seller Party will
enter into or assume any agreement (other than this Agreement and the other
Transaction Documents) prohibiting the creation or assumption of any Adverse
Claim upon the Purchased Assets except as contemplated by the Transaction
Documents, or otherwise prohibiting or restricting any transaction contemplated
hereby or by the other Transaction Documents, and no Seller Party will enter
into or assume any agreement creating any Adverse Claim upon the Subordinated
Notes.

                                  ARTICLE VIII.

                          ADMINISTRATION AND COLLECTION

     Section 8.1 Designation of Servicer.

          (a) The servicing, administration and collection of the Receivables
shall be conducted by such Person (the "SERVICER") so designated from time to
time in accordance with this Section 8.1. Wolverine Finance is hereby designated
as, and hereby agrees to perform the duties and obligations of, the Servicer
pursuant to the terms of this Agreement. The Agent may at any time following the
occurrence of an Amortization Event designate as Servicer any Person to succeed
Wolverine Finance or any successor Servicer PROVIDED THAT the Rating Agency
Condition is satisfied.

          (b) Wolverine Finance may delegate, and Wolverine Finance hereby
advises the Agent and the Purchasers that it has delegated, to the Originators,
as sub-servicers of the Servicer, certain of its duties and responsibilities as
Servicer hereunder in respect of the Receivables originated by such Originator.
Without the prior written consent of the Agent and the Required Liquidity Banks,
Wolverine Finance shall not be permitted to delegate any of its duties or
responsibilities as Servicer to any Person other than (i) Seller, (ii) the
Originators, and (iii) with respect to certain Defaulted Receivables, outside
collection agencies in accordance with its customary practices. Neither Seller
nor any Originator shall be permitted to further delegate to any other Person
any of the duties or responsibilities of the Servicer delegated to it by
Wolverine Finance. If at any time following an Amortization Event, the Agent
shall designate as Servicer any Person other than Wolverine Finance, all duties
and responsibilities theretofore delegated by Wolverine Finance to Seller or the
Originators may, at the discretion of the Agent, be terminated forthwith on
notice given by the Agent to Wolverine Finance and to Seller and the
Originators.

          (c) Notwithstanding the foregoing subsection (b): (i) Wolverine
Finance shall be and remain primarily liable to the Agent and the Purchasers for
the full and prompt performance of all duties and responsibilities of the
Servicer hereunder and (ii) the Agent and the Purchasers shall be entitled to
deal exclusively with Wolverine Finance in matters relating to the discharge by
the Servicer of its duties and responsibilities hereunder. The Agent and the
Purchasers shall not be required to give notice, demand or other communication
to any Person

                                       23
<PAGE>
other than Wolverine Finance in order for communication to the Servicer and its
sub-servicer or other delegate with respect thereto to be accomplished.
Wolverine Finance, at all times that it is the Servicer, shall be responsible
for providing any sub-servicer or other delegate of the Servicer with any notice
given to the Servicer under this Agreement.

     Section 8.2 Duties of Servicer.

          (a) The Servicer shall take or cause to be taken all such actions as
may be necessary or advisable to collect each Receivable from time to time, all
in accordance with applicable laws, rules and regulations, with reasonable care
and diligence, and in accordance with the Credit and Collection Policy.

          (b) The Servicer will instruct all Obligors to pay all Collections
directly to a Lock-Box or Collection Account. The Servicer shall effect a
Collection Account Agreement substantially in the form of Exhibit VI with each
bank party to a Collection Account at any time. In the case of any remittances
received in any Lock-Box or Collection Account that shall have been identified,
to the satisfaction of the Servicer, to not constitute Collections or other
proceeds of the Receivables or the Related Security, the Servicer shall promptly
remit such items to the Person identified to it as being the owner of such
remittances. The Agent may request that the Servicer, and the Servicer thereupon
promptly shall instruct all Obligors with respect to the Receivables, to remit
all payments thereon to a new depositary account specified by the Agent and, at
all times thereafter, Seller and the Servicer shall not deposit or otherwise
credit, and shall not permit any other Person to deposit or otherwise credit to
such new depositary account any cash or payment item other than Collections.

          (c) The Servicer shall administer the Collections in accordance with
the procedures described herein and in Article II. The Servicer shall set aside
and hold in trust for the account of Seller and the Purchasers their respective
shares of the Collections in accordance with Article II. The Servicer shall,
upon the request of the Agent, segregate, in a manner acceptable to the Agent,
all cash, checks and other instruments received by it from time to time
constituting Collections from the general funds of the Servicer or Seller prior
to the remittance thereof in accordance with Article II. If the Servicer shall
be required to segregate Collections pursuant to the preceding sentence, the
Servicer shall segregate and deposit with a bank designated by the Agent such
allocable share of Collections of Receivables set aside for the Purchasers on
the first Business Day following receipt by the Servicer of such Collections,
duly endorsed or with duly executed instruments of transfer.

          (d) The Servicer may, in accordance with the Credit and Collection
Policy, extend the maturity of any Receivable or adjust the Outstanding Balance
of any Receivable as the Servicer determines to be appropriate to maximize
Collections thereof; PROVIDED, HOWEVER, that such extension or adjustment shall
not alter the status of such Receivable as a Delinquent Receivable or Defaulted
Receivable or limit the rights of the Agent or any Purchaser under this
Agreement. Notwithstanding anything to the contrary contained herein, the Agent
shall have the absolute and unlimited right upon the occurrence and during the
continuation of an Amortization Event to direct the Servicer to commence or
settle any legal action with respect to any Receivable or to foreclose upon or
repossess any Related Security.

                                       24
<PAGE>
          (e) The Servicer shall hold in trust for Seller and the Agent and the
Purchasers all Records that (i) evidence or relate to the Receivables, the
related Contracts and Related Security or (ii) are otherwise necessary or
desirable to collect the Receivables and shall, as soon as practicable upon
demand of the Agent, deliver or make available to the Agent all such Records, at
a place selected by the Agent. The Servicer shall, as soon as practicable
following receipt thereof turn over to Seller any cash collections or other cash
proceeds received with respect to Indebtedness not constituting Receivables. The
Servicer shall, from time to time at the request of the Agent or any Purchaser,
furnish to the Purchasers (promptly after any such request) a calculation of the
amounts set aside for the Purchasers pursuant to Article II.

          (f) Any payment by an Obligor in respect of any indebtedness owed by
it to Originator or Seller shall, except as otherwise specified by such Obligor
or otherwise required by contract or law and unless otherwise instructed by the
Agent, be applied as a Collection of any Receivable of such Obligor (starting
with the oldest such Receivable) to the extent of any amounts then due and
payable thereunder before being applied to any other receivable or other
obligation of such Obligor.

     Section 8.3 Control of Lock-Box and Collection Accounts. Seller hereby
transfers to the Collateral Agent, for the benefit of the Agent and the Bank
Agent, the exclusive control of each Lock-Box and the Collection Accounts.
Seller hereby authorizes the Collateral Agent and the Agent, and agrees that the
Collateral Agent and the Agent shall be entitled (i) to endorse Seller's name on
checks and other instruments representing Collections, (ii) to take such action
as shall be necessary or desirable to cause all cash, checks and other
instruments constituting Collections of Receivables to come into the possession
of the Collateral Agent or Agent rather than Seller and (iii) at any time after
the occurrence and during the continuation of an Amortization Event, to enforce
the Receivables, the related Contracts and the Related Security.

     Section 8.4 Responsibilities of Seller. Anything herein to the contrary
notwithstanding, the exercise by the Agent, on behalf of the Purchasers, of the
Agent's rights hereunder shall not release the Servicer, any Originator or
Seller from any of their duties or obligations with respect to any Receivables
or under the related Contracts. The Agent and the Purchasers shall have no
obligation or liability with respect to any Receivables or related Contracts,
nor shall any of them be obligated to perform the obligations of Seller or any
Originator thereunder.

     Section 8.5 Settlement Reports. The Servicer shall prepare and forward to
the Agent (i) on each Monthly Reporting Date, a Settlement Report and an
electronic file of the data contained therein and (ii) upon two (2) Business
Day's notice by Agent, a listing by Obligor of all Receivables together with an
aging of such Receivables in an electronic file format satisfactory to the
Agent; PROVIDED, HOWEVER, that the Agent may request that the Servicer deliver a
Settlement Report more frequently than monthly.

     Section 8.6 Servicing Fee. As compensation for the Servicer's servicing
activities on their behalf, the Servicer shall be paid the Servicing Fee in
arrears on each Settlement Date out of Collections in accordance with Article
II.

                                       25
<PAGE>
                                   ARTICLE IX.

                               AMORTIZATION EVENTS

     Section 9.1 Amortization Events. The occurrence of any one or more of the
following events shall constitute an Amortization Event:

          (a) Any Seller Party shall fail to make any payment or deposit
required to be made by it under the Transaction Documents when due and, for any
such payment or deposit which is not in respect of the Aggregate Invested
Amount, such failure continues for three (3) consecutive Business Days.

          (b) Any representation, warranty, certification or statement made by
any Seller Party in any Transaction Document to which it is a party or in any
other document delivered pursuant thereto shall prove to have been incorrect
when made or deemed made.

          (c) Any Seller Party shall fail to perform or observe any covenant
contained in Section 7.2 or 8.5 when performance or observance is due.

          (d) Any Seller Party shall fail to perform or observe any other
covenant or agreement under any Transaction Documents and such failure shall
continue for ten (10) consecutive Business Days.

          (e) Failure of Seller to pay any Indebtedness (other than the
Aggregate Unpaids) when due or the default by Seller in the performance of any
term, provision or condition contained in any agreement under which any such
Indebtedness was created or is governed, the effect of which is to cause, or to
permit the holder or holders of such Indebtedness to cause, such Indebtedness to
become due prior to its stated maturity; or any such Indebtedness of Seller
shall be declared to be due and payable or required to be prepaid (other than by
a regularly scheduled payment) prior to the date of maturity thereof.

          (f) Failure of Performance Guarantor or any of its Subsidiaries other
than Seller to pay Indebtedness in excess of $2,500,000 in aggregate principal
amount (hereinafter, "MATERIAL INDEBTEDNESS") when due; or the default by
Performance Guarantor or any of its Subsidiaries other than Seller in the
performance of any term, provision or condition contained in any agreement under
which any Material Indebtedness was created or is governed, the effect of which
is to cause, or to permit the holder or holders of such Material Indebtedness to
cause, such Material Indebtedness to become due prior to its stated maturity; or
any Material Indebtedness of the Performance Guarantor or any of its
Subsidiaries other than Seller shall be declared to be due and payable or
required to be prepaid (other than by a regularly scheduled payment) prior to
the date of maturity thereof.

          (g) An Event of Bankruptcy shall occur with respect to the Performance
Guarantor or any of its Subsidiaries.

          (h) As at the end of any Calculation Period:

                                       26
<PAGE>
               (i) the three-month rolling average Delinquency Ratio shall
exceed 2.75%,

               (ii) the three-month rolling average Default Ratio shall exceed
2.50%, or

               (iii) the three-month rolling average Dilution Ratio shall exceed
5.0%.

          (i) A Change of Control shall occur.

          (j) (i) One or more final judgments for the payment of money in an
aggregate amount of $12,300 or more shall be entered against Seller or (ii) one
or more final judgments for the payment of money in an amount in excess of
$2,500,000, individually or in the aggregate, shall be entered against
Performance Guarantor or any of its Subsidiaries (other than Seller on claims
not covered by insurance or as to which the insurance carrier has denied its
responsibility, and such judgment shall continue unsatisfied and in effect for
thirty (30) consecutive days without a stay of execution.

          (k) The "TERMINATION DATE" under and as defined in the Receivables
Sale Agreement shall occur under the Receivables Sale Agreement or any
Originator shall for any reason cease to transfer, or cease to have the legal
capacity to transfer, or otherwise be incapable of transferring Receivables to
Seller under the Receivables Sale Agreement (other than solely by reason of a
merger of such Originator with and into another Originator).

          (l) This Agreement shall terminate in whole or in part (except in
accordance with its terms), or shall cease to be effective or to be the legally
valid, binding and enforceable obligation of Seller, or any Obligor shall
directly or indirectly contest in any manner such effectiveness, validity,
binding nature or enforceability, or the Agent for the benefit of the Purchasers
shall cease to have a valid and perfected first priority security interest in
the Purchased Assets.

          (m) On any Settlement Date, after giving effect to the turnover of
Collections by the Servicer on such date and the application thereof to the
Aggregate Unpaids in accordance with this Agreement, the Aggregate Invested
Amount shall exceed the Purchase Limit.

          (n) The Performance Undertaking shall cease to be effective or to be
the legally valid, binding and enforceable obligation of Performance Guarantor,
or Performance Guarantor shall directly or indirectly contest in any manner such
effectiveness, validity, binding nature or enforceability of its obligations
thereunder.

          (o) The Internal Revenue Service shall file notice of a lien pursuant
to Section 6323 of the Tax Code with regard to any of the Purchased Assets and
such lien shall not have been released within seven (7) days, or the PBGC shall,
or shall indicate its intention to, file notice of a lien pursuant to Section
4068 of ERISA with regard to any of the Purchased Assets.

          (p) Any Plan of Performance Guarantor or any of its ERISA Affiliates:

                                       27
<PAGE>
               (i) shall fail to be funded in accordance with the minimum
funding standard required by applicable law, the terms of such Plan, Section 412
of the Tax Code or Section 302 of ERISA for any plan year or a waiver of such
standard is sought or granted with respect to such Plan under applicable law,
the terms of such Plan or Section 412 of the Tax Code or Section 303 of ERISA;
or

               (ii) is being, or has been, terminated or the subject of
termination proceedings under applicable law or the terms of such Plan; or

               (iii) shall require Performance Guarantor or any of its ERISA
Affiliates to provide security under applicable law, the terms of such Plan,
Section 401 or 412 of the Tax Code or Section 306 or 307 of ERISA; or

               (iv) results in a liability to Performance Guarantor or any of
its ERISA Affiliates under applicable law, the terms of such Plan, or Title IV
ERISA,

and there shall result from any such failure, waiver, termination or other event
a liability to the PBGC or a Plan that would have a Material Adverse Effect.

          (q) Any event shall occur which (i) materially and adversely impairs
the ability of the Originators to originate Receivables of a credit quality that
is at least equal to the credit quality of the Receivables sold or contributed
to Seller on the date of this Agreement or (ii) has, or could be reasonably
expected to have a Material Adverse Effect.

          (r) The Net Pool Balance shall at any time be less than an amount
equal to the sum of (i) the Aggregate Invested Amount PLUS (ii) the Required
Reserve after giving effect to the turnover of Collectors by the Services or the
next Settlement Date and the application thereof to the Aggregate Unpaid in
accordance with this Agreement.

          (s) Failure of the Consolidated Parties to maintain a Fixed Charge
Coverage Ratio during any period (i) beginning on the date on which the
Obligations outstanding under and as defined in the ABL Credit Agreement shall
equal or exceed $18,000,000 and continuing until the termination of ABL Credit
Agreement and the repayment in full of all such Obligations and (ii) after the
termination of ABL Credit Agreement, equal to or more than the following amounts
as of the last day of each month ended in the periods indicated below:

<TABLE>
<CAPTION>
                         Period                              Ratio
                         ------                           -----------
<S>                                                       <C>
1st Fiscal Quarter 2005 through 1st Fiscal Quarter 2006   1.00 to 1.0
2nd Fiscal Quarter 2006 through 3rd Fiscal Quarter 2006   1.05 to 1.0
4th Fiscal Quarter 2006 through 2nd Fiscal Quarter 2007   1.10 to 1.0
3rd Fiscal Quarter 2007                                   1.15 to 1.0
4th Fiscal Quarter and thereafter                         1.20 to 1.0
</TABLE>

          (t) The Consolidated Parties shall make Capital Expenditures in excess
of $15,000,000 during any fiscal year.

                                       28
<PAGE>
          (u) Commencing with the fiscal quarter of the Consolidated Parties
ending April 3, 2005,, Consolidated EBITDA for the Consolidated Parties shall be
less than the following amounts for the indicated fiscal quarter, calculated on
a rolling four quarter basis:

<TABLE>
<CAPTION>
                          Minimum Consolidated
     Fiscal Quarter              EBITDA
     --------------       --------------------
<S>                       <C>
1st Fiscal Quarter 2005        $33,500,000
2nd Fiscal Quarter 2005        $27,500,000
3rd Fiscal Quarter 2005        $30,000,000
4th Fiscal Quarter 2005        $32,000,000
1st Fiscal Quarter 2006        $33,500,000
2nd Fiscal Quarter 2006        $34,500,000
3rd Fiscal Quarter 2006        $36,000,000
4th Fiscal Quarter 2006        $37,000,000
1st Fiscal Quarter 2007        $37,000,000
2nd Fiscal Quarter 2007        $38,500,000
3rd Fiscal Quarter 2007        $39,500,000
4th Fiscal Quarter 2007        $41,000,000
   and thereafter
</TABLE>

          (v) Excess Availability under and as defined in the ABL Credit
Agreement shall be less than $5,000,000 at any time.

     Section 9.2 Remedies. Upon the occurrence and during the continuation of an
Amortization Event, the Agent may, or upon the direction of the Required
Liquidity Banks shall, take any of the following actions: (i) replace the Person
then acting as Servicer, (ii) declare the Facility Termination Date to have
occurred, whereupon Reinvestments shall immediately terminate and the Facility
Termination Date shall forthwith occur, all without demand, protest or further
notice of any kind, all of which are hereby expressly waived by each Seller
Party; PROVIDED, HOWEVER, that upon the occurrence of an Event of Bankruptcy
with respect to any Seller Party, the Facility Termination Date shall
automatically occur, without demand, protest or any notice of any kind, all of
which are hereby expressly waived by each Seller Party, (iii) exercise all
rights and remedies of a secured party upon default under the UCC and other
applicable laws, and (iv) notify Obligors of the Agent's security interest in
the Receivables and other Purchased Assets. The aforementioned rights and
remedies shall be without limitation, and shall be in addition to all other
rights and remedies of the Agent and the Purchasers otherwise available under
any other provision of this Agreement, by operation of law, at equity or
otherwise, all of which are hereby expressly preserved, including, without
limitation, all rights and remedies provided under the UCC, all of which rights
shall be cumulative.

                                   ARTICLE X.

                                INDEMNIFICATION

     Section 10.1 Indemnities.

                                       29
<PAGE>
          10.1.1 Indemnities by Seller. Without limiting any other rights that
the Agent or the Purchasers, may have hereunder or under applicable law, Seller
hereby agrees to indemnify (and pay upon demand to) the Agent, each of the
Purchasers and each of the respective assigns, officers, directors, agents and
employees of the foregoing (each, an "INDEMNIFIED PARTY") from and against any
and all damages, losses, claims, taxes, liabilities, costs, expenses and for all
other amounts payable, including reasonable attorneys' fees (which attorneys may
be employees of the Agent or another Indemnified Party) and disbursements (all
of the foregoing being collectively referred to as "INDEMNIFIED AMOUNTS")
awarded against or incurred by any of them arising out of or as a result of this
Agreement or the acquisition, either directly or indirectly, by any Purchaser of
an interest in the Receivables, EXCLUDING, HOWEVER:

          (a) Indemnified Amounts to the extent a final judgment of a court of
competent jurisdiction holds that such Indemnified Amounts resulted from gross
negligence or willful misconduct on the part of the Indemnified Party seeking
indemnification;

          (b) Indemnified Amounts to the extent the same includes losses in
respect of Receivables that are uncollectible on account of the insolvency,
bankruptcy or lack of creditworthiness of the related Obligor; or

          (c) (i) taxes on or measured by the overall net income of such
Indemnified Party imposed by the United States, the jurisdiction under the laws
of which such Indemnified Party is incorporated or otherwise organized, in which
such Indemnified Party is a resident for income tax purposes, or in which such
Indemnified Party's principal executive office or lending office is located, in
each case, including any political subdivision thereof, (ii) branch profits
taxes, franchise taxes, or similar taxes imposed on the Indemnified Party, and
(iii) other taxes imposed by any jurisdiction in which such Indemnified Party is
subject to taxation for reasons other than the execution, delivery, performance,
filing, recording, and enforcement of, and the other activities contemplated in
this Agreement and the Indemnified Party's participation in the transactions
contemplated by this Agreement, to the extent that the computation of such taxes
is consistent with the characterization for income tax purposes of the
acquisition by any Purchaser, of Receivables as a loan or loans by any
Purchaser, to Seller secured by the Receivables, the Related Security, the
Collection Accounts and the Collections;

PROVIDED, HOWEVER, that nothing contained in this sentence shall limit the
liability of Seller or limit the recourse of any Purchaser, to Seller for
amounts otherwise specifically provided to be paid by Seller under the terms of
this Agreement. Without limiting the generality of the foregoing
indemnification, Seller shall indemnify the Agent and the Purchasers, for
Indemnified Amounts (including, without limitation, losses in respect of
uncollectible receivables, regardless of whether reimbursement therefor would
constitute recourse to Seller) relating to or resulting from:

               (i) any representation or warranty made by Seller or (to the
extent Seller actually receives indemnity under the Receivables Sale Agreement)
the Originator (or any officers of any such Person) under or in connection with
this Agreement, any other Transaction Document or any other information or
report delivered by any such Person pursuant hereto or thereto, which shall have
been false or incorrect when made or deemed made;

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               (ii) the failure by Seller or (to the extent Seller actually
receives indemnity under the Receivables Sale Agreement) the Originator to
comply with any applicable law, rule or regulation with respect to any
Receivable or Contract related thereto, or the nonconformity of any Receivable
or Contract included therein with any such applicable law, rule or regulation or
(to the extent Seller actually receives indemnity under the Receivables Sale
Agreement) any failure of the Originator to keep or perform any of its
obligations, express or implied, with respect to any Contract;

               (iii) any failure of Seller or (to the extent Seller actually
receives indemnity under the Receivables Sale Agreement) the Originator to
perform its duties, covenants or other obligations in accordance with the
provisions of this Agreement or any other Transaction Document;

               (iv) any products liability, personal injury or damage suit, or
other similar claim arising out of or in connection with merchandise, insurance
or services that are the subject of any Contract or any Receivable;

               (v) any dispute, claim, offset or defense (other than discharge
in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable
(including, without limitation, a defense based on such Receivable or the
related Contract not being a legal, valid and binding obligation of such Obligor
enforceable against it in accordance with its terms), or any other claim
resulting from the sale of the merchandise or service related to such Receivable
or the furnishing or failure to furnish such merchandise or services;

               (vi) the commingling by Seller or (to the extent Seller actually
receives indemnity under the Receivables Sale Agreement) by the Originator of
Collections of Receivables at any time with other funds;

               (vii) any investigation, litigation or proceeding related to or
arising from this Agreement or any other Transaction Document, the transactions
contemplated hereby, the use of the proceeds of any Purchase, the Purchased
Assets or any other investigation, litigation or proceeding relating to Seller
or (to the extent Seller actually receives indemnity under the Receivables Sale
Agreement) the Originator in which any Indemnified Party becomes involved as a
result of any of the transactions contemplated hereby;

               (viii) any inability to litigate any claim against any Obligor in
respect of any Receivable as a result of such Obligor being immune from civil
and commercial law and suit on the grounds of sovereignty or otherwise from any
legal action, suit or proceeding;

               (ix) any Amortization Event of the type described in Section
9.1(g) with respect to any Seller Party;

               (x) any failure of Seller to acquire and maintain legal and
equitable title to, and ownership of any of the Purchased Assets from the
Originator, free and clear of any Adverse Claim (other than as created
hereunder); or any failure of Seller to give reasonably equivalent value to the
Originator under the Receivables Sale Agreement in consideration of the transfer
by the Originator of any Receivable, or any attempt by any Person to void such
transfer under statutory provisions or common law or equitable action;

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<PAGE>
               (xi) any failure to vest and maintain vested in the Agent for the
benefit of the Purchasers or to transfer to the Agent for the benefit of the
Purchasers, a valid first priority perfected security interests in the Purchased
Assets, free and clear of any Adverse Claim (except as created by the
Transaction Documents);

               (xii) the failure to have filed, or any delay in filing,
financing statements or other similar instruments or documents under the UCC of
any applicable jurisdiction or other applicable laws with respect to any
Purchased Assets, and the proceeds thereof, whether at the time of any Purchase
or at any subsequent time;

               (xiii) any action or omission by Seller which reduces or impairs
the rights of the Agent or any Purchaser with respect to any Purchased Assets or
the value of any Purchased Assets;

               (xiv) any attempt by any Person to void any Purchase or the
Agent's security interest in the Purchased Assets under statutory provisions or
common law or equitable action;

               (xv) the failure of any Receivable included in the calculation of
the Net Pool Balance as an Eligible Receivable to be an Eligible Receivable at
the time so included;

               (xvi) any civil penalty or fine assessed by OFAC against, and all
reasonable costs and expenses (including counsel fees and disbursements)
incurred in connection with defense thereof by Agent or any Purchaser as a
result of the funding of the Commitments or the acceptance of payments due under
the Transaction Documents; and

               (xvii) any payment required to be made by the Agent to the
Collateral Agent under the Intercreditor Agreement or by the Collateral Agent
under any Collection Account Agreement.

          10.1.2 Indemnity by Servicer. Without limiting any other rights which
any such Person may have hereunder or under applicable law, Servicer agrees to
indemnify each Indemnified Party for any and all Indemnified Amounts incurred by
any of them arising out of or relating to: (i) any breach by Servicer of any of
its obligations or duties under the Transaction Documents, (ii) the inaccuracy
of any representation made by Servicer hereunder or in any certificate or
written statement delivered pursuant hereto or any other Transaction Document,
(iii) any commingling of any funds by Servicer or any of its Affiliates relating
to the Receivables with any of Servicer's funds or the funds of any other
Person, (iv) except for adjustments permitted under Section 8.2(d), any action
or omission by Servicer which reduces or impairs the rights of the Agent or the
Purchasers with respect to any Receivable or the value of any such Receivable,
(v) any investigation, litigation or proceeding relating to Servicer in which
any Indemnified Party becomes involved specifically as a result of its servicing
activities hereunder, (vi) any Amortization Event described in Section 9.1(g)
with respect to Servicer, (vii) Servicer's inclusion of any Receivable in the
calculation of the Net Pool Balance as an Eligible Receivable if Seller or
Originator had previously advised Servicer that such Receivable was not an
Eligible Receivable, (viii) any civil penalty or fine assessed by OFAC against,
and all reasonable costs and expenses (including counsel fees and disbursements)
incurred in connection with defense

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thereof by Agent or any Purchaser as a result of any servicing activities
hereunder; and (ix) any payment required to be made by the Agent to the
Collateral Agent under the Intercreditor Agreement or by the Collateral Agent
under any Collection Account Agreement. The foregoing indemnity by Servicer
shall exclude Indemnified Amounts of the type described in the exclusion clause
of Section 10.1.1 to the extent applicable.

     Section 10.2 Increased Cost and Reduced Return. If after the date hereof,
any Regulatory Change shall occur: (i) that subjects any Funding Source to any
charge or withholding on or with respect to any Funding Agreement or a Funding
Source's obligations under a Funding Agreement, or on or with respect to the
Receivables, or changes the basis of taxation of payments to any Funding Source
of any amounts payable under any Funding Agreement (except for changes in the
rate of tax on the overall net income of a Funding Source or taxes excluded by
Section 10.1) or (ii) that imposes, modifies or deems applicable any reserve,
assessment, insurance charge, special deposit or similar requirement against
assets of, deposits with or for the account of a Funding Source, or credit
extended by a Funding Source pursuant to a Funding Agreement or (iii) that
imposes any other condition (other than with respect to taxes) the result of
which is to increase the cost to a Funding Source of performing its obligations
under a Funding Agreement, or to reduce the rate of return on a Funding Source's
capital as a consequence of its obligations under a Funding Agreement, or to
reduce the amount of any sum received or receivable by a Funding Source under a
Funding Agreement or to require any payment calculated by reference to the
amount of interests or loans held or interest received by it, then, such Funding
Source shall notify the Agent and the Seller within 120 days after any
Regulatory Change (other than with respect to taxes) giving rise to any such
fee, expense, increased cost or reduced return and, upon written demand by the
Agent setting forth in reasonable detail the basis for and computation of the
amount of such claim, Seller shall pay to the Agent, for the benefit of the
relevant Funding Source, such amounts charged to such Funding Source or such
amounts to otherwise compensate such Funding Source for such increased cost or
such reduction. Failure of any Funding Source to give notice within the 120-day
period following a Regulatory Change (other than with respect to taxes) shall
limit the applicable Funding Source's right to reimbursement to any such fees,
expenses, increased costs or reduced returns that accrue or are incurred from
and after the date on which such notice is actually given.

     Section 10.3 Other Costs and Expenses. Seller shall pay to the Agent and
the Purchasers, on demand all reasonable costs and out-of-pocket expenses in
connection with the preparation, execution, delivery and administration of this
Agreement, the transactions contemplated hereby and the other documents to be
delivered hereunder, including without limitation, the cost of Blue Ridge's
auditors auditing the books, records and procedures of Seller (subject to the
limitations in 7.1(d)), reasonable fees and out-of-pocket expenses of legal
counsel for Blue Ridge, and the Agent (which such counsel may be employees of
Blue Ridge, or the Agent) with respect thereto and with respect to advising Blue
Ridge, and the Agent as to their respective rights and remedies under this
Agreement. Seller shall pay to the Agent on demand any and all reasonable costs
and expenses of the Agent and the Purchasers, if any, including reasonable
counsel fees and expenses in connection with the enforcement of this Agreement
and the other documents delivered hereunder and in connection with any
restructuring or workout of this Agreement or such documents, or the
administration of this Agreement following an Amortization Event.

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<PAGE>
     Section 10.4 Replacement of Funding Source. If the Agent or a Funding
Source requests compensation under Section 10.2 herein then the Seller may, at
its sole expense and effort, upon notice to the Agent and such Funding Source,
require the Funding Source to assign and delegate, without recourse, all of its
interests, rights and obligations under this Agreement to an Eligible Assignee
willing to participate and assume the applicable obligations under this
Agreement through and including the Facility Termination Date; PROVIDED, THAT
the Seller shall have paid to Agent all fees associated with such assignment,
the Funding Source replaced pursuant to this Section 10.4 shall have received
all payments due to it under this Agreement and the other Funding Agreements
(whether due or accrued) and such assignment will result in a reduction in such
compensation or payments thereafter.

                                   ARTICLE XI.

                                   THE AGENT

     Section 11.1 Authorization and Action. Each Purchaser hereby designates and
appoints Wachovia to act as its agent under the Liquidity Agreement and under
each Transaction Document, and authorizes the Agent to take such actions as
agent on its behalf and to exercise such powers as are delegated to the Agent by
the terms of the Liquidity Agreement or the Transaction Documents together with
such powers as are reasonably incidental thereto. The Agent shall not have any
duties or responsibilities, except those expressly set forth in the Liquidity
Agreement or in the Transaction Documents, or any fiduciary relationship with
any Purchaser, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities on the part of the Agent shall be read into the
Liquidity Agreement or any Transaction Document or otherwise exist for the
Agent. In performing its functions and duties under the Liquidity Agreement and
under the Transaction Documents, the Agent shall act solely as agent for the
Purchasers and does not assume nor shall be deemed to have assumed any
obligation or relationship of trust or agency with or for any Seller Party or
any of such Seller Party's successors or assigns. The Agent shall not be
required to take any action that exposes the Agent to personal liability or that
is contrary to the Liquidity Agreement, any Transaction Document or applicable
law. The appointment and authority of the Agent hereunder shall terminate upon
the indefeasible payment in full of all Aggregate Unpaids.

     Section 11.2 Delegation of Duties. The Agent may execute any of its duties
under the Liquidity Agreement and each Transaction Document by or through agents
or attorneys-in-fact and shall be entitled to advice of counsel concerning all
matters pertaining to such duties. The Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care.

     Section 11.3 Exculpatory Provisions. Neither the Agent nor any of its
directors, officers, agents or employees shall be (i) liable for any action
lawfully taken or omitted to be taken by it or them under or in connection with
the Liquidity Agreement or any Transaction Document (except for its, their or
such Person's own gross negligence or willful misconduct), or (ii) responsible
in any manner to any of the Purchasers for any recitals, statements,
representations or warranties made by any Seller Party contained in the
Liquidity Agreement, any Transaction Document or any certificate, report,
statement or other document referred to or provided for in, or received under or
in connection with, the Liquidity Agreement or any

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<PAGE>
Transaction Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of the Liquidity Agreement or any Transaction
Document or any other document furnished in connection therewith, or for any
failure of any Seller Party to perform its obligations thereunder, or for the
satisfaction of any condition specified in Article VI, or for the perfection,
priority, condition, value or sufficiency of any collateral pledged in
connection herewith. The Agent shall not be under any obligation to any
Purchaser to ascertain or to inquire as to the observance or performance of any
of the agreements or covenants contained in, or conditions of, this Agreement or
any other Transaction Document, or to inspect the properties, books or records
of the Seller Parties. The Agent shall not be deemed to have knowledge of any
Amortization Event or Unmatured Amortization Event unless the Agent has received
notice from a Seller Party or a Purchaser.

     Section 11.4 Reliance by Agent. The Agent shall in all cases be entitled to
rely, and shall be fully protected in relying, upon any document or conversation
believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person or Persons and upon advice and statements of legal counsel
(including, without limitation, counsel to Seller), independent accountants and
other experts selected by the Agent. The Agent shall in all cases be fully
justified in failing or refusing to take any action under the Liquidity
Agreement or any Transaction Document unless it shall first receive such advice
or concurrence of Blue Ridge or the Required Liquidity Banks or all of the
Purchasers, as applicable, as it deems appropriate and it shall first be
indemnified to its satisfaction by the Purchasers, provided that unless and
until the Agent shall have received such advice, the Agent may take or refrain
from taking any action, as the Agent shall deem advisable and in the best
interests of the Purchasers. The Agent shall in all cases be fully protected in
acting, or in refraining from acting, in accordance with a request of Blue Ridge
or the Required Liquidity Banks or all of the Purchasers, as applicable, and
such request and any action taken or failure to act pursuant thereto shall be
binding upon all the Purchasers.

     Section 11.5 Non-Reliance on Agent and Other Purchasers. Each Purchaser
expressly acknowledges that neither the Agent, nor any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates has made any
representations or warranties to it and that no act by the Agent hereafter
taken, including, without limitation, any review of the affairs of any Seller
Party, shall be deemed to constitute any representation or warranty by the
Agent. Each Purchaser represents and warrants to the Agent that it has and will,
independently and without reliance upon the Agent or any other Purchaser and
based on such documents and information as it has deemed appropriate, made its
own appraisal of and investigation into the business, operations, property,
prospects, financial and other conditions and creditworthiness of Seller and
made its own decision to enter into this Agreement, the other Transaction
Documents and all other documents related hereto or thereto.

     Section 11.6 Reimbursement and Indemnification. The Liquidity Banks agree
to reimburse and indemnify the Agent and its officers, directors, employees,
representatives and agents ratably according to their Pro Rata Shares, to the
extent not paid or reimbursed by the Seller Parties (i) for any amounts for
which the Agent, acting in its capacity as Agent, is entitled to reimbursement
by the Seller Parties hereunder and (ii) for any other expenses incurred by the
Agent, in its capacity as Agent and acting on behalf of the Purchasers, in
connection with the administration and enforcement of this Agreement and the
other Transaction Documents.

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     Section 11.7 Agent in its Individual Capacity. The Agent and its Affiliates
may make loans to, accept deposits from and generally engage in any kind of
business with Seller or any Affiliate of Seller as though the Agent were not the
Agent hereunder. With respect to the acquisition of Receivable Interests
pursuant to this Agreement, the Agent shall have the same rights and powers
under this Agreement in its individual capacity as any Purchaser and may
exercise the same as though it were not the Agent, and the terms "LIQUIDITY
BANK," "PURCHASER," "LIQUIDITY BANKS" and "PURCHASERS" shall include the Agent
in its individual capacity.

     Section 11.8 Successor Agent. The Agent may, upon five days' notice to
Seller and the Purchasers, and the Agent will, upon the direction of all of the
Purchasers (other than the Agent, in its individual capacity) resign as Agent.
If the Agent shall resign, then the Required Liquidity Banks during such
five-day period shall appoint from among the Purchasers a successor agent. If
for any reason no successor Agent is appointed by the Required Liquidity Banks
during such five-day period, then effective upon the termination of such five
day period, the Purchasers shall perform all of the duties of the Agent
hereunder and under the other Transaction Documents and Seller and the Servicer
(as applicable) shall make all payments in respect of the Aggregate Unpaids
directly to the applicable Purchasers and for all purposes shall deal directly
with the Purchasers. After the effectiveness of any retiring Agent's resignation
hereunder as Agent, the retiring Agent shall be discharged from its duties and
obligations hereunder and under the other Transaction Documents and the
provisions of this Article XI and Article X shall continue in effect for its
benefit with respect to any actions taken or omitted to be taken by it while it
was Agent under this Agreement and under the other Transaction Documents.

                                  ARTICLE XII.

                         ASSIGNMENTS AND PARTICIPATIONS

     Section 12.1 Prohibition on Assignments by Seller Parties. Except for
delegation of servicing duties in accordance with Section 8.1(b), no Seller
Party may assign any of its rights or obligations under this Agreement without
(a) the prior written consent of the Agent and Blue Ridge (which consent shall
not be unreasonably withheld), and (b) without satisfying the Rating Agency
Condition.

     Section 12.2 Assignments by Purchasers.

          (a) Seller and each Liquidity Bank hereby agree and consent to the
complete or partial assignment by Blue Ridge of all or any portion of its rights
under, interest in, title to and obligations under this Agreement to the
Liquidity Banks pursuant to the Liquidity Agreement or to any Eligible Conduit,
and upon such assignment, Blue Ridge shall be released from its obligations so
assigned. Further, Seller and each Liquidity Bank hereby agree that any assignee
of Blue Ridge of this Agreement or all or any of the Receivable Interests of
Blue Ridge shall have all of the rights and benefits under this Agreement as if
the term "BLUE RIDGE" explicitly referred to such party, and no such assignment
shall in any way impair the rights and benefits of Blue Ridge hereunder;
provided, however, that no such assignee shall be entitled to receive any
greater payment under Section 10.1.1 than Blue Ridge would have been entitled to

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<PAGE>
receive thereunder. Neither Seller nor Servicer shall have the right to assign
its rights or obligations under this Agreement.

          (b) Any Liquidity Bank may at any time and from time to time assign to
one or more Persons ("PURCHASING LIQUIDITY BANKS") all or any part of its rights
and obligations under this Agreement pursuant to an assignment agreement in a
form reasonably acceptable to the Agent (an "ASSIGNMENT AGREEMENT") executed by
such Purchasing Liquidity Bank and such selling Liquidity Bank. The consent of
Blue Ridge and, prior to the occurrence of an Amortization Event, the Seller
(which consent shall not be unreasonably withheld or delayed) shall be required
prior to the effectiveness of any such assignment. Each assignee of a Liquidity
Bank must be an Eligible Assignee. Upon delivery of the executed Assignment
Agreement to the Agent, such selling Liquidity Bank shall be released from its
obligations hereunder to the extent of such assignment. Thereafter the
Purchasing Liquidity Bank shall for all purposes be a Liquidity Bank party to
this Agreement and shall have all the rights and obligations of a Liquidity Bank
under this Agreement to the same extent as if it were an original party hereto
and no further consent or action by Seller, the Purchasers or the Agent shall be
required; provided, however, that no Purchasing Liquidity Bank shall be entitled
to receive any greater payment under Section 10.1.1 than the selling Liquidity
Bank would have been entitled to receive thereunder.

          (c) Each of the Liquidity Banks agrees that in the event that it shall
cease to have a short-term debt rating of A-1 or better by S&P and P-1 by
Moody's (an "AFFECTED LIQUIDITY BANK"), such Affected Liquidity Bank shall be
obliged, at the request of Blue Ridge or the Agent, to assign all of its rights
and obligations hereunder to (x) another Liquidity Bank or (y) another funding
entity nominated by the Agent and acceptable to Blue Ridge, and willing to
participate in this Agreement through the Liquidity Termination Date in the
place of such Affected Liquidity Bank; provided that the Affected Liquidity Bank
receives payment in full, pursuant to an Assignment Agreement, of an amount
equal to such Liquidity Bank's Pro Rata Share of the Aggregate Invested Amount
and Yield owing to the Liquidity Banks and all accrued but unpaid fees and other
costs and expenses payable in respect of its Pro Rata Share of the Receivable
Interests of the Liquidity Banks.

     Section 12.3 Participations. Any Purchaser may, in the ordinary course of
its business at any time sell to one or more Persons (each such Person, a
"PARTICIPANT") participating interests in its interests in the Receivable
Interests or any other interest of such Purchaser hereunder. Notwithstanding any
such sale by a Purchaser of a participating interest to a Participant, such
Purchaser's rights and obligations under this Agreement shall remain unchanged,
such Purchaser shall remain solely responsible for the performance of its
obligations hereunder, and Seller, Blue Ridge and the Agent shall continue to
deal solely and directly with such Purchaser, as applicable, in connection with
such Purchaser's rights and obligations under this Agreement. Each Purchaser
agrees that any agreement between such Purchaser and any such Participant in
respect of such participating interest shall not restrict such Purchaser's right
to agree to any amendment, supplement, waiver or modification to this Agreement,
except for any amendment, supplement, waiver or modification described in
Section 13.1(b)(i). No Participant shall be entitled to receive any
indemnification rights, benefits or payments direct from Seller under Section
10.1.1.

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                                  ARTICLE XIII.

                                  MISCELLANEOUS

     Section 13.1 Waivers and Amendments.

          (a) No failure or delay on the part of the Agent or any Purchaser in
exercising any power, right or remedy under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power,
right or remedy preclude any other further exercise thereof or the exercise of
any other power, right or remedy. The rights and remedies herein provided shall
be cumulative and nonexclusive of any rights or remedies provided by law. Any
waiver of this Agreement shall be effective only in the specific instance and
for the specific purpose for which given.

          (b) No provision of this Agreement may be amended, supplemented,
modified or waived except in writing in accordance with the provisions of this
Section 13.1(b). Blue Ridge, Seller and the Agent, at the direction of the
Required Liquidity Banks, may enter into written modifications or waivers of any
provisions of this Agreement, PROVIDED, HOWEVER, that no such modification or
waiver shall:

               (i) without the consent of Blue Ridge and each affected Liquidity
Bank, (A) extend the Liquidity Termination Date or the date of any payment or
deposit of Collections by Seller or the Servicer, (B) reduce the rate or extend
the time of payment of Yield or any CP Costs (or any component of Yield or CP
Costs), (C) reduce any fee payable to the Agent for the benefit of any
Purchaser, (D) change the Invested Amount of any Receivable Interest, (E) amend,
modify or waive any provision of the definition of Required Liquidity Banks or
this Section 13.1(b), (F) consent to or permit the assignment or transfer by
Seller of any of its rights and obligations under this Agreement, (G) change the
definition of "ELIGIBLE RECEIVABLE," "LOSS RESERVE," "DILUTION RESERVE," "YIELD
RESERVE," "SERVICING RESERVE," "SERVICING FEE RATE," "REQUIRED RESERVE" or
"REQUIRED RESERVE FACTOR FLOOR" or (H) amend or modify any defined term (or any
defined term used directly or indirectly in such defined term) used in clauses
(A) through (G) above in a manner that would circumvent the intention of the
restrictions set forth in such clauses; or

               (ii) without the written consent of the then Agent, amend, modify
or waive any provision of this Agreement if the effect thereof is to affect the
rights or duties of such Agent,

AND ANY MATERIAL AMENDMENT, WAIVER OR OTHER MODIFICATION OF THIS AGREEMENT SHALL
REQUIRE SATISFACTION OF THE RATING AGENCY CONDITION.

     Section 13.2 Notices. Except as provided in this Section 13.2, all
communications and notices provided for hereunder shall be in writing (including
bank wire, telecopy, e-mail or electronic facsimile transmission or similar
writing) and shall be given to the other parties hereto at their respective
addresses, e-mail addresses or telecopy numbers set forth on the signature

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<PAGE>
pages hereof or at such other address or telecopy number as such Person may
hereafter specify for the purpose of notice to each of the other parties hereto.
Each such notice or other communication shall be effective (i) if given by
telecopy, upon the receipt thereof, (ii) if given by mail, three (3) Business
Days after the time such communication is deposited in the mail with first class
postage prepaid, (iii) if given by e-mail, upon sender's receipt of an
acknowledgement from the intended recipient of a return e-mail, which may be
delivered through a "request a read receipt for this message" function, as
available, or other written acknowledgement, in each case acknowledging that
sender's e-mail has been read or (iv) if given by any other means, when received
at the address specified in this Section 13.2. Seller hereby authorizes the
Agent to effect Purchases and Interest Period and Yield Rate selections based on
telephonic notices made by any Person whom the Agent in good faith believes to
be acting on behalf of Seller. Seller agrees to deliver promptly to the Agent a
written confirmation of each telephonic notice signed by an authorized officer
of Seller; PROVIDED, HOWEVER, the absence of such confirmation shall not affect
the validity of such notice. If the written confirmation differs from the action
taken by the Agent, the records of the Agent shall govern absent manifest error.

     Section 13.3 Protection of Agent's Security Interest.

          (a) Seller agrees that from time to time, at its expense, it will
promptly execute and deliver all instruments and documents, and take all
actions, that may be necessary or desirable, or that the Agent may request, to
perfect, protect or more fully evidence the Agent's security interest in the
Purchased Assets, or to enable the Agent or the Purchasers to exercise and
enforce their rights and remedies hereunder. The Agent may, or the Agent may
direct Seller or the Servicer to, notify the Obligors of Receivables, at
Seller's expense, of the ownership or security interests of the Purchasers under
this Agreement and may also direct that payments of all amounts due or that
become due under any or all Receivables be made directly to the Agent or its
designee. Seller or the Servicer (as applicable) shall, at the Agent's request,
withhold the identities of the Agent and the Purchasers in any such
notification.

          (b) If any Seller Party fails to perform any of its obligations
hereunder, the Agent or Blue Ridge may (but shall not be required to), after
delivery of notice to such Seller Party (which notice shall not be required
after the occurrence of an Amortization Event), perform, or cause performance
of, such obligations, and the Agent's or Blue Ridge's costs and expenses
incurred in connection therewith shall be payable by Seller as provided in
Section 10.3. Each Seller Party irrevocably authorizes the Agent at any time and
from time to time in the sole discretion of the Agent, and appoints the Agent as
its attorney-in-fact, to act on behalf of such Seller Party (i) to execute on
behalf of Seller as debtor and to file financing statements necessary or
desirable in the Agent's sole discretion to perfect and to maintain the
perfection and priority of the interest of Blue Ridge in the Receivables and
(ii) to file a carbon, photographic or other reproduction of this Agreement or
any financing statement with respect to the Receivables as a financing statement
in such offices as the Agent in its sole discretion deems necessary or desirable
to perfect and to maintain the perfection and priority of the Agent's security
interest in the Purchased Assets, for the benefit of the Secured Parties. This
appointment is coupled with an interest and is irrevocable. From and after July
1, 2005: (A) each of the Seller Parties hereby authorizes the Agent to file
financing statements and other filing or recording documents with respect to the
Receivables and Related Security (including any amendments thereto, or
continuation or termination statements thereof), without the signature or other
authorization of

                                       39
<PAGE>
such Seller Party, in such form and in such offices as the Agent reasonably
determines appropriate to perfect or maintain the perfection of the security
interest of the Agent hereunder, (B) each of the Seller Parties acknowledges and
agrees that it is not authorized to, and will not, file financing statements or
other filing or recording documents with respect to the Receivables or Related
Security (including any amendments thereto, or continuation or termination
statements thereof), without the express prior written approval by the Agent,
consenting to the form and substance of such filing or recording document, and
(C) each of the Seller Parties approves, authorizes and ratifies any filings or
recordings made by or on behalf of the Agent in connection with the perfection
of the security interests in favor of Seller or the Agent.

     Section 13.4 Confidentiality.

          (a) Each of the Seller Parties shall maintain and shall cause each of
its employees and officers to maintain the confidentiality of this Agreement and
the other confidential or proprietary information with respect to the Agent and
Blue Ridge and their respective businesses obtained by it or them in connection
with the structuring, negotiating and execution of the transactions contemplated
herein, except that such Seller Party and its officers and employees may
disclose such information to such Seller Party's external accountants and
attorneys and as required by any applicable law or order of any judicial or
administrative proceeding.

          (b) Anything herein to the contrary notwithstanding, each Seller Party
hereby consents to the disclosure of any nonpublic information with respect to
it (i) to the Agent, the Liquidity Banks or Blue Ridge by each other, (ii) by
the Agent or Blue Ridge to any prospective or actual assignee or participant of
any of them and (iii) by the Agent to any rating agency, Commercial Paper dealer
or provider of a surety, guaranty or credit or liquidity enhancement to Blue
Ridge or any entity organized for the purpose of purchasing, or making loans
secured by, financial assets for which Wachovia acts as the administrative agent
and to any officers, directors, employees, outside accountants and attorneys of
any of the foregoing, PROVIDED THAT each such Person is informed of the
confidential nature of such information. In addition, Blue Ridge and the Agent
may disclose any such nonpublic information pursuant to any law, rule,
regulation, direction, request or order of any judicial, administrative or
regulatory authority or proceedings (whether or not having the force or effect
of law).

          (c) Notwithstanding any other express or implied agreement to the
contrary, the parties hereto agree that each of them and each of their
employees, representatives, and other agents may disclose to any and all
Persons, without limitation of any kind, the tax treatment and tax structure of
the transaction and all materials of any kind (including opinions or other tax
analyses) that are provided to any of them relating to such tax treatment and
tax structure, except where confidentiality is reasonably necessary to comply
with U.S. federal or state securities laws. For purposes of this paragraph, the
terms "tax treatment" and "tax structure" have the meanings specified in
Treasury Regulation section 1.6011-4(c).

     Section 13.5 Bankruptcy Petition. Seller, the Servicer, the Agent and each
Liquidity Bank hereby covenants and agrees that, prior to the date that is one
year and one day after the payment in full of all outstanding senior
indebtedness of Blue Ridge, it will not institute against, or join any other
Person in instituting against, Blue Ridge any bankruptcy, reorganization,

                                       40
<PAGE>
arrangement, insolvency or liquidation proceedings or other similar proceeding
under the laws of the United States or any state of the United States.

     Section 13.6 Limitation of Recourse and Liability.

          (a) Except with respect to any claim arising out of the willful
misconduct or gross negligence of Blue Ridge, the Agent or any Liquidity Bank,
no claim may be made by any Seller Party or any other Person against Blue Ridge,
the Agent or any Liquidity Bank or their respective Affiliates, directors,
officers, employees, attorneys or agents for any special, indirect,
consequential or punitive damages in respect of any claim for breach of contract
or any other theory of liability arising out of or related to the transactions
contemplated by this Agreement, or any act, omission or event occurring in
connection therewith; and each Seller Party hereby waives, releases, and agrees
not to sue upon any claim for any such damages, whether or not accrued and
whether or not known or suspected to exist in its favor.

          (b) No recourse under or with respect to any obligation, covenant or
agreement (including, without limitation, the payment of any fees or any other
obligations) of any Purchaser as contained in this Agreement or any other
agreement, instrument or document entered into by it pursuant hereto or in
connection herewith shall be had against any administrator of such Purchaser or
any incorporator, affiliate, stockholder, officer, employee or director of such
Purchaser or of any such administrator, as such, by the enforcement of any
assessment or by any legal or equitable proceeding, by virtue of any statute or
otherwise; it being expressly agreed and understood that the agreements of such
Purchaser contained in this Agreement and all of the other agreements,
instruments and documents entered into by it pursuant hereto or in connection
herewith are, in each case, solely the corporate obligations of such Purchaser,
and that no personal liability whatsoever shall attach to or be incurred by any
administrator of such Purchaser or any incorporator, stockholder, affiliate,
officer, employee or director of such Purchaser or of any such administrator, as
such, or any other of them, under or by reason of any of the obligations,
covenants or agreements of such Purchaser contained in this Agreement or in any
other such instruments, documents or agreements, or that are implied therefrom,
and that any and all personal liability of every such administrator of such
Purchaser and each incorporator, stockholder, affiliate, officer, employee or
director of such Purchaser or of any such administrator, or any of them, for
breaches by such Purchaser of any such obligations, covenants or agreements,
which liability may arise either at common law or at equity, by statute or
constitution, or otherwise, is hereby expressly waived as a condition of and in
consideration for the execution of this Agreement. The provisions of this
Section 13.6 shall survive the termination of this Agreement.

          (c) Notwithstanding anything in this Agreement to the contrary, Blue
Ridge shall not have any obligation to pay any amount required to be paid by it
hereunder in excess of any amount available to it after paying or making
provision for the payment of its Commercial Paper. All payment obligations of
Blue Ridge hereunder are contingent on the availability of funds in excess of
the amounts necessary to pay its Commercial Paper; and each of the other parties
hereto agrees that it will not have a claim under Section 101(5) of the
Bankruptcy Code if and to the extent that any such payment obligation owed to it
by Blue Ridge exceeds the amount available to Blue Ridge to pay such amount
after paying or making provision for the payment of its Commercial Paper.

                                       41
<PAGE>
     Section 13.7 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, without regard to the
principles of conflicts of laws thereof OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW (EXCEPT IN THE CASE OF THE OTHER TRANSACTION DOCUMENTS, TO THE
EXTENT OTHERWISE EXPRESSLY STATED THEREIN) AND EXCEPT TO THE EXTENT THAT THE
PERFECTION OF THE OWNERSHIP INTEREST OF SELLER OR THE SECURITY INTEREST OF THE
AGENT, FOR THE BENEFIT OF THE SECURED PARTIES, IN ANY OF THE COLLATERAL IS
GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

     Section 13.8 CONSENT TO JURISDICTION. EACH PARTY TO THIS AGREEMENT HEREBY
IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES
FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED
BY SUCH PERSON PURSUANT TO THIS AGREEMENT, AND EACH SUCH PARTY HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION
IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.
NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY PURCHASER TO BRING
PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION.
ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST THE AGENT OR ANY PURCHASER
OR ANY AFFILIATE OF THE AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH
THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS
AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

     Section 13.9 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY
JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
(WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF,
RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY
SELLER PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER.

     Section 13.10 Integration; Binding Effect; Survival of Terms.

          (a) This Agreement and each other Transaction Document contain the
final and complete integration of all prior expressions by the parties hereto
with respect to the subject matter hereof and shall constitute the entire
agreement among the parties hereto with respect to the subject matter hereof
superseding all prior oral or written understandings.

                                       42
<PAGE>
          (b) This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns
(including any trustee in bankruptcy). This Agreement shall create and
constitute the continuing obligations of the parties hereto in accordance with
its terms and shall remain in full force and effect until terminated in
accordance with its terms; PROVIDED, HOWEVER, that the rights and remedies with
respect to (i) any breach of any representation and warranty made by any Seller
Party pursuant to Article V, (ii) the indemnification and payment provisions of
Article X, and Sections 13.4 and 13.5 shall be continuing and shall survive any
termination of this Agreement.

          (c) Each of the Seller Parties, Blue Ridge and the Agent hereby
acknowledges and agrees that the Liquidity Banks are hereby made express third
party beneficiaries of this Agreement and each of the other Transaction
Documents.

     Section 13.11 Counterparts; Severability; Section References. This
Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute one and
the same Agreement. Delivery of an executed counterpart of a signature page to
this Agreement by telecopier shall be effective as delivery of a manually
executed counterpart of a signature page to this Agreement. Any provisions of
this Agreement which are prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Unless otherwise
expressly indicated, all references herein to "ARTICLE," "SECTION," "SCHEDULE"
or "EXHIBIT" shall mean articles and sections of, and schedules and exhibits to,
this Agreement.

     Section 13.12 Characterization.

          (a) It is the intention of the parties hereto that each Purchase
hereunder shall constitute and be treated as an absolute and irrevocable sale,
which Purchase shall provide the Purchasers with the full benefits of ownership
of the applicable Receivable Interest. Except as specifically provided in this
Agreement, each sale of a Receivable Interest hereunder is made without recourse
to Seller; PROVIDED, HOWEVER, that (i) Seller shall be liable to the Purchasers
and the Agent for all representations, warranties, covenants and indemnities
made by Seller pursuant to the terms of this Agreement, and (ii) such sale does
not constitute and is not intended to result in an assumption by any Purchaser
or the Agent or any assignee thereof of any obligation of Seller or any
Originator or any other person arising in connection with the Receivables, the
Related Security, or the related Contracts, or any other obligations of Seller
or any Originator.

          (b) In addition to any ownership interest which the Agent or the
Purchasers may from time to time acquire pursuant hereto, Seller hereby grants
to the Agent for the ratable benefit of Secured Parties a valid and perfected
security interest in all of Seller's right, title and interest in, to and under
all Receivables now existing or hereafter arising, the Collections, each
Lock-Box, each Collection Account, all Related Security, all other rights and
payments relating to such Receivables, and all proceeds of any of the foregoing
prior to all other liens on and security interests therein to secure the prompt
and complete payment of the Aggregate Unpaids. To the fullest extent permitted
by applicable law, Seller hereby authorizes the Agent and its

                                       43
<PAGE>
counsel to file the UCC financing statements (and any and all amendments thereto
and continuations thereof), which financing statements may include "all-assets"
descriptions of collateral, necessary or desirable in the opinion of the Agent
to perfect or maintain the perfection of the Agent's security interest granted
herein or any portion thereof, in each of the foregoing cases, without the
signature and without further authorization of Seller. The Agent, on behalf of
the Secured Parties, shall have, in addition to the rights and remedies that it
may have under this Agreement, all other rights and remedies provided to a
secured creditor under the UCC and other applicable law, which rights and
remedies shall be cumulative.

                            (signature pages follow)

                                       44
<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered by their duly authorized officers or attorneys-in-fact as
of the date hereof.

DEJ 98 FINANCE, LLC

By: /s/ Thomas B. Sabol
    ------------------------------------
Name: Thomas B. Sabol
Title: Chief Manager and Secretary

Address:

DEJ 98 Finance, LLC
200 Clinton Avenue
Suite 1100
Huntsville, Alabama 35801
Attention: Thomas B. Sabol
Phone: (256) 580-3625
Fax: (256) 580-3996
E-mail: sabolt@wlv.com

WOLVERINE FINANCE, LLC

By: /s/ Thomas B. Sabol
    ------------------------------------
Name: Thomas B. Sabol
Title: Vice Manager & Treasurer

Address:

Wolverine Finance, LLC
200 Clinton Avenue
Suite 1000
Huntsville, Alabama 35801
Attention: Thomas B. Sabol
Phone: (256) 580-3625
Fax: (256) 580-3996
E-mail: sabolt@wlv.com

                                      S-1

               [Signature Page to Receivables Purchase Agreement]
<PAGE>
WOLVERINE TUBE, INC.

By: /s/ Johann R. Manning, Jr.
    ----------------------------------------
Name: Johann R. Manning, Jr.
Title: President and Cheif Operating Officer

Address:

Wolverine Tube, Inc.
200 Clinton Avenue
Suite 1000
Huntsville, Alabama 35801
Attention: Thomas B. Sabol
Phone: (256) 580-3625
Fax: (256) 580-3996
E-mail: sabolt@wlv.com

                                      S-2

               [Signature Page to Receivables Purchase Agreement]
<PAGE>
BLUE RIDGE ASSET FUNDING CORPORATION

BY: WACHOVIA CAPITAL MARKETS, LLC, ITS ATTORNEY-IN-FACT

By: /s/ DOUGLAS R. WILSON, SR.
    ------------------------------------
    Name: DOUGLAS R. WILSON, SR.
    Title: VICE PRESIDENT

Address:

Blue Ridge Asset Funding Corporation
c/o Wachovia Bank, National Association
301 S. College Street
FLR TRW 16 NC0171
Charlotte, NC 28288
Attention: Douglas R. Wilson, Sr.
Phone: (704) 374-2520
Fax: (704) 383-9579
E-mail: doug.wilson@wachovia.com

WITH A COPY TO:

Blue Ridge Asset Funding Corporation
c/o AMACAR Group, L.L.C.
6525 Morrison Blvd., Suite 318
Charlotte, North Carolina 28211
Attention: Douglas K. Johnson
Phone: (704) 365-0569
Fax: (704) 365-1362
E-mail: dkjohnson@AMACAR.com

                                      S-3

               [Signature Page to Receivables Purchase Agreement]
<PAGE>
WACHOVIA BANK, NATIONAL ASSOCIATION, as a Liquidity Bank and as Agent

By: /s/ Elizabeth R. Wagner
    ------------------------------------
Name: Elizabeth R. Wagner
Title: Managing Director

Address:

Wachovia Bank, National Association
191 Peachtree Street, N.E.
22nd Floor, Mail Stop GA-8088
Atlanta, Georgia 30303
Attention: Elizabeth Wagner
Phone: (404) 332-1398
Fax: (404) 332-5152
E-mail: elizabeth.wagner@wachovia.com

                                      S-4

               [Signature Page to Receivables Purchase Agreement]
<PAGE>
                                    EXHIBIT I

                                   DEFINITIONS

          AS USED IN THIS AGREEMENT, THE FOLLOWING TERMS SHALL HAVE THE
FOLLOWING MEANINGS (SUCH MEANINGS TO BE EQUALLY APPLICABLE TO BOTH THE SINGULAR
AND PLURAL FORMS OF THE TERMS DEFINED):

          "ABL CREDIT AGREEMENT" has the meaning set forth in the definition of
the term "Bank Agent".

          "ADJUSTED DILUTION RATIO" means, at any time, the rolling average of
the Dilution Ratio for the 12 Calculation Periods then most recently ended.

          "ADVERSE CLAIM" means a lien, security interest, charge or
encumbrance, or other right or claim in, of or on any Person's assets or
properties in favor of any other Person.

          "AFFILIATE" means, with respect to any Person, any other Person
directly or indirectly controlling, controlled by, or under direct or indirect
common control with, such Person or any Subsidiary of such Person. A Person
shall be deemed to control another Person if the controlling Person owns 10% or
more of any class of voting securities of the controlled Person or possesses,
directly or indirectly, the power to direct or cause the direction of the
management or policies of the controlled Person, whether through ownership of
stock, by contract or otherwise.

          "AGENT" has the meaning set forth in the preamble to this Agreement.

          "AGENT'S ACCOUNT" means account #8735-098787 at Wachovia Bank,
National Association, ABA #053100494.

          "AGGREGATE INVESTED AMOUNT" means, on any date of determination, the
aggregate Invested Amount of all Receivable Interests outstanding on such date.

          "AGGREGATE REDUCTION" has the meaning specified in Section 1.3.

          "AGGREGATE UNPAIDS" means, at any time, an amount equal to the sum of
(i) the Aggregate Invested Amount, PLUS (ii) all Recourse Obligations (whether
due or accrued) at such time.

          "AGREEMENT" means this Receivables Purchase Agreement, as it may be
amended or modified and in effect from time to time.

          "ALTERNATE BASE RATE" means for any day, (i) the rate per annum equal
to the higher as of such day of (x) the Prime Rate, or (y) one-half of one
percent (0.50%) above the Federal Funds Rate PLUS (ii) the Applicable Base Rate
Percentage per annum then in effect. For purposes of determining the Alternate
Base Rate for any day, changes in the Prime Rate or the Federal Funds Rate shall
be effective on the date of each such change.

                                       A-1
<PAGE>
          "AMORTIZATION DATE" means the earliest to occur of (i) the Business
Day immediately prior to the occurrence of an Event of Bankruptcy with respect
to any Seller Party, (ii) the Business Day specified in a written notice from
the Agent following the occurrence of any other Amortization Event, and (iii)
the date which is ten (10) Business Days after the Agent's receipt of written
notice from Seller that it wishes to terminate the facility evidenced by this
Agreement.

          "AMORTIZATION EVENT" has the meaning specified in Article IX.

          "APPLICABLE BASE RATE PERCENTAGE" has the meaning specified in the Fee
Letter.

          "APPLICABLE LIBO RATE PERCENTAGE" has the meaning specified in the Fee
Letter.

          "APPLICABLE PERCENTAGE" has the meaning specified in the Fee Letter.

          "AUTHORIZED OFFICER" means, with respect to any Person, its president,
corporate controller, treasurer or chief financial officer.

          "BANK AGENT" means Wachovia Bank, National Association, as
administrative agent for the financial institutions party to that certain
Amended and Restated Credit Agreement, dated as of April 28, 2005 (as the same
may be amended, restated or otherwise modified from time to time, the "ABL
CREDIT AGREEMENT"), and its successors and assigns.

          "BEST POSSIBLE DSO" means, as of any date of determination, the
product of (i) a fraction, the numerator of which is the average, during the
three most recently ended fiscal months of the Originators, of the aggregate
Outstanding Balance of Current Receivables as of the last day of each such
fiscal month, and the denominator of which is the average, during such three
fiscal month period, of the aggregate sales generated by the Originators during
each such fiscal month, MULTIPLIED BY (ii) 30.

          "BLUE RIDGE" has the meaning set forth in the preamble to this
Agreement.

          "BROKEN FUNDING COSTS" means for any Receivable Interest which: (i)
has its Invested Amount reduced without compliance by Seller with the notice
requirements hereunder or (ii) does not become subject to an Aggregate Reduction
following the delivery of any Reduction Notice or (iii) is assigned by Blue
Ridge to the Liquidity Banks under the Liquidity Agreement or terminated prior
to the date on which it was originally scheduled to end; an amount equal to the
excess, if any, of (A) the CP Costs or Yield (as applicable) that would have
accrued during the remainder of the Interest Periods or the tranche periods for
Commercial Paper determined by the Agent to relate to such Receivable Interest
(as applicable) subsequent to the date of such reduction, assignment or
termination (or in respect of clause (ii) above, the date such Aggregate
Reduction was designated to occur pursuant to the Reduction Notice) of the
Invested Amount of such Receivable Interest if such reduction, assignment or
termination had not occurred or such Reduction Notice had not been delivered,
over (B) the sum of (x) to the extent all or a portion of such Invested Amount
is allocated to another Receivable Interest, the amount of CP Costs or Yield
actually accrued during the remainder of such period on such Invested Amount for
the new Receivable Interest, and (y) to the extent such Invested Amount is not
allocated to another Receivable Interest, the income, if any, actually received
during the

                                       A-2
<PAGE>
remainder of such period by the holder of such Receivable Interest from
investing the portion of such Invested Amount not so allocated. All Broken
Funding Costs shall be due and payable hereunder upon demand.

          "BUSINESS DAY" means any day on which banks are not authorized or
required to close in New York, New York or Atlanta, Georgia, and The Depository
Trust Company of New York is open for business, and, if the applicable Business
Day relates to any computation or payment to be made with respect to the LIBO
Rate, any day on which dealings in dollar deposits are carried on in the London
interbank market.

          "CALCULATION PERIOD" means each fiscal month of the Performance
Guarantor or portion thereof which elapses during the term of the Agreement. The
final Calculation Period shall terminate on the "Termination Date" under and as
defined in the Receivables Sale Agreement. As used in Section 3.2, Section 3.3,
and the definition of the term "Servicing Fee" and as used in the Fee Letter,
the first Calculation Period shall commence on the date hereof; otherwise
Calculation Period may cover a period before the date hereof, as the context
requires.

          "CAPITAL EXPENDITURES" means any current expenditure by the
Consolidated Parties for fixed or capital assets as reflected on the financial
statements of the Consolidated Parties, as prepared in accordance with GAAP.

          "CHANGE OF CONTROL" means (a) the acquisition by any Person, or two or
more Persons acting in concert, of beneficial ownership (within the meaning of
Rule 13d-3 of the Securities and Exchange Commission under the Securities
Exchange Act of 1934) of 20% or more of the outstanding shares of voting Equity
Interests in Wolverine Finance, or (b) the Performance Guarantor ceases to own,
directly or indirectly, 49% of outstanding voting Equity Interests in Seller.

          "COLLATERAL AGENT" means Wachovia Bank, National Association, acting
as collateral agent under the Collection Account Agreement for the Agent and the
Bank Agent.

          "COLLECTION ACCOUNT" means each concentration account, depositary
account, lock-box account or similar account in which any Collections are
collected or deposited and which is listed on Exhibit IV.

          "COLLECTION ACCOUNT AGREEMENT" means an agreement substantially in the
form of Exhibit VI among an Seller, Wolverine Finance, the Collateral Agent and
a Collection Bank.

          "COLLECTION BANK" means, at any time, any of the banks holding one or
more Collection Accounts.

          "COLLECTIONS" means, with respect to any Receivable, all cash
collections and other cash proceeds in respect of such Receivable, including,
without limitation, all Finance Charges or other related amounts accruing in
respect thereof and all cash proceeds of Related Security with respect to such
Receivable.

          "COMMERCIAL PAPER" means promissory notes of Blue Ridge issued by Blue
Ridge in the commercial paper market.

                                      A-3
<PAGE>
          "COMMITMENT" means, for each Liquidity Bank, the commitment of such
Liquidity Bank to purchase Receivable Interests from Seller in an amount not to
exceed (i) in the aggregate, the amount set forth opposite such Liquidity Bank's
name on Schedule A to this Agreement, as such amount may be modified in
accordance with the terms hereof and (ii) with respect to any individual
purchase hereunder, its Pro Rata Share of the Purchase Price therefor.

          "CONTINGENT OBLIGATION" of a Person means any agreement, undertaking
or arrangement by which such Person assumes, guarantees, endorses, contingently
agrees to purchase or provide funds for the payment of, or otherwise becomes or
is contingently liable upon, the obligation or liability of any other Person, or
agrees to maintain the net worth or working capital or other financial condition
of any other Person, or otherwise assures any creditor of such other Person
against loss, including, without limitation, any comfort letter, operating
agreement, take-or-pay contract or application for a letter of credit.

          "CONSOLIDATED CASH INTEREST EXPENSE" means, for any applicable period
of computation, whether expensed or capitalized, all cash interest expense of
the Consolidated Parties for such period, net of interest income for such
period, all as determined in accordance with GAAP.

          "CONSOLIDATED CASH TAXES" means, for any applicable period of
computation, the aggregate of all taxes of the Consolidated Parties determined
in accordance with applicable law and GAAP applied on a consistent basis, to the
extent the same are paid in cash during such period.

          "CONSOLIDATED EBITDA" means, for any applicable period of computation,
without duplication, the sum of (i) Consolidated Net Income for such period, but
excluding therefrom all extraordinary items of income or loss, PLUS (ii) the
aggregate amount of depreciation and amortization charges made in calculating
Consolidated Net Income for such period, PLUS (iii) aggregate Consolidated
Interest Expense for such period, PLUS (iv) the aggregate amount of all income
taxes reflected on the consolidated statements of income of the Consolidated
Parties for such period. Except as otherwise provided herein, the applicable
period of computation shall be for the four (4) consecutive quarters ending as
of the date of determination.

          "CONSOLIDATED FIXED CHARGES" means, for any applicable period of
computation, without duplication, the sum of (i) all Consolidated Cash Interest
Expense for the applicable period plus (ii) all Consolidated Scheduled Funded
Debt Payments for the applicable period.

          "CONSOLIDATED FUNDED DEBT" means, as of the date of determination, all
Funded Debt of the Performance Guarantor and its consolidated Subsidiaries,
determined on a consolidated basis in accordance with GAAP.

          "CONSOLIDATED INTEREST EXPENSE" means, for any applicable period of
computation, whether expensed or capitalized, all interest expense of the
Consolidated Parties for such period, net of interest income for such period,
all as determined in accordance with GAAP.

          "CONSOLIDATED PARTIES" means the Performance Guarantor and all of its
consolidated Subsidiaries whether direct or indirect and whether now owned or
hereafter acquired.

                                      A-4
<PAGE>
          "CONSOLIDATED NET INCOME" means, for any applicable period of
computation, the net income after taxes of the Consolidated Parties for such
period, as adjusted for (i) non-cash adjustments to Consolidated Net Income due
to the effect of changes in accounting methods required by GAAP and (ii) the tax
adjusted net value of (a) the non-cash adjustments to Consolidated Net Income on
account of gains or losses resulting from changes in the metal variance account
required by the mark to market of the Copper Hedge, as determined in accordance
with GAAP and (b) the non-cash adjustments to valuations of inventory that
consists of copper covered by the Copper Hedge resulting from the Performance
Guarantor's mark to market of inventory levels under the Copper Hedge at the
time of testing (the Performance Guarantor shall provide the Agent with copies
of reconciliation of these adjustments when and as provided to the Bank Agent
pursuant to and in accordance with the ABL Credit Agreement).

          "CONSOLIDATED SCHEDULED FUNDED DEBT PAYMENTS" means, as of the end of
each fiscal quarter (or month, as applicable) of the Company and its
consolidated Subsidiaries on a consolidated basis, the sum of all scheduled
payments of principal on Consolidated Funded Debt (other than intercompany
Indebtedness) for the four (4) consecutive quarters (or 12 consecutive months,
as applicable) beginning on such date (including the principal component of
payments due on capital leases or under any synthetic lease, tax retention
operating lease, off-balance sheet loan or similar off-balance sheet financing
product during the applicable period beginning on such date).

          "COPPER HEDGE" means the Trading Agreements between PB Financial, Inc.
and Wolverine Tube, Inc., Wolverine Tube (Canada) Inc. and Wolverine Joining
Technologies, LLC related to hedging copper and any other copper hedging
contract permitted under the ABL Credit Agreement.

          "CONTRACT" means, with respect to any Receivable, any and all
instruments, agreements, invoices or other writings pursuant to which such
Receivable arises or which evidences such Receivable.

          "CP COST PAYMENT DATE" means the 22nd day of each month after the date
of this Agreement (or if any such day is not a Business Day, the next succeeding
Business Day thereafter).

          "CP COSTS" means, for each day, the sum of (i) discount or interest
accrued on Pooled Commercial Paper on such day, PLUS (ii) any and all accrued
commissions in respect of placement agents and Commercial Paper dealers, and
issuing and paying agent fees incurred, in respect of such Pooled Commercial
Paper for such day, PLUS (iii) other costs associated with funding small or
odd-lot amounts with respect to all receivable purchase or financing facilities
which are funded by Pooled Commercial Paper for such day, minus (iv) any accrual
of income net of expenses received on such day from investment of collections
received under all receivable purchase or financing facilities funded
substantially with Pooled Commercial Paper, minus (v) any payment received on
such day net of expenses in respect of Broken Funding Costs related to the
prepayment of any investment of Blue Ridge pursuant to the terms of any
receivable purchase or financing facilities funded substantially with Pooled
Commercial Paper. In addition to the foregoing costs, if Seller shall request
any Purchase during any period of time determined by the Agent in its sole
discretion to result in incrementally higher CP Costs applicable to such
Purchase, the principal associated with any such Purchase shall, during such

                                      A-5
<PAGE>
period, be deemed to be funded by Blue Ridge in a special pool (which may
include capital associated with other receivable purchase or financing
facilities) for purposes of determining such additional CP Costs applicable only
to such special pool and charged each day during such period against such
principal.

          "CREDIT AND COLLECTION POLICY" means Seller's credit and collection
policies and practices relating to Contracts and Receivables existing on the
date hereof and summarized in Exhibit VII hereto, as modified from time to time
in accordance with this Agreement.

          "CURRENT RECEIVABLE" means a Receivable that has not aged beyond its
originally stated due date.

          "CUT-OFF DATE" means the last day of a Calculation Period.

          "DAYS SALES OUTSTANDING" means, as of any day, an amount equal to the
product of (x) 91, multiplied by (y) the amount obtained by dividing (i) the
aggregate outstanding balance of Receivables as of the most recent Cut-Off Date,
by (ii) the aggregate sales generated by the Originators during the three (3)
Calculation Periods including and immediately preceding such Cut-Off Date.

          "DEEMED COLLECTIONS" means Collections deemed received by Seller under
Section 1.4(a).

          "DEFAULT HORIZON RATIO" means, as of any Cut-Off Date, the ratio
(expressed as a decimal) computed by dividing (i) the aggregate sales generated
by the Originators during the three Calculation Periods ending on such Cut-Off
Date, by (ii) the Net Pool Balance as of such Cut-off Date.

          "DEFAULT RATE" means a rate per annum equal to the sum of (i) the
Alternate Base Rate PLUS (ii) the Applicable Base Rate Percentage then in effect
PLUS (iii) 2.00%, changing when and as the Alternate Base Rate changes.

          "DEFAULT RATIO" means, as of any Cut-Off Date, the ratio (expressed as
a percentage) computed by dividing (x) the total amount of Receivables which
became Defaulted Receivables during the Calculation Period that includes such
Cut-Off Date, by (y) the aggregate sales generated by the Originators during the
Calculation Period occurring three months prior to the Calculation Period ending
on such Cut-Off Date.

          "DEFAULTED RECEIVABLE" means a Receivable: (i) as to which the Obligor
thereof has suffered an Event of Bankruptcy; (ii) which, consistent with the
Credit and Collection Policy, would be written off Seller's books as
uncollectible; or (iii) as to which any payment, or part thereof, remains unpaid
for 61 days or more from the original due date for such payment.

          "DELINQUENCY RATIO" means, at any time, a percentage equal to (i) the
aggregate Outstanding Balance of all Receivables that were Delinquent
Receivables at such time divided by (ii) the aggregate Outstanding Balance of
all Receivables at such time.

                                      A-6
<PAGE>
          "DELINQUENT RECEIVABLE" means a Receivable as to which any payment, or
part thereof, remains unpaid for 31-60 days from the original due date for such
payment.

          "DESIGNATED OBLIGOR" means an Obligor indicated by the Agent to Seller
in writing.

          "DILUTION" means the amount of any reduction or cancellation of the
Outstanding Balance of a Receivable as described in Section 1.4(a).

          "DILUTION HORIZON RATIO" means, as of any Cut-off Date, a ratio
(expressed as a decimal), computed by dividing (i) the aggregate sales generated
by the Originators during the Calculation Period (or any other period as
established by the Agent by notice to Seller from time to time in Agent's
discretion based on Agent's analysis of results of Reviews conducted after the
date of the Agreement) ending on such Cut-Off Date, by (ii) the Net Pool Balance
as of such Cut-Off Date.

          "DILUTION RATIO" means, as of any Cut-Off Date, a ratio (expressed as
a percentage), computed by dividing (i) the total amount of decreases in
Outstanding Balances due to Dilutions during the Calculation Period ending on
such Cut-Off Date, by (ii) the aggregate sales generated by the Originators
during the Calculation Period prior to the Calculation Period ending on such
Cut-Off Date.

          "DILUTION RESERVE" means, for any Calculation Period, the product
(expressed as a percentage) of:

          (a) the sum of (i) two (2) times the Adjusted Dilution Ratio as of the
immediately preceding Cut-Off Date, PLUS (ii) the Dilution Volatility Component
as of the immediately preceding Cut-Off Date, TIMES

          (b) the Dilution Horizon Ratio as of the immediately preceding Cut-Off
Date.

          "DILUTION VOLATILITY COMPONENT" means the product (expressed as a
percentage) of (i) the difference between (a) the highest three (3)-month
rolling average Dilution Ratio over the past 12 Calculation Periods and (b) the
Adjusted Dilution Ratio, and (ii) a fraction, the numerator of which is equal to
the ratio specified in (i)(a) of this definition and the denominator of which is
equal to the ratio specified in (i)(b) of this definition.

          "DOWNGRADED LIQUIDITY BANK" means a Liquidity Bank which has been the
subject of a Downgrading Event.

          "DOWNGRADING EVENT" with respect to any Person means the lowering of
the rating with regard to the short-term securities of such Person to below (i)
A-1 by S&P, or (ii) P-1 by Moody's.

          "ELIGIBLE ASSIGNEE" means a commercial bank having a combined capital
and surplus of at least $250,000,000 with a rating of its (or its parent holding
company's) short-term securities equal to or higher than (i) A-1 by S&P and (ii)
P-1 by Moody's.

                                      A-7
<PAGE>
          "ELIGIBLE FOREIGN RECEIVABLE" means a Receivable, the Obligor of which
is United Technologies Corporation, American Standard Inc., Whirlpool
Corporation, General Electric Company, York International Corporation or any
wholly-owned subsidiary thereof.

          "ELIGIBLE RECEIVABLE" means, at any time, a Receivable:

               (i) the Obligor of which: (a) if a natural person, is a resident
of the United States or, if a corporation or other business organization, is
organized under the laws of the United States or any political subdivision
thereof and has its chief executive office in the United States, unless such
receivable is an Eligible Foreign Receivable; (b) is not an Affiliate of any of
the parties hereto; (c) is not a government or a governmental subdivision or
agency; and (d) is not a Designated Obligor,

               (ii) which is not a Defaulted Receivable,

               (iii) which is not owing from an Obligor as to which more than
50% of the aggregate Outstanding Balance of all Receivables owing from such
Obligor are Defaulted Receivables,

               (iv) which by its terms is due and payable within 120 days of the
original billing date therefor and has not been outstanding for more than 90
days past such original billing date and has not had its payment terms extended
more than once; PROVIDED, HOWEVER, in the event that the Best Possible DSO
exceeds 40 days, the outstanding balance of Receivables payable within 120 days
of the original billing date therefor shall be deducted from the numerator set
forth in clause (i) of the definition of the term "Best Possible DSO" in an
amount necessary to cause the Best Possible DSO to be 40 days or less,

               (v) which is an "account" or "chattel paper" within the meaning
of Section 9-106 and Section 9-105, respectively, of the UCC of all applicable
jurisdictions,

               (vi) which is denominated and payable only in United States
dollars in the United States,

               (vii) which arises under a Contract in a form which the Agent has
not deemed to be unacceptable in its reasonable discretion and which, together
with such Receivable, is in full force and effect and constitutes the legal,
valid and binding obligation of the related Obligor enforceable against such
Obligor in accordance with its terms subject to no offset, counterclaim or other
defense,

               (viii) which arises under a Contract which (A) does not require
the Obligor under such Contract to consent to the transfer, sale, pledge or
assignment of the rights and duties of the applicable Originator or any of its
assignees under such Contract and (B) does not contain a confidentiality
provision that purports to restrict the ability of any Purchaser to exercise its
rights under this Agreement, including, without limitation, its right to review
the Contract,

                                      A-8
<PAGE>
               (ix) which arises under a Contract that contains an obligation to
pay a specified sum of money, contingent only upon the sale of goods or the
provision of services by the applicable Originator,

               (x) which, together with the Contract related thereto, does not
contravene any law, rule or regulation applicable thereto (including, without
limitation, any law, rule and regulation relating to truth in lending, fair
credit billing, fair credit reporting, equal credit opportunity, fair debt
collection practices and privacy) and with respect to which no part of the
Contract related thereto is in violation of any such law, rule or regulation,

               (xi) which satisfies all applicable requirements of the Credit
and Collection Policy,

               (xii) which was generated in the ordinary course of the
applicable Originator's business,

               (xiii) which arises solely from the sale of goods or the
provision of services to the related Obligor by the applicable Originator, and
not by any other Person (in whole or in part),

               (xiv) as to which the Agent has not notified Seller that the
Agent has determined that such Receivable or class of Receivables is not
acceptable as an Eligible Receivable, including, without limitation, because
such Receivable arises under a Contract that is not acceptable to the Agent,

               (xv) which is not subject to any dispute, counterclaim, right of
rescission, set-off, counterclaim or any other defense (including defenses
arising out of violations of usury laws) of the applicable Obligor against the
applicable Originator or any other Adverse Claim, and the Obligor thereon holds
no right as against such Originator to cause such Originator to repurchase the
goods or merchandise the sale of which shall have given rise to such Receivable
(except with respect to sale discounts effected pursuant to the Contract, or
defective goods returned in accordance with the terms of the Contract);
PROVIDED, HOWEVER, that if such dispute, offset, counterclaim or defense affects
only a portion of the Outstanding Balance of such Receivable, then such
Receivable may be deemed an Eligible Receivable to the extent of the portion of
such Outstanding Balance which is not so affected, and PROVIDED, FURTHER, that
Receivables of any Obligor which has any accounts payable by the applicable
Originator or by a wholly-owned Subsidiary of such Originator (thus giving rise
to a potential offset against such Receivables) may be treated as Eligible
Receivables to the extent that the Obligor of such Receivables has agreed
pursuant to a written agreement in form and substance satisfactory to the Agent,
that such Receivables shall not be subject to such offset,

               (xvi) as to which the applicable Originator has satisfied and
fully performed all obligations on its part with respect to such Receivable
required to

                                      A-9
<PAGE>
be fulfilled by it, and no further action is required to be performed by any
Person with respect thereto other than payment thereon by the applicable
Obligor,

               (xvii) as to which each of the representations and warranties
contained in Sections 5.1(g), (i), (j), (r), (s), (t) and (u) is true and
correct,

               (xviii) all right, title and interest to and in which has been
validly transferred by the applicable Originator directly to Seller under and in
accordance with the Receivables Sale Agreement, and Seller has good and
marketable title thereto free and clear of any Adverse Claim.

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and any rule or regulation issued thereunder.

          "ERISA AFFILIATE" means any trade or business (whether or not
incorporated) under common control with the Performance Guarantor within the
meaning of Section 414(b) or (c) of the Tax Code (and Sections 414(m) and (o) of
the Tax Code for purposes of provisions relating to Section 412 of the Tax
Code).

          "EVENT OF BANKRUPTCY" shall be deemed to have occurred with respect to
a Person if either:

          (a) a case or other proceeding shall be commenced, without the
application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or
readjustment of debts of such Person, the appointment of a trustee, receiver,
custodian, liquidator, assignee, sequestrator or the like for such Person or all
or substantially all of its assets, or any similar action with respect to such
Person under any law relating to bankruptcy, insolvency, reorganization, winding
up or composition or adjustment of debts, and such case or proceeding shall
continue undismissed, or unstayed and in effect, for a period of 60 consecutive
days; or an order for relief in respect of such Person shall be entered in an
involuntary case under the federal bankruptcy laws or other similar laws now or
hereafter in effect; or

          (b) such Person shall commence a voluntary case or other proceeding
under any applicable bankruptcy, insolvency, reorganization, debt arrangement,
dissolution or other similar law now or hereafter in effect, or shall consent to
the appointment of or taking possession by a receiver, liquidator, assignee,
trustee (other than a trustee under a deed of trust, indenture or similar
instrument), custodian, sequestrator (or other similar official) for, such
Person or for any substantial part of its property, or shall make any general
assignment for the benefit of creditors, or shall be adjudicated insolvent, or
admit in writing its inability to pay its debts generally as they become due,
or, if a corporation or similar entity, its board of directors shall vote to
implement any of the foregoing.

          "FACILITY ACCOUNT" means Seller's account no. 005-3313 at Mellon Bank,
N.A.

          "FACILITY TERMINATION DATE" means the earlier of (i) the Liquidity
Termination Date and (ii) the Amortization Date.

                                      A-10
<PAGE>
          "FEDERAL FUNDS EFFECTIVE RATE" means, for any period, a fluctuating
interest rate per annum for each day during such period equal to (i) 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 preceding
Business Day) by the Federal Reserve Bank of New York in the Composite Closing
Quotations for U.S. Government Securities; or (ii) if such rate is not so
published for any day which is a Business Day, the average of the quotations at
approximately 11:30 a.m. (New York time) for such day on such transactions
received by the Agent from three federal funds brokers of recognized standing
selected by it.

          "FEE LETTER" means that certain letter agreement dated as of April 28,
2005 among Seller, the Agent, Parent and Blue Ridge, as it may be amended,
restated or otherwise modified and in effect from time to time.

          "FINAL PAYOUT DATE" means the date on which all Aggregate Unpaids have
been paid in full and the Purchase Limit has been reduced to zero.

          "FINANCE CHARGES" means, with respect to a Contract, any finance,
interest, late payment charges or similar charges owing by an Obligor pursuant
to such Contract.

          "FOREIGN RECEIVABLE" means a Receivable the Obligor of which (a) if a
natural person, is a resident of a country other than the United States or (b)
if a corporation or other business organization, is organized under the laws of
a country other than the United State and has its chief executive office in a
country other than the United States.

          "FIXED CHARGE COVERAGE RATIO" means, for any applicable period of
computation, the ratio of (i) Consolidated EBITDA LESS Unfinanced Capital
Expenditures LESS all Consolidated Cash Taxes paid during the applicable period
LESS cash dividends paid by the Performance Guarantor for the applicable period
to (ii) total Consolidated Fixed Charges. The applicable period of computation
shall be (a) for the purpose of determining the Applicable Percentage, the four
(4) consecutive quarters ending as of the date of determination, except with
respect to the Consolidated Scheduled Funded Debt Payments component of
Consolidated Fixed Charges, which shall be for the four (4) consecutive quarters
beginning as of the date of determination and (b) for the purpose of determining
compliance with Section 9.1(s) of the Agreement, the 12 consecutive month period
ending as of the date of determination, except with respect to the Consolidated
Scheduled Funded Debt Payments component of Consolidated Fixed Charges, which
shall be for the 12 consecutive month period beginning as of the date of
determination.

          "FUNDED DEBT" means, without duplication, the sum of (a) all
Indebtedness (as such term is defined in the ABL Credit Agreement) of the
Consolidated Parties for borrowed money, (b) the principal portion of all
obligations of the Consolidated Parties under capital leases (including capital
leases incurred in accordance with the terms of Section 9.1 of the ABL Credit
Agreement), (c) all commercial letters of credit and the maximum or face amount
of all performance and standby letters of credit issued for the account of a
member of the Consolidated Parties, including, without duplication, all
unreimbursed draws thereunder, (d) all Guaranty Obligations (as such term is
defined in the ABL Credit Agreement) of the Consolidated Parties with respect to
Funded Debt of

                                      A-11
<PAGE>
another Person, (e) all Funded Debt of another entity secured by a lien on any
property of the Consolidated Parties, to the extent of the book value of the
property secured thereby, whether or not such Funded Debt has been assumed by a
member of the Consolidated Parties, (f) all Funded Debt of any partnership or
unincorporated joint venture to the extent a member of the Consolidated Parties
is legally obligated or has a reasonable expectation of being liable with
respect thereto, net of any assets of such partnership or joint venture and (g)
the principal balance outstanding under any synthetic lease, tax retention
operating lease, off-balance sheet loan or similar off-balance sheet financing
product of a member of the Consolidated Parties where such transaction is
considered borrowed money indebtedness for tax purposes but is classified as an
operating lease in accordance with GAAP.

          "FUNDING AGREEMENT" means (i) this Agreement, (ii) the Liquidity
Agreement and (iii) any other agreement or instrument executed by any Funding
Source with or for the benefit of Blue Ridge.

          "FUNDING SOURCE" means (i) any Liquidity Bank or (ii) any insurance
company, bank or other funding entity providing liquidity, credit enhancement or
back-up purchase support or facilities to Blue Ridge.

          "GAAP" means generally accepted accounting principles in effect in the
United States of America as of the date of this Agreement.

          "INCREMENTAL PURCHASE" means a purchase of one or more Receivable
Interests which increases the total outstanding Aggregate Invested Amount
hereunder.

          "INDEBTEDNESS" of a Person means such Person's (i) obligations for
borrowed money, (ii) obligations representing the deferred purchase price of
property or services (other than accounts payable arising in the ordinary course
of such Person's business payable on terms customary in the trade), (iii)
obligations, whether or not assumed, secured by liens or payable out of the
proceeds or production from property now or hereafter owned or acquired by such
Person, (iv) obligations which are evidenced by notes, acceptances, or other
instruments, (v) capitalized lease obligations, (vi) net liabilities under
interest rate swap, exchange or cap agreements, (vii) Contingent Obligations and
(viii) liabilities in respect of unfunded vested benefits under plans covered by
Title IV of ERISA.

          "INDEMNIFIED AMOUNTS" has the meaning specified in Section 10.1.

          "INDEMNIFIED PARTY" has the meaning specified in Section 10.1.

          "INDEPENDENT MANAGER" shall mean a member of the board of managers of
Seller who is not at such time, and has not been at any time during the
preceding five (5) years: (A) a director, officer, employee or affiliate of any
Originator or any of their respective Subsidiaries or Affiliates (other than
Seller), or (B) the beneficial owner (at the time of such individual's
appointment as an Independent Manager or at any time thereafter while serving as
an Independent Manager) of any of the outstanding common shares of Seller, any
Originator, or any of their respective Subsidiaries or Affiliates, having
general voting rights.

                                      A-12
<PAGE>
          "INTERCREDITOR AGREEMENT" means that certain Intercreditor Agreement,
dated as of April 28, 2005, by and among the Bank Agent, the Agent, Wolverine
Finance, Seller and the Originators, as the same may be amended, restated or
otherwise modified from time to time.

          "INTEREST PERIOD" means, with respect to any Receivable Interest
funded through a Liquidity Funding:

          (a) if Yield for such Receivable Interest is calculated on the basis
of the LIBO Rate, a period of one month, or such other period as may be mutually
agreeable to the Agent and Seller, commencing on a Business Day selected by
Seller or the Agent pursuant to this Agreement. Such Interest Period shall end
on the day in the applicable succeeding calendar month which corresponds
numerically to the beginning day of such Interest Period, PROVIDED, HOWEVER,
that if there is no such numerically corresponding day in such succeeding month,
such Interest Period shall end on the last Business Day of such succeeding
month; or

          (b) if Yield for such Receivable Interest is calculated on the basis
of the Alternate Base Rate, a period commencing on a Business Day selected by
Seller and agreed to by the Agent, PROVIDED THAT no such period shall exceed one
month.

If any Interest Period would end on a day which is not a Business Day, such
Interest Period shall end on the next succeeding Business Day, PROVIDED,
HOWEVER, that in the case of Interest Periods corresponding to the LIBO Rate, if
such next succeeding Business Day falls in a new month, such Interest Period
shall end on the immediately preceding Business Day. In the case of any Interest
Period which commences before the Facility Termination Date and would otherwise
end on a date occurring after the Facility Termination Date, such Interest
Period shall end on the Facility Termination Date. The duration of each Interest
Period which commences after the Facility Termination Date shall be of such
duration as selected by the Agent.

          "INVESTED AMOUNT" of any Receivable Interest means, at any time, (A)
the Purchase Price of such Receivable Interest, minus (B) the sum of the
aggregate amount of Collections and other payments received by the Agent which
in each case are applied to reduce such Invested Amount in accordance with the
terms and conditions of this Agreement; PROVIDED THAT such Invested Amount shall
be restored (in accordance with Section 2.4) in the amount of any Collections or
other payments so received and applied if at any time the distribution of such
Collections or payments are rescinded, returned or refunded for any reason.

          "LIBO RATE" means, for any Interest Period, (i) the rate per annum
determined on the basis of the offered rate for deposits in U.S. dollars of
amounts equal or comparable to the Invested Amount offered for a term comparable
to such Interest Period, which rates appear on a Bloomberg L.P. terminal,
displayed under the address "US0001M (Index) Q (Go)" effective as of 11:00 A.M.,
London time, two Business Days prior to the first day of such Interest Period,
PROVIDED that if no such offered rates appear on such page, the LIBO Rate for
such Interest Period will be the arithmetic average (rounded upwards, if
necessary, to the next higher 1/100th of 1%) of rates quoted by not less than
two major banks in New York, New York, selected by the Agent, at approximately
10:00 a.m.(New York time), two Business Days prior to the first day of such
Interest Period, for deposits in U.S. dollars offered by leading European banks
for a period

                                      A-13
<PAGE>
comparable to such Interest Period in an amount comparable to the Invested
Amount, divided by (b) one minus the maximum aggregate reserve requirement
(including all basic, supplemental, marginal or other reserves) which is imposed
against the Agent in respect of Eurocurrency liabilities, as defined in
Regulation D of the Board of Governors of the Federal Reserve System as in
effect from time to time (expressed as a decimal), applicable to such Interest
Period PLUS (ii) the Applicable LIBO Rate Percentage per annum then in effect.
The LIBO Rate shall be rounded, if necessary, to the next higher 1/16 of 1%.

          "LIQUIDITY AGREEMENT" means that certain Liquidity Asset Purchase
Agreement dated as of April 28, 2005, by and among Blue Ridge, the Agent and the
Liquidity Banks, as the same may be amended, restated and/or otherwise modified
from time to time in accordance with the terms thereof.

          "LIQUIDITY BANK" means each bank or financial institution from time to
time party hereto and to the Liquidity Agreement (other than Blue Ridge and
other than the Agent acting in its capacity as the Agent hereunder or
thereunder).

          "LIQUIDITY COMMITMENT" means, as to each Liquidity Bank, its
commitment under the Liquidity Agreement. Each Liquidity Bank's Liquidity
Commitment shall equal 102% of the its Commitment hereunder.

          "LIQUIDITY FUNDING" means (a) a purchase from Seller by any Liquidity
Bank of its Pro Rata Share of a Receivable Interest pursuant to its Commitment
under this Agreement, or (b) a purchase from Blue Ridge by any Liquidity Bank
pursuant to its Liquidity Commitment of all or any portion of, or any undivided
interest in, a Receivable Interest.

          "LIQUIDITY TERMINATION DATE" means the earlier to occur of the
following:

          (a) the earlier to occur of April 28, 2008 or date on which the
Liquidity Banks' Liquidity Commitments cease to be available to Blue Ridge or
otherwise cease to be in full force and effect; or

          (b) the date on which a Downgrading Event with respect to a Liquidity
Bank shall have occurred and been continuing for not less than 30 days, and
either (i) the Downgraded Liquidity Bank shall not have been replaced by an
Eligible Assignee pursuant to the Liquidity Agreement, or (ii) the Liquidity
Commitment of such Downgraded Liquidity Bank shall not have been funded or
collateralized in such a manner that will avoid a reduction in or withdrawal of
the credit rating applied to the Commercial Paper to which such Liquidity
Agreement applies by any of the rating agencies then rating such Commercial
Paper.

          "LOCK-BOX" means each locked postal box with respect to which a bank
who has executed a Collection Account Agreement has been granted exclusive
access for the purpose of retrieving and processing payments made on the
Receivables and which is listed on Exhibit IV.

          "LOSS RESERVE" means, for any Calculation Period, the product
(expressed as a percentage) of (a) 2.0, times (b) the highest average of Default
Ratios for any consecutive three-

                                      A-14
<PAGE>
month period occurring during the 12 Calculation Periods ending on the
immediately preceding Cut-Off Date, times (c) the Default Horizon Ratio as of
the immediately preceding Cut-Off Date.

          "MATERIAL ADVERSE EFFECT" means a material adverse effect on (i) the
financial condition or operations of Performance Guarantor and its Subsidiaries,
taken as a whole, (ii) the ability of any Seller Party to perform its
obligations under this Agreement or the Performance Guarantor to perform its
obligations under the Performance Undertaking, (iii) the legality, validity or
enforceability of this Agreement or any other Transaction Document, (iv) the
Agent's security interest, for the benefit of the Secured Parties, in the
Receivables generally or in any significant portion of the Receivables, the
Related Security or the Collections with respect thereto, or (v) the
collectibility of the Receivables generally or of any material portion of the
Receivables.

          "MONTHLY REPORTING DATE" means the 20th day of each month after the
date of this Agreement (or if any such day is not a Business Day, the next
succeeding Business Day thereafter) or such other days of any month as Agent may
request in connection with Section 8.5 hereof.

          "MOODY'S" means Moody's Investors Service, Inc.

          "NET POOL BALANCE" means, at any time, the aggregate Outstanding
Balance of all Eligible Receivables at such time reduced by the sum of (a) the
aggregate amount by which the Outstanding Balance of all Eligible Receivables of
each Obligor and its Affiliates exceeds the Obligor Concentration Limit for such
Obligor, (b) the amount by which the aggregate Outstanding Balance of all
Eligible Foreign Receivables exceeds the product of (X) the Eligible Foreign
Receivables Limit (as such term is defined in the Fee Letter) MULTIPLIED BY (Y)
the aggregate Outstanding Balance of all Eligible Receivables and (c) the amount
deducted from the numerator set forth in clause (i) of the definition of the
term "Best Possible DSO" pursuant to the proviso of clause (iv) of the
definition of the term "Eligible Receivable".

          "OBLIGOR" means a Person obligated to make payments pursuant to a
Contract.

          "OBLIGOR CONCENTRATION LIMIT" means, at any time, in relation to the
aggregate Outstanding Balance of Receivables owed by any single Obligor and its
Affiliates (if any), the applicable concentration limit shall be determined as
follows for Obligors who have short term unsecured debt ratings currently
assigned to them by S&P and Moody's (or in the absence thereof, the equivalent
long term unsecured senior debt ratings), the applicable concentration limit
shall be determined according to the following table:

                                      A-15
<PAGE>
<TABLE>
<CAPTION>
                                                               Allowable % of Eligible
           S&P Rating                    Moody's Rating              Receivables
           ----------                    --------------        -----------------------
<S>                                <C>                         <C>
               A-1+                           P-1                        10%
               A-1                            P-1                         8%
               A-2                            P-2                         8%
               A-3                            P-3                         6%
Below A-3 or Not Rated by either   Below P-3 or Not Rated by
         S&P or Moody's              either S&P or Moody's                3%
</TABLE>

; PROVIDED, HOWEVER, that (a) if any Obligor has a split rating, the applicable
rating will be the lower of the two, (b) if any Obligor is not rated by either
S&P or Moody's, the applicable Obligor Concentration Limit shall be the one set
forth in the last line of the table above, and (c) subject to satisfaction of
the Rating Agency Condition and/or an increase in the percentage set forth in
clause (a)(i) of the definition of "REQUIRED RESERVE," upon Seller's request
from time to time, the Agent may agree to a higher percentage of Eligible
Receivables for a particular Obligor and its Affiliates (each such higher
percentage, a "SPECIAL CONCENTRATION LIMIT"), it being understood that any
Special Concentration Limit may be cancelled by the Agent upon not less than
five (5) Business Days' written notice to the Seller Parties.

          "OFAC" means the U.S. Department of the Treasury's Office of Foreign
Assets Control.

          "ORIGINATOR" means each of Wolverine Tube, Inc., a Delaware
corporation, Tube Forming, LP, a Delaware limited partnership and Small Tube
Manufacturing LLC, a Delaware limited liability company, each in its capacity as
a seller under the Receivables Sale Agreement.

          "OUTSTANDING BALANCE" of any Receivable at any time means the then
outstanding principal balance thereof.

          "PARTICIPANT" has the meaning set forth in Section 12.2.

          "PBGC" means the Pension Benefit Guaranty Corporation, or any
successor thereto.

          "PENSION PLAN" means a pension plan (as defined in Section 3(2) of
ERISA) subject to Title IV of ERISA which Performance Guarantor sponsors or
maintains, or to which it makes, is making, or is obligated to make
contributions, or in the case of a multiple employer plan (as described in
Section 4064(a) of ERISA) has made contributions at any time during the
immediately preceding five plan years.

          "PERFORMANCE GUARANTOR" means Wolverine Tube, Inc., a Delaware
corporation.

          "PERFORMANCE UNDERTAKING" means that certain Performance Undertaking,
dated as of April 28, 2005 by Performance Guarantor in favor of Seller,
substantially in the form of Exhibit IX, as the same may be amended, restated or
otherwise modified from time to time.

                                      A-16
<PAGE>
          "PERSON" means an individual, partnership, corporation (including a
business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or
any political subdivision or agency thereof.

          "PLAN" means an employee benefit plan (as defined in Section 3(3) of
ERISA) which Performance Guarantor or any of its ERISA Affiliates sponsors or
maintains or to which Performance Guarantor or any of its ERISA Affiliates
makes, is making, or is obligated to make contributions and includes any Pension
Plan, other than a Plan maintained outside the United States primarily for the
benefit of Persons who are not U.S. residents.

          "POOLED COMMERCIAL PAPER" means Commercial Paper notes of Blue Ridge
subject to any particular pooling arrangement by Blue Ridge, but excluding
Commercial Paper issued by Blue Ridge for a tenor and in an amount specifically
requested by any Person in connection with any agreement effected by Blue Ridge.

          "PRIME RATE" means a rate per annum equal to the prime rate of
interest announced from time to time by Wachovia (which is not necessarily the
lowest rate charged to any customer), changing when and as said prime rate
changes.

          "PRO RATA SHARE" means, for each Liquidity Bank on any date of
determination, a percentage equal to (i) the Commitment of such Liquidity Bank
at such time, DIVIDED BY (ii) the aggregate amount of all Commitments of all
Liquidity Banks at such time.

          "PROPOSED REDUCTION DATE" has the meaning set forth in Section 1.3.

          "PURCHASE" means an Incremental Purchase or a Reinvestment.

          "PURCHASER" has the meaning set forth in the preamble to this
Agreement.

          "PURCHASE DATE" means each Business Day on which a Purchase is made
hereunder.

          "PURCHASE LIMIT" means $45,000,000.

          "PURCHASE NOTICE" has the meaning set forth in Section 1.2.

          "PURCHASE PRICE" means, with respect to any Incremental Purchase of a
Receivable Interest, the amount paid to Seller for such Receivable Interest
which shall not exceed the least of (i) the amount requested by Seller in the
applicable Purchase Notice, (ii) the unused portion of the Purchase Limit on the
applicable purchase date, (iii) the excess, if any, of the Net Pool Balance
(less the Required Reserve) on the applicable purchase date over the aggregate
outstanding amount of Aggregate Invested Amount determined as of the date of the
most recent Settlement Report, taking into account such proposed Incremental
Purchase and (iv) the excess, if any, of the product of 85% times the aggregate
Outstanding Balance of Eligible Receivables on the applicable purchase date over
the aggregate outstanding amount of Aggregate Invested Amount determined as of
the date of the most recent Settlement Report, taking into account such proposed
Incremental Purchase.

                                      A-17
<PAGE>
          "PURCHASED ASSETS" means all of Seller's right, title and interest,
whether now owned and existing or hereafter arising in and to all of the
Receivables, the Related Security, the Collections and all proceeds of the
foregoing.

          "RATING AGENCY CONDITION" means that Blue Ridge has received written
notice from S&P and Moody's that an amendment, a change or a waiver will not
result in a withdrawal or downgrade of the then current ratings on Blue Ridge's
Commercial Paper.

          "RECEIVABLE" means each "Receivable" under and as defined in the
Receivables Sale Agreement in which Seller acquires any interest.

          "RECEIVABLE INTEREST" means, at any time, an undivided percentage
ownership interest (computed as set forth below) associated with a designated
amount of Invested Amount, selected pursuant to the terms and conditions hereof
in (i) each Receivable arising prior to the time of the most recent computation
or recomputation of such undivided interest, (ii) all Related Security with
respect to each such Receivable, and (iii) all Collections with respect to, and
other proceeds of, each such Receivable. Each such undivided percentage interest
shall equal:

                                     IA + RR
                                     -------
                                       NPB

          WHERE:

          IA = the Invested Amount of such Receivable Interest.

          NPB = the Net Pool Balance.

          RR = the Required Reserve.

Such undivided percentage ownership interest shall be initially computed on its
date of purchase. Thereafter, until the Facility Termination Date, each
Receivable Interest shall be automatically recomputed (or deemed to be
recomputed) on each day prior to the Facility Termination Date. The variable
percentage represented by any Receivable Interest as computed (or deemed
recomputed) as of the close of the Business Day immediately preceding the
Facility Termination Date shall remain constant at all times thereafter.

          "RECEIVABLES SALE AGREEMENT" means that certain Receivables Sale
Agreement, dated as of April 28, 2005, among the Originators and Seller, as the
same may be amended, restated or otherwise modified from time to time.

          "RECORDS" means, with respect to any Receivable, all Contracts and
other documents, books, records and other information (including, without
limitation, computer programs, tapes, disks, punch cards, data processing
software and related property and rights) relating to such Receivable, any
Related Security therefor and the related Obligor.

          "RECOURSE OBLIGATIONS" has the meaning set forth in Section 2.1.

          "REDUCTION NOTICE" has the meaning set forth in Section 1.3.

                                      A-18
<PAGE>
          "REGULATORY CHANGE" means any change after the date of this Agreement
in United States (federal, state or municipal) or foreign laws, regulations
(including Regulation D) or accounting principles or the adoption or making
after such date of any interpretations, directives or requests applying to a
class of banks (including the Liquidity Banks) of or under any United States
(federal, state or municipal) or foreign laws, regulations (whether or not
having the force of law) or accounting principles by any court, governmental or
monetary authority, or accounting board or authority (whether or not part of
government) charged with the establishment, interpretation or administration
thereof. For the avoidance of doubt, any interpretation of Accounting Research
Bulletin No. 51 by the Financial Accounting Standards Board shall constitute a
Regulatory Change..

          "REINVESTMENT" has the meaning set forth in Section 2.2.

          "RELATED SECURITY" means, with respect to any Receivable:

               (i) all of Seller's interest in the inventory and goods
(including returned or repossessed inventory or goods), if any, the sale,
financing or lease of which by an Originator gave rise to such Receivable, and
all insurance contracts with respect thereto,

               (ii) all other security interests or liens and property subject
thereto from time to time, if any, purporting to secure payment of such
Receivable, whether pursuant to the Contract related to such Receivable or
otherwise, together with all financing statements and security agreements
describing any collateral securing such Receivable,

               (iii) all guaranties, letters of credit, insurance and other
agreements or arrangements of whatever character from time to time supporting or
securing payment of such Receivable whether pursuant to the Contract related to
such Receivable or otherwise,

               (iv) all service contracts and other contracts and agreements
associated with such Receivable,

               (v) all Records related to such Receivable,

               (vi) all of Seller's right, title and interest in, to and under
the Receivables Sale Agreement in respect of such Receivable and all of Seller's
right, title and interest in, to and under the Performance Undertaking, and

               (vii) all proceeds of any of the foregoing.

          "REQUIRED LIQUIDITY BANKS" means, at any time, Liquidity Banks with
Liquidity Commitments in excess of 50% of the aggregate amount of all Liquidity
Commitments.

          "REQUIRED NOTICE PERIOD" means the number of days required notice set
forth below applicable to the Aggregate Reduction indicated below:

                                      A-19
<PAGE>
<TABLE>
<CAPTION>
      AGGREGATE REDUCTION        REQUIRED NOTICE PERIOD
      -------------------        ----------------------
<S>                              <C>
less than 25% of the Purchase
Limit                                2 Business Days

greater than 25% but less
than 50% of the Purchase Limit       5 Business Days

greater than 50% of the
Purchase Limit                      10 Business Days
</TABLE>

          "REQUIRED RESERVE" means, on any day during a Calculation Period, the
product of (a) the greater of (i) the Required Reserve Factor Floor and (ii) the
sum of the Loss Reserve, the Yield Reserve, the Dilution Reserve and the
Servicing Reserve, times (b) the Net Pool Balance as of the Cut-Off Date
immediately preceding such Calculation Period.

          "REQUIRED RESERVE FACTOR FLOOR" means, for any Calculation Period, the
sum (expressed as a percentage) of (a) 13.5% PLUS (b) the product of the
Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the
immediately preceding Cut-Off Date.

          "RESTRICTED JUNIOR PAYMENT" means (i) any dividend or other
distribution, direct or indirect, on account of any class of Equity Interests in
Seller now or hereafter outstanding, except a dividend payable solely in Equity
Interests of that class or in any junior class of Equity Interests in Seller,
(ii) any redemption, retirement, sinking fund or similar payment, purchase or
other acquisition for value, direct or indirect, of any class of Equity
Interests in Seller now or hereafter outstanding, (iii) any payment or
prepayment of principal of, premium, if any, or interest, fees or other charges
on or with respect to, and any redemption, purchase, retirement, defeasance,
sinking fund or similar payment and any claim for rescission with respect to the
Subordinated Loans (as defined in the Receivables Sale Agreement), (iv) any
payment made to redeem, purchase, repurchase or retire, or to obtain the
surrender of, any outstanding warrants, options or other rights to acquire any
class of Equity Interests in Seller now or hereafter outstanding, and (v) any
payment of management fees by Seller (except for reasonable management fees to
any Originator or its Affiliates in reimbursement of actual management services
performed).

          "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/eotffc/ofac/ sanctions/index.html, or as otherwise
published from time to time.

          "SANCTIONED PERSON" means (a) a person named on the list of Specially
Designated Nationals or Blocked Persons maintained by OFAC available at
http://www.treas.gov/offices/ eotffc/ofac/sdn/index.html, or as otherwise
published from time to time, or (b) (i) an agency of the government of a
Sanctioned Country, (ii) an organization

                                      A-20
<PAGE>
controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned
Country, to the extent subject to a sanctions program administered by OFAC.

          "S&P" means Standard and Poor's Ratings Services, a division of The
McGraw Hill Companies, Inc.

          "SECURED PARTIES" means the Indemnified Parties.

          "SELLER" has the meaning set forth in the preamble to this Agreement.

          "SELLER PARTIES" means, collectively, (a) Seller, (b) at any time
while it is acting as Servicer, Wolverine Finance, and (c) at any time while it
is acting as Performance Guarantor, Wolverine Tube, Inc.

          "SERVICER" means at any time the Person (which may be the Agent) then
authorized pursuant to Article VIII to service, administer and collect
Receivables.

          "SERVICING FEE" means, for each day in a Calculation Period:

          (a) an amount equal to (i) the Servicing Fee Rate (or, at any time
while Wolverine Finance or one of its Affiliates is the Servicer, such lesser
percentage as may be agreed between Seller and the Servicer on an arms' length
basis based on then prevailing market terms for similar services), TIMES (ii)
the aggregate Outstanding Balance of all Receivables at the close of business on
the Cut-Off Date immediately preceding such Calculation Period, TIMES (iii)
1/360; or

          (b) on and after the Servicer's reasonable request made at any time
when Wolverine Finance or one of its Affiliates is no longer acting as Servicer
hereunder, an alternative amount specified by the successor Servicer not
exceeding (i) 110% of such Servicer's reasonable costs and expenses of
performing its obligations under this Agreement during the preceding Calculation
Period, DIVIDED BY (ii) the number of days in the current Calculation Period.

          "SERVICING FEE RATE" means 1.0% per annum.

          "SERVICING RESERVE" means, for any Calculation Period, the product
(expressed as a percentage) of (a) the Servicing Fee Rate, TIMES (b) a fraction,
the numerator of which is the highest Days Sales Outstanding for the most recent
12 Calculation Periods and the denominator of which is 360.

          "SETTLEMENT DATE" means (A) the 2nd Business Day after each Monthly
Reporting Date, and (B) the last day of the relevant Interest Period in respect
of each Receivable Interests funded through a Liquidity Funding.

          "SETTLEMENT PERIOD" means (A) in respect of each Receivable Interest
funded through the issuance of Commercial Paper, the immediately preceding
Calculation Period, and (B) in respect of each Receivable Interest funded
through a Liquidity Funding, the entire Interest Period of such Liquidity
Funding.

                                      A-21
<PAGE>
          "SETTLEMENT REPORT" means a report, in substantially the form of
Exhibit VIII hereto (appropriately completed), furnished by the Servicer to the
Agent pursuant to Section 8.5.

          "SUBSIDIARY" of a Person means (i) any corporation more than 50% of
the outstanding securities having ordinary voting power of which shall at the
time be owned or controlled, directly or indirectly, by such Person or by one or
more of its Subsidiaries or by such Person and one or more of its Subsidiaries,
or (ii) any partnership, association, limited liability company, joint venture
or similar business organization more than 50% of the ownership interests having
ordinary voting power of which shall at the time be so owned or controlled; it
being understood that the Seller is not a Subsidiary of the Performance
Guarantor.

          "TAX CODE" means the Internal Revenue Code of 1986, as the same may be
amended from time to time.

          "TERMINATING TRANCHE" has the meaning set forth in Section 4.3(b).

          "TRANSACTION DOCUMENTS" means, collectively, this Agreement, each
Purchase Notice, the Receivables Sale Agreement, each Collection Account
Agreement, the Performance Undertaking, the Fee Letter, each Subordinated Note
(as defined in the Receivables Sale Agreement) and all other instruments,
documents and agreements executed and delivered in connection herewith.

          "UCC" means the Uniform Commercial Code as from time to time in effect
in the specified jurisdiction.

          "UNFINANCED CAPITAL EXPENDITURES" means, for any period, all Capital
Expenditures not financed from proceeds of Consolidated Funded Debt (other than
Loans made under and as defined in the ABL Credit Agreement or from proceeds of
the Sale Price under and as defined in the Receivables Sale Agreement received
by the Originators).

          "UNMATURED AMORTIZATION EVENT" means an event which, with the passage
of time or the giving of notice, or both, would constitute an Amortization
Event.

          "WACHOVIA" means Wachovia Bank, National Association in its individual
capacity and its successors.

          "YIELD" means for each Interest Period relating to a Receivable
Interest funded through a Liquidity Funding, an amount equal to the product of
the applicable Yield Rate for such Receivable Interest multiplied by the
Invested Amount of such Receivable Interest for each day elapsed during such
Interest Period, annualized on a 360 day basis.

          "YIELD RATE" means, with respect to each Receivable Interest funded
through a Liquidity Funding, the LIBO Rate, the Alternate Base Rate or the
Default Rate, as applicable.

          "YIELD RESERVE" means, for any Calculation Period, the product
(expressed as a percentage) of (i) 1.5 times (ii) the Alternate Base Rate as of
the immediately preceding Cut-Off Date times (iii) a fraction the numerator of
which is the highest Days Sales Outstanding for the most recent 12 Calculation
Periods and the denominator of which is 360.

                                      A-22
<PAGE>
          ALL ACCOUNTING TERMS NOT SPECIFICALLY DEFINED HEREIN SHALL BE
CONSTRUED IN ACCORDANCE WITH GAAP. ALL TERMS USED IN ARTICLE 9 OF THE UCC IN THE
STATE OF NEW YORK, AND NOT SPECIFICALLY DEFINED HEREIN, ARE USED HEREIN AS
DEFINED IN SUCH ARTICLE 9.

                                      A-23
<PAGE>
                                   EXHIBIT II

                             FORM OF PURCHASE NOTICE

                                   ----------

                               DEJ 98 FINANCE, LLC

                                 PURCHASE NOTICE
                           DATED ______________, 20__
                     FOR PURCHASE ON ________________, 20__

Wachovia Bank, National Association, as Agent
191 Peachtree Street, N.E., GA-8088
Atlanta, Georgia 30303

Attention: Elizabeth R. Wagner, Fax No. (404) 332-5152

Ladies and Gentlemen:

          Reference is made to the Receivables Purchase Agreement dated as of
_________, 2005 (as amended, supplemented or otherwise modified from time to
time, the "RECEIVABLES PURCHASE AGREEMENT") among DEJ 98 Finance, LLC, a
Delaware limited liability company (the "SELLER"), Wolverine Finance, LLC, a
Tennessee limited liability company, as initial Servicer, Wolverine Tube, Inc.,
a Delaware corporation, as Performance Guarantor, Blue Ridge Asset Funding
Corporation, Wachovia Bank, National Association, as a Purchaser and other
Purchasers party thereto, and Wachovia Bank National Association, as Agent.
Capitalized terms defined in the Receivables Purchase Agreement are used herein
with the same meanings.

          1. The Servicer, on behalf of the Seller hereby certifies, represents
and warrants to the Agent and the Purchasers that on and as of the Purchase Date
(as hereinafter defined):

          (a) all applicable conditions precedent set forth in Article VI of the
Receivables Purchase Agreement have been satisfied;

          (b) each of its representations and warranties contained in Section
5.1 of the Receivables Purchase Agreement will be true and correct, in all
material respects, as if made on and as of the Purchase Date;

          (c) no event will have occurred and is continuing, or would result
from the requested Purchase, that constitutes an Amortization Event or Unmatured
Amortization Event;

          (d) the Facility Termination Date has not occurred; and
<PAGE>
          (e) after giving effect to the Purchase requested below, the Aggregate
Invested Amount will not exceed the Purchase Limit and the aggregate Receivable
Interests will not exceed 100%.

          2. The Servicer, on behalf of the Seller hereby requests that the
Purchasers make a Purchase on ___________, 20__ (the "PURCHASE DATE") as
follows:

          (a) Purchase Price: $_____________

          (b) If the Purchase is funded with a Liquidity Funding, Servicer on
behalf of the Seller requests that the Invested Amount (which will initially
accrue Yield at the Alternate Base Rate) begin to accrued Yield at a LIBO Rate
for a Interest Period of _____ months on the third Business Day after the
Purchase Date).

          3. Please disburse the proceeds of the Purchase as follows:

          [Apply $________ to payment of Aggregate Unpaids due on the Purchase
     Date]. [Wire transfer $________ to account no. ________ at ___________
     Bank, in [city, state], ABA No. __________, Reference: ________].

          IN WITNESS WHEREOF, the Servicer, on behalf of the Seller has caused
this Purchase Request to be executed and delivered as of this ____ day of
___________, _____.

                                        [_______________________, as Servicer,
                                        on behalf of:] ____________., as Seller

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
<PAGE>
                                   EXHIBIT III

         PLACES OF BUSINESS OF THE SELLER PARTIES; LOCATIONS OF RECORDS;

          FEDERAL EMPLOYER AND ORGANIZATIONAL IDENTIFICATION NUMBER(S)

Name: DEJ 98 Finance, LLC

Places of Business: 200 Clinton Avenue, Suite 1100, Huntsville, AL 35801

Chief Executive Office: 200 Clinton Avenue, Suite 1100, Huntsville, AL 35801

Locations of Records: 200 Clinton Avenue, Suite 1100, Huntsville, AL 35801

Federal Employer Identification Number:

Organizational Identification Number:
<PAGE>
                                   EXHIBIT IV

           NAMES OF COLLECTION BANKS; LOCK-BOXES & COLLECTION ACCOUNTS

                Lock-boxes; Collection Accounts; Collection Banks

<PAGE>
                                    EXHIBIT V

                         FORM OF COMPLIANCE CERTIFICATE

To: Wachovia Bank, National Association, as Agent

          This Compliance Certificate is furnished pursuant to that certain
Receivables Purchase Agreement dated as of __________, 2005 among DEJ 98
FINANCE, LLC, a Delaware limited liability company (the "SELLER"), Wolverine
Finance, LLC, a Tennessee limited liability company, (the "SERVICER"), Wolverine
Tube, Inc., a Delaware corporation, "PERFORMANCE GUARANTOR"), Blue Ridge Asset
Funding Corporation, Wachovia Bank, National Association, as a Purchaser and
other Purchasers party thereto, and Wachovia Bank National Association, as Agent
(the "AGREEMENT").

          THE UNDERSIGNED HEREBY CERTIFIES THAT:

          1. I am the duly elected _________________ of
[Seller/Servicer/Performance Guarantor].

          2. I have reviewed the terms of the Agreement and I have made, or have
caused to be made under my supervision, a detailed review of the transactions
and conditions of Seller and its Subsidiaries during the accounting period
covered by the attached financial statements.

          3. The examinations described in paragraph 2 did not disclose, and I
have no knowledge of, the existence of any condition or event which constitutes
an Amortization Event or Unmatured Amortization Event, as each such term is
defined under the Agreement, during or at the end of the accounting period
covered by the attached financial statements or as of the date of this
Certificate[, except as set forth in paragraph 5 BELOW].

          4. Schedule I attached hereto sets forth financial data and
computations evidencing the compliance with certain covenants of the Agreement,
all of which data and computations are true, complete and correct.

          [5. Described below are the exceptions, if any, to paragraph 3 by
listing, in detail, the nature of the condition or event, the period during
which it has existed and the action which Seller has taken, is taking, or
proposes to take with respect to each such condition or event:
____________________]

                                       28
<PAGE>
The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate
in support hereof, are made and delivered as of ______________, 20__.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
<PAGE>
                      SCHEDULE I TO COMPLIANCE CERTIFICATE

          A. Schedule of Compliance as of __________, ____ with Section ___ of
the Agreement. Unless otherwise defined herein, the terms used in this
Compliance Certificate have the meanings ascribed thereto in the Agreement.

          This schedule relates to the month ended: _______________

                                       30
<PAGE>
                                   EXHIBIT VI

                      FORM OF COLLECTION ACCOUNT AGREEMENT

                                       31
<PAGE>
                                   EXHIBIT VII

                          CREDIT AND COLLECTION POLICY

<PAGE>
                                  EXHIBIT VIII

                           FORM OF SETTLEMENT REPORT
<PAGE>
                                   EXHIBIT IX

                        FORM OF PERFORMANCE UNDERTAKING

                                       34
<PAGE>
                            PERFORMANCE UNDERTAKING

     THIS PERFORMANCE UNDERTAKING (this "UNDERTAKING"), dated as of April 28,
2005, is executed by Wolverine Tube, Inc., a Delaware corporation ("WTI" or the
"PERFORMANCE GUARANTOR") in favor of DEJ 98 Finance, LLC, a Delaware limited
liability company (together with its successors and assigns, "RECIPIENT").

                                    RECITALS

     1.   Tube Forming, LP, a Delaware limited partnership and Small Tube
Manufacturing LLC, a Delaware limited liability company, (all of the foregoing,
collectively, the "SUBSIDIARY ORIGINATORS"), WTI, and Recipient have entered
into a Receivables Sale Agreement, dated as of April 28, 2005 (as amended,
restated or otherwise modified from time to time, the "SALE AGREEMENT"),
pursuant to which WTI and the Subsidiary Originators, subject to the terms and
conditions contained therein, are selling (and, in the case of WTI,
contributing) their respective right, title and interest in their accounts
receivable to Recipient.

     2.   Performance Guarantor owns, directly or indirectly, 100% of the Equity
Interests of each of the Subsidiary Originators and 100% of the non-voting
Equity Interests and 49% of the voting Equity Interests in Recipient, and each
of the Subsidiary Originators, and accordingly, Performance Guarantor, is
expected to receive substantial direct and indirect benefits from their sale of
receivables to Recipient pursuant to the Sale Agreement (which benefits are
hereby acknowledged).

     3.   As an inducement for Recipient to acquire Subsidiary Originators'
accounts receivable pursuant to the Sale Agreement, Performance Guarantor has
agreed to guaranty (a) the due and punctual performance by Subsidiary
Originators of their obligations respective under the Sale Agreement, as well as
(b) the Servicing Related Obligations (as hereinafter defined) of Wolverine
Finance, LLC, a Tennessee limited liability company ("WOLVERINE FINANCE").

     4.   Performance Guarantor wishes to guaranty the due and punctual
performance by Subsidiary Originators of their obligations to Recipient under or
in respect of the Sale Agreement and Wolverine Finance's Servicing Related
Obligations on the terms and conditions hereinafter set forth.

                                   AGREEMENT

     NOW, THEREFORE, Performance Guarantor hereby agrees as follows:

     Section 1. Definitions.  Capitalized terms used herein and not defined
herein shall the respective meanings assigned thereto in the Sale Agreement or
the Receivables Purchase Agreement (as hereinafter defined). In addition:

     "AGREEMENTS" means, collectively, the Sale Agreement and the Receivables
Purchase Agreement.
<PAGE>
        "EQUITY INTERESTS" means, with respect to any Person, any and all
shares, interests, participations or other equivalents, including membership
interests (however designated, whether voting or non-voting), of capital of such
Person, including, if such Person is a partnership, partnership interests
(whether general or limited) and any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, such partnership, whether outstanding on the date
hereof or issued after the date of this Agreement.

        "GUARANTEED OBLIGATIONS" means, collectively, (a) all covenants,
agreements, terms, conditions and indemnities to be performed and observed by
any Subsidiary Originator under and pursuant to the Sale Agreement and each
other document executed and delivered by any Subsidiary Originator pursuant to
the Sale Agreement, including, without limitation, the due and punctual payment
of all sums which are or may become due and owing by any Subsidiary Originator
under the Sale Agreement, whether for fees, expenses (including counsel fees),
indemnified amounts or otherwise, whether upon any termination or for any other
reason and (b) all Servicing Related Obligations, in each case, whether now
existing or hereafter arising.

        "RECEIVABLE PURCHASE AGREEMENT" means the Receivables Purchase
Agreement, dated as of April 28, 2005 by and among Recipient, as Seller,
Wolverine Finance, as Servicer, the Performance Guarantor, Blue Ridge Asset
Funding Corporation, and Wachovia Bank, National Association, individually and
as Agent, as amended, restated or otherwise modified from time to time.

        "SERVICING RELATED OBLIGATIONS" means all obligations of Wolverine
Finance (a) as Servicer under the Receivables Purchase Agreement or (b) which
arise pursuant to Sections 8.2 or 13.3 of the Receivables Purchase Agreement as
a result of its termination as Servicer.

        Section 2. Guaranty of Performance of Guaranteed Obligations.
Performance Guarantor hereby guarantees to Recipient, the full and punctual
payment and performance by each Subsidiary Originator and Wolverine Finance of
its respective Guaranteed Obligations. This Undertaking is an absolute,
unconditional and continuing guaranty of the full and punctual performance of
all Guaranteed Obligations and is in no way conditioned upon any requirement
that Recipient first attempt to collect any amounts owing by any Subsidiary
Originator or Wolverine Finance, as applicable, to Recipient, the Agent,
Wachovia, Blue Ridge or any other Purchaser from any other Person or resort to
any collateral security, any balance of any deposit account or credit on the
books of Recipient, the Agent, Wachovia, Blue Ridge Blue Ridge or any other
Purchaser in favor of any Subsidiary Originator, Wolverine Finance or any other
Person or other means of obtaining payment. Should any Subsidiary Originator or
Wolverine Finance default in the payment or performance of any of its
Guaranteed Obligations, Recipient (or its assigns) may cause the immediate
performance by Performance Guarantor of such Guaranteed Obligations and cause
any payment Guaranteed Obligations to become forthwith due and payable to
Recipient (or its assigns), without demand or notice of any nature (other than
as expressly provided herein), all of which are hereby expressly waived by
Performance Guarantor. Notwithstanding the foregoing, this Undertaking is not a
guarantee of the collection of any of the Receivables and Performance Guarantor
shall not be responsible for any Guaranteed Obligations to the extent the
failure to perform such Guaranteed Obligations by any Subsidiary Originator or
Wolverine Finance results from Receivables being uncollectible on account of
the insolvency,

                                       2
<PAGE>
bankruptcy or lack of creditworthiness of the related Obligor; PROVIDED THAT
nothing herein shall relieve any Subsidiary Originator or Wolverine Finance
from performing in full its Guaranteed Obligations under the Agreements or
Performance Guarantor of its undertaking hereunder with respect to the full
performance of such duties.

     Section 3. Performance Guarantor's Further Agreements to Pay. Performance
Guarantor further agrees, as the principal obligor and not as a guarantor only,
to pay to Recipient (and its assigns), forthwith upon demand in funds
immediately available to Recipient, all reasonable costs and expenses
(including court costs and reasonable legal expenses) incurred or expended by
Recipient in connection with the Guaranteed Obligations, this Undertaking and
the enforcement thereof, together with interest on amounts recoverable under
this Undertaking from the time when such amounts become due until payment at a
rate of interest (computed for the actual number of days elapsed based on a 360
day year) equal to the Alternate Base Rate PLUS the Applicable Base Rate
Percentage then in effect PLUS 2% per annum, such rate of interest changing
when and as the Prime Rate changes.

     Section 4. Waivers by Performance Guarantor. Performance Guarantor waives
notice of acceptance of this Undertaking, notice of any action taken or omitted
by Recipient (or its assigns) in reliance on this Undertaking, and any
requirement that Recipient (or its assigns) be diligent or prompt in making
demands under this Undertaking, giving notice of any Termination Event,
Amortization Event, other default or omission by any Subsidiary Originator or
Wolverine Finance or asserting any other rights of Recipient under this
Undertaking. Performance Guarantor warrants that it has adequate means to
obtain from each Subsidiary Originator and Wolverine Finance, on a continuing
basis, information concerning the financial condition of such Subsidiary
Originator and Wolverine Finance, and that it is not relying on Recipient to
provide such information, now or in the future. Performance Guarantor also
irrevocably waives all defenses (i) that at any time may be available in
respect of the Guaranteed Obligations by virtue of any statute of limitations,
valuation, stay, moratorium law or other similar law now or hereafter in effect
or (ii) that arise under the law of suretyship, including impairment of
collateral. Recipient (and its assigns) shall be at liberty, without giving
notice to or obtaining the assent of Performance Guarantor and without
relieving Performance Guarantor of any liability under this Undertaking, to
deal with each Subsidiary Originator, Wolverine Finance and each other party
who now is or after the date hereof becomes liable in any manner for any of the
Guaranteed Obligations, in such manner as Recipient in its sole discretion
deems fit, and to this end Performance Guarantor agrees that the validity and
enforceability of this Undertaking, including without limitation, the
provisions of Section 7 hereof, shall not be impaired or affected by any of the
following: (a) any extension, modification or renewal of, or indulgence with
respect to, or substitutions for, the Guaranteed Obligations or any part
thereof or any agreement relating thereto at any time; (b) any failure or
omission to enforce any right, power or remedy with respect to the Guaranteed
Obligations or any part thereof or any agreement relating thereto, or any
collateral securing the Guaranteed Obligations or any part thereof; (c) any
waiver of any right, power or remedy or of any Termination Event, Amortization
Event, or default with respect to the Guaranteed Obligations or any part
thereof or any agreement relating thereto; (d) any release, surrender,
compromise, settlement, waiver, subordination or modification, with or without
consideration, of any other obligation of any person or entity with respect to
the Guaranteed Obligations or any part thereof; (e) the enforceability or
validity of the Guaranteed Obligations or any part thereof or the genuineness,
enforceability or validity of any agreement

                                       3
<PAGE>
relating thereto or with respect to the Guaranteed Obligations or any part
thereof; (f) the application of payments received from any source to the payment
of any payment obligations of any Subsidiary Originator or Wolverine Finance or
any part thereof or amounts which are not covered by this Undertaking even
though Recipient (or its assigns) might lawfully have elected to apply such
payments to any part or all of the payment obligations of such Subsidiary
Originator or to amounts which are not covered by this Undertaking; (g) the
existence of any claim, setoff or other rights which Performance Guarantor may
have at any time against any Subsidiary Originator in connection herewith or any
unrelated transaction; (h) any assignment or transfer of the Guaranteed
Obligations or any part thereof; or (i) any failure on the part of any
Subsidiary Originator to perform or comply with any term of the Agreements or
any other document executed in connection therewith or delivered thereunder, all
whether or not Performance Guarantor shall have had notice or knowledge of any
act or omission referred to in the foregoing clauses (a) through (i) of this
Section 4.

        Section 5. Unenforceability of Guaranteed Obligations Against Subsidiary
Originators or Wolverine Finance. Notwithstanding (a) any change of ownership of
any Subsidiary Originator or the insolvency, bankruptcy or any other change in
the legal status of any Subsidiary Originator; (b) the change in or the
imposition of any law, decree, regulation or other governmental act which does
or might impair, delay or in any way affect the validity, enforceability or the
payment when due of the Guaranteed Obligations; (c) the failure of any
Subsidiary Originator or Performance Guarantor to maintain in full force,
validity or effect or to obtain or renew when required all governmental and
other approvals, licenses or consents required in connection with the Guaranteed
Obligations or this Undertaking, or to take any other action required in
connection with the performance of all obligations pursuant to the Guaranteed
Obligations or this Undertaking; or (d) if any of the moneys included in the
Guaranteed Obligations have become irrecoverable from any Subsidiary Originator
for any other reason other than final payment in full of the payment obligations
in accordance with their terms, this Undertaking shall nevertheless be binding
on Performance Guarantor. This Undertaking shall be in addition to any other
guaranty or other security for the Guaranteed Obligations, and it shall not be
rendered unenforceable by the invalidity of any such other guaranty or security.
In the event that acceleration of the time for payment of any of the Guaranteed
Obligations is stayed upon the insolvency, bankruptcy or reorganization of any
Subsidiary Originator or for any other reason with respect to any Subsidiary
Originator, all such amounts then due and owing with respect to the Guaranteed
Obligations under the terms of the Agreements, or any other agreement
evidencing, securing or otherwise executed in connection with the Guaranteed
Obligations, shall be immediately due and payable by Performance Guarantor.

        Section 6. Representations and Warranties. Performance Guarantor hereby
represents and warrants to Recipient that:

        (a)  Authorization, Execution and Delivery; Binding Effect. The
execution and delivery by Performance Guarantor of this Undertaking, and the
performance of its obligations hereunder, are within its corporate powers and
authority and have been duly authorized by all necessary corporate action on
its part. This Undertaking has been duly executed and delivered by Performance
Guarantor. This Undertaking constitutes the legal, valid and binding obligation
of Performance Guarantor enforceable against Performance Guarantor in
accordance with their respective terms, except as such enforcement may be
limited by applicable

                                       4
<PAGE>
bankruptcy, insolvency, reorganization or other similar laws relating to or
limiting creditors' rights generally and by general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at
law).

     (c)  No Conflict; Government Consent. The execution and delivery by
Performance Guarantor of this Undertaking, and the performance of its
obligations hereunder do not contravene or violate (i) its certificate or
articles of incorporation or by-laws, (ii) any law, rule or regulation
applicable to it, (iii) any restrictions under any agreement, contract or
instrument to which it is a party or by which it or any of its property is
bound, or (iv) any order, writ, judgment, award, injunction or decree binding on
or affecting it or its property, and do not result in the creation or imposition
of any Adverse Claim on assets of Performance Guarantor or its Subsidiaries
(except as created hereunder) except, in any case, where such contravention or
violation could not reasonably be expected to have a Material Adverse Effect.

     Section 7. Subrogation; Subordination. Notwithstanding anything to the
contrary contained herein, until the Guaranteed Obligations are paid in full
Performance Guarantor: (a) will not enforce or otherwise exercise any right of
subrogation to any of the rights of Recipient, the Agent, Blue Ridge or any
other Purchaser against any Subsidiary Originator, (b) hereby waives all rights
of subrogation (whether contractual, under Section 509 of the United States
Bankruptcy Code, at law or in equity or otherwise) to the claims of Recipient,
the Agent and Blue Ridge against any Subsidiary Originator and all contractual,
statutory or legal or equitable rights of contribution, reimbursement,
indemnification and similar rights and "claims" (as that term is defined in the
United States Bankruptcy Code) which Performance Guarantor might now have or
hereafter acquire against any Subsidiary Originator that arise from the
existence or performance of Performance Guarantor's obligations hereunder, (c)
will not claim any setoff, recoupment or counterclaim against any Subsidiary
Originator in respect of any liability of Performance Guarantor to such
Subsidiary Originator and (d) waives any benefit of and any right to participate
in any collateral security which may be held by Secured Parties, the Agent or
Blue Ridge. The payment of any amounts due with respect to any indebtedness of
any Subsidiary Originator now or hereafter owed to Performance Guarantor is
hereby subordinated to the prior payment in full of all of the Guaranteed
Obligations. Performance Guarantor agrees that, after the occurrence of any
default in the payment or performance of any of the Guaranteed Obligations,
Performance Guarantor will not demand, sue for or otherwise attempt to collect
any such indebtedness of any Subsidiary Originator to Performance Guarantor
until all of the Guaranteed Obligations shall have been paid an performed in
full. If, notwithstanding the foregoing sentence, Performance Guarantor shall
collect, enforce or receive any amounts in respect of such indebtedness while
any obligations are still unperformed or outstanding, such amounts shall be
collected, enforced and received by Performance Guarantor as trustee for
Recipient (and its assigns) and be paid over to Recipient (or its assigns) on
account of the Guaranteed Obligations without affecting in any manner the
liability of Performance Guarantor under the other provisions of this
Undertaking. The provisions of this Section 7 shall be supplemental to and not
in derogation of any rights and remedies of Recipient under any separate
subordination agreement which Recipient may at any time and from time to time
enter into with Performance Guarantor.

     Section 8. Termination of Performance Undertaking. Performance Guarantor's
obligations hereunder shall continue in full force and effect until all
Aggregate Unpaids are

                                       5

<PAGE>
finally paid and satisfied in full and the Receivables Purchase Agreement is
terminated, PROVIDED THAT this Undertaking shall continue to be effective or
shall be reinstated, as the case may be, if at any time payment or other
satisfaction of any of the Guaranteed Obligations is rescinded or must
otherwise be restored or returned upon the bankruptcy, insolvency, or
reorganization of any Subsidiary Originator or otherwise, as though such
payment had not been made or other satisfaction occurred, whether or not
Recipient (or its assigns) is in possession of this Undertaking. No invalidity,
irregularity or unenforceability by reason of the federal bankruptcy code or
any insolvency or other similar law, or any law or order of any government or
agency thereof purporting to reduce, amend or otherwise affect the Guaranteed
Obligations shall impair, affect, be a defense to or claim against the
obligations of Performance Guarantor under this Undertaking.

     Section 9. Effect of Bankruptcy.   This Performance Undertaking shall
survive the insolvency of any Subsidiary Originator and the commencement of any
case or proceeding by or against any Subsidiary Originator under the federal
bankruptcy code or other federal, state or other applicable bankruptcy,
insolvency or reorganization statutes. No automatic stay under the federal
bankruptcy code with respect to any Subsidiary Originator or other federal,
state or other applicable bankruptcy, insolvency or reorganization statutes to
which any Subsidiary Originator is subject shall postpone the obligations of
Performance Guarantor under this Undertaking.

     Section 10. Setoff. Regardless of the other means of obtaining payment of
any of the Guaranteed Obligations, Recipient (and its assigns) is hereby
authorized at any time and from time to time, without notice to Performance
Guarantor (any such notice being expressly waived by Performance Guarantor) and
to the fullest extent permitted by law, to set off and apply any deposits and
other sums against the obligations of Performance Guarantor under this
Undertaking, whether or not Recipient (or any such assigns) shall have made any
demand under this Undertaking and although such obligations may be contingent
or unmatured.

     Section 11. Taxes.  All payments to be made by Performance Guarantor
hereunder shall be made free and clear of any deduction or withholding. If
Performance Guarantor is required by law to make any deduction or withholding
on account of tax or otherwise from any such payment, the sum due from it in
respect of such payment shall be increased to the extent necessary to ensure
that, after the making of such deduction or withholding, Recipient receive a
net sum equal to the sum which they would have received had no deduction or
withholding been made.

     Section 12. Further Assurances.    Performance Guarantor agrees that it
will from time to time, at the request of Recipient (or its assigns), provide
information relating to the business and affairs of Performance Guarantor as
Recipient may reasonably request. Performance Guarantor also agrees to do all
such things and execute all such documents as Recipient (or its assigns) may
reasonably consider necessary or desirable to give full effect to this
Undertaking and to perfect and preserve the rights and powers of Recipient
hereunder.

     Section 13. Successors and Assigns.     This Performance Undertaking shall
be binding upon Performance Guarantor, its successors and permitted assigns, and
shall inure to the benefit of and be enforceable by Recipient and its successors
and assigns. Performance Guarantor may not assign or transfer any of its
obligations hereunder without the prior written

                                       6

<PAGE>
consent of each of Recipient and the Agent. Without  limiting the generality of
the foregoing sentence, Recipient may assign or otherwise transfer the
Agreements, any other documents executed in connection therewith or delivered
thereunder or any other agreement or note held by them evidencing, securing or
otherwise executed in connection with the Guaranteed Obligations, or sell
participations in any interest therein, to any other entity or other person,
and such other entity or other person shall thereupon become vested, to the
extent set forth in the agreement evidencing such assignment, transfer or
participation, with all the rights in respect thereof granted to the Secured
Parties herein.

     Section 14. Amendments and Waivers. No amendment or waiver of any
provision of this Undertaking nor consent to any departure by Performance
Guarantor therefrom shall be effective unless the same shall be in writing and
signed by Recipient, the Agent and Performance Guarantor. No failure on the
part of Recipient to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right hereunder preclude any other or further exercise thereof or the
exercise of any other right.

     Section 15. Notices. All notices and other communications provided for
hereunder shall be made in writing and shall be addressed as follows: if to
Performance Guarantor, at the address set forth beneath its signature hereto,
and if to Recipient, at the addresses set forth beneath its signature hereto,
or at such other addresses as each of Performance Guarantor or any Recipient
may designate in writing to the other. Each such notice or other communication
shall be effective (1) if given by telecopy, upon the receipt thereof, (2) if
given by mail, three (3) Business Days after the time such communication is
deposited in the mail with first class postage prepaid or (3) if given by any
other means, when received at the address specified in this Section 15.

     Section 16. GOVERNING LAW. THIS UNDERTAKING SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO).

     Section 17. CONSENT TO JURISDICTION. EACH OF PERFORMANCE GUARANTOR AND
RECIPIENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY
UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF
MANHATTAN IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
UNDERTAKING, THE AGREEMENTS OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION
THEREWITH OR DELIVERED THEREUNDER AND EACH OF THE PERFORMANCE GUARANTOR AND
RECIPIENT HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY
WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN
INCONVENIENT FORUM.

                                       7
<PAGE>
     Section 18. Bankruptcy Petition. Performance Guarantor hereby covenants and
agrees that, prior to the date that is one year and one day after the payment in
full of all outstanding senior Indebtedness of Blue Ridge, it will not institute
against, or join any other Person in instituting against, Blue Ridge any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceeding under the laws of the United States or any state of
the United States.

     Section 19. Miscellaneous. This Undertaking constitutes the entire
agreement of Performance Guarantor with respect to the matters set forth
herein. The rights and remedies herein provided are cumulative and not
exclusive of any remedies provided by law or any other agreement, and this
Undertaking shall be in addition to any other guaranty of or collateral
security for any of the Guaranteed Obligations. The provisions of this
Undertaking are severable, and in any action or proceeding involving any state
corporate law, or any state or federal bankruptcy, insolvency, reorganization
or other law affecting the rights of creditors generally, if the obligations of
Performance Guarantor hereunder would otherwise be held or determined to be
avoidable, invalid or unenforceable on account of the amount of Performance
Guarantor's liability under this Undertaking, then, notwithstanding any other
provision of this Undertaking to the contrary, the amount of such liability
shall, without any further action by Performance Guarantor or Recipient, be
automatically limited and reduced to the highest amount that is valid and
enforceable as determined in such action or proceeding. Any provisions of this
Undertaking which are prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. Unless
otherwise specified, references herein to "SECTION" shall mean a reference to
sections of this Undertaking.

                                       8
<PAGE>
     IN WITNESS WHEREOF, Performance Guarantor has caused this Undertaking to
be executed and delivered as of the date first above written.

                                       WOLVERINE TUBE, INC.

                                       By:
                                          --------------------------------
                                       Name:
                                            ------------------------------
                                       Title:
                                             -----------------------------

                                       Address:  200 Clinton Avenue, Suite 1000
                                                 Huntsville, AL 35801
                                       Attention: Thomas B. Sabol
                                       Telephone: 256-580-3625
                                       Facsimile: 256-580-3996
                                       Email:     sabolt@wlv.com

                                      S-1

                  [Signature Page to Performance Undertaking]
<PAGE>
                                   SCHEDULE A

                      COMMITMENTS OF FINANCIAL INSTITUTIONS

<TABLE>
           LIQUIDITY BANK               COMMITMENT
           --------------             --------------
<S>                                   <C>
Wachovia Bank, National Association   $45,000,000.00
</TABLE><PAGE>
                                                                    Exhibit 10.3

                                                                  EXECUTION COPY

================================================================================

                                   $35,000,000

                      AMENDED AND RESTATED CREDIT AGREEMENT

                           Dated as of April 28, 2005

                                      among

                              WOLVERINE TUBE, INC.,

                                       and

                          Certain of its Subsidiaries,
                                  as Borrowers

                       EACH OF THE FINANCIAL INSTITUTIONS
                          INITIALLY A SIGNATORY HERETO,
                          TOGETHER WITH THOSE ASSIGNEES
                        PURSUANT TO SECTION 14.3 HEREOF,
                                   as Lenders,

                                       and

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                             as Administrative Agent

================================================================================

                         WACHOVIA CAPITAL MARKETS, LLC,
                     as Sole Lead Arranger and Book Manager
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE I DEFINITIONS AND ACCOUNTING TERMS...............................      1
   1.1     General Definitions...........................................      1
   1.2     Accounting Terms..............................................     25
   1.3     Other Definitional Provisions.................................     26
ARTICLE II THE REVOLVING LOANS...........................................     26
   2.1     Revolving Loans...............................................     26
   2.2     Letter of Credit Subfacility..................................     27
   2.3     [Intentionally Omitted].......................................     32
   2.4     [Intentionally Omitted].......................................     32
   2.5     [Intentionally Omitted].......................................     32
   2.6     Minimum Amounts of Loans......................................     32
   2.7     Funding of Loans to Borrowers.................................     32
   2.8     Term..........................................................     35
   2.9     Revolving Notes...............................................     35
   2.10    Reduction of Revolving Loan Commitment........................     36
ARTICLE III CASH DOMINION ARRANGEMENTS...................................     36
   3.1     Lockbox Arrangements..........................................     36
   3.2     [Intentionally Omitted].......................................     37
   3.3     Maintenance of Account........................................     37
   3.4     Statement of Account..........................................     38
ARTICLE IV ADDITIONAL PROVISIONS REGARDING LOANS AND
              LETTERS OF CREDIT..........................................     38
   4.1     Continuations and Conversions.................................     38
   4.2     Interest......................................................     39
   4.3     Place and Manner of Payments..................................     39
   4.4     Prepayments...................................................     40
   4.5     Fees..........................................................     41
   4.6     Pro Rata Treatment............................................     42
   4.7     Allocation of Payments After Event of Default.................     43
   4.8     Sharing of Payments...........................................     44
</TABLE>

                                        i
<PAGE>
                                TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   4.9     Capital Adequacy..............................................     45
   4.10    Inability To Determine Interest Rate..........................     45
   4.11    Illegality....................................................     46
   4.12    Requirements of Law...........................................     46
   4.13    Taxes.........................................................     47
   4.14    Compensation..................................................     50
ARTICLE V CONDITIONS PRECEDENT...........................................     50
   5.1     Closing Conditions............................................     50
   5.2     Conditions to All Extensions of Credit........................     54
ARTICLE VI REPRESENTATIONS AND WARRANTIES................................     55
   6.1     Organization and Good Standing................................     56
   6.2     Due Authorization.............................................     56
   6.3     No Conflicts..................................................     56
   6.4     Consents......................................................     56
   6.5     Enforceable Obligations.......................................     56
   6.6     Financial Condition...........................................     57
   6.7     No Default....................................................     57
   6.8     Liens.........................................................     57
   6.9     Indebtedness..................................................     58
   6.10    Litigation....................................................     58
   6.11    Material Contracts............................................     58
   6.12    Taxes.........................................................     58
   6.13    Compliance with Law...........................................     58
   6.14    ERISA.........................................................     59
   6.15    Subsidiaries..................................................     60
   6.16    Use of Proceeds; Margin Stock.................................     60
   6.17    Government Regulation.........................................     60
   6.18    Hazardous Substances..........................................     61
   6.19    Patents, Franchises, etc......................................     61
   6.20    Solvency......................................................     61
</TABLE>

                                       ii
<PAGE>
                                TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   6.21    Location of Assets............................................     61
   6.22    D/B/A or Trade Names..........................................     62
   6.23    No Employee Disputes..........................................     62
   6.24    Brokers' Fees.................................................     62
   6.25    Labor Matters.................................................     62
   6.26    Status of Accounts............................................     63
   6.27    [Intentionally Omitted].......................................     63
   6.28    Key Members of Management.....................................     63
   6.29    Accuracy and Completeness of Information......................     63
   6.30    Compliance with OFAC Rules and Regulations....................     64
   6.31    Anti-Terrorism Laws...........................................     64
ARTICLE VII AFFIRMATIVE COVENANTS........................................     64
   7.1     Information Covenants.........................................     64
   7.2     Preservation of Existence and Franchises......................     67
   7.3     Books and Records.............................................     67
   7.4     Compliance with Law...........................................     67
   7.5     Payment of Taxes and Other Indebtedness.......................     67
   7.6     Insurance; Casualty Loss......................................     68
   7.7     Maintenance of Property.......................................     69
   7.8     Performance of Obligations....................................     69
   7.9     ERISA.........................................................     69
   7.10    Use of Proceeds...............................................     70
   7.11    Additional Subsidiaries.......................................     70
   7.12    Audits/Inspections............................................     70
   7.13    Inventory.....................................................     71
   7.14    Collateral Records............................................     71
   7.15    Security Interests............................................     71
   7.16    Schedules of Accounts and Purchase Orders.....................     72
   7.17    Collection of Accounts........................................     72
   7.18    Notice; Credit Memoranda; and Returned Goods..................     73
</TABLE>

                                       iii
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   7.19    Acknowledgment Agreements.....................................     73
   7.20    Trademarks....................................................     73
   7.21    SPC Matters...................................................     73
ARTICLE VIII FINANCIAL COVENANTS.........................................     74
   8.1     Fixed Charge Coverage Ratio...................................     74
   8.2     Capital Expenditures..........................................     74
   8.3     Minimum Consolidated EBITDA...................................     74
   8.4     Minimum Excess Availability...................................     75
ARTICLE IX NEGATIVE COVENANTS............................................     75
   9.1     Indebtedness..................................................     75
   9.2     Liens.........................................................     76
   9.3     Nature of Business............................................     77
   9.4     Consolidation or Merger.......................................     77
   9.5     Sale or Lease of Assets.......................................     77
   9.6     Acquisitions..................................................     77
   9.7     Transactions with Affiliates..................................     77
   9.8     Ownership of Subsidiaries.....................................     78
   9.9     Fiscal Year...................................................     78
   9.10    Investments...................................................     78
   9.11    Restricted Payments...........................................     78
   9.12    No Additional Bank Accounts...................................     78
   9.13    Amendments of Organizational Documents, Etc...................     79
   9.14    Additional Negative Pledges...................................     79
   9.15    Other Indebtedness............................................     79
   9.16    Licenses, Etc.................................................     80
   9.17    Limitations...................................................     80
ARTICLE X POWERS.........................................................     80
   10.1    Appointment of Administrative Agent as Attorney-in-Fact.......     80
   10.2    Limitation on Exercise of Power...............................     81
ARTICLE XI EVENTS OF DEFAULT AND REMEDIES................................     81
</TABLE>

                                       iv
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   11.1    Events of Default.............................................     81
   11.2    Acceleration; Remedies........................................     83
ARTICLE XII TERMINATION..................................................     84
ARTICLE XIII THE AGENT...................................................     84
   13.1    Appointment...................................................     84
   13.2    Delegation of Duties..........................................     85
   13.3    Exculpatory Provisions........................................     85
   13.4    Reliance on Communications....................................     86
   13.5    Notice of Default.............................................     86
   13.6    Non-Reliance on Agent and Other Lenders.......................     86
   13.7    Indemnification...............................................     87
   13.8    Agent in its Individual Capacity..............................     87
   13.9    Successor Agent...............................................     87
   13.10   Collateral Matters............................................     88
   13.11   Rights and Remedies to be Exercised by Agent Only.............     89
ARTICLE XIV MISCELLANEOUS................................................     89
   14.1    Notices.......................................................     89
   14.2    Right of Set-Off..............................................     90
   14.3    Benefit of Agreement..........................................     90
   14.4    No Waiver; Remedies Cumulative................................     92
   14.5    Payment of Expenses; Indemnification..........................     92
   14.6    Amendments, Waivers and Consents..............................     93
   14.7    Defaulting Lender.............................................     94
   14.8    Counterparts..................................................     94
   14.9    Headings......................................................     94
   14.10   Survival of Indemnification and Representations
              and Warranties.............................................     94
   14.11   Currency......................................................     95
   14.12   GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE..............     95
   14.13   Arbitration...................................................     96
   14.14   Waiver of Jury Trial..........................................     97
</TABLE>

                                        v
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   14.15   Severability..................................................     97
   14.16   Loan Entirety.................................................     97
   14.17   Binding Effect; Amendment and Restatement of Existing
              Credit Agreement; Further Assurances.......................     97
   14.18   Confidentiality...............................................     98
   14.19   Judgment Currency.............................................     98
   14.20   Maximum Rate..................................................     99
   14.21   Concerning Joint and Several Liability of the Borrowers.......     99
   14.22   Nonliability of Agents and Lenders............................    102
   14.23   Independent Nature of Lenders' Rights.........................    102
   14.24   Power of Attorney.............................................    102
   14.25   Patriot Act Notice............................................    102
</TABLE>

                                       vi
<PAGE>
                             EXHIBITS AND SCHEDULES

<TABLE>
<S>               <C>

                                    EXHIBITS

Exhibit A         Form of Acknowledgment Agreement
Exhibit B         Form of Landlord Agreement
Exhibit C         Form of Notice of Borrowing/Continuation/Conversion
Exhibit D         Form of Revolving Credit Note
Exhibit E-1       Form of Security Agreement
Exhibit E-2       Form of Pledge Agreement
Exhibit F-1       Form of Lockbox Agreement
Exhibit F-2       Form of Blocked Account Agreement
Exhibit G         Form of Borrowing Base Certificate
Exhibit H         Form of Solvency Certificate
Exhibit I         Form of Compliance Certificate
Exhibit J         Form of Assignment and Acceptance
Exhibit K         Form of Joinder Agreement
Exhibit L         Adjustments to Consolidated Net Income

                                    SCHEDULES

Schedule 1.1A     Lenders and Commitments
Schedule 1.1B     Investments
Schedule 1.1C     Liens
Schedule 1.1D     Existing Letters of Credit
Schedule 5.1(m)   Corporate Structure
Schedule 6.1      Jurisdictions of Organization
Schedule 6.2      Authorization
Schedule 6.9      Indebtedness
Schedule 6.10     Litigation
Schedule 6.15     Subsidiaries
Schedule 6.18     Hazardous Substances
Schedule 6.21     Collateral Locations
Schedule 6.22     Fictitious Business Names
Schedule 6.28     Key Members of Management
Schedule 7.6      Insurance
Schedule 9.5      Permitted Asset Dispositions
Schedule 9.12     Bank Accounts
Schedule 14.1     Addresses for Notices
</TABLE>

                                      vii
<PAGE>
                      AMENDED AND RESTATED CREDIT AGREEMENT

     THIS AMENDED AND RESTATED CREDIT AGREEMENT is entered into as of April 28,
2005, among WOLVERINE TUBE, INC., a Delaware corporation (the "Company"), its
Subsidiaries identified as Subsidiary Borrowers on the signature pages hereto
and any additional Subsidiaries of the Company which become parties hereto in
accordance with the terms hereof (collectively referred to as the "Subsidiary
Borrowers" or individually referred to as a "Subsidiary Borrower") (hereinafter,
the Company and the Subsidiary Borrowers are collectively referred to as the
"Borrowers" or individually referred to as a "Borrower"), each of the financial
institutions identified as Lenders on Schedule 1.1A hereto (together with each
of their successors and assigns, referred to individually as a "Lender" and,
collectively, as the "Lenders"), and WACHOVIA BANK, NATIONAL ASSOCIATION
("Wachovia"), acting in the manner and to the extent described in Article XIII
hereof (in such capacity, the "Agent" or the "Administrative Agent").

                                   WITNESSETH:

     WHEREAS, the Borrowers, certain lenders and the Administrative Agent have
entered into that certain Credit Agreement dated as of March 27, 2002 (together
with all amendments thereto, the "Existing Credit Agreement") and have requested
that the Existing Credit Agreement be amended and restated; and

     WHEREAS, the Lenders have agreed to amend and restate the Existing Credit
Agreement on the terms and conditions contained herein and hereby acknowledge
and agree that the Canadian Borrowers and the Canadian Agent under the Existing
Credit Agreement are hereby released from their respective duties and
obligations hereunder and under the other Credit Documents and shall no longer
be parties to this Credit Agreement or any other Credit Documents.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Borrowers, the Lenders and the
Administrative Agent agree as follows:

                                    ARTICLE I

                        DEFINITIONS AND ACCOUNTING TERMS

     1.1 GENERAL DEFINITIONS

     As used herein, the following terms shall have the meanings herein
specified:

     "Accounts" means all of each Credit Party's "accounts" (as defined in the
UCC), whether now existing or existing in the future, and shall include (whether
or not otherwise included in such definitions, and without limiting the
generality thereof), all (i) accounts receivable (whether or not specifically
listed on schedules furnished to the Administrative Agent), including, without
limitation, all accounts created by or arising from all of each Credit Party's
sales of goods or rendition of services made under any of each Credit Party's
trade names or styles, or through any
<PAGE>
of each Credit Party's divisions; (ii) unpaid seller's rights (including
rescission, replevin, reclamation and stopping in transit) relating to the
foregoing or arising therefrom, (iii) rights to any goods represented by any of
the foregoing, including returned or repossessed goods; (iv) reserves and credit
balances held by each Credit Party with respect to any such accounts receivable
or account debtors; (v) guarantees or collateral for any of the foregoing; and
(vi) insurance policies or rights relating to any of the foregoing.

     "Acknowledgment Agreements" means (i) the acknowledgment agreements,
substantially in the form of Exhibit A hereto, between each Credit Party's
warehousemen, fillers, packers, processors and mortgagees and the Administrative
Agent, in each case acknowledging and agreeing, among other things, (A) that
such warehousemen, fillers, packers, processors and mortgagees waive any Liens
on any of the Collateral of any Credit Party and (B) to the collateral
assignment by each Credit Party to the Administrative Agent of each such Credit
Party's interest in the contracts with each of such warehousemen, fillers,
packers, processors and mortgagees and (ii) Landlord Agreements.

     "Acquired Company" means any Person (or assets thereof) which is acquired
pursuant to an Acquisition.

     "Acquisition" means the acquisition of (a) all of the capital stock of
another Person or (b) all or substantially all of the assets of another Person.

     "Adjusted Eurodollar Rate" means the Eurodollar Rate, plus the Applicable
Percentage.

     "Administrative Agent" means Wachovia Bank, National Association.

     "Administrative Agent Fee Letter" means the letter agreement, dated as of
March 30, 2005, among the Company and Wachovia Bank, National Association, as
amended, modified and replaced from time to time.

     "Affiliate" of any Person means any other Person directly or indirectly
controlling (including but not limited to all directors and officers of such
Person), controlled by or under direct or indirect common control with such
Person. A Person shall be deemed to control a corporation if such Person
possesses, directly or indirectly, the power (a) to vote fifteen percent (15%)
or more of the securities having ordinary voting power for the election of
directors of such corporation or (b) to direct or cause direction of the
management and policies of such corporation, whether through the ownership of
voting securities, by contract or otherwise.

     "Anti-Terrorism Laws" means such term as defined in Section 6.31.

     "Applicable Percentage" shall mean, for any day, the rate per annum set
forth below opposite the applicable Level then in effect, it being understood
that the Applicable Percentage for (i) Base Rate Loans shall be the percentage
set forth under the column "Base Rate Margin", (ii) Eurodollar Loans, LMIR Loans
and Letter of Credit Fees shall be the percentage set forth under the column
"Eurodollar Rate Margin; LMIR Margin; Letter of Credit Fee" and (iii) the Unused
Fees shall be the percentage set forth under the column "Unused Fee":

                                       2
<PAGE>
<TABLE>
<CAPTION>
                                                     Eurodollar Rate
                                                      Margin; LMIR
             Fixed Charge                           Margin; Letter of
Level       Coverage Ratio       Base Rate Margin      Credit Fee       Unused Fee
-----   ----------------------   ----------------   -----------------   ----------
<S>     <C>                      <C>                <C>                 <C>
  I     > or = 1.45 to 1.0             0.00%              1.75%            0.25%
 II     > or = 1.30 to 1.0 but         0.00%              2.00%            0.35%
             < 1.45 to 1.0
 III    > or = 1.15 to 1.0 but         0.00%              2.25%            0.50%
             < 1.30 to 1.0
 IV     > or = 1.00 to 1.0 but         0.00%              2.50%            0.50%
             < 1.15 to 1.0
  V          < 1.0 to 1.0              0.50               3.00%            0.50%
</TABLE>

     The Applicable Percentage shall, in each case, be determined and adjusted
quarterly on the first day of the first month immediately following the date on
which the Administrative Agent has received from the Borrowers the quarterly
company-prepared financial information (for each fiscal quarter of the
Consolidated Parties), annual financial information (in the case of the fourth
fiscal quarter of the Consolidated Parties) and certifications required to be
delivered to the Administrative Agent and the Lenders in accordance with the
provisions of Sections 7.1(a), 7.1(b) and 7.1(d) (each an "Interest
Determination Date"). Such Applicable Percentage shall be effective from such
Interest Determination Date until the next such Interest Determination Date. If
the Borrowers shall fail to provide the quarterly financial information and
certifications in accordance with the provisions of Sections 7.1(a), 7.1(b) and
7.1(d), the Applicable Percentage shall, on the date five (5) Business Days
after the date by which the Borrowers were so required to provide such financial
information and certifications to the Administrative Agent and the Lenders, be
based on Level IV until such time as such information and certifications are
provided, whereupon the Level shall be determined by the then current Fixed
Charge Coverage Ratio. Notwithstanding the foregoing, the Applicable Percentage
commencing on April 28, 2005 shall be based on the Fixed Charge Coverage Ratio
as set forth in the officer's certificate delivered pursuant to Section 7.1(d)
with respect to the fiscal year ending December 31, 2004.

     "Asset Disposition" means the disposition of any or all of the Accounts or
Inventory of a Credit Party whether by sale, lease, transfer or otherwise, other
than (a) sales of Inventory in the ordinary course of business and (b) transfers
of Accounts or Inventory among the Credit Parties.

     "Bankruptcy Event" means, with respect to any Person, the occurrence of any
of the following with respect to such Person: (a) a court or governmental agency
having jurisdiction in the premises shall enter a decree or order for relief in
respect of such Person in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of such Person or for any substantial part of its property or ordering
the winding up or liquidation of its affairs; or (b) any proceeding shall be
instituted against such Person seeking to adjudicate it as bankrupt or
insolvent, or seeking liquidation, winding-up, reorganization, arrangement,
adjustment, protection, relief, or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or
seeking the entry of an order for relief or the appointment of

                                       3
<PAGE>
a receiver, trustee, or other similar official for it or for any substantial
part of its property including, but not limited to, an involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect is commenced against a Person and any such proceeding or petition remains
unstayed and in effect for a period of sixty (60) consecutive days; or (c) such
Person shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or consent to the
entry of an order for relief in an involuntary case under any such law, or
consent to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of such Person
or any substantial part of its property or make any general assignment for the
benefit of creditors; or (d) such Person shall generally not pay its debts as
such debts become due or shall admit in writing its inability to pay its debts
generally as they become due or any action shall be taken by such Person in
furtherance of any of the aforesaid purposes.

     "BAPM" has the meaning set forth in the definition of Consignment Agreement
herein.

     "Base Rate" shall mean, for any day, the rate per annum (rounded upwards,
if necessary, to the nearest whole multiple of 1/100 of 1%) equal to the greater
of (a) the Federal Funds Rate in effect on such day plus 1/2 of 1% or (b) the
Prime Rate in effect on such day. If for any reason the Agent shall have
determined (which determination shall be conclusive absent manifest error) that
it is unable after due inquiry to ascertain the Federal Funds Rate for any
reason, including the inability or failure of the Agent to obtain sufficient
quotations in accordance with the terms hereof, the Base Rate shall be
determined without regard to clause (a) of the first sentence of this definition
until the circumstances giving rise to such inability no longer exist. Any
change in the Base Rate due to a change in the Prime Rate or the Federal Funds
Rate shall be effective on the effective date of such change in the Prime Rate
or the Federal Funds Rate, respectively.

     "Base Rate Loans" means all Loans accruing interest based on the Base Rate.

     "Blocked Account Agreement" means a three party agreement among the
Administrative Agent, the applicable depository bank and a Credit Party in the
form of Exhibit F-2 hereto.

     "Borrowers" means Wolverine Tube, Inc., TF Investor, Inc., Tube Forming
Holdings, Inc., Tube Forming, L.P., Wolverine Finance, LLC, Small Tube
Manufacturing, LLC, Wolverine China Investments, LLC, Wolverine Joining
Technologies, LLC, and WT Holding Company, Inc. and such other Persons organized
under the laws of, and resident in, the United States that become parties hereto
pursuant to a Joinder Agreement in accordance with Section 7.11.

     "Borrowing Base" means a dollar amount equal to the sum of (a) up to 85% of
Eligible Accounts Receivable of the Credit Parties, plus (b) the sum of (i) up
to 60% of Eligible Inventory of all Credit Parties other than Wolverine Joining
Technologies, LLC consisting of raw materials and finished goods inventory and
(ii) the lesser of (A) $3,000,000 or (B) up to 60% of Eligible Inventory of
Wolverine Joining Technologies, LLC consisting of raw materials and finished
goods inventory minus, (c) reserves established from time to time by the
Administrative Agent in its sole discretion.

                                       4
<PAGE>
     "Borrowing Base Certificate" means such term as defined in Section 7.1(i).

     "Business Day" means any day other than a Saturday, a Sunday, a legal
holiday in Charlotte, North Carolina, Atlanta, Georgia, or New York, New York or
a day on which banking institutions located in Charlotte, North Carolina,
Atlanta, Georgia, or New York, New York are authorized by law or other
governmental actions to close; except that in the case of Eurodollar Loans and
LMIR Loans, a Business Day shall also be a day on which dealings between banks
are carried on in U.S. dollar deposits in the London interbank Eurodollar
market.

     "Capital Expenditures" means any current expenditure by the Consolidated
Parties for fixed or capital assets as reflected on the financial statements of
the Consolidated Parties, as prepared in accordance with GAAP.

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

     "Cash Equivalents" means (a) securities issued directly or fully guaranteed
or insured by the United States of America or any agency or instrumentality
thereof (provided that the full faith and credit of the United States of America
is pledged in support thereof) having maturities of not more than one year from
the date of acquisition, (b) U.S. dollar denominated time deposits and
certificates of deposit of (i) any U.S. commercial bank of recognized standing
having capital and surplus in excess of $100,000,000 or (ii) any bank whose
short-term commercial paper rating from Standard & Poor's Corporation ("S&P") is
at least A-1 or the equivalent thereof or from Moody's Investors Service, Inc.
("Moody's") is at least P-1 or the equivalent thereof (any such bank being an
"Approved Bank"), in each case with maturities of not more than one year from
the date of acquisition, (c) commercial paper and variable or fixed rate notes
issued by any Approved Bank (or by the parent company thereof) or any variable
rate notes issued by, or guaranteed by, any U.S. corporation to the extent that
such paper or notes are rated A-1 (or the equivalent thereof) or better by S&P
or P-1 (or the equivalent thereof) or better by Moody's and maturing within one
year of the date of acquisition and (d) repurchase agreements with a bank or
trust company or recognized securities dealer having capital and surplus in
excess of $500,000,000 for direct obligations issued by or fully guaranteed by
the United States of America in which a Credit Party shall have a perfected
first priority security interest (subject to no other Liens) and having, on the
date of purchase thereof, a fair market value of at least 100% of the amount of
the repurchase obligations.

     "Cash Dominion Period" means (i) any period beginning on the date an Event
of Default shall have occurred (beyond the expiration of the applicable grace or
cure period) and continuing until such Event of Default has been waived by the
Required Lenders or (ii) any period beginning on the date on which the
Obligations outstanding shall equal or exceed $18,000,000 and continuing until
the termination of this Credit Agreement and the repayment in full of all
Obligations hereunder.

                                       5
<PAGE>
     "Cash Management Products" means any one or more of the following types of
services or facilities extended to the Borrowers by any Lender or any Affiliate
of a Lender in reliance on such Lender's agreement to indemnify such Affiliate:
(i) ACH transactions; (ii) cash management, including controlled disbursement
services, and other treasury services; and (iii) establishing and maintaining
deposit accounts.

     "Casualty Loss" means such term as defined in Section 7.6.

     "Change of Control" means the occurrence of any of the following events:
(a) the acquisition, directly or indirectly, whether voluntarily or by operation
of law, by any person (as such term in used in Section 13(d) of the Exchange
Act) of (i) beneficial ownership of a sufficient portion of the voting power of
the outstanding Voting Stock of the Company to elect a majority of the Board of
Directors of the Company (the "Board") (either immediately or upon the
expiration of their respective current terms) pursuant to a transaction that is
not approved by such Board as constituted immediately prior to the consummation
of such transaction or (ii) all or substantially all of the assets of the
Company or (b) except as permitted by Section 9.5 or Section 9.8, the Company
shall fail to own, directly or indirectly, 100% of the outstanding shares of
Capital Stock of the other Credit Parties or (c) the occurrence of a "Change of
Control" under the 2008 Note Indenture, the 2008 Senior Notes, or other
documents evidencing the 2008 Senior Notes or (d) the occurrence of a "Change of
Control" under the 2009 Senior Note Indenture, the 2009 Senior Notes, or other
documents evidencing the 2009 Senior Notes.

     "Closing Date" means the date hereof.

     "Code" means the Internal Revenue Code of 1986, as amended, and any
successor statute thereto, as interpreted by the rules and regulations issued
thereunder, in each case as in effect from time to time. References to sections
of the Code shall be construed also to refer to any successor sections.

     "Collateral" means any and all assets and rights and interests in or to
property of the Credit Parties pledged from time to time as security for the
Obligations pursuant to the Security Documents whether now owned or hereafter
acquired, including, without limitation, all of the Accounts and Inventory of
the Credit Parties, any Chattel Paper, Documents or Instruments evidencing or
relating to such Accounts or Inventory, Deposit Accounts, Equipment (subject to
the Security Agreement) and all Proceeds thereof, as defined in the Security
Agreement.

     "Commitments" means, collectively, the commitment of each of the Lenders to
make Loans and purchase participations in the Letters of Credit hereunder.

     "Commitment Percentage" means, with respect to any Lender, at any time
after the Commitments have terminated, the percentage which such Lender's Credit
Exposure constitutes of the aggregate principal amount of all Loans and LOC
Obligations then outstanding under this Credit Agreement.

     "Company" has the meaning set forth in the introductory paragraph hereof.

     "Concentration Account" means Account No. XXX-XXXX, ABA No. XXXXXXXXX, at
Mellon Bank, N.A., titled in the name of "Wachovia Bank, National Association,
as Collateral Agent."

                                       6
<PAGE>
     "Consignment Agreement" means the Amended and Restated Consignment
Agreement, dated as of April 28, 2005, by and between Fleet Precious Metals
Inc., a Rhode Island corporation operating as Bank of America Precious Metals
("BAPM"), and the Company and Wolverine Joining Technologies, LLC.

     "Consignment Intercreditor Agreement" means the Amended and Restated
Intercreditor Agreement dated as of April 28, 2005 by and between BAPM and the
Agent.

     "Consolidated Cash Interest Expense" means, for any applicable period of
computation, whether expensed or capitalized, all cash interest expense of the
Consolidated Parties for such period, net of interest income for such period,
all as determined in accordance with GAAP.

     "Consolidated Cash Taxes" means, for any applicable period of computation,
the aggregate of all taxes of the Consolidated Parties determined in accordance
with applicable law and GAAP applied on a consistent basis, to the extent the
same are paid in cash during such period.

     "Consolidated EBITDA" means, for any applicable period of computation,
without duplication, the sum of (i) Consolidated Net Income for such period, but
excluding therefrom all extraordinary items of income or loss, plus (ii) the
aggregate amount of depreciation and amortization charges made in calculating
Consolidated Net Income for such period, plus (iii) aggregate Consolidated
Interest Expense for such period, plus (iv) the aggregate amount of all income
taxes reflected on the consolidated statements of income of the Consolidated
Parties for such period. Except as otherwise provided herein, the applicable
period of computation shall be for the four (4) consecutive quarters ending as
of the date of determination.

     "Consolidated Fixed Charges" means, for any applicable period of
computation, without duplication, the sum of (i) all Consolidated Cash Interest
Expense for the applicable period plus (ii) all Consolidated Scheduled Funded
Debt Payments for the applicable period.

     "Consolidated Funded Debt" means, as of the date of determination, all
Funded Debt of the Company and its consolidated Subsidiaries, determined on a
consolidated basis in accordance with GAAP.

     "Consolidated Interest Expense" means, for any applicable period of
computation, whether expensed or capitalized, all interest expense of the
Consolidated Parties for such period, net of interest income for such period,
all as determined in accordance with GAAP.

     "Consolidated Parties" means the Company and all of its consolidated
Subsidiaries whether direct or indirect and whether now owned or hereafter
acquired.

     "Consolidated Net Income" means, for any applicable period of computation,
the net income after taxes of the Consolidated Parties for such period, as
adjusted for (i) non-cash adjustments to Consolidated Net Income due to the
effect of changes in accounting methods required by GAAP and (ii) the tax
adjusted net value of (a) the non-cash adjustments to Consolidated Net Income on
account of gains or losses resulting from changes in the metal variance account
required by the mark to market of the Copper Hedge, as determined in

                                       7
<PAGE>
accordance with GAAP and (b) the non-cash adjustments to valuations of inventory
that consists of copper covered by the Copper Hedge resulting from the Company's
mark to market of inventory levels under the Copper Hedge at the time of testing
(with the submission of the certificate pursuant to Section 7.1(d), the Company
will provide the Administrative Agent with a reconciliation of these adjustments
in a format similar to that of Exhibit L).

     "Consolidated Scheduled Funded Debt Payments" means, as of the end of each
fiscal quarter (or month, as applicable) of the Company and its consolidated
Subsidiaries on a consolidated basis, the sum of all scheduled payments of
principal on Consolidated Funded Debt (other than intercompany Indebtedness) for
the four (4) consecutive quarters (or 12 consecutive months, as applicable)
beginning on such date (including the principal component of payments due on
Capital Leases or under any synthetic lease, tax retention operating lease,
off-balance sheet loan or similar off-balance sheet financing product during the
applicable period beginning on such date).

     "Copper Hedge" means the Trading Agreements between PB Financial, Inc. and
Wolverine Tube, Inc., Wolverine Tube (Canada) Inc. and Wolverine Joining
Technologies, LLC related to hedging copper and any other copper hedging
contract permitted hereunder entered into by any Credit Party.

     "Credit Agreement" or "Agreement" means this amended and restated credit
agreement, dated as of the date hereof, as the same may be modified, amended,
extended, restated or supplemented from time to time.

     "Credit Documents" means this Credit Agreement, the Revolving Credit Notes,
the LOC Documents, the Security Documents and all other documents and
instruments executed or delivered in connection therewith, as the same may be
modified, amended, extended, restated or supplemented from time to time.

     "Credit Exposure" means such term as defined in the definition of Required
Lenders.

     "Credit Parties" means the Borrowers and "Credit Party" means any one of
them.

     "Default" means any event, act or condition which with notice or lapse of
time, or both, would constitute an Event of Default.

     "Defaulting Lender" means, at any time, any Lender that, at such time, (a)
has failed to make a Loan or purchase a Participation Interest required pursuant
to the terms of this Agreement, (b) has failed to pay to the Administrative
Agent or any Lender an amount owed by such Lender pursuant to the terms of this
Agreement or (c) has become insolvent or has become subject to a receiver,
trustee or similar official.

     "DOL" means the U.S. Department of Labor and any successor department or
agency.

     "Effective Date" means the date on which all of the conditions set forth in
Section 5.1 have been fulfilled or waived by the Lenders.

     "Eligible Accounts Receivable" means the aggregate face amount of the
Credit Parties' Accounts (excluding the Accounts of Wolverine Joining
Technologies, LLC) that (a) conform to

                                       8
<PAGE>
the warranties contained herein, less the aggregate amount of all returns,
discounts, claims, credits, charges (including warehousemen's charges) and
allowances of any nature (whether issued, owing, granted or outstanding), and
(b) are acceptable to the Agent in its sole discretion. In no event shall any
Account which has been sold, pledged or transferred pursuant to the Permitted
Securitization be deemed to be an Eligible Account Receivable.

     "Eligible Assignee" means (a) any Lender or Affiliate or subsidiary of a
Lender and (b) any other commercial bank, financial institution, institutional
lender or "accredited investor" (as defined in Regulation D of the Securities
and Exchange Commission (other than a natural Person)) with a net worth of at
least $2,000,000,000.

     "Eligible Inventory" means (i) the aggregate gross amount of each Credit
Party's Inventory, valued at cost (on a FIFO basis), which (A) is owned solely
by such Credit Party and with respect to which such Credit Party has good, valid
and marketable title, (B) is stored on property that is either (1) owned or
leased by such Credit Party or (2) owned or leased by a warehouseman that has
contracted with such Credit Party to store Inventory on such warehouseman's
property or by a filler, processor, packer or customer of such Credit Party
(provided that, with respect to Inventory stored on property not owned by such
Credit Party, such Credit Party shall have delivered in favor of the
Administrative Agent, an Acknowledgment Agreement from the landlord,
warehouseman, filler, processor, packer or customer with regard to any such
location, except that such Inventory will not be excluded solely as a result of
the failure to obtain any such Acknowledgement Agreement for a period of 90 days
following the Closing Date; and provided, further, that with respect to leased
locations for which an Acknowledgement Agreement has not been obtained from the
landlord, such Inventory may be included as Eligible Inventory (so long as it
meets the other criteria set forth elsewhere herein), but the Agent shall have
the right to impose rent reserves against such Inventory in its sole
discretion); (C) is subject to a valid, enforceable and first priority Lien in
favor of the Administrative Agent, except, with respect to Inventory stored at
sites described in clause (B)(2) above for normal and customary warehouseman,
filler, packer and processor charges); (D) is located in the United States; and
(E) is not obsolete or slow moving, and which otherwise conforms to the
warranties contained herein, less (ii) markdown reserves, less (iii) any goods
returned or rejected by such Credit Party's customers for which a credit has not
yet been issued and goods in transit to third parties (other than to such Credit
Party's agents, warehouses, fillers, processors or packers that comply with
clause (i)(B)(2) above), less (iv) damaged Inventory, less (v) any Inventory
that is a no charge or sample item, less (vi) packaging supplies, less (vii) a
reserve equal to the amount of all accounts payable of such Credit Party owed or
owing to any filler, packer or processor of such Credit Party, less (viii)
Inventory which is work in process, less (ix) Inventory consisting of MRO supply
parts, less (x) any reserves required by the Administrative Agent in its
reasonable discretion for special order goods and market value declines, less
(xi) any Inventory which is held by a Credit Party pursuant to consignment, sale
or return, sale on approval or similar arrangement, and less (xii) any Inventory
which constitutes "Related Security" (as such term is defined in the agreements
evidencing the Permitted Securitization).

     "Environmental Laws" means any current or future Requirement of Law of any
Governmental Authority applicable to the Credit Parties pertaining to (a) the
protection of health, safety, and the environment, (b) the conservation,
management, or use of natural resources and wildlife, (c) the protection or use
of surface water and groundwater or (d) the management,

                                       9
<PAGE>
manufacture, possession, presence, use, generation, transportation, treatment,
storage, disposal, release, threatened release, abatement, removal, remediation
or handling of, or exposure to, any hazardous or toxic substance or material and
includes, without limitation, the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended by the Superfund Amendments
and Reauthorization Act of 1986, 42 USC 9601 et seq., Solid Waste Disposal Act,
as amended by the Resource Conservation and Recovery Act of 1976 and Hazardous
and Solid Waste Amendments of 1984, 42 USC 6901 et seq., Federal Water Pollution
Control Act, as amended by the Clean Water Act of 1977, 33 USC 1251 et seq.,
Clean Air Act of 1966, as amended, 42 USC 7401 et seq., Toxic Substances Control
Act of 1976, 15 USC 2601 et seq., Hazardous Materials Transportation Act, 49 USC
App. 1801 et seq., Occupational Safety and Health Act of 1970, as amended, 29
USC 651 et seq., Oil Pollution Act of 1990, 33 USC 2701 et seq., Emergency
Planning and Community Right-to-Know Act of 1986, 42 USC 11001 et seq., National
Environmental Policy Act of 1969, 42 USC 4321 et seq., Safe Drinking Water Act
of 1974, as amended, 42 USC 300(f) et seq., the Canadian Environmental
Assessment Act, the Canadian Environmental Protection Act, the Environmental
Assessment Act (Ontario), the Environmental Protection Act (Ontario) and all
other applicable Canadian federal or provincial environmental statutes, any
analogous implementing or successor law, and any amendment, rule, regulation,
order, or directive issued thereunder.

     "Equity Issuance" means any issuance by any Borrower or any Subsidiary to
any Person which is not a Credit Party of (a) shares of its Capital Stock, (b)
any shares of its Capital Stock pursuant to the exercise of options or warrants
or (c) any shares of its Capital Stock pursuant to the conversion of any debt
securities to equity. The term "Equity Issuance" shall not include any Asset
Disposition or any issuance of Indebtedness.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended, and any successor statute thereto, as interpreted by the rules and
regulations thereunder, all as the same may be in effect from time to time.
References to sections of ERISA shall be construed also to refer to any
successor sections.

     "ERISA Affiliate" means an entity, whether or not incorporated, which is
under common control with the Borrowers within the meaning of Section
4001(a)(14) of ERISA, or is a member of a group which includes the Borrowers and
which is treated as a single employer under Sections 414(b) or (c) of the Code.

     "ERISA Event" means (a) with respect to any Plan, the occurrence of a
Reportable Event or the substantial cessation of operations (within the meaning
of Section 4062(e) of ERISA); (b) the withdrawal of the Borrowers or any ERISA
Affiliate from a Multiple Employer Plan during a plan year in which it was a
substantial employer (as such term is defined in Section 4001(a)(2) of ERISA),
or the termination of a Multiple Employer Plan; (c) the distribution of a notice
of intent to terminate or the actual termination of a Single Employer Plan or
Multi-Employer Plan pursuant to Section 4041(a)(2) or 4041A of ERISA; (d) the
institution of proceedings to terminate or the actual termination of a Single
Employer Plan or a Multiemployer Plan by the PBGC under Section 4042 of ERISA;
(e) the termination of, or the appointment of a trustee to administer, any
Single Employer Plan or Multiemployer Plan pursuant to Section 4042 of ERISA;
(f) the complete or partial withdrawal of the Borrowers or any ERISA Affiliate
from a Multiemployer Plan; (g) the conditions for imposition of a Lien under
Section 302(f) of ERISA exist with respect to any Single Employer

                                       10
<PAGE>
Plan; or (h) the adoption of an amendment to any Single Employer Plan requiring
the application of Section 307 of ERISA.

     "Eurodollar Loans" means Loans accruing interest at the Adjusted Eurodollar
Rate.

     "Eurodollar Rate" means, for the Interest Period for each Eurodollar Loan
comprising part of the same borrowing (including continuations and conversions),
a per annum interest rate determined pursuant to the following formula:

                              London Interbank Offered Rate
          Eurodollar Rate = ---------------------------------
                            1 - Eurodollar Reserve Percentage

     "Eurodollar Reserve Percentage" means for any day, that percentage
(expressed as a decimal) which is in effect from time to time under Regulation D
of the Board of Governors of the Federal Reserve System (or any successor), as
such regulation may be amended from time to time or any successor regulation, as
the maximum reserve requirement (including, without limitation, any basic,
supplemental, emergency, special, or marginal reserves) applicable with respect
to Eurocurrency liabilities as that term is defined in Regulation D (or against
any other category of liabilities that includes deposits by reference to which
the interest rate of Eurodollar Loans is determined), whether or not a Lender
has any Eurocurrency liabilities subject to such reserve requirement at that
time. Eurodollar Loans shall be deemed to constitute Eurocurrency liabilities
and as such shall be deemed subject to reserve requirements without benefits of
credits for proration, exceptions or offsets that may be available from time to
time to a Lender. The Eurodollar Rate shall be adjusted automatically on and as
of the effective date of any change in the Eurodollar Reserve Percentage.

     "Excess Availability" means at any time (a) the lesser of (i) the Revolving
Loan Commitment and (ii) the Borrowing Base minus (b) the sum of (i) the
aggregate amount of Revolving Loans outstanding plus (ii) the LOC Obligations
plus (iii) reserves imposed by the Agent from time to time in accordance with
Section 2.1(a) hereof.

     "Existing Letters of Credit" means the existing letters of credit described
by date of issuance, letter of credit number, undrawn amount, name of
beneficiary and date of expiry on Schedule 1.1D.

     "Event of Default" means such terms as defined in Section 11.1.

     "Federal Funds Rate" means, for any day, the weighted average of the rates
on overnight Federal funds transactions with members of the Federal Reserve Bank
of New York, or if such rate is not released on any Business Day, the arithmetic
average (rounded upwards to the next 1/100th of 1%), as determined by the
Administrative Agent, of the quotations for the day of such transactions,
received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it.

     "Financial Statements" means such term as defined in Section 6.6.

     "Fixed Charge Coverage Ratio" means, for any applicable period of
computation, the ratio of (i) Consolidated EBITDA less Unfinanced Capital
Expenditures less all Consolidated

                                       11
<PAGE>
Cash Taxes paid during the applicable period less cash dividends paid by the
Company for the applicable period to (ii) total Consolidated Fixed Charges. The
applicable period of computation shall be (a) for the purpose of determining the
Applicable Percentage, the four (4) consecutive quarters ending as of the date
of determination, except with respect to the Consolidated Scheduled Funded Debt
Payments component of Consolidated Fixed Charges, which shall be for the four
(4) consecutive quarters beginning as of the date of determination and (b) for
the purpose of determining compliance with Section 8.1 hereof, the 12
consecutive month period ending as of the date of determination, except with
respect to the Consolidated Scheduled Funded Debt Payments component of
Consolidated Fixed Charges, which shall be for the 12 consecutive month period
beginning as of the date of determination.

     "Funded Debt" means, without duplication, the sum of (a) all Indebtedness
of the Consolidated Parties for borrowed money, (b) the principal portion of all
obligations of the Consolidated Parties under capital leases (including capital
leases incurred in accordance with the terms of Section 9.1), (c) all commercial
letters of credit and the maximum or face amount of all performance and standby
letters of credit issued for the account of a member of the Consolidated
Parties, including, without duplication, all unreimbursed draws thereunder, (d)
all Guaranty Obligations of the Consolidated Parties with respect to Funded Debt
of another Person, (e) all Funded Debt of another entity secured by a Lien on
any property of the Consolidated Parties, to the extent of the book value of the
property secured thereby, whether or not such Funded Debt has been assumed by a
member of the Consolidated Parties, (f) all Funded Debt of any partnership or
unincorporated joint venture to the extent a member of the Consolidated Parties
is legally obligated or has a reasonable expectation of being liable with
respect thereto, net of any assets of such partnership or joint venture and (g)
the principal balance outstanding under any synthetic lease, tax retention
operating lease, off-balance sheet loan or similar off-balance sheet financing
product of a member of the Consolidated Parties where such transaction is
considered borrowed money indebtedness for tax purposes but is classified as an
operating lease in accordance with GAAP.

     "GAAP" means generally accepted accounting principles in the United States
applied on a consistent basis and subject to the terms of Section 1.2.

     "Government Acts" means such term as defined in Section 2.2(k)(i).

     "Governmental Authority" means any Federal, State, Provincial, local or
foreign court or governmental agency, authority, instrumentality or regulatory
body.

     "Guaranty Obligations" of any Person means any obligations (other than (a)
endorsements in the ordinary course of business of negotiable instruments for
deposit or collection and (b) obligations arising under guaranties by a Credit
Party of another Credit Party) guaranteeing or intended to guarantee any
Indebtedness, leases, dividends or other obligations of any other Person in any
manner, whether direct or indirect, and including, without limitation, any
obligation, whether or not contingent to, (i) purchase any such Indebtedness or
other obligation or any property constituting security therefor, (ii) advance or
provide funds or other support for the payment or purchase of such indebtedness
or obligation or to maintain working capital, solvency or other balance sheet
condition of such other Person (including, without limitation, keep well
agreements, maintenance agreements, comfort letters or similar agreements or
arrangements), (iii) lease or purchase property, securities or services
primarily for the purpose of assuring the owner of such

                                       12
<PAGE>
Indebtedness or obligation, or (iv) otherwise assure or hold harmless the owner
of such Indebtedness or obligation against loss in respect thereof.

     "Hedging Agreements" means any Interest Rate Protection Agreement or other
interest rate protection agreement, foreign currency exchange agreement,
commodity purchase or option agreement or other interest or exchange rate or
commodity price hedging agreements or any other derivative product hedging
arrangement.

     "Highest Lawful Rate" means, at any given time during which any Obligations
shall be outstanding hereunder, the maximum nonusurious interest rate, if any,
that at any time or from time to time may be contracted for, taken, reserved,
charged or received on the indebtedness under this Credit Agreement, under the
laws of the State of North Carolina (or the law of any other jurisdiction whose
laws may be mandatorily applicable notwithstanding other provisions of this
Credit Agreement and the other Credit Documents), or under applicable United
States federal laws which may presently or hereafter be in effect and which
allow a higher maximum nonusurious interest rate than under North Carolina or
such other jurisdiction's law, in any case after taking into account, to the
extent permitted by applicable law, any and all relevant payments or charges
under this Credit Agreement and any other Credit Documents executed in
connection herewith, and any available exemptions, exceptions and exclusions.

     "Indebtedness" of any Person means, without duplication, (a) all
obligations of such Person with respect to Funded Debt, (b) all obligations of
such Person evidenced by bonds, debentures, notes or similar instruments, or
upon which interest payments are customarily made, (c) all obligations of such
Person under conditional sale or other title retention agreements relating to
property purchased by such Person to the extent of the value of such property
(other than customary reservations or retentions of title under agreements with
suppliers entered into in the ordinary course of business), (d) all obligations,
including without limitation intercompany items, of such Person issued or
assumed as the deferred purchase price of property or services purchased by such
Person which would appear as liabilities on a balance sheet of such Person, (e)
all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by)
any Lien on, or payable out of the proceeds of Property owned or acquired by
such Person, whether or not the obligations secured thereby have been assumed,
(f) all Guaranty Obligations of such Person, (g) the principal portion of all
obligations of such Person under (i) capital leases and (ii) any synthetic
lease, tax retention operating lease, off-balance sheet loan or similar
off-balance sheet financing product where such transaction is considered
borrowed money indebtedness for tax purposes but is classified as an operating
lease in accordance with GAAP, (h) all payment obligations of such Person in
respect of Hedging Agreements, (i) the maximum amount of all standby letters of
credit issued or bankers' acceptances facilities created for the account of such
Person and, without duplication, all drafts drawn thereunder (to the extent
unreimbursed), (j) all preferred stock issued by such Person and required by the
terms thereof to be redeemed, or for which mandatory sinking fund payments are
due, by a fixed date, in cash or other property (other than shares of common
stock or the same class of preferred stock), (k) all other obligations which
would be shown as a liability on the balance sheet of such Person and (l) the
aggregate purchase price paid by third parties for the purchase of the accounts
receivable of such Person subject at such time to a sale of receivables (or
similar transaction) regardless of whether such transaction is effected without
recourse to such Person or in a manner that would not be reflected on the
balance sheet of such Person in accordance with GAAP. The Indebtedness of any

                                       13
<PAGE>
Person shall include the Indebtedness of any partnership or unincorporated joint
venture but only to the extent such Person is legally obligated or has a
reasonable expectation of being liable with respect thereto; provided, however,
Indebtedness shall not include (i) any accumulated provisions for deferred taxes
or deferred credits reflected as a liability on the balance sheet of such
Person, or (ii) any Indebtedness in respect of which moneys sufficient to pay
and discharge the same in full (either on the expressed date of maturity thereof
or on such earlier date as such indebtedness may be duly called for redemption
and payment) have been deposited with a depository, agency or trustee in trust
for the payment thereof.

     "Intercreditor Agreement" means the Intercreditor Agreement dated as of the
Closing Date by and among Wachovia Bank, National Association, as agent for
certain secured parties to the Permitted Securitization (in such capacity,
together with the successors and assigns, the "Securitization Agent"), the
Administrative Agent, the SPC, the Company, Tube Forming, L.P., and Small Tube
Manufacturing, LLC.

     "Interest Determination Date" means such term as defined in the definition
of Applicable Percentage.

     "Interest Payment Date" means (a) as to all Loans, other than Eurodollar
Loans, the last day of each month and (b) as to Eurodollar Loans having an
Interest Period of three months or less, the last day of each applicable
Interest Period; provided, that if an Interest Payment Date falls on a date
which is not a Business Day, such Interest Payment Date shall be deemed to be
the next succeeding Business Day, except that in the case of an Interest Period
where the next succeeding Business Day falls in the next succeeding calendar
month, then on the next preceding Business Day.

     "Interest Period" means, with respect to Eurodollar Loans, a period of one,
two or three month's duration, as the Borrowers may elect from time to time,
commencing, in each case, on the date of the borrowing (or continuation or
conversions thereof); provided, however, (a) if any Interest Period would end on
a day which is not a Business Day, such Interest Period shall be extended to the
next succeeding Business Day (except that where the next succeeding Business Day
falls in the next succeeding calendar month, then on the next preceding Business
Day), (b) no Interest Period shall extend beyond the Maturity Date, and (c)
where an Interest Period begins on a day for which there is no numerically
corresponding day in the calendar month in which the Interest Period is to end,
such Interest Period shall end on the last Business Day of such calendar month.

     "Interest Rate Protection Agreement" means any interest rate protection
agreement, foreign currency exchange agreement, commodity purchase or option
agreement or other interest or exchange rate or commodity price hedging
agreements or any other derivative product hedging arrangement between any
Borrower and any Lender, or any affiliate of a Lender.

     "Inventory" means all of each Credit Party's inventory, including without
limitation, (i) all raw materials, work in process, parts, components,
assemblies, supplies and materials used or consumed in the Credit Parties'
business; (ii) all goods, wares and merchandise, finished or unfinished, held
for sale; and (iii) all goods returned to or repossessed by the Credit Parties.

     "Investment" means, with respect to any Person, (a) the acquisition
(whether for cash, property, services, assumption of Indebtedness or securities
or otherwise) of assets comprising a

                                       14
<PAGE>
business, shares of capital stock, bonds, notes, debentures, partnership or
other ownership interests or other securities of another Person, (b) any deposit
with, or advance, loan or other extension of credit to, such other Person (other
than deposits made in connection with the purchase of equipment or other assets
in the ordinary course of business) or (c) any other investment in such other
Person, including without limitation, any Guaranty Obligation for the benefit of
such other Person.

     "IRPA Obligations" means, a continuing reserve, calculated at a frequency
determined by the Administrative Agent in its sole discretion, for the aggregate
amount of liabilities and obligations arising under Interest Rate Protection
Agreements, each valued as the termination value thereof calculated according to
a method approved by the International Swap and Derivatives Association and as
such International Swap and Derivatives Association method may be further
specified in each Interest Rate Protection Agreement.

     "Issuing Lender" means Wachovia or such other Issuing Lender reasonably
acceptable to the Company and the Administrative Agent.

     "Issuing Lender Fee" means such term as defined in Section 4.5.

     "Joinder Agreement" means the form of Joinder Agreement to be executed by
each new Borrower under the Credit Agreement pursuant to Section 7.11 hereof,
substantially in the form of Exhibit K hereto.

     "Landlord Agreement" means a Landlord Lien Waiver Agreement, substantially
in the form of Exhibit B hereto, between a Credit Party's landlord and the
Administrative Agent acknowledging and agreeing, among other things, (i) that
such landlord waives any Liens on any of the Collateral of such Credit Party and
(ii) to permit the Administrative Agent access to the property for the purposes
of exercising its remedies under the Security Agreement.

     "Lenders" means the Lenders identified as such on Schedule 1.1A and such
other Lenders as may be added in accordance with the terms of this Agreement.

     "Letter of Credit" means a Letter of Credit issued for the account of a
Borrower or one of its Subsidiaries by the Issuing Lender pursuant to Section
2.2, as such Letter of Credit may be amended, modified, extended, renewed or
replaced.

     "Letter of Credit Fee" means such term as defined in Section 4.5.

     "Leverage Ratio" means, as of the last day of each fiscal quarter of the
Company, the ratio of (a) the sum of Consolidated Funded Debt as of such date
plus the aggregate outstanding amount advanced to the Credit Parties under the
Permitted Securitization as of such date to (b) Consolidated EBITDA.

     "Lien" means any mortgage, pledge, hypothecation, collateral assignment,
deposit arrangement, security interest, encumbrance, lien (statutory or
otherwise), hypothec, preference, priority, or charge of any kind (including any
agreement to give any of the foregoing, any conditional sale or other title
retention agreement, any financing or similar statement filed under the Uniform
Commercial Code as adopted and in effect in the relevant jurisdiction, or other
similar recording or notice statute, and any lease in the nature thereof).

                                       15
<PAGE>
     "LMIR" means, for any day, the rate of interest per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or
any successor page) as the London interbank offered rate for one month deposits
in U.S. dollars at approximately 11:00 A.M. (London time), on such day, or if
such day is not a Business Day, then the immediately preceding Business Day (or
if not so reported, then as determined by the Agent from another recognized
source or interbank quotation). If no such rate is available or can be
determined, any request for an LMIR Loan shall be deemed a request for a Base
Rate Loan.

     "LMIR Loans" means Loans accruing interest based on the LMIR.

     "Loans" means the Revolving Loans.

     "LOC Documents" means, with respect to any Letter of Credit, such Letter of
Credit, any amendments thereto, any documents delivered thereunder, and any
other agreements, instruments, guarantees or other documents (whether general in
application or applicable only to such Letter of Credit) governing or providing
for (a) the rights and obligations of the parties concerned or at risk or (b)
any collateral security for such obligations.

     "LOC Obligations" means, at any time, the sum of (a) the maximum amount
which is, or at any time thereafter may become, available to be drawn under all
Letters of Credit then outstanding, assuming compliance with all requirements
for drawings referred to in such Letters of Credit plus (b) the aggregate amount
of all drawings under Letters of Credit honored by the Issuing Lender but not
theretofore reimbursed.

     "Lockbox" means such term as defined in Section 3.1.

     "Lockbox Account" means such term as defined in Section 3.1.

     "Lockbox Agreement" means such term as defined in Section 3.1.

     "Lockbox Bank" means such term as defined in Section 3.1.

     "London Interbank Offered Rate" means, with respect to any Eurodollar Loan
for the Interest Period applicable thereto, the rate of interest per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on
Telerate Page 3750 (or any successor page) as the London interbank offered rate
for deposits in U.S. dollars at approximately 11:00 A.M. (London time) two (2)
Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period; provided, however, if more than one rate is
specified on Telerate Page 3750, the applicable rate shall be the arithmetic
mean of all such rates. If, for any reason, such rate is not available, the term
"London Interbank Offered Rate" shall mean, with respect to any Eurodollar Loan
for the Interest Period applicable thereto, the rate of interest per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters
Screen LIBO Page as the London interbank offered rate for deposits in U.S.
dollars at approximately 11:00 A.M. (London time) two (2) Business Days prior to
the first day of such Interest Period for a term comparable to such Interest
Period; provided, however, if more than one rate is specified on Reuters Screen
LIBO Page, the applicable rate shall be the arithmetic mean of all such rates.

                                       16
<PAGE>
     "Material Adverse Effect" means a material adverse effect, after taking
into account any applicable insurance (to the extent the provider of such
insurance has the financial ability to support its obligations with respect
thereto and is not disputing or refusing to acknowledge same), on (a) the
business, assets, operations, prospects or condition (financial or otherwise) of
the Consolidated Parties, taken as a whole, (b) the ability of (i) the Borrowers
to perform their obligations under this Credit Agreement or any of the other
Credit Documents or (ii) the Credit Parties to perform their obligations under
this Agreement or any of the other Credit Documents, (c) the Collateral or (d)
the validity or enforceability of this Agreement, any of the other Credit
Documents, or the rights and remedies of the Lenders hereunder or thereunder
taken as a whole.

     "Material Contract" means any contract or other arrangement (other than any
of the Leases or the Credit Documents), whether written or oral, to which any
Credit Party is a party as to which the breach, nonperformance, cancellation or
failure to renew by any party thereto could reasonably be expected to have a
Material Adverse Effect.

     "Maturity Date" means April 28, 2008.

     "Multiemployer Plan" means a Plan which is a multiemployer plan as defined
in Sections 3(37) or 4001(a)(3) of ERISA.

     "Multiple Employer Plan" means a Plan (other than a Multiemployer Plan)
which the Borrowers or any ERISA Affiliate and at least one other employer other
than any Borrower or any ERISA Affiliate are contributing sponsors.

     "Net Proceeds" means all cash proceeds received in connection with an Asset
Disposition, net of (a) the actual cash costs incurred in connection with and
attributable to such Asset Disposition, (b) any tax liability attributable to
such transaction and (c) amounts applied to repayment of Indebtedness (other
than the Obligations) secured by a Permitted Lien on a disposed asset.

     "Notes" means the Revolving Credit Notes.

     "Notice of Borrowing" means the request by a Borrower for a Revolving Loan
in the form of Exhibit C.

     "Notice of Continuation/Conversion" means a request by the Borrowers to (i)
continue an existing Eurodollar Loan, (ii) convert a Base Rate Loan or LMIR Loan
to a Eurodollar Loan, or (iii) convert a Eurodollar Loan to a Base Rate Loan or
LMIR Loan, in the form of Exhibit C.

     "Obligations" means the Loans, any other loans and advances or extensions
of credit made or to be made by any Lender to any Borrower, or to others for any
Borrower's account in each case pursuant to the terms and provisions of this
Credit Agreement, together with interest thereon (including interest which would
be payable as post-petition interest in connection with any bankruptcy or
similar proceeding) and, including, without limitation, any reimbursement
obligation or indemnity of the Borrowers on account of Letters of Credit and all
other LOC Obligations, and all indebtedness, fees, liabilities, guarantees and
obligations which may at any time be owing by any Borrower or any other Credit
Party to any Lender in each case pursuant to this Credit Agreement or any other
Credit Document, whether now in existence or incurred by a

                                       17
<PAGE>
Borrower or any other Credit Party from time to time hereafter, whether
unsecured or secured by pledge, Lien upon or security interest in any of a
Borrower's or other Credit Party's assets or property or the assets or property
of any other Person, whether such indebtedness is absolute or contingent, joint
or several, matured or unmatured, direct or indirect and whether such Borrower
or other Credit Party is liable to such Lender for such indebtedness as
principal, surety, endorser, guarantor or otherwise. Obligations shall also
include any other indebtedness owing to any Lender by any Borrower or other
Credit Party under this Credit Agreement and the other Credit Documents, any
Borrower's liability to any Lender pursuant to this Credit Agreement as maker or
endorser of any promissory note or other instrument for the payment of money,
any Borrower's or other Credit Party's liability to any Lender pursuant to this
Credit Agreement or any other Credit Document under any instrument of guaranty
or indemnity, or arising under any guaranty, endorsement or undertaking which
any Lender may make or issue to others for any such Borrower's account pursuant
to this Credit Agreement, including any accommodation extended with respect to
applications for Letters of Credit, and all liabilities and obligations owing
from any Borrower to any Lender, or any affiliate of a Lender, arising under
Interest Rate Protection Agreements, all liabilities and obligations now or
hereafter arising from or in connection with any Cash Management Products, and
all other obligations of the Credit Parties to any Lender (or an Affiliate of
any Lender) and the Agent arising under or in connection with the any other
Credit Document.

     "OFAC" means the U.S. Department of the Treasury's Office of Foreign Assets
Control.

     "Participation Interest" means a participation in Letters of Credit or LOC
Obligations purchased pursuant to Section 2.2 or Section 2.4 or in Loans
purchased pursuant to Section 4.6 or Section 11.3.

     "PBGC" means the Pension Benefit Guaranty Corporation established pursuant
to Subtitle A of Title IV of ERISA, and any successor thereof.

     "Permitted Investments" means:

          (a) cash and Cash Equivalents;

          (b) money market investment programs that invest exclusively in Cash
Equivalents and that are classified as a current asset in accordance with GAAP
and that are administered by broker-dealers reasonably acceptable to the
Administrative Agent;

          (c) Investments of a Credit Party into another Credit Party;

          (d) loans or advances in the usual and ordinary course of business to
officers, directors and employees for expenses incidental to carrying on the
business of the Credit Parties, including, without, limitation, relocation and
other reasonable expenses associated with employee compensation and perquisites;

          (e) accounts receivable arising from the sale of goods and services in
the ordinary course of business of the Credit Parties;

                                       18
<PAGE>
          (f) stock or securities received in settlement of debts (created in
the ordinary course of business) owing to a Credit Party;

          (g) Investments existing on the Closing Date and set forth on Schedule
1.1B attached hereto;

          (h) loans to officers and employees of the Company to purchase the
Capital Stock of the Company in an amount up to $1,000,000 in the aggregate at
any time outstanding;

          (i) transactions permitted pursuant to Section 9.10;

          (j) promissory notes issued as consideration in connection with asset
sales permitted hereunder;

          (k) Investments by the Credit Parties in their direct or indirect
Subsidiaries which are not Credit Parties, in an amount up to $5,000,000 in the
aggregate at any time outstanding;

          (l) [intentionally omitted];

          (m) Investments consisting of prepayments, redemptions or purchases of
the 2009 Senior Notes permitted under Section 9.15(b);

          (n) [intentionally omitted];

          (o) Investments in Hedging Agreements permitted under Section 9.1(a);

          (p) the Guaranty dated September 22, 2004 by the Company in favor of
Cambridge 16, S. de R.L. de C.V. ("Landlord"), guarantying obligations under
that certain Lease dated September 22, 2004 between Landlord and WLVN de
Latinoamerica, S. de. R.L. de C.V. not exceeding $10.0 million in the aggregate;

          (q) Investments (other than the Guaranty permitted under clause (p)
hereof) in WLVN de Latinoamerica, S. de. R.L. de C.V. and WLV Mexico, S. de.
R.L. de C.V. not exceeding $12.5 million in the aggregate (when added to any
dispositions of equipment made as permitted under clause (g) of Section 9.5);
and

          (r) such other Investments as the Administrative Agent and the
Required Lenders may approve in their reasonable discretion.

     "Permitted Liens" means:

          (a) Liens in favor of the Lenders pursuant to any Credit Document or
any Interest Rate Protection Agreement;

                                       19
<PAGE>
          (b) Liens for taxes not yet due or Liens for taxes being contested in
good faith by appropriate proceedings for which adequate reserves determined in
accordance with GAAP have been established;

          (c) Liens in respect of property imposed by law arising in the
ordinary course of business such as materialmen's, mechanics', warehousemen's,
supplier's or vendor's and other like Liens provided that such Liens secure only
amounts not yet due and payable or if overdue are being contested in good faith
by appropriate actions or proceedings and adequate reserves have been
established;

          (d) pledges or deposits made to secure payment of worker's
compensation insurance, unemployment insurance, pensions or social security
programs;

          (e) Liens arising from good faith deposits in connection with or to
secure performance of tenders, statutory obligations, surety and appeal bonds,
bids, leases, government contracts, performance and return-of-money bonds and
other similar obligations incurred in the ordinary course of business (other
than obligations in respect of the payment of borrowed money);

          (f) easements, rights-of-way, restrictions (including zoning
restrictions), minor defects or irregularities in title and other similar
charges or encumbrances not impairing, in any material respect, the use of such
property for its intended purposes or interfering, in any material respect, with
the ordinary conduct of business of the Credit Parties;

          (g) Liens securing purchase money indebtedness (it being understood
for the purposes of this Agreement that conditional sales contracts shall
constitute purchase money indebtedness) permitted by Section 9.1(d);

          (h) Liens existing on property or assets of any Consolidated Party as
of the date of this Agreement and disclosed on Schedule 1.1C; provided that the
Liens set forth on Schedule 1.1C shall not extend to or secure any Indebtedness
other than any such Indebtedness outstanding on the date hereof;

          (i) financing statements filed in connection with operating leases
made in the ordinary course of business; and

          (j) judgments and other similar Liens arising in connection with court
proceedings to the extent such judgments do not constitute Events of Default;
provided the execution or other enforcement of such Lien is effectively stayed
and the claims secured thereby are being actively contested in good faith and by
appropriate proceedings.

     "Permitted Securitization" means the trade securitization transaction for
an aggregate principal amount of third party investments or advances of up to
$45,000,000, evidenced by that certain Receivables Sale Agreement, dated as of
April 28, 2005 among the Securitization Companies and the SPC and that certain
Receivables Purchase Agreement, dated as of April 28, 2005 among the SPC,
Wolverine Finance, LLC, the Company, Blue Ridge Asset Funding

                                       20
<PAGE>
Corporation, the liquidity banks from time to time party thereto and Wachovia
Bank, National Association.

     "Person" means any individual, partnership, joint venture, firm,
corporation, limited liability company, association, trust or other enterprise
or any government or political subdivision or any agency, department or
instrumentality thereof.

     "Plan" means any employee benefit plan (as defined in Section 3(3) of
ERISA) which is covered by ERISA and with respect to which the Borrowers or any
ERISA Affiliate is (or, if such plan were terminated at such time, would under
Section 4069 of ERISA be deemed to be) an "employer" within the meaning of
Section 3(5) of ERISA.

     "Pledge Agreement" means the Pledge Agreement, dated as of March 27, 2002,
and amended on the Closing Date, between the Administrative Agent and the Credit
Parties, in the form attached hereto as Exhibit E-2.

     "Prime Rate" means the per annum rate of interest established from time to
time by the Administrative Agent at its principal office in Charlotte, North
Carolina (or such other principal office of the Administrative Agent as
communicated in writing to the Borrowers and the Lenders) as its Prime Rate. Any
change in the interest rate resulting from a change in the Prime Rate shall
become effective as of 12:01 a.m. of the Business Day on which each change in
the Prime Rate is announced by the Administrative Agent. The Prime Rate is a
reference rate used by the Administrative Agent in determining interest rates on
certain loans and is not intended to be the lowest rate of interest charged on
any extension of credit to any debtor.

     "Production Month" means for the first two Production Months of a quarter a
4 week production period and for the third Production Month of a production
quarter a five week production period of the Credit Parties.

     "Production Quarter" means each thirteen week production period of the
Credit Parties.

     "Regulation U or X" means Regulation U or X, respectively, of the Board of
Governors of the Federal Reserve System as from time to time in effect and any
successor to all or a portion thereof establishing reserve requirements.

     "Reportable Event" means any of the events set forth in Section 4043(c) of
ERISA, other than those events as to which the notice requirement has been
waived by regulation.

     "Required Lenders" means Lenders whose aggregate Credit Exposure (as
hereinafter defined) constitute at least 51% of the aggregate Credit Exposure of
all Lenders at such time; provided, however, that Required Lenders shall be
comprised of at least two (2) Lenders if there is more than one Lender, and
provided, further, that if any Lender shall be a Defaulting Lender at such time
then there shall be excluded from the determination of Required Lenders at such
time the aggregate principal amount of Credit Exposure of such Lender at such
time. For purposes of the preceding sentence, the term "Credit Exposure" as
applied to each Lender shall mean (a) at any time prior to the termination of
the Commitments, the Revolving Loan Commitment Percentage of such Lender
multiplied times the Revolving Loan Commitment, and (b) at any time after the
termination of the Commitments, the sum of (i) the principal balance of
outstanding Revolving Loans of such

                                       21
<PAGE>
Lender, plus (ii) such Lender's Participation Interests in the face amount of
outstanding Letters of Credit.

     "Requirement of Law" means, as to any Person, any law, treaty, rule or
regulation or final, non-appealable determination of an arbitrator or a court or
other Governmental Authority, in each case applicable to our binding upon such
Person or to which any of its property is subject.

     "Restricted Payment" means (i) any cash dividend or other cash
distribution, direct or indirect, on account of any shares of any class of
Capital Stock of any member of the Consolidated Parties, now or hereafter
outstanding, (ii) any redemption, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any shares of
any class of Capital Stock of any member of the Consolidated Parties now or
hereafter outstanding by such member of the Consolidated Parties, except for any
redemption, retirement, sinking funds or similar payment payable solely in such
shares of that class of stock or in any class of stock junior to that class or
(iii) any cash payment made to redeem, purchase, repurchase or retire, or to
obtain the surrender of, any outstanding warrants, options or other rights to
acquire any shares of any class of Capital Stock of any member of the
Consolidated Parties now or hereafter outstanding.

     "Revolving Credit Notes" means the promissory notes of the Borrowers in
favor of each Lender evidencing the Revolving Loans and substantially in the
form of Exhibit D, as such promissory notes may be amended, modified,
supplemented or replaced from time to time.

     "Revolving Loan Commitment" means $35,000,000 (U.S.), as such amount may be
reduced in accordance with Section 2.10.

     "Revolving Loan Commitment Percentage" means, for each Lender, the
percentage identified as its Revolving Loan Commitment Percentage opposite such
Lender's name on Schedule 1.1A, as such percentage may be modified by assignment
in accordance with the terms of this Agreement.

     "Revolving Loans" means the revolving loans made by the Lenders to the
Borrowers pursuant to Section 2.1.

     "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 (a) a Person named on the list of "Specially
Designated Nationals and Blocked Persons" maintained by OFAC available at
http://www.treas.gov/offices/enforcement/ofac/sanctions/index.html, or as
otherwise published from time to time, or (b) (i) an agency of the government of
a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country,
or (iii) a person resident in a Sanctioned Country, to the extent subject to a
sanctions program administered by OFAC.

                                       22
<PAGE>
     "Securitization Account" means Account No. XXXXXXXXXXXXX, ABA No.
XXXXXXXXX, at Wachovia Bank, National Association, titled in the name of
"Wachovia Bank, National Association."

     "Securitization Companies" means the Company, Tube Forming, L.P. and Small
Tube Manufacturing, LLC.

     "Security Agreement" means the Security Agreement, dated as of March 27,
2002, and amended on the Closing Date, between the Administrative Agent and the
Credit Parties, in the form attached hereto as Exhibit E-1.

     "Security Documents" means, collectively, the Security Agreement, the
Pledge Agreement, any Acknowledgment Agreements and any Lockbox Agreement.

     "Senior Financial Officers" means the Chief Executive Officer, Chief
Financial Officer, Controller and Treasurer of the Company or any other Credit
Party.

     "Senior Management Members" means such term as defined in Section 6.28.

     "Senior Officers" means each of the Senior Financial Officers and each
Senior Management Member of the Credit Parties.

     "Settlement Period" means such term as defined in Section 2.7(a) and (b).

     "Single Employer Plan" means any Plan which is covered by Title IV of
ERISA, but which is not a Multiemployer Plan or a Multiple Employer Plan.

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

     "SPC" means DEJ 98 FINANCE, LLC, a Delaware limited liability company.

     "Subsidiary" of any Person means (a) any corporation more than 50% of whose
stock of any class or classes having by the terms thereof ordinary voting power
to elect a majority of the directors of such corporation (irrespective of
whether or not at the time, any class or classes of the

                                       23
<PAGE>
capital stock of such corporation shall have or might have voting power by
reason of the happening of any contingency) is at the time owned by such Person
directly or indirectly through Subsidiaries of such Person, and (b) any
partnership, association, joint venture or other entity in which such Person
directly or indirectly through Subsidiaries of such Person has more than 50% of
the equity interest at any time; provided, however, that the SPC shall not be
considered a Subsidiary of the Company or any of its other Subsidiaries.

     "Termination Event" means (i) a Reportable Event with respect to any
Benefit Plan or Multiemployer Plan; (ii) the withdrawal of any Borrower, any
Subsidiary or any ERISA Affiliate from a Benefit Plan during a plan year in
which such entity was a "substantial employer" as defined in Section 4001(a)(2)
of ERISA; (iii) the providing of notice of intent to terminate a Benefit Plan
pursuant to Section 4041 of ERISA; (iv) the institution by the PBGC of
proceedings to terminate a Benefit Plan or Multiemployer Plan; (v) any event or
condition (a) which might constitute grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Benefit Plan
or Multiemployer Plan, or (b) that may result in termination of a Multiemployer
Plan pursuant to Section 4041A of ERISA; or (vi) the partial or complete
withdrawal within the meaning of Sections 4203 and 4205 of ERISA, of any
Borrower, any Subsidiary or any ERISA Affiliate from a Multiemployer Plan.

     "UCC" means such term as defined in Section 1.3.

     "Unfinanced Capital Expenditures" means, for any period, all Capital
Expenditures not financed from proceeds of Consolidated Funded Debt (other than
Loans made under this Agreement or from proceeds of the Permitted
Securitization).

     "Unused Fees" means such term as defined in Section 4.5.

     "Unutilized Revolving Commitment" means, for any period, the amount by
which (a) the Revolving Loan Commitment exceeds (b) the daily average sum for
such period of the outstanding aggregate principal amount of all Revolving Loans
plus the daily average balance of LOC Obligations for such period.

     "U.S. Subsidiary" means any direct or indirect Subsidiary of the Borrowers
which is incorporated or organized under the laws of any State of the United
States or the District of Columbia.

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

     "Wachovia" means Wachovia Bank, National Association, having its principal
office in North Carolina, and its successors and permitted assigns.

     "Wachovia Cash Collateral Accounts" means any Wachovia account established
and maintained in the name of the Borrowers at Wachovia, with the Administrative
Agent named as secured party thereon, into which funds transferred from any
Lockbox or from the Concentration Account or from the Securitization Account
will be deposited.

                                       24
<PAGE>
     "Wachovia Funding Account" means any account established and maintained in
the name of the Borrowers at Wachovia, with the Administrative Agent named as
secured party thereon.

     "WLV Joining Technologies Account" means Account No. XXX-XXXX, ABA No.
XXXXXXXXX, at Mellon Bank, N.A., titled in the name of "Wolverine Joining
Technologies, LLC."

     "2008 Senior Note Indenture" means the Indenture, dated as of August 4,
1998 by and among the Company and Wachovia Bank, National Association (f/k/a
First Union National Bank), as trustee, as the same may be amended, modified,
restated or supplemented and in effect from time to time in accordance with the
terms hereof..

     "2008 Senior Noteholders" means a collective reference to the holders from
time to time of the 2008 Senior Notes and "2008 Senior Noteholder" means any one
of them.

     "2008 Senior Notes" means a reference to any one of the Company's
$150,000,000 7 3/8% Senior Notes, due August, 2008 issued by the Company in
favor of the 2008 Senior Noteholders pursuant to the 2008 Senior Note Indenture,
as such 2008 Senior Notes may be amended, modified, restated or supplemented and
in effect from time to time in accordance with the terms hereof.

     "2009 Senior Note Indenture" means that certain Indenture dated as of March
27, 2002 by and among the Company, the Subsidiaries listed therein and Wachovia
Bank, National Association, as Trustee, as such 2009 Senior Note Indenture may
be amended, modified, restated, replaced or supplemented and in effect from time
to time in accordance with the terms hereof.

     "2009 Senior Noteholders" means a collective reference to the holders from
time to time of the 2009 Senior Notes and "2009 Senior Noteholder" means any one
of them.

     "2009 Senior Notes" means a reference to any one of the Company's
$120,000,000 10.5% Senior Notes, due April 1, 2009 issued by the Company in
favor of the 2009 Senior Noteholders pursuant to the 2009 Senior Note Indenture,
as such 2009 Senior Notes may be amended, modified, restated, replaced or
supplemented and in effect from time to time in accordance with the terms
hereof.

     1.2  ACCOUNTING TERMS

     Except as otherwise expressly provided herein, all accounting terms used
herein shall be interpreted, and all financial statements and certificates and
reports as to financial matters required to be delivered to the Lenders
hereunder shall be prepared in accordance with GAAP applied on a consistent
basis. All calculations made for the purposes of determining compliance with
this Agreement shall (except as otherwise expressly provided herein) be made by
application of GAAP applied on a basis consistent with those used in the
preparation of the latest annual or quarterly financial statements under Section
7.1 (or prior to the delivery of the first financial statements under Section
7.1 used in the preparation of the financial statements described in Section
6.6). In determining "pro forma" compliance with the financial covenants herein,
as required pursuant to any provision hereof, any Indebtedness incurred or asset
sale made or Acquisition completed shall

                                       25
<PAGE>
be deemed to have been incurred, made or completed, as the case may be, on the
first day of the four fiscal quarters most recently ended prior to such
occurrence.

     The Borrowers shall deliver to the Lenders at the same time as the delivery
of any annual or quarterly financial statement under Section 7.1, (a) a
description in reasonable detail of any material variation between the
application of accounting principles employed in the preparation of such
statement and the application of accounting principles employed in the
preparation of the most recent preceding annual or quarterly financial
statements and (b) reasonable estimates of the difference between such
statements arising as a consequence thereof.

     1.3  OTHER DEFINITIONAL PROVISIONS

     Terms not otherwise defined herein which are defined in the Uniform
Commercial Code as in effect in the State of North Carolina (the "UCC") shall
have the meanings given them in the UCC. The words "hereof", "herein" and
"hereunder" and words of similar import when used in this Credit Agreement shall
refer to the Credit Agreement as a whole and not to any particular provision of
this Credit Agreement, unless otherwise specifically provided. References in
this Agreement to "Articles", "Sections", "Schedules" or "Exhibits" shall be to
Articles, Sections, Schedules or Exhibits of or to this Agreement unless
otherwise specifically provided. Any of the terms defined in Section 1.1 may,
unless the context otherwise requires, be used in the singular or plural
depending on the reference. "Include", "includes" and "including" shall be
deemed to be followed by "without limitation" whether or not they are in fact
followed by such words or words of like import. "Writing", "written" and
comparable terms refer to printing, typing, computer disk, e-mail and other
means of reproducing words in a visible form. References to any agreement or
contract are to such agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof. References to
any Person include the successors and permitted assigns of such Person.
References "from" or "through" any date mean, unless otherwise specified, "from
and including" or "through and including", respectively. References to any times
herein unless otherwise specified herein shall refer to Eastern Standard or
Daylight time, as from time to time in effect.

                                   ARTICLE II

                               THE REVOLVING LOANS

     2.1  REVOLVING LOANS

          (a) Revolving Loan Commitment. Subject to the terms and conditions set
forth herein, each Lender agrees, severally and not jointly, at any time and
from time to time from the Effective Date to the Maturity Date, to make
revolving loans (each a "Revolving Loan" and collectively, the "Revolving
Loans") in U.S. dollars to the Borrowers; provided, however, that (i) the
aggregate amount of Revolving Loans outstanding plus IRPA Obligations plus LOC
Obligations outstanding at any one time may not exceed the lesser of the
Borrowing Base and the Revolving Loan Commitment; and (ii) with regard to each
individual Lender, the Lender's pro rata share of outstanding Revolving Loans
plus IRPA Obligations plus LOC Obligations outstanding shall not exceed such
Lender's Revolving Loan Commitment Percentage of the Revolving Loan Commitment.

                                       26
<PAGE>
          Revolving Loans shall consist of Base Rate Loans, LMIR Loans or
Eurodollar Loans (or a combination thereof) as the Borrowers may request, and
the Borrowers may borrow, repay and reborrow in accordance with the terms
hereof. The Administrative Agent shall have the continuing right to deduct
reserves from the Borrowing Base, and to increase and decrease such reserves
from time to time, if and to the extent that in the Administrative Agent's
reasonable discretion, such reserves are necessary, including to protect the
Administrative Agent's and/or Lender's interest in the Collateral or to protect
the Administrative Agent against possible non-payment of Accounts for any reason
by account debtors or possible diminution of the value of any of the Collateral
or possible non-payment of any of the Obligations or for any Taxes or in respect
of any state of facts that could constitute a Default. The Administrative Agent
may, at its option, or shall at the request of the Required Lenders, implement
reserves by designating as ineligible a sufficient amount of the Account or
Inventory that would otherwise be Eligible Accounts or Eligible Inventory, as
the case may be, so as to reduce the Borrowing Base by the amount of the
intended reserves. Notwithstanding the foregoing to the contrary or any other
term or provision herein, LMIR Loans shall be available to be made only when
there is a single Lender under this Credit Agreement.

          (b) Method of Borrowing for Revolving Loans.

               (i) Base Rate Loans and LMIR Loans. By no later than 11:00 a.m.,
on the date of the request, the applicable Borrower shall submit a Notice of
Borrowing to the Administrative Agent setting forth the amount requested, the
desire to have such Revolving Loan made as a Base Rate Loan or LMIR Loan and
complying in all respects with Section 5.2; provided, however, that certain Base
Rate Loans may be made without a Notice of Borrowing in accordance with Section
2.7(a).

               (ii) Eurodollar Loans. By no later than 11:00 a.m., three (3)
Business Days prior to the date of the requested Eurodollar Loan, the applicable
Borrower shall submit a Notice of Borrowing to the Administrative Agent setting
forth the amount thereof, the desire to have such Revolving Loan made as a
Eurodollar Loan, the Interest Period applicable thereto and complying in all
respects with Section 5.2.

     2.2  LETTER OF CREDIT SUBFACILITY.

          (a) Issuance. Subject to the terms and conditions hereof and of the
LOC Documents, if any, and any other terms and conditions which the Issuing
Lender may reasonably require, the Issuing Lender shall from time to time upon
request issue, in U.S. dollars, and the Lenders shall participate in, letters of
credit (the "Letters of Credit") for the account of the Borrowers or any of
their Subsidiaries, from the Effective Date until the Maturity Date, in a form
reasonably acceptable to the Issuing Lender; provided, however, that (i) the
aggregate amount of LOC Obligations shall not at any time exceed $12,000,000,
(ii) the sum of the aggregate amount of LOC Obligations outstanding plus
Revolving Loans plus IRPA Obligations shall not exceed the lesser of the
Borrowing Base and the Revolving Loan Commitment, and (iii) with respect to each
individual Lender, the Lender's pro rata share of outstanding Revolving Loans
plus its pro rata share of outstanding LOC Obligations shall not exceed such
Lender's Revolving Loan Commitment Percentage of the Revolving Loan Commitment.
The issuance and expiry date of each Letter of Credit shall be a Business Day.
Except as otherwise expressly agreed upon by all

                                       27
<PAGE>
the Lenders, no Letter of Credit shall have an original expiry date more than
one year from the date of issuance, or as extended, shall have an expiry date
extending beyond the Maturity Date, except that prior to the Maturity Date a
Letter of Credit may be issued or extended with an expiry date extending beyond
the Maturity Date, if and to the extent that the Borrowers shall provide cash
collateral to the Issuing Lender on the Maturity Date in an amount equal to the
maximum amount available to be drawn under such Letter of Credit and the
Required Lenders or the Issuing Lender shall not otherwise object. Each Letter
of Credit shall be either (x) a standby letter of credit issued to support the
obligations (including pension or insurance obligations), contingent or
otherwise, of a Borrower or any of its Subsidiaries, or (y) a commercial letter
of credit in respect of the purchase of goods or services by a Borrower or any
of its Subsidiaries in the ordinary course of business. Each Letter of Credit
shall comply with the related LOC Documents.

          (b) Notice and Reports. The request for the issuance of a Letter of
Credit shall be submitted to the Issuing Lender at least three (3) Business Days
prior to the requested date of issuance. The Issuing Lender will, at least
quarterly and more frequently upon request, provide to the Administrative Agent
for dissemination to the Lenders a detailed report specifying the Letters of
Credit which are then issued and outstanding and any activity with respect
thereto which may have occurred since the date of the prior report, and
including therein, among other things, the account party, the beneficiary, the
face amount, and the expiry date as well as any payments or expirations which
may have occurred. The Issuing Lender will further provide to the Administrative
Agent, promptly upon request, copies of the Letters of Credit.

          (c) Participations. Each Lender, upon issuance of a Letter of Credit,
shall be deemed to have purchased without recourse a risk participation from the
Issuing Lender in such Letter of Credit and the obligations arising thereunder
and any collateral relating thereto, in each case in an amount equal to its
Revolving Loan Commitment Percentage of the obligations under such Letter of
Credit, and shall absolutely, unconditionally and irrevocably assume, as primary
obligor and not as surety, and be obligated to pay to the Issuing Lender
therefor and discharge when due, its Revolving Loan Commitment Percentage of the
obligations arising under such Letter of Credit. Without limiting the scope and
nature of each Lender's participation in any Letter of Credit, to the extent
that the Issuing Lender has not been reimbursed as required hereunder or under
any such Letter of Credit, each such Lender shall pay to the Issuing Lender its
Revolving Loan Commitment Percentage of such unreimbursed drawing in same day
funds on the day of notification by the Issuing Lender of an unreimbursed
drawing pursuant to the provisions of subsection (d) hereof. The obligation of
each Lender to so reimburse the Issuing Lender shall be absolute and
unconditional and shall not be affected by the occurrence of a Default, an Event
of Default or any other occurrence or event. Any such reimbursement shall not
relieve or otherwise impair the obligation of the Borrowers or any other Credit
Party to reimburse the Issuing Lender under any Letter of Credit, together with
interest as hereinafter provided.

          (d) Reimbursement. In the event of any drawing under any Letter of
Credit, the Issuing Lender will promptly notify the Borrowers. Unless the
Borrowers shall immediately notify the Issuing Lender of its intent to otherwise
reimburse the Issuing Lender, the Borrowers shall be deemed to have requested a
Revolving Loan made as a Base Rate Loan, in the amount of the drawing as
provided in subsection (e) hereof, the proceeds of which will be used to satisfy

                                       28
<PAGE>
the reimbursement obligations. The Borrowers shall reimburse the Issuing Lender
on the day of drawing under any Letter of Credit either with the proceeds of a
Revolving Loan obtained hereunder or otherwise in same day funds as provided
herein or in the LOC Documents. If the Borrowers shall fail to reimburse the
Issuing Lender as provided hereinabove, the unreimbursed amount of such drawing
shall bear interest at a per annum rate equal to the Base Rate, plus the sum of
the Applicable Percentage for Base Rate Loans and two percent (2%). Subject to
Section 2.2(k)(v), the Borrowers' reimbursement obligations hereunder shall be
absolute and unconditional under all circumstances irrespective of (but without
waiver of) any rights of set-off, counterclaim or defense to payment that the
applicable account party or the Borrowers may claim or have against the Issuing
Lender, the Administrative Agent, the Lenders, the beneficiary of the Letter of
Credit drawn upon or any other Person, including without limitation, any defense
based on any failure of the applicable account party, the Borrowers or any other
Credit Party to receive consideration or the legality, validity, regularity or
unenforceability of the Letter of Credit. The Issuing Lender will promptly
notify the Lenders of the amount of any unreimbursed drawing and each Lender
shall promptly pay to the Administrative Agent for the account of the Issuing
Lender, in Dollars and in immediately available funds, the amount of such
Lender's Revolving Loan Commitment Percentage of such unreimbursed drawing. Such
payment shall be made on the day such notice is received by such Lender from the
Issuing Lender if such notice is received at or before 2:00 p.m., otherwise such
payment shall be made at or before 12:00 Noon on the Business Day next
succeeding the day such notice is received. If such Lender does not pay such
amount to the Issuing Lender in full upon such request, such Lender shall, on
demand, pay to the Administrative Agent for the account of the Issuing Lender
interest on the unpaid amount during the period from the date the Lender
received the notice regarding the unreimbursed drawing until such Lender pays
such amount to the Issuing Lender in full at a rate per annum equal to, if paid
within two (2) Business Days of the date of drawing, the Federal Funds Rate and
thereafter at a rate equal to the Base Rate. Each Lender's obligation to make
such payment to the Issuing Lender, and the right of the Issuing Lender to
receive the same, shall be absolute and unconditional, shall not be affected by
any circumstance whatsoever and without regard to the termination of this
Agreement or the Commitments hereunder, the existence of a Default or Event of
Default or the acceleration of the obligations hereunder and shall be made
without any offset, abatement, withholding or reduction whatsoever.
Simultaneously with the making of each such payment by a Lender to the Issuing
Lender, such Lender shall, automatically and without any further action on the
part of the Issuing Lender or such Lender, acquire a participation in an amount
equal to such payment (excluding the portion of such payment constituting
interest owing to the Issuing Lender) in the related unreimbursed drawing
portion of the LOC Obligation and in the interest thereon and in the related LOC
Documents, and shall have a claim against the Borrowers and the other applicable
Credit Parties with respect thereto.

          (e) Repayment with Revolving Loans. On any day on which the Borrowers
shall have requested, or been deemed to have requested, a Revolving Loan
borrowing to reimburse a drawing under a Letter of Credit, the Administrative
Agent shall give notice to the Lenders that a Revolving Loan has been requested
or deemed requested in connection with a drawing under a Letter of Credit, in
which case a Revolving Loan borrowing comprised solely of Base Rate Loans (each
such borrowing, a "Mandatory Borrowing") shall be immediately made from all
Lenders (without giving effect to any termination of the Commitments pursuant to
Section 9.2) pro rata based on each Lender's respective Revolving Loan
Commitment

                                       29
<PAGE>
Percentage and the proceeds thereof shall be paid directly to the Issuing Lender
for application to the respective LOC Obligations. Each such Lender hereby
irrevocably agrees to make such Revolving Loans immediately upon any such
request or deemed request on account of each such Mandatory Borrowing in the
amount and in the manner specified in the preceding sentence and on the same
such date notwithstanding (i) the amount of Mandatory Borrowing may not comply
with the minimum amount for borrowings of Revolving Loans otherwise required
hereunder, (ii) whether any conditions specified in Section 5.2 are then
satisfied, (iii) whether a Default or Event of Default then exists, (iv) the
failure of any such request or deemed request for Revolving Loans to be made by
the time otherwise required hereunder, (v) the date of such Mandatory Borrowing,
or (vi) any reduction in the Revolving Loan Commitment or any termination of the
Commitments. In the event that any Mandatory Borrowing cannot for any reason be
made on the date otherwise required above (including, without limitation, as a
result of the commencement of a proceeding under the U.S. Bankruptcy Code with
respect to the Borrowers or any other Credit Party), then each such Lender
hereby agrees that it shall forthwith fund (as of the date the Mandatory
Borrowing would otherwise have occurred, but adjusted for any payments received
from the Borrowers on or after such date and prior to such purchase) its
Participation Interest in the outstanding LOC Obligations; provided, further,
that in the event any Lender shall fail to fund its Participation Interest on
the day the Mandatory Borrowing would otherwise have occurred, then the amount
of such Lender's unfunded Participation Interest therein shall bear interest
payable to the Issuing Lender upon demand, at the rate equal to, if paid within
two (2) Business Days of such date, the Federal Funds Rate, and thereafter at a
rate equal to the Base Rate.

          (f) Designation of Subsidiaries as Account Parties. Notwithstanding
anything to the contrary set forth in this Agreement, a Letter of Credit issued
hereunder may contain a statement to the effect that such Letter of Credit is
issued for the account of a Subsidiary of a Borrower; provided that
notwithstanding such statement, such Borrower shall be the actual account party
for all purposes of this Agreement for such Letter of Credit and such statement
shall not affect the Borrowers' reimbursement obligations hereunder with respect
to such Letter of Credit.

          (g) Modification and Extension. The issuance of any supplement,
modification, amendment, renewal, or extensions to any Letter of Credit shall,
for purposes hereof, be treated in all respects the same as the issuance of a
new Letter of Credit hereunder.

          (h) Uniform Customs and Practices. The Letters of Credit shall be
subject to The Uniform Customs and Practice for Documentary Credits, as
published as of the date of issue by the International Chamber of Commerce
(Publication No. 500 or the most recent publication, the "UCP").

          (i) Responsibility of Issuing Lender. It is expressly understood and
agreed that the obligations of the Issuing Lender hereunder to the Lenders are
only those expressly set forth in this Agreement and that the Issuing Lender
shall be entitled to assume that the conditions precedent set forth in Section
5.2 have been satisfied unless it shall have acquired actual knowledge that any
such condition precedent has not been satisfied; provided, however, that nothing
set forth in this Section 2.2 shall be deemed to prejudice the right of any
Lender to recover from the Issuing Lender any amounts made available by such
Lender to the Issuing

                                       30
<PAGE>
Lender pursuant to this Section 2.2 in the event that it is determined by a
court of competent jurisdiction that the payment with respect to a Letter of
Credit constituted gross negligence or willful misconduct on the part of the
Issuing Lender.

          (j) Conflict with LOC Documents. In the event of any conflict between
this Agreement and any LOC Document, this Agreement shall govern.

          (k) Indemnification of Issuing Lender.

               (i) In addition to its other obligations under this Agreement,
the Borrowers hereby agree to protect, indemnify, pay and save the Issuing
Lender harmless from and against any and all claims, demands, liabilities,
damages, losses, costs, charges and expenses (including reasonable attorneys'
fees) that the Issuing Lender may incur or be subject to as a consequence,
direct or indirect, of (A) the issuance of any Letter of Credit or (B) the
failure of the Issuing Lender to honor a drawing under a Letter of Credit as a
result of any act or omission, whether rightful or wrongful, of any present or
future de jure or de facto government or governmental authority (all such acts
or omissions, herein called "Government Acts").

               (ii) As between the Borrowers and the Issuing Lender, the
Borrowers shall assume all risks of the acts, omissions or misuse of any Letter
of Credit by the beneficiary thereof. The Issuing Lender shall not be
responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or
legal effect of any document submitted by any party in connection with the
application for and issuance of any Letter of Credit, even if it should in fact
prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent
or forged; (B) the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign any Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part, that may prove
to be invalid or ineffective for any reason; (C) failure of the beneficiary of a
Letter of Credit to comply fully with conditions required in order to draw upon
a Letter of Credit; (D) errors, omissions, interruptions or delays in
transmission or delivery of any messages, by mail, cable, telegraph, telex or
otherwise, whether or not they be in cipher; (E) any loss or delay in the
transmission or otherwise of any document required in order to make a drawing
under a Letter of Credit or of the proceeds thereof; and (F) any consequences
arising from causes beyond the control of the Issuing Lender, including, without
limitation, any Government Acts. None of the above shall affect, impair, or
prevent the vesting of the Issuing Lender's rights or powers hereunder.

               (iii) In furtherance and extension and not in limitation of the
specific provisions hereinabove set forth, any action taken or omitted by the
Issuing Lender, under or in connection with any Letter of Credit or the related
certificates, if taken or omitted in good faith, shall not put the Issuing
Lender under any resulting liability to the Borrowers or any Credit Party. It is
the intention of the parties that this Agreement shall be construed and applied
to protect and indemnify the Issuing Lender against any and all risks involved
in the issuance of the Letters of Credit, all of which risks are hereby assumed
by the Borrowers, including, without limitation, any and all risks of the acts
or omissions, whether rightful or wrongful, of any present or future Government
Acts. The

                                       31
<PAGE>
Issuing Lender shall not, in any way, be liable for any failure by the Issuing
Lender or anyone else to pay any drawing under any Letter of Credit as a result
of any Government Acts or any other cause beyond the control of the Issuing
Lender.

               (iv) Nothing in this subsection (k) is intended to limit the
reimbursement obligation of the Borrowers contained in this Section 2.2. The
obligations of the Borrowers under this subsection (k) shall survive the
termination of this Agreement. No act or omission of any current or prior
beneficiary of a Letter of Credit shall in any way affect or impair the rights
of the Issuing Lender to enforce any right, power or benefit under this
Agreement.

               (v) Notwithstanding anything to the contrary contained in this
subsection (k), the Borrowers shall have no obligation to indemnify the Issuing
Lender in respect of any liability incurred by the Issuing Lender arising out of
the gross negligence or willful misconduct of the Issuing Lender, as determined
by a court of competent jurisdiction. Nothing in this Agreement shall relieve
the Issuing Lender of any liability to the Borrowers in respect of any action
taken by the Issuing Lender which action constitutes gross negligence or willful
misconduct of the Issuing Lender or a violation of the UCP or Uniform Commercial
Code (as applicable), as determined by a court of competent jurisdiction.

     2.3  [INTENTIONALLY OMITTED]

     2.4  [INTENTIONALLY OMITTED]

     2.5  [INTENTIONALLY OMITTED]

     2.6  MINIMUM AMOUNTS OF LOANS

     Revolving Loans made as Base Rate Loans or LMIR Loans shall be in minimum
principal amounts of $500,000 and in $100,000 increments in excess thereof.
Revolving Loans made as Eurodollar Loans shall be in minimum principal amounts
of $1,000,000 and in $100,000 increments in excess thereof. No more than four
(4) Eurodollar Loans shall be outstanding hereunder at any one time. For the
purposes of this Section, (i) Eurodollar Loans with the same Interest Period
shall be considered as one Eurodollar Loan and (ii) Eurodollar Loans with
different Interest Periods shall be considered as separate Eurodollar Loans,
even if they begin on the same date, although borrowings, conversions and
continuations may, in accordance with the provisions hereof, be combined at the
end of existing Interest Periods to constitute a new Eurodollar Loan with a
single Interest Period.

     2.7  FUNDING OF LOANS TO BORROWERS

          (a) Revolving Loans.

               (i) Upon receipt of a Notice of Borrowing requesting Revolving
Loans, the Administrative Agent shall promptly inform the Lenders as to the
terms thereof. Each Lender will make its pro rata share of each Revolving Loan
available to the Administrative Agent by 1:00 p.m. (EST), on the date specified
in the Notice of

                                       32
<PAGE>
Borrowing by deposit (in U.S. dollars) of immediately available funds at the
offices of the Administrative Agent at the address provided in Section 14.1, or
at such other address as the Administrative Agent may designate in writing. All
Revolving Loans shall be made by the Lenders pro rata on the basis of each
Lender's Revolving Loan Commitment Percentage. The amount of the Revolving Loans
will then be made available to the Borrowers by the Administrative Agent by
crediting the account of the Borrowers on the books of such office of the
Administrative Agent to the extent of the amount of such Revolving Loans are
made available to the Administrative Agent.

               (ii) Because the Borrowers anticipate requesting borrowings of
Revolving Loans on a daily basis and repaying Revolving Loans on a daily basis
through the collection of Accounts and the proceeds of other Collateral,
resulting in the amount of outstanding Revolving Loans fluctuating from day to
day, in order to administer the Revolving Loans in an efficient manner and to
minimize the transfer of funds between the Administrative Agent and the Lenders,
the Lenders hereby instruct the Administrative Agent, and the Administrative
Agent may (but is not obligated to) (A) make available, on behalf of the
Lenders, the full amount of all Revolving Loans requested by the Borrowers (by
telephone, followed by written confirmation) not to exceed $5,000,000 in the
aggregate at any one time outstanding without requiring that the Borrowers give
the Administrative Agent a written Notice of Borrowing with respect to such
borrowing and without giving each Lender prior notice of the proposed borrowing,
of such Lender's Revolving Loan Commitment Percentage thereof and the other
matters covered by the Notice of Borrowing and (B) if the Administrative Agent
has made any such amounts available as provided in clause (A), upon repayment of
Revolving Loans by the Borrowers, apply such amounts repaid directly to the
amounts made available by the Administrative Agent in accordance with clause (A)
and not yet settled as described below; provided that the Administrative Agent
shall not advance funds as described in clause (A) above if the Administrative
Agent has actually received prior to such borrowing (1) an officer's certificate
from the Company or any Borrower pursuant to and in accordance with Section
7.1(d) that a Default or Event of Default is in existence, which Default or
Event of Default has not been cured or waived in accordance with the terms
hereof, or (2) a Notice of Borrowing with respect to such borrowing from any
Borrower wherein the certification provided therein states that the conditions
to the making of the requested Revolving Loans have not been satisfied or (3) a
written notice from any Lender that the conditions to such borrowing have not
been satisfied, which officer's certificate, Notice of Borrowing or notice, in
each case, shall not have been rescinded.

          During any Cash Dominion Period, proceeds of Revolving Loans made
pursuant to this Section 2.7(a)(ii) shall be transferred directly to the
Wachovia Funding Account and applied to the payment of controlled disbursement
checks and other appropriate charges to such account designated from time to
time by the Borrowers or as otherwise provided for herein and in the other
Credit Documents. Wire transfers on any Business Day from the Wachovia Funding
Account must be specifically requested by the Borrowers by telecopy by no later
than 1:00 P.M. (Eastern time) on such Business Day.

                                       33
<PAGE>
          If the Administrative Agent advances Revolving Loans on behalf of the
Lenders, as provided in the immediately preceding paragraphs, the amount of
outstanding Revolving Loans and each Lender's Revolving Loan Commitment
Percentage thereof shall be computed weekly rather than daily and shall be
adjusted upward or downward on the basis of the amount of outstanding Revolving
Loans as of 5:00 P.M. on the Business Day immediately preceding the date of each
computation; provided, however, that the Administrative Agent retains the
absolute right at any time or from time to time to make the aforedescribed
adjustments at intervals more frequent than weekly. The Administrative Agent
shall deliver to each of the Lenders after the end of each week, or such lesser
period or periods as the Administrative Agent shall determine, a summary
statement of the amount of outstanding Revolving Loans for such period (such
week or lesser period or periods being hereafter referred to as a "Settlement
Period"). If the summary statement is sent by the Administrative Agent and
received by the Lenders prior to 12:00 Noon on any Business Day each Lender
shall make the transfers described in the next succeeding sentence no later than
3:00 P.M. on the day such summary statement was sent; and if such summary
statement is sent by the Administrative Agent and received by the Lenders after
12:00 Noon on any Business Day, each Lender shall make such transfers no later
than 3:00 P.M. on the next succeeding Business Day. If in any Settlement Period,
the amount of a Lender's Revolving Loan Commitment Percentage of the Revolving
Loans is in excess of the amount of Revolving Loans actually funded by such
Lender, such Lender shall forthwith (but in no event later than the time set
forth in the next preceding sentence) transfer to the Administrative Agent by
wire transfer in immediately available funds the amount of such excess; and, on
the other hand, if the amount of a Lender's Revolving Loan Commitment Percentage
of the Revolving Loans in any Settlement Period is less than the amount of
Revolving Loans actually funded by such Lender, the Administrative Agent shall
forthwith transfer to such Lender by wire transfer in immediately available
funds the amount of such difference. The obligation of each of the Lenders to
transfer such funds shall be irrevocable and unconditional and without recourse
to or warranty by the Administrative Agent.

          Each of the Administrative Agent and the Lenders agree to mark their
respective books and records at the end of each Settlement Period to show at all
times the dollar amount of their respective Revolving Loan Commitment
Percentages of the outstanding Revolving Loans. Because the Administrative Agent
on behalf of the Lenders may be advancing and/or may be repaid Revolving Loans
prior to the time when the Lenders will actually advance and/or be repaid
Revolving Loans, interest with respect to Revolving Loans shall be allocated by
the Administrative Agent to each Lender (including the Administrative Agent) in
accordance with the amount of Revolving Loans actually advanced by and repaid to
each Lender (including the Administrative Agent) during each Settlement Period
and shall accrue from and including the date such Revolving Loans are advanced
by the Administrative Agent to but excluding the date such Revolving Loans are
repaid by the Borrowers in accordance with Section 4.3 or actually settled by
the applicable Lender as described in this Section 2.7(a)(ii). For purposes
hereof, the Revolving Loans shall be deemed paid as and to the extent set forth
in Section 3.1(b). All such Revolving Loans shall be made as Base Rate Loans.

          (b) [Intentionally Omitted].

          (c) Funding of Revolving Loans.

                                       34
<PAGE>
          No Lender shall be responsible for the failure or delay by any other
Lender in its obligation to make Revolving Loans hereunder; provided, however,
that the failure of any Lender to fulfill its Commitment hereunder shall not
relieve any other Lender of its Commitment hereunder. Unless the Administrative
Agent shall have been notified by any Lender prior to the date of any Revolving
Loan advance pursuant to a Notice of Borrowing that such Lender does not intend
to make available to the Administrative Agent its portion of the Revolving Loan
advance to be made on such date, the Administrative Agent may assume that such
Lender has made such amount available to the Administrative Agent on the date of
such Revolving Loan advance, and the Administrative Agent, in reliance upon such
assumption, may (in its sole discretion without any obligation to do so) make
available to the applicable Borrower a corresponding amount. If such
corresponding amount is not in fact made available to the Administrative Agent,
the Administrative Agent shall be entitled to recover such corresponding amount
from such Lender. If such Lender does not pay such corresponding amount
forthwith upon the Administrative Agent's demand therefor, the Administrative
Agent will promptly notify the applicable Borrower and such Borrower shall
immediately pay such corresponding amount to the Administrative Agent. The
Administrative Agent shall also be entitled to recover from such Lender or such
Borrower, as the case may be, interest on such corresponding amount in respect
of each day from the date such corresponding amount was made available by the
Administrative Agent to such Borrower to the date such corresponding amount is
recovered by the Administrative Agent, at a per annum rate equal to the Federal
Funds Rate.

     2.8 TERM

     The obligation of the Lenders to make Revolving Loans shall expire at the
Administrative Agent's close of business in Charlotte, North Carolina on the
Maturity Date, or such earlier date if the Commitments are terminated pursuant
to Section 11.2. On the Maturity Date, the entire outstanding principal balance
of all amounts outstanding under the Revolving Loan Commitment, together with
accrued but unpaid interest and all other sums owing under this Agreement, shall
be due and payable in full, unless accelerated sooner pursuant to Section 11.2.
With respect to all Letters of Credit outstanding on the Maturity Date (or such
earlier date if the Commitments are terminated pursuant to Section 11.2), if
any, the Credit Parties will immediately pay to the Administrative Agent
sufficient cash, to be held by the Administrative Agent, for the benefit of the
Lenders, in a cash collateral account as security for the LOC Obligations in
respect of subsequent drawings under all then outstanding Letters of Credit in
an aggregate amount equal to 105% of the maximum aggregate amount which may be
drawn under all Letters of Credits then outstanding. Accrued interest on the
cash collateral account shall be for the account of the Borrowers, subject to
the prior payment in full in cash of all of the Obligations.

     2.9 REVOLVING NOTES

     The Revolving Loans made by each Lender shall be evidenced by a duly
executed promissory note of the applicable Borrower, dated as of the Closing
Date, in an original principal amount equal to such Lender's Revolving Loan
Commitment, and substantially in the form of Exhibit D.

                                       35
<PAGE>
     2.10 REDUCTION OF REVOLVING LOAN COMMITMENT

     Upon at least three (3) Business Days' notice, the Borrowers may from time
to time permanently reduce the Revolving Loan Commitment to an amount no less
than $25,000,000; provided that, (a) such reduction must be in a minimum amount
of $3,000,000 and in integral multiples of $1,000,000 above such amount and (b)
no reduction shall be made which would reduce the Revolving Loan Commitment to
an amount less than the sum of Revolving Loans then outstanding plus LOC
Obligations then outstanding.

                                   ARTICLE III

                           CASH DOMINION ARRANGEMENTS

     3.1 LOCKBOX ARRANGEMENTS

          (a) The Borrowers shall have each established and shall maintain one
or more lockboxes (each a "Lockbox") with financial institutions selected by
them and reasonably acceptable to the Administrative Agent (each a "Lockbox
Bank") and shall instruct all account debtors on the Accounts of each Credit
Party to remit all payments to its respective Lockboxes. All amounts received by
the Credit Parties from any account debtor, in addition to all other cash
proceeds from the Collateral, shall be promptly deposited into the applicable
Lockbox Account (as defined below).

          (b) Each Credit Party, the Administrative Agent and each Lockbox Bank
shall enter into three party agreements in the form of Exhibit F-1 hereto (each
a "Lockbox Agreement"), providing, among other things, for the following (except
as may otherwise be consented to by the Administrative Agent):

               (i) The Credit Parties will open and establish for the benefit of
the Administrative Agent on behalf of the Lenders an account at each Lockbox
Bank (each a "Lockbox Account").

               (ii) All receipts of Accounts of the Securitization Companies
held in the Lockboxes shall be remitted daily to the Concentration Account. All
receipts of all other Accounts held in the Lockboxes shall be remitted daily to
the WLV Joining Technologies Account. During any Cash Dominion Period and upon
notice by the Administrative Agent to the Lockbox Bank, so directing (without
further consent by any Borrower) ("Notice of Cash Dominion"), (x) all funds
deposited into the Concentration Account on any Business Day shall be
transferred as follows: (A) so long as the Permitted Securitization is in
effect, to the Securitization Account, with funds transferred to be applied in
accordance with the Intercreditor Agreement (funds payable to the Agent for the
benefit of the Lenders pursuant to the terms hereof and the Intercreditor
Agreement, will be further transferred to the Wachovia Cash Collateral Account)
and (B) after the termination of the Permitted Securitization, to the Wachovia
Cash Collateral Account and (y) all funds deposited into the WLV Joining
Technologies Account on any Business Day shall be transferred to the Wachovia
Cash Collateral Account. All funds deposited prior to 2:00 p.m. (EST) on any
Business Day to the Wachovia Cash Collateral

                                       36
<PAGE>
Account shall be applied by the Administrative Agent on the same Business Day to
reduce the then outstanding balance of the Revolving Loans and to pay accrued
interest thereon and to pay any other outstanding Obligations of the Borrowers
which are then due and payable hereunder. All amounts received directly by the
Credit Parties from any account debtor, in addition to all other cash proceeds
from the Collateral, shall be held in trust by the Credit Parties and promptly
deposited into the applicable Lockbox Account during the aforesaid Cash Dominion
Period or, if made by wire transfer, directly to the Concentration Account or
the WLV Joining Technologies Account, as applicable.

               (iii) All funds deposited into the Wachovia Cash Collateral
Account and all funds in all Lockbox Accounts during any Cash Dominion Period,
shall, subject to the provisions of the Intercreditor Agreement, immediately
fall under the sole dominion and control of the Administrative Agent, and the
Credit Parties shall obtain the agreement by the Lockbox Banks to waive any
offset rights against the funds so deposited. The Administrative Agent assumes
no responsibility for the Lockbox arrangements, including without limitation,
any claim of accord and satisfaction or release with respect to deposits
accepted by the Lockbox Banks thereunder.

               (iv) Prior to a Cash Dominion Period, the Credit Parties may
close Lockboxes and/or open new Lockboxes with the prior written consent of the
Administrative Agent and subject to prior execution and delivery to the
Administrative Agent of Lockbox Agreements consistent with the provisions of
this Section 3.1(b) and in form and substance satisfactory to the Administrative
Agent. The Company shall have the right to close account number XXX-XXXX (Tube
Forming Operating Account) and account number XXX-XXXX (STP Operating Account).

               (v) Notwithstanding the foregoing to the contrary, with respect
to Lockboxes and related Lockbox Accounts in existence prior to the Closing
Date, the Borrowers may, in lieu of entering into a Lockbox Agreement, deliver a
Blocked Account Agreement, countersigned by the applicable Lockbox Bank.

          (c) The Borrowers hereby authorize each Lender to charge from time to
time against any or all of the Credit Parties' accounts with such Lender any of
the Obligations which are then due and payable by such Borrowers. Each Lender
receiving any payment as a result of charging any such account shall promptly
notify the Administrative Agent thereof and make such arrangements as the
Administrative Agent shall request to share the benefit thereof in accordance
with Section 4.8.

     3.2 [INTENTIONALLY OMITTED]

     3.3 MAINTENANCE OF ACCOUNT

     The Agent shall maintain an account on its books in the name of the
Borrowers in which such Borrowers will be charged with all loans and advances
made by the applicable Lenders to such Borrowers or for such Borrowers' account,
including the Revolving Loans, the LOC Obligations, and any other Obligations,
including any and all costs, expenses and attorney's fees which the Agent may
incur, including, without limitation, in connection with the exercise by or

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for the Lenders of any of the rights or powers herein conferred upon the Agent
(other than in connection with any assignments or participations by any Lender)
or in the prosecution or defense of any action or proceeding by or against any
Borrower, any other Credit Party or the Lenders concerning any matter arising
out of, connected with, or relating to this Credit Agreement or the Accounts, or
any Obligations owing to the Lenders by any Borrower. The Borrowers will be
credited in accordance with Section 3.1 or 3.2 above, as applicable, with all
amounts received by the Lenders from the Borrowers or from others for the
Borrowers' account, including, as above set forth, all amounts received by the
Agent in payment of Accounts. In no event shall prior recourse to any Accounts
or other Collateral be a prerequisite to the Agent's right to demand payment of
any Obligation upon its maturity. Further, it is understood that the Agent shall
have no obligation whatsoever to perform in any respect any of the Credit
Parties' contracts or obligations relating to the Accounts.

     3.4 STATEMENT OF ACCOUNT

     After the end of each month the Agent shall send the applicable Borrowers
(directed to the Borrowers' Huntsville, Alabama office) a statement showing the
accounting for the charges, loans, advances and other transactions occurring
between the Lenders and the applicable Borrowers during that month. The monthly
statements, absent manifest error, shall be deemed correct and binding upon the
applicable Borrowers and shall constitute an account stated between the
applicable Borrowers and the Lenders unless the Agent receives a written
statement of the applicable Borrowers' exceptions within thirty (30) days after
same is mailed to the applicable Borrowers.

                                   ARTICLE IV

           ADDITIONAL PROVISIONS REGARDING LOANS AND LETTERS OF CREDIT

     4.1 CONTINUATIONS AND CONVERSIONS

          (a) Borrowers. The Borrowers shall have the option, on any Business
Day, to continue an existing Eurodollar Loan into a subsequent Interest Period,
to convert a Base Rate Loan or LMIR Loan into a Eurodollar Loan or to convert a
Eurodollar Loan into a Base Rate Loan or LMIR Loan; provided, however, that (i)
each such continuation must be requested by the Borrowers pursuant to a written
Notice of Continuation/Conversion, in the form of Exhibit C, in compliance with
the terms set forth below and (ii) except as provided in Section 4.11,
Eurodollar Loans may be converted into Base Rate Loans or LMIR Loans only on the
last day of an Interest Period applicable thereto; (iii) Eurodollar Loans may be
continued and Base Rate Loans and LMIR Loans may be converted into Eurodollar
Loans only if no Default or Event of Default is in existence on the date of
continuation or conversion; and (iv) failure by the Borrowers to properly
continue a Eurodollar Loan at the end of an Interest Period shall be deemed a
conversion to a Base Rate Loan. Each continuation or conversion must be
requested by the Borrowers, directed to the Administrative Agent at the address
set forth on Schedule 1.1A hereto, no later than 11:00 a.m., (A) on the date of
a requested conversion of a Eurodollar Loan to a Base Rate Loan or LMIR Loan or
(B) three (3) Business Days prior to the date of a requested continuation of a
Eurodollar Loan or conversion of a Base Rate Loan or LMIR Loan to a Eurodollar
Loan, in each case pursuant to a written Notice of Continuation/Conversion

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<PAGE>
submitted to the Administrative Agent which shall set forth (x) whether the
applicable Borrower wishes to continue or convert such Loans and (y) if the
request is to continue a Eurodollar Loan or convert a Base Rate Loan or LMIR
Loan to a Eurodollar Loan, the Interest Period applicable thereto. The
Administrative Agent shall give each Lender notice as promptly as practicable of
any such proposed extension or conversion pursuant to this section.

          (b) [Intentionally Omitted].

     4.2 INTEREST

          (a) Interest Rate. All Base Rate Loans shall accrue interest at the
Base Rate, plus the Applicable Percentage. All LMIR Loans shall accrue interest
at the LMIR, plus the Applicable Percentage. All Eurodollar Loans shall accrue
interest at the Adjusted Eurodollar Rate for the applicable Interest Period.

          (b) Default Rate of Interest. Upon the occurrence, and during the
continuance, of an Event of Default, the principal of and, to the extent
permitted by law, interest on the Loans and any other amounts owing (but not
timely paid) hereunder or under the other Credit Documents (including without
limitation fees and expenses) may, at the election of the Administrative Agent,
and shall at the direction of the Required Lenders, bear interest, payable on
demand, at a per annum rate equal to the Base Rate, plus the sum of the
Applicable Percentage for Base Rate Loans and two percent (2%) per annum.

          (c) Interest Payments. Interest on Loans shall be due and payable in
arrears on each Interest Payment Date. If an Interest Payment Date falls on a
date which is not a Business Day, such Interest Payment Date shall be deemed to
be the next succeeding Business Day, except that in the case of Eurodollar Loans
where the next succeeding Business Day falls in the next succeeding calendar
month, then on the next preceding day.

          (d) Computation of Interest. All computations of interest hereunder on
the Loans shall be made on the basis of the actual number of days elapsed over a
year of 360 days.

     4.3 PLACE AND MANNER OF PAYMENTS

     All payments of principal, interest, fees, expenses and other amounts to be
made by the Borrowers under this Agreement (including, but not limited to, the
Revolving Loans) shall be received not later than 2:00 p.m. (EST), on the date
when due in U.S. Dollars and in immediately available funds or by direct charge
against the Revolving Loan Commitment, if available, pursuant to Section 3.1(b)
hereof, in each case, without setoff, deduction, counterclaim or withholding of
any kind, by the Administrative Agent at its offices located at the address set
forth on Schedule 1.1A hereto. A Borrower shall, at the time it makes any
payment under this Agreement, specify to the Administrative Agent, the Loans,
Letters of Credit, fees or other amounts payable by the Borrowers hereunder to
which such payment is to be applied (and in the event that it fails to specify,
or if such application would be inconsistent with the terms hereof, the
Administrative Agent shall distribute such payment to the Lenders in the manner
described in Section 4.6). The Administrative Agent will distribute such
payments to the applicable Lenders on the date of receipt if any such payment is
received prior to 2:00 p.m. (EST time); otherwise the Administrative Agent will
distribute such payment to the applicable Lenders on the next succeeding
Business Day. The Borrowers'

                                       39
<PAGE>
obligations to the Lenders with respect to such payments shall be discharged by
making such payments to the applicable agent pursuant to this Section 4.3 or if
not timely paid or an Event of Default then exists, may be added to the
principal amount of the Revolving Loans outstanding. Whenever any payment
hereunder shall be stated to be due on a day which is not a Business Day, the
due date thereof shall be extended to the next succeeding Business Day (subject
to accrual of interest and fees for the period of such extension), except that
in the case of Eurodollar Loans, if the extension would cause the payment to be
made in the next following calendar month, then such payment shall instead be
made on the next preceding Business Day.

     4.4 PREPAYMENTS

          (a) Voluntary Prepayments. The Borrowers shall have the right to
prepay Revolving Loans in whole or in part from time to time without premium or
penalty; provided, however, that (i) Eurodollar Loans may only be prepaid on
three (3) Business Day's prior written notice to the Administrative Agent, and
any prepayment of Eurodollar Loans will be subject to Section 4.14 and (ii) each
such partial prepayment of Eurodollar Loans shall be in the minimum principal
amount of $1,000,000. Amounts prepaid under this Section 4.4(a) shall be applied
as the Borrowers may elect; provided, that if the Borrowers shall fail to
specify a voluntary prepayment as to the Revolving Loans then such prepayment
shall be applied first to Base Rate Loans, second to LMIR Loans and then to
Eurodollar Loans in direct order of Interest Period maturities.

          (b) Mandatory Prepayments.

               (i) Revolving Loan Overadvance. If, at any time (A) the Revolving
Loans outstanding plus the LOC Obligations outstanding plus IRPA Obligations
exceed the lesser of the Borrowing Base and the Revolving Loan Commitment; or
(B) all Indebtedness for borrowed money of the Company or any Subsidiary of the
Company hereunder in an aggregate principal amount which, together with the
aggregate amount of Attributable Indebtedness deemed to be outstanding in
respect of all Sale/Leaseback Transactions entered into pursuant to clause (a)
Section 4.4 of the 2008 Senior Note Indenture (exclusive of any such
Sale/Leaseback Transaction otherwise permitted under clauses (a) through (h) of
such Indenture), shall exceed 10% of Consolidated Net Tangible Assets (with each
of the defined terms used in this subsection (B) having the meaning assigned to
such terms in the 2008 Senior Note Indenture), then the Borrowers (or the
applicable Borrower) shall immediately make a payment hereunder in an amount
equal to such excess. Payments made under (A) and (B) shall be applied first pro
rata to Base Rate Loans, second to LMIR Loans and then to Eurodollar Loans in
direct order of Interest Period maturities.

               (ii) Asset Sales. Immediately upon the receipt by any Credit
Party of proceeds from any (A) Asset Disposition, the Borrowers shall prepay the
Loans in an amount equal to 100% of the Net Proceeds of such Asset Disposition
(such prepayment to be applied as set forth in Section 4.4(c) below) or (B) any
sale, transfer or other disposition of assets or properties permitted by Section
9.5(f), the Borrowers shall use all net proceeds (but not amounts other than net
proceeds) to prepay the Loans in an amount necessary to cause Excess
Availability immediately following such prepayment to be at a

                                       40
<PAGE>
minimum $10,000,000 (such prepayment to be applied as set forth in Section
4.4(c)) and any remaining net proceeds may be used as permitted herein.

               (iii) Casualty Loss. To the extent of cash proceeds received in
connection with a Casualty Loss by any Credit Party with respect to the
Collateral, the Borrowers shall prepay the Loans in an amount equal to one
hundred percent (100%) of such cash proceeds if the Administrative Agent shall
have elected to apply the proceeds realized from such Casualty Loss to the
prepayment of the Loans (such prepayment to be applied as set forth in Section
4.4(c) below).

          (c) Application of Certain Prepayments. All amounts required to prepay
Loans pursuant to Section 4.4(b)(ii) or (iii) above shall be applied to the
Revolving Loans (first to Base Rate Loans, second to LMIR Loans and then to
Eurodollar Loans in direct order of maturities). All prepayments shall be
subject to Section 4.14.

     4.5 FEES

          (a) Unused Fees. In consideration of the Revolving Loan Commitment
being made available by the Lenders hereunder, the Borrowers agree to pay to the
Administrative Agent, for the account of the Lenders, a per annum fee equal to
the Applicable Percentage for the Unused Fees (calculated on the basis of the
actual number of days elapsed in a 360 day year) on the Unutilized Revolving
Commitment (the "Unused Fees"). The accrued Unused Fees shall be due and payable
quarterly in arrears on the last day of each calendar quarter (as well as on the
Maturity Date and on any date that a Revolving Loan Commitment is reduced) for
the calendar quarter then ending (or portion thereof), beginning with the first
of such dates to occur after the Closing Date.

          (b) Letter of Credit Fees.

               (i) Letter of Credit Fee. In consideration of the issuance of
Letters of Credit hereunder, the Borrowers agree to pay to the applicable
Issuing Lender in respect of outstanding Letters of Credit for the pro rata
benefit of the Lenders (based on each Lender's Revolving Loan Commitment
Percentage of the Revolving Loan Commitment (calculated on the basis of the
actual number of days elapsed in a 360 day year)), an annual fee (the "Letter of
Credit Fee") equal to the Applicable Percentage for the Letter of Credit Fee on
the average daily maximum amount available to be drawn under each such Letter of
Credit from the date of issuance to the date of expiration. The Letter of Credit
Fee will be payable quarterly in arrears on the last day of each calendar
quarter and on the Maturity Date.

               (ii) Issuing Lender Fee. In addition to the Letter of Credit Fees
payable pursuant to subsection (i) above, each of the Borrowers shall pay to the
applicable Issuing Lender for its own account, without sharing by the other
Lenders, a fee equal to one-eighth of one percent (0.125%) per annum on the
total sum of all Letters of Credit issued by the Issuing Lender, such fee to be
paid quarterly in arrears on the last day of each calendar quarter (as well as
on the Maturity Date) (the "Issuing Lender Fee").

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<PAGE>
          (c) Administrative Fees. The Borrowers agree to pay to the
Administrative Agent, for its own account, an annual fee as agreed to between
the Borrowers and the Administrative Agent in the Administrative Agent Fee
Letter.

          (d) Authorization to Charge Account. The Borrowers hereby authorize
the Administrative Agent to charge the Borrowers' Revolving Loan accounts with
the amount of all payments and fees and expenses due hereunder to the Lenders,
the Administrative Agent, and the Issuing Lender as and when such payments
become due. The Borrowers confirm that any charges which the Agent may so make
to the Borrowers' Revolving Loan accounts as herein provided will be made as an
accommodation to the Borrowers and solely at the Agent's discretion.

     4.6 PRO RATA TREATMENT

     Except to the extent otherwise provided herein:

          (a) Loans. Each Revolving Loan borrowing (including, without
limitation, each Mandatory Borrowing), each payment or prepayment of principal
of any Loan, each payment of fees (other than the Issuing Lender Fee retained by
each of the Issuing Lenders for its own account and the administrative fees
retained by the Administrative Agent for its own account), each reduction of the
Revolving Loan Commitment, and each conversion or continuation of any Loan,
shall be allocated pro rata among the relevant Lenders in accordance with the
respective Revolving Loan Commitment Percentages of such Lenders; it being
understood that payments under the Revolving Loans shall be allocated pro rata
among the Lenders (or, if the Commitments of such Lenders have expired or been
terminated, in accordance with the respective principal amounts of the
outstanding Loans and Participation Interests of such Lenders); provided that,
if any Lender shall have failed to pay its applicable pro rata share of any
Revolving Loan, then any amount to which such Lender would otherwise be entitled
pursuant to this subsection (a) shall instead be payable to the Administrative
Agent; provided further, that in the event any amount paid to any Lender
pursuant to this subsection (a) is rescinded or must otherwise be returned by
the Administrative Agent, each Lender shall, upon the request of the
Administrative Agent, repay to the Administrative Agent the amount so paid to
such Lender, with interest for the period commencing on the date such payment is
returned by the Administrative Agent until the date the Administrative Agent
receives such repayment at a rate per annum equal to, during the period to but
excluding the date two (2) Business Days after such request, the Federal Funds
Rate, and thereafter, the Base Rate plus two percent (2%) per annum; and

          (b) Letters of Credit. Each payment of unreimbursed drawings in
respect of LOC Obligations shall be allocated to each Lender pro rata in
accordance with its Lender Revolving Loan Commitment Percentage; provided that,
if any Lender shall have failed to pay its applicable pro rata share of any
drawing under any Letter of Credit, then any amount to which such Lender would
otherwise be entitled pursuant to this subsection (b) shall instead be payable
to the Issuing Lender; provided further, that in the event any amount paid to
any Lender pursuant to this subsection (b) is rescinded or must otherwise be
returned by the Issuing Lender, each Lender shall, upon the request of the
Issuing Lender, repay to the Administrative Agent for the account of the Issuing
Lender the amount so paid to such Lender, with interest for the period

                                       42
<PAGE>
commencing on the date such payment is returned by the Issuing Lender until the
date the Issuing Lender receives such repayment at a rate per annum equal to,
during the period to but excluding the date two (2) Business Days after such
request, the Federal Funds Rate, and thereafter, the Base Rate, plus two percent
(2%) per annum.

     4.7 ALLOCATION OF PAYMENTS AFTER EVENT OF DEFAULT

     Notwithstanding any other provisions of this Agreement, after the
occurrence and during the continuance of an Event of Default, all amounts
collected or received by the Agent or any Lender on account of amounts
outstanding under any of the Credit Documents or in respect of the Collateral
shall be paid over or delivered as follows:

          FIRST, to the payment of all reasonable out-of-pocket costs and
expenses (including without limitation reasonable attorneys' fees) of the Agent
in connection with enforcing the rights of the Lenders under the Credit
Documents and any protective advances made by the Agent with respect to the
Collateral under or pursuant to the terms of the Security Documents;

          SECOND, to payment of any fees owed to the Agent or an Issuing Lender
hereunder or under any other Credit Document;

          THIRD, to the payment of all reasonable out-of-pocket costs and
expenses, (including, without limitation, reasonable attorneys' fees) of each of
the Lenders in connection with enforcing its rights under the Credit Documents;

          FOURTH, to the payment of all accrued fees and interest payable to the
Lenders hereunder;

          FIFTH, to the payment of the outstanding principal amount of the
Loans, to the payment or cash collateralization of the outstanding LOC
Obligations (in an amount equal to 105% of the aggregate amount thereof), and
all obligations of the Credit Parties in respect of Interest Rate Protection
Agreements, pro rata, as set forth below;

          SIXTH, to all other Obligations which shall have become due and
payable under the Credit Documents and not repaid pursuant to clauses "FIRST"
through "FIFTH" above;

          SEVENTH, to all other Obligations which shall have become due and
payable and not repaid pursuant to clauses "FIRST" through "SIXTH" above; and

          EIGHTH, to the payment of the surplus, if any, to whoever may be
lawfully entitled to receive such surplus.

In carrying out the foregoing, (a) amounts received shall be applied in the
numerical order provided until exhausted prior to application to the next
succeeding category; (b) each of the Lenders shall receive an amount equal to
its pro rata share (based on the proportion that its then outstanding Revolving
Loans, LOC Obligations and, in the case of clause "FIFTH," obligations
outstanding under the Interest Rate Protection Agreements, bears to the
aggregate then outstanding Revolving Loans, LOC Obligations, and, in the case of
clause "FIFTH," obligations

                                       43
<PAGE>
outstanding under Interest Rate Protection Agreements) of amounts available to
be applied pursuant to clauses "THIRD", "FOURTH," "FIFTH," and "SIXTH" above;
and (c) to the extent that any amounts available for distribution pursuant to
clause "FIFTH" above are attributable to the issued but undrawn amount of
outstanding Letters of Credit, such amounts shall be held by the Administrative
Agent in a cash collateral account and applied (x) first, to reimburse the
Issuing Lender from time to time for any drawings under such Letters of Credit
and (y) then, following the expiration of all Letters of Credit, to all other
obligations of the types described in clauses "FIFTH", "SIXTH" and "SEVENTH"
above in the manner provided in this Section 4.7 and in the Security Documents.

     4.8 SHARING OF PAYMENTS

     The Lenders agree among themselves that, except to the extent otherwise
provided herein, in the event that any Lender shall obtain payment in respect of
any Loan, unreimbursed drawing with respect to any LOC Obligations or any other
obligation owing to such Lender under this Agreement through the exercise of a
right of setoff, banker's lien or counterclaim, or pursuant to a secured claim
under Section 506 of the U.S. Bankruptcy Code or other security or interest
arising from, or in lieu of, such secured claim, received by such Lender under
any applicable bankruptcy, insolvency or other similar law or otherwise, or by
any other means, in excess of its pro rata share of such payment as provided for
in this Agreement, such Lender shall promptly pay in cash or purchase from the
other applicable Lenders a participation in such Loans, LOC Obligations, and
other obligations in such amounts, and make such other adjustments from time to
time, as shall be equitable to the end that all Lenders share such payment in
accordance with their respective ratable shares as provided for in this
Agreement. The Lenders further agree among themselves that if payment to a
Lender obtained by such Lender through the exercise of a right of setoff,
banker's lien, counterclaim or other event as aforesaid shall be rescinded or
must otherwise be restored, each applicable Lender which shall have shared the
benefit of such payment shall, by payment in cash or a repurchase of a
participation theretofore sold, return its share of that benefit (together with
its share of any accrued interest payable with respect thereto) to each Lender
whose payment shall have been rescinded or otherwise restored. The Borrowers
agree that any Lender so purchasing such a participation may, to the fullest
extent permitted by law, exercise all rights of payment, including setoff,
banker's lien or counterclaim, with respect to such participation as fully as if
such Lender were a holder of such Loan, LOC Obligation, or other obligation in
the amount of such participation. Except as otherwise expressly provided in this
Agreement, if any Lender shall fail to remit to the Agent or any other Lender an
amount payable by such Lender to the Agent or such other Lender pursuant to this
Agreement on the date when such amount is due, such payments shall be made
together with interest thereon for each date from the date such amount is due
until the date such amount is paid to the Agent or such other Lender at a rate
per annum equal to the Federal Funds Rate. If under any applicable bankruptcy,
insolvency or other similar law, any Lender receives a secured claim in lieu of
a setoff to which this Section 4.8 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 under this Section 4.8 to share in the
benefits of any recovery on such secured claim.

                                       44
<PAGE>
     4.9 CAPITAL ADEQUACY

     If, after the date hereof, any Lender has determined that the adoption or
the becoming effective of, or any change in, or any change by any Governmental
Authority, central bank or comparable agency charged with the interpretation or
administration thereof in the interpretation or administration of, any
applicable law, rule or regulation regarding capital adequacy, or compliance by
such Lender, or its parent corporation, with any request or directive regarding
capital adequacy (whether or not having the force of law) of any such authority,
central bank or comparable agency, has or would have the effect of reducing the
rate of return on such Lender's (or parent corporation's) capital or assets as a
consequence of its commitments or obligations hereunder to a level below that
which such Lender, or its parent corporation, could have achieved but for such
adoption, effectiveness, change or compliance (taking into consideration such
Lender's (or parent corporation's) policies with respect to capital adequacy),
then, upon notice from such Lender to the Borrowers, the Borrowers shall be
obligated to pay to such Lender such additional amount or amounts as will
compensate such Lender on an after-tax basis (after taking into account
applicable deductions and credits in respect of the amount indemnified) for such
reduction. Each determination by any such Lender of amounts owing under this
Section shall, absent manifest error, be conclusive and binding on the parties
hereto. This covenant shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.

     4.10 INABILITY TO DETERMINE INTEREST RATE

          (a) If prior to the first day of any Interest Period, (i) the
Administrative Agent shall have determined in good faith (which determination
shall be conclusive and binding upon the Borrowers) that, by reason of
circumstances affecting the relevant market, adequate and reasonable means do
not exist for ascertaining the Eurodollar Rate for such Interest Period, (ii)
the Administrative Agent has received notice from the Required Lenders that the
Eurodollar Rate determined or to be determined for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining
their Eurodollar Loans during such Interest Period, or (iii) U.S. Dollar
deposits in the principal amounts of the Eurodollar Loans to which such Interest
Period is to be applicable are not generally available in the London interbank
market, the Administrative Agent shall give telecopy or telephonic notice
thereof to the Borrowers and the Lenders as soon as practicable thereafter, and
will also give prompt written notice to the Borrowers when such conditions no
longer exist. If such notice is given, (A) any Eurodollar Loans requested to be
made on the first day of such Interest Period shall be made as Base Rate Loans,
(B) any Revolving Loans that were to have been converted on the first day of
such Interest Period to or continued as Eurodollar Loans shall be converted to
or continued as Base Rate Loans and (C) each outstanding Eurodollar Loan shall
be converted, on the last day of the then-current Interest Period thereof, to
Base Rate Loans. Until such notice has been withdrawn by the Administrative
Agent, no further Eurodollar Loans shall be made or continued as such, nor shall
the Borrowers have the right to convert Base Rate Loans or LMIR Loans to
Eurodollar Loans.

          (b) [Intentionally Omitted]

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<PAGE>
     4.11 ILLEGALITY

     Notwithstanding any other provision herein, if the adoption of or any
change in any Requirement of Law or in the interpretation or application thereof
occurring after the Closing Date shall make it unlawful for any Lender to make
or maintain Eurodollar Loans as contemplated by this Agreement, (a) such Lender
shall promptly give written notice of such circumstances to the Borrowers and
the Administrative Agent (which notice shall be withdrawn whenever such
circumstances no longer exist), (b) the commitment of such Lender hereunder to
make Eurodollar Loans, continue Eurodollar Loans as such and convert a Base Rate
Loan or LMIR Loan to Eurodollar Loans shall forthwith be suspended and, until
such time as it shall no longer be unlawful for such Lender to make or maintain
Eurodollar Loans, such Lender shall then have a commitment only to make a Base
Rate Loan when a Eurodollar Loan is requested and (c) such Lender's Loans then
outstanding as Eurodollar Loans, if any, shall be converted automatically to
Base Rate Loans on the respective last days of the then current Interest Periods
with respect to such Loans or within such earlier period as required by law. If
any such conversion of a Eurodollar Loan occurs on a day which is not the last
day of the then current Interest Period with respect thereto, the Borrowers
shall pay to such Lender such amounts, if any, as may be required pursuant to
Section 4.14.

     4.12 REQUIREMENTS OF LAW

     If the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof applicable to any Lender, or compliance by
any Lender with any request or directive (whether or not having the force of
law) from any central bank or other Governmental Authority, in each case made
subsequent to the Closing Date (or, if later, the date on which such Lender
becomes a Lender):

          (a) shall subject such Lender to any tax of any kind whatsoever with
respect to any Letter of Credit or any Loans made or issued by it or its
obligation to make or issue any of the foregoing, or change the basis of
taxation of payments to such Lender in respect thereof (except for Non-Excluded
Taxes covered by Section 4.13 and changes in taxes measured by or imposed upon
the overall net income, or franchise tax imposed in lieu of such net income tax,
of such Lender or its applicable lending office, branch, or any affiliate
thereof);

          (b) shall impose, modify or hold applicable any reserve, special
deposit, compulsory loan or similar requirement against assets held by, deposits
or other liabilities in or for the account of, advances, loans or other
extensions of credit by, or any other acquisition of funds by, any office of
such Lender which is not otherwise included in the determination of the
Eurodollar Rate hereunder; or

          (c) shall impose on such Lender any other condition (excluding any tax
of any kind whatsoever);

and the result of any of the foregoing is to increase the cost to such Lender,
by an amount which such Lender, acting reasonably, deems to be material, of
making, converting into, continuing or maintaining Loans or issuing or
participating in Letters of Credit or to reduce any amount receivable hereunder
in respect thereof, then, in any such case, upon notice to the Borrowers from
such Lender, through the Agent, in accordance herewith, the Borrowers shall be
obligated

                                       46
<PAGE>
to promptly pay such Lender, upon its demand, any additional amounts necessary
to compensate such Lender on an after-tax basis (after taking into account
applicable deductions and credits in respect of the amount indemnified) for such
increased cost or reduced amount receivable, provided that, in any such case,
the Borrowers may elect to convert the Eurodollar Loans made by such Lender
hereunder to Base Rate Loans by giving the Administrative Agent at least one (1)
Business Day's notice of such election, in which case the Borrowers shall
promptly pay to such Lender, upon demand, without duplication, such amounts, if
any, as may be required pursuant to Section 4.14. If any Lender becomes entitled
to claim any additional amounts pursuant to this Section 4.12, it shall provide
prompt notice thereof to the Borrowers, through the Administrative Agent,
certifying (x) that one of the events described in this Section 4.12 has
occurred and describing in reasonable detail the nature of such event, (y) as to
the increased cost or reduced amount resulting from such event and (z) as to the
additional amount demanded by such Lender and a reasonably detailed explanation
of the calculation thereof. Such a certificate as to any additional amounts
payable pursuant to this Section 4.12 submitted by such Lender, through the
Administrative Agent, to the Borrowers shall be conclusive and binding on the
parties hereto in the absence of manifest error. This covenant shall survive the
termination of this Agreement and the payment of the Loans and all other amounts
payable hereunder.

     4.13 TAXES

          (a) Except as provided below in this Section 4.13, all payments made
by the Borrowers under this Agreement, any Notes and any documents relating
hereto shall be made free and clear of, and without deduction or withholding for
or on account of, any present or future income, stamp or other taxes, levies,
imposts, duties, charges, fees, deductions or withholdings, now or hereafter
imposed, levied, collected, withheld or assessed by any court, or governmental
body, agency or other official, including interest, penalties and liabilities
with respect thereto ("Taxes"), excluding taxes measured by or imposed upon the
overall net income of any Lender or its applicable lending office, or any branch
or affiliate thereof, and all franchise taxes, branch taxes, taxes on doing
business or taxes on the overall capital or net worth of any Lender or its
applicable lending office, or any branch or affiliate thereof, in each case
imposed in lieu of net income taxes (other than franchise taxes), imposed: (i)
by the jurisdiction under the laws of which such Lender, applicable lending
office, branch or affiliate is organized or is located, or in which its
principal executive office is located, or any nation within which such
jurisdiction is located or any political subdivision thereof; or (ii) by reason
of any connection between the jurisdiction imposing such tax and such Lender,
applicable lending office, branch or affiliate other than a connection arising
solely from such Lender having executed, delivered or performed its obligations,
or received payment under or enforced, this Agreement or any Notes. If any such
non-excluded Taxes, ("Non-Excluded Taxes") are required to be withheld from any
amounts payable to the Agent or any Lender hereunder or under any Notes or other
documents relating thereto, (A) the Borrowers shall withhold and remit such
Taxes to the relevant authority when and as due, (B) the amounts so payable to
the Agent or such Lender shall be increased to the extent necessary to yield to
the Agent or such Lender (after payment of all Non-Excluded Taxes, including
Non-Excluded Taxes in respect of additional amounts payable hereunder) interest
or any such other amounts payable hereunder or under the Notes or any other
document relating hereto at the rates or in the amounts specified in this
Agreement and any Notes, provided, however, that the Borrowers shall be entitled
to deduct and withhold any Non-Excluded Taxes and shall not be required to
increase any such amounts payable to any Lender

                                       47
<PAGE>
that is not organized under the laws of the United States of America or a state
thereof if such Lender fails to comply with the requirements of paragraph (b) of
this Section 4.13 whenever any Non-Excluded Taxes are payable by the Borrowers,
and (C) as promptly as possible thereafter the Borrowers shall send to such
Agent for its own account or for the account of such Lender, as the case may be,
a certified copy of an original official receipt received by the Borrowers
showing prompt payment thereof. If the Borrowers fail to pay any Non-Excluded
Taxes when due to the appropriate taxing authority or fails to remit to the
Administrative Agent the required receipts or other required documentary
evidence, the Borrowers shall indemnify the Agent and any Lender for any
incremental Taxes, interest or penalties that may become payable by the Agent or
any Lender as a result of any such failure. If a Lender shall change its office
that makes or maintains a Loan hereunder, the Borrowers shall not be required to
pay any increased amounts to the Lender in respect of any Non-Excluded Taxes
pursuant to this Section 4.13 over and above any obligation to withhold or
deduct any amount with respect to such Non-Excluded Taxes that existed on the
date the Lender changed such office, unless the Lender changed the office at the
request of the Borrowers in which case the Borrower shall indemnify the Lender
in respect of such increased amounts. The agreements in this subsection shall
survive the termination of this Agreement and the payment of the Loans and all
other amounts payable hereunder.

          (b) Each Lender that is not incorporated under the laws of the United
States of America or a state thereof shall:

               (i) (A) on or before the date of any payment by the Borrowers
under this Agreement or Notes to such Lender, deliver to the Borrowers and the
Administrative Agent two duly completed copies of United States Internal Revenue
Service Form W-8BEN, W-8ECI, W-8 EXP, W-8IMY or W-9 (or successor thereto or
other appropriate form), or successor applicable form, as the case may be,
certifying that it is entitled to receive payments under this Agreement and any
Notes without deduction, withholding or backup withholding of any United States
federal income taxes;

               (B) deliver to the Borrowers and the Administrative Agent two
          further copies of any such form or certification on or before the date
          that any such form or certification expires or becomes obsolete and
          after the occurrence of any event requiring a change in the most
          recent form previously delivered by it to the Borrowers; and

               (C) obtain such extensions of time for filing and complete such
          forms or certifications as may reasonably be requested by the
          Borrowers or the Administrative Agent; or

               (ii) in the case of any such Lender that is not a "bank" within
the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (A) represent
to the Borrowers (for the benefit of the Borrowers and the Administrative Agent)
that (x) it is not a bank within the meaning of Section 881(c)(3)(A) of the
Internal Revenue Code, is not subject to regulatory or other legal requirements
as a bank in any jurisdiction, and has not been treated as a bank for purposes
of any tax, securities law or other filing or submission made to any
governmental authority, any application made to a rating agency

                                       48
<PAGE>
or qualification for any exemption from any tax, securities law or other legal
requirements, (y) is not a 10-percent shareholder for purposes of section
881(c)(3)(B) of the Internal Revenue Code and (z) is not a controlled foreign
corporation receiving interest from a related person for purposes of Section
881(c)(3)(C) of the Internal Revenue Code, (B) agree to furnish to the
Borrowers, on or before the date of any payment by the Borrowers, with a copy to
the Administrative Agent, two accurate and complete original signed copies of
Internal Revenue Service Form W-8BEN, W-8ECI, W-8EXP or W-8IMY, (or successor
applicable form) certifying to such Lender's legal entitlement at the date of
such certificate to an exemption from U.S. withholding tax under the provisions
of Section 881(c) of the Internal Revenue Code with respect to payments to be
made under this Agreement and any Notes (and to deliver to the Borrowers and the
Administrative Agent two further copies of such form on or before the date it
expires or becomes obsolete and after the occurrence of any event (including a
change in its applicable lending office) requiring a change in the most recently
provided form and, if necessary, obtain any extensions of time reasonably
requested by the Borrowers or the Administrative Agent for filing and completing
such forms), and (C) agree, to the extent legally entitled to do so, upon
reasonable request by the Borrowers, to provide to the Borrowers (for the
benefit of the Borrowers and the Administrative Agent) such other forms as may
be reasonably required in order to establish the legal entitlement of such
Lender to an exemption from withholding with respect to payments under this
Agreement and any Notes.

Notwithstanding the above, if any change in treaty, law or regulation has
occurred after the date such Person becomes a Lender hereunder which renders all
such forms inapplicable or which would prevent such Lender from duly completing
and delivering any such form with respect to it and such Lender so advises the
Borrowers and the Administrative Agent then such Lender shall be exempt from
such requirements. Each such Lender will promptly notify the Administrative
Agent and the Borrowers of any changes in circumstances that could reasonably
modify or render invalid any claimed exemption. Each Person that shall become a
Lender or a participant of a Lender pursuant to Section 14.3 shall, upon the
effectiveness of the related transfer, be required to provide all of the forms,
certifications and statements required pursuant to this subsection (b); provided
that in the case of a participant of a Lender, the obligations of such
participant of a Lender pursuant to this subsection (b) shall be determined as
if the participant of a Lender were a Lender except that such participant of a
Lender shall furnish all such required forms, certifications and statements to
the Lender from which the related participation shall have been purchased.

          (c) If any such Taxes shall be or become applicable after the date of
this Agreement to such payments by the Borrowers to a Lender, such Lender shall
use reasonable efforts to make, fund or maintain the Loan or Loans, as the case
may be, through another lending office located in another jurisdiction so as to
reduce, to the fullest extent possible, the Borrowers' liability hereunder, if
the making, funding or maintenance of such Loan or Loans through such other
office does not, in the reasonable judgment of the Lender, materially affect the
Lender of such Loan. If the Borrowers are required to make any additional
payment to a Lender pursuant to this Section 4.13, and any such Lender receives,
or is entitled to receive, a credit against, remission for, or repayment of, any
tax paid or payable by it in respect of, or calculated with

                                       49
<PAGE>
reference to, the taxes giving rise to such payment, such Lender shall, within a
reasonable time after it receives such credit, relief, remission or repayment,
reimburse the Borrowers the amount of any such credit, relief, remission or
repayment.

     4.14 COMPENSATION

     The Borrowers promise to indemnify each Lender and to hold each Lender
harmless from any loss or expense which such Lender may sustain or incur (other
than through such Lender's gross negligence or willful misconduct) as a
consequence of (a) default by a Borrower in making a borrowing of, conversion
into or continuation of Eurodollar Loans after such Borrower has given a notice
requesting the same in accordance with the provisions of this Agreement, (b)
default by a Borrower in making any prepayment of a Eurodollar Loan after such
Borrower has given a notice thereof in accordance with the provisions of this
Agreement and (c) the making of a prepayment of Eurodollar Loans on a day which
is not the last day of an Interest Period with respect thereto. Such
indemnification may include an amount equal to (i) the amount of interest which
would have accrued on the amount so prepaid, or not so borrowed, converted or
continued, for the period from the date of such prepayment or of such failure to
borrow, convert or continue to the last day of the applicable Interest Period
(or, in the case of a failure to borrow, convert or continue, the Interest
Period that would have commenced on the date of such failure) in each case at
the applicable rate of interest for such Eurodollar Loans provided for herein
(excluding, however, the Applicable Percentage included therein, if any) minus
(ii) the amount of interest (as reasonably determined by such Lender) which
would have accrued to such Lender on such amount by placing such amount on
deposit for a comparable period with leading banks in the interbank Eurodollar
market. Such a certificate as to any amounts payable pursuant to this Section
4.14 submitted by a Lender, through the Administrative Agent to the Lenders,
shall be conclusive and binding in the absence of manifest error. The agreements
in this Section shall survive the termination of this Agreement and the payment
of the Loans and all other amounts payable hereunder.

                                    ARTICLE V

                              CONDITIONS PRECEDENT

     5.1 CLOSING CONDITIONS

     The obligation of the Lenders to enter into this Agreement is subject to
satisfaction of the following conditions (in form and substance acceptable to
the Administrative Agent):

          (a) Executed Credit Documents. Receipt by the Administrative Agent of
duly executed copies of (i) this Agreement; (ii) the Revolving Credit Notes;
(iii) the Security Agreement; (iv) the Pledge Agreement; and (v) all other
Credit Documents. The Security Agreement shall have been amended to provide for,
among other things, the springing lien on the equipment (as such term is defined
in the UCC) of the Credit Parties.

          (b) No Default; Representations and Warranties. As of the Closing Date
(i) there shall exist no Default or Event of Default and (ii) all
representations and warranties contained herein and in the other Credit
Documents shall be true and correct in all material respects.

                                       50
<PAGE>
          (c) Opinion of Counsel. Receipt by the Administrative Agent of an
opinion, or opinions, in form and substance satisfactory to the Administrative
Agent, addressed to the Agent on behalf of the Lenders and dated as of the
Closing Date, from legal counsel to the Credit Parties which covers, among other
matters, valid corporate existence and authority, legality, validity and binding
effect of all loan and security documents, perfection of security interests,
and, in connection with the execution and delivery of the Credit Documents, the
absence of any violation of law or regulation or conflict with any existing
contracts (including, without limitation, that the granting of the security
interests by the Credit Parties pursuant to the Security Documents and the
entering into the Permitted Securitization will not constitute a violation of
the 2008 Senior Note Indenture or the 2009 Senior Note Indenture or require pro
rata sharing of the Collateral with the 2008 Senior Noteholders or the 2009
Senior Noteholders).

          (d) Corporate Documents. Receipt by the Administrative Agent of the
following:

               (i) Charter Documents. Copies of the articles or certificates of
incorporation or other charter documents of each Borrower that is a party to a
Credit Document, certified to be true and complete as of a recent date by the
appropriate Governmental Authority of the state or other jurisdiction of its
incorporation and certified by a secretary or assistant secretary as of the
Closing Date to be true and correct.

               (ii) Resolutions. Copies of resolutions of the Board of Directors
or other comparable managing body of each Credit Party that is party to a Credit
Document, approving and adopting the Credit Documents to which it is a party,
the transactions contemplated therein and authorizing execution and delivery
thereof, certified by a secretary or assistant secretary as of the Closing Date
to be true and correct and in force and effect as of such date.

               (iii) Bylaws. A copy of the bylaws of each Credit Party that is a
party to a Credit Document, certified by a secretary or assistant secretary as
of the Closing Date to be true and correct and in force and effect as of such
date.

               (iv) Good Standing. Copies of (i) certificates of good standing,
existence or its equivalent with respect to each Credit Party that is a party to
a Credit Document, certified as of a recent date by the appropriate Governmental
Authorities of the state or other jurisdiction of organization and (ii) where
applicable, a certificate indicating payment of all corporate franchise taxes
certified as of a recent date by the appropriate governmental taxing
authorities.

          (e) Compliance with Financial Obligations. The Credit Parties shall be
in compliance with all existing material financial obligations owed to third
parties.

          (f) Personal Property Collateral. The Administrative Agent shall have
received:

               (i) searches of filings under the UCC (or corresponding local
laws) in the jurisdiction of the chief executive office of each Credit Party,
the jurisdiction of organization of each Credit Party and each jurisdiction
where any Collateral is located or

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<PAGE>
where a filing would need to be made in order to perfect the Administrative
Agent's security interest in the Collateral, copies of the financing statements
on file in such jurisdictions and evidence that no Liens exist other than
Permitted Liens;

               (ii) duly completed financing statements under the UCC for each
appropriate jurisdiction as is necessary, in the Administrative Agent's
reasonable discretion, to perfect the Administrative Agent's security interest
in the Collateral;

               (iii) duly executed consents as are necessary, in the
Administrative Agent's reasonable discretion, to perfect the Lenders' security
interest in the Collateral including, without limitation, such Acknowledgment
Agreements from lessors of real property as the Administrative Agent may
require; and

               (iv) Blocked Account Agreements with respect to each of the
deposit accounts of the Credit Parties not maintained with the Administrative
Agent substantially in the form of Exhibit F-2 or other tri-party agreements in
form and substance satisfactory to the Administrative Agent.

          (g) No Material Adverse Effect. No event shall have occurred since
December 31, 2004 that has had or could be reasonably expected to have a
Material Adverse Effect.

          (h) Litigation. Except as disclosed in Schedule 6.10, no litigation
shall be pending or threatened which, in the reasonable determination of the
Administrative Agent, would have or reasonably be expected to have a Material
Adverse Effect.

          (i) Consents and Approvals. Receipt by the Administrative Agent of
evidence that all material governmental, shareholder and third party consents
and approvals necessary or desirable in connection with the execution and
delivery of the Credit Documents and the consummation of the transactions set
forth therein.

          (j) Officer's Certificate. The Administrative Agent shall have
received a certificate or certificates executed by a Senior Financial Officer of
the Company on behalf of the Credit Parties as of the Closing Date stating that
(A) each Credit Party is in compliance with all existing material financial
obligations, (B) all material governmental, shareholder and third party consents
and approvals, if any, with respect to the Credit Documents and the other
transactions contemplated thereby have been obtained, (C) except as disclosed
pursuant to the Credit Agreement, no action, suit, investigation or proceeding
is pending or threatened in any court or before any arbitrator or governmental
instrumentality that purports to effect a member of the Consolidated Parties or
any other transaction contemplated by the Credit Documents, if such action,
suit, investigation or proceeding could have or could be reasonably expected to
have a Material Adverse Effect, and (D) immediately after giving effect to this
Agreement, the other Credit Documents and the other transactions contemplated
therein to occur on such date, (1) each Credit Party is Solvent, (2) no Default
or Event of Default exists, (3) all representations and warranties contained
herein and in the other Credit Documents are true and correct in all material
respects, and (4) the Consolidated Parties are in compliance with each of the
financial covenants set forth in Article VIII.

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<PAGE>
          (k) Opening Borrowing Base Certificate. Receipt by the Agent of a
Borrowing Base Certificate as of the close of business on a date acceptable to
the Administrative Agent, substantially in the form of Exhibit G and certified
by a Senior Financial Officer of the Company to be true and correct as of the
Closing Date.

          (l) Evidence of Insurance. Receipt by the Administrative Agent of
copies of insurance policies or certificates of insurance of the Credit Parties
evidencing general comprehensive liability and property insurance meeting the
requirements set forth in the Credit Documents, including, without limitation,
naming the Administrative Agent as loss payee on behalf of the Lenders and each
Lender as additional insured and copies of credit insurance policies insuring
foreign Accounts to be included as Eligible Accounts Receivable.

          (m) Corporate Structure. The corporate capital and ownership structure
of the Consolidated Parties shall be as described in Schedule 5.1(m).

          (n) Other Indebtedness. Receipt by the Administrative Agent of
evidence that, after giving effect to the making of the Loans made on the
Closing Date, the Credit Parties shall have no Indebtedness other than the
Indebtedness under the Credit Documents, as disclosed on Schedule 6.9 and as
otherwise permitted by the terms of this Agreement.

          (o) Solvency Certificate. Receipt by the Administrative Agent of an
officer's certificate for each of the Credit Parties prepared by a Senior
Financial Officer of such Credit Party as to the financial condition, solvency
and related matters of such Credit Party, in each case after giving effect to
the initial borrowings under the Credit Documents, in substantially the form of
Exhibit H hereto.

          (p) Sources and Uses; Payment Instructions. Receipt by the
Administrative Agent from the Company of (i) a statement of sources and uses of
funds covering all payments reasonably expected to be made by the Company in
connection with the transactions contemplated by the Credit Documents to be
consummated on the Closing Date, including an itemized estimate of all fees,
expenses and other closing costs and (ii) payment instructions with respect to
each wire transfer to be made by the Agent on behalf of the Lenders or the
Company or the Borrowers on the Closing Date setting forth the amount of such
transfer, the purpose of such transfer, the name and number of the account to
which such transfer is to be made, the name and ABA number of the bank or other
financial institution where such account is located and the name and telephone
number of an individual that can be contacted to confirm receipt of such
transfer.

          (q) Financial Statements. The Administrative Agent shall have received
the Financial Statements described in Section 6.6 and financial and operational
projections for the Consolidated Parties quarterly for the fiscal year ending
December 31, 2005.

          (r) Fees and Expenses. All fees and expenses required to be paid under
this Agreement on or prior to the Closing Date shall have been paid in full.

          (s) Due Diligence. The Administrative Agent shall have completed its
due diligence with respect to the Company and its Subsidiaries, including,
without limitation its field

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<PAGE>
examination, and the results of such due diligence shall be satisfactory to the
Administrative Agent is all respects in its sole discretion.

          (t) Agent for Service of Process. The Administrative Agent shall have
received satisfactory evidence that CT Corporation System shall have been
appointed as agent for service of process in the State of North Carolina on
behalf of the Company.

          (u) Minimum Excess Availability. The Credit Parties shall have Excess
Availability of at least $5,000,000 as of the Closing Date, after giving effect
to the payment of fees and expenses associated with the closing of this
Agreement, after giving effect to the making of Loans and the application of the
proceeds thereof to be made on the Closing Date. Accounts payable of the
Borrowers must be at a level and in a condition reasonably acceptable to the
Administrative Agent.

          (v) Permitted Securitization. The Permitted Securitization shall have
been consummated on terms and conditions satisfactory to the Agent. The
Intercreditor Agreement shall have been executed and delivered by the parties
thereto and shall be in form and substance satisfactory to the Agent.

          (w) Perfection Certificate. The Credit Parties shall have delivered
updated perfection certificates to the Agent, in form and substance satisfactory
to the Agent.

          (x) Blocked Account Agreements. Wachovia Bank, National Association,
in its capacity as collateral agent for (i) the secured parties under the
Permitted Securitization and (ii) the Administrative Agent, on behalf of the
Lenders, shall have entered into a new blocked account agreement relating to the
Concentration Account; the existing Blocked Account Agreement among the
Administrative Agent, Mellon Bank, N.A. and the Company and certain of its
Subsidiaries shall be amended as of the Closing Date to cover the WLV Joining
Technologies Account; and a new Blocked Account Agreement among the
Administrative Agent, Mellon Bank, N.A. and the Company and certain of its
Subsidiaries shall have been entered into to cover various operating accounts of
the Credit Parties, each in form and substance satisfactory to the Agent.

          (y) Consignment Agreement. BAPM and the Company and certain of its
Subsidiaries shall have entered into and delivered the Consignment Agreement
having terms and provisions reasonably satisfactory to the Agent. The
Consignment Intercreditor Agreement shall have been executed and delivered by
the parties thereto and shall be in form and substance satisfactory to the
Agent.

          (z) Other. The receipt by the Administrative Agent of such other
documents, agreements or information as reasonably requested by any Lender.

     5.2 CONDITIONS TO ALL EXTENSIONS OF CREDIT

     In addition to the conditions precedent stated elsewhere herein, the
Lenders shall not be obligated to make Loans, nor shall the Issuing Lender be
required to issue or extend a Letter of Credit, unless:

                                       54
<PAGE>
          (a) Notice. The applicable Borrower shall have delivered (i) in the
case of any Loan, a Notice of Borrowing, duly executed and completed, by the
time specified in Sections 2.1 or 2.3, as appropriate and (ii) in the case of
any Letter of Credit, the Issuing Lender shall have received an appropriate
request for issuance in accordance with the provisions of Section 2.2 or 2.4, as
applicable;

          (b) Representations and Warranties. The representations and warranties
made by a Credit Party in any Credit Document are true and correct in all
material respects at and as if made as of such date;

          (c) No Default. No Default or Event of Default shall exist or be
continuing either prior to or after giving effect thereto;

          (d) No Material Adverse Effect. There shall not have occurred any
Material Adverse Effect;

          (e) Availability. Immediately after giving effect to the making of a
Loan or the issuance of a Letter of Credit, the Borrowers shall be in compliance
with Section 4.4(b)(i) and shall have Excess Availability of at least
$5,000,000;

          (f) 2008 Senior Note Indenture. Immediately after giving effect to the
making of a Loan or the issuance of a Letter of Credit, the Company shall not be
in violation of the terms of the 2008 Senior Note Indenture;

          (g) 2009 Senior Note Indenture. Immediately after giving effect to the
making of a Loan or the issuance of a Letter of Credit, the Company shall not be
in violation of the terms of the 2009 Senior Note Indenture;

          (h) Lien Sharing Provisions. Immediately after giving effect to the
making of a Loan or the issuance of a Letter of Credit, no requirement shall be
in effect that any of the Borrowers make effective provision whereby any or all
of the 2008 Senior Notes or 2009 Senior Notes will be secured by a Lien equally
and ratably with the Obligations; and

          (i) Interest Rate Protection Agreements. Immediately after giving
effect to the making of a Loan or the issuance of a Letter of Credit, the
Company shall not be in violation of the terms of any Interest Rate Protection
Agreement.

The delivery of each Notice of Borrowing and each request for a Letter of Credit
shall constitute a representation and warranty by the applicable Borrower of the
correctness of the matters specified in subsections (b), (c), (d), (e), (f),
(g), (h) and (i) above.

                                   ARTICLE VI

                         REPRESENTATIONS AND WARRANTIES

     The Borrowers hereby represent and warrant to each Lender that:

                                       55
<PAGE>
     6.1 ORGANIZATION AND GOOD STANDING

     Except as set forth on Schedule 6.1, each Credit Party (i) is a
corporation, limited partnership or a limited liability company duly
incorporated or formed, as the case may be, validly existing and in good
standing under the laws of the State of its incorporation or formation, as the
case may be, (ii) is duly qualified and in good standing as a foreign
corporation, limited partnership or limited liability company authorized to do
business in every jurisdiction where the failure to so qualify could have or
reasonably be expected to have a Material Adverse Effect, and (iii) has the
requisite corporate, limited partnership or limited liability company power and
authority to own its properties and to carry on its business as now conducted
and as proposed to be conducted.

     6.2 DUE AUTHORIZATION

     Except as set forth on Schedule 6.2, each Credit Party (a) has the
requisite corporate, limited partnership or limited liability company power and
authority to execute, deliver and perform such of the Credit Documents to which
it is a party and to incur the obligations herein and therein provided for, and
(b) is duly authorized to, and has been authorized by all necessary corporate,
limited partnership or limited liability company action, to execute, deliver and
perform such of the Credit Documents to which it is a party.

     6.3 NO CONFLICTS

     With respect to each Credit Party, neither the execution and delivery of
the Credit Documents, nor the consummation of the transactions contemplated
therein, nor performance of and compliance with the terms and provisions thereof
will (a) violate or conflict in any material respect with any material provision
of its articles or certificate of incorporation or, certificate of limited
partnership or certificate of formation, bylaws, agreement of limited
partnership or limited liability company agreement (b) violate, contravene or
conflict in any material respect with any material law, regulation (including
without limitation Regulation U or Regulation X), order, writ, judgment,
injunction, decree or permit applicable to it, (c) violate, contravene or
conflict in any material respect with contractual provisions of, or cause an
event of default under, any indenture, loan agreement, mortgage, deed of trust,
contract or other agreement or instrument to which it is a party or by which it
may be bound, or (d) result in or require the creation of any material Lien upon
or with respect to its properties except in favor of the Lenders.

     6.4 CONSENTS

     No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or Governmental Authority or third party in
respect of any Credit Party is required in connection with the execution,
delivery or performance of this Agreement or any of the other Credit Documents
other than those consents which have been obtained and copies of which have been
delivered to the Administrative Agent.

     6.5 ENFORCEABLE OBLIGATIONS

     This Agreement and the other Credit Documents have been duly executed and
delivered and constitute legal, valid and binding obligations of each Credit
Party (with regard to each agreement or instrument to which it is a party)
enforceable in accordance with their respective terms, except as

                                       56
<PAGE>
may be limited by bankruptcy or insolvency laws or similar laws affecting
creditors' rights generally.

     6.6 FINANCIAL CONDITION

          (a) The financial statements provided to the Lenders, consisting of
(i) an audited balance sheet of the Consolidated Parties, together with related
consolidated statements of income, stockholders' equity and cash flow for the
fiscal year 2004 and (ii) unaudited consolidated balance sheets of the
Consolidated Parties, together with related consolidated statements of income,
and consolidated statements of cash flow for the month ended February 28, 2005,
fairly present the financial condition and business operations of the
Consolidated Parties as of such respective dates (together, the "Financial
Statements"); such financial statements were prepared in accordance with GAAP;
and since December 31, 2004, there have occurred no changes or circumstances
which have had or are reasonably expected to have a Material Adverse Effect.

          (b) The financial statements delivered to the Lenders pursuant to
Sections 7.1(a), (b) and (c) have been prepared in accordance with GAAP and will
present fairly the consolidated and/or consolidating (as applicable) financial
condition, results of operations and cash flows of the Consolidated Parties as
of such date and for such periods.

     6.7 NO DEFAULT

     None of the Credit Parties is in default under any term of any indenture,
contract, lease, agreement, instrument or other commitment to which any of them
is a party or by which any of them is bound which default has had or could be
reasonably expected to have a Material Adverse Effect. None of the Credit
Parties knows of any dispute regarding any indenture, contract, lease,
agreement, instrument or other commitment which could reasonably be expected to
have a Material Adverse Effect. No Default or Event of Default has occurred and
is continuing.

     6.8 LIENS

     There are no Liens in favor of third parties with respect to any of the
Collateral, including, without limitation, with respect to the Inventory,
wherever located, other than Permitted Liens. To the best knowledge of the
applicable Credit Party, no lessor, warehouseman, filler, processor or packer of
any such Credit Party has granted any Lien with respect to the Inventory
maintained by such Credit Party at the property of any such lessor,
warehousemen, filler, processor or packer. Upon the proper filing of financing
statements and the proper recordation of other applicable documents with the
appropriate filing or recordation offices in each of the necessary
jurisdictions, the security interests granted pursuant to the Credit Documents
constitute and shall at all times constitute valid and enforceable first, prior
and perfected Liens on the Collateral (other than Permitted Liens). The Credit
Parties are or will be at the time additional Collateral is acquired by them,
the absolute owners of the Collateral with full right to pledge, sell, consign,
transfer and create a Lien therein, free and clear of any and all Liens in favor
of third parties, except Permitted Liens. The Credit Parties will at their
expense warrant, until payment in full of the Obligations and termination of the
Commitments, and, at the Administrative Agent's request, defend the Collateral
from any and all Liens (other than

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Permitted Liens) of any third party. The Credit Parties will not grant, create
or permit to exist, any Lien upon the Collateral, or any proceeds thereof, in
favor of any third party (other than Permitted Liens).

     6.9 INDEBTEDNESS

     The Consolidated Parties have no Indebtedness (including without limitation
guaranty, reimbursement or other contingent obligations) except (a) as disclosed
in the Financial Statements referenced in Section 6.6, (b) as set forth in
Schedule 6.9, and (c) as otherwise permitted under the terms of this Agreement.

     6.10 LITIGATION

     Except as disclosed in Schedule 6.10, there are no actions, suits or legal,
equitable, arbitration or administrative proceedings, pending or, to the
knowledge of the Borrowers threatened, against any Credit Party which, if
adversely determined, would have or reasonably be expected to have a Material
Adverse Effect.

     6.11 MATERIAL CONTRACTS

     No Credit Party is in default under any Material Contract which default
could reasonably be expected to have a Material Adverse Effect.

     6.12 TAXES

     Each Credit Party has filed, or caused to be filed, all material tax
returns (federal, state, local and foreign) required to be filed and paid all
amounts of taxes shown thereon to be due (including interest and penalties) and
has paid all other material taxes, fees, assessments and other governmental
charges (including mortgage recording taxes, documentary stamp taxes and
intangibles taxes) owing by it, except for such taxes (a) that are not yet
delinquent or (b) that are being contested in good faith and by proper
proceedings, and against which adequate reserves are being maintained in
accordance with GAAP. None of the Credit Parties is aware of any proposed
material tax assessments against it or any other Credit Party.

     6.13 COMPLIANCE WITH LAW

     None of the Credit Parties has violated or failed to comply with any
statute, law, ordinance, regulation, rule or order of any foreign, federal,
state or local government, or any other Governmental Authority or any self
regulatory organization, or any judgment, decree or order of any court,
applicable to its business or operations except where the aggregate of all such
violations or failures to comply would not have or reasonably be expected to
have a Material Adverse Effect. The conduct of the business of each of the
Credit Parties is in conformity with all securities, commodities, energy, public
utility, zoning, building code, health, OSHA and environmental requirements and
all other foreign, federal, state, provincial and local governmental and
regulatory requirements and requirements of any self regulatory organizations,
except where such non-conformities could not reasonably be expected to have a
Material Adverse Effect. None of the Credit Parties has received any notice to
the effect that, or otherwise been advised that, it is not in compliance with,
and none of such Credit Parties has any

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reason to anticipate that any currently existing circumstances are likely to
result in the violation of any such statute, law, ordinance, regulation, rule,
judgment, decree or order which failure or violation could reasonably be
expected to have a Material Adverse Effect.

     6.14 ERISA

          (a) Except as would not reasonably be expected to have a Material
Adverse Effect, during the five-year period prior to the date on which this
representation is made or deemed made: (i) no ERISA Event has occurred, and, to
the best of the Borrowers' or any ERISA Affiliate's knowledge, no event or
condition has occurred or exists as a result of which any ERISA Event could
reasonably be expected to occur, with respect to any Plan; (ii) no "accumulated
funding deficiency," as such term is defined in Section 302 of ERISA and Section
412 of the Code, whether or not waived, has occurred with respect to any Single
Employer Plan; (iii) each Plan, Single Employer Plan and, to the best of the
Borrowers' or any ERISA Affiliate's knowledge, each Multiemployer Plan has been
maintained, operated, and funded in compliance in all material respects with its
own terms and in material compliance with the provisions of ERISA, the Code, and
any other applicable federal or state laws; and (iv) no Lien in favor of the
PBGC or a Single Employer Plan has arisen or is reasonably likely to arise on
account of any Single Employer Plan.

          (b) Except as set forth in the Financial Statements, the actuarial
present value of all "benefit liabilities" on a going concern basis, whether or
not vested, under each Single Employer Plan, as of the last annual valuation
date prior to the date on which this representation is made or deemed made
(determined, in each case, utilizing the actuarial assumptions used in such
Plan's most recent actuarial valuation report), did not exceed as of such
valuation date the fair market value of the assets of such Plan.

          (c) Except as would not reasonably be expected to have a Material
Adverse Effect, neither the Borrowers nor any ERISA Affiliate has incurred, or,
to the best of the Borrowers' or any ERISA Affiliate's knowledge, is reasonably
expected to incur, any withdrawal liability under ERISA with respect to any
Multiemployer Plan or Multiple Employer Plan. Except as would not reasonably be
expected to have a Material Adverse Effect, neither Borrower nor any ERISA
Affiliate would become subject to any withdrawal liability under ERISA if such
Borrower or any such ERISA Affiliate were to withdraw completely from all
Multiemployer Plans and Multiple Employer Plans as of the valuation date most
closely preceding the date on which this representation is made or deemed made.
Neither Borrower nor any ERISA Affiliate has received any notification that any
Multiemployer Plan is in reorganization (within the meaning of Section 4241 of
ERISA), is insolvent (within the meaning of Section 4245 of ERISA), or has been
terminated (within the meaning of Title IV of ERISA), and no Multiemployer Plan
is, to the best of the Borrowers' or any ERISA Affiliate's knowledge, reasonably
expected to be in reorganization, insolvent, or terminated.

          (d) No prohibited transaction (within the meaning of Section 406 of
ERISA or Section 4975 of the Code) or breach of fiduciary responsibility has
occurred with respect to a Plan which has subjected or may subject the Borrowers
or any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or
502(l) of ERISA or Section 4975 of the Code, or under any agreement or other
instrument pursuant to which the Borrowers or any ERISA Affiliate has

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agreed or is required to indemnify any person against any such liability, except
for any such prohibited transaction or breach which would not reasonably be
expected to have a Material Adverse Effect.

          (e) Except as set forth in the Financial Statements, the Borrowers and
their ERISA Affiliates have no material liability with respect to "expected
post-retirement benefit obligations" within the meaning of the Financial
Accounting Standards Board Statement 106. Each Plan which is a welfare plan (as
defined in Section 3(1) of ERISA) to which Sections 601-609 of ERISA and Section
4980B of the Code apply has been administered in compliance in all material
respects with such sections.

     6.15 SUBSIDIARIES

     Set forth in Schedule 6.15 is a complete and accurate list of all
Subsidiaries of each of the Consolidated Parties. Information on the attached
Schedule 6.15 includes a complete and accurate list of the jurisdiction of
incorporation of each of the Consolidated Parties and the percentage ownership
interest of voting stock owned by the direct parent company in each such member
and the number and effect, if exercised, of all outstanding options, warrants,
rights of conversion or purchase and all other similar rights with respect
thereto. The outstanding capital stock and other equity interests of all Credit
Parties is validly issued, fully paid and non-assessable and is owned by the
Borrowers, directly or indirectly, free and clear of all Liens (other than those
arising under or contemplated in connection with the Credit Documents). Other
than as set forth in Schedule 6.15, no Subsidiary has outstanding any securities
convertible into or exchangeable for its Capital Stock nor does any such Person
have outstanding any rights to subscribe for or to purchase or any options for
the purchase of, or any agreements providing for the issuance (contingent or
otherwise) of, or any calls, commitments or claims of any character relating to
its Capital Stock.

     6.16 USE OF PROCEEDS; MARGIN STOCK

     The proceeds of the Loans hereunder will be used solely for the purposes
specified in Section 7.10. None of such proceeds will be used for the purpose of
purchasing or carrying any "margin stock" as defined in Regulation U or
Regulation X, or for the purpose of reducing or retiring any Indebtedness which
was originally incurred to purchase or carry "margin stock" or for any other
purpose which might constitute this transaction a "purpose credit" within the
meaning of Regulation U or Regulation X.

     6.17 GOVERNMENT REGULATION

     No Credit Party is subject to regulation under the Public Utility Holding
Company Act of 1935, the Federal Power Act, the Investment Company Act of 1940
or the Interstate Commerce Act, each as amended. In addition, none of the Credit
Parties is (a) an "investment company" registered or required to be registered
under the Investment Company Act of 1940, as amended, and is not controlled by
such a company, or (b) a "holding company," or a "subsidiary company" of a
"holding company," or an "affiliate" of a "holding company" or of a "subsidiary"
or a "holding company," within the meaning of the Public Utility Holding Company
Act of 1935, as amended. No director, executive officer or principal shareholder
of any Credit Party is a director, executive officer or principal shareholder of
any Lender. For purposes hereof, the terms "director",

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"executive officer" and "principal shareholder" (when used with reference to any
Lender) shall have the meanings ascribed to them in Regulation O issued by the
Board of Governors of the Federal Reserve System.

     6.18 HAZARDOUS SUBSTANCES

     Except as disclosed on Schedule 6.18 or except as would not reasonably be
expected to have a Material Adverse Effect, all real property owned or leased by
any Credit Party or on which any Credit Party operates (the "Subject Property")
is free from "hazardous substances" "contaminants" or "pollutants" or similar
substances as defined in the applicable Environmental Laws in concentrations or
amounts that require cleanup under any Environmental Laws; no portion of the
Subject Property is subject to federal, provincial, state or local, complaint,
investigation or, to the Borrowers' knowledge, liability under applicable
Environmental Laws because of the presence of leaked or spilled petroleum
products, waste materials or debris, "PCB's" or PCB items (as defined in 40
C.F.R. Section 763.3), underground storage tanks, "asbestos" (as defined in 40
C.F.R. Section 763.63) or the past or present accumulation, spillage or leakage
of any such substance subject to regulation under the Environmental Laws; and
each Credit Party is in compliance with all Environmental Laws applicable in
connection with the operation of its businesses, except to the extent that the
failure to be in compliance would not have or reasonably be expected to have a
Material Adverse Effect; and no Borrower knows of any complaint or investigation
under Environmental Laws regarding real property which it or any other Credit
Party owns or leases or on which it or any other Credit Party operates.

     6.19 PATENTS, FRANCHISES, ETC

     Each Credit Party possesses or has the right to use all material patents,
trademarks, service marks, trade names, copyrights, licenses and other rights,
free of adverse claims, that are necessary for the operation of its respective
business as presently conducted and as proposed to be conducted. Each Credit
Party has obtained all material licenses, permits, franchises or other
governmental authorizations necessary to the ownership of its respective
property and to the conduct of its business, except to the extent that the
failure to have obtained any such licenses, permits, franchises or other
governmental authorizations would not have or reasonably be expected to have a
Material Adverse Effect.

     6.20 SOLVENCY

     Each Credit Party individually, and the Credit Parties as a whole, are and,
after consummation of this Agreement and after giving effect to all Indebtedness
incurred hereunder will be Solvent.

     6.21 LOCATION OF ASSETS

     The Credit Parties' chief executive offices are set forth on Schedule 6.21
hereto, and the books and records of the Credit Parties and all chattel paper
and all records of accounts are located at the chief executive offices of the
Credit Parties or as otherwise noted on Schedule 6.21. All other locations where
the Credit Parties keep, store or maintain any Collateral are set forth on
Schedule 6.21 hereto. There is no jurisdiction in which any Credit Party has any
Collateral (except for Inventory held for shipment by third Persons, Inventory
in transit,

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Inventory held for processing by third Persons, or immaterial quantities of
Inventory) other than those jurisdictions listed on Schedule 6.21. Schedule 6.21
is a true, correct and complete list of (i) the names and addresses of each
warehouseman, filler, processor and packer at which Inventory is stored, (ii)
the address of the chief executive offices of the Credit Parties, (iii) the
address of all offices where records and books of account of the Credit Parties
are kept or where Collateral is kept, stored or maintained and (iv) the state of
incorporation or formation of each of the Credit Parties. None of the receipts
received by any of the Credit Parties from any warehouseman, filler, processor
or packer states that the goods covered thereby are to be delivered to bearer or
to the order of a named person or to a named person and such named person's
assigns. Each of the Credit Parties agrees to provide the Administrative Agent
with a revised Schedule 6.21 setting forth current principal places of business,
chief executive offices, information concerning Inventory locations and
jurisdictions of incorporation or formation on a quarterly basis at the time the
financial statements described in Section 7.1(b) are required to be delivered to
the Administrative Agent and the Lenders.

     6.22 D/B/A OR TRADE NAMES

     None of the Credit Parties has used any corporate, d/b/a or trade name
during the five (5) years preceding the date hereof, other than the corporate
name shown on its or such Subsidiary's Articles or Certificate of Incorporation
and as set forth on Schedule 6.22.

     6.23 NO EMPLOYEE DISPUTES

     There are no controversies pending or, to the best knowledge of the
Borrowers after diligent inquiry, threatened between any Credit Parties and any
of their respective employees, other than employee grievances arising in the
ordinary course of business which could not, in the aggregate, reasonably be
expected to have a Material Adverse Effect.

     6.24 BROKERS' FEES

     Except for fees payable to the Arranger in connection with the closing and
syndication of this Credit Agreement, no Credit Party has any obligation to any
Person in respect of any finder's, broker's, investment banking or other similar
fee in connection with any of the transactions contemplated under the Credit
Documents to occur on the Closing Date.

     6.25 LABOR MATTERS

     None of the Credit Parties is engaged in any unfair labor practice. There
is (a) no material unfair labor practice complaint pending against any Credit
Party or, to the best knowledge of the Borrowers, threatened against any of
them, before the National Labor Relations Board, the Canadian Labour Relations
Board or any applicable provincial labour relations board, and no grievance or
arbitration proceeding arising out of or under collective bargaining agreements
that has or would reasonably be expected to have a Material Adverse Effect is so
pending against any Credit Party or, to the best knowledge of the Borrowers,
threatened against any of them, (b) no strike, labor dispute, slowdown or
stoppage pending against any Credit Party or, to the best knowledge of the
Borrowers, threatened against any of them, which would have or reasonably be
expected to have a Material Adverse Effect and (c) to the best of the knowledge
of the Borrowers, no union representation questions with respect to the

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employees of any of the Credit Parties and no union organizing activities
which would have or reasonably be expected to have a Material Adverse Effect.

     6.26 STATUS OF ACCOUNTS

     Each of the Accounts (other than Accounts owing from one Credit Party to
another Credit Party) is based on an actual and bona fide sale and delivery of
goods or rendering of services to customers, made by the Credit Parties in the
ordinary course of business; the goods and inventory being sold and the Accounts
created are exclusive property of the Credit Parties and are not and shall not
be subject to any Lien, consignment arrangement, encumbrance, security interest
or financing statement whatsoever, other than the Permitted Liens; and each of
the Credit Parties' customers have accepted the goods or services, owe and are
obligated to pay in cash the full amounts stated in the invoices according to
their terms, without any dispute, offset, defense or counterclaim that could
reasonably be expected to have, when aggregated with any such other disputes,
offsets, defenses or counterclaims, a Material Adverse Effect. Each of the
Credit Parties confirms to the Lenders that any and all taxes or fees relating
to its business, its sales, the Accounts or the goods relating thereto, are its
sole responsibility and that same will be paid by such Credit Party when due
(unless duly contested and adequately reserved for) and that none of said taxes
or fees is or will become a lien on or claim against the Accounts. Each of the
Credit Parties confirms to the Lenders that since January 1, 2005, (i) it has
not lost any account or customer which could reasonably be expected to have a
Material Adverse Effect and (ii) each written contract or other arrangement to
which any Credit Party is a party as to which the breach, nonperformance,
cancellation or failure to renew by any party thereto could materially adversely
effect the business, assets, operations, prospects or condition of such Credit
Party, are in full force and effect.

     6.27 [INTENTIONALLY OMITTED]

     6.28 KEY MEMBERS OF MANAGEMENT

     Attached hereto as Schedule 6.28 (as updated from time to time) is a true,
correct and complete list of the executive officers of the Credit Parties who
report to the Chief Executive Officer of the Company as of the date hereof
(collectively, the "Senior Management Members").

     6.29 ACCURACY AND COMPLETENESS OF INFORMATION

     All factual information heretofore, contemporaneously or hereafter
furnished by or on behalf of the Credit Parties in writing to the Administrative
Agent or any Lender for purposes of or in connection with this Credit Agreement
or any Credit Documents, or any transaction contemplated hereby or thereby is or
will be true and accurate in all material respects on the date as of which such
information is dated or certified and not incomplete by omitting to state any
material fact necessary to make such information not misleading at such time.
There is no fact now known to any Senior Officer of any Credit Party which has,
or would reasonably be expected to have, a Material Adverse Effect which fact
has not been set forth herein, in the Financial Statements, or any certificate,
opinion or other written statement made or furnished by any Credit Party to the
Administrative Agent.

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     6.30 COMPLIANCE WITH OFAC RULES AND REGULATIONS.

     None of the Company, any Subsidiary of the Company or any Affiliate of the
Company (a) is a Sanctioned Person, (b) has more than 15% of its assets in
Sanctioned Countries, or (c) 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 Loans or Letters of Credit 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.

     6.31 ANTI-TERRORISM LAWS.

     Neither the making of the Loans hereunder nor the Borrowers' use of the
proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act,
as amended, or any of the foreign assets control regulations of the United
States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any
enabling legislation or executive order relating thereto, or is in violation of
any Federal statute or Presidential Executive Order, including without
limitation Executive Order 13224 66 Fed. Reg. 49079 (September 25, 2001)
(Blocking Property and Prohibiting Transactions with Persons who Commit,
Threaten to Commit or Support Terrorism)(collectively, "Anti-Terrorism Laws").

                                   ARTICLE VII

                              AFFIRMATIVE COVENANTS

     Each Borrower hereby covenants and agrees that so long as this Agreement is
in effect and until the Loans and LOC Obligations, together with interest, fees
and other Obligations hereunder, have been paid in full and the Commitments and
Letters of Credit hereunder shall have terminated that they will do or cause to
be done the following:

     7.1  INFORMATION COVENANTS

     The Borrowers will furnish, or cause to be furnished, to the Administrative
Agent and each Lender:

          (a) Annual Financial Statements. As soon as available and in any event
within ninety (90) days after the close of each fiscal year of the Consolidated
Parties, a consolidated balance sheet of the Consolidated Parties as at the end
of such fiscal year together with related consolidated statements of income,
shareholder's equity and of cash flows for such fiscal year, setting forth in
comparative form consolidated figures for the preceding fiscal year, all in
reasonable detail and audited by independent certified public accountants of
recognized national standing and whose opinion shall be to the effect that such
consolidated financial statements have been prepared in accordance with GAAP and
shall not be limited as to the scope of the audit or qualified as to the status
of the Consolidated Parties as a going concern. It is specifically understood
and agreed that failure of the annual financial statements to be accompanied by
an opinion of such accountants in form and substance as provided herein shall
constitute an Event of Default hereunder. The financial statements delivered
pursuant to this Section 7.1(a) will have been prepared in accordance with GAAP
and will present fairly the

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consolidated financial condition, results of operations and cash flows of the
Consolidated Parties as of the date thereof.

          (b) Quarterly Financial Statements. As soon as available and in any
event within forty-five (45) days after the end of each Production Quarter
(other than the fourth Production Quarter, in which case ninety (90) days after
the end thereof) of each fiscal year of the Consolidated Parties, a consolidated
balance sheet and statements of income and of cash flows of the Consolidated
Parties as at the end of such quarterly period together with related
consolidated statements of retained earnings, shareholder's equity and of cash
flows for such quarterly period and for the portion of the fiscal year ending
with such period, in each case setting forth in comparative form figures for the
corresponding period of the preceding fiscal year, all in reasonable form and
detail acceptable to the Administrative Agent, and accompanied by a certificate
of a Senior Financial Officer of the Company as being true and correct and as
having been prepared in accordance with GAAP, subject to changes resulting from
audit and normal year-end audit adjustments. The financial statements delivered
pursuant to this Section 7.1(b) will have been prepared in accordance with GAAP
and will present fairly the consolidated financial condition, results of
operations and cash flows of the Consolidated Parties as of the date thereof.

          (c) Monthly Financial Statements. As soon as available and in any
event within thirty (30) days after the end of each Production Month of the
Consolidated Parties, (i) unaudited consolidated financial statements similar to
those required by clause (a) above as of the end of such period and for such
period then ended and for the period from the beginning of the current fiscal
year to the end of such period and (ii) unaudited balance sheets, income
statements and statements of cash flow by unit, in each case prepared in
accordance with GAAP (except that such monthly statements need not include
footnotes) and certified by a Senior Financial Officer of the Company.

          (d) Officer's Certificate. At the time of delivery of the financial
statements provided for in Sections 7.1(a) and (b), a certificate of a Senior
Financial Officer of the Company substantially in the form of Exhibit I to the
effect that no Default or Event of Default exists, or if any Default or Event of
Default does exist specifying the nature and extent thereof and what action the
Borrowers propose to take with respect thereto. In addition, for each fiscal
quarter and, if the Fixed Charge Coverage Ratio is required to be complied with
in accordance with Section 8.1, monthly, such certificate shall (i) demonstrate
compliance with the financial covenants contained in Article VIII by calculation
thereof as of the end of each such fiscal period and (ii) contain information
regarding expenditures made by the Credit Parties as to Permitted Investments
and Capital Expenditures during the prior fiscal quarter. In addition to the
foregoing, at the time of delivery of the financial statements provided for in
Sections 7.1(a) and (b), a certificate of the Company substantially in the form
of Exhibit L demonstrating the adjustments made to Consolidated Net Income
pursuant to subsection (iii) of Consolidated Net Income.

          (e) Auditor's Reports. Promptly upon receipt thereof, a copy of any
other report or "management letter" submitted by independent accountants to a
member of the Consolidated Parties in connection with any annual, interim or
special audit of the books of the Consolidated Parties.

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          (f) SEC and Other Reports. Promptly upon transmission or receipt
thereof, (i) copies of any filings and registrations with, and material reports
to or from, the Securities and Exchange Commission, or any successor agency, and
copies of all financial statements, proxy statements, notices and reports as the
Consolidated Parties shall send to its shareholders or to the holders of any
other Indebtedness in their capacity as such holders and (ii) upon the request
of the Administrative Agent, all material reports and written information to and
from the United States Environmental Protection Agency, or any Canadian, state,
provincial or local agency responsible for environmental matters, the United
States Occupational Safety and Health Administration, or any Canadian, state,
provincial or local agency responsible for health and safety matters, or any
successor agencies or authorities concerning environmental, health or safety
matters relating to a member of the Consolidated Parties.

          (g) Notices. Each Borrower will give written notice to the
Administrative Agent (i) immediately of the occurrence of an event or condition
consisting of a Default or Event of Default, specifying the nature and existence
thereof and what action the Borrowers propose to take with respect thereto, and
(ii) promptly, but in any event within five (5) Business Days, following the
occurrence of any of the following with respect to a Credit Party (A) the
pendency or commencement of any litigation, arbitral or governmental proceeding
against such Credit Party which, if adversely determined, would have or
reasonably be expected to have, a Material Adverse Effect, (B) any levy of an
attachment, execution or other process against the assets of a Credit Party
having a value of $1,000,000 or more, (C) the occurrence of an event or
condition which shall constitute a default or event of default under any
Indebtedness of a member of the Consolidated Parties in excess of $1,000,000,
(D) any development in the business or affairs of any of the Consolidated
Parties which has resulted in, or which the Company reasonably believes may
result in, a Material Adverse Effect, (E) the institution of any proceedings
against a Credit Party with respect to, or the receipt of notice by such Person
of potential liability or responsibility for violation, or alleged violation of
any federal, foreign, state, provincial or local law, rule or regulation,
including but not limited to, Environmental Laws, the violation of which would
have or be reasonably expected to have a Material Adverse Effect or (F)
promptly, of any change in the name of any Credit Party.

          (h) Annual Budget and Projections. Not later than March 31st of each
fiscal year, an annual budget of the Consolidated Parties containing, among
other things, pro forma financial statements and projected loan usage and excess
availability on a quarterly basis under the Credit Agreement for such fiscal
year and financial and operational projections for such fiscal year.

          (i) Borrowing Base Certificate, etc.. Not later than 12:00 Noon on the
25th day of each Production Month (or if such day is not a Business Day, then on
the next succeeding Business Day) and within three (3) Business Days following
the date of any Asset Disposition or Casualty Loss in excess of $1,000,000, the
Borrowers shall deliver a borrowing base certificate (the "Borrowing Base
Certificate") in substantially the form of Exhibit G hereto, duly completed and
certified by a Senior Financial Officer of the Company detailing the Eligible
Accounts Receivable and Eligible Inventory of the Credit Parties as of the last
day of the immediately preceding Production Month. In addition, on the 25th day
of each Production Month (or if such day is not a Business Day, then on the next
succeeding Business Day), the Company shall furnish a written report to the
Lenders setting forth (i) the accounts receivable aged trial balance

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at the immediately preceding Production Month end for each account debtor, (ii)
the accounts payable aging summary for the immediately preceding Production
Month, (iii) an inventory summary as of the immediately preceding Production
Month by inventory location and reflecting inventory composition (i.e, consigned
versus owned, raw versus work-in-process, finished goods versus MRO, etc. or any
such category as the Agent may request) and (iv) a sales and cash receipt
summary for such immediately preceding Production Month. Such aging reports
shall indicate which Accounts are current, up to 30, 30 to 60 and over sixty
(60) days past due and shall list the names of all applicable account debtors.
The Administrative Agent may, but shall not be required to, rely on each
Borrowing Base Certificate delivered hereunder as accurately setting forth the
available Borrowing Base for all purposes of this Credit Agreement until such
time as a new Borrowing Base Certificate is delivered to the Administrative
Agent in accordance herewith; Borrowing Base Certificates may be prepared and
submitted to the Lenders, and the Administrative Agent may request delivery of
Borrowing Base Certificates, on a more frequent basis than each Production
Month, provided that such certificate shall comply with the requirements set
forth elsewhere herein.

          (j) Other Information. With reasonable promptness upon any such
request, such other information regarding the business, properties or financial
condition of the Consolidated Parties as the Administrative Agent or the Lenders
may reasonably request.

     7.2  PRESERVATION OF EXISTENCE AND FRANCHISES

     Each Consolidated Party will do all things necessary to preserve and keep
(and will cause each of its Subsidiaries to keep) in full force and effect its
existence, franchises and authority, except for corporate reorganizations,
corporate dissolution and other similar transactions which would not have or
reasonably be expected to have a Material Adverse Effect.

     7.3  BOOKS AND RECORDS

     The Consolidated Parties will keep complete and accurate books and records
of its transactions in accordance with good accounting practices on the basis of
GAAP. In addition, each Credit Party will maintain books and records pertaining
to the Collateral in such detail, form and scope as is consistent with good
business practice.

     7.4  COMPLIANCE WITH LAW

     Each of the Consolidated Parties will comply with all material laws, rules,
regulations and orders of, and all applicable restrictions imposed by all
applicable Governmental Authorities applicable to it, including applicable
Environmental Laws if noncompliance would have or be reasonably likely to have a
Material Adverse Effect.

     7.5  PAYMENT OF TAXES AND OTHER INDEBTEDNESS

     Each of the Consolidated Parties will pay and discharge (a) all material
taxes, assessments and governmental charges or levies imposed upon it or them,
or upon its or their capital, income or profits, or upon any of its or their
properties, before they shall become delinquent, (b) all lawful claims
(including claims for labor, materials and supplies) which, if unpaid, would
give rise to a Lien or charge upon any of its or their properties, and (c)
except as prohibited hereunder, all of its

                                       67
<PAGE>
other Indebtedness as it shall become due; provided, however, that there is no
requirement to pay any such tax, assessment, charge, levy, claim or Indebtedness
which is being contested in good faith by appropriate proceedings and as to
which adequate reserves therefor have been established in accordance with GAAP,
unless the failure to make any such payment (i) shall give rise to an immediate
right to foreclosure on a Lien securing such amounts or (ii) otherwise would
have or reasonably be expected to have a Material Adverse Effect.

     7.6  INSURANCE; CASUALTY LOSS

          (a) Each of the Credit Parties will maintain comprehensive general
liability insurance covering third party property damage and insurance covering
the Collateral up to the replacement value thereof, with such insurance
companies, in such amounts and covering such risks as are at all times
satisfactory to the Administrative Agent in its commercially reasonable
judgment. The present coverage of the Credit Parties is outlined as to carrier,
policy number, expiration date, type and amount on Schedule 7.6 hereto. All
policies covering the Collateral are to name the applicable Credit Parties and
the Administrative Agent as loss payees in case of loss, as their interests may
appear, and are to contain such other provisions as the Administrative Agent may
reasonably require to fully protect such Agent's interest in the Collateral and
to any payments to be made under such policies. All comprehensive general
liability policies of the Credit Parties are to name the Administrative Agent
and each Lender as an additional insured. True copies of all original insurance
policies or certificates of insurance evidencing such insurance covering the
Collateral are to be delivered to the Administrative Agent on or prior to the
Closing Date, premium prepaid, with the loss payable endorsement in the
Administrative Agent's favor, and shall provide for not less than thirty (30)
days prior written notice to the Administrative Agent, of the exercise of any
right of cancellation. In the event any Credit Party fails to respond in a
timely and appropriate manner (as determined by the Administrative Agent in its
reasonable discretion) with respect to collecting under any insurance policies
required to be maintained under this Section 7.6, the Administrative Agent shall
have the right, in the name of itself or any Credit Party, to file claims under
such insurance policies, to receive and give acquittance for any payments that
may be payable thereunder, and to execute any and all endorsements, receipts,
releases, assignments, reassignments or other documents that may be necessary to
effect the collection, compromise or settlement of any claims under any such
insurance policies.

          (b) Each of the Credit Parties will provide written notice to the
Lenders of the occurrence of any of the following events within five (5)
Business Days after the occurrence of such event: any of the Collateral is (i)
damaged or destroyed, or suffers any other loss or (ii) is condemned,
confiscated or otherwise taken, in whole or in part, or the use thereof is
otherwise diminished so as to render impracticable or unreasonable the use of
such Collateral for the purpose to which such Collateral was used immediately
prior to such condemnation, confiscation or taking, by exercise of the powers of
condemnation or eminent domain or otherwise, and in either case the amount of
the damage, destruction, loss or diminution in value of such Collateral is in
excess of $500,000 (collectively, a "Casualty Loss"). Each Credit Party will
diligently file and prosecute its claim or claims for any award or payment in
connection with a Casualty Loss. In connection with any Casualty Loss, the
Credit Parties will pay to the Administrative Agent, promptly upon receipt
thereof, any and all insurance proceeds and payments received by any of the
Credit Parties on account of damage, destruction or loss of all or any portion
of the Collateral

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<PAGE>
and the Administrative Agent shall, at its election and in its sole discretion,
either (A) apply the proceeds realized from such loss to payment of accrued and
unpaid interest or outstanding principal of the Revolving Loans in accordance
with Section 4.4 hereof or (B) pay such proceeds to the Credit Parties to be
used to repair, replace or rebuild the Collateral or portion thereof that was
the subject of the loss. No settlement on account of any Casualty Loss shall be
made without the consent of the Lenders and (2) the Administrative Agent may
participate in any such proceedings and the Credit Parties will deliver to the
Administrative Agent such documents as may be requested by the Administrative
Agent in connection therewith and will consult with the Administrative Agent,
its attorneys and agents in the making and prosecution of such claim or claims.
Each of the Credit Parties hereby irrevocably authorizes and appoints the
Administrative Agent its attorney-in-fact, after the occurrence and continuance
of an Event of Default, to collect and receive for any such award or payment and
to file and prosecute such claim or claims, which power of attorney shall be
irrevocable and shall be deemed to be coupled with an interest, and each of the
Credit Parties shall, upon demand of the Administrative Agent, make, execute and
deliver any and all assignments and other instruments sufficient for the purpose
of assigning any such award or payment to the Administrative Agent for the
benefit of the Lenders, free and clear of any encumbrances of any kind or nature
whatsoever.

     7.7  MAINTENANCE OF PROPERTY

     Each of the Consolidated Parties will maintain and preserve its properties
and equipment used or necessary in its business (in whomever's possession as
they may be) in good repair, working order and condition, normal wear and tear
excepted (and having regard to their respective ages), and will make, or cause
to be made, in such properties and equipment from time to time all repairs,
renewals, replacements, extensions, additions, betterments and improvements
thereto as may be needed or proper, to the extent and in the manner customary
for companies in similar businesses.

     7.8  PERFORMANCE OF OBLIGATIONS

     Each of the Consolidated Parties will perform in all material respects all
of its obligations under the terms of all material agreements, indentures,
mortgages, security agreements or other debt instruments to which it is a party
or by which it is bound.

     7.9  ERISA

     Upon the Company or any ERISA Affiliate obtaining knowledge thereof, the
Company will give written notice to the Administrative Agent promptly (and in
any event within five (5) Business Days) of: (a) any event or condition,
including, but not limited to, any Reportable Event, that constitutes, or might
reasonably lead to, a ERISA Event; (b) with respect to any Multiemployer Plan,
the receipt of notice as prescribed in ERISA or otherwise of any withdrawal
liability assessed against the Company or any ERISA Affiliate, or of a
determination that any Multiemployer Plan is in reorganization or insolvent
(both within the meaning of Title IV of ERISA); (c) the failure to make full
payment on or before the due date (including extensions) thereof of all amounts
which the Company or any ERISA Affiliate is required to contribute to each
Single Employer Plan or Multiemployer Plan pursuant to its terms and as required
to meet the minimum funding standard set forth in ERISA and the Code with
respect thereto; or (d) any change in the funding status of any

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<PAGE>
Single Employer Plan that could have or be reasonably expected to have a
Material Adverse Effect; together, with a description of any such event or
condition or a copy of any such notice and a statement by a Senior Financial
Officer of the Company briefly setting forth the details regarding such event,
condition, or notice, and the action, if any, which has been or is being taken
or is proposed to be taken by the Company or any ERISA Affiliate with respect
thereto. Promptly upon request, the Company shall furnish the Administrative
Agent and the Lenders with such additional information concerning any Plan as
may be reasonably requested, including, but not limited to, copies of each
annual report/return (Form 5500 series), as well as all schedules and
attachments thereto required to filed with the DOL and/or the Internal Revenue
Service pursuant to ERISA and the Code, respectively, for each "plan year"
(within the meaning of Section 3(39) of ERISA).

     7.10 USE OF PROCEEDS

     The proceeds of the Loans hereunder will be used solely (a) for repayment
of certain amounts of existing Funded Debt of the Consolidated Parties, (b) for
general corporate, working capital purposes and capital expenditures of the
Credit Parties in the ordinary course of business and (c) as otherwise permitted
under this Agreement.

     7.11 ADDITIONAL SUBSIDIARIES

     Promptly, or in any event within thirty (30) days, upon any Person becoming
a direct or indirect U.S. Subsidiary of a Borrower, the Borrowers shall so
notify the Administrative Agent and shall cause (a) such Person to become a
Borrower hereunder pursuant to a Joinder Agreement, (b) the Collateral of such
Person to be pledged to the Lenders pursuant to a Security Document similar to
those executed by the Borrowers, (c) such Person to execute Revolving Notes in
favor of the Lenders and (d) such Person to deliver such other documentation as
the Administrative Agent may reasonably request in connection with the
foregoing, including, without limitation, appropriate UCC-1 Financing
Statements, Acknowledgment Agreements, certified resolutions and other
organizational and authorizing documents of such Person and favorable opinions
of counsel to such Person (which shall cover, among other things, the legality,
validity, binding effect and enforceability of the documentation referred to
above), all in form, content and scope reasonably satisfactory to the
Administrative Agent.

     7.12 AUDITS/INSPECTIONS

     Each of the Credit Parties agrees that the Administrative Agent or its
agents may enter upon the premises of any of the Credit Parties at any time and
from time to time, during normal business hours, upon reasonable notice and, on
and after the occurrence and during the continuation of an Event of Default
which continues and is continuing beyond the expiration of any grace or cure
period applicable thereto and which has not otherwise been waived by the
Administrative Agent, at any time at all, for the purpose of (a) enabling the
Administrative Agent's internal auditors or other designees to conduct field
examinations at such of the Credit Party's expense, (b) inspecting the
Collateral, (c) inspecting and/or copying (at the Credit Parties' expense) any
and all records pertaining thereto, (d) discussing the affairs, finances and
business of any Credit Party or with any officers, employees and directors of
any Credit Party with its certified independent accountant and (e) verifying
Eligible Accounts Receivable and/or Eligible Inventory. The Lenders, in the
reasonable discretion of the Administrative Agent, may

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<PAGE>
accompany the Administrative Agent at their sole expense in connection with the
foregoing inspections.

     7.13 INVENTORY

     Within thirty (30) days after the end of each month, upon the request of
the Administrative Agent from time to time, the Credit Parties will provide to
the Administrative Agent written statements listing categories of Inventory in
reasonable detail as requested by the Administrative Agent. The Credit Parties
will conduct annually a physical count of their Inventory and will provide the
Administrative Agent with prior written notice indicating when the physical
count is to be performed, and a copy of such count will be promptly supplied to
the Administrative Agent accompanied by a report of the value (valued at FIFO)
of such Inventory; provided that the Credit Parties will conduct such a physical
count at such other times and as of such dates as the Administrative Agent shall
reasonably request.

     7.14 COLLATERAL RECORDS

     Each Credit Party agrees to maintain such books and records regarding
Accounts and the other Collateral as the Administrative Agent may reasonably
require, and agrees that such books and records will reflect the Lenders'
interest in the Accounts and such other Collateral. Each of the Credit Parties
agrees to afford the Administrative Agent thirty (30) days prior written notice
of any change in the location at which any Collateral is stored or maintained
(other than Inventory held for shipment by third Persons, Inventory in transit,
Inventory held for processing by third Persons or immaterial quantities of
assets, equipment or Inventory) or in the location of its chief executive office
or place of business from the locations specified in Schedule 6.21, and to
execute in advance of such change, cause to be filed and/or delivered to the
Administrative Agent any financing statements or other documents required by the
Administrative Agent, all in form and substance satisfactory to the
Administrative Agent. Each of the Credit Parties agrees to advise the
Administrative Agent promptly, in sufficient detail, of any material change
relating to the type, quantity or quality of the Collateral or any event which
could reasonably be expected to have a Material Adverse Effect. Each of the
Credit Parties agrees to furnish any Lender with such other information
regarding its business affairs and financial condition as such Lender may
reasonably request from time to time.

     7.15 SECURITY INTERESTS

     Each Credit Party will defend all or any portion of the Collateral against
all claims and demands of all Persons at any time claiming the same or any
interest therein, except where the amount of such Collateral is immaterial and
the failure to so defend such Collateral would not reasonably be expected to
have a Material Adverse Effect. Each Credit Party agrees to comply with the
requirements of all state, provincial and federal laws in order to grant to the
Lenders a valid and perfected first security interest in the Collateral. The
Administrative Agent is hereby authorized by each Credit Party to file any
financing statements covering the Collateral. Each Credit Party agrees to do
whatever the Administrative Agent may reasonably request, from time to time, by
way of: filing notices of liens, financing statements, fixture filings and
amendments, renewals and continuations thereof; cooperating with the
Administrative Agent's custodians; keeping stock records; obtaining waivers from
landlords and mortgagees and from

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<PAGE>
warehousemen, fillers, processors and packers and their respective landlords and
mortgagees; paying claims, which might if unpaid, become a Lien (other than a
Permitted Lien) on the Collateral; and performing such further acts as the
Administrative Agent may require in order to effect the purposes of this Credit
Agreement and the other Credit Documents. Any and all fees, costs and expenses
of whatever kind and nature (including any Taxes, reasonable attorneys' fees or
costs for insurance of any kind), which the Administrative Agent may reasonably
incur with respect to the Collateral or the Obligations: in filing public
notices; in preparing or filing documents; making title examinations or
rendering opinions; in protecting, maintaining, or preserving the Collateral or
its interest therein; in enforcing or foreclosing the Liens hereunder, whether
through judicial procedures or otherwise; or in defending or prosecuting any
actions or proceedings arising out of or relating to its transactions with any
of the Credit Parties under this Credit Agreement or any other Credit Document,
will be borne and paid by the Credit Parties. If same are not promptly paid by
the Credit Parties, the Administrative Agent may pay same on the Credit Parties'
behalf, and the amount thereof shall be an Obligation secured hereby and due to
the Administrative Agent on demand.

     7.16 SCHEDULES OF ACCOUNTS AND PURCHASE ORDERS

     In furtherance of the continuing assignment and security interest in the
Accounts of each of the Credit Parties granted pursuant to the Security
Agreement, at the request of the Administrative Agent, upon the creation of
Accounts, each of the Credit Parties will execute and deliver to the
Administrative Agent in such form and manner as the Administrative Agent may
reasonably require, solely for its convenience in maintaining records of
collateral, such confirmatory schedules of Accounts, and other appropriate
reports designating, identifying and describing the Accounts as the
Administrative Agent may require. In addition, upon the Administrative Agent's
request, upon the occurrence and during the continuation of an Event of Default,
each Credit Party will provide the Administrative Agent with copies of
agreements with, or purchase orders from, the customers of each of the Credit
Parties, and copies of invoices to customers, proof of shipment or delivery and
such other documentation and information relating to said Accounts and other
collateral as the Administrative Agent may reasonably require. Failure to
provide the Administrative Agent with any of the foregoing shall in no way
affect, diminish, modify or otherwise limit the security interests granted
herein. Each Credit Party hereby authorizes the Administrative Agent to regard
such Credit Party's printed name or rubber stamp signature on assignment
schedules or invoices as the equivalent of a manual signature by such Credit
Party's authorized officers or agents.

     7.17 COLLECTION OF ACCOUNTS

     Unless an Event of Default has occurred and is continuing beyond the
expiration of the applicable grace or cure period, or has not otherwise been
waived by the Administrative Agent, each Credit Party may and will in accordance
with prudent business practices enforce, collect and receive all amounts owing
on the Accounts (subject to any amounts that such Credit Party is required to
rebate to the applicable account debtor pursuant to any agreement between such
Credit Party and such account debtor), for the Lenders' benefit and on the
Lenders' behalf but at the Credit Parties' expense in accordance with the
provisions of Section 3.1 or 3.2, as applicable; the Administrative Agent may,
and upon the request of the Required Lenders shall, shall terminate such
privilege, without notice to the Credit Parties which is hereby expressly waived
by

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<PAGE>
the Credit Parties, upon the occurrence of any Event of Default which occurs and
continues beyond the expiration of any applicable grace or cure period, or which
has not otherwise been waived by the Required Lenders. Any checks, cash, notes
or other instruments or property received by any Credit Party with respect to
any Accounts shall be held by such Credit Party in trust for the benefit of the
Lenders, separate from such Credit Party's own property and funds, and
immediately turned over to the Administrative Agent, with proper assignments or
endorsements. No checks, drafts or other instruments received by the Agent shall
constitute final payment unless and until such instruments have actually been
collected.

     7.18 NOTICE; CREDIT MEMORANDA; AND RETURNED GOODS

     Each Credit Party will notify the Administrative Agent promptly of any
matters materially affecting the value, enforceability or collectibility of any
Account, and of all material customer disputes, offsets, defenses,
counterclaims, returns and rejections, and all reclaimed or repossessed
merchandise or goods, provided, however, that such notice shall only be required
as to any such matter that affects Accounts outstanding at any one time from any
account debtor, which affected Accounts have a value greater than $500,000, or
to the extent that the outcome of such matter could reasonably be expected to
have a Material Adverse Effect. Each Credit Party will issue credit memoranda
promptly (with duplicates to the Administrative Agent upon its request for same)
upon accepting returns or granting allowances, and may continue to do so until
the occurrence of an Event of Default which continues beyond the expiration of
the applicable grace or cure period, or which has not otherwise been waived by
the Required Lenders or upon the request of the Administrative Agent or upon the
request of the Required Lenders. After the occurrence and during the continuance
of an Event of Default, each Credit Party agrees that all returned, reclaimed or
repossessed merchandise or goods shall be set aside by such Credit Party, marked
with the Lenders' name and held by such Credit Party for the Lenders' account as
owner and assignee.

     7.19 ACKNOWLEDGMENT AGREEMENTS

     Each Credit Party will use commercially reasonable efforts (which shall not
require any Credit Party to expend any material sums) to assist the
Administrative Agent in obtaining executed Acknowledgment Agreements from each
of the warehousemen, processors, packers, fillers, landlords and mortgagees with
whom such Credit Party conducts business from time to time or who have an
interest in any real property on which any of the Collateral is located.

     7.20 TRADEMARKS

     Each Consolidated Parties will do and cause to be done all things necessary
to preserve and keep in full force and effect all registrations of trademarks,
service marks and other marks, trade names or other trade rights owned or
licensed by such Consolidated Parties, except where the failure to do so would
not reasonably be expected to have a Material Adverse Effect.

     7.21 SPC MATTERS

     After the termination of the Permitted Securitization, promptly upon the
request of the Agent, the Company shall cause the SPC to merge with one or more
of the Borrowers or cause the assets of the SPC to be distributed to one or more
of the Borrowers.

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<PAGE>
                                  ARTICLE VIII

                               FINANCIAL COVENANTS

     Each Borrower hereby covenants and agrees that so long as this Agreement is
in effect and until the Loans and LOC Obligations, together with interest, fees
and other Obligations hereunder, have been paid in full and the Commitments and
Letters of Credit hereunder shall have terminated that they will do or cause to
be done the following:

     8.1 FIXED CHARGE COVERAGE RATIO

     During any period beginning on the date on which the Obligations
outstanding shall equal or exceed $18,000,000 and continuing until the
termination of this Credit Agreement and the repayment in full of all
Obligations hereunder, the Consolidated Parties shall maintain a Fixed Charge
Coverage Ratio of not less than the following amounts as of the last day of each
month ended in the periods indicated below:

<TABLE>
<CAPTION>
                         Period                              Ratio
                         ------                           -----------
<S>                                                       <C>
1st Fiscal Quarter 2005 through 1st Fiscal Quarter 2006   1.00 to 1.0
2nd Fiscal Quarter 2006 through 3rd Fiscal Quarter 2006   1.05 to 1.0
4th Fiscal Quarter 2006 through 2nd Fiscal Quarter 2007   1.10 to 1.0
3rd Fiscal Quarter 2007                                   1.15 to 1.0
4th Fiscal Quarter 2007 and thereafter                    1.20 to 1.0
</TABLE>

     8.2 CAPITAL EXPENDITURES

     The Consolidated Parties shall not make Consolidated Capital Expenditures
in excess of $15,000,000 during any fiscal year.

     8.3 MINIMUM CONSOLIDATED EBITDA

     Commencing with the fiscal quarter of the Consolidated Parties ending April
3, 2005, Consolidated EBITDA for the Consolidated Parties shall be greater than
or equal to the following amounts for the indicated fiscal quarter, calculated
on a rolling four quarter basis:

                                       74
<PAGE>
<TABLE>
<CAPTION>
                          Minimum Consolidated
    Fiscal Quarter               EBITDA
-----------------------   --------------------
<S>                       <C>
1st Fiscal Quarter 2005        $33,500,000
2nd Fiscal Quarter 2005        $27,500,000
3rd Fiscal Quarter 2005        $30,000,000
4th Fiscal Quarter 2005        $32,000,000
1st Fiscal Quarter 2006        $33,500,000
2nd Fiscal Quarter 2006        $34,500,000
3rd Fiscal Quarter 2006        $36,000,000
4th Fiscal Quarter 2006        $37,000,000
1st Fiscal Quarter 2007        $37,000,000
2nd Fiscal Quarter 2007        $38,500,000
3rd Fiscal Quarter 2007        $39,500,000
4th Fiscal Quarter 2007        $41,000,000
   and thereafter
</TABLE>

     8.4 MINIMUM EXCESS AVAILABILITY

     Excess Availability shall be at least $5,000,000 at all times.

                                   ARTICLE IX

                               NEGATIVE COVENANTS

     Each Borrower hereby covenants and agrees that so long as this Agreement is
in effect and until the Loans and LOC Obligations, together with interest, fees
and other Obligations hereunder, have been paid in full and the Commitments and
Letters of Credit hereunder shall have terminated that it will do or cause to be
done the following:

     9.1 INDEBTEDNESS

     The Consolidated Parties will not contract, create, incur, assume or permit
to exist any Indebtedness, except:

          (a) Indebtedness arising under this Agreement and the other Credit
Documents or any Interest Rate Protection Agreement;

          (b) Indebtedness existing as of the Closing Date as referenced in
Section 6.9 (and renewals, refinancings or extensions thereof, in whole or in
part, on terms and conditions substantially the same as such existing
Indebtedness and in a principal amount not in excess of that outstanding as of
the date of such renewal, refinancing or extension);

          (c) Indebtedness in respect of current accounts payable and accrued
expenses incurred in the ordinary course of business including, to the extent
not current, accounts payable and accrued expenses that are subject to bona fide
dispute;

          (d) purchase money Indebtedness (including capital leases and
synthetic leases) incurred by the Consolidated Parties to finance the purchase
of fixed assets; provided that

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<PAGE>
(i) the total of all such Indebtedness for all of the Consolidated Parties taken
together shall not exceed an aggregate principal amount of $2,500,000 at any one
time outstanding (including any such Indebtedness referred to in subsection (b)
above); (ii) such Indebtedness when incurred shall not exceed the purchase price
of the asset(s) financed; and (iii) no such Indebtedness shall be refinanced for
a principal amount in excess of the principal balance outstanding thereon at the
time of such refinancing;

          (e) unsecured Indebtedness owing from one Credit Party to another
Credit Party;

          (f) the guaranty by one Credit Party of another Credit Party's
Indebtedness, to the extent such Indebtedness is permitted hereunder;

          (g) Indebtedness of the Company arising under the 2008 Senior Note
Indenture and the 2008 Senior Notes in an aggregate principal amount of up to
$150,000,000;

          (h) Indebtedness of the Company arising under the 2009 Senior Note
Indenture and the 2009 Senior Notes in an aggregate principal amount of up to
$120,000,000 (and renewals, exchanges, refinancings or extensions thereof, in
whole or in part, on terms and conditions substantially the same as such
existing Indebtedness and in a principal amount not in excess of that
outstanding as of the date of such renewal, exchange, refinancing or extension);

          (i) Indebtedness in respect of Existing Letters of Credit;

          (j) Indebtedness of non-Credit Party, Consolidated Parties to Credit
Parties, permitted pursuant to clause (k) of the definition of Permitted
Investments;

          (k) the Guaranty dated September 22, 2004 by the Company in favor of
Cambridge 16, S. de R.L. de C.V. ("Landlord"), guarantying obligations under
that certain Lease dated September 22, 2004 between Landlord and WLVN de
Latinoamerica, S. de. R.L. de C.V. not exceeding $10.0 million in the aggregate;

          (l) Indebtedness incurred in connection with the Permitted
Securitization; and

          (m) other Indebtedness, so long as (i) such Indebtedness is unsecured;
(ii) no Default or Event of Default shall exist immediately prior to or after
the incurrence of such Indebtedness; (iii) the Borrowers shall be in pro forma
compliance with all financial covenants contained in Article VIII hereof; (iv)
the documentation evidencing such Indebtedness shall not contain covenants which
are more restrictive than the covenants contained herein and (v) such
Indebtedness shall not exceed an aggregate principal amount of $5,000,000 at any
one time outstanding.

     9.2 LIENS

     No Consolidated Party shall contract, create, incur, assume or permit to
exist any Lien except for Permitted Liens; provided that in no event shall any
Consolidated Party contract, create, incur, assume or permit to exist any Lien
on any of its Capital Stock except for Liens arising under

                                       76
<PAGE>
this Agreement and the other Credit Documents or any Interest Rate Protection
Agreement to secure the Obligations.

     9.3 NATURE OF BUSINESS

     No Consolidated Party shall substantively alter the character of its
business from that conducted as of the Closing Date.

     9.4 CONSOLIDATION OR MERGER

     No Consolidated Party shall dissolve, liquidate or wind up its affairs or
enter into any transaction of merger, amalgamation or consolidation; provided,
however, that (i) the Company may merge or consolidate with any Subsidiary so
long as the Company shall be the continuing or surviving corporation, (ii) any
Credit Party (other than the Company) may merge or consolidate with any other
Credit Party, (iii) any Subsidiary of the Company that is not a Credit Party may
be merged with or into any other Subsidiary of the Company that is not a Credit
Party and (iv) any Subsidiary of the Company that is not a Credit Party may
merge or consolidate with any Credit Party so long as the Credit Party shall be
the continuing or surviving corporation.

     9.5 SALE OR LEASE OF ASSETS

     No Consolidated Party will convey, sell, lease, assign, transfer or
otherwise dispose of any assets (including the Capital Stock of any Subsidiary
of the Company) other than (a) sales of Inventory in the ordinary course of
business, (b) sales or other dispositions in the ordinary course of business of
assets or properties that are obsolete or that are no longer used or useful in
the conduct of such Borrower's or Subsidiary's business (not to exceed in the
aggregate in any fiscal year assets with a net book value of $3,000,000), (c)
[intentionally omitted], (d) sales in the ordinary course of business of assets
or properties (other than Inventory) used in such Borrower's or Subsidiary's
business that are worn out or in need of replacement and that are replaced with
assets of reasonably equivalent value or utility, (e) sales, leases,
assignments, transfers and other dispositions among the Credit Parties, (f)
sales of assets or properties set forth on Schedule 9.5; provided, that the net
cash proceeds of such sales are applied in accordance with Section 4.4(b)(ii),
(g) dispositions of equipment to WLVN de Latinoamerica, S. de. R.L. de C.V. and
WLV Mexico, S. de. R.L. de C.V. not to exceed equipment with a net book value of
$12.5 million in the aggregate (when added to any Investments made as permitted
under clause (q) of the definition of Permitted Investments); (h) sales or other
dispositions of accounts receivables in connection with the Permitted
Securitization; and (i) sales, leases, assignments, transfers and other
dispositions approved by the Required Lenders.

     9.6 ACQUISITIONS

     The Consolidated Parties will not make any Acquisitions.

     9.7 TRANSACTIONS WITH AFFILIATES

     The Consolidated Parties will not enter into any transaction or series of
transactions (other than transactions between the Credit Parties), whether or
not in the ordinary course of business, with any officer, director, shareholder,
Subsidiary or Affiliate except (i) upon terms and conditions that

                                       77
<PAGE>
would be obtainable in a comparable arm's-length transaction with a Person other
than an Affiliate, (ii) employment arrangements, payment of directors' fees, and
transactions pursuant to employees' and directors' stock option plans, each in
the ordinary course of business and (iii) transactions permitted pursuant to
Sections 9.4, 9.5, or 9.11.

     9.8 OWNERSHIP OF SUBSIDIARIES

     The Credit Parties will not sell, transfer or otherwise dispose of, any
shares of capital stock of any of their Subsidiaries who are Credit Parties, or
permit any of their Subsidiaries who are Credit Parties to issue, sell or
otherwise dispose of, any shares of capital stock of any of their Subsidiaries,
except to other Credit Parties.

     9.9 FISCAL YEAR

     The Consolidated Parties will not change any of their respective fiscal
years without the prior written consent of the Required Lenders.

     9.10 INVESTMENTS

     The Consolidated Parties will not make any Investments except for Permitted
Investments.

     9.11 RESTRICTED PAYMENTS

     The Consolidated Parties will not make a Restricted Payment, other than (a)
dividends, distributions or other payments from any Subsidiary to any Borrower
or from any Consolidated Party to a Credit Party, (b) dividends payable solely
in the same class of Capital Stock of the Company, (c) [intentionally omitted],
and (d) dividends, distributions or other payments applied to the payment of the
2008 Senior Notes and to the payment of the 2009 Senior Notes to the extent any
such payments are permitted to be made pursuant to Section 9.15 hereof;
provided, however, that in each case described under clause (d) hereof,
immediately before and after giving effect to such dividend, distribution or
other payment, no Event of Default shall exist and the Company shall be in
compliance with the terms and provisions of the 2008 Senior Note Indenture and
the terms and provisions of the 2009 Senior Note Indenture.

     9.12 NO ADDITIONAL BANK ACCOUNTS

     The Credit Parties will not open, maintain or otherwise have any checking,
savings or other accounts at any bank or other financial institution, or any
other account where money is or may be deposited or maintained with any Person,
other than the accounts set forth on Schedule 9.12 hereto and, after the Closing
Date, such other accounts so long as each such account is subject to a tri-party
lockbox or other blocked account agreement satisfactory to the Administrative
Agent. To the extent required by Section 3.1 or 3.2, as the case may be, all
such checking, savings or other accounts of the Credit Parties shall be under
the sole dominion and control of the Administrative Agent in accordance with
Section 3.1 or 3.2.

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     9.13 AMENDMENTS OF ORGANIZATIONAL DOCUMENTS, ETC

     The Consolidated Parties will not, without the prior written consent of the
Administrative Agent, amend, modify, cancel or terminate or permit the
amendment, modification, cancellation of the Articles or Certificate of
Incorporation or other equivalent organizational document of any of the
Consolidated Parties, except to the extent (i) permitted under Section 7.2 and
Section 9.4 and (ii) such amendment or modification would not materially
adversely effect the Lenders. The Consolidated Parties will not, without the
prior written consent of the Administrative Agent, amend, modify, cancel or
terminate or permit the amendment or modification of the Consignment Agreement
or the agreements evidencing the Permitted Securitization except to the extent
such amendment or modification would not (a) make the covenants or events of
default contained therein more restrictive or (b) materially adversely effect
the Lenders.

     9.14 ADDITIONAL NEGATIVE PLEDGES

     The Consolidated Parties will not create or otherwise cause or suffer to
exist or become effective, directly or indirectly, (i) any prohibition or
restriction (including any agreement to provide equal and ratable security to
any other Person in the event a Lien is granted to or for the benefit of the
Administrative Agent and the Lenders) on the creation or existence of any Lien
upon the assets of any Consolidated Party, other than (x) Permitted Liens and
(y) the 2008 Senior Note Indenture and the 2009 Senior Note Indenture or (ii)
any contractual obligation which may restrict or inhibit the Administrative
Agent's rights or ability to sell or otherwise dispose of the Collateral or any
part thereof after the occurrence of an Event of Default.

     9.15 OTHER INDEBTEDNESS

     The Consolidated Parties will not effect or permit any change in or
amendment to any document or instrument pertaining to the terms of payment or
required prepayments of the 2008 Senior Notes or the 2009 Senior Notes, effect
or permit any change in or amendment to any document or instrument pertaining to
the covenants or events of default of the 2008 Senior Notes or the 2009 Senior
Notes if the effect of any such change or amendment is to make such covenants or
events of default more restrictive, give any notice of optional redemption or
optional prepayment or offer to repurchase under any such document or
instrument, or, directly or indirectly, make any payment of principal of or
interest on or in redemption, retirement or repurchase of the 2008 Senior Notes
or the 2009 Senior Notes, except for (a) scheduled payments required by the
terms of the documents and instruments evidencing 2008 Senior Notes and the 2009
Senior Notes, as the case may be and (b) so long as no Default or Event of
Default shall have occurred and be continuing immediately prior to or
immediately after giving effect to any of the actions or payments contemplated
by this subsection 9.15(b), the Consolidated Parties may prepay, redeem or
repurchase long-term (as such term is defined in accordance with GAAP)
Indebtedness of any Borrower (i) in an amount not to exceed $10,000,000 in any
fiscal year, provided the Excess Availability immediately prior to and
immediately after giving effect to such prepayment shall be equal to or greater
than $20,000,000 or (ii) with the proceeds from (1) the sale of any assets or
properties permitted by Section 9.5(f) after compliance with Section 4.4(b)(ii)
or (2) any Equity Issuance occurring after the Closing Date.

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     9.16 LICENSES, ETC

     The Consolidated Parties will not enter into licenses of, or otherwise
restrict the use of, any patents, trademarks or copyrights which would prevent
any Consolidated Party from selling, transferring, encumbering or otherwise
disposing of any such patent, trademark or copyright.

     9.17 LIMITATIONS

     The Consolidated Parties will not, directly or indirectly, create or
otherwise cause, incur, assume, suffer or permit to exist or become effective
any consensual encumbrance or restriction of any kind on the ability of any
Consolidated Party to (a) pay dividends or make any other distribution on any of
its Capital Stock, (b) pay any Indebtedness owed to a Credit Party, (c) make
loans or advances to a Credit Party or (d) transfer any of its property to a
Credit Party, except for encumbrances or restrictions existing under or by
reason of (i) customary non-assignment provisions in any lease governing a
leasehold interest, (ii) any agreement or other instrument of a Person existing
at the time it becomes a Subsidiary of a Borrower; provided that such
encumbrance or restriction is not applicable to any other Person, or any
property of any other Person, other than such Person becoming a Subsidiary of a
Borrower and was not entered into in contemplation of such Person becoming a
Subsidiary of a Borrower, (iii) this Credit Agreement and the other Credit
Documents and (iv) the 2008 Senior Note Indenture and the 2009 Senior Note
Indenture.

                                   ARTICLE X

                                     POWERS

     10.1 APPOINTMENT OF ADMINISTRATIVE AGENT AS ATTORNEY-IN-FACT

          (a) Power of Administrative Agent. Each Borrower hereby irrevocably
authorizes and appoints the Administrative Agent, or any Person or agent the
Administrative Agent may designate, as such Borrower's attorney-in-fact, at the
Borrowers' cost and expense, to exercise, subject to the limitations set forth
in Section 10.2, all of the following powers, which being coupled with an
interest, shall be irrevocable until all of the Obligations to the Lenders have
been paid and satisfied in full (other than contingent indemnification
obligations) and all of the Commitments have been terminated:

               (i) To receive, take, endorse, sign, assign and deliver, all in
the name of the Administrative Agent, the Lenders or such Borrower, as the case
may be, any and all checks, notes, drafts, and other documents or instruments
relating to the Collateral;

               (ii) To receive, open and dispose of all mail addressed to such
Borrower and to notify postal authorities to change the address for delivery
thereof to such address as the Administrative Agent may designate;

               (iii) To request at any time from customers indebted on Accounts,
in the name of such Borrower or a third party designee of the Administrative
Agent, information concerning the Accounts and the amounts owing thereon;

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               (iv) To give customers indebted on Accounts notice of the
Lenders' interest therein, and/or to instruct such customers to make payment
directly to the Administrative Agent for such Borrower's account; and

               (v) To take or bring, in the name of the Administrative Agent,
the Lenders or such Borrower, all steps, actions, suits or proceedings deemed by
the Administrative Agent necessary or desirable to enforce or effect collection
of the Accounts.

     10.2 LIMITATION ON EXERCISE OF POWER

     Notwithstanding anything hereinabove to the contrary, the powers set forth
in Section 10.1(a) and (b) above may only be exercised by the Administrative
Agent on and after the occurrence and during the continuation of an Event of
Default which has not otherwise been waived by the Administrative Agent.

                                   ARTICLE XI

                         EVENTS OF DEFAULT AND REMEDIES

     11.1 EVENTS OF DEFAULT

     An Event of Default shall exist upon the occurrence of any of the following
specified events (each an "Event of Default"):

          (a) Payment. Any Borrower shall default in the payment of (i) any
principal owing hereunder, under any of the Credit Documents or in connection
herewith when due or (ii) any interest, fees or other amounts owing hereunder,
under any of the other Credit Documents or in connection herewith within five
days after the date due;

          (b) Representations. Any representation, warranty or statement made or
deemed to be made by any Credit Party herein, in any of the Credit Documents, or
in any written statement or certificate delivered pursuant hereto or thereto
shall prove untrue in any material respect on the date as of which it was made
or deemed to have been made;

          (c) Covenants. Any Credit Party shall

               (i) default in the due performance or observance of any term
condition or agreement contained in Sections 7.1(i), 7.12, Article VIII or
Article IX, or

               (ii) default in the due performance or observance of any term or
condition in Section 7.1(a), (b), (c) or (d) and such default shall remain
unremedied for a period of fifteen (15) Business Days after the occurrence
thereof.

               (iii) default in the due performance or observance of any term,
covenant or agreement (other than those referred to in subsections (a), (b),
(c)(i) or (c)(ii)

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of this Section 11.1) contained in this Agreement and such default shall
continue unremedied for a period of thirty (30) days after the occurrence
thereof;

          (d) Other Credit Documents. (i) Any Credit Party shall default in the
due performance or observance of any term, covenant or agreement in any of the
other Credit Documents (subject to applicable grace or cure periods, if any), or
(ii) any covenant, agreement or obligation of any party (other than the
Administrative Agent or any of the Lenders) contained in or evidenced by any of
the Credit Documents shall cease to be enforceable in accordance with its terms,
or any party (other than the Administrative Agent or the Lenders) to any Credit
Document shall deny or disaffirm its obligations under any of the Credit
Documents, or any Credit Document shall be canceled, terminated, revoked or
rescinded without the express prior written consent of the Administrative Agent,
or any action or proceeding shall have been commenced by any Person (other than
the Administrative Agent or any Lender) seeking to cancel, revoke, rescind or
disaffirm the obligations of any party to any Credit Document, or any court or
other Governmental Authority shall issue a judgment, order, decree or ruling to
the effect that any of the obligations of any party to any Credit Document are
illegal, invalid or unenforceable;

          (e) Termination Event, Etc. The occurrence of an amortization event,
termination event, event of default or other similar event under the Permitted
Securitization or the occurrence of an event of default under the Consignment
Agreement;

          (f) Bankruptcy, etc. The occurrence of any Bankruptcy Event with
respect to a Credit Party;

          (g) Defaults under Other Agreements. With respect to any Indebtedness
in excess of $2,500,000 (other than Indebtedness outstanding under this
Agreement), the 2008 Senior Notes, the 2009 Senior Notes or any Interest Rate
Protection Agreement, (i) a Credit Party shall (A) default in any payment
(beyond the applicable grace period with respect thereto, if any, but not more
than ten(10) days) with respect to any such Indebtedness, or (B) default in the
observance or performance relating to such Indebtedness or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other
event or condition shall occur or condition exist, the effect of which default
or other event or condition is to cause, or permit, the holder or holders of
such Indebtedness (or trustee or agent on behalf of such holders) to cause
(determined without regard to whether any notice or lapse of time is required),
any such Indebtedness to become due prior to its stated maturity; or (ii) any
such Indebtedness shall be declared due and payable, or required to be prepaid
other than by a regularly scheduled required prepayment, prior to the stated
maturity thereof;

          (h) Judgments. One or more judgments or decrees shall be entered
against a Credit Party involving a liability of $2,500,000 or more in the
aggregate (to the extent not paid or fully covered by insurance (subject to
payment of the applicable deductible) provided by a carrier who, upon request,
has not denied coverage) and any such judgments or decrees shall not have been
vacated, discharged, stayed or bonded pending appeal within thirty (30) days
from the entry thereof;

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          (i) ERISA. Any Termination Event with respect to a Benefit Plan shall
have occurred and be continuing thirty (30) days after notice thereof shall have
been given to the Company by the Agent or any Lender, and the then current value
of such Benefit Plan's benefits guaranteed under Title IV of ERISA exceeds the
then current value of such Benefit Plan's assets allocable to such benefits by
more than $100,000 (or in the case of a Termination Event involving the
withdrawal of a substantial employer, the withdrawing employer's proportionate
share of such excess exceeds such amount);

          (j) Ownership. There shall occur a Change of Control; or

          (k) Defective Liens. Any other Credit Document shall fail to be in
full force and effect or to give the Administrative Agent and/or the Lenders the
security interests, liens, rights, powers and privileges purported to be created
thereby (except as such documents may be terminated or no longer in force and
effect in accordance with the terms thereof, other than those indemnities and
provisions which by their terms shall survive).

     11.2 ACCELERATION; REMEDIES

     Upon the occurrence of an Event of Default, and at any time thereafter, the
Administrative Agent shall, upon the request and direction of the Required
Lenders, by written notice to the Borrowers, take any of the following actions
without prejudice to the rights of the Administrative Agent or any Lender to
enforce its claims against any Credit Party, except as otherwise specifically
provided for herein:

          (a) Termination of Commitments. Declare the Commitments terminated
whereupon the Commitments shall be immediately terminated.

          (b) Acceleration of Loans. Declare the unpaid principal of and any
accrued interest in respect of all Loans and any and all other indebtedness or
obligations of any and every kind owing by the Borrowers to any of the Lenders
hereunder to be due whereupon the same shall be immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrowers.

          (c) Cash Collateral. Direct the Borrowers to pay (and the Borrowers
agree that upon receipt of such written notice, or upon the occurrence of an
Event of Default under Section 11.1(f), they will immediately pay) to the
Administrative Agent additional cash, to be held by the Administrative Agent,
for the benefit of the Lenders, in a cash collateral account as security for the
LOC Obligations in respect of subsequent drawings under all then outstanding
Letters of Credit in an aggregate amount equal to 105% of the maximum aggregate
amount which may be drawn under all Letters of Credits then outstanding. Accrued
interest on the cash collateral account shall be for the account of the
Borrowers, subject to the prior payment in full in cash of all of the
Obligations.

          (d) Enforcement of Rights. Enforce any and all rights and interests
created and existing under the Credit Documents or at law, including, without
limitation, the Security Agreement, the Pledge Agreement, and all rights of
set-off.

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Notwithstanding the foregoing, if an Event of Default specified in Section
11.1(f) shall occur, then the Commitments shall automatically terminate and all
Loans, all reimbursement obligations under Letters of Credit, all accrued
interest in respect thereof, all accrued and unpaid fees and other indebtedness
or obligations owing to the Lenders hereunder shall immediately become due and
payable without the giving of any notice or other action by the Agent or the
Lenders which notice or other action is expressly waived by the Borrowers.

                                   ARTICLE XII

                                   TERMINATION

     Except as otherwise provided in Article XI of this Credit Agreement, the
Commitments made hereunder shall terminate on the Maturity Date, and all then
outstanding Loans and LOC Obligations shall be immediately due and payable in
full. The Credit Parties may terminate in full the Commitments hereunder at any
time and all then outstanding Loans and LOC Obligations shall be immediately due
and payable in full. Unless sooner demanded in accordance with this Agreement,
all Obligations shall become due and payable as of any termination hereunder or
under Article XI and, pending a final accounting, the Administrative Agent may
withhold, or cause to be withheld, any balances in the Borrowers' Loan accounts,
in an amount sufficient, in the Administrative Agent's reasonable discretion, to
cover all of the Obligations, whether absolute or contingent, unless supplied
with a satisfactory indemnity to cover all of such Obligations. All of the
Agent's and the Lenders' rights, liens and security interests shall continue
after any termination until all Obligations have been paid and satisfied in
full.

                                  ARTICLE XIII

                                    THE AGENT

     13.1 APPOINTMENT

     Each Lender hereby designates and appoints Wachovia as Administrative Agent
to act as specified herein and the other Credit Documents, and each such Lender
hereby authorizes the Administrative Agent as the agent for such Lender, to take
such action on its behalf under the provisions of this Agreement and the other
Credit Documents and to exercise such powers and perform such duties as are
expressly delegated by the terms hereof and of the other Credit Documents,
together with such other powers as are reasonably incidental thereto, including,
without limitation, holding all Collateral and all payments of principal,
interest, fees, charges and expenses received pursuant to this Credit Agreement
or any other Credit Document for the benefit of the Lenders. Notwithstanding any
provision to the contrary elsewhere herein and in the other Credit Documents,
the Agent shall not have any duties or responsibilities, except those expressly
set forth herein and therein, or any fiduciary relationship with any Lender, and
no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or any of the other Credit
Documents, or shall otherwise exist against the Agent. The provisions of this
Article are solely for the benefit of the Agent and the Lenders and none of the
Consolidated Parties

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shall have any rights as a third party beneficiary of the provisions hereof. In
performing its functions and duties under this Agreement and the other Credit
Documents, the Agent shall act solely as agent of the Lenders and do not assume
and shall not be deemed to have assumed any obligation or relationship of agency
or trust with or for the Borrowers or any of the Consolidated Parties.

     Without limiting the generality of this Section 13.1, each Lender expressly
authorizes the Administrative Agent to determine, subject to the terms of this
Credit Agreement, on behalf of such Lender whether or not Accounts shall be
deemed to constitute Eligible Accounts Receivable or Inventory shall be deemed
to constitute Eligible Inventory, to deduct reserves from the Borrowing Base,
and to increase and decrease such reserves from time to time. Such authorization
may be withdrawn by the Required Lenders; provided, however, that unless
otherwise agreed by the Administrative Agent such withdrawal of authorization
shall not become effective until the thirtieth Business Day after receipt of
such notice by the Administrative Agent. Thereafter, the Required Lenders shall
jointly instruct the Administrative Agent in writing regarding such matters with
such frequency as the Required Lenders shall jointly determine.

     13.2 DELEGATION OF DUTIES

     The Agent may execute any of their respective duties hereunder or under the
other Credit Documents by or through agents or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such duties.
The Agent shall not be responsible for the negligence or misconduct of any
agents or attorneys-in-fact selected with reasonable care.

     13.3 EXCULPATORY PROVISIONS

     The Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates shall not be (a) liable for any action lawfully
taken or omitted to be taken by it or such Person under or in connection
herewith or in connection with any of the other Credit Documents (except for its
or such Person's own gross negligence or willful misconduct), or (b) responsible
in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by any of the Consolidated Parties contained
herein or in any of the other Credit Documents or in any certificate, report,
statement or other document referred to or provided for in, or received by the
Agent under or in connection herewith or in connection with the other Credit
Documents, or enforceability or sufficiency therefor of any of the other Credit
Documents, or for any failure of any of the Borrowers to perform its obligations
hereunder or thereunder. The Agent shall not be responsible to any Lender for
the effectiveness, genuineness, validity, enforceability, collectibility or
sufficiency of this Agreement, or any of the other Credit Documents or for any
representations, warranties, recitals or statements made herein or therein or
made by the Borrowers or any of the Consolidated Parties in any written or oral
statement or in any financial or other statements, instruments, reports,
certificates or any other documents in connection herewith or therewith
furnished or made by the Agent to the Lenders or by or on behalf of the
Consolidated Parties to the Agent or any Lender or be required to ascertain or
inquire as to the performance or observance of any of the terms, conditions,
provisions, covenants or agreements contained herein or therein or as to the use
of the proceeds of the Loans or of the existence or possible existence of any
Default or Event of Default or to inspect the properties,

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books or records of the Consolidated Parties. The Agent is not a trustee for the
Lenders and owes no fiduciary duty to any of the Lenders.

     13.4 RELIANCE ON COMMUNICATIONS

     The Agent shall be entitled to rely, and shall be fully protected in
relying, upon any note, writing, resolution, notice, consent, certificate,
affidavit, letter, cablegram, e-mail, telegram, telecopy, telex or teletype
message, statement, order or other document or conversation believed by it to be
genuine and correct and to have been signed, sent or made by the proper Person
or Persons and upon advice and statements of legal counsel (including, without
limitation, counsel to the Borrowers or any of the Consolidated Parties,
independent accountants and other experts selected by the Administrative Agent
with reasonable care). The Agent may deem and treat the Lenders as the owner of
its respective interests hereunder for all purposes unless a written notice of
assignment, negotiation or transfer thereof shall have been filed with the Agent
in accordance with Section 14.3(b). The Agent shall be fully justified in
failing or refusing to take any action under this Agreement or under any of the
other Credit Documents unless it shall first receive such advice or concurrence
of the Required Lenders as it deems appropriate or it shall first be indemnified
to its satisfaction by the Lenders against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such
action. The Agent shall in all cases be fully protected in acting, or in
refraining from acting, hereunder or under any of the other Credit Documents in
accordance with a request of the Required Lenders (or to the extent specifically
provided in Section 14.6, all the Lenders) and such request and any action taken
or failure to act pursuant thereto shall be binding upon all the Lenders
(including their successors and assigns).

     13.5 NOTICE OF DEFAULT

     The Agent shall not be deemed to have knowledge or notice of the occurrence
of any Default or Event of Default hereunder unless the Agent has received
notice from a Lender or a Consolidated Parties referring to the Credit Document,
describing such Default or Event of Default and stating that such notice is a
"notice of default." In the event that the Agent receives such a notice, the
Agent shall give prompt notice thereof to the Lenders. The Administrative Agent
shall take such action with respect to such Default or Event of Default as shall
be directed by the Required Lenders.

     13.6 NON-RELIANCE ON AGENT AND OTHER LENDERS

     Each Lender expressly acknowledges that neither of the Agent nor any of its
officers, directors, employees, agents, attorneys-in-fact or affiliates
(including, without limitation, Wachovia Capital Markets, LLC (the "Arranger");
it being understood that each reference to affiliate in this Section 13.6 shall
include the Arranger) has made any representations or warranties to it and that
no act by the Agent or any affiliate thereof hereinafter taken, including any
review of the affairs of the Consolidated Parties, shall be deemed to constitute
any representation or warranty by the Agent to any Lender. Each Lender
represents to the Agent that it has, independently and without reliance upon the
Agent or any other Lender, and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the
business, assets, operations, property, financial and other conditions,
prospects and creditworthiness of the Consolidated Parties and made its own
decision to make its Loans hereunder and enter into this

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Agreement. Each Lender also represents that it will, independently and without
reliance upon the Agent or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under
this Agreement, and to make such investigation as it deems necessary to inform
itself as to the business, assets, operations, property, financial and other
conditions, prospects and creditworthiness of the Consolidated Parties. Except
for notices, reports and other documents expressly required to be furnished to
the Lenders by the Agent hereunder, the Agent shall not have any duty or
responsibility to provide any Lender with any credit or other information
concerning the business, operations, assets, property, financial or other
conditions, prospects or creditworthiness of the Consolidated Parties which may
come into the possession of the Agent or any of its respective officers,
directors, employees, agents, attorneys-in-fact or affiliates.

     13.7 INDEMNIFICATION

     The Lenders agree to indemnify the Agent in its capacity as such (to the
extent not reimbursed by the Borrowers and without limiting the obligation of
the Borrowers to do so), ratably according to their respective Commitments, from
and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind
whatsoever which may at any time (including without limitation at any time
following the payment of the Obligations) be imposed on, incurred by or asserted
against the Agent in its respective capacity as such in any way relating to or
arising out of this Agreement or the other Credit Documents or any documents
contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by the Agent under
or in connection with any of the foregoing; provided that no Lender shall be
liable for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the gross negligence or willful misconduct of the Agent. If any
indemnity furnished to the Agent for any purpose shall, in the opinion of the
Agent, acting reasonably, be insufficient or become impaired, the Agent may call
for additional indemnity and cease, or not commence, to do the acts indemnified
against until such additional indemnity is furnished. The agreements in this
Section shall survive the payment of the Obligations and all other amounts
payable hereunder and under the other Credit Documents.

     13.8 AGENT IN ITS INDIVIDUAL CAPACITY

     The Agent and its affiliates may make loans to, accept deposits from and
generally engage in any kind of business with the Borrowers or any other member
of the Consolidated Parties as though the Agent were not agent hereunder. With
respect to the Loans made, the Agent shall have the same rights and powers under
this Agreement as any Lender and may exercise the same as though it were not
agent hereunder, and the terms "Lender" and "Lenders" shall include the
Administrative Agent in its individual capacity.

     13.9 SUCCESSOR AGENT

     The Agent may, at any time, resign upon twenty (20) days' written notice to
the Lenders and the Company. Upon any such resignation, the Required Lenders
shall have the right to appoint a successor Administrative Agent, which
successor, so long as no Event of Default then exists, shall be reasonably
acceptable to the Company. If no successor Agent shall have been so appointed by

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the Required Lenders, and shall have accepted such appointment, within thirty
(30) days after the notice of resignation, then the retiring Agent shall select
a successor Agent provided that such successor is a Lender hereunder or a
commercial bank or financial institution organized or licensed under the laws of
the United States of America or any State thereof, and has a combined capital
and surplus of at least $500,000,000. Upon the acceptance of any appointment as
Administrative Agent, hereunder by a successor, such successor Administrative
Agent, shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations as
Administrative Agent under this Agreement and the other Credit Documents and the
provisions of this Section 13.9 shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was the Agent under this Agreement.

     13.10 COLLATERAL MATTERS

          (a) Each Lender authorizes and directs the Agent to enter into the
Security Documents for the benefit of the Lenders. Each Lender authorizes and
directs the Administrative Agent to make such changes to the form of
Acknowledgment Agreement attached hereto as Exhibit A as it deems necessary from
time to time in order to obtain any Acknowledgment Agreement from any landlord,
warehouseman, filler, packer, processor, mortgagee or any other party who has an
interest in any real property where Collateral is located with respect to any
Credit Party. Each Lender also authorizes and directs the Agent to review and
approve all agreements regarding the lockboxes and the lockbox accounts
(including the Lockbox Agreements) on such terms as the Agent deems necessary.
Each Lender hereby agrees, and each holder of any Note by the acceptance thereof
will be deemed to agree, that, except as otherwise set forth herein, any action
taken by the Required Lenders or each of the Lenders, as applicable, in
accordance with the provisions of this Credit Agreement or the Security
Documents, and the exercise by the Required Lenders or each of the Lenders, as
applicable, of the powers set forth herein or therein, together with such other
powers as are reasonably incidental thereto, shall be authorized and binding
upon all of the Lenders. The Administrative Agent is hereby authorized on behalf
of all of the Lenders, without the necessity of any notice to or further consent
from any Lender, from time to time prior to an Event of Default, to take any
action with respect to any Collateral or Security Document which may be
necessary or appropriate to perfect and maintain perfected the security interest
in and liens upon the Collateral granted pursuant to the Security Documents.

          (b) The Lenders hereby authorize the Administrative Agent, at its
option and in its discretion, to release any Lien granted to or held by it upon
any Collateral (i) upon termination of the Commitments and payment in cash and
satisfaction of all of the Obligations (including the LOC Obligations) at any
time arising under or in respect of this Credit Agreement or the Credit
Documents or the transactions contemplated hereby or thereby, (ii) constituting
property being sold or disposed of upon receipt of the proceeds of such sale by
the Agent if the applicable Credit Party certifies to the Agent that the sale or
disposition is made in compliance with Section 9.5 (and the Agent may rely
conclusively on any such certificate, without further inquiry) or (iii) if
approved, authorized or ratified in writing by the Required Lenders, unless such
release is required to be approved by all of the Lenders hereunder. Upon request
by the Agent at any time, the Lenders will confirm in writing the Agent's
authority to release particular types or items of Collateral pursuant to this
Section 13.10(b).

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          (c) Upon any sale and transfer of Collateral which is expressly
permitted pursuant to the terms of this Credit Agreement, or consented to in
writing by the Required Lenders or all of the Lenders, as applicable, and upon
at least five (5) Business Days' prior written request by the applicable Credit
Party, the Administrative Agent shall (and is hereby irrevocably authorized by
the Lenders to) execute such documents as may be necessary to evidence the
release of the Liens granted to the Administrative Agent for the benefit of the
Lenders herein or pursuant hereto upon the Collateral that was sold or
transferred; provided that (i) the Agent shall not be required to execute any
such document on terms which, in the Agent's opinion, acting reasonably, would
expose the Agent to liability or create any obligation or entail any consequence
other than the release of such Liens without recourse or warranty and (ii) such
release shall not in any manner discharge, affect or impair the Obligations or
any Liens upon (or obligations of such Credit Party in respect of) all interests
retained by such Credit Party, including, without limitation, the proceeds of
the sale, all of which shall continue to constitute part of the Collateral. In
the event of any sale or transfer of Collateral, or any foreclosure with respect
to any of the Collateral, the Administrative Agent shall be authorized to deduct
all of the expenses reasonably incurred by it from the proceeds of any such
sale, transfer or foreclosure.

          (d) The Agent shall have no obligation whatsoever to the Lenders or to
any other Person to assure that the Collateral exists or is owned by the Credit
Parties or is cared for, protected or insured or that the liens granted to the
Agent herein or pursuant hereto have been properly or sufficiently or lawfully
created, perfected, protected or enforced or are entitled to any particular
priority, or to exercise or to continue exercising at all or in any manner or
under any duty of care, disclosure or fidelity any of the rights, authorities
and powers granted or available to the Agent in this Section 13.10 or in any of
the Security Documents, it being understood and agreed that in respect of the
Collateral, or any act, omission or event related thereto, the Administrative
Agent may act in any manner it may deem appropriate, in its reasonable
discretion, given the Agent's own interest in the Collateral as one of the
Lenders and that the Agent shall have no duty or liability whatsoever to the
Lenders, except for its gross negligence or willful misconduct.

     13.11 RIGHTS AND REMEDIES TO BE EXERCISED BY AGENT ONLY

     Each Lender agrees that, except as set forth in Subsection 14.2, no Lender
shall have any right individually (i) to realize upon the security created by
the Security Documents or any other Credit Document, (ii) to enforce any
provision of this Credit Agreement or any other Credit Document against one or
more of the Credit Parties, or (iii) to make demand under this Credit Agreement
or any other Credit Document against one or more of the Credit Parties.

                                   ARTICLE XIV

                                  MISCELLANEOUS

     14.1 NOTICES

     Except as otherwise expressly provided herein, all notices, requests and
other communications shall have been duly given and shall be effective (a) when
delivered by hand, (b) when transmitted via telecopy (or other facsimile
device), (c) the Business Day following the day on

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which the same is sent by certified or registered mail, postage prepaid, in each
case to the respective parties at the address or telecopy numbers set forth on
Schedule 14.1 attached hereto, or at such other address as such party may
specify by written notice to the other parties hereto; provided, however, that
if any notice is delivered on a day other than a Business Day, or after 5:00
P.M. (Eastern time) on any Business Day, then such notice shall not be effective
until the next Business Day; and provided further, that notices of default shall
be effective only upon delivery by hand or by a reputable national overnight air
courier service (unless a telecopy notice of default is sent and receipt is
confirmed by telephone or telecopy by a Senior Management Member or Senior
Financial Officer of the Company, in which case such notice of default shall be
effective upon receipt).

     14.2 RIGHT OF SET-OFF

     In addition to any rights now or hereafter granted under applicable law or
otherwise, and not by way of limitation of any such rights, upon the occurrence
and during the continuation of an Event of Default, each Lender is authorized at
any time and from time to time, without presentment, demand, protest or other
notice of any kind (all of which rights being hereby expressly waived), to
set-off and to appropriate and apply any and all deposits (general or special)
and any other indebtedness at any time held or owing by such Lender (including,
without limitation branches, agencies or Affiliates of such Lender wherever
located) to or for the credit or the account of a Credit Party against
obligations and liabilities of a Credit Party to such Lender hereunder, under
the Notes, the other Credit Documents or otherwise, irrespective of whether such
Lender shall have made any demand hereunder and although such obligations,
liabilities or claims, or any of them, may be contingent or unmatured, and any
such set-off shall be deemed to have been made immediately upon the occurrence
of an Event of Default even though such charge is made or entered on the books
of such Lender subsequent thereto. Each Credit Party hereby agrees that any
Person purchasing a participation in the Loans and Commitments hereunder
pursuant to Section 14.3(c) may exercise all rights of set-off with respect to
its participation interest as fully as if such Person were a Lender hereunder.

     14.3 BENEFIT OF AGREEMENT

          (a) Generally. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the respective successors and assigns of the
parties hereto; provided that a Borrower may not assign and transfer any of its
interests without prior written consent of the Lenders; and provided further
that the rights of each Lender to transfer, assign or grant participations in
its rights and/or obligations hereunder shall be limited as set forth in this
Section 14.3.

          (b) Assignments. Subject to the consent of the Borrowers (provided,
however, that no consent shall be required during the existence and continuation
of an Event of Default) and of the Administrative Agent, which consents shall
not be unreasonably withheld, each Lender may assign all or a portion of its
rights and obligations hereunder pursuant to an assignment agreement
substantially in the form of Exhibit J to one or more Eligible Assignees;
provided that any such assignment shall be in a minimum aggregate amount of
$5,000,000 of the Commitments and in integral multiples of $1,000,000 above such
amount and that each such

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assignment shall be of a constant, not varying, percentage of all of the
assigning Lender's rights and obligations under this Agreement. Any assignment
hereunder shall be effective upon satisfaction of the conditions set forth in
the preceding sentence and delivery to the Administrative Agent of written
notice of the assignment, together with a transfer fee of $3,500 payable to the
Administrative Agent for its own account. Upon the effectiveness of any such
assignment, the assignee shall become a "Lender" for all purposes of this
Agreement and the other Credit Documents and, to the extent of such assignment,
the assigning Lender shall be relieved of its obligations hereunder to the
extent of the Loans and Commitment components being assigned. Along such lines,
the Borrowers agree that upon effectiveness of any such assignment and surrender
of the appropriate Note or Notes, it will promptly provide to the assigning
Lender and to the assignee separate promissory notes in the amount of their
respective interests substantially in the form of the original Note (but with
notation thereon that it is given in substitution for and replacement of the
original Note or any replacement notes thereof). In addition to the assignments
permitted under this Section 14.3(b), any Lender may (without notice to the
Borrowers, the Administrative Agent or any other Lender and without payment of
any fee) (i) assign and pledge all or any portion of its Loans and its Notes to
any Federal Reserve Bank as collateral security pursuant to Regulation A and any
Operating Circular issued by such Federal Reserve Bank and (ii) assign all or
any portion of its rights under this Agreement and its Loans and its Notes to an
Affiliate. No such assignment, as set forth in the preceding sentence, shall
release the assigning Lender from its obligations hereunder.

          By executing and delivering an assignment agreement in accordance with
this Section 14.3(b), the assigning Lender thereunder and the assignee
thereunder shall be deemed to confirm to and agree with each other and the other
parties hereto as follows: (i) such assigning Lender warrants that it is the
legal and beneficial owner of the interest being assigned thereby free and clear
of any adverse claim and the assignee warrants that it is an Eligible Assignee;
(ii) except as set forth in clause (i) above, such assigning Lender makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this
Agreement, any of the other Credit Documents or any other instrument or document
furnished pursuant hereto or thereto, or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement, any of the
other Credit Documents or any other instrument or document furnished pursuant
hereto or thereto or the financial condition of the Consolidated Parties or the
performance or observance by any of the Consolidated Parties of any of their
obligations under this Agreement, any of the other Credit Documents or any other
instrument or document furnished pursuant hereto or thereto; (iii) such assignee
represents and warrants that it is legally authorized to enter into such
assignment agreement; (iv) such assignee confirms that it has received a copy of
this Agreement, the other Credit Documents and such other documents and
information as it has deemed appropriate to make its own credit analysis and
decision to enter into such assignment agreement; (v) such assignee will
independently and without reliance upon the Agent, such assigning Lender or any
other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement and the other Credit Documents; (vi) such
assignee appoints and authorizes the Agent to take such action on its behalf and
to exercise such powers under this Agreement or any other Credit Document as are
delegated to the Agent by the terms hereof or thereof, together with such powers
as are reasonably incidental thereto; and (vii) such assignee agrees that it
will perform in accordance with their terms all the obligations which by the
terms

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of this Agreement and the other Credit Documents are required to be performed by
it as a Lender.

          (c) Participations. Each Lender may sell, transfer, grant or assign
participations in all or any part of such Lender's rights, obligations or rights
and obligations hereunder; provided that (i) such selling Lender shall remain a
"Lender" for all purposes under this Agreement (such selling Lender's
obligations under the Credit Documents remaining unchanged) and the participant
shall not constitute a Lender hereunder, (ii) no such participant shall have, or
be granted, rights to approve any amendment or waiver relating to this Agreement
or the other Credit Documents except to the extent any such amendment or waiver
would (A) reduce the principal of or rate of interest on or fees in respect of
any Loans in which the participant is participating, (B) postpone the date fixed
for any payment of principal (including extension of the Maturity Date, but
excluding any mandatory prepayment), interest or fees in which the participant
is participating, or (C) release all or substantially all of the collateral
(except as expressly provided in the Credit Documents) supporting any of the
Loans or Commitments in which the participant is participating, and (iii)
sub-participations by the participant (except to an affiliate, parent company or
affiliate of a parent company of the participant) shall be prohibited. In the
case of any such participation, the participant shall not have any rights under
this Agreement or the other Credit Documents (the participant's rights against
the selling Lender in respect of such participation to be those set forth in the
participation agreement with such Lender creating such participation) and all
amounts payable by the Borrowers hereunder shall be determined as if such Lender
had not sold such participation, provided, however, that such participant shall
be entitled to receive additional amounts under Sections 4.9 through 4.14;
provided that such participant shall not be entitled to receive any amount
greater than such selling Lender would have received had such Lender not sold
such participation.

     14.4 NO WAIVER; REMEDIES CUMULATIVE

     The Borrowers hereby waive due diligence, demand, presentment and protest
and any notices thereof as well as notice of nonpayment. No failure or delay on
the part of the Agent or any Lender in exercising any right, power or privilege
hereunder or under any other Credit Document and no course of dealing between
the Borrowers or any other Credit Party and the Agent or any Lender shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right, power or privilege hereunder or under any other Credit Document preclude
any other or further exercise thereof or the exercise of any other right, power
or privilege hereunder or thereunder. The rights and remedies provided herein
are cumulative and not exclusive of any rights or remedies which the Agent or
any Lender would otherwise have. No notice to or demand on the Borrowers in any
case shall entitle the Borrowers or any other Credit Party to any other or
further notice or demand in similar or other circumstances or constitute a
waiver of the rights of the Administrative Agent or the Lenders to any other or
further action in any circumstances without notice or demand.

     14.5 PAYMENT OF EXPENSES; INDEMNIFICATION

     The Borrowers agree to: (a) pay all reasonable out-of-pocket costs and
expenses of (i) the Administrative Agent and the Arranger in connection with the
negotiation, preparation, execution and delivery, and the administration, of
this Agreement and the other Credit Documents and the

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documents and instruments referred to therein (including, without limitation,
the reasonable fees and expenses of legal counsel to the Agent and all due
diligence, appraisal, field exam, environmental audit and other similar costs
(including ongoing per diem and out of pocket expenses related to field exams
and appraisals)) and any amendment, waiver or consent relating hereto and
thereto including, but not limited to, any such amendments, waivers or consents
resulting from or related to any work-out, renegotiation or restructure relating
to the performance by the Borrowers under this Agreement or any other Credit
Party under the other Credit Documents and (ii) the Agent and the Lenders in
connection with (A) enforcement of the Credit Documents and the documents and
instruments referred to therein (including, without limitation, in connection
with any such enforcement, the reasonable fees and disbursements of counsel for
the Agent and each of the Lenders), and (B) any investigation (including,
without limitation, background checks) performed to determine whether any Credit
Party, or any officer, director or Affiliate of a Credit Party has violated any
Anti-Terrorism Law or other similar law; (b) pay and hold each of the Lenders
harmless from and against any and all claims for Non-Excluded Taxes as set forth
in Section 4.13 and hold each of the Lenders harmless from and against any and
all liabilities with respect to or resulting from any delay or omission (other
than to the extent attributable to such Lender) to pay such Non-Excluded Taxes;
and (c) indemnify each Agent, the Arranger and each Lender, its officers,
directors, employees, representatives and agents from and hold each of them
harmless against any and all losses, liabilities, claims, damages or expenses
incurred by any of them as a result of, or arising out of, or in any way related
to, or by reason of, any investigation, litigation or other proceeding (whether
or not any Agent, the Arranger or Lender is a party thereto) related to the
entering into and/or performance of any Credit Document or the use of proceeds
of any Loans (including other extensions of credit) hereunder or the
consummation of any other transactions contemplated in any Credit Document,
including, without limitation, the reasonable fees and disbursements of counsel
incurred in connection with any such investigation, litigation or other
proceeding (but excluding any such losses, liabilities, claims, damages or
expenses to the extent they relate to disputes solely between or among the
Lenders (excluding Wachovia acting in its capacity as Administrative Agent) or
they are incurred by reason of gross negligence or willful misconduct on the
part of the Person to be indemnified).

     14.6 AMENDMENTS, WAIVERS AND CONSENTS

     Neither the amendment or waiver of any provision of this Credit Agreement
or any other Credit Document, nor the consent to any departure by any Borrower
or other Credit Party therefrom, shall in any event be effective unless the same
shall be in writing and signed by the Required Lenders, or if the Lenders shall
not be parties thereto, by the parties thereto and consented to by the Required
Lenders, and each such amendment, waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given; provided
that no amendment, waiver or consent shall unless in writing and signed by all
the Lenders, do any of the following: (a) increase the Commitments of the
Lenders or subject the Lenders to any additional obligations, (b) except as
otherwise expressly provided in this Credit Agreement, reduce the principal of,
or interest on, any Note or any Letter of Credit reimbursement obligations or
any fees hereunder, (c) postpone any date fixed for any payment in respect of
principal of, or interest on, any Note or any Letter of Credit reimbursement
obligations or any fees hereunder, (d) change the percentage of the Commitments,
or any minimum requirement necessary for the Lenders or the Required Lenders to
take any action hereunder, (e) amend or waive this Section 14.6, or change the
definition of Required Lenders, (f) release any Borrower,

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(g) except as otherwise expressly provided in this Credit Agreement, and other
than in connection with the financing, refinancing, sale or other disposition of
any asset of the Credit Parties permitted under this Credit Agreement, release
any Liens in favor of the Lenders on any material portion of the Collateral or
(h) amend or modify the definition of "Borrowing Base" or any defined term or
component set forth in the definition thereof such that more credit would be
available to the Borrowers; provided, however, that (i) the foregoing shall not
limit the adjustment by the Administrative Agent of any reserve implemented by
Administrative Agent, and (ii) the foregoing shall not prevent the
Administrative Agent from restoring any component of the Borrowing Base which
had been lowered by the Administrative Agent back to the value of such component
as in effect on the Closing Date or to an intermediate value; and provided,
further, that no amendment, waiver or consent affecting the rights or duties of
the Agent or the Issuing Lender under any Credit Document shall in any event be
effective, unless in writing and signed by the Agent and/or the Issuing Lender,
as applicable, in addition to the Lenders required hereinabove to take such
action. Notwithstanding any of the foregoing to the contrary, the consent of the
Borrowers shall not be required for any amendment, modification or waiver of the
provisions of Article XIII (other than the provisions of Section 13.9). In
addition, the Borrowers and the Lenders hereby authorize the Administrative
Agent to modify this Credit Agreement by unilaterally amending or supplementing
Schedule 1.1A from time to time in the manner requested by the Borrowers, the
Agent or any Lender in order to reflect any assignments or transfers of the
Loans as provided for hereunder; provided, however, that the Administrative
Agent shall promptly deliver a copy of any such modification to the Borrowers
and each Lender.

     14.7 DEFAULTING LENDER

     Each Lender understands and agrees that if such Lender is a Defaulting
Lender then it shall not be entitled to vote on any matter requiring the consent
of the Required Lenders or to object to any matter requiring the consent of all
the Lenders; provided, however, that all other benefits and obligations under
the Credit Documents shall apply to such Defaulting Lender.

     14.8 COUNTERPARTS

     This Agreement may be executed in any number of counterparts, each of which
where so executed and delivered shall be an original, but all of which shall
constitute one and the same instrument. It shall not be necessary in making
proof of this Agreement to produce or account for more than one such
counterpart. Delivery of an executed counterpart by telecopy shall be as
effective as delivery of a manually executed counterpart hereto and shall
constitute a representation that an original executed counterpart will be
provided.

     14.9 HEADINGS

     The headings of the sections and subsections hereof are provided for
convenience only and shall not in any way affect the meaning or construction of
any provision of this Agreement.

     14.10 SURVIVAL OF INDEMNIFICATION AND REPRESENTATIONS AND WARRANTIES

     All indemnities set forth herein and all representations and warranties
made herein shall survive the execution and delivery of this Agreement, the
making of the Loans, the issuance of the

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Letters of Credit, and the repayment of the Loans, LOC Obligations and other
obligations and the termination of the Commitments hereunder.

     14.11 CURRENCY

     The use of term "dollars" or "Dollars" or the symbol "$" or "U.S. $" in the
Credit Documents shall mean a reference to lawful money of the United States of
America unless specifically indicated otherwise.

     14.12 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE

          (a) THIS CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED
BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NORTH CAROLINA. Any legal action or proceeding with respect to this Credit
Agreement or any other Credit Document shall be brought in the courts of the
State of North Carolina in Mecklenburg County or of the United States for the
Western District of North Carolina, and, by execution and delivery of this
Credit Agreement, each of the Borrowers hereby irrevocably accepts for itself
and in respect of its property, generally and unconditionally, the nonexclusive
jurisdiction of such courts. Each of the Borrowers further irrevocably consents
to the service of process out of any of the aforementioned courts in any such
action or proceeding by the mailing of copies thereof by registered or certified
mail, postage prepaid, to it at the address set out for notices pursuant to
Section 14.1, such service to become effective three (3) days after such
mailing. Nothing herein shall affect the right of the Administrative Agent or
any Lender to serve process in any other manner permitted by law or to commence
legal proceedings or to otherwise proceed against any Borrower in any other
jurisdiction.

          (b) Each of the Borrowers hereby irrevocably waives any objection
which it may now or hereafter have to the laying of venue of any of the
aforesaid actions or proceedings arising out of or in connection with this
Credit Agreement or any other Credit Document brought in the courts referred to
in subsection (a) above and hereby further irrevocably waives and agrees not to
plead or claim in any such court that any such action or proceeding brought in
any such court has been brought in an inconvenient forum.

          (c) The Company hereby irrevocably appoints CT Corporation System,
which currently maintains a North Carolina office situated at 225 Hillsborough
Street, Raleigh, North Carolina 27603, as its agent to receive service of
process or other legal summons for purposes of any legal action or proceeding.
So long as the Company has any obligation under this Credit Agreement or any of
the Credit Documents, it will maintain a duly appointed agent in North Carolina
for the service of such process or summons, and if it fails to maintain such an
agent, any such process or summons may be served by mailing a copy thereof by
registered mail, or a form of mail substantially equivalent thereto, addressed
to it at its address as provided for notices hereunder.

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     14.13 ARBITRATION

          (a) Notwithstanding the provisions of Section 14.12 to the contrary,
upon demand of any party hereto, whether made before or after institution of any
judicial proceeding, any dispute, claim or controversy arising out of, connected
with or relating to this Credit Agreement and other Credit Documents
("Disputes") between or among parties to this Credit Agreement shall be resolved
by binding arbitration as provided herein. Institution of a judicial proceeding
by a party does not waive the right of that party to demand arbitration
hereunder. Disputes may include, without limitation, tort claims, counterclaims,
disputes as to whether a matter is subject to arbitration, claims brought as
class actions, claims arising from Credit Documents executed in the future, or
claims arising out of or connected with the transaction reflected by this Credit
Agreement.

          Arbitration shall be conducted under and governed by the Commercial
Financial Disputes Arbitration Rules (the "Arbitration Rules") of the American
Arbitration Association (the "AAA") and Title 9 of the U.S. Code. All
arbitration hearings shall be conducted in Charlotte, North Carolina. A hearing
shall begin within ninety (90) days of demand for arbitration and all hearings
shall be concluded within one hundred twenty (120) days of demand for
arbitration. These time limitations may not be extended unless a party shows
cause for extension and then no more than a total extension of sixty (60) days.
The expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules
shall be applicable to claims of less than $1,000,000. All applicable statutes
of limitation shall apply to any Dispute. The panel from which all arbitrators
are selected shall be comprised of licensed attorneys selected from the
Commercial Financial Dispute Arbitration Panel of the AAA. The single arbitrator
selected for expedited procedure shall be a retired judge from the highest court
of general jurisdiction, state or federal, of the state where the hearing will
be conducted or if such person is not available to serve, the single arbitrator
may be a licensed attorney. The parties hereto do not waive applicable Federal
or state substantive law except as provided herein. A judgment upon the award
may be entered in any court having jurisdiction. Notwithstanding the foregoing,
this arbitration provision does not apply to disputes under or related to
Hedging Agreements.

          (b) Notwithstanding the preceding binding arbitration provisions, the
Administrative Agent, the Lenders and the Borrowers agree to preserve, without
diminution, certain remedies that the Administrative Agent on behalf of the
Lenders may employ or exercise freely, independently or in connection with an
arbitration proceeding or after an arbitration action is brought. The
Administrative Agent on behalf of the Lenders shall have the right to proceed in
any court of proper jurisdiction or by self-help to exercise or prosecute the
following remedies, as applicable (i) all rights to foreclose against any real
or personal property or other security by exercising a power of sale granted
under Credit Documents or under applicable law or by judicial foreclosure and
sale, including a proceeding to confirm the sale; (ii) all rights of self-help
including peaceful occupation of real property and collection of rents, setoff,
and peaceful possession of personal property; (iii) obtaining provisional or
ancillary remedies including injunctive relief, sequestration, garnishment,
attachment, appointment of receiver and filing an involuntary bankruptcy
proceeding; and (iv) when applicable, a judgment by confession of judgment. Any
claim or controversy with regard to the Administrative Agent's entitlement on
behalf of the Lenders to exercise such remedies is a Dispute. Preservation of
these remedies

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does not limit the power of an arbitrator to grant similar remedies that may be
requested by a party in a Dispute.

          (c) The parties hereto agree that they shall not have a remedy of
punitive or exemplary damages against the other in any Dispute and hereby waive
any right or claim to punitive or exemplary damages they have now or which may
arise in the future in connection with any Dispute whether the Dispute is
resolved by arbitration or judicially.

          (d) By execution and delivery of this Credit Agreement, each of the
parties hereto accepts, for itself and in connection with its properties,
generally and unconditionally, the non-exclusive jurisdiction relating to any
arbitration proceedings conducted under the Arbitration Rules in Charlotte,
North Carolina and irrevocably agrees to be bound by any final judgment rendered
thereby in connection with this Credit Agreement from which no appeal has been
taken or is available.

     14.14 WAIVER OF JURY TRIAL

     TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES TO THIS
AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OF
THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

     14.15 SEVERABILITY

     If any provision of any of the Credit Documents is determined to be
illegal, invalid or unenforceable, such provision shall be fully severable and
the remaining provisions shall remain in full force and effect and shall be
construed without giving effect to the illegal, invalid or unenforceable
provisions.

     14.16 LOAN ENTIRETY

     This Agreement together with the other Credit Documents represent the
entire agreement of the parties hereto and thereto, and supersede all prior
agreements and understandings, oral or written, if any, including any commitment
letters or correspondence relating to the Credit Documents or the transactions
contemplated herein and therein; provided, however, that the Administrative
Agent Fee Letter shall remain in effect subsequent to the execution and delivery
of this Agreement.

     14.17 BINDING EFFECT; AMENDMENT AND RESTATEMENT OF EXISTING CREDIT
AGREEMENT; FURTHER ASSURANCES

     This Agreement shall become effective at such time, on or after the Closing
Date, that the conditions precedent set forth in Section 5.1 have been satisfied
and when it shall have been executed by each Borrower and the Agent, and the
Agent shall receive copies hereof (telecopied or otherwise) which, when taken
together, bear the signatures of each Lender (including the Issuing Lenders),
and thereafter this Agreement shall be binding upon and inure to the benefit of
each Borrower, each Lender (including the Issuing Lenders) and the Agent,
together with their respective

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successors and assigns. The Borrowers agree, upon the request of the
Administrative Agent and/or the Required Lenders, to promptly take such actions,
as reasonably requested, as are appropriate to carry out the intent of this
Agreement and the other Credit Documents, including, but not limited to, such
actions as are reasonably necessary to ensure that the Lenders have a perfected
security interest in all collateral securing the Obligations, subject to no
Liens other than Permitted Liens. This Agreement amends and restates the
Existing Credit Agreement and is not intended to be or operate as a novation or
an accord and satisfaction of the Existing Credit Agreement or the Obligations
evidenced or secured thereby or provided for thereunder.

     14.18 CONFIDENTIALITY

     The Agent and the Lenders agree to keep confidential (and to cause their
respective affiliates, officers, directors, employees, agents and
representatives to keep confidential) all information, materials and documents
furnished to the Agent or any such Lender by or on behalf of the Credit Parties
(whether before or after the Closing Date) which relates to the Credit Parties
(the "Information"). Notwithstanding the foregoing, the Agent and Lenders shall
be permitted to disclose Information (i) to its affiliates, officers, directors,
employees, agents and representatives in connection with their participation in
any of the transactions evidenced by this Agreement or any other Credit
Documents or the administration of this Agreement or any other Credit Documents
(so long as such Persons are notified of the confidential nature of the
information); (ii) to the extent required by applicable laws and regulations or
by any subpoena or similar legal process, or requested by any Governmental
Authority; (iii) to the extent such Information (A) becomes publicly available
other than as a result of a breach of this Credit Agreement or any agreement
entered into pursuant to clause (iv) below, (B) becomes available to the Agent
or any Lender on a non-confidential basis or (C) was available to the Agent or
Lenders on a non-confidential basis prior to its disclosure to the Agent or any
Lender by the Credit Parties; (iv) to any assignee or participant (or
prospective assignee or participant) so long as such assignee or participant (or
prospective assignee or participant) first specifically agrees in a writing
furnished to and for the benefit of the parties hereto to be bound by the terms
of this Section; (v) to Gold Sheets and other similar bank trade publications;
such information to consist of deal terms and other information customarily
found in such publications or (vi) to the extent that the Credit Parties shall
have consented in writing to such disclosure. Nothing set forth in this Section
shall obligate the Agent or any Lender to return any materials furnished by the
Credit Parties.

     14.19 JUDGMENT CURRENCY

          (a) If for the purposes of obtaining judgment in any court it is
necessary to convert all or any part of the Indebtedness or any other amount due
to the Lenders hereunder or under any security in respect of the Borrowers'
obligations hereunder in any currency (the "Original Currency") into another
currency (the "Other Currency") each Borrower to the fullest extent that it may
effectively do so, agrees that the rate of exchange used shall be that at which,
in accordance with normal banking procedures, the Administrative Agent could
purchase the Original Currency with the Other Currency at its principal offices
in Charlotte, North Carolina on the day (a "Business Day") on which the
Administrative Agent is open for the transaction of its banking business at such
offices immediately preceding the day on which any such judgment, or any
relevant part thereof, is paid or otherwise satisfied.

                                       98
<PAGE>
          (b) The obligation of each Borrower in respect of any sum due in the
Original Currency from it to the Lenders hereunder or under any security in
respect of the Borrowers' obligation hereunder shall, notwithstanding any
judgment in any Other Currency, be discharged only to the extent that on the
Business Day following receipt by the Agent of any sum adjudged to be so due in
such Other Currency or of any other sum in any Other Currency the Agent may, in
accordance with their normal banking procedures, purchase the Original Currency
with such Other Currency. If the amount of the Original Currency so purchased is
less than the sum originally due to the Lenders in the Original Currency, the
Borrowers shall, as a separate obligation and notwithstanding any such judgment,
indemnify the Agent against such loss, and if the amount of the Original
Currency so purchased exceeds the sum originally due to the Lenders, the Agent
shall remit such excess to the Borrowers.

     14.20 MAXIMUM RATE

     Notwithstanding anything to the contrary contained elsewhere in this Credit
Agreement or in any other Credit Document, the Borrowers, the Administrative
Agent and the Lenders hereby agree that all agreements among them under this
Credit Agreement and the other Credit Documents, whether now existing or
hereafter arising and whether written or oral, are expressly limited so that in
no contingency or event whatsoever shall the amount paid, or agreed to be paid,
to the Administrative Agent or any Lender for the use, forbearance, or detention
of the money loaned to any Borrower and evidenced hereby or thereby or for the
performance or payment of any covenant or obligation contained herein or
therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever,
fulfillment of any provisions of this Credit Agreement or any of the other
Credit Documents at the time performance of such provision shall be due shall
exceed the Highest Lawful Rate, then, automatically, the obligation to be
fulfilled shall be modified or reduced to the extent necessary to limit such
interest to the Highest Lawful Rate, and if from any such circumstance any
Lender should ever receive anything of value deemed interest by applicable law
which would exceed the Highest Lawful Rate, such excessive interest shall be
applied to the reduction of the principal amount then outstanding hereunder or
on account of any other then outstanding Obligations and not to the payment of
interest, or if such excessive interest exceeds the principal unpaid balance
then outstanding hereunder and such other then outstanding Obligations, such
excess shall be refunded to the applicable Borrower. All sums paid or agreed to
be paid to the Administrative Agent or any Lender for the use, forbearance, or
detention of the Obligations and other indebtedness of the Borrowers to the
Administrative Agent or any Lender shall, to the extent permitted by applicable
law, be amortized, prorated, allocated and spread throughout the full term of
such indebtedness until payment in full so that the actual rate of interest on
account of all such indebtedness does not exceed the Highest Lawful Rate
throughout the entire term of such indebtedness. The terms and provisions of
this Section shall control every other provision of this Credit Agreement and
all agreements among the Borrowers, the Administrative Agent and the Lenders.

     14.21 CONCERNING JOINT AND SEVERAL LIABILITY OF THE BORROWERS

          (a) Each of the Borrowers is accepting joint and several liability
hereunder in consideration of the financial accommodation to be provided by the
Lenders under this Credit Agreement, for the mutual benefit, directly and
indirectly, of each of the Borrowers and in

                                       99
<PAGE>
consideration of the undertakings of each of the Borrowers to accept joint and
several liability for the obligations of each of them.

          (b) Each of the Borrowers jointly and severally hereby irrevocably and
unconditionally accepts, not merely as a surety but also as a co-debtor, joint
and several liability with the other Borrowers with respect to the payment and
performance of all of the Obligations, it being the intention of the parties
hereto that all the Obligations shall be the joint and several obligations of
each of the Borrowers without preferences or distinction among them.

          (c) If and to the extent that any of the Borrowers shall fail to make
any payment with respect to any of the Obligations as and when due or to perform
any of the Obligations in accordance with the terms thereof, then in each such
event, the other Borrowers will make such payment with respect to, or perform,
such Obligation.

          (d) The obligations of each Borrower under the provisions of this
Section 14.21 constitute full recourse obligations of such Borrower, enforceable
against it to the full extent of its properties and assets, irrespective of the
validity, regularity or enforceability of this Credit Agreement or any other
circumstances whatsoever.

          (e) Except as otherwise expressly provided herein or in the other
Credit Documents, each Borrower hereby waives notice of acceptance of its joint
and several liability, notice of any Loan made under this Credit Agreement,
notice of occurrence of any Event of Default, or of any demand for any payment
under this Credit Agreement, notice of any action at any time taken or omitted
by any Lender under or in respect of any of the Obligations, any requirement of
diligence and, generally, all demands, notices and other formalities of every
kind in connection with this Credit Agreement. Each Borrower hereby assents to,
and waives notice of, any extension or postponement of the time for the payment
of any of the Obligations, the acceptance of any partial payment thereon, any
waiver, consent or other action or acquiescence by any Lender at any time or
times in respect of any default by any Borrower in the performance or
satisfaction of any term, covenant, condition or provision of this Credit
Agreement, any and all other indulgences whatsoever by any Lender in respect of
any of the Obligations, and the taking, addition, substitution or release, in
whole or in part, at any time or times, of any security for any of the
Obligations or in part, at any time or times, of any security for any of the
Obligations or the addition, substitution or release, in whole or in part, of
any Borrower. Without limiting the generality of the foregoing, each Borrower
assents to any other action or delay in acting or failure to act on the part of
any Lender, including, without limitation, any failure strictly or diligently to
assert any right or to pursue any remedy or to comply fully with the applicable
laws or regulations thereunder which might, but for the provisions of this
Section 14.21, afford grounds for terminating, discharging or relieving such
Borrower, in whole or in part, from any of its obligations under this Section
14.21, it being the intention of each Borrower that, so long as any of the
Obligations remain unsatisfied, the obligations of such Borrower under this
Section 14.21 shall not be discharged except by performance and then only to the
extent of such performance. The Obligations of each Borrower under this Section
14.21 shall not be diminished or rendered unenforceable by any winding up,
reorganization, arrangement, liquidation, reconstruction or similar proceeding
with respect to any Borrower or any Lender. The joint and several liability of
the Borrowers hereunder shall continue in full force and effect

                                      100
<PAGE>
notwithstanding any absorption, merger, amalgamation or any other change
whatsoever in the name, membership, constitution or place of formation of any
Borrower or any Lender.

          (f) The provisions of this Section 14.21 are made for the benefit of
the Lenders and their respective successors and assigns, and may be enforced by
any such Person from time to time against any of the Borrowers as often as
occasion therefor may arise and without requirement on the part of any Lender
first to marshal any of its claims or to exercise any of its rights against any
of the other Borrowers or to exhaust any remedies available to it against any of
the other Borrowers or to resort to any other source or means of obtaining
payment of any of the Obligations or to elect any other remedy. The provisions
of this Section 14.21 shall remain in effect until all the Obligations shall
have been paid in full or otherwise fully satisfied. If at any time, any
payment, or any part thereof, made in respect of any of the Obligations, is
rescinded or must otherwise be restored or returned by any Lender upon the
insolvency, bankruptcy or reorganization of any of the Borrowers, or otherwise,
the provisions of this Section 14.21 will forthwith be reinstated in effect, as
though such payment had not been made.

          (g) Notwithstanding any provision to the contrary contained herein or
in any other of the Credit Documents, to the extent the joint obligations of a
Borrower shall be adjudicated to be invalid or unenforceable for any reason
(including, without limitation, because of any applicable state or federal law
relating to fraudulent conveyances or transfers) then the obligations of each
Borrower hereunder shall be limited to the maximum amount that is permissible
under applicable law (whether federal or state and including, without
limitation, the U.S. federal Bankruptcy Code).

          (h) The Borrowers hereby agree, as among themselves, that if any
Borrower shall become an Excess Funding Borrower (as defined below), each other
Borrower shall, on demand of such Excess Funding Borrower (but subject to the
next sentence hereof and to subsection (B) below), pay to such Excess Funding
Borrower an amount equal to such Borrower's Pro Rata Share (as defined below and
determined, for this purpose, without reference to the properties, assets,
liabilities and debts of such Excess Funding Borrower) of such Excess Payment
(as defined below). The payment obligation of any Borrower to any Excess Funding
Borrower under this Section 14.21(h) shall be subordinate and subject in right
of payment to the prior payment in full of the Obligations of such Borrower
under the other provisions of this Credit Agreement, and such Excess Funding
Borrower shall not exercise any right or remedy with respect to such excess
until payment and satisfaction in full of all of such Obligations. For purposes
hereof, (i) "Excess Funding Borrower" shall mean, in respect of any Obligations
arising under the other provisions of this Credit Agreement (hereafter, the
"Joint Obligations"), a Borrower that has paid an amount in excess of its Pro
Rata Share of the Joint Obligations; (ii) "Excess Payment" shall mean, in
respect of any Joint Obligations, the amount paid by an Excess Funding Borrower
in excess of its Pro Rata Share of such Joint Obligations; and (iii) "Pro Rata
Share", for the purposes of this Section 14.21(h), shall mean, for any Borrower,
the ratio (expressed as a percentage) of (A) the amount by which the aggregate
present fair salable value of all of its assets and properties exceeds the
amount of all debts and liabilities of such Borrower (including contingent,
subordinated, unmatured, and unliquidated liabilities, but excluding the
obligations of such Borrower hereunder) to (B) the amount by which the aggregate
present fair salable value of all assets and other properties of such Borrower
and all of the other Borrowers exceeds the amount of all of the debts and
liabilities (including contingent, subordinated,

                                      101
<PAGE>
unmatured, and unliquidated liabilities, but excluding the obligations of such
Borrower and the other Borrowers hereunder) of such Borrower and all of the
other Borrowers, all as of the Closing Date (if any Borrower becomes a party
hereto subsequent to the Closing Date, then for the purposes of this Section
14.21(h) such subsequent Borrower shall be deemed to have been a Borrower as of
the Closing Date and the information pertaining to, and only pertaining to, such
Borrower as of the date such Borrower became a Borrower shall be deemed true as
of the Closing Date).

     14.22 NONLIABILITY OF AGENTS AND LENDERS

     The relationship between any Borrower on the one hand and the Lenders and
the Agent on the other hand shall be solely that of borrower and lender. Neither
the Agent nor any Lender shall have any fiduciary responsibilities to any
Borrower. Neither the Agent nor any Lender undertakes any responsibility to any
Borrower to review or inform such Borrower of any matter in connection with any
phase of such Borrower's business or operations.

     14.23 INDEPENDENT NATURE OF LENDERS' RIGHTS

     The amounts payable at any time hereunder to each Lender under such
Lender's Note or Notes shall be a separate and independent debt.

     14.24 POWER OF ATTORNEY

     Each Subsidiary Borrower hereby agrees that by its execution of this
Agreement, such Subsidiary Borrower appoints each of Johann R. Manning, Jr.
President and Chief Operating Officer, Dennis Horowitz, Chief Executive Officer
and Chairman, Thomas B. Sabol, Senior Vice President, Chief Financial Officer
and Secretary, and Allan J. Williamson, Corporate Controller, to be its
attorneys ("its Attorneys") and in its name and on its behalf and as its act and
deed or otherwise to sign all documents and carry out all such acts as are
necessary or appropriate in connection with executing any Notice of Borrowing,
Notice of Extension/Conversion or any Borrowing Base Certificate or any security
documents (the "Documents") in connection with this Agreement or any other
Credit Document. This Power of Attorney shall be valid for the duration of the
term of this Agreement; provided, however, the above referenced persons may be
replaced upon written notice by the Borrower to the Administrative Agent. Each
Subsidiary Borrower hereby undertakes to ratify everything which either of its
Attorneys shall do in order to execute the Documents mentioned herein.

     14.25 PATRIOT ACT NOTICE.

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

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<PAGE>
     Each of the parties hereto has caused a counterpart of this Credit
Agreement to be duly executed and delivered as of the date first above written.

                                        COMPANY:

                                        WOLVERINE TUBE, INC.

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Senior Vice President,
                                               CFO And Secretary

                                        SUBSIDIARY BORROWERS:

                                        TF INVESTOR, INC.

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Vice President, And Treasurer

                                        TUBE FORMING HOLDINGS, INC.

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Vice President, And Treasurer

                                        TUBE FORMING, L.P.

                                        By: Tube Forming Holdings, Inc.,
                                            its General Partner

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Vice President, And Treasurer

                                      S-1
<PAGE>
                                        WOLVERINE FINANCE, LLC

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Vice Manager And Treasurer

                                        SMALL TUBE MANUFACTURING, LLC

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Vice President, And Treasurer

                                        WOLVERINE JOINING TECHNOLOGIES, LLC

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Vice President, And Treasurer

                                        WOLVERINE CHINA INVESTMENTS, LLC

                                        By: Wolverine Tube, Inc.,
                                            its Managing Member

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Senior Vice President, CFO
                                               And Secretary

                                        WT HOLDING COMPANY, INC.

                                        By: /s/ Thomas B. Sabol
                                            ------------------------------------
                                        Name: THOMAS B. SABOL
                                        Title: Vice President, And Treasurer

                                      S-2
<PAGE>
                                        LENDERS:

                                        WACHOVIA BANK,
                                        NATIONAL ASSOCIATION, in its capacity
                                        as Administrative Agent and as a Lender

                                        By: /s/ Laurie D. O'Fallon
                                            ------------------------------------
                                        Name:  Laurie D. O'Fallon
                                        Title: Director

                                      S-3

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