Document:

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                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

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                                 $1,000,000,000

                      AMENDED AND RESTATED CREDIT AGREEMENT

                                      among

                                SIX FLAGS, INC.,

                           SIX FLAGS OPERATIONS INC.,

                           SIX FLAGS THEME PARKS INC.,
                              as Primary Borrower,

                        THE FOREIGN SUBSIDIARY BORROWERS
                        From Time to Time Parties Hereto,

                               The Several Lenders
                        from Time to Time Parties Hereto,

                              THE BANK OF NEW YORK,

                                       and

                             BANK OF AMERICA, N.A.,

                             as Syndication Agents,

                        CREDIT LYONNAIS, NEW YORK BRANCH

                             as Documentation Agent,

                                       and

                          LEHMAN COMMERCIAL PAPER INC.,
                             as Administrative Agent

                            Dated as of July 8, 2002

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                              LEHMAN BROTHERS INC.,
      as Sole and Exclusive Advisor, Sole Lead Arranger and Sole Bookrunner

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                                TABLE OF CONTENTS

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SECTION 1.   DEFINITIONS............................................................................1
    1.1.   Defined Terms............................................................................1
    1.2.   Other Definitional Provisions...........................................................30

SECTION 2.   AMOUNT AND TERMS OF TRANCHE B TERM LOAN COMMITMENTS...................................30
    2.1.   Tranche B Term Loan Commitments.........................................................30
    2.2.   Procedure for Tranche B Term Loan Borrowing.............................................31
    2.3.   Repayment of Tranche B Term Loans.......................................................31

SECTION 3.   AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENTS AND SWING LINE COMMITMENT............32
    3.1.   Revolving Credit Commitments............................................................32
    3.2.   Procedure for Revolving Credit Borrowing................................................32
    3.3.   Swing Line Commitment...................................................................33
    3.4.   Procedure for Swing Line Borrowing; Refunding of Swing Line Loans.......................33

SECTION 4.   AMOUNT AND TERMS OF MULTICURRENCY COMMITMENTS.........................................34
    4.1.   Multicurrency Commitments...............................................................34
    4.2.   Procedure for Multicurrency Borrowing...................................................35
    4.3.   Automatic Reduction of Multicurrency Commitment.........................................35
    4.4.   Certain Prepayments.....................................................................36
    4.5.   Certain Additional Provisions Relating to Multicurrency Loans...........................36

SECTION 5.   LETTERS OF CREDIT.....................................................................37
    5.1.   L/C Commitment..........................................................................37
    5.2.   Procedure for Issuance of Letter of Credit..............................................38
    5.3.   Fees and Other Charges..................................................................38
    5.4.   L/C Participations......................................................................38
    5.5.   Reimbursement Obligation of the Borrowers...............................................39
    5.6.   Obligations Absolute....................................................................39
    5.7.   Letter of Credit Payments...............................................................40
    5.8.   Applications............................................................................40

SECTION 6.   CERTAIN PROVISIONS APPLICABLE TO THE LOANS AND THE LETTERS OF CREDIT..................40
    6.1.   Repayment of Loans; Evidence of Debt....................................................40
    6.2.   Commitment Fees, Etc....................................................................41
    6.3.   Termination or Reduction of Revolving Credit Commitments; Multicurrency Commitments.....41
    6.4.   Optional Prepayments....................................................................42
    6.5.   Mandatory Prepayments and Commitment Reductions.........................................42
    6.6.   Conversion and Continuation Options.....................................................43
    6.7.   Minimum Amounts and Maximum Number of Eurocurrency Tranches.............................44
    6.8.   Interest Rates and Payment Dates........................................................44
    6.9.   Computation of Interest and Fees........................................................44
    6.10.  Inability to Determine Interest Rate....................................................45
    6.11.  Pro Rata Treatment and Payments.........................................................45
    6.12.  Requirements of Law.....................................................................48
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    6.13.  Taxes...................................................................................49
    6.14.  Indemnity...............................................................................50
    6.15.  Illegality..............................................................................50
    6.16.  Change of Lending Office................................................................51
    6.17.  Replacement of Lenders under Certain Circumstances......................................51
    6.18.  Optional Increase of Facilities.........................................................51

SECTION 7.   REPRESENTATIONS AND WARRANTIES........................................................53
    7.1.   Financial Condition.....................................................................53
    7.2.   No Change...............................................................................54
    7.3.   Existence; Compliance with Law..........................................................54
    7.4.   Corporate Power; Authorization; Enforceable Obligations.................................54
    7.5.   No Legal Bar............................................................................55
    7.6.   Litigation..............................................................................55
    7.7.   No Default..............................................................................55
    7.8.   Ownership of Property; Liens............................................................55
    7.9.   Intellectual Property...................................................................55
    7.10.  Taxes...................................................................................56
    7.11.  Federal Regulations.....................................................................56
    7.12.  Labor Matters...........................................................................56
    7.13.  ERISA...................................................................................56
    7.14.  Investment Company Act; Other Regulations...............................................56
    7.15.  Subsidiaries............................................................................57
    7.16.  Use of Proceeds.........................................................................57
    7.17.  Environmental Matters...................................................................57
    7.18.  Accuracy of Information, Etc............................................................58
    7.19.  Security Documents......................................................................58
    7.20.  Solvency................................................................................59
    7.21.  Regulation H............................................................................59
    7.22.  Parks...................................................................................59

SECTION 8.   CONDITIONS PRECEDENT..................................................................60
    8.1.   Conditions to Initial Extension of Credit...............................................60
    8.2.   Conditions to Amendment and Restatement Effective Date..................................60
    8.3.   Conditions to Each Extension of Credit..................................................63

SECTION 9.   AFFIRMATIVE COVENANTS.................................................................63
    9.1.   Financial Statements and Other Information..............................................63
    9.2.   Notices of Material Events..............................................................65
    9.3.   Existence, Etc..........................................................................66
    9.4.   Insurance...............................................................................67
    9.5.   Compliance with Contractual Obligations and Requirements of Law.........................69
    9.6.   Additional Collateral, Etc..............................................................69
    9.7.   Further Assurances......................................................................71
    9.8.   Environmental Laws......................................................................71
    9.9.   Clean Down..............................................................................72
    9.10.  Equity Contributions and Payments.......................................................72

SECTION 10.  NEGATIVE COVENANTS....................................................................72
    10.1.  Certain Financial Covenants.............................................................72
    10.2.  Indebtedness............................................................................75
    10.3.  Liens...................................................................................76
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    10.4.   Prohibition of Fundamental Changes.....................................................77
    10.5.   Restricted Payments....................................................................80
    10.6.   Capital Expenditures...................................................................81
    10.7.   Investments............................................................................81
    10.8.   Prepayment of Certain Indebtedness.....................................................82
    10.9.   Transactions with Affiliates...........................................................82
    10.10.  Changes in Fiscal Periods..............................................................83
    10.11.  Certain Restrictions...................................................................83
    10.12.  Lines of Business......................................................................83
    10.13.  Modifications of Certain Documents.....................................................84
    10.14.  Limitation on Activities of Parent and Holdings........................................84
    10.15.  Limitation on Hedging Agreements.......................................................85

SECTION 11.   EVENTS OF DEFAULT....................................................................85

SECTION 12.   THE AGENTS...........................................................................88
    12.1.   Appointment............................................................................88
    12.2.   Delegation of Duties...................................................................88
    12.3.   Exculpatory Provisions.................................................................88
    12.4.   Reliance by Agents.....................................................................89
    12.5.   Notice of Default......................................................................89
    12.6.   Non-Reliance on Agents and Other Lenders...............................................89
    12.7.   Indemnification........................................................................90
    12.8.   Agent in Its Individual Capacity.......................................................90
    12.9.   Successor Agents.......................................................................90
    12.10.  Authorization to Release Liens and Guarantees..........................................91
    12.11.  The Arranger and Syndication Agents....................................................91

SECTION 13.   MISCELLANEOUS........................................................................91
    13.1.   Amendments and Waivers.................................................................91
    13.2.   Notices................................................................................93
    13.3.   No Waiver; Cumulative Remedies.........................................................95
    13.4.   Survival of Representations and Warranties.............................................95
    13.5.   Payment of Expenses....................................................................95
    13.6.   Successors and Assigns; Participations and Assignments.................................96
    13.7.   Adjustments; Set-off...................................................................98
    13.8.   Counterparts...........................................................................99
    13.9.   Severability...........................................................................99
    13.10.  Integration............................................................................99
    13.11.  GOVERNING LAW..........................................................................99
    13.12.  Submission To Jurisdiction; Waivers....................................................99
    13.13.  Acknowledgments.......................................................................100
    13.14.  Confidentiality.......................................................................100
    13.15.  Release of Collateral and Guarantee Obligations.......................................101
    13.16.  Accounting Changes....................................................................101
    13.17.  Delivery of Lender Addenda............................................................101
    13.18.  WAIVERS OF JURY TRIAL.................................................................101
    13.19.  Effect of Amendment and Restatement of the Existing Credit Agreement..................102
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ANNEXES:

A    Pricing Grid
B    Existing Letters of Credit

SCHEDULES:

1.1(a)         Mortgaged Property
1.1(b)         Existing Parks
7.4            Consents, Authorizations, Filings and Notices
7.8            Material Real Properties
7.15           Subsidiaries
7.19(a)-1      UCC Filing Jurisdictions
7.19(a)-2      UCC Financing Statements to Remain on File
7.19(a)-3      UCC Financing Statements to be Terminated
7.19(b)        Mortgage Amendment Filing Jurisdictions
7.21           Mortgaged Properties in Flood Zones
8.2(j)         Environmental Reports
8.2(o)(i)      Real Properties for which Mortgagee's Title Insurance Policies or
               Endorsements Shall be Obtained
8.2(o)(ii)     Real Properties for which Surveys Have Been Delivered
10.2(b)        Existing Indebtedness
10.3(b)        Existing Liens
10.7(a)        Existing Investments

EXHIBITS:

A              Copy of  Guarantee and Collateral Agreement
B              Form of Compliance Certificate
C              Form of Closing Certificate
D-1            Form of Mortgage Amendment
D-2            Form of Mortgage
E              Form of Assignment and Acceptance
F-1            Form of Legal Opinion of Weil, Gotshal & Manges LLP
F-2            Form of Legal Opinion of General Counsel
F-3            Form of Legal Opinion of Nixon Peabody LLP
G-1            Form of Term Note
G-2            Form of Revolving Credit Note
G-3            Form of Swing Line Note
H              Form of Prepayment Option Notice
I              Form of Exemption Certificate
J              Form of Lender Addendum
K              Form of Joinder Agreement
L              Form of Foreign Subsidiary Opinion
M              Form of Borrowing Notice
N              Form of Consent and Confirmation
O              Form of Subordination Agreement

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          AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 8, 2002, among
SIX FLAGS, INC., a Delaware corporation ("PARENT"), SIX FLAGS OPERATIONS INC., a
Delaware corporation ("HOLDINGS"), SIX FLAGS THEME PARKS INC., a Delaware
corporation (the "PRIMARY BORROWER"), each FOREIGN SUBSIDIARY BORROWER (as
hereinafter defined), the several banks and other financial institutions or
entities from time to time parties to this Agreement (as defined below) (the
"LENDERS"), THE BANK OF NEW YORK and BANK OF AMERICA, N.A., as syndication
agents (collectively, in such capacity, the "SYNDICATION AGENTS"), CREDIT
LYONNAIS, NEW YORK BRANCH, as documentation agent (in such capacity, the
"DOCUMENTATION AGENT"), and LEHMAN COMMERCIAL PAPER INC., as administrative
agent (in such capacity, the "ADMINISTRATIVE AGENT").

                              W I T N E S S E T H:

          WHEREAS, the Primary Borrower is a party to the Credit Agreement,
dated as of November 5, 1999 (as amended, supplemented or otherwise modified
from time to time prior to the date hereof, the "EXISTING CREDIT AGREEMENT"),
among Parent, Holdings, the Primary Borrower, the Foreign Subsidiary Borrowers
from time to time parties thereto, the lenders party thereto, Lehman Commercial
Paper Inc., as administrative agent, and others, pursuant to which such lenders
have agreed to extend, and have extended, credit to the Primary Borrower and the
Foreign Subsidiary Borrowers;

          WHEREAS, the Primary Borrower has requested that the Existing Credit
Agreement be amended and restated as set forth below; and

          WHEREAS, it is the intent of the parties hereto that this Agreement
not constitute a novation of the obligations and liabilities existing under the
Existing Credit Agreement and which remain outstanding or evidence repayment of
any such obligations and liabilities and that this Agreement amend and restate
in its entirety the Existing Credit Agreement and re-evidence the obligations of
the Borrowers outstanding thereunder;

          NOW, THEREFORE, in consideration of the premises and the agreements
hereinafter set forth, the parties hereto hereby agree that on the Amendment and
Restatement Effective Date (as defined below), the Existing Credit Agreement
shall be amended and restated in its entirety as follows:

                             SECTION 1. DEFINITIONS

          1.1. DEFINED TERMS. As used in this Agreement, the terms listed in
this Section 1.1 shall have the respective meanings set forth in this Section
1.1.

          "ACQUISITION": any acquisition, whether in a single transaction or
     series of related transactions, by Holdings or any one or more of its
     Subsidiaries of (a) all or a substantial part of the assets, or of a
     business, unit or division, of any Person, whether through purchase of
     assets or securities, by merger or otherwise; or (b) any Person that
     becomes a Subsidiary after giving effect to such acquisition.

          "ADJUSTMENT DATE": as defined in the Pricing Grid.

          "ADMINISTRATIVE AGENT": as defined in the preamble hereto.

          "AFFILIATE": any Person that directly or indirectly controls, or is
     under common control with, or is controlled by, Holdings and, if such
     Person is an individual, any member of the immediate family (including
     parents, spouse, children) of such individual and any trust whose

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     principal beneficiary is such individual or one or more members of such
     immediate family and any Person who is controlled by any such member or
     trust. As used in this definition, "control" (including, with its
     correlative meanings, "controlled by" and "under common control with")
     means possession, directly or indirectly, of power to direct or cause the
     direction of management or policies (whether through ownership of
     securities or partnership or other ownership interests, by contract or
     otherwise), PROVIDED that, in any event, any Person that owns directly or
     indirectly securities having 10% or more of the voting power for the
     election of directors or other governing body of a corporation or 10% or
     more of the partnership or other ownership interests of any other Person
     (other than as a limited partner of such other Person) will be deemed to
     control such corporation or other Person. Notwithstanding the foregoing,
     (a) no individual shall be an Affiliate solely by reason of his or her
     being a director, officer or employee of Parent, Holdings or any of its
     Subsidiaries and (b) none of (i) the Wholly Owned Subsidiaries of Parent,
     (ii) Marine World/Africa USA in Vallejo, California, (iii) Marine World
     Joint Powers Authority, a joint exercise of powers authority created under
     the laws of the State of California, or (iv) the joint venture established
     pursuant to the Spanish WB Agreements, shall be Affiliates.

          "AGENTS": the collective reference to the Syndication Agents, the
     Documentation Agent and the Administrative Agent.

          "AGGREGATE EXPOSURE": with respect to any Lender at any time, an
     amount equal to (a) until the Amendment and Restatement Effective Date, the
     sum of (i) the aggregate then unpaid principal amount of such Lender's
     Tranche B Term Loans and (ii) the aggregate amount of such Lender's
     Commitments at such time and (b) thereafter, the sum of (i) the aggregate
     then unpaid principal amount of such Lender's Tranche B Term Loans, (ii)
     the aggregate then unpaid principal amount of such Lender's Optional Term
     Loans, (iii) the amount of such Lender's Revolving Credit Commitment then
     in effect or, if the Revolving Credit Commitments have been terminated, the
     amount of such Lender's Revolving Extensions of Credit then outstanding and
     (iv) the amount of such Lender's Multicurrency Commitment then in effect
     or, if the Multicurrency Commitments have been terminated, the amount of
     such Lender's Multicurrency Extensions of Credit then outstanding.

          "AGGREGATE EXPOSURE PERCENTAGE": with respect to any Lender at any
     time, the ratio (expressed as a percentage) of such Lender's Aggregate
     Exposure at such time to the sum of the Aggregate Exposures of all Lenders
     at such time.

          "AGREEMENT": this Amended and Restated Credit Agreement, as amended,
     supplemented or otherwise modified from time to time.

          "AMENDMENT AND RESTATEMENT EFFECTIVE DATE": the date on which each of
     the conditions precedent specified in Section 8.2 shall have been
     satisfied, which date shall be no later than July 8, 2002.

          "ANNIVERSARY DATE": as defined in Section 9.4.

          "APPLICABLE EXCHANGE DATE": (a) with respect to any Multicurrency Loan
     to be made, the date on which the Eurocurrency Rate therefor is determined
     for the initial Interest Period for such Multicurrency Loan, and (b) with
     respect to any outstanding Multicurrency Loan, the date on which the
     Eurocurrency Rate was determined for the then-current Interest Period with
     respect to such Multicurrency Loan.

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          "APPLICABLE MARGIN": (a) with respect to Revolving Credit Loans, Swing
     Line Loans and Multicurrency Loans, the rate per annum determined for such
     Type of Loan pursuant to the Pricing Grid, PROVIDED that until the first
     Adjustment Date occurring after December 31, 2002, the Applicable Margins
     for such Loans shall not be less than those set forth in the Pricing Grid
     opposite the Consolidated Leverage Ratio of less than 2.5 to 1.0 and
     greater than or equal to 2.0 to 1.0 and (b) with respect to Tranche B Term
     Loans, (i) 1.25% per annum in the case of Base Rate Loans and (ii) 2.25%
     per annum in the case of Eurocurrency Loans.

          "APPLICATION": an application, in such form as the relevant Issuing
     Lender may specify from time to time, requesting such Issuing Lender to
     issue a Letter of Credit.

          "ARRANGER": Lehman Brothers Inc., in its capacity as sole and
     exclusive advisor, sole lead arranger and sole bookrunner.

          "ASSET SALE": any Disposition of Property or series of related
     Dispositions of Property (excluding any such Disposition permitted by
     Section 10.4(c)) which yields gross proceeds to Holdings, or any of its
     Subsidiaries (valued at the initial principal amount thereof in the case of
     non-cash proceeds consisting of notes or other debt securities and valued
     at fair market value in the case of other non-cash proceeds) in excess of
     $1,000,000.

          "ASSIGNEE": as defined in Section 13.6(c).

          "ASSIGNMENT AND ACCEPTANCE": as defined in Section 13.6(c).

          "ASSIGNOR": as defined in Section 13.6(c).

          "AUTHORITY": as defined in the definition of "Marine World
     Agreements".

          "AVAILABLE MULTICURRENCY COMMITMENT": with respect to any
     Multicurrency Lender at any time, an amount equal to the excess, if any, of
     (a) such Lender's Multicurrency Commitment then in effect over (b) such
     Lender's Multicurrency Extensions of Credit then outstanding; PROVIDED that
     (i) with respect to any determination of the Available Multicurrency
     Commitment hereunder, such determination shall be based on the Spot
     Exchange Rate in effect on the Business Day immediately preceding the date
     of determination of the Available Multicurrency Commitment and (ii) with
     respect to any determination of fees payable under Section 6.2(b), such
     determination shall be based on the Spot Exchange Rate in effect on the
     Business Day immediately preceding the last Business Day of the quarter in
     respect of which such payment is being made.

          "AVAILABLE REVOLVING CREDIT COMMITMENT": with respect to any Revolving
     Credit Lender at any time, an amount equal to the excess, if any, of (a)
     such Lender's Revolving Credit Commitment then in effect over (b) such
     Lender's Revolving Extensions of Credit then outstanding; PROVIDED, that in
     calculating any Lender's Revolving Extensions of Credit for the purpose of
     determining such Lender's Available Revolving Credit Commitment pursuant to
     Section 6.2(a), the aggregate principal amount of Swing Line Loans then
     outstanding shall be deemed to be zero.

          "BANKRUPTCY CODE": the Federal Bankruptcy Code of 1978, as amended
     from time to time.

          "BASE CAPITAL EXPENDITURE AMOUNT": as defined in Section 10.6.

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          "BASE RATE": for any day, a rate per annum (rounded upwards, if
     necessary, to the next 1/16 of 1%) equal to the greatest of (a) the Prime
     Rate in effect on such day, (b) the Base CD Rate in effect on such day PLUS
     1% and (c) the Federal Funds Effective Rate in effect on such day PLUS 1/2
     of 1%. For purposes hereof: "PRIME RATE" shall mean the prime lending rate
     of interest as set forth on the British Banking Association Telerate page 5
     (or such other comparable page as may, in the opinion of the Administrative
     Agent, replace such page for the purpose of displaying such rate), as in
     effect from time to time (the Prime Rate not being intended to be the
     lowest rate of interest charged by any Lender in connection with extensions
     of credit to debtors); "BASE CD RATE" shall mean the sum of (a) the product
     of (i) the Three-Month Secondary CD Rate and (ii) a fraction, the numerator
     of which is one and the denominator of which is one minus the C/D Reserve
     Percentage and (b) the C/D Assessment Rate; and "THREE-MONTH SECONDARY CD
     RATE" shall mean, for any day, the secondary market rate for three-month
     certificates of deposit reported as being in effect on such day (or, if
     such day shall not be a Business Day, the next preceding Business Day) by
     the Board through the public information telephone line of the Federal
     Reserve Bank of New York (which rate will, under the current practices of
     the Board, be published in Federal Reserve Statistical Release H.15(519)
     during the week following such day), or, if such rate shall not be so
     reported on such day or such next preceding Business Day, the average of
     the secondary market quotations for three-month certificates of deposit of
     major money center banks in New York City received at approximately 10:00
     A.M., New York City time, on such day (or, if such day shall not be a
     Business Day, on the next preceding Business Day) by the Reference Lender
     from three New York City negotiable certificate of deposit dealers of
     recognized standing selected by it. Any change in the Base Rate due to a
     change in the Prime Rate, the Base CD Rate or the Federal Funds Effective
     Rate shall be effective as of the opening of business on the effective day
     of such change in the Prime Rate, the Three-Month Secondary CD Rate or the
     Federal Funds Effective Rate, respectively.

          "BASE RATE LOANS": Loans for which the applicable rate of interest is
     based upon the Base Rate.

          "BENEFITTED LENDER": as defined in Section 13.7(a).

          "BOARD": the Board of Governors of the Federal Reserve System of the
     United States (or any successor).

          "BORROWERS": the collective reference to the Primary Borrower and the
     Foreign Subsidiary Borrowers.

          "BORROWING DATE": any Business Day specified by a Borrower as a date
     on which such Borrower requests the relevant Lenders to make Loans, or
     issue Letters of Credit, hereunder.

          "BUSINESS": as defined in Section 7.17(b).

          "BUSINESS DAY": (a) for all purposes other than as covered by clause
     (b) below, a day other than a Saturday, Sunday or other day on which
     commercial banks in New York City are authorized or required by law to
     close and (b) with respect to all notices and determinations in connection
     with, and payments of principal and interest on, Eurocurrency Loans, any
     day which is a Business Day described in clause (a) and which is also a day
     for trading by and between banks in Dollar deposits in the interbank
     Eurodollar market; PROVIDED, that when such term is used for the purpose of
     determining the date on which the Eurocurrency Base Rate is determined
     under this Agreement for any Loan denominated in euro for any Interest
     Period therefor and for

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     purposes of determining the first and last day of any such Interest Period,
     references in this Agreement to Business Days shall be deemed to be
     references to Target Operating Days.

          "CAPITAL EXPENDITURES": for any period, expenditures (including,
     without limitation, the aggregate amount of Capital Lease Obligations
     incurred during such period) made by Holdings or any of its Subsidiaries to
     acquire or construct fixed assets, plant and equipment (including renewals,
     improvements and replacements) during such period, computed in accordance
     with GAAP, but excluding (a) repairs in respect of any such assets and (b)
     the amount of any such asset (i) to the extent such asset is acquired with,
     or the acquisition cost thereof is reimbursed with, the Net Cash Proceeds
     of Recovery Events, (ii) to the extent such asset is acquired with or the
     acquisition cost thereof is reimbursed with, the Net Cash Proceeds of any
     Disposition permitted hereunder, (iii) acquired pursuant to an Acquisition
     permitted hereunder or (iv) acquired with the Unused Equity Proceeds
     Amount.

          "CAPITAL EXPENDITURES (DISCRETIONARY)": any Capital Expenditures which
     do not constitute Capital Expenditures (Sustaining).

          "CAPITAL EXPENDITURES (SUSTAINING)": any Capital Expenditures made in
     the ordinary course of business for maintenance or upkeep of the assets of
     Holdings or any of its Subsidiaries or required, in the reasonable judgment
     of Holdings, to maintain the entertainment value of any Park at the level
     existing on the last Business Day of the fiscal year of Holdings
     immediately preceding the date of such expenditure.

          "CAPITAL LEASE OBLIGATIONS": for any Person, all obligations of such
     Person to pay rent or other amounts under a lease of (or other agreement
     conveying the right to use) Property to the extent such obligations are
     required to be classified and accounted for as a capital lease on a balance
     sheet of such Person under GAAP, and, for purposes of this Agreement, the
     amount of such obligations shall be the capitalized amount thereof,
     determined in accordance with GAAP.

          "CAPITAL STOCK": any and all shares, interests, participations or
     other equivalents (however designated) of capital stock of a corporation,
     any and all equivalent ownership interests in a Person (other than a
     corporation) and any and all warrants, rights or options to purchase any of
     the foregoing.

          "C/D ASSESSMENT RATE": for any day, the annual assessment rate in
     effect on such day that is payable by a member of the Bank Insurance Fund
     maintained by the Federal Deposit Insurance Corporation (the "FDIC")
     classified as well-capitalized and within supervisory subgroup "B" (or a
     comparable successor assessment risk classification) within the meaning of
     12 C.F.R. Section 327.4 (or any successor provision) to the FDIC (or any
     successor) for the FDIC's (or such successor's) insuring time deposits at
     offices of such institution in the United States.

          "C/D RESERVE PERCENTAGE": for any day, that percentage (expressed as a
     decimal) which is in effect on such day, as prescribed by the Board, for
     determining the maximum reserve requirement for a Depositary Institution
     (as defined in Regulation D of the Board as in effect from time to time) in
     respect of new non-personal time deposits in Dollars having a maturity of
     30 days or more.

          "CLOSING DATE": the date on which the conditions precedent set forth
     in Section 8.1 of the Existing Credit Agreement were satisfied, which date
     was November 5, 1999.

          "CODE": the Internal Revenue Code of 1986, as amended from time to
     time.

                                        5
<Page>

          "COLLATERAL": all Property of the Loan Parties, now owned or hereafter
     acquired, upon which a Lien is purported to be created by any Security
     Document.

          "COMMITMENT": with respect to any Lender, each of the Tranche B Term
     Loan Commitment, the Revolving Credit Commitment, the Multicurrency
     Commitment and the Optional Term Loan Commitment of such Lender.

          "COMMITMENT FEE RATE": the rate per annum determined pursuant to the
     Pricing Grid.

          "COMPLIANCE CERTIFICATE": a certificate duly executed by a Responsible
     Officer substantially in the form of Exhibit B.

          "CONFIDENTIAL INFORMATION MEMORANDUM": the Confidential Information
     Memorandum dated June, 2002 and furnished to the Lenders prior to the
     Amendment and Restatement Effective Date.

          "CONSENT AND CONFIRMATION": the Consent and Confirmation,
     substantially in the form of Exhibit N, to be executed and delivered by
     each Loan Party on the Amendment and Restatement Effective Date.

          "CONSOLIDATED CURRENT ASSETS": at any date, all amounts (other than
     cash and Permitted Investments) that would, in conformity with GAAP, be set
     forth opposite the caption "total current assets" (or any like caption) on
     a consolidated balance sheet of Holdings and its Subsidiaries at such date.

          "CONSOLIDATED CURRENT LIABILITIES": at any date, all amounts that
     would, in conformity with GAAP, be set forth opposite the caption "total
     current liabilities" (or any like caption) on a consolidated balance sheet
     of Holdings and its Subsidiaries at such date, but excluding (a) the
     current portion of any Funded Debt of Holdings and its Subsidiaries and
     (b), without duplication, all Indebtedness consisting of Revolving Credit
     Loans, Multicurrency Loans or Swing Line Loans, to the extent otherwise
     included therein.

          "CONSOLIDATED DEBT SERVICE": for any period, the sum, for Holdings and
     its Subsidiaries (determined on a consolidated basis without duplication in
     accordance with GAAP), of (a) all regularly scheduled payments of principal
     of any Indebtedness during such period, including the principal component
     of any payments in respect of Capital Lease Obligations, but excluding in
     any event (i) any prepayments made pursuant to Section 6.4 or 6.5 during
     such period, (ii) for any period including any portion of the period from
     September 30, 2008 through June 30, 2009, the amount of principal payments
     scheduled to be made during such period in respect of the Tranche B Term
     Loans, (iii) for any period including any portion of the period from March
     31, 2008 through the Multicurrency Termination Date, the amount of the
     scheduled reductions of the Multicurrency Commitments during such period,
     (iv) for any period, any payments made pursuant to the proviso following
     the repayment schedule set forth in Section 2.3 and (v) for any period
     through March 31, 2003, the amount of principal payments (including
     premium, if any) made during such period in respect of the Holdings Senior
     Notes PLUS (b) Consolidated Interest Expense for such period.

          "CONSOLIDATED DEBT SERVICE COVERAGE RATIO": for any period, the ratio
     of (a) Consolidated EBITDA for such period to (b) Consolidated Debt Service
     for such period.

                                        6
<Page>

          "CONSOLIDATED EBITDA": for any period, the sum, for Holdings and its
     Subsidiaries (determined on a consolidated basis without duplication in
     accordance with GAAP), of the following, in each case determined before
     interest income or expense and extraordinary or unusual items (and
     excluding all barter and trade transactions): (a) operating income (or
     loss) for such period (PLUS cash received for such period from investments
     of Holdings or any of its Subsidiaries in partnerships or any Person for
     which the investment is accounted for by the equity method), PLUS (b)
     depreciation, amortization and other non-cash charges (to the extent
     deducted in determining operating income, but excluding any such charge
     that constitutes an accrual of or a reserve for cash charges for any future
     period) for such period. Notwithstanding the foregoing, (i) if during any
     period for which Consolidated EBITDA is being determined Holdings and its
     Subsidiaries shall have consummated any Acquisition or Disposition then,
     for all purposes of this Agreement (other than for purposes of the
     definition of Excess Cash Flow), Consolidated EBITDA shall be determined on
     a pro forma basis as if such Acquisition or Disposition had been made or
     consummated on the first day of such period and (ii) when determining
     Consolidated EBITDA for any period on a pro forma basis as provided in the
     preceding clause (i) ending after the consummation of any Acquisition,
     there shall be added (or subtracted) the respective amounts for such
     Acquisition (and any other Acquisitions consummated prior to the last day
     of such period) as agreed by Holdings and the Required Lenders.

          "CONSOLIDATED FIXED CHARGES": for any period, the sum of (a)
     Consolidated Debt Service for such period PLUS (b) the aggregate amount of
     all Capital Expenditures (Sustaining) made during such period PLUS (c) the
     aggregate amount paid, or required to be paid, in cash in respect of income
     taxes of Holdings and its Subsidiaries for such fiscal period or (without
     duplication) paid by Holdings pursuant to the Tax Sharing Agreement, PLUS
     (d) the amount of Restricted Payments for such period (other than any
     Restricted Payments permitted by clause (iv) or (v) of Section 10.5(c)).
     For purposes of calculating the Consolidated Fixed Charges Coverage Ratio
     for any period of four consecutive fiscal quarters, Holdings may, to the
     extent necessary to satisfy the Consolidated Fixed Charges Coverage Ratio,
     exclude up to $150,000,000 in the aggregate of (i) cash dividends made by
     Holdings during such period to Parent to enable Parent to pay distributions
     and other required payments under the Partnership Parks Agreements and (ii)
     other cash payments by Holdings in respect of Subordinated Parent Advances.

          "CONSOLIDATED FIXED CHARGES COVERAGE RATIO": as at any date, the ratio
     of (a) Consolidated EBITDA for the period of four consecutive fiscal
     quarters ending on or most recently ended prior to such date to (b)
     Consolidated Fixed Charges for such period.

          "CONSOLIDATED INTEREST COVERAGE RATIO": as at any date, the ratio of
     (a) Consolidated EBITDA for the period of four consecutive fiscal quarters
     ending on or most recently ended prior to such date to (b) Consolidated
     Interest Expense for such period.

          "CONSOLIDATED INTEREST EXPENSE": for any period, the sum, for Holdings
     and its Subsidiaries (determined on a consolidated basis without
     duplication in accordance with GAAP), of the following: (a) all interest in
     respect of Indebtedness (including, without limitation, the interest
     component of any payments in respect of Capital Lease Obligations but
     excluding any capitalized financing fees paid during such period that are
     to be charged to future periods) accrued or capitalized during such period
     (whether or not actually paid during such period) PLUS (b) the net amount
     payable (or minus the net amount receivable) under interest rate Hedging
     Agreements during such period (whether or not actually paid or received
     during such period) MINUS (c) (to the extent not already deducted in
     computing Consolidated Interest Expense) the aggregate amount of interest
     income for such period MINUS (d) interest expense in respect of the
     Holdings Senior Notes. Notwithstanding the foregoing, if during any period
     for which

                                        7
<Page>

     Consolidated Interest Expense is being determined Holdings shall have
     consummated any Acquisition or Disposition then, for all purposes of this
     Agreement (other than for purposes of the definition of Excess Cash Flow),
     Consolidated Interest Expense shall be determined on a pro forma basis as
     if such Acquisition or Disposition (and any Indebtedness of Holdings or any
     of its Subsidiaries incurred in connection with such Acquisition or repaid
     or released as a result of such Disposition) had been made or consummated
     (and such Indebtedness incurred or repaid or released) on the first day of
     such period and as if the interest rate applicable to any incremental
     Indebtedness of Holdings and its Subsidiaries is equal to the interest rate
     applicable to Indebtedness of Holdings and its Subsidiaries in fact
     outstanding during such period.

          "CONSOLIDATED LEVERAGE RATIO": as at any date, the ratio of (a)
     Consolidated Total Debt as at such date to (b) Consolidated EBITDA for the
     period of four consecutive fiscal quarters ending on or most recently ended
     prior to such date.

          "CONSOLIDATED NET INCOME": of any Person for any period, the
     consolidated net income (or loss) of such Person and its Subsidiaries for
     such period, determined on a consolidated basis in accordance with GAAP;
     PROVIDED, that in calculating Consolidated Net Income of Holdings and its
     consolidated Subsidiaries for any period, there shall be excluded (a) the
     income (or deficit) of any Person accrued prior to the date it becomes a
     Subsidiary of Holdings or is merged into or consolidated with Holdings or
     any of its Subsidiaries, (b) the income (or deficit) of any Person (other
     than a Subsidiary of Holdings) in which Holdings or any of its Subsidiaries
     has an ownership interest, except to the extent that any such income is
     actually received by Holdings or such Subsidiary in the form of dividends
     or similar distributions and (c) the undistributed earnings of any
     Subsidiary of Holdings to the extent that the declaration or payment of
     dividends or similar distributions by such Subsidiary is not at the time
     permitted by the terms of any Contractual Obligation (other than under any
     Loan Document) or Requirement of Law applicable to such Subsidiary.

          "CONSOLIDATED TOTAL DEBT": as at any date, the aggregate amount of all
     Indebtedness of Holdings and its Subsidiaries at such date (determined on a
     consolidated basis without duplication in accordance with GAAP).

          "CONSOLIDATED WORKING CAPITAL": at any date, the difference of (a)
     Consolidated Current Assets on such date less (b) Consolidated Current
     Liabilities on such date.

          "CONTRACTUAL OBLIGATION": as to any Person, any provision of any
     security issued by such Person or of any material agreement, lease,
     instrument or other undertaking to which such Person is a party or by which
     it or any of its Property is bound.

          "CONTROL INVESTMENT AFFILIATE": as to any Person, any other Person
     that (a) directly or indirectly, is in control of, is controlled by, or is
     under common control with, such Person and (b) is organized by such Person
     primarily for the purpose of making equity or debt investments in one or
     more companies. For purposes of this definition, "control" of a Person
     means the power, directly or indirectly, to direct or cause the direction
     of the management and policies of such Person, whether by contract or
     otherwise.

          "DEFAULT": any of the events specified in Section 11, whether or not
     any requirement for the giving of notice, the lapse of time, or both, has
     been satisfied.

          "DELIVERY DATE": as defined in Section 9.4.

                                        8
<Page>

          "DISPOSITION": with respect to any Property, any sale, lease, sale and
     leaseback, assignment, conveyance, transfer or other disposition thereof;
     and the terms "Dispose" and "Disposed of" shall have correlative meanings.

          "DISPOSITION INVESTMENT": with respect to any Disposition, any
     promissory notes or other evidences of indebtedness or Investments received
     by Holdings or any of its Subsidiaries in connection with such Disposition.

          "DOLLAR EQUIVALENT AMOUNT": on any date of determination thereof, with
     respect to the principal amount of any Multicurrency Loan denominated in
     euro, the amount of Dollars that may be purchased with such amount of euro
     at the Spot Exchange Rate on the Applicable Exchange Date.

          "DOLLAR MULTICURRENCY COMMITMENT": as defined in Section 4.5(a).

          "DOLLAR MULTICURRENCY LENDER": as defined in Section 4.5(a).

          "DOLLARS" and "$": lawful currency of the United States of America.

          "DOMESTIC SUBSIDIARY": any Subsidiary of Holdings or Parent, as
     applicable, organized under the laws of any jurisdiction within the United
     States of America.

          "EMU": Economic and Monetary Union as contemplated in the Treaty on
     European Union.

          "EMU LEGISLATION": legislative measures of the European Union for the
     introduction of, changeover to or operation of the euro in one or more
     member states.

          "ENVIRONMENTAL CLAIM": with respect to any Person, any written notice,
     claim, demand or other communication (collectively, a "CLAIM") by any other
     Person alleging or asserting such Person's liability for investigatory
     costs, cleanup costs, governmental response costs, damages to natural
     resources or other Property, personal injuries, fines or penalties arising
     out of, based on or resulting from (a) the presence, or Release into the
     environment, of any Hazardous Material at any location, whether or not
     owned by such Person, or (b) circumstances forming the basis of any
     violation, or alleged violation, of any Environmental Law. The term
     "ENVIRONMENTAL CLAIM" shall include, without limitation, any claim by any
     Governmental Authority for enforcement, cleanup, removal, response,
     remedial or other actions or damages pursuant to any applicable
     Environmental Law, and any claim by any third party seeking damages,
     contribution, indemnification, cost recovery, compensation or injunctive
     relief resulting from the presence of Hazardous Materials or arising from
     alleged injury or threat of injury to health, safety or the environment, as
     a result of any of the foregoing.

          "ENVIRONMENTAL LAWS": any and all present and future Federal, state,
     local and foreign laws, rules or regulations, and any orders or decrees, in
     each case as now or hereafter in effect, relating to the regulation or
     protection of human health, safety or the environment or to emissions,
     discharges, releases or threatened releases of pollutants, contaminants,
     chemicals or toxic or hazardous substances or wastes into the indoor or
     outdoor environment, including, without limitation, ambient air, soil,
     surface water, ground water, wetlands, land or subsurface strata, or
     otherwise relating to the manufacture, processing, distribution, use,
     treatment, storage, disposal, transport or handling of pollutants,
     contaminants, chemicals or toxic or hazardous substances or wastes.

                                        9
<Page>

          "ENVIRONMENTAL PERMITS": any and all permits, licenses, approvals,
     registrations, notifications, exemptions and other authorizations required
     under any Environmental Law.

          "ERISA": the Employee Retirement Income Security Act of 1974, as
     amended from time to time.

          "ERISA AFFILIATE": any corporation or trade or business that is a
     member of any group of organizations (a) described in Section 414(b) or (c)
     of the Code of which Parent is a member and (b) solely for purposes of
     potential liability under Section 302(c)(11) of ERISA and Section
     412(c)(11) of the Code and the lien created under Section 302(f) of ERISA
     and Section 412(n) of the Code, described in Section 414(m) or (o) of the
     Code of which Parent is a member.

          "ERISA EVENT": any of the following events or conditions:

          (a) any Reportable Event and any request for a waiver under Section
     412(d) of the Code for any Plan;

          (b) the distribution under Section 4041 of ERISA of a notice of intent
     to terminate any Plan or any action taken by Parent or an ERISA Affiliate
     to terminate any Plan;

          (c) the institution by the PBGC of proceedings under Section 4042 of
     ERISA for the termination of, or the appointment of a trustee to
     administer, any Plan, or the receipt by Parent or any ERISA Affiliate of a
     notice from a Multiemployer Plan that such action has been taken by the
     PBGC with respect to such Multiemployer Plan;

          (d) the complete or partial withdrawal from a Multiemployer Plan by
     Parent or any ERISA Affiliate that results in any withdrawal liability
     under Section 4201 of ERISA (including the obligation to satisfy secondary
     liability as a result of a purchaser default) or the receipt by Parent or
     any ERISA Affiliate of notice from a Multiemployer Plan that it is in
     reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or
     that it intends to terminate or has terminated under Section 4041 A of
     ERISA;

          (e) the institution of a proceeding by a fiduciary of any
     Multiemployer Plan against Parent or any ERISA Affiliate to enforce Section
     515 of ERISA, which proceeding is not dismissed within 60 days; or

          (f) the adoption of an amendment to any Plan that, pursuant to Section
     401(a)(29) of the Code or Section 307 of ERISA, would result in the loss of
     tax-exempt status of the trust of which such Plan is a part if Parent or an
     ERISA Affiliate fails to timely provide security to the Plan in accordance
     with the provisions of such Sections.

          "EURO" and "EURO": the single currency of the EMU as constituted by
     the Treaty on European Union and as referred to in EMU Legislation.

          "EURO UNIT": the currency unit of the euro as defined in the EMU
     Legislation.

          "EUROCURRENCY BASE RATE": with respect to each day during each
     Interest Period pertaining to a Loan under any Facility, the rate per annum
     determined on the basis of the rate for deposits in the currency of such
     Loan for a period equal to such Interest Period commencing on the first day
     of such Interest Period appearing on the applicable page of the Telerate
     screen as of 11:00 A.M., London time, two Business Days prior to the
     beginning of such Interest Period. In

                                       10
<Page>

     the event that such rate does not appear on the Telerate screen, the
     "Eurocurrency Base Rate" for purposes of this definition shall be
     determined by reference to such other comparable publicly available service
     for displaying eurocurrency rates as may be selected by the Administrative
     Agent.

          "EUROCURRENCY LOANS": Loans under any Facility for which the
     applicable rate of interest is based upon the Eurocurrency Rate.

          "EUROCURRENCY RATE": with respect to each day during each Interest
     Period, a rate per annum determined for such day in accordance with the
     following formula (rounded upward to the nearest 1/100th of 1%):

                             Eurocurrency Base Rate
             -------------------------------------------------------
                    1.00 - Eurocurrency Reserve Requirements

          "EUROCURRENCY RESERVE REQUIREMENTS": for any day, the aggregate
     (without duplication) of the maximum rates (expressed as a decimal
     fraction) of reserve requirements in effect on such day (including, without
     limitation, basic, supplemental, marginal and emergency reserves) under any
     regulations of the Board or other Governmental Authority having
     jurisdiction with respect thereto dealing with reserve requirements
     prescribed for eurocurrency funding (currently referred to as "Eurocurrency
     Liabilities" in Regulation D of the Board) maintained by a member bank of
     the Federal Reserve System.

          "EUROCURRENCY TRANCHE": the collective reference to Eurocurrency Loans
     of the same currency under any Facility, the then current Interest Periods
     with respect to all of which begin on the same date and end on the same
     later date (whether or not such Loans shall originally have been made on
     the same day).

          "EVENT OF DEFAULT": any of the events specified in Section 11,
     PROVIDED that any requirement for the giving of notice, the lapse of time,
     or both, has been satisfied.

          "EXCESS CASH FLOW": for any fiscal year of Holdings, the difference,
     if any, of (a) the sum, without duplication, of (i) Consolidated Net Income
     for such fiscal year, (ii) the amount of all non-cash charges (including
     depreciation and amortization) deducted in arriving at such Consolidated
     Net Income, (iii) the amount of the decrease, if any, in Consolidated
     Working Capital for such fiscal year, (iv) the aggregate net amount of
     non-cash loss on the Disposition of Property by Holdings and its
     Subsidiaries during such fiscal year (other than sales of inventory in the
     ordinary course of business), to the extent deducted in arriving at such
     Consolidated Net Income and (v) the net increase during such fiscal year
     (if any) in deferred tax accounts of Holdings MINUS (b) the sum, without
     duplication, of (i) the amount of all non-cash credits included in arriving
     at such Consolidated Net Income, (ii) the aggregate amount actually paid by
     Holdings and its Subsidiaries in cash during such fiscal year on account of
     Capital Expenditures (minus the principal amount of Indebtedness incurred
     in connection with such expenditures, and excluding any such expenditures
     financed with the proceeds of any Reinvestment Deferred Amount and any such
     expenditures financed with the Unused Equity Proceeds Amount), (iii) the
     aggregate amount of all prepayments or repayments of Revolving Credit
     Loans, Swing Line Loans and Multicurrency Loans during such fiscal year to
     the extent accompanying permanent optional reductions of the Revolving
     Credit Commitments or Multicurrency Commitments, as the case may be, and
     all optional prepayments of the Tranche B Term Loans and other Funded Debt
     during such fiscal year, (iv) the aggregate amount of all regularly
     scheduled principal payments of Funded Debt (including, without limitation,
     the Tranche B Term Loans) of Holdings and its

                                       11
<Page>

     Subsidiaries made during such fiscal year (other than in respect of any
     revolving credit facility to the extent there is not an equivalent
     permanent reduction in commitments thereunder), (v) the amount of the
     increase, if any, in Consolidated Working Capital for such fiscal year,
     (vi) the aggregate net amount of non-cash gain on the Disposition of
     Property by Holdings and its Subsidiaries during such fiscal year (other
     than sales of inventory in the ordinary course of business), to the extent
     included in arriving at such Consolidated Net Income, (vii) the net
     decrease during such fiscal year (if any) in deferred tax accounts of
     Holdings, (viii) the aggregate amount of Restricted Payments made in cash
     during such fiscal year (to the extent permitted under Section 10.5), and
     (ix) the aggregate amount of Investments made in cash during such fiscal
     year (to the extent permitted under clauses (h), (j), (l), (m) and (n) of
     Section 10.7) except to the extent such investments are financed with (A)
     the Unused Equity Proceeds Amount or (B) the proceeds of any Indebtedness
     of Holdings or any Subsidiary.

          "EXCESS CASH FLOW APPLICATION DATE": as defined in Section 6.5(c).

          "EXCLUDED FOREIGN SUBSIDIARIES": any Foreign Subsidiary in respect of
     which either (a) the pledge of all of the Capital Stock of, or any Property
     of, such Subsidiary as Collateral or (b) the guaranteeing by such
     Subsidiary of the Obligations, would, in the good faith judgment of
     Holdings, result in adverse tax consequences to Holdings or Parent. Any
     Subsidiary that Guarantees Indebtedness under any Indenture shall not be an
     Excluded Foreign Subsidiary.

          "EXISTING CREDIT AGREEMENT": as defined in the recitals hereto.

          "EXISTING ISSUING LENDER": The Bank of New York, as issuer of the
     Existing Letters of Credit.

          "EXISTING LETTERS OF CREDIT": the letters of credit described on Annex
     B.

          "EXISTING PARKS": as defined in Section 7.22.

          "FACILITY": each of (a) the Tranche B Term Loan Commitments and the
     Tranche B Term Loans made thereunder (the "TRANCHE B TERM LOAN FACILITY"),
     (b) the Multicurrency Commitments and the extensions of credit made
     thereunder (the "MULTICURRENCY FACILITY"), (c) the Revolving Credit
     Commitments and the extensions of credit made thereunder (the "REVOLVING
     CREDIT FACILITY") and (d) the Optional Term Loan Commitments, if any, and
     the Optional Term Loans made thereunder (the "OPTIONAL TERM LOAN
     FACILITY").

          "FEDERAL FUNDS EFFECTIVE RATE": for any day, 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 on
     the next succeeding Business Day by the Federal Reserve Bank of New York,
     or, if such rate is not so published for any day which is a Business Day,
     the average of the quotations for the day of such transactions received by
     the Reference Lender from three federal funds brokers of recognized
     standing selected by it.

          "FOREIGN SECURITY DOCUMENTS": the collective reference to the Foreign
     Subsidiary Pledge Agreements, as confirmed by the Consent and Confirmation,
     and any other Security Documents delivered pursuant to Section 9.6(e).

          "FOREIGN SUBSIDIARY": any Subsidiary of Holdings or Parent, as
     applicable, that is not a Domestic Subsidiary.

                                       12
<Page>

          "FOREIGN SUBSIDIARY BORROWER": any Foreign Subsidiary of Holdings that
     is or becomes a Foreign Subsidiary Borrower on or prior to the Amendment
     and Restatement Effective Date, or after the Amendment and Restatement
     Effective Date pursuant to Section 13.1(b).

          "FOREIGN SUBSIDIARY OPINION": with respect to any Foreign Subsidiary
     Borrower, a legal opinion of counsel to such Foreign Subsidiary Borrower
     addressed to the Administrative Agent and the Lenders concluding that such
     Foreign Subsidiary Borrower and the Loan Documents to which it is a party
     substantially comply with the matters listed on Exhibit L, with such
     assumptions, qualifications and deviations therefrom as the Administrative
     Agent shall approve (such approval not to be unreasonably withheld).

          "FOREIGN SUBSIDIARY PLEDGE AGREEMENTS": the collective reference to
     (a) the Pledge Agreements delivered on or before the Amendment and
     Restatement Effective Date pledging not more than 65% of the shares of
     Capital Stock of Foreign Subsidiaries held by any Domestic Subsidiary and
     (b) any Pledge Agreements delivered pursuant to Section 9.6(d).

          "FQ1", "FQ2", "FQ3", and "FQ4": when used with a numerical year
     designation, means the first, second, third or fourth fiscal quarters,
     respectively, of such fiscal year of Holdings, (e.g., FQ4 2002 means the
     fourth fiscal quarter of Holdings' 2002 fiscal year, which ends December
     31, 2002).

          "FUNDED DEBT": with respect to any Person, all Indebtedness of such
     Person of the types described in clauses (a) through (e) of the definition
     of "Indebtedness" in this Section.

          "FUNDING OFFICE": with respect to Loans in any currency, the office
     specified from time to time by the Administrative Agent as its funding
     office for such currency by notice to Holdings and the Lenders.

          "GAAP": generally accepted accounting principles in the United States
     of America as in effect from time to time.

          "GENERAL MULTICURRENCY COMMITMENT": as defined in Section 4.5(a).

          "GENERAL MULTICURRENCY LENDER": as defined in Section 4.5(a).

          "GOVERNMENTAL AUTHORITY": any nation or government, any state or other
     political subdivision thereof, any agency, authority, instrumentality,
     regulatory body, court, central bank or other entity exercising executive,
     legislative, judicial, taxing, regulatory or administrative functions of or
     pertaining to government, any securities exchange and any self-regulatory
     organization (including the National Association of Insurance
     Commissioners) having jurisdiction over the Business or the Property of
     Holdings and its Subsidiaries.

          "GUARANTEE": a guarantee, an indorsement, a contingent agreement to
     purchase or to furnish funds for the payment or maintenance of, or
     otherwise to be or become contingently liable under or with respect to, the
     Indebtedness, other obligations, net worth, working capital or earnings of
     any Person, or a guarantee of the payment of dividends or other
     distributions upon the stock or equity interests of any Person, or an
     agreement to purchase, sell or lease (as lessee or lessor) Property,
     products, materials, supplies or services primarily for the purpose of
     enabling a debtor to make payment of such debtor's obligations or an
     agreement to assure a creditor against loss, and including, without
     limitation, causing a bank or other financial institution to issue a letter
     of credit or other similar instrument for the benefit of another Person,
     but excluding

                                       13
<Page>

     endorsements for collection or deposit in the ordinary course of business.
     The terms "Guarantee" and "Guaranteed" used as verbs have the correlative
     meanings.

          "GUARANTEE AND COLLATERAL AGREEMENT": the Guarantee and Collateral
     Agreement, dated as of November 5, 1999, made by Parent, Holdings, the
     Primary Borrower and each Subsidiary Guarantor in favor of the
     Administrative Agent, a copy of which is attached as Exhibit A, as assumed
     by additional Subsidiary Guarantors on or prior to the Amendment and
     Restatement Effective Date and as confirmed by the Consent and Confirmation
     and as the same has been and may be amended, supplemented or otherwise
     modified from time to time.

          "GUARANTORS": the collective reference to Parent, Holdings, the
     Primary Borrower (in its capacity as a guarantor) and the Subsidiary
     Guarantors.

          "HAZARDOUS MATERIAL": any chemical or other material or substance
     which is now or hereafter prohibited, limited or otherwise regulated in any
     way under any Environmental Law.

          "HEDGING AGREEMENT": any interest rate protection agreement, foreign
     currency exchange agreement, commodity price protection agreement or other
     interest or currency exchange rate or commodity price hedging arrangement.

          "HOLDINGS": as defined in the preamble hereto.

          "HOLDINGS SENIOR NOTES": the 8 7/8% Senior Notes due 2006 of Holdings
     in the aggregate principal amount of $170,000,000.

          "INACTIVE SUBSIDIARY": any Subsidiary of Holdings or Parent, as
     applicable, that (a) has aggregate assets with a value not in excess of
     $5,000, (b) conducts no Business and (c) does not Guarantee any
     Indebtedness under any Indenture.

          "INDEBTEDNESS": for any Person, without duplication: (a) obligations
     created, issued or incurred by such Person for borrowed money (whether by
     loan, the issuance and sale of debt securities or the sale of Property to
     another Person subject to an understanding or agreement, contingent or
     otherwise, to repurchase such Property from such Person); (b) obligations
     of such Person to pay the deferred purchase or acquisition price of
     Property or services, other than trade accounts payable (other than for
     borrowed money) arising, and accrued expenses incurred, in the ordinary
     course of business so long as such trade accounts payable are payable
     within 180 days (365 days in the case of payables arising out of the
     purchase of inventory or Capital Expenditures determined without regard to
     the exclusion contained in the definition of Capital Expenditures in this
     Section 1.1) of the date the respective goods are delivered or the
     respective services are rendered; (c) Indebtedness of others secured by a
     Lien on the Property of such Person, whether or not the respective
     indebtedness so secured has been assumed by such Person; (d) obligations of
     such Person in respect of letters of credit or similar instruments
     (including negotiable instruments) issued or accepted by banks and other
     financial institutions for account of such Person; (e) Capital Lease
     Obligations of such Person; (f) the liquidation value of all redeemable
     preferred Capital Stock of such Person to the extent redeemable prior to
     the date which is 91 days after the latest of (i) Revolving Credit
     Termination Date, (ii) Multicurrency Termination Date and (iii) the
     maturity date of the Tranche B Term Loans, and (g) Indebtedness of others
     Guaranteed by such Person. The Indebtedness of any Person shall include the
     Indebtedness of any partnership in which such Person is a general partner
     to the extent such Indebtedness is recourse, PROVIDED that if such Person's
     liability for such Indebtedness is contractually limited, only such
     Person's share thereof shall be so included. Anything herein to the
     contrary notwithstanding, the

                                       14
<Page>

     following shall not constitute Indebtedness: (i) obligations under Hedging
     Agreements, (ii) obligations with respect to the payment of taxes, fees,
     costs and expenses, Capital Expenditures and other payments required to be
     made pursuant to the Marine World Agreements, (iii) obligations in respect
     of any Indebtedness that has been defeased (either covenant or legal)
     pursuant to the terms of the instrument creating or governing such
     Indebtedness, (iv) obligations under the Subordinated Indemnity Agreement
     or the Partnership Parks Agreements; PROVIDED, that obligations described
     in the foregoing clause (iv) shall constitute Indebtedness for purposes of
     Section 11(e) and (v) obligations in respect of any Subordinated Parent
     Advances.

          "INDEMNIFIED LIABILITIES": as defined in Section 13.5.

          "INDEMNITEE": as defined in Section 13.5.

          "INDENTURES": collectively, (a) the Parent Indentures and (b) any
     other indenture pursuant to which Indebtedness of Parent, Holding or the
     Primary Borrower may be outstanding at any time, in each case as amended as
     permitted by this Agreement.

          "INSOLVENCY": with respect to any Multiemployer Plan, the condition
     that such Plan is insolvent within the meaning of Section 4245 of ERISA.

          "INTELLECTUAL PROPERTY": the collective reference to all rights,
     priorities and privileges relating to intellectual property, whether
     arising under United States, multinational or foreign laws or otherwise,
     including, without limitation, copyrights, copyright licenses, patents,
     patent licenses, trademarks, trademark licenses, technology, know-how and
     processes, and all rights to sue at law or in equity for any infringement
     or other impairment thereof, including the right to receive all proceeds
     and damages therefrom.

          "INTEREST PAYMENT DATE": (a) as to any Base Rate Loan, the last day of
     each March, June, September and December to occur while such Loan is
     outstanding and the final maturity date of such Loan, (b) as to any
     Eurocurrency Loan having an Interest Period of three months or shorter, the
     last day of such Interest Period, (c) as to any Eurocurrency Loan having an
     Interest Period longer than three months, each day that is three months, or
     a whole multiple thereof, after the first day of such Interest Period and
     the last day of such Interest Period and (d) as to any Loan (other than any
     Revolving Credit Loan or Multicurrency Loan that is a Base Rate Loan and
     any Swing Line Loan), the date of any repayment or prepayment made in
     respect thereof.

          "INTEREST PERIOD": as to any Eurocurrency Loan, (a) initially, the
     period commencing on the borrowing or conversion date, as the case may be,
     with respect to such Eurocurrency Loan and ending one, two, three or six
     months thereafter, as selected by the relevant Borrower in its notice of
     borrowing or notice of conversion, as the case may be, given with respect
     thereto; and (b) thereafter, each period commencing on the last day of the
     next preceding Interest Period applicable to such Eurocurrency Loan and
     ending one, two, three or six months thereafter, as selected by the
     relevant Borrower by irrevocable notice to the Administrative Agent not
     less than three Business Days prior to the last day of the then current
     Interest Period with respect thereto; PROVIDED that, all of the foregoing
     provisions relating to Interest Periods are subject to the following:

               (i)    if any Interest Period would otherwise end on a day that
          is not a Business Day, such Interest Period shall be extended to the
          next succeeding Business Day unless the result of such extension would
          be to carry such Interest Period into another calendar

                                       15
<Page>

          month in which event such Interest Period shall end on the immediately
          preceding Business Day;

               (ii)   any Interest Period that would otherwise extend beyond the
          Revolving Credit Termination Date, the Multicurrency Termination Date
          or beyond the date final payment is due on the Tranche B Term Loans,
          as the case may be, shall end on the Revolving Credit Termination
          Date, the Multicurrency Termination Date or such due date, as
          applicable; and

               (iii)  any Interest Period that begins on the last Business Day
          of a calendar month (or on a day for which there is no numerically
          corresponding day in the calendar month at the end of such Interest
          Period) shall end on the last Business Day of the calendar month at
          the end of such Interest Period.

          "INVESTMENT": for any Person: (a) the acquisition (whether for cash,
     Property, services or securities or otherwise) of capital stock, bonds,
     notes, debentures, partnership or other ownership interests or other
     securities of any other Person or any agreement to make any such
     acquisition (including, without limitation, any "short sale" or any sale of
     any securities at a time when such securities are not owned by the Person
     entering into such sale); (b) the making of any deposit with, or advance,
     loan or other extension of credit to, any other Person (including the
     purchase of Property from another Person subject to an understanding or
     agreement, contingent or otherwise, to resell such Property to such
     Person), but excluding any such advance, loan or extension of credit having
     a stated term not exceeding 180 days arising in connection with the sale of
     inventory, supplies or patron services by such Person in the ordinary
     course of business, and excluding also any deposit made by such Person in
     the ordinary course of business of such Person or as an advance payment in
     respect of a Capital Expenditure (to the extent the making of such Capital
     Expenditure will not result in a violation of any of the provisions of
     Section 10.1 or 10.6); (c) the entering into of any Guarantee of, or other
     contingent obligation with respect to, Indebtedness or other liability of
     any other Person and (without duplication) any amount committed to be
     advanced, lent or extended to such Person, other than any Guarantee under
     the Partnership Parks Agreements or the Subordinated Indemnity Agreement;
     or (d) the entering into of any Hedging Agreement.

          "ISSUING LENDER": the Existing Issuing Lender, The Bank of New York
     and any other Multicurrency Lender from time to time designated by the
     Primary Borrower as an Issuing Lender with the consent of such
     Multicurrency Lender and the Administrative Agent.

          "JAZZLAND ACQUISITION": the acquisition and the related arrangements
     contemplated by (a) that certain Offer Letter, dated May 6, 2002, from
     Parent to Jazzland, Inc. and (b) that certain Proposal Letter, dated April
     26, 2002, from Parent to the City of New Orleans and NOLA Economic
     Development Corporation, with respect to the Jazzland Theme Park and the
     land, improvements, personalty and other property and rights associated
     therewith, and the documents and agreements relating thereto.

          "JOINDER AGREEMENT": each Joinder Agreement, substantially in the form
     of Exhibit K, entered into pursuant to Section 13.1(b).

          "L/C COMMITMENT": $25,000,000.

          "L/C FEE PAYMENT DATE": the last day of each March, June, September
     and December and the last day of the Multicurrency Commitment Period.

                                       16
<Page>

          "L/C OBLIGATIONS": at any time, an amount equal to the sum of (a) the
     aggregate then undrawn and unexpired amount of the then outstanding Letters
     of Credit and (b) the aggregate amount of drawings under Letters of Credit
     that have not then been reimbursed pursuant to Section 5.5.

          "L/C PARTICIPANTS": with respect to any Letter of Credit, the
     collective reference to all the Multicurrency Lenders other than the
     Issuing Lender that issued such Letter of Credit.

          "LEHMAN ENTITY": any of Lehman Commercial Paper Inc. or any of its
     affiliates (including Syndicated Loan Funding Trust).

          "LENDER ADDENDUM": with respect to any Lender, a Lender Addendum,
     substantially in the form of Exhibit J, to be executed and delivered by
     such Lender on the Amendment and Restatement Effective Date as provided in
     Section 13.17.

          "LENDERS": as defined in the preamble hereto.

          "LETTERS OF CREDIT": as defined in Section 5.1(a).

          "LIEN": with respect to any Property, any mortgage, lien, pledge,
     charge, security interest or encumbrance of any kind in respect of such
     Property. For purposes of this Agreement and the other Loan Documents, a
     Person shall be deemed to own subject to a Lien any Property that it has
     acquired or holds subject to the interest of a vendor or lessor under any
     conditional sale agreement, capital lease or other title retention
     agreement (other than an operating lease) relating to such Property.

          "LOAN": any loan made by any Lender pursuant to this Agreement.

          "LOAN DOCUMENTS": this Agreement, the Security Documents, the Consent
     and Confirmation, the Applications and the Notes.

          "LOAN PARTIES": Parent, Holdings, the Borrowers and each Subsidiary of
     Holdings that is a party to a Loan Document.

          "MAJORITY FACILITY LENDERS": with respect to any Facility, the holders
     of more than 50% of the aggregate unpaid principal amount of the Tranche B
     Term Loans, the Optional Term Loans, the Total Revolving Extensions of
     Credit or the Total Multicurrency Extensions of Credit, as the case may be,
     outstanding under such Facility (or, (a) in the case of the Revolving
     Credit Facility, prior to any termination of the Revolving Credit
     Commitments, the holders of more than 50% of the Total Revolving Credit
     Commitments and (b) in the case of the Multicurrency Facility, prior to any
     termination of the Multicurrency Commitments, the holders of more than 50%
     of the Total Multicurrency Commitments).

          "MAJORITY MULTICURRENCY FACILITY LENDERS": the Majority Facility
     Lenders in respect of the Multicurrency Facility.

          "MAJORITY REVOLVING CREDIT FACILITY LENDERS": the Majority Facility
     Lenders in respect of the Revolving Credit Facility.

          "MARGIN STOCK": "margin stock" within the meaning of Regulations T, U
     and X of the Board.

                                       17
<Page>

          "MARINE WORLD AGREEMENTS": collectively, (a) the Parcel Lease dated as
     of November 7, 1997 between Marine World Joint Powers Authority
     ("AUTHORITY"), as landlord, and Park Management Corp. ("TENANT"), as
     tenant, a Memorandum of which was recorded in the Solano County Recorder's
     Office on November 10, 1997 in the Official Records at Series No. 97-76697,
     as amended by Amendment to Parcel Lease, dated as of May 18, 1999, between
     Authority and Tenant, a Memorandum of which was recorded in the Solano
     County Recorder's Office on January 7, 2000 in the Official Records at
     Series No. 2000-2096, and by Second Amendment to Parcel Lease dated as of
     February 1, 2000, a Memorandum of which was recorded in the Solano County
     Recorder's Office on March 27, 2000 in the Official Records at Series No.
     2000-23416, and as is being further amended by Third Amendment to Parcel
     Lease; (b) Reciprocal Easement Agreement dated as of November 7, 1997
     between Authority and Tenant; (c) Revenue Sharing Agreement dated as of
     November 7, 1997 by and among Authority, Tenant and the Redevelopment
     Agency of the City of Vallejo ("AGENCY"); (d) Amended and Restated 1997
     Management Agreement Relating to Marine World entered into as of December
     19, 2001 between the Authority and Tenant; and (e) Purchase Option
     Agreement dated as of August 29, 1997 among the City of Vallejo, the
     Authority, the Agency and Tenant, together with any and all documents
     delivered pursuant thereto or in connection therewith, as the same shall,
     subject to Section 10.13, be modified and supplemented and in effect from
     time to time.

          "MARINE WORLD CONTRIBUTED CAPITAL EXPENDITURES": Capital Expenditures
     made by Holdings consisting of items which are useful to the business of
     Authority, and are, concurrently with the purchase thereof, contributed by
     Holdings to Authority.

          "MATERIAL ADVERSE EFFECT": a material adverse effect on (a) the
     Business, Property, condition (financial or otherwise) or prospects of
     Holdings and its Subsidiaries taken as a whole or Parent and its
     Subsidiaries taken as a whole or (b) the validity or enforceability of this
     Agreement or any of the other Loan Documents or the rights or remedies of
     the Administrative Agent or the Lenders hereunder or thereunder.

          "MATERIALS OF ENVIRONMENTAL CONCERN": any gasoline or petroleum
     (including crude oil or any fraction thereof) or petroleum products or any
     hazardous or toxic substances, materials or wastes, defined or regulated as
     such in or under any Environmental Law, including asbestos, polychlorinated
     biphenyls and urea-formaldehyde insulation.

          "MORTGAGE AMENDMENT": as defined in the definition of "Mortgages".

          "MORTGAGED PROPERTIES": the Real Properties listed on Schedule 1.1(a),
     as to which the Administrative Agent for the benefit of the Lenders has
     been granted a Lien pursuant to the Mortgages.

          "MORTGAGES": each of the mortgages and deeds of trust encumbering the
     Mortgaged Properties made by the Loan Party party thereto in favor of, or
     for the benefit of, the Administrative Agent for the benefit of the
     Lenders, as amended by the amendments thereto delivered on the Amendment
     and Restatement Effective Date (collectively, the "MORTGAGE AMENDMENTS"),
     substantially in the form of Exhibit D-1 (with such changes thereto as
     shall be reasonably advisable under the law of the jurisdiction in which
     each such Mortgage Amendment is to be recorded), together with any other
     mortgages and deeds of trust made by any Loan Party in accordance with
     Section 9.6(b) in favor of, or for the benefit of, the Administrative Agent
     for the benefit of the Lenders, substantially in the form of Exhibit D-2
     (with such changes thereto as shall be reasonably advisable under the law
     of the jurisdiction in which such mortgage or deed of

                                       18
<Page>

     trust is to be recorded), in each case as the same may be amended,
     supplemented, substituted or otherwise modified from time to time.

          "MULTICURRENCY COMMITMENT": as to any Lender, the obligation of such
     Lender, if any, to make Multicurrency Loans and participate in Letters of
     Credit, in an aggregate principal and/or face amount not to exceed the
     amount set forth under the heading "Multicurrency Commitment" opposite such
     Lender's name on Schedule 1 to the Lender Addendum delivered by such
     Lender, or, as the case may be, in the Assignment and Acceptance pursuant
     to which such Lender became a party hereto, as the same may be changed from
     time to time pursuant to the terms hereof. The original aggregate amount of
     the Total Multicurrency Commitments prior to the Amendment and Restatement
     Effective Date is $277,500,000 and from and after the Amendment and
     Restatement Effective Date is $100,000,000.

          "MULTICURRENCY COMMITMENT PERIOD": the period from and including the
     Closing Date to the Multicurrency Termination Date.

          "MULTICURRENCY EXTENSIONS OF CREDIT": as to any Multicurrency Lender
     at any time, an amount equal to the sum of (a) the aggregate principal
     amount of all Multicurrency Loans denominated in Dollars made by such
     Lender then outstanding, (b) the Dollar Equivalent Amount of all
     Multicurrency Loans denominated in euro made by such Lender then
     outstanding and (c) such Lender's Multicurrency Percentage of the L/C
     Obligations then outstanding.

          "MULTICURRENCY FACILITY": as defined in the definition of "Facility"
     in this Section 1.1.

          "MULTICURRENCY LENDER": each Lender that has a Multicurrency
     Commitment or that is the holder of Multicurrency Loans.

          "MULTICURRENCY LOANS": as defined in Section 4.1.

          "MULTICURRENCY PERCENTAGE": as to any Multicurrency Lender at any
     time, the percentage which such Lender's Multicurrency Commitment then
     constitutes of the Total Multicurrency Commitments (or, at any time after
     the Multicurrency Commitments shall have expired or terminated, the
     percentage which the aggregate amount of such Lender's Multicurrency
     Extensions of Credit then outstanding constitutes of the amount of the
     Total Multicurrency Extensions of Credit then outstanding).

          "MULTICURRENCY SUBLIMIT": with respect to all Foreign Subsidiary
     Borrowers organized under the laws of Mexico, an aggregate amount of
     $40,000,000.

          "MULTICURRENCY TERMINATION DATE": the earlier of (a) the final
     maturity date of the Tranche B Term Loans in accordance with Section 2.3
     (including the proviso thereto) and (b) June 30, 2008.

          "MULTIEMPLOYER PLAN": a Plan that is a multiemployer plan as defined
     in Section 4001(a)(3) of ERISA to which contributions have been made by
     Parent or any ERISA Affiliate and that is covered by Title IV of ERISA.

          "NET CASH PROCEEDS": (a) in connection with any Asset Sale or any
     Recovery Event, the proceeds thereof received by Holdings or any Subsidiary
     in the form of cash and Permitted Investments (including any such proceeds
     received in such form by way of deferred payment of principal pursuant to a
     note or installment receivable or purchase price adjustment receivable or

                                       19
<Page>

     otherwise, but only as and when received) of such Asset Sale or Recovery
     Event, net of attorneys' fees, accountants' fees, investment banking fees,
     amounts required to be applied to the repayment of Indebtedness secured by
     a Lien expressly permitted hereunder on, or amount required to be paid
     under Capital Lease Obligations relating to, any asset which is the subject
     of such Asset Sale or Recovery Event (other than any Lien pursuant to a
     Security Document) and other customary fees and expenses actually incurred
     in connection therewith and net of taxes paid or reasonably estimated to be
     payable as a result thereof (after taking into account any available tax
     credits or deductions and any tax sharing arrangements applicable to the
     transactions) and (b) in connection with any issuance or sale of equity
     securities or debt securities or instruments or the incurrence of loans,
     the cash proceeds received from such issuance or incurrence, net of
     attorneys' fees, investment banking fees, accountants' fees, underwriting
     discounts and commissions and other customary fees and expenses actually
     incurred in connection therewith."

          "NEW LENDER": as defined in Section 6.18(e).

          "NON-EXCLUDED TAXES": as defined in Section 6.13(a).

          "NON-GUARANTOR SUBSIDIARY": any Subsidiary that is not a Subsidiary
     Guarantor.

          "NON-U.S. LENDER": as defined in Section 6.13(d).

          "NOTE": any promissory note evidencing any Loan.

          "OBLIGATIONS": the unpaid principal of and interest on (including,
     without limitation, interest accruing after the maturity of the Loans and
     Reimbursement Obligations and interest accruing after the filing of any
     petition in bankruptcy, or the commencement of any insolvency,
     reorganization or like proceeding, relating to any Borrower, whether or not
     a claim for post-filing or post-petition interest is allowed in such
     proceeding) the Loans, the Reimbursement Obligations and all other
     obligations and liabilities of any Borrower to the Administrative Agent or
     to any Lender (or, in the case of Specified Hedge Agreements, any affiliate
     of any Lender or any Person that was a Lender or an affiliate of a Lender
     at the time of entry into a Specified Hedge Agreement), whether direct or
     indirect, absolute or contingent, due or to become due, or now existing or
     hereafter incurred, which may arise under, out of, or in connection with,
     this Agreement, any other Loan Document, the Letters of Credit, any
     Specified Hedge Agreement or any other document made, delivered or given by
     any Loan Party in connection herewith or therewith, whether on account of
     principal, interest, reimbursement obligations, fees, indemnities, costs,
     expenses (including, without limitation, all fees, charges and
     disbursements of counsel to the Administrative Agent or to any Lender that
     are required to be paid by any Borrower pursuant hereto) or otherwise;
     PROVIDED, that (a) obligations of any Borrower or any Subsidiary of any
     Borrower under any Specified Hedge Agreement shall be secured and
     guaranteed pursuant to the Security Documents only to the extent that, and
     for so long as, the other Obligations are so secured and guaranteed and (b)
     any release of Collateral or Guarantors effected in the manner permitted by
     this Agreement shall not require the consent of holders of obligations
     under Specified Hedge Agreements.

          "OPERATED PROPERTIES": as defined in Section 7.17(a).

          "OPTIONAL INCREASE AMENDMENT": an amendment to this Agreement, in form
     and substance acceptable to the Primary Borrower, the Administrative Agent
     and each Lender providing an Optional Term Loan Commitment or increasing
     its Multicurrency Commitment,

                                       20
<Page>

     executed and delivered pursuant to Section 6.18 to establish an Optional
     Term Loan Tranche and/or an increase in the Multicurrency Commitments.

          "OPTIONAL INCREASE REQUEST": as defined in Section 6.18(a).

          "OPTIONAL TERM LOAN COMMITMENT": as to any Optional Term Loan Lender,
     the obligation of such Lender, if any, to make an Optional Term Loan to the
     Primary Borrower hereunder in a principal amount not to exceed the amount
     set forth in the Optional Increase Amendment related thereto.

          "OPTIONAL TERM LOAN LENDER": each Lender that has an Optional Term
     Loan Commitment or is the holder of an Optional Term Loan.

          "OPTIONAL TERM LOAN TRANCHE": as defined in Section 6.18(b).

          "OPTIONAL TERM LOANS": as defined in Section 6.18(b).

          "OTHER TAXES": any and all present or future stamp or documentary
     taxes or any other excise or property taxes, charges or similar levies
     arising from any payment made hereunder or from the execution, delivery or
     enforcement of, or otherwise with respect to, this Agreement or any other
     Loan Document.

          "PARENT": as defined in the preamble hereto.

          "PARENT INDENTURES": collectively, the Indentures dated as of February
     11, 2002, February 2, 2001, June 30, 1999 and April 1, 1998, respectively,
     between Parent and The Bank of New York, as trustee, in each case as
     amended as permitted by this Agreement.

          "PARENT PREFERRED STOCK": the 11,500,000 Preferred Income Equity
     Redeemable Shares representing interests in the Parent's 7-1/4% Convertible
     Preferred Stock.

          "PARK": collectively, the Existing Parks and any other amusement or
     attraction park acquired by any of Holdings and its Subsidiaries after the
     date hereof.

          "PARTICIPANT": as defined in Section 13.6(b).

          "PARTICIPATING MEMBER STATE": any member state of EMU which has the
     euro as its lawful currency.

          "PARTNERSHIP PARKS AGREEMENTS": (a) the Overall Agreement, dated as of
     February 15, 1997, among Six Flags Fund, Ltd. (L.P.), Salkin Family Trust,
     SFG, Inc., SFG-I, LLC, SFG-II, LLC, Six Flags Over Georgia, Ltd., SFOG II,
     Inc., SFOG II Employee, Inc., SFOG Acquisition A, Inc., SFOG Acquisition B,
     L.L.C., Six Flags Over Georgia, Inc., Six Flags Services of Georgia, Inc.,
     the Primary Borrower and Six Flags Entertainment Corporation and the
     Related Agreements (as defined therein) and (b) the Overall Agreement dated
     as of November 24, 1997 among Six Flags Over Texas Fund, Ltd., Flags'
     Directors, L.L.C., FD-II, L.L.C., Texas Flags, Ltd., SFOT Employee, Inc.,
     SFOT Acquisition I, Inc., SFOT Acquisition II, Inc., Six Flags Over Texas,
     Inc., the Primary Borrower and Six Flags Entertainment Corporation, as
     amended by the Agreement dated as of December 6, 1999 between and among the
     foregoing parties and Six Flags Fund II, Ltd., and the Related Agreements
     (as defined therein), in each case, as the same may be

                                       21
<Page>

     modified or amended at any time from time to time, provided such
     modification or amendment does not violate Section 10.13.

          "PAYMENT OFFICE": with respect to payments in any currency, the office
     specified from time to time by the Administrative Agent as its payment
     office for such currency by notice to the Primary Borrower and the Lenders.

          "PBGC": the Pension Benefit Guaranty Corporation established pursuant
     to Subtitle A of Title IV of ERISA (or any successor).

          "PERIL": as defined in Section 9.4.

          "PERMITTED INVESTMENTS": (a) direct obligations of the United States
     of America, or of any agency thereof, or obligations guaranteed as to
     principal and interest by the United States of America, or of any agency
     thereof, in either case maturing, except in the case of securities subject
     to repurchase agreements referred to in clause (d) below, not more than one
     year from the date of acquisition thereof; (b) certificates of deposit,
     time deposits and money market deposit accounts issued by any bank or trust
     company organized under the laws of the United States of America, any state
     thereof or any other country which is a member of the Organization for
     Economic Cooperation and Development, in each case having capital, surplus
     and undivided profits of at least $500,000,000, maturing not more than one
     year from the date of acquisition thereof; (c) securities either rated or
     issued by corporations that have a rating of, A-1 or better or P-1 by
     Standard & Poor's Ratings Services, or Moody's Investors Services, Inc.,
     respectively, maturing, except in the case of securities subject to
     repurchase agreements referred to in clause (d) below, not more than one
     year from the date of acquisition thereof; and (d) fully collateralized
     repurchase agreements with a term of not more than one year for securities
     described in clause (a) or (c) above and entered into with either financial
     institutions satisfying the criteria described in clause (b) above or
     primary dealers in U.S. Government securities; in each case so long as the
     same (x) provide for the payment of principal and interest (and not
     principal alone or interest alone) and (y) are not subject to any
     contingency regarding the payment of principal or interest.

          "PERMITTED LIENS": as defined in Section 10.3.

          "PERSON": an individual, partnership, corporation, limited liability
     company, business trust, joint stock company, trust, unincorporated
     association, joint venture, Governmental Authority or other entity of
     whatever nature.

          "PLAN": an employee benefit plan (within the meaning of Section 3(3)
     of ERISA) established or maintained by Parent or any ERISA Affiliate and
     that is covered by ERISA, other than a Multiemployer Plan.

          "PREPAYMENT OPTION NOTICE": as defined in Section 6.11(d).

          "PRICING GRID": the pricing grid attached hereto as Annex A.

          "PRIMARY BORROWER": as defined in the preamble hereto.

          "PRO FORMA BALANCE SHEET": as defined in Section 7.1(a).

                                       22
<Page>

          "PROPERTY": any right or interest in or to property of any kind
     whatsoever, whether Real Property, personal or mixed and whether tangible
     or intangible, including, without limitation, Capital Stock.

          "PURCHASE MONEY INDEBTEDNESS": (a) Indebtedness consisting of the
     deferred purchase price of Property, conditional sale obligations under any
     title retention agreement and other purchase money obligations, in each
     case where the maturity of such Indebtedness does not exceed the
     anticipated useful life of the Property being financed, and (b)
     Indebtedness incurred to finance the acquisition by Holdings or a
     Subsidiary of such asset, including additions and improvements; PROVIDED,
     HOWEVER, that any Lien arising in connection with any such Indebtedness
     shall be limited to the specified asset being financed or, in the case of
     Real Property, the Real Property on which such asset is attached; and
     PROVIDED FURTHER, that such Indebtedness is incurred within 180 days after
     such acquisition, addition or improvement by Holdings or a Subsidiary of
     such asset.

          "PURCHASE PRICE": with respect to any Acquisition, the sum (without
     duplication) of (a) the amount of cash paid by Holdings and its
     Subsidiaries in connection with such Acquisition, (b) the sum of (i) the
     value (as determined for purposes of such Acquisition in accordance with
     the applicable acquisition agreement) of all Capital Stock of Holdings or
     any of its Subsidiaries issued or given as consideration in connection with
     such Acquisition and (ii) the Qualified Net Cash Equity Proceeds applied to
     finance such Acquisition, (c) the principal amount (or, if less, the
     accreted value) at the time of such Acquisition of all Indebtedness
     incurred, assumed or acquired by Holdings and its Subsidiaries in
     connection with such Acquisition, (d) all additional purchase price amounts
     in connection with such Acquisition in the form of earnouts, deferred
     purchase price and other contingent obligations that are required to be
     recorded as a liability on the balance sheet of Holdings and its
     Subsidiaries in accordance with GAAP, Regulation S-X under the Securities
     Act of 1933, as amended, or any other rule or regulation of the United
     States Securities and Exchange Commission, (e) all amounts paid by Holdings
     and its Subsidiaries in respect of covenants not to compete, consulting
     agreements and other affiliated contracts in connection with such
     Acquisition, and (f) the aggregate fair market value of all other
     consideration given by Holdings and its Subsidiaries in connection with
     such Acquisition.

          "QUALIFIED NET CASH EQUITY PROCEEDS": the Net Cash Proceeds of any
     offering of Capital Stock of Holdings or any of its Subsidiaries so long as
     (a) such offering was made in express contemplation of an Acquisition, (b)
     such Capital Stock is not mandatorily redeemable and (c) such Acquisition
     is consummated within 90 days after receipt by Holdings or such Subsidiary
     of such Net Cash Proceeds.

          "REAL PROPERTIES": all real property, including the improvements
     thereon, owned by, or leased by, Parent, Holdings or its Subsidiaries.

          "RECOVERY EVENT": any settlement of or payment in excess of $1,000,000
     in respect of any Property or casualty insurance claim or any condemnation
     proceeding relating to any Property of Holdings or any of its Subsidiaries.

          "REFERENCE LENDER": Deutsche Bank, New York Office.

          "REFUNDED SWING LINE LOANS": as defined in Section 3.4.

          "REFUNDING DATE": as defined in Section 3.4.

                                       23
<Page>

          "REGISTER": as defined in Section 13.6(d).

          "REGULATION H": Regulation H of the Board as in effect from time to
     time.

          "REGULATION U": Regulation U of the Board as in effect from time to
     time.

          "REIMBURSEMENT OBLIGATION": the obligation of the relevant Borrower to
     reimburse each Issuing Lender pursuant to Section 5.5 for amounts drawn
     under Letters of Credit issued by such Issuing Lender for the account of
     such Borrower.

          "REINVESTMENT DEFERRED AMOUNT": with respect to any Reinvestment
     Event, the aggregate Net Cash Proceeds received by Holdings or any of its
     Subsidiaries in connection therewith that, as a result of the delivery of a
     Reinvestment Notice, are not applied to repay the Tranche B Term Loans,
     reduce the Multicurrency Commitments pursuant to Section 6.5(b) or repay
     the Multicurrency Loans pursuant to Section 6.11(d).

          "REINVESTMENT EVENT": any Asset Sale or Recovery Event in respect of
     which Holdings or the Primary Borrower has delivered a Reinvestment Notice.

          "REINVESTMENT NOTICE": a written notice executed by a Responsible
     Officer of Holdings or the Primary Borrower stating that no Default or
     Event of Default has occurred and is continuing and that Holdings or the
     Primary Borrower (directly or indirectly through a Subsidiary) intends and
     expects to use all or a specified portion of the Net Cash Proceeds of an
     Asset Sale or Recovery Event to acquire, restore or reconstruct assets
     useful in its business or reimburse amounts spent in anticipation of the
     receipt of such Net Cash Proceeds.

          "REINVESTMENT PREPAYMENT AMOUNT": with respect to any Reinvestment
     Event, the Reinvestment Deferred Amount relating thereto less any amount
     expended prior to the relevant Reinvestment Prepayment Date to acquire,
     restore, or reconstruct assets useful in business of Holdings and its
     Subsidiaries.

          "REINVESTMENT PREPAYMENT DATE": with respect to any Reinvestment
     Event, the earlier of (a) the date occurring one year after such
     Reinvestment Event and (b) the date on which Holdings or the Primary
     Borrower shall have determined not to, or shall have otherwise ceased to,
     acquire, restore or reconstruct assets useful in the business of Holdings
     and its Subsidiaries with all or any portion of the relevant Reinvestment
     Deferred Amount.

          "RELATED DOLLAR AMOUNT": at any time, an amount equal to the product
     of (a) a fraction, the numerator of which is the aggregate Dollar
     Multicurrency Commitments of all Dollar Multicurrency Lenders and the
     denominator of which is the aggregate Multicurrency Commitments of all
     Multicurrency Lenders, MULTIPLIED by (b) the Dollar Equivalent Amount of
     all Multicurrency Loans made by all Multicurrency Lenders, determined at
     the Spot Exchange Rate used for determining the amount of the Available
     Multicurrency Commitments as of the beginning of the Interest Period in
     respect of which the determination of the Related Dollar Amount is made.

          "RELATED FUND": with respect to any Lender that is a fund that invests
     in bank loans, any other fund that invests in bank loans and is advised or
     managed by the same investment advisor as such Lender or by an affiliate of
     such investment advisor.

                                       24
<Page>

          "RELEASE": any release, threatened release, spill, emission, leaking,
     pumping, injection, deposit, disposal, discharge, dispersal, leaching or
     migration into the indoor or outdoor environment, including, without
     limitation, the movement of Hazardous Materials through ambient air, soil,
     surface water, ground water, wetlands, land or subsurface strata that
     violates or creates any liability under any Environmental Law.

          "REORGANIZATION": with respect to any Multiemployer Plan, the
     condition that such plan is in reorganization within the meaning of Section
     4241 of ERISA.

          "REPORTABLE EVENT": any of the events set forth in Section 4043(c) of
     ERISA and the regulations issued thereunder, with respect to a Single
     Employer Plan, as to which the PBGC has not by regulation waived the
     requirement of Section 4043(a) of ERISA that it be notified within 30 days
     of the occurrence of such event (PROVIDED that a failure of any Single
     Employer Plan to meet the minimum funding standard of Section 412 of the
     Code or Section 302 of ERISA, including, without limitation, the failure to
     make on or before its due date a required installment under Section 412(m)
     of the Code or Section 302(e) of ERISA, shall be a reportable event
     regardless of the issuance of any waivers in accordance with Section 412(d)
     of the Code).

          "REQUIRED LENDERS": at any time, the holders of more than 50% of (a)
     until the Amendment and Restatement Effective Date, the sum of (i) the
     aggregate unpaid principal amount of the Tranche B Term Loans then
     outstanding and (ii) the Commitments and (b) thereafter, the sum of (i) the
     aggregate unpaid principal amount of the Tranche B Term Loans then
     outstanding, (ii) the aggregate unpaid principal amount of the Optional
     Term Loans then outstanding, (iii) the Total Revolving Credit Commitments
     then in effect or, if the Revolving Credit Commitments have been
     terminated, the Total Revolving Extensions of Credit then outstanding and
     (iv) the Total Multicurrency Commitments then in effect or, if the
     Multicurrency Commitments have been terminated, the Total Multicurrency
     Extensions of Credit then outstanding.

          "REQUIRED PREPAYMENT LENDERS": the Majority Facility Lenders in
     respect of the Tranche B Term Loan Facility and the Multicurrency Facility.

          "REQUIREMENT OF LAW": as to any Person, the Certificate of
     Incorporation and By-Laws or other organizational or governing documents of
     such Person, and any law, treaty, rule or regulation or determination of an
     arbitrator or a court or other Governmental Authority, in each case
     applicable to or binding upon such Person or any of its Property or to
     which such Person or any of its Property is subject.

          "RESPONSIBLE OFFICER": as to any Person, the chief executive officer,
     president or chief financial officer of such Person, but in any event, with
     respect to financial matters, the chief financial officer of such Person.

          "RESTRICTED PAYMENT": (a) dividends (in cash, Property or obligations)
     on, or other payments or distributions on account of, or the setting apart
     of money for a sinking or other analogous fund for, or the purchase,
     redemption, retirement or other acquisition of, any shares of any Capital
     Stock of Holdings or of any warrants, options or other rights to acquire
     the same (or to make any payments to any Person (except "earn-out" payments
     or similar payments in connection with an Acquisition or pursuant to any
     agreement entered into in connection therewith, in each case where such
     obligation does not constitute Indebtedness) such as "phantom stock"
     payments, where the amount thereof is calculated with reference to the fair
     market or equity value of Holdings or any of its Subsidiaries), but
     excluding dividends payable solely in

                                       25
<Page>

     shares of common stock of Holdings and (b) in the case of Holdings or any
     of its Subsidiaries, payments in respect of Subordinated Parent Advances.

          "REVOLVING CREDIT COMMITMENT": as to any Lender, the obligation of
     such Lender, if any, to make Revolving Credit Loans and participate in
     Swing Line Loans in an aggregate principal amount not to exceed the amount
     set forth under the heading "Revolving Credit Commitment" opposite such
     Lender's name on Schedule 1 to the Lender Addendum delivered by such
     Lender, or, as the case may be, in the Assignment and Acceptance pursuant
     to which such Lender became a party hereto, as the same may be changed from
     time to time pursuant to the terms hereof. The original aggregate amount of
     the Total Revolving Credit Commitments is $300,000,000.

          "REVOLVING CREDIT COMMITMENT PERIOD": the period from and including
     the Closing Date to the Revolving Credit Termination Date.

          "REVOLVING CREDIT FACILITY": as defined in the definition of
     "Facility" in this Section 1.1

          "REVOLVING CREDIT LENDER": each Lender that has a Revolving Credit
     Commitment or that is the holder of Revolving Credit Loans.

          "REVOLVING CREDIT LOANS": as defined in Section 3.1.

          "REVOLVING CREDIT PERCENTAGE": as to any Revolving Credit Lender at
     any time, the percentage which such Lender's Revolving Credit Commitment
     then constitutes of the Total Revolving Credit Commitments (or, at any time
     after the Revolving Credit Commitments shall have expired or terminated,
     the percentage which the aggregate amount of such Lender's Revolving
     Extensions of Credit then outstanding constitutes of the amount of the
     Total Revolving Extensions of Credit then outstanding).

          "REVOLVING CREDIT TERMINATION DATE": June 30, 2008.

          "REVOLVING EXTENSIONS OF CREDIT": as to any Revolving Credit Lender at
     any time, an amount equal to the sum of (a) the aggregate principal amount
     of all Revolving Credit Loans made by such Lender then outstanding and (b)
     such Lender's Revolving Credit Percentage of the aggregate principal amount
     of Swing Line Loans then outstanding.

          "SEC": the Securities and Exchange Commission (or successors thereto
     or an analogous federal Governmental Authority).

          "SECURITY DOCUMENTS": the collective reference to the Guarantee and
     Collateral Agreement (and all assumptions thereof), the Mortgages and
     Mortgage Amendments and all other security documents which shall have been
     delivered on or prior to the Amendment and Restatement Effective Date, or
     are hereafter delivered to the Administrative Agent granting a Lien on any
     Property of any Person to secure the obligations and liabilities of any
     Loan Party under any Loan Document, as the same have been, and on and after
     the Amendment and Restatement Effective Date shall be modified, amended or
     supplemented in accordance herewith.

          "SHARED SERVICES AGREEMENT": the Shared Services Agreement, dated as
     of April 1, 1998, among Parent, Holdings and the Primary Borrower, as
     amended by that certain Amendment to Shared Services Agreement dated as of
     June 30, 1999 among Parent, Holdings, the Primary

                                       26
<Page>

     Borrower and PP Data Services Inc., a Subsidiary of Holdings, and as the
     same may be further amended in a manner not materially adverse to the
     interests of the Lenders.

          "SINGLE EMPLOYER PLAN": any Plan that is covered by Title IV of ERISA,
     but which is not a Multiemployer Plan.

          "SOLVENT": with respect to any Person, as of any date of
     determination, (a) the amount of the "present fair saleable value" of the
     assets of such Person will, as of such date, exceed the amount of all
     "liabilities of such Person, contingent or otherwise", as of such date, as
     such quoted terms are determined in accordance with applicable federal and
     state laws governing determinations of the insolvency of debtors, (b) the
     present fair saleable value of the assets of such Person will, as of such
     date, be greater than the amount that will be required to pay the liability
     of such Person on its debts as such debts become absolute and matured, (c)
     such Person will not have, as of such date, an unreasonably small amount of
     capital with which to conduct its business, and (d) such Person will be
     able to pay its debts as they mature. For purposes of this definition, (i)
     "debt" means liability on a "claim", (ii) "claim" means any (x) right to
     payment, whether or not such a right is reduced to judgment, liquidated,
     unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,
     legal, equitable, secured or unsecured or (y) right to an equitable remedy
     for breach of performance if such breach gives rise to a right to payment,
     whether or not such right to an equitable remedy is reduced to judgment,
     fixed, contingent, matured or unmatured, disputed, undisputed, secured or
     unsecured and (iii) assets shall include insurance coverage and/or
     indemnification available with respect to any liability.

          "SPANISH WB AGREEMENTS": the joint venture and related arrangements
     assumed or entered into pursuant to the October 6, 1999 Assignment and
     Contribution Agreement between Parent and Warner Bros. International
     Recreation Enterprises ("WB"), a division of Time Warner Entertainment
     Company L.P. ("TW"), including, without limitation, the Design and
     Development Management Agreement dated as of June 10, 1999 between WB and
     Parque Tematico de Madrid, S.A. ("PTM"), the Management Agreement dated as
     of June 10, 1999 between WB and PTM, the Operating Agreement of MWM
     Management LLC dated as of November 16, 1999 between WB and MWM Holdings
     Inc., the Intellectual Property License Agreement dated as of June 10, 1999
     among WB, PTM and TW and the letter agreement dated October 7, 1999 from
     WB, Parent and Time Warner Entertainment Company L.P. to PTM and the other
     parties thereto, with respect to the development and operation of a movie
     related theme park, water park and other leisure facilities with PTM in the
     municipality of San Martin de la Vega on the outskirts of Madrid, Spain and
     the documents and agreements relating thereto, as said Assignment and
     Contribution Agreement and related documents and agreements are now or
     hereafter amended.

          "SPECIFIED HEDGE AGREEMENT": any Hedging Agreement entered into by (a)
     Holdings or any of its Subsidiaries and (b) any Person as counterparty
     that, at the time such Hedging Agreement is entered into, is a Lender or an
     affiliate thereof.

          "SPOT EXCHANGE RATE": with respect to any exchange of euro for
     Dollars, at any date of determination thereof, the spot rate of exchange in
     London at the opening of business that appears on the display page
     applicable to euro on the Reuters System (or such other page as may replace
     such page on such service for the purpose of displaying the spot rate of
     exchange in London) for the conversion of euro into Dollars; PROVIDED that
     if there shall at any time no longer exist such a page on such service, the
     spot rate of exchange shall be determined by reference to another similar
     rate publishing service selected by the Administrative Agent and if no such
     similar rate publishing service is available, by reference to the published
     rate of the Reference Lender in effect at such date for similar commercial
     transactions.

                                       27
<Page>

          "SUBORDINATED INDEMNITY AGREEMENT": the Subordinated Indemnity
     Agreement, dated as of April 1, 1998, among Parent, GP Holdings Inc., Time
     Warner Inc., Time Warner Entertainment Company, L.P., TW-SPV Co., Holdings,
     the Primary Borrower, SFOG II, Inc. and SFT Holdings, Inc., as the same has
     been amended on or prior to the Amendment and Restatement Effective Date,
     and as the same may be further amended from time to time in a manner not
     materially adverse to the interests of the Lenders.

          "SUBORDINATED PARENT ADVANCES": unsecured advances from Parent to
     Holdings subordinated on the terms set forth on Exhibit O, subject to any
     immaterial changes thereto that are reasonably acceptable to the
     Administrative Agent.

          "SUBSIDIARY": as to any Person, a corporation, partnership, limited
     liability company or other entity of which shares of stock or other
     ownership interests having ordinary voting power (other than stock or such
     other ownership interests having such power only by reason of the happening
     of a contingency) to elect a majority of the board of directors or other
     managers of such corporation, partnership, limited liability company or
     other entity are at the time owned, or the management of which is otherwise
     controlled, directly or indirectly through one or more intermediaries, or
     both, by such Person. Unless otherwise qualified, all references to a
     "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a
     Subsidiary or Subsidiaries of Holdings, except that such reference shall
     not include the joint venture established pursuant to the Spanish WB
     Agreements or any Inactive Subsidiary.

          "SUBSIDIARY GUARANTOR": each Subsidiary of Holdings other than (a) the
     Primary Borrower, (b) any Excluded Foreign Subsidiary, (c) Flags Beverages,
     Inc., Fiesta Texas Hospitality LLC, Spring Beverage Holding Corp., Spring
     Beverages, Inc. and any other Subsidiary whose only material asset is a
     liquor license and (d) any Inactive Subsidiary.

          "SWING LINE COMMITMENT": the obligation of the Swing Line Lender to
     make Swing Line Loans pursuant to Section 3.3 in an aggregate principal
     amount at any one time outstanding not to exceed $10,000,000.

          "SWING LINE LENDER": Lehman Commercial Paper Inc., in its capacity as
     the lender of Swing Line Loans.

          "SWING LINE LOANS": as defined in Section 3.3.

          "SWING LINE PARTICIPATION AMOUNT": as defined in Section 3.4.

          "SYNDICATION AGENTS": as defined in the preamble hereto.

          "TARGET OPERATING DAY": any day that is not (a) a Saturday or Sunday,
     (b) Christmas Day or New Year's Day or (c) any other day on which the
     Trans-European Real-time Gross Settlement Operating System (or any
     successor settlement system) is not operating (as determined by the
     Administrative Agent).

          "TAX SHARING AGREEMENT": that certain Tax Sharing Agreement, effective
     as of January 1, 1999 and as amended on or prior to the Amendment and
     Restatement Effective Date, among Parent, Holdings, and those Subsidiaries
     which are parties thereto, as the same may be further amended in a manner
     not materially adverse to the interests of the Lenders.

                                       28
<Page>

          "TOTAL MULTICURRENCY COMMITMENTS": at any time, the aggregate amount
     of the Multicurrency Commitments then in effect.

          "TOTAL MULTICURRENCY EXTENSIONS OF CREDIT": at any time, the aggregate
     amount of the Multicurrency Extensions of Credit of the Multicurrency
     Lenders outstanding at such time.

          "TOTAL REVOLVING CREDIT COMMITMENTS": at any time, the aggregate
     amount of the Revolving Credit Commitments then in effect.

          "TOTAL REVOLVING EXTENSIONS OF CREDIT": at any time, the aggregate
     amount of the Revolving Extensions of Credit of the Revolving Credit
     Lenders outstanding at such time.

          "TRANCHE B TERM LOAN": the collective reference to (a) the term loans
     made on the Closing Date pursuant to Section 2.1 of the Existing Credit
     Agreement (of which an aggregate principal amount of $595,500,000 is
     outstanding on the Amendment and Restatement Effective Date) and (b) the
     term loans made on the Amendment and Restatement Effective Date pursuant to
     Section 2.1 of this Agreement.

          "TRANCHE B TERM LOAN COMMITMENT": as to any Lender, the obligation of
     such Lender, if any, to make a Tranche B Term Loan to the Primary Borrower
     hereunder in a principal amount not to exceed the amount set forth under
     the heading "Tranche B Term Loan Commitment" opposite such Lender's name on
     Schedule 1 to the Lender Addendum delivered by such Lender, or, as the case
     may be, in the Assignment and Acceptance pursuant to which such Lender
     became a party hereto, as the same may be changed from time to time
     pursuant to the terms hereof. The original aggregate amount of the Tranche
     B Term Loan Commitments on the Amendment and Restatement Effective Date is
     $4,500,000.

          "TRANCHE B TERM LOAN FACILITY": as defined in the definition of
     "Facility" in this Section 1.1.

          "TRANCHE B TERM LOAN LENDER": each Lender that has a Tranche B Term
     Loan Commitment or is the holder of a Tranche B Term Loan.

          "TRANCHE B TERM LOAN PERCENTAGE": as to any Lender at any time, the
     percentage which such Lender's Tranche B Term Loan Commitment then
     constitutes of the sum of (a) the Tranche B Term Loans then outstanding and
     (b) the aggregate Tranche B Term Loan Commitments (or, at any time after
     the Amendment and Restatement Effective Date, the percentage which the
     principal amount of such Lender's Tranche B Term Loan then outstanding
     constitutes of the aggregate principal amount of all Tranche B Term Loans
     then outstanding).

          "TRANSACTIONS": the execution, delivery and performance by each Loan
     Party of the Loan Documents to which it is or is to be a party, the
     borrowing of Loans, the use of the proceeds thereof and the issuance of
     Letters of Credit hereunder.

          "TRANSFEREE": as defined in Section 13.14.

          "TREATY ON EUROPEAN UNION": the Treaty of Rome of March 25, 1957, as
     amended by the Single European Act 1986 and the Maastricht Treaty (which
     was signed at Maastricht on February 7, 1992, and came into force on
     November 1, 1993), as amended from time to time.

          "TYPE": as to any Loan, its nature as a Base Rate Loan or a
     Eurocurrency Loan.

                                       29
<Page>

          "UNUSED EQUITY PROCEEDS AMOUNT": on any date, the difference of (a)
     the amount of cash equity contributed by Parent to Holdings during the
     period between the Amendment and Restatement Effective Date and such date,
     MINUS (b) the amount expended by Holdings and its Subsidiaries during such
     period in respect of (i) expenditures which would otherwise be Capital
     Expenditures but for the exclusion set forth in clause (b)(iv) of the
     definition thereof in this Section 1.1 and (ii) Investments made pursuant
     to Section 10.4(e)(iii) (other than any such Investments made with existing
     cash, cash flow generated by operations and/or the proceeds of Loans
     hereunder to the extent permitted under this Agreement).

          "WHOLLY OWNED SUBSIDIARY": with respect to any Person, any
     corporation, partnership, limited liability company or other entity of
     which all of the equity securities or other ownership interests (other
     than, in the case of a corporation, directors' qualifying shares or equity
     interests held by foreign nationals, in each case to the extent mandated by
     applicable law) are directly or indirectly owned or controlled by such
     Person or one or more Wholly Owned Subsidiaries of such Person.

          "WHOLLY OWNED SUBSIDIARY GUARANTOR": any Subsidiary Guarantor that is
     a Wholly Owned Subsidiary of Holdings.

          1.2. OTHER DEFINITIONAL PROVISIONS. (a) Unless otherwise specified
therein, all terms defined in this Agreement shall have the defined meanings
when used in the other Loan Documents or any certificate or other document made
or delivered pursuant hereto or thereto.

          (b) As used herein and in the other Loan Documents, and any
certificate or other document made or delivered pursuant hereto or thereto,
accounting terms relating to Parent, Holdings and its Subsidiaries not defined
in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent
not defined, shall have the respective meanings given to them under GAAP.

          (c) The words "hereof", "herein" and "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement, and Section, Schedule and
Exhibit references are to this Agreement unless otherwise specified.

          (d) Except as specifically provided herein, the meanings given to
terms defined herein shall be equally applicable to both the singular and plural
forms of such terms.

          (e) Each reference to the "Credit Agreement" in any Loan Document
shall be deemed to be a reference to this Amended and Restated Credit Agreement,
as amended, restated and supplemented from time to time after the date hereof.

                    SECTION 2. AMOUNT AND TERMS OF TRANCHE B
                              TERM LOAN COMMITMENTS

          2.1. TRANCHE B TERM LOAN COMMITMENTS. Subject to the terms and
conditions hereof, the Tranche B Term Loan Lenders severally agree to make
Tranche B Term Loans to the Primary Borrower on the Amendment and Restatement
Effective Date in an amount for each Tranche B Term Loan Lender not to exceed
the amount of the Tranche B Term Loan Commitment of such Lender. The Tranche B
Term Loans may from time to time be Eurocurrency Loans or Base Rate Loans, as
determined by the Primary Borrower and notified to the Administrative Agent in
accordance with Sections 2.2 and 6.6. All Tranche B Term Loans outstanding under
the Existing Credit Agreement on the Amendment and

                                       30
<Page>

Restatement Effective Date shall remain outstanding to the Primary Borrower in
Dollars hereunder on the terms and conditions set forth herein. Tranche B Term
Loans made under the Existing Credit Agreement prior to the Amendment and
Restatement Effective Date and outstanding on such date shall constitute Tranche
B Term Loans hereunder.

          2.2. PROCEDURE FOR TRANCHE B TERM LOAN BORROWING. The Primary Borrower
shall give the Administrative Agent irrevocable notice (which notice must be
received by the Administrative Agent prior to 10:00 A.M., New York City time,
one Business Day prior to the anticipated Amendment and Restatement Effective
Date) requesting that the Tranche B Term Loan Lenders make the Tranche B Term
Loans on the Amendment and Restatement Effective Date and specifying the amount
to be borrowed. The Tranche B Term Loans shall initially be Base Rate Loans.
Upon receipt of such notice the Administrative Agent shall promptly notify each
Tranche B Term Loan Lender thereof. Not later than 12:00 Noon, New York City
time, on the Amendment and Restatement Effective Date each Tranche B Term Loan
Lender shall make available to the Administrative Agent at the relevant Funding
Office an amount in immediately available funds equal to the Tranche B Term Loan
to be made by such Lender. The Administrative Agent shall make available to the
Primary Borrower the aggregate of the amounts made available to the
Administrative Agent by the Tranche B Term Loan Lenders, in like funds as
received by the Administrative Agent.

          2.3. REPAYMENT OF TRANCHE B TERM LOANS. The Tranche B Term Loan of
each Tranche B Term Loan Lender shall mature in 20 consecutive quarterly
installments, commencing on September 30, 2004, each of which shall be in an
amount equal to such Lender's Tranche B Term Loan Percentage multiplied by the
percentage set forth below opposite such installment of the aggregate principal
amount of Tranche B Term Loans made on the Amendment and Restatement Effective
Date:

<Table>
<Caption>
                        Installment                       Percentage
                       ------------------                 ----------
                       <S>                                   <C>
                       September 30, 2004                     .25%
                       December 31, 2004                      .25%
                       March 31, 2005                         .25%
                       June 30, 2005                          .25%
                       September 30, 2005                     .25%
                       December 31, 2005                      .25%
                       March 31, 2006                         .25%
                       June 30, 2006                          .25%
                       September 30, 2006                     .25%
                       December 31, 2006                      .25%
                       March 31, 2007                         .25%
                       June 30, 2007                          .25%
                       September 30, 2007                     .25%
                       December 31, 2007                      .25%
                       March 31, 2008                         .25%
                       June 30, 2008                          .25%
                       September 30, 2008                    24.0%
                       December 31, 2008                     24.0%
                       March 31, 2009                        24.0%
                       June 30, 2009                         24.0%;
</Table>

PROVIDED that, notwithstanding the foregoing, all outstanding Tranche B Term
Loans, together with interest thereon, shall be due and payable (a) on December
31, 2006 in the event that Parent's 9-3/4% Senior Notes due 2007 or Parent's 10%
Senior Discount Notes due 2008 are not repaid or refinanced in full prior to
December 31, 2006, (b) on August 1, 2008 in the event that Parent's 9-1/2%
Senior Notes

                                       31
<Page>

due 2009 are not repaid or refinanced in full prior to August 1, 2008 or (c) on
December 31, 2008 in the event that the Parent Preferred Stock is not redeemed
or converted into common stock of Parent prior to December 31, 2008; PROVIDED,
FURTHER, that any such refinancing Indebtedness shall not (i) impose on Parent
and its Subsidiaries covenants or events of default that, in the good faith
judgment of Parent, are in the aggregate materially more restrictive on Parent
and its subsidiaries than those applicable under the Parent Indenture dated as
of February 11, 2002, (ii) require any scheduled payments of principal thereon
prior to the date that is one year after the final maturity of the Tranche B
Term Loans, (iii) be Guaranteed by any Loan Party or (iv) be secured by any
Property of any Loan Party.

                 SECTION 3. AMOUNT AND TERMS OF REVOLVING CREDIT
                      COMMITMENTS AND SWING LINE COMMITMENT

          3.1. REVOLVING CREDIT COMMITMENTS. (a) Subject to the terms and
conditions hereof, the Revolving Credit Lenders severally agree to make
revolving credit loans denominated in Dollars ("REVOLVING CREDIT LOANS") to the
Primary Borrower from time to time during the Revolving Credit Commitment Period
in an aggregate principal amount at any one time outstanding for each Revolving
Credit Lender which, when added to such Lender's Revolving Credit Percentage of
the aggregate principal amount of the Swing Line Loans then outstanding, does
not exceed the amount of such Lender's Revolving Credit Commitment. During the
Revolving Credit Commitment Period the Primary Borrower may use the Revolving
Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole
or in part, and reborrowing, all in accordance with the terms and conditions
hereof. The Revolving Credit Loans may from time to time be Eurocurrency Loans
or Base Rate Loans, as determined by the Primary Borrower and notified to the
Administrative Agent in accordance with Sections 3.2 and 6.6, PROVIDED that no
Revolving Credit Loan shall be made as a Eurocurrency Loan after the day that is
one month prior to the Revolving Credit Termination Date.

          (b) The Primary Borrower shall repay all outstanding Revolving Credit
Loans on or before the Revolving Credit Termination Date.

          (c) Revolving Credit Loans made under (and as defined in) the Existing
Credit Agreement prior to the Amendment and Restatement Effective Date and
outstanding on such date shall constitute Revolving Credit Loans hereunder.

          3.2. PROCEDURE FOR REVOLVING CREDIT BORROWING. The Primary Borrower
may borrow under the Revolving Credit Commitments on any Business Day during the
Revolving Credit Commitment Period, PROVIDED that the Primary Borrower shall
give the Administrative Agent irrevocable notice (which notice must be received
by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three
Business Days prior to the requested Borrowing Date, in the case of Eurocurrency
Loans, or (b) one Business Day prior to the requested Borrowing Date, in the
case of Base Rate Loans), specifying (i) the amount and Type of Revolving Credit
Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the case of
Eurocurrency Loans, the length of the initial Interest Period therefor. Any
Revolving Credit Loans made on the Amendment and Restatement Effective Date
shall initially be Base Rate Loans. Subject to Section 6.6, any Revolving Credit
Loan made prior to the Amendment and Restatement Effective Date shall continue
as the same Type of Loan after the Amendment and Restatement Effective Date.
Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments
shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or
a whole multiple thereof (or, if the then aggregate Available Revolving Credit
Commitments are less than $1,000,000, such lesser amount) and (y) in the case of
Eurocurrency Loans, $5,000,000 or a whole multiple of $1,000,000 in excess
thereof; PROVIDED, that the Swing Line Lender may request, on behalf of the
Primary Borrower, borrowings of Base Rate Loans under the Revolving Credit
Commitments in other amounts pursuant to

                                       32
<Page>

Section 3.4. Upon receipt of any such notice from the Primary Borrower, the
Administrative Agent shall promptly notify each Revolving Credit Lender thereof.
Each Revolving Credit Lender will make its Revolving Credit Percentage of the
amount of each borrowing of Revolving Credit Loans available to the
Administrative Agent for the account of the Primary Borrower at the relevant
Funding Office prior to 12:00 Noon, New York City time, on the Borrowing Date
requested by the Primary Borrower in funds immediately available to the
Administrative Agent. Such borrowing will then be made available to the Primary
Borrower by the Administrative Agent in like funds as received by the
Administrative Agent.

          3.3. SWING LINE COMMITMENT. (a) Subject to the terms and conditions
hereof, the Swing Line Lender agrees that, during the Revolving Credit
Commitment Period, it will make available to the Primary Borrower in the form of
swing line loans denominated in Dollars ("SWING LINE LOANS") a portion of the
credit otherwise available to the Primary Borrower under the Revolving Credit
Commitments; PROVIDED that (i) the aggregate principal amount of Swing Line
Loans outstanding at any time shall not exceed the Swing Line Commitment then in
effect (notwithstanding that the Swing Line Loans outstanding at any time, when
aggregated with the Swing Line Lender's other outstanding Revolving Credit Loans
hereunder, may exceed the Swing Line Commitment then in effect or such Swing
Line Lender's Revolving Credit Commitment then in effect) and (ii) the Primary
Borrower shall not request, and the Swing Line Lender shall not make, any Swing
Line Loan if, after giving effect to the making of such Swing Line Loan, the
aggregate amount of the Available Revolving Credit Commitments would be less
than zero. During the Revolving Credit Commitment Period, the Primary Borrower
may use the Swing Line Commitment by borrowing, repaying and reborrowing, all in
accordance with the terms and conditions hereof. Swing Line Loans shall be Base
Rate Loans only.

          (b) The Primary Borrower shall repay all outstanding Swing Line Loans
on or before the Revolving Credit Termination Date.

          3.4. PROCEDURE FOR SWING LINE BORROWING; REFUNDING OF SWING LINE
LOANS. (a) The Primary Borrower may borrow under the Swing Line Commitment on
any Business Day during the Revolving Credit Commitment Period, PROVIDED, such
Borrower shall give the Swing Line Lender irrevocable telephonic notice
confirmed promptly in writing (which telephonic notice must be received by the
Swing Line Lender not later than 1:00 P.M., New York City time, on the proposed
Borrowing Date), specifying (i) the amount to be borrowed and (ii) the requested
Borrowing Date. Each borrowing under the Swing Line Commitment shall be in an
amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not
later than 3:00 P.M., New York City time, on the Borrowing Date specified in the
borrowing notice in respect of any Swing Line Loan, the Swing Line Lender shall
make available to the Administrative Agent at the relevant Funding Office an
amount in immediately available funds equal to the amount of such Swing Line
Loan. The Administrative Agent shall make the proceeds of such Swing Line Loan
available to the Primary Borrower on such Borrowing Date in like funds as
received by the Administrative Agent.

          (b) The Swing Line Lender, at any time and from time to time in its
sole and absolute discretion may, on behalf of the Primary Borrower (which
hereby irrevocably directs the Swing Line Lender to act on its behalf), on one
Business Day's notice given by the Swing Line Lender no later than 12:00 Noon,
New York City time, request each Revolving Credit Lender to make, and each
Revolving Credit Lender hereby agrees to make, a Revolving Credit Loan to the
Primary Borrower, in an amount equal to such Revolving Credit Lender's Revolving
Credit Percentage of the aggregate amount of the Swing Line Loans (the "REFUNDED
SWING LINE LOANS") outstanding on the date of such notice, to repay the Swing
Line Lender. Each Revolving Credit Lender shall make the amount of such
Revolving Credit Loan available to the Administrative Agent at the relevant
Funding Office in immediately available funds, not later than 10:00 A.M., New
York City time, one Business Day after the date of such notice. The proceeds of
such Revolving Credit Loans shall be made immediately available by the
Administrative

                                       33
<Page>

Agent to the Swing Line Lender for application by the Swing Line Lender to the
repayment of the Refunded Swing Line Loans.

          (c) If prior to the time a Revolving Credit Loan would have otherwise
been made pursuant to Section 3.4(b), one of the events described in Section
11(g), (h) or (i) shall have occurred and be continuing with respect to the
Primary Borrower, or if for any other reason, as determined by the Swing Line
Lender in its sole discretion, Revolving Credit Loans may not be made as
contemplated by Section 3.4(b), each Revolving Credit Lender shall, on the date
such Revolving Credit Loan was to have been made pursuant to the notice referred
to in Section 3.4(b) (the "REFUNDING DATE"), purchase for cash an undivided
participating interest in the then outstanding Swing Line Loans by paying to the
Swing Line Lender an amount (the "SWING LINE PARTICIPATION AMOUNT") equal to (i)
such Revolving Credit Lender's Revolving Credit Percentage times (ii) the sum of
the aggregate principal amount of Swing Line Loans then outstanding which were
to have been repaid with such Revolving Credit Loans.

          (d) Whenever, at any time after the Swing Line Lender has received
from any Revolving Credit Lender such Lender's Swing Line Participation Amount,
the Swing Line Lender receives any payment on account of the Swing Line Loans,
the Swing Line Lender will distribute to such Lender its Swing Line
Participation Amount (appropriately adjusted, in the case of interest payments,
to reflect the period of time during which such Lender's participating interest
was outstanding and funded and, in the case of principal and interest payments,
to reflect such Lender's PRO RATA portion of such payment if such payment is not
sufficient to pay the principal of and interest on all Swing Line Loans then
due); PROVIDED, HOWEVER, that in the event that such payment received by the
Swing Line Lender is required to be returned, such Revolving Credit Lender will
return to the Swing Line Lender any portion thereof previously distributed to it
by the Swing Line Lender.

          (e) Each Revolving Credit Lender's obligation to make the Revolving
Credit Loans referred to in Section 3.4(b) and to purchase participating
interests pursuant to Section 3.4(c) shall be absolute and unconditional and
shall not be affected by any circumstance, including, without limitation, (i)
any setoff, counterclaim, recoupment, defense or other right which such
Revolving Credit Lender or any Borrower may have against the Swing Line Lender,
any Borrower or any other Person for any reason whatsoever; (ii) the occurrence
or continuance of a Default or an Event of Default or the failure to satisfy any
of the other conditions specified in Section 8; (iii) any adverse change in the
condition (financial or otherwise) of Parent, Holdings or any Borrower; (iv) any
breach of this Agreement or any other Loan Document by Parent, Holdings or any
Borrower, any other Loan Party or any other Lender; or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of
the foregoing.

            SECTION 4. AMOUNT AND TERMS OF MULTICURRENCY COMMITMENTS

          4.1. MULTICURRENCY COMMITMENTS. (a) Subject to the terms and
conditions hereof, the Multicurrency Lenders severally agree to make revolving
credit loans denominated in Dollars or euro (at the option of the relevant
Borrower) ("MULTICURRENCY LOANS") to the Primary Borrower or any Foreign
Subsidiary Borrower from time to time during the Multicurrency Commitment
Period; PROVIDED, that (i) after giving effect to the Multicurrency Loans made
on any Borrowing Date, the Available Multicurrency Commitment shall not be less
than zero and (ii) no Multicurrency Loans shall be made to any Foreign
Subsidiary Borrower if, after giving effect thereto, the amount of the
Multicurrency Extensions of Credit outstanding to such Foreign Subsidiary
Borrower would exceed the Multicurrency Sublimit of such Foreign Subsidiary
Borrower, if any. During the Multicurrency Commitment Period the Borrowers may
use the Multicurrency Commitments by borrowing, prepaying the Multicurrency
Loans in whole or in part, and reborrowing, all in accordance with the terms and
conditions hereof. The Multicurrency Loans may from time to time be Eurocurrency
Loans or (in the case only of Multicurrency Loans denominated

                                       34
<Page>

in Dollars) Base Rate Loans, as determined by the relevant Borrower and notified
to the Administrative Agent in accordance with Sections 4.2 and 6.6; PROVIDED
that no Multicurrency Loan shall be made as a Eurocurrency Loan after the day
that is one month prior to the Multicurrency Termination Date.

          (b) Multicurrency Loans made under (and as defined in) the Existing
Credit Agreement prior to the Amendment and Restatement Effective Date and
outstanding on such date shall constitute Multicurrency Loans hereunder.

          (c) The Primary Borrower shall (and shall cause the other relevant
Borrowers to) repay all outstanding Multicurrency Loans on or prior to the
Multicurrency Termination Date.

          4.2. PROCEDURE FOR MULTICURRENCY BORROWING. Any Borrower may borrow
under the Multicurrency Commitments on any Business Day during the Multicurrency
Commitment Period, PROVIDED that the relevant Borrower shall give the
Administrative Agent irrevocable notice (which notice must be received by the
Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business
Days prior to the requested Borrowing Date, in the case of Eurocurrency Loans,
or (b) one Business Day prior to the requested Borrowing Date, in the case of
Base Rate Loans), specifying (i) the amount, Type and currency of the
Multicurrency Loans to be borrowed, (ii) the requested Borrowing Date and (iii)
in the case of Eurocurrency Loans, the length of the initial Interest Period
therefor. Any Multicurrency Loans made on the Amendment and Restatement
Effective Date in Dollars shall initially be Base Rate Loans and no
Multicurrency Loans may be made in euro prior to the date which is three
Business Days following the Amendment and Restatement Effective Date. Subject to
Section 6.6, any Multicurrency Loan made prior to the Amendment and Restatement
Effective Date shall continue as the same Type of Loan after the Amendment and
Restatement Effective Date. Each borrowing of Multicurrency Loans under the
Multicurrency Commitments shall be in an amount equal to (x) in the case of Base
Rate Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate
Available Multicurrency Commitments are less than $1,000,000, such lesser
amount), (y) in the case of Eurocurrency Loans denominated in Dollars,
$5,000,000 or a whole multiple of $1,000,000 in excess thereof and (z) in the
case of Eurocurrency Loans denominated in euro, (euro)5,000,000 or a whole
multiple of (euro)1,000,000 in excess thereof. Upon receipt of any such notice
from a Borrower, the Administrative Agent shall promptly notify each
Multicurrency Lender thereof. Each Multicurrency Lender will make its
Multicurrency Percentage of the amount of each borrowing of Multicurrency Credit
Loans available to the Administrative Agent for the account of the relevant
Borrower at the relevant Funding Office prior to 12:00 Noon, New York City time
(in the case of Multicurrency Loans denominated in Dollars), or prior to 12:00
Noon, Frankfurt time (in the case of Multicurrency Loans denominated in euro),
on the Borrowing Date requested by the relevant Borrower in funds immediately
available to the Administrative Agent. Such borrowing will then be made
available to the relevant Borrower by the Administrative Agent in like funds as
received by the Administrative Agent.

          4.3. AUTOMATIC REDUCTION OF MULTICURRENCY COMMITMENT. The Total
Multicurrency Commitments shall be automatically reduced in 15 consecutive
quarterly installments, commencing on December 31, 2004, each of which shall be
in an amount equal to the percentage set forth below opposite such installment
of the initial amount of the Total Multicurrency Commitments:

<Table>
<Caption>
                         INSTALLMENT                         PERCENTAGE
                       ------------------                    ----------
                       <S>                                     <C>
                       December 31, 2004                       2.50%
                       March 31, 2005                          2.50%
                       June 30, 2005                           2.50%
                       September 30, 2005                      2.50%
                       December 31, 2005                       2.50%
                       March 31, 2006                          5.00%
</Table>

                                       35
<Page>

<Table>
                       <S>                                    <C>
                       June 30, 2006                           5.00%
                       September 30, 2006                      5.00%
                       December 31, 2006                       5.00%
                       March 31, 2007                          7.50%
                       June 30, 2007                           7.50%
                       September 30, 2007                      7.50%
                       December 31, 2007                       7.50%
                       March 31, 2008                         18.75%
                       Multicurrency Termination Date         18.75%
</Table>

Any such reduction of the Multicurrency Commitments shall be accompanied by
prepayment of the Multicurrency Loans to the extent, if any, that the Total
Multicurrency Extensions of Credit exceed the amount of the Total Multicurrency
Credit Commitments as so reduced, PROVIDED that if the aggregate principal
amount of Multicurrency Loans then outstanding is less than the amount of such
excess (because L/C Obligations constitute a portion thereof), the relevant
Borrower shall, to the extent of the balance of such excess, replace outstanding
Letters of Credit and/or deposit an amount in cash in a cash collateral account
established with the Administrative Agent for the benefit of the Lenders on
terms and conditions satisfactory to the Administrative Agent. The application
of any prepayment of Multicurrency Loans pursuant to this Section shall be made,
first, to Base Rate Loans and, second, to Eurocurrency Loans. Each prepayment of
the Multicurrency Loans under this Section (except in the case of Multicurrency
Loans that are Base Rate Loans) shall be accompanied by accrued interest to the
date of such prepayment on the amount prepaid.

          4.4. CERTAIN PREPAYMENTS. If, on the date on which the interest rate
is to be determined for any Interest Period in respect of a Eurocurrency Loan
under the Multicurrency Facility, the amount of the Total Multicurrency
Extensions of Credit exceeds the Total Multicurrency Commitments, the Primary
Borrower shall, or shall cause the relevant Borrower to, on the first day of
such Interest Period, prepay outstanding Multicurrency Loans in an amount so
that after giving effect to any such prepayments, the amount of the Total
Multicurrency Extensions of Credit does not exceed the Total Multicurrency
Commitments.

          4.5. CERTAIN ADDITIONAL PROVISIONS RELATING TO MULTICURRENCY LOANS.
(a) Each Multicurrency Lender has been or will be designated as either a
"General Multicurrency Lender" or a "Dollar Multicurrency Lender" in Schedule 1
of the Lender Addendum delivered by such Multicurrency Lender on the Amendment
and Restatement Effective Date or, as the case may be, in Schedule 1 to the
Assignment and Acceptance pursuant to which such Multicurrency Lender acquires
its Multicurrency Commitment; and the Multicurrency Commitment of each such
Multicurrency Lender shall be deemed to be a "General Multicurrency Commitment"
or a "Dollar Multicurrency Commitment", respectively. Multicurrency Loans
denominated in euro will be made only by General Multicurrency Lenders.
Notwithstanding any provision of this Agreement to the contrary, all
Multicurrency Loans made by Dollar Multicurrency Lenders shall be denominated in
Dollars.

          (b) Each borrowing by any Borrower of Multicurrency Loans shall be
comprised of simultaneous borrowings from each of the General Multicurrency
Lenders and the Dollar Multicurrency Lenders, with such borrowings to be ratable
according to the respective General Multicurrency Commitments of all of the
General Multicurrency Lenders and the Dollar Multicurrency Commitments of all of
the Dollar Multicurrency Lenders. In determining the ratable amounts of Loans to
be made by the General Multicurrency Lenders and Dollar Multicurrency Lenders,
respectively, pursuant to the preceding sentence when such determination must be
made with respect to Multicurrency Loans denominated in euro, the principal
amount of such euro-denominated Multicurrency Loans shall be deemed to be the

                                       36
<Page>

Dollar Equivalent Amount of such euro-denominated Multicurrency Loans (using the
Spot Exchange Rate applicable as of the Business Day on which the relevant
borrowing notice is furnished to the Administrative Agent pursuant to Section
4.2). In the case of a borrowing from the General Multicurrency Lenders of
Multicurrency Loans denominated in Dollars, the Multicurrency Loans made
simultaneously by the Dollar Multicurrency Lenders shall be Multicurrency Loans
of the same Type and, in the event such Multicurrency Loans are Eurocurrency
Loans, all such Multicurrency Loans shall have the same initial Interest
Periods. In the case of a borrowing from the General Multicurrency Lenders of
Multicurrency Loans denominated in euro, the Multicurrency Loans made
simultaneously by the Dollar Multicurrency Lenders shall be Multicurrency Loans
denominated in Dollars having the same initial Interest Period as the related
euro-denominated Multicurrency Loans made by the General Multicurrency Lenders.

          (c) Each payment (including optional and mandatory prepayments) by any
Borrower of principal of, or interest on, any Multicurrency Loans shall be made
simultaneously in respect of Multicurrency Loans made to such Borrower by the
General Multicurrency Lenders and the related Multicurrency Loans made to such
Borrower by the Dollar Multicurrency Lenders, ratably according to the
respective principal amounts of Multicurrency Loans held by the General
Multicurrency Lenders and the Dollar Multicurrency Lenders (and, if such
prepayment is in respect of Dollar-denominated Multicurrency Loans made by the
General Multicurrency Lenders, such prepayment in respect of Multicurrency Loans
made by the Dollar Multicurrency Lenders shall be made in respect of
Multicurrency Loans of the same Type and, in the case of Eurocurrency Loans,
having the same Interest Periods). In determining the ratable amounts owing to
the General Multicurrency Lenders and Dollar Multicurrency Lenders,
respectively, pursuant to the preceding sentence when such determination must be
made with respect to Multicurrency Loans denominated in euro, the principal
amount of such euro-denominated Multicurrency Loans shall be deemed to be the
Dollar Equivalent Amount of such euro-denominated Multicurrency Loans (using the
Spot Exchange Rate applicable on the date on which the interest rate was most
recently determined with respect thereto).

          (d) If, on the last day of any Interest Period applicable to
Multicurrency Loans denominated in euro, the aggregate outstanding principal
amount of the related Multicurrency Loans made by the Dollar Multicurrency
Lenders does not equal the Related Dollar Amount, the relevant Borrower shall
prepay Multicurrency Loans denominated in euro or Dollars, as the case may be,
to the extent necessary such that, after giving effect to such prepayment, the
aggregate outstanding principal amount of such Dollar-denominated Multicurrency
Loans is equal to such Related Dollar Amount.

                          SECTION 5. LETTERS OF CREDIT

          5.1. L/C COMMITMENT. (a) Prior to the Amendment and Restatement
Effective Date, the Existing Issuing Lender has issued the Existing Letters of
Credit under the Existing Credit Agreement which, from and after the Amendment
and Restatement Effective Date, shall constitute Letters of Credit hereunder.
Subject to the terms and conditions hereof, each Issuing Lender, in reliance on
the agreements of the other Multicurrency Lenders set forth in Section 5.4(a),
agrees to issue letters of credit (the letters of credit issued on and after the
Amendment and Restatement Effective Date pursuant to this Section 5, together
with the Existing Letters of Credit, collectively, the "LETTERS OF CREDIT") for
the account of any Borrower on any Business Day during the Multicurrency
Commitment Period in such form as may be approved from time to time by such
Issuing Lender; provided, that no Issuing Lender shall have any obligation to
issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C
Obligations would exceed the L/C Commitment or (ii) the aggregate amount of the
Available Multicurrency Commitments would be less than zero. Each Letter of
Credit shall (i) be denominated in Dollars and (ii) expire no later than the
earlier of (x) the first anniversary of its date of issuance and (y) the date
which is

                                       37
<Page>

five Business Days prior to the Multicurrency Termination Date, PROVIDED that
any Letter of Credit with a one-year term may provide for the renewal thereof
for additional one-year periods (which shall in no event extend beyond the date
referred to in clause (y) above).

          (b) No Issuing Lender shall at any time be obligated to issue any
Letter of Credit hereunder if such issuance would conflict with, or cause such
Issuing Lender or any L/C Participant to exceed any limits imposed by, any
applicable Requirement of Law.

          5.2. PROCEDURE FOR ISSUANCE OF LETTER OF CREDIT. Any Borrower may from
time to time request that an Issuing Lender issue a Letter of Credit by
delivering to such Issuing Lender at its address for notices specified herein an
Application therefor, completed to the reasonable satisfaction of such Issuing
Lender, and such other certificates, documents and other papers and information
as such Issuing Lender may request. Upon receipt of any Application, an Issuing
Lender will process such Application and the certificates, documents and other
papers and information delivered to it in connection therewith in accordance
with its customary procedures and shall promptly issue the Letter of Credit
requested thereby by issuing the original of such Letter of Credit to the
beneficiary thereof or as otherwise may be agreed to by such Issuing Lender and
the relevant Borrower (but in no event shall any Issuing Lender be required to
issue any Letter of Credit earlier than three Business Days after its receipt of
the Application therefor and all such other certificates, documents and other
papers and information relating thereto). Promptly after issuance by an Issuing
Lender of a Letter of Credit, such Issuing Lender shall furnish a copy of such
Letter of Credit to the relevant Borrower. Each Issuing Lender shall promptly
furnish to the Administrative Agent, notice of the issuance of each Letter of
Credit issued by it (including the amount thereof).

          5.3. FEES AND OTHER CHARGES. (a) Each Borrower will pay a fee on the
aggregate daily average drawable amount of all outstanding Letters of Credit
issued for such Borrower's account at a per annum rate equal to the Applicable
Margin then in effect with respect to Eurocurrency Loans under the Multicurrency
Facility, shared ratably among the Multicurrency Lenders in accordance with
their respective Multicurrency Percentages and payable quarterly in arrears on
each L/C Fee Payment Date after the issuance date of any such Letter of Credit.
In addition, each Borrower shall pay to the relevant Issuing Lender for its own
account a fronting fee on the aggregate daily average drawable amount of all
outstanding Letters of Credit issued for such Borrower's account by such Issuing
Lender of, in the case of The Bank of New York, 1/4 of 1% per annum, and in the
case of any other Issuing Lender, an amount to be agreed upon by the relevant
Borrower and the relevant Issuing Lender, payable quarterly in arrears on each
L/C Fee Payment Date after the issuance date of any such Letter of Credit.

          (b) In addition to the foregoing fees, each Borrower shall pay or
reimburse each Issuing Lender for such normal and customary costs and expenses
as are incurred or charged by such Issuing Lender in issuing, negotiating,
effecting payment under, amending or otherwise administering any Letter of
Credit issued for such Borrower's account.

          5.4. L/C PARTICIPATIONS. (a) Each Issuing Lender irrevocably agrees to
grant and hereby grants to each L/C Participant, and, to induce each Issuing
Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably
agrees to accept and purchase and hereby accepts and purchases from each Issuing
Lender, on the terms and conditions hereinafter stated, for such L/C
Participant's own account and risk an undivided interest equal to such L/C
Participant's Multicurrency Percentage in each Issuing Lender's obligations and
rights under each Letter of Credit issued by such Issuing Lender hereunder and
the amount of each draft paid by such Issuing Lender thereunder. Each L/C
Participant unconditionally and irrevocably agrees with each Issuing Lender
that, if a draft is paid under any Letter of Credit issued by such Issuing
Lender for which such Issuing Lender is not reimbursed in full by the relevant
Borrower in accordance with the terms of this Agreement, such L/C Participant
shall pay to such

                                       38
<Page>

Issuing Lender upon demand at such Issuing Lender's address for notices
specified herein an amount equal to such L/C Participant's Multicurrency
Percentage of the amount of such draft, or any part thereof, that is not so
reimbursed.

          (b) If any amount required to be paid by any L/C Participant to an
Issuing Lender pursuant to Section 5.4(a) in respect of any unreimbursed portion
of any payment made by such Issuing Lender under any Letter of Credit is not
paid to such Issuing Lender within three Business Days after the date such
payment is due, such L/C Participant shall pay to such Issuing Lender on demand
an amount equal to the product of (i) such amount, times (ii) the daily average
Federal Funds Effective Rate during the period from and including the date such
payment is required to the date on which such payment is immediately available
to such Issuing Lender, times (iii) a fraction the numerator of which is the
number of days that elapse during such period and the denominator of which is
360. If any such amount required to be paid by any L/C Participant pursuant to
Section 5.4(a) is not made available to such Issuing Lender by such L/C
Participant within three Business Days after the date such payment is due, such
Issuing Lender shall be entitled to recover from such L/C Participant, on
demand, such amount with interest thereon calculated from such due date at the
rate per annum applicable to Base Rate Loans under the Multicurrency Facility. A
certificate of such Issuing Lender submitted to any L/C Participant with respect
to any such amounts owing under this Section shall be conclusive in the absence
of manifest error.

          (c) Whenever, at any time after an Issuing Lender has made payment
under any Letter of Credit and has received from any L/C Participant its PRO
RATA share of such payment in accordance with Section 5.4(a), such Issuing
Lender receives any payment related to such Letter of Credit (whether directly
from a Borrower or otherwise, including proceeds of collateral applied thereto
by such Issuing Lender), or any payment of interest on account thereof, such
Issuing Lender will distribute to such L/C Participant its PRO RATA share
thereof; PROVIDED, HOWEVER, that in the event that any such payment received by
such Issuing Lender shall be required to be returned by such Issuing Lender,
such L/C Participant shall return to such Issuing Lender the portion thereof
previously distributed by such Issuing Lender to it.

          5.5. REIMBURSEMENT OBLIGATION OF THE BORROWERS. Each Borrower agrees
to reimburse each Issuing Lender on each date on which such Issuing Lender
notifies such Borrower of the date and amount of a draft presented under any
Letter of Credit issued for such Borrower's account and paid by such Issuing
Lender for the amount of (a) such draft so paid and (b) any taxes, fees, charges
or other costs or expenses incurred by such Issuing Lender in connection with
such payment (the amounts described in the foregoing clauses (a) and (b) in
respect of any drawing, collectively, the "PAYMENT AMOUNT"). Each such payment
shall be made to such Issuing Lender at its address for notices specified herein
in lawful money of the United States of America and in immediately available
funds. Interest shall be payable on each Payment Amount from the date of the
applicable drawing until payment in full at the rate set forth in (i) until the
second Business Day following the date of the applicable drawing, Section 6.8(b)
and (ii) thereafter, Section 6.8(c). Each drawing under any Letter of Credit
shall (unless an event of the type described in Section 11(g), (h) or (i) shall
have occurred and be continuing with respect to the Borrower for whose account
such Letter of Credit was issued, in which case the procedures specified in
Section 5.4 for funding by L/C Participants shall apply) constitute a request by
such Borrower to the Administrative Agent for a borrowing pursuant to Section
4.2 of Base Rate Loans in the amount of such drawing. The Borrowing Date with
respect to such borrowing shall be the first date on which a borrowing of
Multicurrency Loans could be made, pursuant to Section 4.2, if the
Administrative Agent had received a notice of such borrowing at the time the
Administrative Agent receives notice from the relevant Issuing Lender of such
drawing under such Letter of Credit.

          5.6. OBLIGATIONS ABSOLUTE. Each Borrower's obligations under this
Section 5 shall be absolute and unconditional under any and all circumstances
and irrespective of any setoff, counterclaim or defense to payment that any
Borrower may have or have had against any Issuing Lender, any

                                       39
<Page>

beneficiary of a Letter of Credit or any other Person. Each Borrower also agrees
with each Issuing Lender that such Issuing Lender shall not be responsible for,
and such Borrower's Reimbursement Obligations under Section 5.5 shall not be
affected by, among other things, the validity or genuineness of documents or of
any endorsements thereon, even though such documents shall in fact prove to be
invalid, fraudulent or forged, or any dispute between or among any Borrower and
any beneficiary of any Letter of Credit or any other party to which such Letter
of Credit may be transferred or any claims whatsoever of any Borrower against
any beneficiary of such Letter of Credit or any such transferee. No Issuing
Lender shall be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however
transmitted, in connection with any Letter of Credit, except for errors or
omissions found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct of
such Issuing Lender. Each Borrower agrees that any action taken or omitted by an
Issuing Lender under or in connection with any Letter of Credit issued by it for
such Borrower's account, or the related drafts or documents, if done in the
absence of gross negligence or willful misconduct and in accordance with the
standards of care specified in the Uniform Commercial Code of the State of New
York, shall be binding on such Borrower and shall not result in any liability of
such Issuing Lender to such Borrower.

          5.7. LETTER OF CREDIT PAYMENTS. If any draft shall be presented for
payment under any Letter of Credit, the relevant Issuing Lender shall promptly
notify the relevant Borrower of the date and amount thereof. The responsibility
of the relevant Issuing Lender to the relevant Borrower in connection with any
draft presented for payment under any Letter of Credit shall, in addition to any
payment obligation expressly provided for in such Letter of Credit issued by
such Issuing Lender, be limited to determining that the documents (including
each draft) delivered under such Letter of Credit in connection with such
presentment are substantially in conformity with such Letter of Credit.

          5.8. APPLICATIONS. To the extent that any provision of any Application
related to any Letter of Credit is inconsistent with the provisions of this
Section 5, the provisions of this Section 5 shall apply.

                   SECTION 6. CERTAIN PROVISIONS APPLICABLE TO
                       THE LOANS AND THE LETTERS OF CREDIT

          6.1. REPAYMENT OF LOANS; EVIDENCE OF DEBT. (a) Each Borrower hereby
unconditionally promises to pay to the Administrative Agent for the account of
the appropriate Lender (i) the then unpaid principal amount of each Revolving
Credit Loan made by such Lender to such Borrower, on the Revolving Credit
Termination Date (or on such earlier date on which the Loans become due and
payable pursuant to Section 11), (ii) the then unpaid principal amount of each
Multicurrency Loan made by such Lender to such Borrower, on the dates required
by Section 4.3 and Section 6.5 and on the Multicurrency Termination Date (or on
such earlier date on which the Loans become due and payable pursuant to Section
11) and (iii) the principal amount of the Tranche B Term Loan made by such
Lender to such Borrower, in installments according to the amortization schedule
set forth in Section 2.3 (or on such earlier date on which the Loans become due
and payable pursuant to Section 11). Each Borrower hereby further agrees to pay
interest on the unpaid principal amount of the Loans made to it from time to
time outstanding from the date of such Loans until payment in full thereof at
the rates per annum, and on the dates, set forth in Section 6.8.

          (b) Each Lender shall maintain in accordance with its usual practice
an account or accounts evidencing indebtedness of each Borrower to such Lender
resulting from each Loan of such Lender to such Borrower from time to time,
including the amounts of principal and interest payable and paid to such Lender
from time to time under this Agreement.

                                       40
<Page>

          (c) The Administrative Agent, on behalf of each Borrower, shall
maintain the Register pursuant to Section 13.6(d), and a subaccount therein for
each Lender, in which shall be recorded (i) the amount of each Loan made or
continued hereunder and any Note evidencing such Loan, the Type of such Loan and
each Interest Period applicable thereto, (ii) the amount of any principal or
interest due and payable or to become due and payable from each Borrower to each
Lender hereunder and (iii) both the amount of any sum received by the
Administrative Agent hereunder from each Borrower and each Lender's share
thereof.

          (d) The entries made in the Register and the accounts of each Lender
maintained pursuant to Section 6.1(b) shall, to the extent permitted by
applicable law, be PRIMA FACIE evidence of the existence and amounts of the
obligations of each Borrower therein recorded; PROVIDED, HOWEVER, that the
failure of any Lender or the Administrative Agent to maintain the Register or
any such account, or any error therein, shall not in any manner affect the
obligation of any Borrower to repay (with applicable interest) the Loans made to
such Borrower by such Lender in accordance with the terms of this Agreement.

          (e) Each Borrower agrees that, upon the request to the Administrative
Agent by any Lender, such Borrower will execute and deliver to such Lender a
promissory note of such Borrower evidencing any Tranche B Term Loans or
Revolving Credit Loans, as the case may be, of such Lender, substantially in the
forms of Exhibit G-1 or G-2, respectively, with appropriate insertions as to
date and principal amount.

          6.2. COMMITMENT FEES, ETC. (a) The Primary Borrower agrees to pay to
the Administrative Agent for the account of each Revolving Credit Lender a
commitment fee for the period from and including the Closing Date to the last
day of the Revolving Credit Commitment Period, computed at the Commitment Fee
Rate on the average daily amount of the Available Revolving Credit Commitment of
such Lender during the period for which payment is made, payable quarterly in
arrears on the last day of each March, June, September and December and on the
Revolving Credit Termination Date, commencing on the first of such dates to
occur after the date hereof.

          (b) The Primary Borrower agrees to pay to the Administrative Agent for
the account of each Multicurrency Lender a commitment fee for the period from
and including the Closing Date to the last day of the Multicurrency Commitment
Period, computed at the Commitment Fee Rate on the average daily amount of the
Available Multicurrency Commitment of such Lender during the period for which
payment is made, payable quarterly in arrears on the last day of each March,
June, September and December and on the Multicurrency Termination Date,
commencing on the first of such dates to occur after the date hereof.

          (c) The Primary Borrower agrees to pay to the Administrative Agent the
fees in the amounts and on the dates from time to time agreed to in writing by
the Primary Borrower and the Administrative Agent.

          6.3. TERMINATION OR REDUCTION OF REVOLVING CREDIT COMMITMENTS;
MULTICURRENCY COMMITMENTS. (a) The Primary Borrower shall have the right, upon
not less than three Business Days' notice to the Administrative Agent, to
terminate the Revolving Credit Commitments or, from time to time, to reduce the
aggregate amount of the Revolving Credit Commitments; PROVIDED that such
termination or reduction of Revolving Credit Commitments shall be permitted only
to the extent that, after giving effect thereto and to any prepayments of the
Revolving Credit Loans or Swing Line Loans made on the effective date thereof,
the Total Revolving Extensions of Credit do not exceed the Total Revolving
Credit Commitments. Any such reduction shall be in an amount equal to
$1,000,000, or a whole multiple thereof, and shall reduce permanently the
Revolving Credit Commitments then in effect.

                                       41
<Page>

          (b) The Primary Borrower shall have the right, upon not less than
three Business Days' notice to the Administrative Agent, to terminate the
Multicurrency Commitments or, from time to time, to reduce the aggregate amount
of the Multicurrency Commitments; PROVIDED that such termination or reduction of
Multicurrency Commitments shall be permitted only to the extent that, after
giving effect thereto and to any prepayments of the Multicurrency Loans made on
the effective date thereof, the Total Multicurrency Extensions of Credit do not
exceed the Total Multicurrency Commitments. Any such reduction shall be in an
amount equal to $1,000,000, or a whole multiple thereof, and shall reduce
permanently the Multicurrency Commitments then in effect.

          6.4. OPTIONAL PREPAYMENTS. Any Borrower may at any time and from time
to time prepay the Loans made to it, in whole or in part, without premium or
penalty, upon irrevocable notice delivered to the Administrative Agent at least
three Business Days prior thereto in the case of Eurocurrency Loans and at least
one Business Day prior thereto in the case of Base Rate Loans, which notice
shall specify the date and amount of prepayment and whether the prepayment is of
Eurocurrency Loans or Base Rate Loans; PROVIDED, that (a) if a Eurocurrency Loan
is prepaid on any day other than the last day of the Interest Period applicable
thereto, the relevant Borrower shall also pay any amounts owing pursuant to
Section 6.14 and (b) no prior notice is required for the prepayment of Swing
Line Loans. Upon receipt of any such notice the Administrative Agent shall
promptly notify each relevant Lender thereof. If any such notice is given, the
amount specified in such notice shall be due and payable on the date specified
therein, together with (except in the case of Revolving Credit Loans that are
Base Rate Loans, Multicurrency Loans that are Base Rate Loans and Swing Line
Loans) accrued interest to such date on the amount prepaid. Partial prepayments
of Loans (other than Swing Line Loans) shall be in an aggregate principal amount
of $1,000,000 or a whole multiple thereof (in the case of Loans denominated in
Dollars) or (euro)1,000,000 or a whole multiple thereof (in the case of Loans
denominated in euro). Partial prepayments of Swing Line Loans shall be in an
aggregate principal amount of $100,000 or a whole multiple thereof.

          6.5. MANDATORY PREPAYMENTS AND COMMITMENT REDUCTIONS. (a) Unless the
Required Prepayment Lenders shall otherwise agree, if any Indebtedness shall be
incurred by Holdings or any of its Subsidiaries (excluding any Indebtedness
permitted by Section 10.2), then, on the date of such incurrence the Tranche B
Term Loans shall be prepaid, and/or the Multicurrency Commitments shall be
reduced, by an amount equal to the amount of the Net Cash Proceeds of such
incurrence, as set forth in Section 6.5(d).

          (b) Unless the Required Prepayment Lenders shall otherwise agree, if
on any date Holdings or any of its Subsidiaries shall receive Net Cash Proceeds
from any Asset Sale or Recovery Event, then, unless a Reinvestment Notice shall
be delivered in respect thereof, the Tranche B Term Loans shall be prepaid,
and/or the Multicurrency Commitments shall be reduced, on or before the date
which is thirty days following the date of receipt of such Net Cash Proceeds, by
an amount equal to the amount of such Net Cash Proceeds, as set forth in Section
6.5(d); PROVIDED, that, notwithstanding the foregoing, (i) the aggregate amount
of Net Cash Proceeds of Asset Sales that may be excluded from the foregoing
requirement pursuant to a Reinvestment Notice shall not exceed $10,000,000 in
any fiscal year of Holdings and (ii) on each Reinvestment Prepayment Date the
Tranche B Term Loans shall be prepaid, and/or the Multicurrency Commitments
shall be reduced, by an amount equal to the Reinvestment Prepayment Amount with
respect to the relevant Reinvestment Event, as set forth in Section 6.5(d).

          (c) Subject to the last sentence of this paragraph, unless the
Required Prepayment Lenders shall otherwise agree, if, for any fiscal year of
Holdings commencing with the fiscal year ending December 31, 2003, there shall
be Excess Cash Flow, then, on the relevant Excess Cash Flow Application Date,
the Tranche B Term Loans shall be prepaid, and/or the Multicurrency Commitments
shall be reduced, by an amount equal to 50% of such Excess Cash Flow, as set
forth in Section 6.5(d). Each such prepayment and commitment reduction shall be
made on a date (an "EXCESS CASH FLOW APPLICATION

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<Page>

DATE") no later than ten days after the earlier of (i) the date on which the
financial statements of Holdings referred to in Section 9.1, for the fiscal year
with respect to which such prepayment is made, are required to be delivered to
the Lenders and (ii) the date such financial statements are actually delivered.
No prepayment shall be required pursuant to this paragraph (c) in respect of any
fiscal year if the Consolidated Leverage Ratio at the end of such fiscal year
was less than or equal to 2.5 to 1.0.

          (d) Amounts to be applied in connection with prepayments and
Commitment reductions made pursuant to this Section shall be applied, FIRST, to
the prepayment of the Tranche B Term Loans and, SECOND, after the Tranche B Term
Loans have been prepaid in full, to reduce permanently the Multicurrency
Commitments; PROVIDED, that the Multicurrency Commitments shall not be so
reduced to an amount less than the amount of the L/C Commitment. Any such
reduction of the Multicurrency Commitments shall be accompanied by prepayment of
the Multicurrency Loans to the extent, if any, that the Total Multicurrency
Extensions of Credit exceed the amount of the Total Multicurrency Credit
Commitments as so reduced, PROVIDED that if the aggregate principal amount of
Multicurrency Loans then outstanding is less than the amount of such excess
(because L/C Obligations constitute a portion thereof), the relevant Borrower
shall, to the extent of the balance of such excess, replace outstanding Letters
of Credit and/or deposit an amount in cash in a cash collateral account
established with the Administrative Agent for the benefit of the Lenders on
terms and conditions satisfactory to the Administrative Agent. The application
of any prepayment of Loans under any Facility pursuant to this Section shall be
made, first, to Base Rate Loans under such Facility and, second, to Eurocurrency
Loans under such Facility. Each prepayment of the Loans under this Section
(except in the case of Multicurrency Loans that are Base Rate Loans) shall be
accompanied by accrued interest to the date of such prepayment on the amount
prepaid.

          6.6. CONVERSION AND CONTINUATION OPTIONS. (a) Any Borrower may elect
from time to time to convert Eurocurrency Loans of such Borrower under any
Facility denominated in Dollars to Base Rate Loans under such Facility by giving
the Administrative Agent at least two Business Days' prior irrevocable notice of
such election, PROVIDED that any such conversion of Eurocurrency Loans may be
made only on the last day of an Interest Period with respect thereto. Any
Borrower may elect from time to time to convert Base Rate Loans under any
Facility to Eurocurrency Loans in Dollars under such Facility by giving the
Administrative Agent at least three Business Days' prior irrevocable notice of
such election (which notice shall specify the length of the initial Interest
Period therefor), PROVIDED that no Base Rate Loan under a particular Facility
may be converted into a Eurocurrency Loan (i) when any Event of Default has
occurred and is continuing and the Administrative Agent has, or the Majority
Facility Lenders in respect of such Facility have, determined in its or their
sole discretion not to permit such conversions or (ii) after the date that is
one month prior to the final scheduled termination or maturity date of such
Facility. Upon receipt of any such notice the Administrative Agent shall
promptly notify each relevant Lender thereof.

          (b) Any Borrower may elect to continue any Eurocurrency Loan under any
Facility as Eurocurrency Loans in the same currency under such Facility upon the
expiration of the then current Interest Period with respect thereto by giving
irrevocable notice to the Administrative Agent, in accordance with the
applicable provisions of the term "Interest Period" set forth in Section 1.1, of
the length of the next Interest Period to be applicable to such Loans, PROVIDED
that no Eurocurrency Loan under a particular Facility may be continued as such
(i) when any Event of Default has occurred and is continuing and the
Administrative Agent has, or the Majority Facility Lenders in respect of such
Facility have, determined in its or their sole discretion not to permit such
continuations or (ii) after the date that is one month prior to the final
scheduled termination or maturity date of such Facility, and PROVIDED, FURTHER,
that if the relevant Borrower shall fail to give any required notice as
described above in this paragraph or if such continuation is not permitted
pursuant to the preceding proviso, such Loans (A) in the case of Loans in
Dollars, shall be converted automatically to Base Rate Loans on the last day of
such then

                                       43
<Page>

expiring Interest Period and (B) in the case of Loans in euro, shall be
continued for Interest Periods of one month or such shorter duration as the
Administrative Agent shall select. Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof.

          6.7. MINIMUM AMOUNTS AND MAXIMUM NUMBER OF EUROCURRENCY TRANCHES.
Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions, continuations and optional prepayments of Eurocurrency Loans and
all selections of Interest Periods shall be in such amounts and be made pursuant
to such elections so that, (a) after giving effect thereto, the aggregate
principal amount of the Eurocurrency Loans comprising each Eurocurrency Tranche
shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess
thereof, in the case of Eurocurrency Loans denominated in Dollars, or
(euro)5,000,000 or a whole multiple of (euro)1,000,000 in excess thereof, in the
case of Eurocurrency Loans denominated in euro, and (b) no more than ten
Eurocurrency Tranches shall be outstanding at any one time.

          6.8. INTEREST RATES AND PAYMENT DATES. (a) Each Eurocurrency Loan
under each Facility shall bear interest for each day during each Interest Period
with respect thereto at a rate per annum equal to the Eurocurrency Rate
determined for such day PLUS the Applicable Margin for such Facility.

          (b) Each Base Rate Loan under each Facility shall bear interest at a
rate per annum equal to the Base Rate PLUS the Applicable Margin for such
Facility.

          (c) (i) If all or a portion of the principal amount of any Loan or
Reimbursement Obligation shall not be paid when due (whether at the stated
maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement
Obligations (whether or not overdue) shall bear interest at a rate per annum
that is equal to (x) in the case of the Loans, the rate that would otherwise be
applicable thereto pursuant to the foregoing provisions of this Section PLUS 2%
or (y) in the case of Reimbursement Obligations, the rate applicable to Base
Rate Loans under the Multicurrency Facility PLUS 2%, and (ii) if all or a
portion of any interest payable on any Loan or Reimbursement Obligation or any
commitment fee or other amount payable hereunder shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue
amount shall bear interest at a rate per annum equal to the rate then applicable
to Base Rate Loans under the relevant Facility PLUS 2% (or, in the case of any
such other amounts that do not relate to a particular Facility, the rate then
applicable to Base Rate Loans under the Revolving Credit Facility PLUS 2%), in
each case, with respect to clauses (i) and (ii) above, from the date of such
non-payment until such amount is paid in full (after as well as before
judgment).

          (d) Interest shall be payable in arrears on each Interest Payment
Date, PROVIDED that interest accruing pursuant to paragraph (c) of this Section
shall be payable from time to time on demand.

          6.9. COMPUTATION OF INTEREST AND FEES. (a) Interest, fees and
commissions payable pursuant hereto shall be calculated on the basis of a
360-day year for the actual days elapsed, except that, with respect to Base Rate
Loans on which interest is calculated on the basis of the Prime Rate, the
interest thereon shall be calculated on the basis of a 365- (or 366-, as the
case may be) day year for the actual days elapsed. The Administrative Agent
shall as soon as practicable notify the relevant Borrower and the relevant
Lenders of each determination of a Eurocurrency Rate. Any change in the interest
rate on a Loan resulting from a change in the Base Rate or the Eurocurrency
Reserve Requirements shall become effective as of the opening of business on the
day on which such change becomes effective. The Administrative Agent shall as
soon as practicable notify the relevant Borrower and the relevant Lenders of the
effective date and the amount of each such change in interest rate.

          (b) Each determination of an interest rate by the Administrative Agent
pursuant to any provision of this Agreement shall be conclusive and binding on
each Borrower and the Lenders in the

                                       44
<Page>

absence of manifest error. The Administrative Agent shall, at the request of the
relevant Borrower, deliver to such Borrower a statement showing the quotations
used by the Administrative Agent in determining any interest rate pursuant to
Section 6.8(a).

          6.10. INABILITY TO DETERMINE INTEREST RATE. If prior to the first day
of any Interest Period:

          (a) the Administrative Agent shall have determined (which
     determination shall be conclusive and binding upon the relevant Borrower)
     that, by reason of circumstances affecting the relevant market, adequate
     and reasonable means do not exist for ascertaining the Eurocurrency Rate
     for the relevant currency for such Interest Period, or

          (b) the Administrative Agent shall have received notice from the
     Majority Facility Lenders in respect of the relevant Facility that the
     Eurocurrency Rate for the relevant currency determined or to be determined
     for such Interest Period will not adequately and fairly reflect the cost to
     such Lenders (as conclusively certified by such Lenders) of making or
     maintaining their affected Loans during such Interest Period,

the Administrative Agent shall give telecopy or telephonic notice thereof to the
relevant Borrower and the relevant Lenders as soon as practicable thereafter. If
such notice is given (x)(i) any Eurocurrency Loans denominated in Dollars under
the relevant Facility requested to be made on the first day of such Interest
Period shall be made as Base Rate Loans, and (ii) any Eurocurrency Loans
denominated in euro under the relevant Facility requested to be made on the
first day of such Interest Period shall be made at the rate determined by the
Administrative Agent as its cost of funding such Loans PLUS the Applicable
Margin for Eurocurrency Loans under such Facility, (y) any Loans under the
relevant Facility that were to have been converted on the first day of such
Interest Period to Eurocurrency Loans shall be continued as Base Rate Loans and
(z)(i) any outstanding Eurocurrency Loans denominated in Dollars under the
relevant Facility shall be converted, on the last day of the then current
Interest Period with respect thereto, to Base Rate Loans and (ii) any
Eurocurrency Loans denominated in euro shall be repaid on the last day of the
current Interest Period and may be reborrowed in Dollars in accordance with the
provisions of Section 4.2. Until such notice has been withdrawn by the
Administrative Agent, no further Eurocurrency Loans under the relevant Facility
shall be made or continued as such, nor shall any Borrower have the right to
convert Loans under the relevant Facility to Eurocurrency Loans.

          6.11. PRO RATA TREATMENT AND PAYMENTS. (a) Each borrowing by any
Borrower from the Lenders hereunder, each payment by any Borrower on account of
any commitment fee or Letter of Credit fee, and any reduction of the Commitments
of the Lenders, shall be made PRO RATA according to the respective Tranche B
Term Loan Percentages, Multicurrency Percentages or Revolving Credit
Percentages, as the case may be, of the relevant Lenders. Each reduction of the
Total Multicurrency Commitments shall be applied to the amounts of the scheduled
reductions of the Total Multicurrency Commitments pursuant to Section 4.3 PRO
RATA according to the outstanding amounts thereof.

          (b) Except as provided in Section 6.11(d), each payment (including
each prepayment) of the Tranche B Term Loans shall be allocated among the
Tranche B Term Loan Lenders holding such Tranche B Term Loans PRO RATA based on
the principal amount of Tranche B Term Loans held by such Tranche B Term Loan
Lenders, and shall be applied to the installments of such Tranche B Term Loans
PRO RATA based on the remaining outstanding principal amount of such
installments. Amounts prepaid on account of the Tranche B Term Loans may not be
reborrowed.

          (c) Each payment (including each prepayment) by any Borrower on
account of principal of and interest on the Revolving Credit Loans or the
Multicurrency Loans shall be made PRO RATA according to the respective
outstanding principal amounts of the Revolving Credit Loans or

                                       45
<Page>

Multicurrency Loans, as the case may be, then held by the Lenders. Each payment
in respect of Reimbursement Obligations in respect of any Letter of Credit shall
be made to the Issuing Lender that issued such Letters of Credit. In relation to
the payment of any amount of euro, such amount shall be made available to the
Administrative Agent in immediately available, freely transferable, cleared
funds to such account with such bank in Frankfurt am Main, Germany as the
Administrative Agent shall from time to time nominate for this purpose.

          (d) Notwithstanding anything to the contrary in Sections 6.5 or 6.11,
so long as any Multicurrency Commitment is in effect, each Tranche B Term Loan
Lender may, at its option, decline all or any portion of any mandatory payment
applicable to the Tranche B Term Loan of such Lender; accordingly, with respect
to the amount of any mandatory prepayment described in Section 6.5 that is
allocated to Tranche B Term Loans (such amount, the "TRANCHE B PREPAYMENT
AMOUNT"), at any time when any Multicurrency Commitments are in effect, Holdings
will, in lieu of applying such amount to the prepayment of Tranche B Term Loans,
as provided in paragraph Section 6.5(d), on the date specified in Section 6.5
for such prepayment, give the Administrative Agent telephonic notice (promptly
confirmed in writing) requesting that the Administrative Agent prepare and
provide to each Tranche B Term Loan Lender a notice (each, a "PREPAYMENT OPTION
NOTICE") as described below. As promptly as practicable after receiving such
notice from Holdings, the Administrative Agent will send to each Tranche B Term
Loan Lender a Prepayment Option Notice, which shall be in the form of Exhibit H,
and shall include an offer by Holdings to cause the Primary Borrower to prepay
on the date (each a "PREPAYMENT DATE") that is 2 Business Days after the date of
the Prepayment Option Notice, the Tranche B Term Loan of such Lender by an
amount equal to the portion of the Prepayment Amount indicated in such Lender's
Prepayment Option Notice as being applicable to such Lender's Tranche B Term
Loan. On the Prepayment Date, (i) the Primary Borrower shall pay to the
Administrative Agent the aggregate amount necessary to prepay that portion of
the outstanding Tranche B Term Loans in respect of which Tranche B Term Loan
Lenders have accepted prepayment as described above (such Lenders, the
"ACCEPTING LENDERS"), and such amount shall be applied to reduce the Tranche B
Prepayment Amounts, as applicable, with respect to each Accepting Lender, (ii)
the Primary Borrower shall pay to the Administrative Agent an amount equal to
50% of the portion of the Tranche B Prepayment Amount not accepted by the
Tranche B Term Loan Lenders (or, if the aggregate outstanding principal amount
of Multicurrency Loans is less than such portion, such lesser amount), and the
outstanding Multicurrency Loans shall be automatically prepaid by such amount
(but without any corresponding permanent reduction in the Multicurrency
Commitments), and (iii) the Primary Borrower shall be entitled to retain the
remaining portion of the Tranche B Prepayment Amount not accepted by the Tranche
B Term Loan Lenders.

          (e) All payments (including prepayments) to be made by any Borrower
hereunder, whether on account of principal, interest, fees or otherwise, shall
be made without setoff or counterclaim and shall be made prior to 12:00 Noon,
local time in the city of the relevant Payment Office, on the due date thereof
to the Administrative Agent, for the account of the Lenders, at the relevant
Payment Office, in Dollars (or in euro, in the case of payments of principal or
interest in respect of Loans denominated in euro) and in immediately available
funds. Any payment made by the Borrower after 12:00 Noon, local time in the city
of the relevant Payment Office, on any Business Day shall be deemed to have been
made on the next following Business Day. The Administrative Agent shall
distribute such payments to the Lenders entitled thereto promptly upon receipt
in like funds as received. If any payment hereunder (other than payments on the
Eurocurrency Loans) becomes due and payable on a day other than a Business Day,
such payment shall be extended to the next succeeding Business Day. If any
payment on a Eurocurrency Loan becomes due and payable on a day other than a
Business Day, the maturity thereof shall be extended to the next succeeding
Business Day unless the result of such extension would be to extend such payment
into another calendar month, in which event such payment shall be made on the
immediately preceding Business Day. In the case of any extension of any payment
of principal pursuant to the preceding two sentences, interest thereon shall be
payable at the then applicable rate during such extension.

                                       46
<Page>

          (f) Unless the Administrative Agent shall have been notified in
writing by any Lender prior to a borrowing that such Lender will not make the
amount that would constitute its share of such borrowing available to the
Administrative Agent, the Administrative Agent may assume that such Lender is
making such amount available to the Administrative Agent, and the Administrative
Agent may, in reliance upon such assumption, make available to the relevant
Borrower a corresponding amount. If such amount is not made available to the
Administrative Agent by the required time on the Borrowing Date therefor, such
Lender shall pay to the Administrative Agent, on demand, such amount with
interest thereon at a rate equal to the daily average Federal Funds Effective
Rate (in the case of amounts in Dollars) or at the rate determined by the
Administrative Agent as its cost of funding such amounts (in the case of amounts
in euro), in each case for the period until such Lender makes such amount
immediately available to the Administrative Agent. A certificate of the
Administrative Agent submitted to any Lender with respect to any amounts owing
under this paragraph shall be conclusive in the absence of manifest error. If
such Lender's share of such borrowing is not made available to the
Administrative Agent by such Lender within three Business Days after such
Borrowing Date, the Administrative Agent shall also be entitled to recover such
amount (but only to the extent theretofore made available by it to the relevant
Borrower) with interest thereon at the rate per annum applicable to Base Rate
Loans under the relevant Facility (in the case of Loans denominated in Dollars)
or the rate determined by the Administrative Agent as its cost of funding such
amounts, PLUS the Applicable Margin for Eurocurrency Loans under such Facility
(in the case of Loans denominated in euro) on demand, from the relevant
Borrower.

          (g) Unless the Administrative Agent shall have been notified in
writing by the relevant Borrower prior to the date of any payment due to be made
by such Borrower hereunder that the Borrower will not make such payment to the
Administrative Agent, the Administrative Agent may assume that such Borrower is
making such payment, and the Administrative Agent may, but shall not be required
to, in reliance upon such assumption, make available to the Lenders their
respective PRO RATA shares of a corresponding amount. If such payment is not
made to the Administrative Agent by such Borrower within three Business Days
after such due date, the Administrative Agent shall be entitled to recover, on
demand, from each Lender to which any amount was made available pursuant to the
preceding sentence, such amount with interest thereon at the rate per annum
equal to the daily average Federal Funds Effective Rate (in the case of Loans
denominated in Dollars) or the rate determined by the Administrative Agent as
its cost of funding such amounts, PLUS the Applicable Margin for Eurocurrency
Loans under such Facility (in the case of Loans denominated in euro). Nothing
herein shall be deemed to limit the rights of the Administrative Agent or any
Lender against any Borrower.

          (h) In the event that (i) a Borrower gives notice to the
Administrative Agent that (A) such Borrower intends to make a borrowing under
Section 4.2 of Multicurrency Loans denominated in euro, (B) such Borrower
intends, on the requested Borrowing Date for such Eurocurrency Loans, to prepay
under Section 6.4 Multicurrency Loans denominated in Dollars and (C) after
giving effect to such borrowing and prepayment, the Available Multicurrency
Commitment shall not be less than zero, and (ii) if (after giving effect to such
requested Multicurrency Loans, but before giving effect to such prepayment) the
Available Multicurrency Commitment shall be less than zero, the Administrative
Agent may, in reliance on the foregoing notice, make available to such Borrower
the amount of such requested Multicurrency Loans; PROVIDED, HOWEVER, that, in
the event that such Borrower fails to make such prepayment on the requested
Borrowing Date, such Borrower shall, without notice or demand, immediately
prepay the Multicurrency Loans made to it in an aggregate principal amount equal
to the amount by which the aggregate Multicurrency Extensions of Credit exceeds
the aggregate Multicurrency Commitments then in effect, together with interest
accrued to the date of such prepayment and any amounts payable under Section
6.14.

          (i) A payment shall be deemed to have been made by the Administrative
Agent on the date on which it is required to be made under this Agreement if the
Administrative Agent has, on or

                                       47
<Page>

before that date, taken all relevant steps to make that payment. With respect to
the payment of any amount denominated in euro, the Administrative Agent shall
not be liable to any Borrower or any of the Lenders in any way whatsoever for
any delay, or the consequences of any delay, in the crediting to any account of
any amount required by this Agreement to be paid by the Administrative Agent if
the Administrative Agent shall have taken all relevant steps to achieve, on the
date required by this Agreement, the payment of such amount in immediately
available, freely transferable, cleared funds in the euro unit to the account
with the bank in the principal financial center in the Participating Member
State which the relevant Borrower or, as the case may be, any Lender shall have
specified for such purpose. In this paragraph (i), "all relevant steps" means
all such steps as may be prescribed from time to time by the regulations or
operating procedures of such clearing or settlement system as the Administrative
Agent may from time to time determine for the purpose of clearing or settling
payments of euro.

          6.12. REQUIREMENTS OF LAW. (a) If the adoption of or any change in any
Requirement of Law or in the interpretation or application thereof 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 made subsequent to
the date hereof:

                (i)   shall subject any Lender to any tax of any kind whatsoever
          with respect to this Agreement, any Letter of Credit, any Application
          or any Eurocurrency Loan made by it, or change the basis of taxation
          of payments to such Lender in respect thereof (except for Non-Excluded
          Taxes covered by Section 6.13 and changes in the rate of tax on the
          overall net income of such Lender);

                (ii)  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 that is not
          otherwise included in the determination of the Eurocurrency Rate
          hereunder; or

                (iii) shall impose on such Lender any other condition;

and the result of any of the foregoing is to increase the cost to such Lender,
by an amount which such Lender reasonably deems to be material, of making,
converting into, continuing or maintaining Eurocurrency Loans or issuing or
participating in Letters of Credit, or to reduce any amount receivable hereunder
in respect thereof, then, in any such case, the Primary Borrower shall promptly
pay such Lender, upon its demand, any additional amounts necessary to compensate
such Lender for such increased cost or reduced amount receivable. If any Lender
becomes entitled to claim any additional amounts pursuant to this Section, it
shall promptly notify the Primary Borrower (with a copy to the Administrative
Agent) of the event by reason of which it has become so entitled.

          (b) If any Lender shall have determined that the adoption of or any
change in any Requirement of Law regarding capital adequacy or in the
interpretation or application thereof or compliance by such Lender or any
corporation controlling such Lender with any request or directive regarding
capital adequacy (whether or not having the force of law) from any Governmental
Authority made subsequent to the date hereof shall have the effect of reducing
the rate of return on such Lender's or such corporation's capital as a
consequence of its obligations hereunder or under or in respect of any Letter of
Credit to a level below that which such Lender or such corporation could have
achieved but for such adoption, change or compliance (taking into consideration
such Lender's or such corporation's policies with respect to capital adequacy)
by an amount deemed by such Lender to be material, then from time to time, after
submission by such Lender to the Primary Borrower (with a copy to the
Administrative

                                       48
<Page>

Agent) of a written request therefor, the Primary Borrower shall pay to such
Lender such additional amount or amounts as will compensate such Lender or such
corporation for such reduction.

          (c) A certificate as to any additional amounts payable pursuant to
this Section submitted by any Lender to the Primary Borrower (with a copy to the
Administrative Agent) shall be conclusive in the absence of manifest error. The
obligations of the Primary Borrower pursuant to this Section shall survive the
termination of this Agreement and the payment of the Loans and all other amounts
payable hereunder.

          6.13. TAXES. (a) All payments made by any Borrower under this
Agreement 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 Governmental
Authority, excluding net income taxes and franchise taxes (imposed in lieu of
net income taxes) imposed on any Agent or any Lender as a result of a present or
former connection between such Agent or such Lender and the jurisdiction of the
Governmental Authority imposing such tax or any political subdivision or taxing
authority thereof or therein (other than any such connection arising solely from
such Agent's or such Lender's having executed, delivered or performed its
obligations or received a payment under, or enforced, this Agreement or any
other Loan Document). If any such non-excluded taxes, levies, imposts, duties,
charges, fees, deductions or withholdings ("NON-EXCLUDED TAXES") or any Other
Taxes are required to be withheld from any amounts payable to any Agent or any
Lender hereunder, the amounts so payable to such Agent or such Lender shall be
increased to the extent necessary to yield to such Agent or such Lender (after
payment of all Non-Excluded Taxes or Other Taxes) interest or any such other
amounts payable hereunder at the rates or in the amounts specified in this
Agreement; PROVIDED, however, that no Borrower shall be required to increase any
such amounts payable to any Lender with respect to any Non-Excluded Taxes (i)
that are attributable to such Lender's failure to comply with the requirements
of paragraph (d) or (e) of this Section or (ii) that are United States
withholding taxes imposed on amounts payable to such Lender at the time such
Lender becomes a party to this Agreement, except to the extent that such
Lender's assignor (if any) was entitled, at the time of assignment, to receive
additional amounts from the relevant Borrower with respect to such Non-Excluded
Taxes pursuant to Section 6.13(a).

          (b) In addition, each Borrower shall pay any Other Taxes to the
relevant Governmental Authority in accordance with applicable law.

          (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by any
Borrower, as promptly as possible thereafter such Borrower shall send to the
Administrative Agent for the account of the relevant Agent or Lender, as the
case may be, a certified copy of an original official receipt received by such
Borrower showing payment thereof. If the relevant Borrower fails to pay any
Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority
or fails to remit to the Administrative Agent the required receipts or other
required documentary evidence, such Borrower shall indemnify the Agents and the
Lenders for any incremental taxes, interest or penalties that may become payable
by any Agent or any Lender as a result of any such failure. The agreements in
this Section 6.13 shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.

          (d) Each Lender (or Transferee) that is not a citizen or resident of
the United States of America, a corporation, partnership or other entity created
or organized in or under the laws of the United States of America (or any
jurisdiction thereof), or any estate or trust that is subject to federal income
taxation regardless of the source of its income (a "NON-U.S. LENDER") shall
deliver to the Primary Borrower and the Administrative Agent (or, in the case of
a Participant, to the Lender from which the related participation shall have
been purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN
or Form W-8ECI, as applicable, or, in the case of a Non-U.S. Lender claiming
exemption from

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<Page>

U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with
respect to payments of "portfolio interest" a statement substantially in the
form of Exhibit I and a Form W-8BEN, or any subsequent versions thereof or
successors thereto properly completed and duly executed by such Non-U.S. Lender
claiming complete exemption from, or a reduced rate of, U.S. federal withholding
tax on all payments by any Borrower under this Agreement and the other Loan
Documents. Such forms shall be delivered by each Non-U.S. Lender on or before
the date it becomes a party to this Agreement (or, in the case of any
Participant, on or before the date such Participant purchases the related
participation). In addition, each Non-U.S. Lender shall deliver such forms
promptly upon the obsolescence or invalidity of any form previously delivered by
such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Primary
Borrower at any time it determines that it is no longer in a position to provide
any previously delivered certificate to the Primary Borrower (or any other form
of certification adopted by the U.S. taxing authorities for such purpose).
Notwithstanding any other provision of this paragraph, a Non-U.S. Lender shall
not be required to deliver any form pursuant to this paragraph that such
Non-U.S. Lender is not legally able to deliver.

          (e) A Lender that is entitled to an exemption from or reduction of
non-U.S. withholding tax under the law of the jurisdiction in which a Borrower
is located, or any treaty to which such jurisdiction is a party, with respect to
payments under this Agreement shall deliver to such Borrower (with a copy to the
Administrative Agent), at the time or times reasonably requested by such
Borrower, such properly completed and executed documentation prescribed by
applicable law as will permit such payments to be made without withholding or at
a reduced rate, PROVIDED that such Borrower furnishes such documentation to such
Lender, such Lender is legally entitled to complete, execute and deliver such
documentation and in such Lender's reasonable judgment such completion,
execution or submission would not materially prejudice the legal position of
such Lender.

          6.14. INDEMNITY. Each Borrower agrees to indemnify each Lender for,
and to hold each Lender harmless from, any loss or expense that such Lender may
sustain or incur as a consequence of (a) default by such Borrower in making a
borrowing of, conversion into or continuation of Eurocurrency Loans after such
Borrower has given a notice requesting the same in accordance with the
provisions of this Agreement, (b) default by such Borrower in making any
prepayment after such Borrower has given a notice thereof in accordance with the
provisions of this Agreement or (c) the making by such Borrower of a prepayment
or conversion of Eurocurrency Loans on a day that is not the last day of an
Interest Period with respect thereto. Such indemnification may include an amount
equal to the excess, if any, of (i) the amount of interest that 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 such 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 Loans provided for herein (excluding, however, the Applicable
Margin included therein, if any) over (ii) the amount of interest (as reasonably
determined by such Lender) that 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 Eurocurrency market. A certificate as to any amounts payable
pursuant to this Section submitted to the Primary Borrower, on behalf of the
relevant Borrower, by any Lender shall be conclusive 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.

          6.15. ILLEGALITY. Notwithstanding any other provision herein, if the
adoption of or any change after the date hereof in any Requirement of Law or in
the interpretation or application thereof after the date hereof shall make it
unlawful for any Lender to make or maintain Eurocurrency Loans as contemplated
by this Agreement, (a) the commitment of such Lender hereunder to make
Eurocurrency Loans, continue Eurocurrency Loans as such and convert Base Rate
Loans to Eurocurrency Loans shall forthwith be canceled and (b) such Lender's
Loans then outstanding as Eurocurrency Loans, if any, shall

                                       50
<Page>

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 (such conversion to be effected at the Spot Exchange
Rate in effect on such conversion date, in the case of conversion of Loans in
euro to Base Rate Loans). If any such conversion of a Eurocurrency Loan occurs
on a day which is not the last day of the then current Interest Period with
respect thereto, the Borrower in respect of such Eurocurrency Loans shall pay to
such Lender such amounts, if any, as may be required pursuant to Section 6.14.

          6.16. CHANGE OF LENDING OFFICE. Each Lender agrees that, upon the
occurrence of any event giving rise to the operation of Section 6.12, 6.13(a) or
6.15 with respect to such Lender, it will, if requested by the Primary Borrower,
use reasonable efforts (subject to overall policy considerations of such Lender)
to designate another lending office for any Loans affected by such event with
the object of avoiding the consequences of such event; PROVIDED, that such
designation is made on terms that, in the sole judgment of such Lender, cause
such Lender and its lending office(s) to suffer no economic, legal or regulatory
disadvantage, and PROVIDED, FURTHER, that nothing in this Section shall affect
or postpone any of the obligations of any Borrower or the rights of any Lender
pursuant to Section 6.12, 6.13(a) or 6.15.

          6.17. REPLACEMENT OF LENDERS UNDER CERTAIN CIRCUMSTANCES. The Primary
Borrower shall be permitted to replace any Lender that (a) requests
reimbursement for amounts owing pursuant to Section 6.12 or 6.13, or gives a
notice of illegality pursuant to Section 6.15, or (b) defaults in its obligation
to make Loans hereunder, with a replacement financial institution; PROVIDED that
(i) such replacement does not conflict with any Requirement of Law, (ii) no
Default or Event of Default shall have occurred and be continuing at the time of
such replacement, (iii) prior to any such replacement, such Lender shall not
have taken all actions under Section 6.16 so as to eliminate the continued need
for payment of amounts owing pursuant to Section 6.12 or 6.13 or to eliminate
any illegality described in a notice of illegality under Section 6.15, (iv) if
applicable, the replacement financial institution shall purchase, at par, all
Loans and other amounts owing to such replaced Lender on or prior to the date of
replacement, (v) if applicable, the Primary Borrower shall be liable to such
replaced Lender under Section 6.14 (as though Section 6.14 were applicable) if
any Eurocurrency Loan owing to such replaced Lender shall be purchased other
than on the last day of the Interest Period relating thereto, (vi) if
applicable, the replacement financial institution, if not already a Lender,
shall be reasonably satisfactory to the Administrative Agent, (vii) if
applicable, the replaced Lender shall be obligated to make such replacement in
accordance with the provisions of Section 13.6 (PROVIDED that the Primary
Borrower shall be obligated to pay the registration and processing fee referred
to therein), (viii) the Primary Borrower shall pay all additional amounts (if
any) required pursuant to Section 6.12 or 6.13, as the case may be, in respect
of any period prior to the date on which such replacement shall be consummated,
and (ix) any such replacement shall not be deemed to be a waiver of any rights
that any Borrower, the Administrative Agent or any other Lender shall have
against the replaced Lender.

          6.18. OPTIONAL INCREASE OF FACILITIES. (a) In accordance with the
provisions of this Section 6.18, the Primary Borrower may, at its option, at any
three times during the term of this Agreement, request in writing (each, an
"OPTIONAL INCREASE REQUEST") that the Facilities be increased by up to
$300,000,000 in the aggregate for all Optional Increase Requests, of which not
more than $150,000,000 may be used to refinance or repay public Indebtedness of
Parent, PROVIDED that (i) no Default or Event of Default shall exist at the time
of or after giving effect to such increase and the use of proceeds thereof, (ii)
the Loan Parties shall be in PRO FORMA compliance with the financial covenants
contained in this Agreement after giving effect to such increase (as if such
increase had become effective on the first day of the applicable period of four
consecutive fiscal quarters) and the use of proceeds thereof, (iii) the
Administrative Agent shall have received evidence satisfactory to it that the
incurrence of such additional Indebtedness will not violate the terms of the
Indentures (other than any such Indenture the Indebtedness under which will be
simultaneously refinanced in full with the proceeds of such

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<Page>

increase) and (iv) any such amount used to refinance or repay public
Indebtedness of Parent shall be comprised of Optional Term Loans.

          (b) Any optional increase under this Section shall be on terms and
conditions to be agreed upon by the Primary Borrower, the Administrative Agent
and each Lender providing an Optional Term Loan Commitment or increasing its
Multicurrency Commitment, and may consist of one or more additional term loan
tranches (each, an "OPTIONAL TERM LOAN TRANCHE"; the loans thereunder, the
"OPTIONAL TERM LOANS") and/or additional Multicurrency Commitments, PROVIDED
that (i) any such Optional Term Loans shall not amortize (on a percentage basis)
any faster than the Tranche B Term Loans and shall not mature prior to the final
maturity date of the Tranche B Term Loans in accordance with Section 2.3
(including the proviso thereto), (ii) any such additional loans made pursuant to
the increase in Multicurrency Commitments shall constitute "Multicurrency Loans"
and, as such, shall have the same terms and conditions as are applicable to
Multicurrency Loans hereunder, including, without limitation, the scheduled
reductions of Multicurrency Commitments, the Multicurrency Termination Date, the
Applicable Margin, the Commitment Fee Rate, the procedures for borrowing and the
borrowing conditions and (iii) not more than $150,000,000 aggregate principal
amount of loans made pursuant to the Optional Increase Requests shall consist of
Optional Term Loans. Any Optional Increase Request shall be submitted by the
Primary Borrower to the Lenders through Administrative Agent not less than 30
days prior to the proposed increase, specify the proposed effective date, type
and amount of such increase and be accompanied by (i) a certificate of a
Responsible Officer of the Primary Borrower stating that no Default or Event of
Default exists as of the date of the request or will result from the requested
increase, (ii) a written consent to the increase in the amount of the
Commitments executed by the Guarantors and (iii) such information as the
Administrative Agent may reasonably request for use in syndication of the
requested Optional Term Loan Tranche and/or increase in the Multicurrency
Commitments, as applicable. The Primary Borrower may also specify any fees
offered to those Lenders which agree to provide an Optional Term Loan Commitment
or increase their Multicurrency Commitment (which fees may be variable based
upon the amount which any such Lender is willing to provide of such increase in
Commitments). The consent of the Lenders parties at the time of such increase
shall not be required for an increase in the amount of any Commitment pursuant
to this Section.

          (c) Each Lender may approve or reject an Optional Increase Request in
its sole and absolute discretion and, absent an affirmative written response
within 15 days after receipt of such request, shall be deemed to have rejected
the request. The rejection of such a request by any number of Lenders shall not
affect the Primary Borrower's right to increase the Commitments pursuant to this
Section as a result of, and with respect to those Lenders that approve such
increase and such additional Lenders that join this Agreement in accordance with
clause (f) of this Section. Notwithstanding any other provision hereof, no
Lender which rejects an Optional Increase Request shall be (i) subject to
removal as a Lender as a result of such rejection, (ii) obligated to lend any
amount in respect of such increase in Commitments or (iii) as a result of such
rejection, deemed to be in default in any respect hereunder.

          (d) In responding to any Optional Increase Request under this Section,
each Lender that is willing to increase its Commitments shall specify the type
and amount of the proposed increase which it is willing to assume. The
effectiveness of any Optional Term Loan Tranche and any increase in the
Multicurrency Commitments shall be contingent upon (i) execution and delivery by
the Administrative Agent and the Primary Borrower of an Optional Increase
Amendment relating to such Optional Term Loan Tranche and/or increase in
Multicurrency Commitments, as applicable, (ii) execution and delivery by each
Lender providing Optional Term Loan Commitments under such Optional Term Loan
Tranche, or any additional Multicurrency Commitments, as applicable, of a Lender
Addendum, with such changes thereto as are necessary to reflect that such Lender
Addendum relates to the Optional Increase Amendment rather than this Agreement,
pursuant to which each such Lender becomes a party to the Optional Increase
Amendment relating to such Optional Term Loan Tranche, and/or increase in

                                       52
<Page>

Multicurrency Commitments, as applicable, (iii) execution and delivery by the
Primary Borrower (and, if applicable, Parent, Holdings and any of its
Subsidiaries) of such amendments to the Security Documents (including amendments
to the Mortgages) or such other documents as the Administrative Agent reasonably
deems necessary or desirable to reflect the terms of the Optional Increase
Amendment, (iv) receipt by the Administrative Agent of endorsements to each
mortgagee's title insurance policy or binding marked up title commitments
satisfying the requirements of Section 8.2(o) and (v) receipt by the
Administrative Agent of such corporate resolutions and officer's certificates of
the Loan Parties and legal opinions of counsel to the Loan Parties as the
Administrative Agent shall reasonably request with respect thereto, in each
case, in form and substance reasonably satisfactory to the Administrative Agent.
In the case of any Lender Addendum with respect to an Optional Increase
Amendment executed by any Person that was not theretofore a Lender, upon the
effectiveness of such Optional Increase Amendment such Person shall be a party
hereto and a Lender hereunder.

          (e) If the aggregate principal amount committed to by the consenting
Lenders is less than the amount requested, the Primary Borrower may (i) reject
the proposed optional increase in Commitments in its entirety, (ii) accept the
offered amounts, (iii) designate one or more additional banks, financial
institutions or other entities which are reasonably acceptable to Administrative
Agent as additional Lenders hereunder in accordance with clause (f) of this
Section (each, a "NEW LENDER"), which New Lenders may commit to the amount of
the increase in the Commitment that has not been committed to by the consenting
Lenders, or (iv) request the consenting Lenders to commit to the amount of such
request not previously committed to by the consenting Lenders.

          (f) Each New Lender designated by the Primary Borrower and reasonably
acceptable to Administrative Agent shall become an additional party hereto as a
Lender concurrently with the effectiveness of an Optional Increase Amendment
executed by such Lender and which, in any event, contains the representations,
warranties, indemnities and other protections afforded to the Administrative
Agent and the other Lenders which would be granted or made by an Assignee under
Section 13.6 by means of the execution of an Assignment and Acceptance.

          (g) Subject to the foregoing, any Optional Increase Amendment
requested under this Section shall be effective as of the date proposed by the
Primary Borrower and shall provide for increases in the Commitments in an
aggregate principal amount equal to, without duplication, (i) the amount to
which consenting Lenders are willing to commit PLUS (ii) the amount committed to
by any New Lenders. Upon the effectiveness of any such Optional Increase
Amendment, the Primary Borrower shall, at the request of any Lender, issue new
or replacement Notes, as applicable, to each such affected Lender and new Notes
to each such New Lender, and the percentage PRO RATA share of each Lender will
be adjusted, higher or lower as needed, to give effect to the increase in the
outstanding Loans and Commitments.

                    SECTION 7. REPRESENTATIONS AND WARRANTIES

          To induce the Agents and the Lenders to enter into this Agreement and
to make the Loans and issue or participate in the Letters of Credit, Parent,
Holdings and each Borrower hereby jointly and severally represent and warrant to
each Agent and each Lender that:

          7.1. FINANCIAL CONDITION. (a) The unaudited PRO FORMA consolidated
balance sheet of Parent and its consolidated Subsidiaries as at March 31, 2002
(the "PRO FORMA BALANCE SHEET"), copies of which have heretofore been furnished
to each Lender, has been prepared giving effect (as if such events had occurred
on such date) to (i) the Loans to be made or continued on the Amendment and
Restatement Effective Date and the use of proceeds thereof and (ii) the payment
of fees and expenses in connection with the foregoing. The Pro Forma Balance
Sheet has been prepared based on the best information

                                       53
<Page>

reasonably available to Parent as of the date of delivery thereof, and presents
fairly on a PRO FORMA basis the estimated financial position of Parent and its
consolidated Subsidiaries as at March 31, 2002, assuming that the events
specified in the preceding sentence had actually occurred at such date and
giving effect to the other assumptions set forth therein.

          (b) The audited consolidated balance sheets of Parent as at December
31, 2001 and December 31, 2000, and the related consolidated statements of
income and of cash flows for the fiscal years ended on such dates, reported on
by and accompanied by an unqualified report from KPMG LLP, present fairly in all
material respects the consolidated financial condition of Parent as at such
dates, and the consolidated results of its operations and its consolidated cash
flows for the respective fiscal years then ended. The audited consolidated
balance sheets of Holdings as at December 31, 2001 and December 31, 2000, and
the related consolidated statements of income and of cash flows for the fiscal
years ended on such dates, reported on by and accompanied by an unqualified
report from KPMG LLP, present fairly in all material respects the consolidated
financial condition of Holdings as at such dates, and the consolidated results
of their operations and their consolidated cash flows for the respective fiscal
years then ended.

          (c) The unaudited consolidated balance sheets of each of Parent,
Holdings and the Primary Borrower as at March 31, 2002, and the related
unaudited consolidated statements of income and cash flows for the three-month
period ended on such date, present fairly in all material respects the
consolidated financial condition of Parent, Holdings and the Primary Borrower,
respectively, as at such date, and the consolidated results of their operations
and their consolidated cash flows for the three-month period then ended (subject
to normal year-end audit adjustments). All such financial statements, including
the related schedules and notes thereto, have been prepared in accordance with
GAAP applied consistently throughout the periods involved (except as approved by
the aforementioned firm of accountants and disclosed therein). Parent and its
Subsidiaries do not have any material Guarantee, contingent liabilities and
liabilities for taxes, or any long-term leases or unusual forward or long-term
commitments, including any interest rate or foreign currency swap or exchange
transaction or other obligation in respect of derivatives, that are not
reflected or disclosed in the notes in the most recent financial statements of
Parent referred to in this paragraph or otherwise permitted by this Agreement
and disclosed to the Lenders in writing, except those relating to the Jazzland
Acquisition. During the period from December 31, 2001 to and including the date
hereof there has been no Disposition by Parent or any of its Subsidiaries of any
material part of its Business or Property.

          7.2. NO CHANGE. Since December 31, 2001 there has been no development
or event that has had or could reasonably be expected to have a Material Adverse
Effect.

          7.3. EXISTENCE; COMPLIANCE WITH LAW. Each of Parent, Holdings and its
Subsidiaries (other than the Inactive Subsidiaries) (a) is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its
organization, (b) has the corporate (or equivalent) power and authority, and the
legal right, to own and operate its Property, to lease the Property it operates
as lessee and to conduct the Business in which it is currently engaged, (c) is
duly qualified as a foreign entity and in good standing under the laws of each
jurisdiction where its ownership, lease or operation of Property or the conduct
of its Business requires such qualification, except where the failure to be so
qualified would not have a Material Adverse Effect and (d) is in compliance with
all Requirements of Law except to the extent that the failure to comply
therewith could not, in the aggregate, reasonably be expected to have a Material
Adverse Effect.

          7.4. CORPORATE POWER; AUTHORIZATION; ENFORCEABLE OBLIGATIONS. Each
Loan Party has the corporate (or equivalent) power and authority, and the legal
right, to make, deliver and perform the Loan Documents to which it is a party
and to consummate the Transactions and, in the case of the Borrowers,

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to borrow hereunder. Each Loan Party has taken all necessary corporate (or
equivalent) action to authorize the execution, delivery and performance of the
Loan Documents to which it is a party and the consummation of the Transactions
and, in the case of the Borrowers, to authorize the borrowings on the terms and
conditions of this Agreement. No consent or authorization of, filing with,
notice to or other act by or in respect of, any Governmental Authority or any
other Person is required to be obtained by any Loan Party in connection with the
Transactions and the borrowings hereunder or with the execution, delivery,
performance, validity or enforceability of this Agreement or any of the Loan
Documents, except (i) consents, authorizations, filings and notices described in
Schedule 7.4, which consents, authorizations, filings and notices have been
obtained or made and are in full force and effect and (ii) the filings referred
to in Schedule 7.19(a)-1. Each Loan Document has been duly executed and
delivered on behalf of each Loan Party that is a party thereto. This Agreement
constitutes, and each other Loan Document upon execution will constitute, a
legal, valid and binding obligation of each Loan Party that is a party thereto,
enforceable against each such Loan Party in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

          7.5. NO LEGAL BAR. The execution, delivery and performance of this
Agreement and the other Loan Documents by the Loan Parties, the issuance of
Letters of Credit, the borrowings hereunder, the use of the proceeds thereof and
the consummation of the Transactions will not violate any Requirement of Law
applicable to, or any Contractual Obligation of, Parent, Holdings or any of its
Subsidiaries and will not result in, or require, the creation or imposition of
any Lien on any of their respective Properties or revenues pursuant to any
Requirement of Law or any such Contractual Obligation (other than the Liens
created by the Security Documents). No Requirement of Law or Contractual
Obligation applicable to Parent, Holdings or any of its Subsidiaries could
reasonably be expected to have a Material Adverse Effect.

          7.6. LITIGATION. No litigation, investigation or proceeding of or
before any arbitrator or Governmental Authority is pending or, to the knowledge
of Parent, Holdings or the Primary Borrower, threatened by or against Parent,
Holdings or any of its Subsidiaries or against any of their respective
properties or revenues (a) with respect to any of the Loan Documents or any of
the transactions contemplated hereby or thereby, or (b) that could reasonably be
expected to have a Material Adverse Effect.

          7.7. NO DEFAULT. Neither Parent, Holdings, nor any of its Subsidiaries
is in default under or with respect to any of its Contractual Obligations in any
respect that could reasonably be expected to have a Material Adverse Effect. No
Default or Event of Default has occurred and is continuing.

          7.8. OWNERSHIP OF PROPERTY; LIENS. Each of Parent, Holdings and its
Subsidiaries has title in fee simple to, or a valid leasehold interest in, all
its material Real Property, and good title to, or a valid leasehold interest in,
all its other material Property, and none of such Property (including the Real
Property) is subject to any Lien except a Permitted Lien. Attached as Schedule
7.8 is a list of all Real Property owned, leased or operated by, and which is
material to the operation of the Business of, Parent, Holdings or its
Subsidiaries.

          7.9. INTELLECTUAL PROPERTY. Parent, Holdings and each of its
Subsidiaries owns, or is licensed to use, all Intellectual Property material to
the conduct of its business as currently conducted. No claim has been asserted
and is pending by any Person challenging or questioning the use of any
Intellectual Property or the validity or effectiveness of any Intellectual
Property, nor does Parent, Holdings or the Primary Borrower know of any valid
basis for any such claim except for claims which, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect.
The

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<Page>

use of Intellectual Property by Parent, Holdings and its Subsidiaries does not
infringe on the rights of any Person to an extent which could reasonably be
expected to have a Material Adverse Effect.

          7.10. TAXES. Each of Parent, Holdings and each of its Subsidiaries has
filed or caused to be filed all Federal, state and other material tax returns
that are required to be filed and has paid all taxes shown to be due and payable
on said returns or on any assessments made against it or any of its Property and
all other material taxes, fees or other charges imposed on it or any of its
Property by any Governmental Authority (other than any the amount or validity of
which are currently being contested in good faith by appropriate proceedings and
with respect to which reserves (to the extent required by GAAP) have been
provided on the books of Parent, Holdings or its Subsidiaries, as the case may
be, and those which, with respect to taxes or other assessments on Real
Properties, can be contested without payment under applicable law); no material
tax Lien has been filed, and, to the knowledge of Parent, Holdings and the
Primary Borrower, no claim is being asserted with respect to any such tax, fee
or other charge except claims that individually or in the aggregate could not
reasonably be expected to have a Material Adverse Effect.

          7.11. FEDERAL REGULATIONS. No part of the proceeds of any Loans will
be used for "buying" or "carrying" any Margin Stock within the respective
meanings of each of the quoted terms under Regulation U as now and from time to
time hereafter in effect or for any purpose that violates the provisions of the
Regulations of the Board. If requested by the Administrative Agent, the
Borrowers will furnish to the Administrative Agent a statement to the foregoing
effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as
applicable, referred to in Regulation U.

          7.12. LABOR MATTERS. Except as, in the aggregate, could not reasonably
be expected to have a Material Adverse Effect: (a) there are no strikes or other
labor disputes against Parent, Holdings or any of its Subsidiaries pending or,
to the knowledge of Parent, Holdings or the Primary Borrower, threatened; (b)
hours worked by and payment made to employees of Parent, Holdings and its
Subsidiaries have not been in violation of the Fair Labor Standards Act or any
other applicable Requirement of Law dealing with such matters; and (c) all
payments due from Parent, Holdings or any of its Subsidiaries on account of
employee health and welfare insurance have been paid or accrued as a liability
on the books of Parent, Holdings or the relevant Subsidiary.

          7.13. ERISA. Except as, in the aggregate, could not reasonably be
expected to have a Material Adverse Effect, (a) no ERISA Event has occurred
during the three-year period prior to the date on which this representation is
made or deemed made with respect to any Plan, and each Plan has complied with
its terms and the applicable provisions of ERISA and the Code, (b) no
termination of a Single Employer Plan has occurred, and no Lien in favor of the
PBGC or a Plan has arisen, during such three-year period, (c) the present value
of all accrued benefits under each Single Employer Plan (based on those
assumptions used to fund such Plans) did not, as of the last annual valuation
date prior to the date on which this representation is made or deemed made,
exceed the value of the assets of such Plan allocable to such accrued benefits
and (d) neither Parent, Holdings, nor any ERISA Affiliate would become subject
to any withdrawal liability under Section 4201 of ERISA if Parent, Holdings, or
any ERISA Affiliate were to withdraw completely from all Multiemployer Plans as
of the valuation date most closely preceding the date on which this
representation is made or deemed made.

          7.14. INVESTMENT COMPANY ACT; OTHER REGULATIONS. No Loan Party is an
"investment company", or a company "controlled" by an "investment company",
within the meaning of the Investment Company Act of 1940, as amended. No Loan
Party is subject to regulation under any Requirement of Law (other than
Regulation X of the Board) that limits its ability to incur Indebtedness.

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          7.15. SUBSIDIARIES. Except as disclosed to the Administrative Agent by
the Primary Borrower in writing from time to time after the Amendment and
Restatement Effective Date, Schedule 7.15 sets forth the name and jurisdiction
of incorporation of each Subsidiary (other than Inactive Subsidiaries and other
than Subsidiaries that are included in Excluded Assets (as defined in the
Guarantee and Collateral Agreement)) of the Parent and, as to each such
Subsidiary, the percentage of each class of Capital Stock owned by any Loan
Party and, except as so disclosed, there are no outstanding subscriptions,
options, warrants, calls, rights or other agreements or commitments (other than
stock options granted to employees or directors and directors' qualifying
shares) of any nature relating to any Capital Stock of Holdings, the Primary
Borrower or any such Subsidiary, except as created by the Loan Documents.

          7.16. USE OF PROCEEDS. The proceeds of the Tranche B Term Loans made
on the Closing Date were used in accordance with Section 7.16 of the Existing
Credit Agreement. The proceeds of the Tranche B Term Loans made on the Amendment
and Restatement Effective Date shall be used to pay transaction costs incurred
in respect of the transactions contemplated herein. The proceeds of the
Revolving Credit Loans, the Multicurrency Loans and the Swing Line Loans, and
the Letters of Credit, shall be used for general corporate purposes, including
Acquisitions, Capital Expenditures and other uses permitted hereunder and to pay
transaction costs incurred in respect of the transactions contemplated herein;
PROVIDED that such proceeds shall not be used to repay or prepay any Tranche B
Term Loans. The proceeds of the Optional Term Loans shall be used for the
purposes specified in the applicable Optional Increase Amendment.

          7.17. ENVIRONMENTAL MATTERS. Except as, in the aggregate, could not
reasonably be expected to have a Material Adverse Effect:

          (a) the Real Properties, and other amusement parks, attractions or
     real properties operated solely by Parent, Holdings or its Subsidiaries, or
     in respect of which Parent, Holdings or any of its Subsidiaries would be
     liable as an owner, operator or other occupant under any Environmental Law
     (collectively, together with the Real Properties, the "OPERATED
     PROPERTIES"), do not contain, and, to their knowledge, have not previously
     contained, any Materials of Environmental Concern in amounts or
     concentrations or under circumstances that constitute or constituted a
     violation of, or could give rise to liability under, any Environmental Law;

          (b) neither Parent, Holdings nor any of its Subsidiaries has received
     or is aware of any notice of violation or alleged violation of,
     non-compliance with, or liability or potential liability under,
     Environmental Laws with regard to any of the Operated Properties or the
     business operated by Parent, Holdings or any of its Subsidiaries (the
     "BUSINESS"), nor does Parent, Holdings or the Primary Borrower have
     knowledge or reason to believe that any such notice will be received or is
     being threatened;

          (c) Materials of Environmental Concern have not been transported or
     disposed of from the Operated Properties in violation of, or in a manner or
     to a location that could give rise to liability under, any Environmental
     Law, nor have any Materials of Environmental Concern been generated,
     treated, stored or disposed of at, on or under any of the Operated
     Properties in violation of, or in a manner that could give rise to
     liability under, any applicable Environmental Law;

          (d) no Environmental Claim is pending or, to the knowledge of Parent,
     Holdings and the Primary Borrower, threatened, under any Environmental Law
     to which Parent, Holdings or any Subsidiary is or will be named as a party
     with respect to the Operated Properties or the Business, nor are there any
     consent decrees or other decrees, consent orders, administrative orders or
     other

                                       57
<Page>

     orders, or other requirements of any Governmental Authority outstanding
     under any Environmental Law with respect to the Operated Properties or the
     Business;

          (e) there has been no Release or threat of Release of Materials of
     Environmental Concern at or from the Operated Properties, or arising from
     or related to the operations of Parent, Holdings or any Subsidiary in
     connection with the Operated Properties or otherwise in connection with the
     Business, in violation of or in amounts or in a manner that could give rise
     to liability under Environmental Laws;

          (f) the Operated Properties and the Business are in compliance, and
     have in the last five years been in compliance, with all applicable
     Environmental Laws, and there is no contamination at, under or about the
     Operated Properties or violation of any Environmental Law with respect to
     the Operated Properties or the Business; and

          (g) neither Parent, Holdings nor any Subsidiary has assumed or
     retained any liability of any other Person under Environmental Laws (other
     than assumptions by operation of law in connection with Acquisitions).

          7.18. ACCURACY OF INFORMATION, ETC. No statement or information (other
than projections and pro forma financial information) contained in this
Agreement or any other Loan Document, or furnished by or on behalf of any Loan
Party in the Confidential Information Memorandum, or contained in any other
document, certificate or statement furnished by or on behalf of any Loan Party
to the Administrative Agent or the Lenders, or any of them, for use in
connection with the transactions contemplated by this Agreement or the other
Loan Documents, contained as of the date such statement, information, document
or certificate was so furnished (or, in the case of the Confidential Information
Memorandum, as of the date of this Agreement), any untrue statement of a
material fact or omitted to state a material fact necessary to make the
statements contained herein or therein, in light of the circumstances in which
they were made not misleading. The projections and PRO FORMA financial
information contained in the materials referenced above were based upon good
faith estimates and assumptions believed by management of Holdings to be
reasonable at the time made, it being recognized by the Lenders that such
financial information as it relates to future events is not to be viewed as fact
and that actual results during the period or periods covered by such financial
information may differ from the projected or pro forma results set forth therein
by a material amount. There is no fact known to any Loan Party that could
reasonably be expected to have a Material Adverse Effect that has not been
expressly disclosed herein, in the other Loan Documents, in the Confidential
Information Memorandum or in any other documents, certificates and written
statements furnished to the Administrative Agent and the Lenders for use in
connection with the transactions contemplated hereby and by the other Loan
Documents.

          7.19. SECURITY DOCUMENTS. (a) The Guarantee and Collateral Agreement
is effective to create in favor of the Administrative Agent, for the benefit of
the Lenders, a legal, valid and enforceable security interest in the Collateral
(other than the Mortgaged Properties) described therein and proceeds thereof. In
the case of the Pledged Stock described in the Guarantee and Collateral
Agreement, when any stock certificates representing such Pledged Stock are
delivered to the Administrative Agent, and in the case of the other Collateral
described in the Guarantee and Collateral Agreement, when financing statements
in appropriate form are filed in the offices specified on Schedule 7.19(a)-1
(which financing statements have been duly completed and delivered to the
Administrative Agent) and such other filings as are specified on Schedule 3 to
the Guarantee and Collateral Agreement (all documentation in respect of which
other filings have been or will have been duly completed and executed and
delivered to the Administrative Agent on or prior to the Amendment and
Restatement Effective Date), the Guarantee and Collateral Agreement shall
constitute a fully perfected Lien on, and security interest in, all right, title
and

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interest of the Loan Parties in such Collateral and the proceeds thereof, as
security for the Obligations (as defined in the Guarantee and Collateral
Agreement), in each case prior and superior in right to any other Person
(except, in the case of Collateral other than Pledged Stock, Liens permitted by
Section 10.3). Schedule 7.19(a)-2 lists each UCC Financing Statement that (i)
names any Loan Party as debtor and (ii) will remain on file after the Amendment
and Restatement Effective Date. Schedule 7.19(a)-3 lists each UCC Financing
Statement that (i) names any Loan Party as debtor and (ii) will be terminated on
or prior to the Amendment and Restatement Effective Date; and on or prior to the
Amendment and Restatement Effective Date, the Primary Borrower will have
delivered to the Administrative Agent, or caused to be filed, duly completed UCC
termination statements, authorized by the relevant secured party, in respect of
each UCC Financing Statement listed in Schedule 7.19(a)-3.

          (b) Each of the Mortgages, when filed (or which have been filed) in
the offices specified on Schedule 7.19(b) (in the case of the Mortgages executed
and delivered in connection with the Existing Credit Agreement or to be executed
and delivered on the Amendment and Restatement Effective Date) or in the
appropriate recording office in the jurisdiction where the Mortgaged Property is
located (in the case of any Mortgage to be executed and delivered pursuant to
Section 9.6(b)), will be (or, in the case of Mortgages executed and delivered in
connection with the Existing Credit Agreement, are) effective to create in favor
of the Administrative Agent, for the benefit of the Lenders, a legal, valid and
enforceable Lien on the Mortgaged Properties described therein and proceeds
thereof; and shall constitute a fully perfected Lien on, and security interest
in, all right, title and interest of the Loan Parties in the Mortgaged
Properties described therein and the proceeds thereof, as security for the
Obligations (as defined in the relevant Mortgage), in each case prior and
superior in right to any other Person (other than Persons holding Liens or other
encumbrances or rights permitted hereunder or by the relevant Mortgage).

          (c) Each Foreign Security Document, when executed and delivered
hereunder, will be effective to create in favor of the Administrative Agent, for
the benefit of the Lenders, a legal, valid and enforceable security interest in
the Collateral described therein and proceeds thereof. When the actions
specified in such Foreign Security Document for the perfection of the security
interest created thereby have been taken, such Foreign Security Document will
constitute a fully perfected Lien on, and security interest in, all right, title
and interest of the Loan Parties in such Collateral and the proceeds thereof, as
security for (i) in the case of Foreign Subsidiary Pledge Agreements, the
Obligations (as defined in the Guarantee and Collateral Agreement) and (ii) in
the case of any other Foreign Security Document, as security for the obligations
specified therein, prior and superior in right to any other Person (except, in
the case of Collateral other than Pledged Stock, Liens permitted by Section
10.3).

          7.20. SOLVENCY. Each of Parent, Holdings and the Primary Borrower is,
and after giving effect to the Transactions and the incurrence of all
Indebtedness and obligations being incurred in connection herewith and therewith
will be and will continue to be, Solvent.

          7.21. REGULATION H. Except as set forth on Schedule 7.21, no Mortgage
shall encumber improved Real Property that is located in an area that has been
identified by the Secretary of Housing and Urban Development as an area having
special flood hazards and in which flood insurance has been made available under
the National Flood Insurance Act of 1968.

          7.22. PARKS. Set forth on Schedule 1.1(b) is a complete and correct
list of all of the amusement and attraction parks (the "EXISTING PARKS") owned
by Holdings or its Subsidiaries on the Amendment and Restatement Effective Date.

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                         SECTION 8. CONDITIONS PRECEDENT

          8.1. CONDITIONS TO INITIAL EXTENSION OF CREDIT. The occurrence of the
Closing Date, and the agreement of each Lender to make the initial extension of
credit requested to be made by it on the Closing Date, were subject to the
satisfaction, prior to or concurrently with the making of such extensions of
credit on the Closing Date, of the conditions precedent set forth in Section 8.1
and 8.2 of the Existing Credit Agreement.

          8.2. CONDITIONS TO AMENDMENT AND RESTATEMENT EFFECTIVE DATE. The
agreement of each Lender to make the extension of credit requested to be made by
it hereunder on the Amendment and Restatement Effective Date is subject to the
satisfaction, prior to or concurrently with the making of such extension of
credit on the Amendment and Restatement Effective Date, of the following
conditions precedent:

          (a) LOAN DOCUMENTS. The Administrative Agent shall have received (i)
     this Agreement, executed and delivered by a duly authorized officer of
     Parent, Holdings, each Domestic Subsidiary Borrower and each Foreign
     Subsidiary Borrower, if any, that is to become a party hereto on the
     Amendment and Restatement Effective Date, (ii) the Consent and
     Confirmation, executed and delivered by a duly authorized officer of
     Parent, Holdings, the Primary Borrower and each Subsidiary Guarantor, (iii)
     a Mortgage Amendment with respect to each Mortgage in effect on the
     Amendment and Restatement Effective Date, executed and delivered by a duly
     authorized officer of each party thereto, (iv) a Lender Addendum executed
     and delivered by each Lender and (v) for the account of each relevant
     Lender that so requests, Notes conforming to the requirements hereof and
     executed and delivered by a duly authorized officer of each relevant
     Borrower.

          (b) CAPITAL STRUCTURE. The capital structure of each Loan Party after
     the Transactions shall be as set forth in the Confidential Information
     Memorandum.

          (c) PRO FORMA BALANCE SHEET; FINANCIAL STATEMENTS. The Lenders shall
     have received (i) the Pro Forma Balance Sheet, (ii) the audited
     consolidated financial statements described in Section 7.1(b) and (iii) the
     unaudited interim consolidated financial statements described in Section
     7.1(c).

          (d) APPROVALS. All material Governmental Authority and third party
     approvals necessary to be obtained by Holdings or any of its Subsidiaries
     in connection with the transactions contemplated hereby shall have been
     obtained and be in full force and effect.

          (e) RELATED AGREEMENTS. The Administrative Agent shall have received
     (in a form reasonably satisfactory to the Administrative Agent) true and
     correct copies, certified as to authenticity by Parent or Holdings, of the
     Indentures, the Partnership Parks Agreements, the Marine World Agreements,
     the Shared Services Agreement, the Tax Sharing Agreement and such other
     documents or instruments as may be reasonably requested by the
     Administrative Agent, including, without limitation, a copy of any other
     debt instrument, security agreement or other material contract to which the
     Loan Parties may be a party.

          (f) EXISTING CREDIT AGREEMENT. The Administrative Agent shall have
     received from each Lender, in respect of such Lender's Loans and
     Commitments, an Assignment and Acceptance executed by Lehman Commercial
     Paper Inc., the Administrative Agent and such Lender pursuant to which such
     Lender shall have assigned to Lehman Commercial Paper Inc. all of such
     Loans and Commitments (as such term and all other capitalized terms in this
     clause (f) are defined in the

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     Existing Credit Agreement), which Assignment and Acceptances shall become
     effective on the Amendment and Restatement Effective Date (and only if such
     date occurs).

          (g) FEES. The Lenders and the Administrative Agent shall have received
     all fees required to be paid, and all expenses for which invoices have been
     presented (including reasonable fees, disbursements and other charges of
     counsel to the Agents), on or before the Amendment and Restatement
     Effective Date. All such amounts will be paid with proceeds of Loans made
     on the Amendment and Restatement Effective Date and will be reflected in
     the funding instructions given by Holdings to the Administrative Agent on
     or before the Amendment and Restatement Effective Date.

          (h) BUSINESS PLAN. The Lenders shall have received a satisfactory
     business plan for fiscal years 2002 through 2009 and a satisfactory written
     analysis of the business and prospects of Holdings and its Subsidiaries for
     the period from the Amendment and Restatement Effective Date through final
     maturity of the Loans and the Commitments, in each case covering such
     matters and in such level of detail as is customary in comparable financing
     transactions.

          (i) LIEN SEARCHES. The Administrative Agent shall have received the
     results of recent Uniform Commercial Code and other lien searches in each
     relevant domestic jurisdiction with respect to all Property of the Loan
     Parties (except that with respect to the Real Property, such lien searches
     shall be limited to the Mortgaged Properties), and such search shall reveal
     no Liens on any of the Property of the Loan Parties, except for Liens
     permitted by Section 10.3 or Liens to be discharged prior to or at the
     Amendment and Restatement Effective Date.

          (j) ENVIRONMENTAL MATTERS. The environmental reports described in
     Schedule 8.2(j) shall have been received by the Administrative Agent and
     the Lenders shall be reasonably satisfied with the results thereof.

          (k) CLOSING CERTIFICATE. The Administrative Agent shall have received
     a certificate of each Loan Party, dated the Amendment and Restatement
     Effective Date, substantially in the form of Exhibit C, with appropriate
     insertions and attachments.

          (l) LEGAL OPINIONS. The Administrative Agent shall have received the
     following executed legal opinions:

                (i)   the legal opinion of Weil, Gotshal & Manges LLP, special
          counsel to Parent, Holdings and its Subsidiaries, substantially in the
          form of Exhibit F-1;

                (ii)  the legal opinion of James Coughlin, Esq., general counsel
          of Parent, Holdings and its Subsidiaries, substantially in the form of
          Exhibit F-2;

                (iii) the legal opinions of counsel to Parent and its
          Subsidiaries in Belgium and Canada in respect of the pledge of the
          Capital Stock of Subsidiaries of Holdings incorporated in such
          jurisdictions, in form and substance reasonably satisfactory to the
          Administrative Agent; and

                (iv)  the legal opinion of Nixon Peabody LLP, special counsel to
          Parent, Holdings and its Subsidiaries, substantially in the form of
          Exhibit F-3.

     Each such legal opinion shall cover such other matters incident to the
     transactions contemplated by this Agreement as the Administrative Agent may
     reasonably require.

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          (m) PLEDGED STOCK; STOCK POWERS; ACKNOWLEDGMENT AND CONSENT; PLEDGED
     NOTES. The Administrative Agent shall have received (i) the certificates
     representing the Capital Stock pledged pursuant to the Guarantee and
     Collateral Agreement, together with an undated stock power for each such
     certificate executed in blank by a duly authorized officer of the pledgor
     thereof, (ii) an Acknowledgment and Consent, substantially in the form of
     Annex II to the Guarantee and Collateral Agreement, duly executed by any
     issuer of Capital Stock pledged pursuant to the Guarantee and Collateral
     Agreement that is not itself a party to the Guarantee and Collateral
     Agreement and (iii) each promissory note, if any, pledged pursuant to the
     Guarantee and Collateral Agreement endorsed (without recourse) in blank (or
     accompanied by an executed transfer form in blank satisfactory to the
     Administrative Agent) by the pledgor thereof.

          (n) FILINGS, REGISTRATIONS AND RECORDINGS. Each document (including,
     without limitation, any Uniform Commercial Code financing statement)
     required by the Security Documents or under any Requirement of Law or
     reasonably requested by the Administrative Agent to be filed, registered or
     recorded in order to create in favor of the Administrative Agent, for the
     benefit of the Lenders, a perfected Lien on the Collateral described
     therein, prior and superior in right to any other Person (other than with
     respect to Liens expressly permitted by Section 10.3), shall have been
     filed, registered or recorded or shall have been delivered to the
     Administrative Agent in proper form for filing, registration or
     recordation.

          (o) TITLE INSURANCE, SURVEYS AND FLOOD INSURANCE. (i) The
     Administrative Agent shall have received, with respect to each Mortgaged
     Property, either (A) an endorsement to each mortgagee's title insurance
     policy previously delivered to the Administrative Agent or (B) a binding
     marked up title commitment issued by First American Title Insurance Company
     of New York (either directly or through authorized agents) in substantially
     the same form as that previously delivered to the Administrative Agent
     subject to subsequently filed Permitted Liens. Each such endorsement or
     marked up title commitment shall (A) insure that the Mortgage insured by
     such existing policy or marked up title commitment, as amended by the
     relevant Mortgage Amendment, creates and continues to constitute a valid
     first Lien on the Mortgaged Property described in such Mortgage, subject
     only to Permitted Liens and such exceptions as were disclosed in such
     endorsement or marked up title commitment; (B) modify the effective date of
     such policy or commitment to be the date of recordation of the Mortgage
     Amendment. The Administrative Agent shall have received evidence that all
     title insurance premiums, recording fees and applicable mortgage recording
     taxes have been paid.

          (ii)  the Administrative Agent shall have received reasonably
     satisfactory evidence that the endorsements to the title policies or marked
     commitments shall not contain any so-called "general survey exceptions".

          (p) INSURANCE. The Administrative Agent shall have received insurance
     certificates satisfying the requirements of Section 9.4.

          (q) RATINGS. On or after May 13, 2002, (i) no downgrading shall have
     occurred in the rating accorded the debt securities of Parent or any of its
     Subsidiaries by any "nationally recognized statistical rating organization"
     as that term is defined by the SEC for purposes of Rule 436(g)(2) under the
     Securities Act of 1933, as amended, and (ii) no such organization shall
     have publicly announced that it has under surveillance or review, with
     possible negative implications, its rating of any of the debt securities of
     Parent or any of its Subsidiaries.

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          8.3. CONDITIONS TO EACH EXTENSION OF CREDIT. The agreement of each
Lender to make any extension of credit requested to be made by it hereunder on
any date (including, without limitation, its initial extension of credit) is
subject to the satisfaction of the following conditions precedent:

          (a) REPRESENTATIONS AND WARRANTIES. Each of the representations and
     warranties made by any Loan Party in or pursuant to the Loan Documents
     shall be true and correct in all material respects on and as of such date
     as if made on and as of such date, except to the extent such
     representations and warranties expressly relate to an earlier date, in
     which case such representations and warranties were true and correct in all
     material respects as of such earlier date.

          (b) NO DEFAULT. No Default or Event of Default shall have occurred and
     be continuing on such date or after giving effect to the extensions of
     credit requested to be made on such date.

          (c) FOREIGN SUBSIDIARY OPINION. If such extension of credit is the
     initial extension of credit to a Foreign Subsidiary Borrower, (i) such
     Foreign Subsidiary Borrower shall have become a party hereto on the Closing
     Date, or after the Closing Date pursuant to Section 13.1(b), (ii) the
     Administrative Agent shall have received a Foreign Subsidiary Opinion in
     respect of such Foreign Subsidiary Borrower and (iii) if by reason of the
     incurrence of Indebtedness by such Foreign Subsidiary Borrower hereunder
     such Foreign Subsidiary Borrower shall be required to Guarantee
     Indebtedness under any Indenture, such Foreign Subsidiary Borrower shall
     have become a Guarantor party to the Guarantee and Collateral Agreement.

Each borrowing by, and issuance of a Letter of Credit on behalf of, a Borrower
hereunder shall constitute a representation and warranty by Parent, Holdings and
such Borrower as of the date of such extension of credit that the conditions
contained in this Section 8.3 have been satisfied.

                        SECTION 9. AFFIRMATIVE COVENANTS

          Parent, Holdings and the Borrowers hereby jointly and severally agree
that, so long as the Commitments remain in effect, any Letter of Credit remains
outstanding or any Loan or other amount is owing to any Lender or any Agent
hereunder, each of Parent (with respect to Sections 9.1, 9.2, 9.3, 9.4, 9.5,
9.6, 9.7, 9.8 and 9.10 only), Holdings and each of the Borrowers shall and shall
cause each of their respective Subsidiaries to:

          9.1. FINANCIAL STATEMENTS AND OTHER INFORMATION. Deliver to each Agent
and each of the Lenders:

          (a) as soon as available and in any event within 90 days after the end
     of each fiscal year of Parent, consolidated statements of operations,
     shareholders' equity and cash flows of Parent and its Subsidiaries for such
     fiscal year and the related consolidated balance sheets of Parent and its
     Subsidiaries as at the end of such fiscal year, setting forth in each case
     in comparative form the corresponding consolidated figures for the
     preceding fiscal year, accompanied by an opinion thereon of independent
     certified public accountants of recognized national standing, which opinion
     shall state that such consolidated financial statements fairly present in
     all material respects the consolidated financial condition and results of
     operations of Parent and its Subsidiaries as at the end of, and for, such
     fiscal year in accordance with GAAP;

          (b) as soon as available and in any event within 90 days after the end
     of each fiscal year of Holdings, consolidated statements of operations,
     shareholders' equity and cash flows of

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     Holdings and its Subsidiaries for such fiscal year and the related
     consolidated balance sheets of Holdings and its Subsidiaries as at the end
     of such fiscal year, setting forth in each case in comparative form the
     corresponding consolidated figures for the preceding fiscal year,
     accompanied by an opinion thereon of independent certified public
     accountants of recognized national standing, which opinion shall state that
     such consolidated financial statements fairly present in all material
     respects the consolidated financial condition and results of operations of
     Holdings and its Subsidiaries as at the end of, and for, such fiscal year
     in accordance with GAAP, and a statement of such accountants to the effect
     that, in making the examination necessary for their opinion, nothing came
     to their attention that caused them to believe that Holdings was not in
     compliance with Section 10.1 or Section 10.6, in each case insofar as such
     Section relates to accounting matters;

          (c) as soon as available and in any event within 90 days after the end
     of each fiscal year of each of Texas Flags, Ltd. and Six Flags Over Georgia
     II, L.P., consolidated statements of operations, partners' equity and cash
     flows of each of Texas Flags, Ltd. and Six Flags Over Georgia II, L.P. and
     its Subsidiaries for such fiscal year and the related consolidated balance
     sheets of each of Texas Flags, Ltd. and Six Flags Over Georgia II, L.P. and
     its Subsidiaries as at the end of such fiscal year, setting forth in each
     case in comparative form the corresponding consolidated figures for the
     preceding fiscal year, accompanied by an opinion thereon of independent
     certified public accountants of recognized national standing, which opinion
     shall state that such consolidated financial statements fairly present in
     all material respects the consolidated financial condition and results of
     operations of each of Texas Flags, Ltd. and Six Flags Over Georgia II, L.P.
     and its Subsidiaries as at the end of, and for, such fiscal year in
     accordance with GAAP;

          (d) as soon as available and in any event within 45 days after the end
     of each quarterly fiscal period of each fiscal year of Parent, consolidated
     statements of operations, shareholders' equity and cash flows of Parent and
     its Subsidiaries for such period and for the period from the beginning of
     the respective fiscal year to the end of such period, and the related
     consolidated balance sheets of Parent and its Subsidiaries, as at the end
     of such period, setting forth in each case in comparative form the
     corresponding consolidated figures for the corresponding periods in the
     preceding fiscal year (except that, in the case of balance sheets, such
     comparison shall be to the last day of the prior fiscal year), accompanied
     by a certificate of a Responsible Officer of Parent, which certificate
     shall state that such consolidated financial statements fairly present in
     all material respects the consolidated financial condition and results of
     operations of Parent and its Subsidiaries, in each case in accordance with
     GAAP, consistently applied, as at the end of, and for, such period (subject
     to normal year-end audit adjustments);

          (e) as soon as available and in any event within 45 days after the end
     of each quarterly fiscal period of each fiscal year of Holdings,
     consolidated statements of operations, shareholders' equity and cash flows
     of Holdings and its Subsidiaries for such period and for the period from
     the beginning of the respective fiscal year to the end of such period, and
     the related consolidated balance sheets of Holdings and its Subsidiaries,
     as at the end of such period, setting forth in each case in comparative
     form the corresponding consolidated figures for the corresponding periods
     in the preceding fiscal year (except that, in the case of balance sheets,
     such comparison shall be to the last day of the prior fiscal year),
     accompanied by a certificate of a Responsible Officer of Holdings, which
     certificate shall state that such consolidated financial statements fairly
     present in all material respects the consolidated financial condition and
     results of operations of Holdings and its Subsidiaries, in each case in
     accordance with GAAP, consistently applied, as at the end of, and for, such
     period (subject to normal year-end audit adjustments);

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          (f) concurrently with any delivery of financial statements under
     clause (a), (b), (d) or (e) of this Section 9.1, a certificate of a
     Responsible Officer of Parent or Holdings, as the case may be, (i) to the
     effect that no Default or Event of Default has occurred and is continuing
     (or, if any Default or Event of Default has occurred and is continuing,
     describing the same in reasonable detail and describing the action that
     Holdings has taken or proposes to take with respect thereto) and (ii)
     setting forth in reasonable detail the computations necessary to determine
     whether Holdings and the Primary Borrower were in compliance with Sections
     10.1, 10.5, 10.7(j) and 10.7(m) as of the end of the respective quarterly
     fiscal period or fiscal year;

          (g) as soon as available, and in any event no later than 45 days after
     the end of each fiscal year of Holdings, a detailed consolidated budget for
     the following fiscal year;

          (h) within 45 days after the end of each of the first three fiscal
     quarters of Holdings and within 90 days after each fiscal year of Holdings,
     a narrative discussion and analysis of the financial condition and results
     of operations of Holdings and its Subsidiaries for such fiscal period and,
     if applicable, for the period from the beginning of the then current fiscal
     year to the end of such fiscal quarter, as compared to the comparable
     periods of the previous year;

          (i) promptly upon their becoming available, copies of all registration
     statements and regular periodic reports, if any, that Parent or Holdings
     shall have filed with the Securities and Exchange Commission (or any
     governmental agency substituted therefor) or any national securities
     exchange;

          (j) promptly upon receipt thereof, copies of any management letters
     prepared by Parent's or Holdings' independent public accountants with
     respect to the audit of the financial statements of Parent and its
     Subsidiaries or Holdings and its Subsidiaries;

          (k) within 15 Business Days after the end of each of the months of
     June, July, August, September and October, a performance report in respect
     of the Parks detailing on a Park-by-Park basis attendance and revenue for
     the preceding month and showing a comparison to budget and to the same
     period in the prior year; and

          (l) from time to time such other information regarding the financial
     condition, operations, business or prospects of Parent or any of its
     Subsidiaries (including, without limitation, any Plan or Multiemployer Plan
     and any reports or other information required to be filed under ERISA), or
     compliance with the terms of this Agreement, as any Lender or the
     Administrative Agent may reasonably request.

          9.2. NOTICES OF MATERIAL EVENTS. Furnish the following to the
Administrative Agent in writing:

          (a) promptly after any executive officer of Parent, Holdings or the
     Primary Borrower has actual knowledge of facts that would give him or her
     reason to believe that any Default or Event of Default has occurred, notice
     of such Default or Event of Default;

          (b) as soon as any executive officer of Parent, Holdings or the
     Primary Borrower has actual knowledge of the facts that would give him or
     her reason to know of the occurrence thereof, prompt notice of all legal or
     arbitral proceedings, and of all proceedings by or before any governmental
     or regulatory authority or agency, and of any material development in
     respect of such legal or other proceedings, affecting Parent or any of its
     Subsidiaries that, if adversely

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     determined, could reasonably be expected to result in aggregate liabilities
     or damages in excess of $2,500,000 over available insurance or
     indemnification by creditworthy third parties;

          (c) as soon as possible, and in any event within ten days after
     Parent, Holdings or the Primary Borrower knows or has reason to believe
     that any ERISA Event has occurred or exists, notice of the occurrence of
     such ERISA Event (and as soon as practicable thereafter, a copy of any
     report or notice required to be filed with or given to the PBGC by Parent,
     Holdings or an ERISA Affiliate with respect to such ERISA Event), if such
     ERISA Event could reasonably be expected to result in aggregate liabilities
     in excess of $2,500,000;

          (d) as soon as possible, and in any event within ten days prior to the
     incurrence by Parent of Indebtedness pursuant to any Indenture, notice of
     such incurrence;

          (e) prompt notice of the assertion of any Environmental Claim by any
     Person against, or with respect to the activities of, Parent or any of its
     Subsidiaries and notice of any alleged violation of or non-compliance with
     any Environmental Laws or any permits, licenses or authorizations, other
     than any Environmental Claim or alleged violation that, if adversely
     determined, could (either individually or in the aggregate) reasonably be
     expected to result in remediation costs of more than $2,500,000 or
     materially adversely affect the operation of any Park; and

          (f) prompt notice of any other development that results in, or could
     reasonably be expected to result in, a Material Adverse Effect.

          Each notice delivered under this Section 9.2 shall be accompanied by a
statement of a Responsible Officer of Parent, Holdings or the Primary Borrower
setting forth the details of the event or development requiring such notice and
any action taken or proposed to be taken with respect thereto.

          9.3. EXISTENCE, ETC.

          (a) Preserve and maintain its legal existence (except in the case of
Inactive Subsidiaries) and all material permits, licenses and other Governmental
Authority authorizations necessary to enable it to operate each of its Parks
(other than seasonal permits and liquor licenses, which it anticipates will be
obtained in the normal course); PROVIDED that nothing in this Section 9.3 shall
prohibit any transaction expressly permitted under Section 10.4; PROVIDED,
FURTHER, that any direct Subsidiary of Parent may be merged or consolidated with
or into: (i) Parent, if Parent shall be the continuing or surviving corporation
or (ii) any other Subsidiary of Parent which is a Domestic Subsidiary, PROVIDED
that if any such transaction shall be between a Subsidiary of Parent and a
Subsidiary Guarantor, such Subsidiary Guarantor shall be the continuing or
surviving corporation;

          (b) pay and discharge all Federal income taxes and all other material
taxes, assessments and governmental charges or levies imposed on it or on its
income or profits or on any of its Property prior to the date on which penalties
attach thereto, except for any such obligation, tax, assessment, charge or levy
the payment of which is being contested in good faith and by proper proceedings
and against which adequate reserves are being maintained to the extent required
by GAAP; PROVIDED that, with respect to taxes assessed against Real Properties,
such taxes can be contested without payment under applicable law;

          (c) maintain and preserve all of its Properties material to the
conduct of the Business of Parent, Holdings and its Subsidiaries (taken as a
whole) in good working order and condition;

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          (d) keep adequate records and books of account, in which complete
entries will be made in accordance with GAAP consistently applied; and

          (e) permit representatives of any Lender or the Administrative Agent,
upon reasonable notice and during normal business hours (and, except if a
Default shall have occurred and be continuing, not more frequently than once
each calendar quarter), to examine, copy and make extracts from its books and
records, to visit and inspect any of its Properties, and to discuss its
business, finances, condition and affairs with its officers and independent
accountants and the general managers of its Parks, all to the extent reasonably
requested by such Lender or the Administrative Agent (as the case may be).

          9.4. INSURANCE. Maintain insurance with financially sound and
reputable insurance companies, in amounts and against such losses and risks as
Parent or Holdings shall from time to time reasonably determine is sufficient
based upon its experience and industry practice to protect Parent, Holdings and
their respective Subsidiaries and their respective businesses, PROVIDED that
Parent and Holdings will in any event maintain (with respect to itself and each
of its Domestic Subsidiaries):

          (a) PROPERTY INSURANCE -- insurance against loss or damage covering
     all of the tangible real and personal Property and improvements of Parent,
     Holdings and each of its Subsidiaries by reason of any Peril in such
     amounts (subject, in the case of Property insurance (other than earthquake
     and flood insurance) to deductibles not exceeding $2,000,000, in the case
     of earthquake insurance to deductibles not exceeding 7.5% of the value of
     the insured Property, in the case of flood insurance to deductibles not
     exceeding 5% of the value of the insured Property, or, in any such case,
     such higher deductible as shall be reasonably satisfactory to the
     Administrative Agent) as shall be reasonable and customary and sufficient
     to avoid the insured named therein from becoming a co-insurer of any loss
     under such policy but in any event in an amount (A) in the case of fixed
     assets and equipment (including, without limitation, vehicles), at least
     equal to 66 2/3% of the actual replacement cost of such assets (including,
     without limitation, foundation, footings but excluding excavation costs),
     subject to deductibles as aforesaid and (B) in the case of inventory, not
     less than the fair market value thereof, subject to deductibles as
     aforesaid.

          (b) AUTOMOBILE LIABILITY INSURANCE FOR BODILY INJURY AND PROPERTY
     DAMAGE -- insurance against liability for bodily injury and Property damage
     in respect of all vehicles (whether owned, hired or rented by Parent,
     Holdings or any of its Subsidiaries) in such amounts as are then customary
     for vehicles used in connection with similar businesses, but in any event
     to the extent required by applicable law (subject to deductibles not
     exceeding $1,000,000 or such higher deductibles or shall be reasonably
     satisfactory to the Administrative Agent).

          (c) COMMERCIAL GENERAL LIABILITY INSURANCE -- insurance against
     liability for claims for bodily injury, death or Property damage occurring
     on, in or about the Real Properties (and adjoining streets, sidewalks and
     waterways, but only to the extent of the legal liability of Parent,
     Holdings and its Subsidiaries therefor) of Parent, Holdings and its
     Subsidiaries, in such amounts as are then customary for similar businesses
     in the jurisdictions where such businesses are located (subject to
     deductibles or self insurance retentions not exceeding $2,000,000, or such
     higher deductible as shall be reasonably satisfactory to the Administrative
     Agent).

          (d) WORKERS' COMPENSATION INSURANCE -- workers' compensation insurance
     (including, without limitation, Employers' Liability Insurance) to the
     extent required by applicable law (subject to deductibles not exceeding
     $1,000,000, or such higher deductible as shall be reasonably satisfactory
     to the Administrative Agent).

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          (e) PRODUCT LIABILITY INSURANCE -- insurance against liability for
     claims for bodily injury, death or Property damage resulting from the use
     of products sold by Parent, Holdings or any of its Subsidiaries in such
     amounts as are then customarily maintained by responsible persons engaged
     in businesses similar to that of Parent, Holdings and its Subsidiaries
     (subject to deductibles not exceeding $750,000, or such higher deductible
     as shall be reasonably satisfactory to the Administrative Agent).

          (f) BUSINESS INTERRUPTION INSURANCE -- insurance against loss of
     operating income (in an aggregate amount not less than $40,000,000, as to
     Parent, Holdings and its Subsidiaries as a whole, and subject to a
     deductible, or self-insured amount, not in excess of $2,000,000, or such
     higher deductible as shall be reasonably satisfactory to the Administrative
     Agent) by reason of any Peril that causes direct damages to any Property
     which results in an interruption of Business.

          Such insurance shall be written by financially responsible companies
     selected by Holdings and having an A. M. Best rating of "A-" or better and
     being in a financial size category of VIII or larger, or by other companies
     reasonably acceptable to the Required Lenders, and (other than workers'
     compensation) shall name the Administrative Agent as loss payee (to the
     extent covering risk of loss or damage to tangible Property), as an
     additional insured as its interests may appear (with respect to Commercial
     General Liability, Products Liability and Automobile Policies), as
     mortgagee (on policies covering Real Properties), and as an additional
     insured as its interests may appear (to the extent covering any other
     risk). Each policy referred to in this Section shall provide that it will
     not be canceled or reduced, or allowed to lapse without renewal, except
     after not less than 30 days' notice to the Administrative Agent and shall
     also provide that the interests of the Administrative Agent and the Lenders
     shall not be invalidated by any act or negligence of Parent, Holdings or
     any Person having an interest in any Property covered by a Mortgage nor by
     occupancy or use of any such Property for purposes more hazardous than
     permitted by such policy nor by any foreclosure or other proceedings
     relating to such Property. Parent or Holdings will advise the
     Administrative Agent promptly of any policy cancellation, reduction or
     amendment.

          Notwithstanding anything to the contrary contained in this Section
     9.4, the obligations of Holdings, each Borrower and their respective
     Subsidiaries to obtain and maintain insurance covering war risk and related
     perils (including acts of terrorism), earthquakes and (to the extent
     reasonably satisfactory to the Administrative Agent) floods shall be
     limited to such insurance that is available in the commercial markets at a
     cost which, in the good faith judgment of the Board of Directors of
     Holdings, is reasonable.

          On each date that is the day 3 days prior to the anniversary date (the
     "DELIVERY DATE") of any insurance policy (including, without limitation,
     any flood insurance policy previously delivered to the Administrative Agent
     pursuant to the Existing Credit Agreement or obtained pursuant to Section
     8.2(o)(iii)) of Parent, Holdings or any of its Subsidiaries (the
     "ANNIVERSARY DATE") (commencing with the first Delivery Date after the date
     hereof), Parent or Holdings will deliver to the Administrative Agent
     certificates or binders of insurance evidencing that all insurance required
     to be maintained by Parent, Holdings or any of its Subsidiaries hereunder
     will be in effect through the next Anniversary Date in the calendar year
     following the current Delivery Date, subject only to the payment of
     premiums as they become due, PROVIDED that not less than 45 days prior to
     such Anniversary Date Parent or Holdings will provide reasonable evidence
     to the Administrative Agent that it is in the process of renewing such
     insurance policy for such period. In addition, neither Parent nor Holdings
     will modify any of the provisions of any policy with respect to Property
     insurance without delivering the original copy of the endorsement
     reflecting such modification to the Administrative Agent accompanied by a
     written report of AON Risk

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     Services, Inc., or any other firm of independent insurance brokers of
     nationally recognized standing, stating that, in their opinion, such policy
     (as so modified) is in compliance with the provisions of this Section.
     Neither Parent, Holdings nor any of its Subsidiaries (other than Excluded
     Foreign Subsidiaries) will obtain or carry separate insurance concurrent in
     form or contributing in the event of loss with that required by this
     Section unless the Administrative Agent is the named insured thereunder,
     with loss payable as provided herein. Parent or Holdings will immediately
     notify the Administrative Agent whenever any such separate insurance is
     obtained and shall deliver to the Administrative Agent the certificates
     evidencing the same.

          Without limiting the obligations of Parent or Holdings under the
     foregoing provisions of this Section, in the event Parent, Holdings or any
     of its Subsidiaries shall fail to maintain in full force and effect
     insurance as required by the foregoing provisions of this Section, then the
     Administrative Agent may, but shall have no obligation so to do, after
     prior written notice to Holdings, procure insurance covering the interests
     of the Lenders and the Administrative Agent in such amounts and against
     such risks as the Administrative Agent (or the Required Lenders) shall deem
     appropriate, and Parent or Holdings shall reimburse the Administrative
     Agent in respect of any premiums paid by the Administrative Agent in
     respect thereof.

          For purposes hereof, the term "PERIL", means, collectively, fire,
     lightning, flood, windstorm, hail, earthquake, explosion, riot and civil
     commotion, vandalism and malicious mischief, damage from aircraft, vehicles
     and smoke and all other perils covered by the "all-risk" endorsement in use
     when such insurance is obtained in the jurisdictions where the Properties
     of Parent, Holdings and its Subsidiaries are located.

          9.5. COMPLIANCE WITH CONTRACTUAL OBLIGATIONS AND REQUIREMENTS OF LAW.
Comply with Contractual Obligations and Requirements of Laws, unless failure to
comply with such Contractual Obligations or Requirements of Law could not
(either individually or in the aggregate) reasonably be expected to have a
Material Adverse Effect.

          9.6. ADDITIONAL COLLATERAL, ETC. (a) With respect to any personal
Property acquired after the Amendment and Restatement Effective Date by Parent,
Holdings or any of its Subsidiaries (other than (w) any personal Property
described in paragraph (c) of this Section, (x) any Property subject to a Lien
expressly permitted by Section 10.3(h), (y) any Property acquired by an Excluded
Foreign Subsidiary and (z) any Property acquired after the date hereof to the
extent that the creation of a security interest therein would be prohibited by a
Contractual Obligation binding on Parent, Holdings or the Subsidiary that is the
owner of such Property, PROVIDED that such Contractual Obligation existed at the
time such Property was acquired and was not entered into in anticipation of such
acquisition) as to which the Administrative Agent, for the benefit of the
Lenders, does not have a perfected Lien, promptly (i) execute and deliver to the
Administrative Agent such amendments to the Guarantee and Collateral Agreement
or such other documents as the Administrative Agent reasonably deems necessary
or advisable to grant to the Administrative Agent, for the benefit of the
Lenders, a security interest in such Property and (ii) take all actions
necessary or advisable to grant to the Administrative Agent, for the benefit of
the Lenders, a perfected first priority security interest in such Property
(subject to Permitted Liens), including without limitation, the filing of
Uniform Commercial Code financing statements in such jurisdictions as may be
required by the Guarantee and Collateral Agreement or by law or as may be
requested by the Administrative Agent.

          (b) With respect to any fee interest in any Real Property having a
value (together with improvements thereof) of at least $5,000,000 acquired after
the Amendment and Restatement Effective Date by Parent, Holdings or any of its
Subsidiaries (other than any such Real Property owned by an Excluded Foreign
Subsidiary, Properties subject to the Spanish WB Agreements, Properties subject
to the

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Partnership Parks Agreements or Marine World Agreements or Properties subject to
a Lien expressly permitted by Section 10.3(h)), promptly (i) execute and deliver
a first priority Mortgage (subject to Permitted Liens) in favor of the
Administrative Agent, for the benefit of the Lenders, covering such Real
Property, (ii) if reasonably requested by the Administrative Agent, provide the
Administrative Agent with (x) mortgagee title and extended coverage insurance
insuring the first priority Lien of the Mortgage upon such Real Property in an
amount at least equal to the purchase price of such Real Property (or such
lesser amount as shall be reasonably acceptable to the Administrative Agent) as
well as a current or updated ALTA survey thereof, certified to the
Administrative Agent and (y) any consents or estoppels reasonably deemed
necessary or advisable by the Administrative Agent in connection with such
Mortgage, each of the foregoing in form and substance reasonably satisfactory to
the Administrative Agent (PROVIDED, that Parent, Holdings and its Subsidiaries
shall only be required to use commercially reasonable good faith efforts to
obtain such consents and estoppels) and (iii) if reasonably requested by the
Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative
Agent.

          (c) With respect to any new Subsidiary (other than an Excluded Foreign
Subsidiary or an Inactive Subsidiary) created or acquired after the Amendment
and Restatement Effective Date (which, for the purposes of this paragraph, shall
include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary
or an Inactive Subsidiary), by Parent, Holdings or any of its Subsidiaries,
promptly (i) execute and deliver to the Administrative Agent such amendments to
the Guarantee and Collateral Agreement as the Administrative Agent deems
necessary or advisable to grant to the Administrative Agent, for the benefit of
the Lenders, a perfected first priority security interest (subject to Permitted
Liens) in the Capital Stock of such new Subsidiary that is owned by Parent,
Holdings or any of its Subsidiaries, (ii) deliver to the Administrative Agent
the certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of Parent,
Holdings or such Subsidiary, as the case may be, and (iii) with respect to any
such new Subsidiary which is a Subsidiary of Holdings or any of its
Subsidiaries, cause such new Subsidiary (A) to become a party to the Guarantee
and Collateral Agreement and (B) to take such actions necessary or advisable to
grant to the Administrative Agent for the benefit of the Lenders a perfected
first priority security interest (subject to Permitted Liens) in the Collateral
described in the Guarantee and Collateral Agreement with respect to such new
Subsidiary, including, without limitation, the filing of Uniform Commercial Code
financing statements in such jurisdictions as may be required by the Guarantee
and Collateral Agreement or by law or as may be requested by the Administrative
Agent, and (iv) if reasonably requested by the Administrative Agent, deliver to
the Administrative Agent legal opinions relating to the matters described above,
which opinions shall be in form and substance, and from counsel, reasonably
satisfactory to the Administrative Agent.

          (d) With respect to any new Foreign Subsidiary (other than the joint
venture created pursuant to the Spanish WB Agreements) created or acquired after
the Amendment and Restatement Effective Date by Parent, Holdings or any of its
Subsidiaries (other than any Excluded Foreign Subsidiaries), promptly (i)
execute and deliver to the Administrative Agent such amendments to the Guarantee
and Collateral Agreement or such other documents as the Administrative Agent
deems necessary or advisable in order to grant to the Administrative Agent, for
the benefit of the Lenders, a perfected first priority security interest
(subject to Permitted Liens) in the Capital Stock of such new Subsidiary that is
owned by Parent, Holdings or any of its Subsidiaries (other than any Excluded
Foreign Subsidiaries), PROVIDED that in no event shall more than 65% of the
total outstanding Capital Stock of any such new Excluded Foreign Subsidiary be
required to be so pledged, (ii) deliver to the Administrative Agent the
certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of Parent,
Holdings or such Subsidiary, as the case may be, and take such other action as
may be necessary or, in the opinion of the Administrative Agent,

                                       70
<Page>

desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if
requested by the Administrative Agent, deliver to the Administrative Agent legal
opinions relating to the matters described above, which opinions shall be in
form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent.

          (e) In the event any Foreign Subsidiary of Holdings shall propose to
become a Foreign Subsidiary Borrower, Holdings shall give notice of such fact to
the Administrative Agent, including a summary of the Properties owned by such
Foreign Subsidiary and its Subsidiaries; within 10 days after receipt of such
information, the Administrative Agent shall provide such information to the
Lenders; and if, within 10 days after such information is provided to the
Lenders, Lenders whose Aggregate Exposure Percentages equal or exceed 25% shall
so request by written notice to the Administrative Agent, the Administrative
Agent shall so advise Holdings, and Holdings shall (i) promptly cause such
Foreign Subsidiary and, if applicable, the Subsidiaries thereof, to create in
favor of the Administrative Agent, as security for all obligations of such
Foreign Subsidiary under this Agreement and the other Loan Documents, a security
interest in substantially all of the Property of such Foreign Subsidiary and, if
applicable, Subsidiaries thereof, except, in each case, with respect to Property
as to which the Administrative Agent determines, in its reasonable discretion,
that the cost or difficulty of obtaining a security interest therein would be
disproportionate to the value of such security interest, (ii) cause each
Subsidiary, if any, of such Foreign Subsidiary to provide guarantees to the
Administrative Agent in respect of the obligations of such Foreign Subsidiary
under this Agreement and the other Loan Documents and (iii) provide to the
Administrative Agent and the Lenders such legal opinions with respect to such
security interests and guarantees as the Administrative Agent shall reasonably
request.

          (f) Notwithstanding the provisions of the foregoing paragraphs (c) and
(d), neither Parent nor Holdings shall be required to create, or to cause their
respective Subsidiaries to create, a security interest in the Capital Stock of
any Subsidiary acquired after the date hereof to the extent that the creation of
such a security interest would be prohibited by a Contractual Obligation binding
on Parent, Holdings or the Subsidiary that is the owner of such Capital Stock;
PROVIDED, that such Contractual Obligation either (i) was negotiated in good
faith in an arm's length transaction with a Person that is not an Affiliate of
Parent or Holdings or (ii) existed at the time such Subsidiary was acquired and
was not entered into in anticipation of such acquisition.

          9.7. FURTHER ASSURANCES. From time to time execute and deliver, or
cause to be executed and delivered, such additional instruments, certificates or
documents, and take all such actions, as the Administrative Agent may reasonably
request for the purposes of implementing or effectuating the provisions of this
Agreement and the other Loan Documents, or of more fully perfecting or renewing
the rights of the Administrative Agent and the Lenders with respect to the
Collateral (or with respect to any additions thereto or replacements or proceeds
thereof or with respect to any other Property or assets hereafter acquired by
Parent, Holdings or any Subsidiary which may be deemed to be part of the
Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative
Agent or any Lender of any power, right, privilege or remedy pursuant to this
Agreement or the other Loan Documents which requires any consent, approval,
recording, qualification or authorization of any Governmental Authority and
Holdings will execute and deliver, or will cause the execution and delivery of,
all applications, certifications, instruments and other documents and papers
that the Administrative Agent or such Lender may be required to obtain from
Holdings or any of its Subsidiaries for such governmental consent, approval,
recording, qualification or authorization.

          9.8. ENVIRONMENTAL LAWS. Except to the extent that, in the aggregate,
the failure to do so could not reasonably be expected to have a Material Adverse
Effect: (a) comply with, and ensure compliance by all tenants and subtenants, if
any, with, all applicable Environmental Laws, and obtain and comply with and

                                       71
<Page>

maintain, and ensure that all tenants and subtenants obtain and comply with and
maintain, any and all licenses, approvals, notifications, registrations or
permits required by applicable Environmental Laws, and (b) conduct and complete
all investigations, studies, sampling and testing, and all remedial, removal and
other actions required under Environmental Laws and promptly comply with all
lawful orders and directives of all Governmental Authorities regarding
Environmental Laws.

          9.9. CLEAN DOWN. During each calendar year, cause the aggregate
outstanding principal amount of Revolving Credit Loans and Swing Line Loans not
to exceed $0 for at least 30 consecutive days during the period in such calendar
year beginning on June 1 and ending on November 1.

          9.10. EQUITY CONTRIBUTIONS AND PAYMENTS. To the extent that, for
purposes of calculating the Consolidated Fixed Charges Coverage Ratio, Holdings
excluded cash dividends or other cash payments made by Holdings to Parent to
enable Parent to pay distributions and other required payments under the
Partnership Parks Agreements or in respect of Subordinated Parent Advances, no
later than January 31 of the calendar year immediately following the year in
which such excluded cash dividends or payments are made, (a) in the case of
Parent, make a cash contribution to Holdings as equity in an amount at least
equal to the aggregate amount of such excluded cash dividends and payments, (b)
in the case of Holdings, contribute or advance the entire cash amount referred
to in clause (a) above to the Primary Borrower as cash equity or a cash advance
and (c) in the case of the Primary Borrower, apply such cash amount to the
payment of any outstanding Revolving Credit Loans and Multicurrency Loans the
proceeds of which funded such excluded cash dividends and payments to Parent
(without any permanent reduction in the Total Revolving Credit Commitments or
the Total Multicurrency Commitments).

                         SECTION 10. NEGATIVE COVENANTS

          Holdings and the Borrowers and, with respect to Section 10.14(a) only,
Parent, hereby jointly and severally agree that, so long as the Commitments
remain in effect, any Letter of Credit remains outstanding or any Loan or other
amount is owing to any Lender or any Agent hereunder, each of Holdings and each
of the Borrowers and, with respect to Section 10.14(a) only, Parent, shall not,
and shall not permit any Subsidiary to, directly or indirectly:

          10.1. CERTAIN FINANCIAL COVENANTS.

          (a) CONSOLIDATED LEVERAGE RATIO. Permit the Consolidated Leverage
Ratio as at the last day of any period of four consecutive fiscal quarters of
Holdings ending with any fiscal quarter set forth below to exceed the ratio set
forth below opposite such fiscal quarter:

<Table>
<Caption>
                                                   CONSOLIDATED
                 FIRST QUARTER                    LEVERAGE RATIO
                 -------------                    --------------
                    <S>                            <C>
                    FQ3 2002                       3.00 to 1.00
                    FQ4 2002                       3.00 to 1.00
                    FQ1 2003                       3.00 to 1.00
                    FQ2 2003                       3.00 to 1.00
                    FQ3 2003                       3.00 to 1.00
                    FQ4 2003                       3.00 to 1.00
                    FQ1 2004                       3.00 to 1.00
                    FQ2 2004                       3.00 to 1.00
                    FQ3 2004                       2.75 to 1.00
                    FQ4 2004                       2.75 to 1.00
                    FQ1 2005                       2.75 to 1.00
</Table>

                                       72
<Page>

<Table>
<Caption>
                                                   CONSOLIDATED
                 FIRST QUARTER                    LEVERAGE RATIO
                 -------------                    --------------
                    <S>                            <C>
                    FQ2 2005                       2.75 to 1.00
                    FQ3 2005                       2.75 to 1.00
                    FQ4 2005                       2.75 to 1.00
                    FQ1 2006                       2.75 to 1.00
                    FQ2 2006                       2.75 to 1.00
                    FQ3 2006                       2.50 to 1.00
                    FQ4 2006                       2.50 to 1.00
                    FQ1 2007                       2.50 to 1.00
                    FQ2 2007                       2.50 to 1.00
                    FQ3 2007                       2.50 to 1.00
                    FQ4 2007                       2.50 to 1.00
                    FQ1 2008                       2.50 to 1.00
                    FQ2 2008                       2.50 to 1.00
                    FQ3 2008                       2.50 to 1.00
                    FQ4 2008                       2.50 to 1.00
                    FQ1 2009                       2.50 to 1.00
                    FQ2 2009                       2.50 to 1.00
</Table>

          (b) CONSOLIDATED INTEREST COVERAGE RATIO. Permit the Consolidated
Interest Coverage Ratio for any period of four consecutive fiscal quarters of
Holdings ending with any fiscal quarter set forth below to be less than the
ratio set forth below opposite such fiscal quarter:

<Table>
<Caption>
                                                     CONSOLIDATED
                FISCAL QUARTER                 INTEREST COVERAGE RATIO
                --------------                 -----------------------
                   <S>                              <C>
                   FQ3 2002                         3.00 to 1.00
                   FQ4 2002                         3.00 to 1.00
                   FQ1 2003                         3.00 to 1.00
                   FQ2 2003                         3.00 to 1.00
                   FQ3 2003                         3.50 to 1.00
                   FQ4 2003                         3.50 to 1.00
                   FQ1 2004                         3.50 to 1.00
                   FQ2 2004                         3.50 to 1.00
                   FQ3 2004                         4.00 to 1.00
                   FQ4 2004                         4.00 to 1.00
                   FQ1 2005                         4.00 to 1.00
                   FQ2 2005                         4.00 to 1.00
                   FQ3 2005                         4.00 to 1.00
                   FQ4 2005                         4.00 to 1.00
                   FQ1 2006                         4.00 to 1.00
                   FQ2 2006                         4.00 to 1.00
                   FQ3 2006                         4.00 to 1.00
                   FQ4 2006                         4.00 to 1.00
                   FQ1 2007                         4.00 to 1.00
                   FQ2 2007                         4.00 to 1.00
                   FQ3 2007                         4.00 to 1.00
                   FQ4 2007                         4.00 to 1.00
                   FQ1 2008                         4.00 to 1.00
</Table>

                                       73
<Page>

<Table>
<Caption>
                                                     CONSOLIDATED
                FISCAL QUARTER                 INTEREST COVERAGE RATIO
                --------------                 -----------------------
                   <S>                              <C>
                   FQ2 2008                         4.00 to 1.00
                   FQ3 2008                         4.00 to 1.00
                   FQ4 2008                         4.00 to 1.00
                   FQ1 2009                         4.00 to 1.00
                   FQ2 2009                         4.00 to 1.00
</Table>

          (c) CONSOLIDATED DEBT SERVICE COVERAGE RATIO. Permit the Consolidated
Debt Service Coverage Ratio for any period of four consecutive fiscal quarters
of Holdings ending with any fiscal quarter set forth below to be less than the
ratio set forth below opposite such fiscal quarter:

<Table>
<Caption>
                                                CONSOLIDATED DEBT
              FISCAL QUARTER                  SERVICE COVERAGE RATIO
              --------------                  ----------------------
                  <S>                               <C>
                  FQ3 2002                          3.00 to 1.00
                  FQ4 2002                          3.00 to 1.00
                  FQ1 2003                          3.00 to 1.00
                  FQ2 2003                          3.00 to 1.00
                  FQ3 2003                          3.50 to 1.00
                  FQ4 2003                          3.50 to 1.00
                  FQ1 2004                          3.50 to 1.00
                  FQ2 2004                          3.50 to 1.00
                  FQ3 2004                          3.50 to 1.00
                  FQ4 2004                          3.50 to 1.00
                  FQ1 2005                          3.50 to 1.00
                  FQ2 2005                          3.50 to 1.00
                  FQ3 2005                          3.50 to 1.00
                  FQ4 2005                          3.50 to 1.00
                  FQ1 2006                          3.50 to 1.00
                  FQ2 2006                          3.50 to 1.00
                  FQ3 2006                          3.50 to 1.00
                  FQ4 2006                          3.50 to 1.00
                  FQ1 2007                          3.50 to 1.00
                  FQ2 2007                          3.50 to 1.00
                  FQ3 2007                          3.50 to 1.00
                  FQ4 2007                          3.50 to 1.00
                  FQ1 2008                          3.50 to 1.00
                  FQ2 2008                          3.50 to 1.00
                  FQ3 2008                          3.50 to 1.00
                  FQ4 2008                          3.50 to 1.00
                  FQ1 2009                          3.50 to 1.00
                  FQ2 2009                          3.50 to 1.00
</Table>

          (d) CONSOLIDATED FIXED CHARGE COVERAGE RATIO. Permit the Consolidated
Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters
of Holdings ending with any fiscal quarter set forth below to be less than the
ratio set forth below opposite such fiscal quarter:

                                       74
<Page>

<Table>
<Caption>
                                                 CONSOLIDATED FIXED
                 FISCAL QUARTER                 CHARGE COVERAGE RATIO
                 --------------                 ---------------------
                    <S>                             <C>
                    FQ3 2002                        1.15 to 1.00
                    FQ4 2002                        1.15 to 1.00
                    FQ1 2003                        1.15 to 1.00
                    FQ2 2003                        1.15 to 1.00
                    FQ3 2003                        1.15 to 1.00
                    FQ4 2003                        1.15 to 1.00
                    FQ1 2004                        1.15 to 1.00
                    FQ2 2004                        1.15 to 1.00
                    FQ3 2004                        1.20 to 1.00
                    FQ4 2004                        1.20 to 1.00
                    FQ1 2005                        1.20 to 1.00
                    FQ2 2005                        1.20 to 1.00
                    FQ3 2005                        1.25 to 1.00
                    FQ4 2005                        1.25 to 1.00
                    FQ1 2006                        1.25 to 1.00
                    FQ2 2006                        1.25 to 1.00
                    FQ3 2006                        1.25 to 1.00
                    FQ4 2006                        1.25 to 1.00
                    FQ1 2007                        1.25 to 1.00
                    FQ2 2007                        1.25 to 1.00
                    FQ3 2007                        1.25 to 1.00
                    FQ4 2007                        1.25 to 1.00
                    FQ1 2008                        1.25 to 1.00
                    FQ2 2008                        1.25 to 1.00
                    FQ3 2008                        1.25 to 1.00
                    FQ4 2008                        1.25 to 1.00
                    FQ1 2009                        1.25 to 1.00
                    FQ2 2009                        1.25 to 1.00
</Table>

          10.2. INDEBTEDNESS. Create, incur or suffer to exist any Indebtedness
except:

          (a) Indebtedness of any Loan Party pursuant to any Loan Document;

          (b) Indebtedness of any Person outstanding on the date hereof and
     listed on Schedule 10.2(b), and any Indebtedness of such Person incurred to
     refinance any such outstanding Indebtedness, PROVIDED that the principal
     amount of such refinancing Indebtedness does not exceed the amount of
     Indebtedness being so refinanced and any costs and premiums associated with
     such refinancing;

          (c) Indebtedness of Holdings or any Subsidiary Guarantor to Holdings
     or to any Subsidiary, and Guarantees by Holdings or any of its Subsidiaries
     of obligations of Holdings or any Subsidiary Guarantor;

          (d) Indebtedness of any Non-Guarantor Subsidiary that is a Domestic
     Subsidiary to Holdings or to any Subsidiary, and Guarantees by Holdings or
     any Subsidiary of Indebtedness of any such Non-Guarantor Subsidiary, in an
     aggregate amount outstanding for all such Indebtedness and Guarantees
     (without duplication) not exceeding at any time $50,000,000;

                                       75
<Page>

          (e) Indebtedness of any Non-Guarantor Subsidiary which is both a
     Wholly Owned Subsidiary and a Foreign Subsidiary (a "WHOLLY OWNED
     NON-GUARANTOR FOREIGN SUBSIDIARY") to any other Wholly Owned Non-Guarantor
     Foreign Subsidiary, and Guarantees by any Wholly Owned Non-Guarantor
     Foreign Subsidiary of obligations of any other Wholly Owned Non-Guarantor
     Foreign Subsidiary;

          (f) (i) Indebtedness consisting of Purchase Money Indebtedness and
     Capital Lease Obligations incurred after the date hereof in an aggregate
     principal amount not in excess of $85,000,000 at any one time outstanding,
     and (ii) any Indebtedness incurred to refinance the Indebtedness described
     in the foregoing clause (i), PROVIDED that the principal amount of such
     refinancing Indebtedness does not exceed the amount of the Indebtedness
     being so refinanced and any costs and premiums associated therewith;

          (g) (i) Indebtedness of any Person outstanding on the date on which
     such Person becomes a Subsidiary of Holdings; PROVIDED, that (A) such
     Indebtedness was not created in connection with, or in anticipation of,
     such acquisition and (B) the amount of such Indebtedness is not increased
     thereafter, and (ii) any Indebtedness incurred to refinance the
     Indebtedness described in the foregoing clause (i), PROVIDED that the
     principal amount of such refinancing Indebtedness does not exceed the
     amount of the Indebtedness being so refinanced and any costs and premiums
     associated therewith;

          (h) Indebtedness of any Foreign Subsidiaries representing Investments
     permitted by Section 10.7(m); and

          (i) Indebtedness in an aggregate principal amount not in excess of
     $25,000,000 at any one time outstanding incurred in connection with the
     Jazzland Acquisition.

          10.3. LIENS. Create, incur, assume or suffer to exist any Lien upon
any of its Property, whether now owned or hereafter acquired, except the
following ("PERMITTED LIENS"):

          (a) Liens created pursuant to the Security Documents;

          (b) Liens in existence on the date hereof and listed on Schedule
     10.3(b) and any extension, renewal or replacement thereof; PROVIDED that
     such extension renewal or replacement does not increase the outstanding
     principal amount of the Indebtedness secured thereby except by the amount
     of any costs and premiums associated therewith;

          (c) Liens imposed by any Governmental Authority for taxes, assessments
     or charges not yet due or that are being contested in good faith and by
     appropriate proceedings if adequate reserves with respect thereto are
     maintained on the books of Holdings or the affected Subsidiaries, as the
     case may be, to the extent required by GAAP or, in the case of any Foreign
     Subsidiary, generally accepted accounting principles in effect from time to
     time in the jurisdiction of organization of such Foreign Subsidiary;

          (d) carriers', warehousemen's, mechanics', materialmen's, repairmen's,
     landlord's, brokers' or other like Liens arising in the ordinary course of
     business that are not overdue for a period of more than 30 days or that are
     being contested in good faith and by appropriate proceedings, and Liens
     securing judgments but only to the extent for an amount and for a period
     not resulting in an Event of Default under clause (j) of Section 11;

                                       76
<Page>

          (e) pledges or deposits under workers' compensation, unemployment
     insurance and other social security legislation (other than ERISA);

          (f) deposits to secure the performance of bids, trade contracts (other
     than for Indebtedness), leases (including any precautionary Uniform
     Commercial Code financing statements filed by a lessor with respect to any
     equipment lease), statutory obligations, surety and appeal bonds,
     performance bonds and other obligations of a like nature incurred in the
     ordinary course of business;

          (g) easements, rights-of-way, restrictions and other similar
     encumbrances incurred in the ordinary course of business and encumbrances
     consisting of zoning restrictions, easements, licenses, restrictions on the
     use of Property or minor imperfections in title thereto that, in the
     aggregate, are not material in amount, and that do not in any case
     materially detract from the value of the Property subject thereto or
     interfere in any material respect with the ordinary conduct of the Business
     of Holdings or any of its Subsidiaries;

          (h) Liens securing Purchase Money Indebtedness or Capital Lease
     Obligations to the extent such Indebtedness is permitted to be incurred
     under Section 10.2(f); PROVIDED, that such Liens shall encumber only the
     Property that is the subject of such Purchase Money Indebtedness or Capital
     Lease Obligations;

          (i) Liens securing Indebtedness to the extent such Indebtedness is
     permitted under Section 10.2(g); PROVIDED, that such Liens shall encumber
     only the Property that is the subject of such Indebtedness; and

          (j) Liens pursuant to the Marine World Agreements or pursuant to
     leases, concessions and similar arrangements, or other arrangements entered
     into in the ordinary course of business by Holdings and its Subsidiaries
     that could not reasonably be expected to have a Material Adverse Effect.

          10.4. PROHIBITION OF FUNDAMENTAL CHANGES.

          (a) MERGERS. Enter into any transaction of merger or consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution), except that Holdings may liquidate or dissolve any
Inactive Subsidiary.

          (b) RESTRICTIONS ON ACQUISITIONS. Acquire any business or Property
from, or Capital Stock of, or be a party to any acquisition of, any Person
except for (i) purchases of inventory and other Property to be sold or used in
the ordinary course of business, (ii) Investments permitted under Sections
10.4(e) and 10.7 and (iii) Capital Expenditures (to the extent the making of
such Capital Expenditures will not result in a violation of any of the
provisions of Section 10.1 or Section 10.6).

          (c) RESTRICTIONS ON DISPOSITIONS. Consummate any Disposition other
than (i) any Disposition of any inventory or other Property Disposed of in the
ordinary course of business, (ii) during any fiscal year, up to $10,000,000 of
sales of used equipment or other Property not used in the business of Holdings
and its Subsidiaries, (iii) any Disposition of any Property to Holdings or a
Wholly Owned Subsidiary of Holdings which is a Subsidiary Guarantor or the
Primary Borrower, (iv) any Disposition of any Property to a Foreign Subsidiary,
PROVIDED that the book value of the Property so Disposed of shall be deemed to
constitute an Investment under Section 10.7(m), (v) any Property swap or
exchange entered into pursuant to the Marine World Agreements, (vi) the sale
(whether through a sale, swap or exchange) of any timeshare in any of the
campground parks permitted under Section 10.4(e)(v), and (vii) the sale of

                                       77
<Page>

other Property having a fair market value not to exceed $25,000,000 in the
aggregate for any fiscal year of Holdings.

          (d) SALE AND LEASEBACK. Enter into any transaction pursuant to which
it shall convey, sell, transfer or otherwise dispose of any Property and, as
part of the same transaction or series of transactions, rent or lease as lessee
or similarly acquire the right to possession or use of, such Property, or other
Property which it intends to use for the same purpose or purposes as such
Property, to the extent such transaction gives rise to Indebtedness, unless any
Indebtedness arising in connection with such transaction shall be permitted
under Section 10.2(f).

          (e) CERTAIN PERMITTED TRANSACTIONS. Notwithstanding the foregoing
provisions of this Section 10.4:

          (i)   INTERCOMPANY MERGERS. Any Subsidiary of Holdings may be merged
     or consolidated: (A) with or into any other Subsidiary of Holdings which is
     a Domestic Subsidiary, PROVIDED that if any such transaction shall be
     between a Subsidiary and a Subsidiary Guarantor, such Subsidiary Guarantor
     shall be the continuing or surviving corporation, (B) in the case of any
     Excluded Foreign Subsidiary, with or into any other Excluded Foreign
     Subsidiary, if the continuing or surviving corporation is a Wholly Owned
     Subsidiary and (C) in the case of any Non-Guarantor Subsidiary, with or
     into any other Non-Guarantor Subsidiary, if the continuing or surviving
     corporation is a Wholly Owned Subsidiary.

          (ii)  INTERCOMPANY DISPOSITIONS. Holdings, the Primary Borrower or
     any Subsidiary of Holdings may Dispose of any or all of its Property (upon
     voluntary liquidation or otherwise): (A) to the Primary Borrower or a
     Subsidiary Guarantor, (B) to any Domestic Subsidiary of Holdings which is
     not a Subsidiary Guarantor, PROVIDED that the aggregate book value of
     assets Disposed of pursuant to this clause (B) shall not exceed $20,000,000
     in any fiscal year, (C) in the case of any Excluded Foreign Subsidiary, to
     any other Excluded Foreign Subsidiary which is a Wholly Owned Subsidiary
     and (D) in the case of any Non-Guarantor Subsidiary, to any other
     Non-Guarantor Subsidiary which is a Wholly Owned Subsidiary.

          (iii) SUBSEQUENT ACQUISITIONS. Holdings, the Primary Borrower, any
     Subsidiary Guarantor or any Foreign Subsidiary may acquire any amusement or
     attraction park, and the related assets (and the assets of any related,
     ancillary or complementary business), of any other Person (whether by way
     of purchase of assets or stock, by merger or consolidation or otherwise)
     after the date hereof (each, a "SUBSEQUENT ACQUISITION") with existing
     cash, cash flow generated by operations, the Unused Equity Proceeds Amount,
     Subordinated Parent Advances and/or the proceeds of Loans hereunder to the
     extent permitted under this Agreement so long as:

                (A)   Holdings shall be in compliance with Section 10.1 at the
     time of and after giving PRO FORMA effect to any such Subsequent
     Acquisition, as if such Subsequent Acquisition had occurred on the first
     day of the relevant calculation period provided for in Section 10.1,
     PROVIDED, HOWEVER, that (x) any capital expenditures made prior to such
     Subsequent Acquisition by the Person that is the subject thereof shall not
     constitute Capital Expenditures hereunder and (y) any Indebtedness incurred
     or repaid in connection with such Subsequent Acquisition shall be deemed to
     have be incurred or repaid, as the case may be, on such first day, and (ii)
     Holdings shall have delivered to the Administrative Agent, at least ten
     Business Days prior to the date of any such Subsequent Acquisition, a
     certificate of a Responsible Officer of Holdings setting forth (A)
     computations in reasonable detail demonstrating satisfaction of the
     foregoing conditions as at the date of such certificate and (B) the
     respective amounts of cash, cash

                                       78
<Page>

     flow generated by operations, the Unused Equity Proceeds Amount and the
     proceeds of Loans hereunder being used to effect such Subsequent
     Acquisition;

                (B)   such Subsequent Acquisition (if by purchase of assets,
     merger or consolidation) shall be effected in such manner so that the
     acquired business, and the related assets, are owned either by Holdings,
     the Primary Borrower, a Subsidiary Guarantor or a Foreign Subsidiary and,
     if effected by merger or consolidation involving Holdings, the Primary
     Borrower, a Subsidiary Guarantor or a Foreign Subsidiary, then Holdings,
     the Primary Borrower, such Subsidiary Guarantor or such Foreign Subsidiary
     shall be the continuing or surviving entity and, if effected by merger or
     consolidation involving a Wholly Owned Subsidiary of Holdings, a Wholly
     Owned Subsidiary shall be the continuing or surviving entity; PROVIDED,
     HOWEVER, that with respect to any Subsequent Acquisition effected in such
     manner so that the acquired business, and the related assets, are owned by
     a Foreign Subsidiary, such acquired business, and the related assets, shall
     be located outside of the United States of America;

                (C)   Holdings shall deliver to the Administrative Agent (which
     shall promptly forward copies thereof to each Lender) (i) as soon as
     possible and in any event no later than ten days prior to the consummation
     of each such Subsequent Acquisition (or such earlier date as shall be five
     Business Days after the execution and delivery thereof), copies of the
     respective agreements or instruments pursuant to which such Subsequent
     Acquisition is to be consummated (including, without limitation, any
     related management, non-compete, employment, option or other material
     agreements), any schedules to such agreements or instruments and all other
     material ancillary documents to be executed or delivered in connection
     therewith and (ii) promptly following request therefor (but in any event
     within three Business Days following such request), copies of such other
     information or documents (including, without limitation, environmental risk
     assessments) relating to such Subsequent Acquisition as the Administrative
     Agent or the Required Lenders shall have reasonably requested (and which is
     available, or obtainable within such period by Holdings with reasonable
     efforts);

                (D)   to the extent applicable, Holdings shall have complied
     with the provisions of Section 9.6, including, without limitation, to the
     extent not theretofore delivered, delivery to the Administrative Agent of
     (x) the certificates evidencing 100% (or, in the case of any new Foreign
     Subsidiary the Capital Stock of which is held by a Domestic Subsidiary,
     65%) of the Capital Stock of any new Subsidiary formed or acquired in
     connection with such Subsequent Acquisition, accompanied by undated stock
     powers executed in blank, and (y) the agreements, instruments, opinions of
     counsel and other documents required under Section 9.6;

                (E)   the aggregate Purchase Price for each such Subsequent
     Acquisition shall not exceed $175,000,000 (inclusive of the aggregate
     amount by which the Base Capital Expenditure Amount is increased pursuant
     to Section 10.6 by reason of such Subsequent Acquisition);

                (F)   to the extent requested by Holdings, Holdings and the
     Required Lenders shall have agreed to pro forma adjustments to be made in
     determining Consolidated EBITDA after giving effect to such Subsequent
     Acquisition; and

                (G)   immediately prior to such Subsequent Acquisition and
     after giving effect thereto, no Default or Event of Default shall have
     occurred and be continuing.

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          (iv)  OTHER ACQUISITIONS. Holdings or any Subsidiary of Holdings may
     acquire (whether through an acquisition, swap or exchange) any amusement or
     attraction park or portions thereof, and the related assets thereof,
     pursuant to the Marine World Agreements.

          (v)   OTHER DISPOSITIONS. Holdings or any Subsidiary of Holdings may
     Dispose of (whether through a sale, swap or exchange) (i) any timeshare in
     any of the campground parks and (ii) Property that is the subject of the
     Marine World Agreements to the extent such Dispositions are contemplated by
     the Marine World Agreements.

          (vi)  PENDING ACQUISITIONS. Any Subsidiary of Holdings may effect the
     Jazzland Acquisition.

          10.5. RESTRICTED PAYMENTS. Declare or make any Restricted Payment,
except that so long as at the time thereof and after giving effect thereto no
Default or Event of Default shall have occurred and be continuing, Holdings may:

          (a) make Restricted Payments to Parent in cash to enable Parent to pay
     out-of-pocket accounting fees, legal fees and other administrative expenses
     incurred in the ordinary course of business pursuant to the Shared Services
     Agreement;

          (b) make Restricted Payments to Parent in respect of income tax
     liabilities of Holdings and its Subsidiaries in accordance with the Tax
     Sharing Agreement; and

          (c) make Restricted Payments to Parent in cash to enable Parent to
     pay:

                (i)   cash interest payable in respect of (A) Indebtedness
          under the Parent Indentures outstanding on the date hereof, (B) up to
          $150,000,000 aggregate principal amount of debt securities of Parent
          issued under any Indenture so long as, after giving effect to the
          incurrence of such Indebtedness (as if such Indebtedness had been
          incurred on the first day of the applicable period of four consecutive
          fiscal quarters), the interest expense associated therewith and the
          use of proceeds thereof, the Loan Parties are in PRO FORMA compliance
          with the Consolidated Fixed Charges Coverage Ratio and (C) any other
          Indebtedness that refinances the Indebtedness under any Indenture of
          the Parent and finances fees and expenses (including tender fees and
          premiums) associated with such refinancing, PROVIDED that in the case
          of the foregoing clauses (B) and (C), (w) there shall be no scheduled
          payment of principal on such Indebtedness prior to the date that is
          one year after the final maturity of the Tranche B Term Loans, (x) the
          terms of such Indebtedness shall not, in the good faith judgment of
          Parent, impose on Parent and its Subsidiaries covenants or events of
          default that are in the aggregate materially more restrictive on
          Parent and its Subsidiaries than those applicable under the Parent
          Indenture dated as of February 11, 2002, (y) such Indebtedness shall
          not be Guaranteed by any Loan Party and (z) such Indebtedness shall
          not be secured by any Property of any Loan Party;

                (ii)  distributions and other required payments under the
          Partnership Parks Agreements as in effect on the date hereof as the
          same may be amended in a manner not adverse to the interests of the
          Lenders, PROVIDED that any amendment that increases the financial
          obligations of Parent and its Subsidiaries thereunder in any material
          respect shall be approved by the Required Lenders;

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                (iii) cash dividends payable on Parent Preferred Stock
          outstanding on the date hereof;

                (iv)  up to $75,000,000 of amounts payable in respect of any
          refinancing or repayment of Indebtedness under any Indenture of
          Parent, PROVIDED that such Restricted Payment is funded solely with
          cash from operations of Holdings and its Subsidiaries; and

                (v)   up to $150,000,000 of amounts payable in respect of any
          refinancing or repayment of Indebtedness under any Indenture of
          Parent, PROVIDED that such Restricted Payment is funded solely with
          the proceeds of Optional Term Loans.

          Nothing herein shall be deemed to prohibit the payment of Restricted
Payments by any Subsidiary of Holdings to Holdings or to any other Wholly Owned
Subsidiary of Holdings which is a Subsidiary Guarantor or to the Primary
Borrower, or by an Excluded Foreign Subsidiary to any other Subsidiary of
Holdings.

          10.6. CAPITAL EXPENDITURES. Make or commit to make any Capital
Expenditure (Discretionary), except Capital Expenditures (Discretionary) of
Holdings and its Subsidiaries not exceeding the Base Capital Expenditure Amount
during any fiscal year or period of Holdings; PROVIDED, that (i) any such amount
referred to above, if not so expended in the fiscal year or period for which it
is permitted, may be carried over for expenditure in the next succeeding fiscal
year and (ii) Capital Expenditures (Discretionary) made during any fiscal year
shall be deemed made, first, in respect of amounts carried over from the prior
fiscal year pursuant to subclause (i) above and, second, in respect of amounts
permitted for such fiscal year as provided above; PROVIDED, FURTHER, that the
foregoing shall not prohibit Holdings from making any Capital Expenditures
constituting Marine World Contributed Capital Expenditures to the extent
permitted as an Investment under Section 10.7(n). For purposes of the foregoing,
the "BASE CAPITAL EXPENDITURE AMOUNT" for any fiscal year shall be (a) in the
case of fiscal year 2002 (commencing with the Amendment and Restatement
Effective Date and ending on December 31, 2002), $150,000,000 and (b) in the
case of any fiscal year thereafter, $100,000,000, PLUS, in each case, with
respect to each fiscal year in which a Subsequent Acquisition is consummated and
the immediately following fiscal year, an amount for each such fiscal year equal
to the lesser of (1) 25% of the aggregate Purchase Price of such Subsequent
Acquisition and (2) $175,000,000 less the aggregate Purchase Price of such
Subsequent Acquisition, in each case, for purposes of this clause (b), such
Purchase Price to be calculated without giving effect to the parenthetical in
Section 10.4(e)(iii)(E).

          10.7. INVESTMENTS. Make or permit to remain outstanding any
Investments except:

          (a) Investments outstanding on the date hereof and identified on
     Schedule 10.7 (a);

          (b) operating deposit accounts with banks;

          (c) Permitted Investments;

          (d) Investments by Holdings and its Subsidiaries in the Primary
     Borrower and Subsidiary Guarantors, including Guarantees by Holdings or any
     of its Subsidiaries of obligations of Holdings, the Primary Borrower or any
     Subsidiary Guarantor;

          (e) Investments by Foreign Subsidiaries in Wholly Owned Subsidiaries
     which are Foreign Subsidiaries, including Guarantees by Foreign
     Subsidiaries of obligations of other Wholly Owned Subsidiaries which are
     Foreign Subsidiaries;

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          (f) Hedging Agreements entered into in the normal course of business
     and consistent with industry practice, PROVIDED that the notional amount of
     all currency exchange rate Hedging Agreements shall not exceed $40,000,000;

          (g) Disposition Investments received in connection with any
     Disposition permitted under Section 10.4 or any Disposition to which the
     Required Lenders shall have consented in accordance with Section 13.1;

          (h) any Acquisition permitted by Section 10.4(b)(iv) or 10.4(e);

          (i) Investments in an aggregate amount of up to but not exceeding
     $100,000 during any fiscal year in 229 East 79th Street Associates L.P.;

          (j) additional Investments up to but not exceeding $50,000,000 at any
     time outstanding;

          (k) (i) loans to officers, directors and employees of Holdings or any
     of its Subsidiaries in an aggregate amount (as to all such officers,
     director and employees) up to $1,000,000 at any one time outstanding and
     (ii) loans to employees of Holdings and its Subsidiaries under any
     incentive stock option plan with terms no more favorable to employees than
     those applicable under Parent's 1998 Stock Option Plan; PROVIDED, that the
     proceeds of loans made pursuant to this clause (ii) are received by
     Holdings as capital contributions;

          (l) Investments constituting (i) contributions to the equity of Parque
     Tematico de Madrid, S.A., whether directly or through the joint venture
     contemplated by the Spanish WB Agreements, in an aggregate amount of up to
     but not exceeding $9,500,000 in the aggregate, PLUS all contributions
     required by Holdings or any of its Subsidiaries to be made to said entity
     in the event the manager thereof elects to build a water park and (ii)
     contributions to such Spanish joint venture as contemplated by the Spanish
     WB Agreements and additional Investments therein not exceeding $2,000,000
     in the aggregate at any time outstanding;

          (m) Investments, including, without limitation, the aggregate book
     value of Property transferred in transactions permitted by Section
     10.4(c)(iv), by Holdings and its Domestic Subsidiaries in Holdings' Wholly
     Owned Subsidiaries which are Foreign Subsidiaries in an aggregate amount
     not exceeding $400,000,000 at any time outstanding; and

          (n) Investments by Holdings or any Domestic Subsidiary constituting
     the contribution to Authority of the Marine World Contributed Capital
     Expenditures in an aggregate amount of up to but not exceeding $20,000,000.

          10.8. PREPAYMENT OF CERTAIN INDEBTEDNESS. Purchase, redeem, retire or
otherwise acquire for value, or set apart any money for a sinking, defeasance or
other analogous fund for the purchase, redemption, retirement or other
acquisition of, or make any voluntary payment or prepayment of the principal of
or interest on, or any other amount owing in respect of, or enter into any
derivative transaction or similar transaction obligating Holdings or any of its
Subsidiaries to make payments to any other Person as a result of a change in
market value of, Indebtedness outstanding under any Indenture.

          10.9. TRANSACTIONS WITH AFFILIATES. Enter into any transaction,
including, without limitation, any purchase, sale, lease or exchange of
Property, the rendering of any service or the payment of any management,
advisory or similar fees, with any Affiliate unless such transaction is: (a)
otherwise permitted under this Agreement, (b) in the ordinary course of business
of Holdings, such Borrower or such Subsidiary, as the case may be, and (c) upon
fair and reasonable terms no less favorable to Holdings,

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such Borrower or such Subsidiary, as the case may be, than it would obtain in a
comparable arm's length transaction with a Person that is not an Affiliate.
Notwithstanding the foregoing, (i) any Affiliate who is an individual may serve
as a director, officer or employee of Holdings or any of its Subsidiaries and
receive reasonable compensation for his or her services in such capacity, (ii)
Holdings and its Subsidiaries may enter into transactions (other than extensions
of credit by Holdings or any of its Subsidiaries to an Affiliate) providing for
the leasing of Property, the rendering or receipt of services or the purchase or
sale of inventory and other Property in the ordinary course of business if the
monetary or business consideration arising therefrom would be substantially as
advantageous to Holdings and its Subsidiaries as the monetary or business
consideration that would obtain in a comparable transaction with a Person not an
Affiliate, (iii) Holdings or any of its Subsidiaries may make an Acquisition of
assets of any Person which is an Affiliate solely by reason of such Person being
controlled by Holdings or any of its Subsidiaries and may make Investments in
such Person, PROVIDED that such Acquisitions and Investments are (A) permitted
under Section 10.4(e)(iii) or 10.7 and (B) made upon fair and reasonable terms
no less favorable to Holdings or such Subsidiary, as the case may be, than it
would obtain in a comparable arm's length transaction with a Person that is not
an Affiliate, (iv) Holdings or any of its Subsidiaries may enter into any
transaction required of it pursuant to the Spanish WB Agreements or the Marine
World Agreements or in connection with the Jazzland Acquisition and (v) Holdings
and its Subsidiaries may be parties to and may perform their respective
obligations under the Shared Services Agreement and the Tax Sharing Agreement.

          10.10. CHANGES IN FISCAL PERIODS. Permit the fiscal year of Holdings
to end on a day other than December 31 or change Holdings' method of determining
fiscal quarters.

          10.11. CERTAIN RESTRICTIONS. Enter into, after the date hereof, any
indenture, agreement, instrument or other arrangement that, directly or
indirectly, prohibits or restrains, or has the effect of prohibiting or
restraining, or imposes materially adverse conditions upon, the incurrence or
payment of Indebtedness, the granting of Liens, the declaration or payment of
dividends, the making of loans, advances or Investments or the sale, assignment,
transfer or other disposition of Property, other than any such prohibition or
restraint (a) set forth in any agreement providing for the disposition of
Property (so long as such prohibition or restraint relates only to the Property
to be disposed of), (b) set forth in any of the Loan Documents, any Indenture
(so long as such prohibition or restraint is not, in the good faith judgment of
Parent, more restrictive than those applicable under the Parent Indenture dated
as of February 11, 2002), or any other document relating to any existing
Indebtedness or any Indebtedness referred to in Section 10.2(g)(i) (and any
comparable prohibitions or restraints in any document governing any Indebtedness
incurred to refinance any of the foregoing, so long as such prohibitions or
restraints are, in the good faith judgment of Parent, no more restrictive than
those applicable to the Indebtedness being refinanced), (c) set forth in any
Real Property lease agreement, licenses, contracts entered into in the ordinary
course of business or the Marine World Agreements otherwise permitted hereunder
to the extent that such prohibition or restraint relates only to the Property
which is the subject of such instrument and could not reasonably be expected to
result in a Material Adverse Effect, (d) set forth in any instrument relating to
a Permitted Lien, so long as such prohibitions or restraints relate only to the
Property encumbered by such Permitted Lien and (e) set forth in the Spanish WB
Agreements, so long as such prohibitions or restraints relate only to the
Property which is the subject of the Spanish WB Agreements.

          10.12. LINES OF BUSINESS. Engage to any substantial extent in any line
or lines of business activity other than the business of owning and operating
amusement and attraction parks, and businesses related, ancillary or
complementary thereto.

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          10.13. MODIFICATIONS OF CERTAIN DOCUMENTS. Consent to any
modification, supplement or waiver of:

          (a) any provision of the Indentures, the effect of which would be
     materially adverse to the Lenders;

          (b) its articles of incorporation or by-laws in any manner adverse, in
     any material respects, to the Lenders; or

          (c) any provision of the Marine World Agreements, the Partnership
     Parks Agreements, the Tax Sharing Agreement or any agreement relating to
     any Subsequent Acquisition or any lease of Real Property with respect to
     any Park if such modification, supplement or waiver would have a Material
     Adverse Effect.

          10.14. LIMITATION ON ACTIVITIES OF PARENT AND HOLDINGS. (a) In the
case of Parent and its Subsidiaries (other than Holdings and its Subsidiaries),
notwithstanding anything to the contrary in this Agreement or any other Loan
Document, (i) conduct, transact or otherwise engage in, or commit to conduct,
transact or otherwise engage in, any business or operations other than those
incidental or related to its ownership of the assets permitted to be owned by it
pursuant to clause (ii) of this paragraph (a) or (ii) own, lease, manage or
otherwise operate any properties or assets other than (A) restricted and
unrestricted cash, Permitted Investments and Subordinated Parent Advances, (B)
the shares of Capital Stock of Holdings and the Capital Stock of the entities
that are Subsidiaries of Parent (but not Subsidiaries of Holdings) on the
Amendment and Restatement Effective Date or that are subject to the Partnership
Parks Agreements or the Subordinated Indemnity Agreement on the Amendment and
Restatement Effective Date and (C) assets used in the same line of business (or
businesses related, ancillary or complimentary thereto) as Parent and its
Subsidiaries operate on the date hereof, PROVIDED that the aggregate book value
of the assets referred to in this clause (C) shall not, at the time of
acquisition of any such asset, exceed an amount equal to the sum of (x) 10% of
the consolidated assets of Parent and its Subsidiaries (including Holdings and
its Subsidiaries) at such time plus (y) cash and Permitted Investments held on
the Amendment and Restatement Effective Date directly by Parent (and not through
any Subsidiary of Parent) and that are not being held in connection with the
defeasance of any securities or otherwise restricted in any way, and PROVIDED,
FURTHER, that (1) in no event shall Parent or any of its Subsidiaries (other
than Holdings and its Subsidiaries) make any Investment, or series of related
Investments, in an amount in excess of $175,000,000 and (2) the limitation in
clause (1) above shall not apply to (I) Investments in Holdings and its
Subsidiaries and (II) Capital Expenditures in respect of an Investment that was
previously made in a transaction otherwise permitted by this paragraph (a).

          (b) In the case of Holdings, notwithstanding anything to the contrary
in this Agreement or any other Loan Document, conduct, transact or otherwise
engage in, or commit to conduct, transact or otherwise engage in, any business
or operations other than (A) those incidental or related to its ownership of the
Capital Stock owned by it on the Amendment and Restatement Effective Date and
any Capital Stock acquired by it after the Amendment and Restatement Effective
Date in accordance with this Agreement and (B) those incidental to the purchase
and contribution of the Marine World Contributed Capital Expenditures.

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          10.15. LIMITATION ON HEDGING AGREEMENTS. Enter into any Hedging
Agreement other than Hedging Agreements entered into in the ordinary course of
business, and not for speculative purposes, to protect against changes in
interest rates or foreign exchange rates.

                          SECTION 11. EVENTS OF DEFAULT

          If any of the following events shall occur and be continuing:

          (a) any Borrower shall default in the payment when due in accordance
     with the terms hereof of any principal of any Loan or Reimbursement
     Obligation, or shall default for three or more Business Days in the payment
     when due of any interest on any Loan or Reimbursement Obligation or any fee
     or any other amount payable by it hereunder or under any other Loan
     Document;

          (b) any representation, warranty or certification made or deemed made
     herein or in any other Loan Document (or in any modification or supplement
     hereto or thereto) by any Loan Party, or any certificate furnished to any
     Lender or the Administrative Agent pursuant to the provisions hereof or
     thereof, shall prove to have been false or misleading as of the time made
     or furnished in any material respect, in any such case that could
     reasonably be expected to (either individually or in the aggregate)
     materially adversely affect the operations of any material Park or have a
     Material Adverse Effect;

          (c) (i) Parent, Holdings or the Primary Borrower shall default in the
     performance of any of its obligations under (A) any of Section 9.2(a),
     Section 9.6, Section 9.10 or Section 10 of this Agreement or Section 5.7(b)
     of the Guarantee and Collateral Agreement or (B) Section 5.5 of the
     Guarantee and Collateral Agreement and such default shall continue
     unremedied for a period of 30 days or (ii) an "Event of Default" under and
     as defined in any Mortgage shall have occurred and be continuing;

          (d) any Loan Party shall fail to observe or perform any covenant,
     condition or agreement contained in this Agreement (other than those
     specified in clause (a), (b) or (c) of this Section 11) or any other Loan
     Document and such failure shall continue unremedied for a period of 30 days
     after notice thereof to the Primary Borrower by the Administrative Agent or
     any Lender (through the Administrative Agent);

          (e) Any Loan Party shall default in the payment when due of any
     principal of or interest on any of its other Indebtedness aggregating
     $10,000,000 or more or any Loan Party shall default in the payment when due
     of any amount aggregating $10,000,000 or more under any Hedging Agreement;

          (f) any event specified in any note, agreement, indenture or other
     document evidencing or relating to any other Indebtedness aggregating
     $10,000,000 or more of any Loan Party shall occur if the effect of such
     event is to cause, or (with the giving of any notice or the lapse of time
     or both) to permit the holder or holders of such Indebtedness (or a trustee
     or agent on behalf of such holder or holders) to cause, such Indebtedness
     to become due, or to be prepaid in full (whether by redemption, purchase,
     offer to purchase or otherwise), prior to its stated maturity or to have
     the interest rate thereon reset to a level so that securities evidencing
     such Indebtedness trade at a level specified in relation to the par value
     thereof; or any event specified in any Hedging Agreement shall occur if the
     effect of such event is to cause, or (with the giving of any

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     notice or the lapse of time or both) to permit, termination or liquidation
     payment or payments aggregating $10,000,000 or more to become due;

          (g) a proceeding or case shall be commenced, without the application
     or consent of Parent, Holdings, the Primary Borrower or any Subsidiary, in
     any court of competent jurisdiction, seeking (i) its reorganization,
     liquidation, dissolution, arrangement or winding-up, or the composition or
     readjustment of its debts, (ii) the appointment of a receiver, custodian,
     trustee, examiner, liquidator or the like of Parent, Holdings, the Primary
     Borrower or such Subsidiary or of all or any substantial part of its
     Property, or (iii) similar relief in respect of Parent, Holdings, the
     Primary Borrower or such Subsidiary under any law relating to bankruptcy,
     insolvency, reorganization, winding-up, or composition or adjustment of
     debts, and such proceeding or case shall continue undismissed, or an order,
     judgment or decree approving or ordering any of the foregoing shall be
     entered and continue unstayed and in effect, for a period of 60 or more
     days; or an order for relief against Parent, Holdings, the Primary Borrower
     or any Subsidiary shall be entered in an involuntary case under the
     Bankruptcy Code or any other applicable bankruptcy, insolvency or similar
     laws;

          (h) Parent, Holdings, the Primary Borrower or any Subsidiary shall (i)
     apply for or consent to the appointment of, or the taking of possession by,
     a receiver, custodian, trustee, examiner or liquidator of itself or of all
     or a substantial part of its Property, (ii) make a general assignment for
     the benefit of its creditors, (iii) commence a voluntary case under the
     Bankruptcy Code or any other applicable bankruptcy, insolvency or similar
     laws, (iv) file a petition seeking to take advantage of any other law
     relating to bankruptcy, insolvency, reorganization, liquidation,
     dissolution, arrangement or winding-up, or composition or readjustment of
     debts, (v) fail to controvert in a timely and appropriate manner, or
     acquiesce in writing to, any petition filed against it in an involuntary
     case under the Bankruptcy Code or any other applicable bankruptcy,
     insolvency or similar laws or take any corporate action for the purpose of
     effecting any of the foregoing;

          (i) Parent, Holdings, the Primary Borrower or any Subsidiary shall
     admit in writing its inability to, or be generally unable to, pay its debts
     as such debts become due;

          (j) a final judgment or judgments for the payment of money of
     $5,000,000 or more in the aggregate (exclusive of judgment amounts to the
     extent covered by insurance or indemnification of creditworthy third
     parties) shall be rendered by one or more courts, administrative tribunals
     or other bodies having jurisdiction against Parent, Holdings, the Primary
     Borrower or any Subsidiary and the same shall not be discharged (or
     provision shall not be made for such discharge), or a stay of execution
     thereof shall not be procured, within 60 days from the date of entry
     thereof and Parent, Holdings, the Primary Borrower or the relevant
     Subsidiary shall not, within such period of 60 days, or such longer period
     during which execution of the same shall have been stayed, appeal therefrom
     and cause the execution thereof to be stayed during such appeal;

          (k) an event or condition specified in Section 9.2(c) shall occur or
     exist with respect to any Plan or Multiemployer Plan and, as a result of
     such event or condition, together with all other such events or conditions,
     Parent, Holdings, the Primary Borrower or any Subsidiary or any ERISA
     Affiliate shall incur or in the opinion of the Required Lenders shall be
     reasonably likely to incur a liability to a Plan, a Multiemployer Plan or
     the PBGC (or any combination of the foregoing) that, in the determination
     of the Required Lenders, would (either individually or in the aggregate)
     have a Material Adverse Effect;

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          (l) there shall have been asserted against Parent, Holdings, the
     Primary Borrower or any Subsidiary a claim under any Environmental Law
     that, in the judgment of the Required Lenders, is reasonably likely to be
     determined adversely to Parent, Holdings, the Primary Borrower or any
     Subsidiary, and the amount thereof (either individually or in the
     aggregate) is reasonably likely to have a Material Adverse Effect (insofar
     as such amount is payable by Parent, Holdings, the Primary Borrower or any
     Subsidiary but after deducting any portion thereof that is reasonably
     expected to be paid by other creditworthy Persons liable in whole or in
     part therefor);

          (m) any one or more of the following shall occur and be continuing:

                (i)   any "Person" (as such term is used in Sections 13(d) and
          14(d) of the Securities and Exchange Act of 1934 (the "EXCHANGE ACT")
          is or becomes the beneficial owner (as defined in Rules 13d-3 and
          13d-5 under the Exchange Act, except that a person shall be deemed to
          have "beneficial ownership" of all shares that any such person has the
          right to acquire, whether such right is exercisable immediately or
          only after the passage of time), directly or indirectly, of more than
          35% of the voting stock of Parent;

                (ii)  during any period of two consecutive years, individuals
          who at the beginning of such period constituted the Board of Directors
          of Parent (together with any new directors whose election by such
          Board of Directors or whose nomination for election by Parent's
          shareholders was approved by a vote of a majority of Parent's
          directors then still in office who either were directors at the
          beginning of such period or whose election or nomination for election
          was previously so approved) cease for any reason to constitute a
          majority of Parent's directors then in office;

                (iii) any change in control with respect to Parent (or similar
          event, however denominated) shall occur under and as defined in any
          Indenture or other agreement in respect of Indebtedness in an
          aggregate principal amount of at least $10,000,000 to which Parent,
          Holdings or any of its Subsidiaries is a party; or

                (iv)  Parent shall cease to own directly or indirectly 100% of
          the Capital Stock of Holdings and each of the Borrowers;

          (n) (i) any of the Liens created by the Security Documents shall at
     any time not constitute valid and perfected Liens on the Collateral (other
     than immaterial items of Collateral) intended to be covered thereby (to the
     extent perfection by filing, registration, recordation or possession is
     required herein or therein) in favor of the Administrative Agent, free and
     clear of all other Liens (other than Liens permitted under Section 10.3 or
     under the respective Security Documents), or, except for expiration in
     accordance with its terms, any of the Security Documents shall for whatever
     reason be terminated or cease to be in full force and effect, or the
     enforceability thereof shall be contested by any Loan Party or (ii) the
     Guarantee contained in Section 2 of the Guarantee and Collateral Agreement
     shall cease, for any reason, to be in full force and effect or any Loan
     Party or any Affiliate of any Loan Party shall so assert;

then, and in any such event, (A) if such event is an Event of Default specified
in paragraph (g), (h) or (i) above with respect to any Borrower, automatically
the Commitments shall immediately terminate and the Loans hereunder (with
accrued interest thereon) and all other amounts owing under this Agreement and
the other Loan Documents (including, without limitation, all amounts of L/C
Obligations, whether or not the beneficiaries of the then outstanding Letters of
Credit shall have presented the documents required thereunder) shall immediately
become due and payable, and (B) if such event is any other Event of Default,
then, any or all of the following actions may be taken: (i) with the consent of
the Majority

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Revolving Credit Facility Lenders, the Administrative Agent may, or upon the
request of the Majority Revolving Credit Facility Lenders, the Administrative
Agent shall, by notice to the Primary Borrower, declare the Revolving Credit
Commitments to be terminated forthwith, whereupon the Revolving Credit
Commitments shall immediately terminate; (ii) with the consent of the Majority
Multicurrency Facility Lenders, the Administrative Agent may, or upon the
request of the Majority Multicurrency Facility Lenders, the Administrative Agent
shall, by notice to the Primary Borrower, declare the Multicurrency Commitments
to be terminated forthwith, whereupon the Multicurrency Commitments shall
immediately terminate; and (iii) with the consent of the Required Lenders, the
Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Primary Borrower, declare the Loans
hereunder (with accrued interest thereon) and all other amounts owing under this
Agreement and the other Loan Documents (including, without limitation, all
amounts of L/C Obligations, whether or not the beneficiaries of the then
outstanding Letters of Credit shall have presented the documents required
thereunder) to be due and payable forthwith, whereupon the same shall
immediately become due and payable. In the case of all Letters of Credit with
respect to which presentment for honor shall not have occurred at the time of an
acceleration pursuant to this paragraph, the relevant Borrower shall at such
time deposit in a cash collateral account opened by the Administrative Agent an
amount equal to the aggregate then undrawn and unexpired amount of such Letters
of Credit. Amounts held in such cash collateral account shall be applied by the
Administrative Agent to the payment of drafts drawn under such Letters of
Credit, and the unused portion thereof after all such Letters of Credit shall
have expired or been fully drawn upon, if any, shall be applied to repay other
obligations of the Borrowers hereunder and under the other Loan Documents. After
all such Letters of Credit shall have expired or been fully drawn upon, all
Reimbursement Obligations shall have been satisfied and all other obligations of
the Borrowers hereunder and under the other Loan Documents shall have been paid
in full, the balance, if any, in such cash collateral account shall be returned
to the Primary Borrower (or such other Person as may be lawfully entitled
thereto).

                             SECTION 12. THE AGENTS

          12.1. APPOINTMENT. Each Lender hereby irrevocably designates and
appoints the Agents as the agents of such Lender under this Agreement and the
other Loan Documents, and each Lender irrevocably authorizes each Agent, in such
capacity, to take such action on its behalf under the provisions of this
Agreement and the other Loan Documents and to exercise such powers and perform
such duties as are expressly delegated to such Agent by the terms of this
Agreement and the other Loan Documents, together with such other powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary
elsewhere in this Agreement, no Agent shall have any duties or responsibilities,
except those expressly set forth herein, 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 other Loan
Document or otherwise exist against any Agent.

          12.2. DELEGATION OF DUTIES. Each Agent may execute any of its duties
under this Agreement and the other Loan Documents by or through agents or
attorneys-in-fact and shall be entitled to advice of counsel concerning all
matters pertaining to such duties. No Agent shall be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care.

          12.3. EXCULPATORY PROVISIONS. Neither any Agent nor any of its
officers, directors, employees, agents, attorneys-in-fact or affiliates shall be
(a) liable for any action lawfully taken or omitted to be taken by it or such
Person under or in connection with this Agreement or any other Loan Document
(except to the extent that any of the foregoing are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted
from 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,

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representations or warranties made by any Loan Party or any officer thereof
contained in this Agreement or any other Loan Document or in any certificate,
report, statement or other document referred to or provided for in, or received
by the Agents under or in connection with, this Agreement or any other Loan
Document or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document or for any failure
of any Loan Party a party thereto to perform its obligations hereunder or
thereunder. The Agents shall not be under any obligation to any Lender to
ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, this Agreement or any other Loan
Document, or to inspect the properties, books or records of any Loan Party.

          12.4. RELIANCE BY AGENTS. Each Agent shall be entitled to rely, and
shall be fully protected in relying, upon any instrument, writing, resolution,
notice, consent, certificate, affidavit, letter, 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 Loan Parties), independent accountants and other
experts selected by such Agent. The Agents may deem and treat the payee of any
Note as the owner thereof for all purposes unless such Note shall have been
transferred in accordance with Section 13.6 and all actions required by such
Section in connection with such transfer shall have been taken. Each Agent shall
be fully justified in failing or refusing to take any action under this
Agreement or any other Loan Document unless it shall first receive such advice
or concurrence of the Required Lenders (or, if so specified by this Agreement,
all Lenders or any other instructing group of Lenders specified by this
Agreement) as it deems appropriate or it shall first be indemnified to its
satisfaction by the Lenders against any and all liability and expense that may
be incurred by it by reason of taking or continuing to take any such action.
Each Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Agreement and the other Loan Documents in accordance
with a request of the Required Lenders (or, if so specified by this Agreement,
all Lenders or any other instructing group of Lenders specified by this
Agreement), and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders and all future holders of the
Loans.

          12.5. NOTICE OF DEFAULT. No Agent shall be deemed to have knowledge or
notice of the occurrence of any Default or Event of Default hereunder unless
such Agent shall have received notice from a Lender, Holdings or a Borrower
referring to this Agreement, describing such Default or Event of Default and
stating that such notice is a "notice of default". In the event that the
Administrative Agent shall receive such a notice, the Administrative Agent shall
give notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably
directed by the Required Lenders (or, if so specified by this Agreement, all
Lenders or any other instructing group of Lenders specified by this Agreement);
PROVIDED that unless and until the Administrative Agent shall have received such
directions, the Administrative Agent may (but shall not be obligated to) take
such action, or refrain from taking such action, with respect to such Default or
Event of Default as it shall deem advisable in the best interests of the
Lenders.

          12.6. NON-RELIANCE ON AGENTS AND OTHER LENDERS. Each Lender expressly
acknowledges that neither any of the Agents nor any of their respective
officers, directors, employees, agents, attorneys-in-fact or affiliates have
made any representations or warranties to it and that no act by any Agent
hereafter taken, including any review of the affairs of a Loan Party or any
affiliate of a Loan Party, shall be deemed to constitute any representation or
warranty by any Agent to any Lender. Each Lender represents to the Agents that
it has, independently and without reliance upon any 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, operations, Property,
financial and other condition and creditworthiness of the Loan Parties and their
affiliates and made its own decision to make its Loans hereunder and enter into
this Agreement. Each Lender also represents that it will, independently and

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without reliance upon any 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 the other Loan Documents, and to make such
investigation as it deems necessary to inform itself as to the business,
operations, Property, financial and other condition and creditworthiness of the
Loan Parties and their affiliates. Except for notices, reports and other
documents expressly required to be furnished to the Lenders by the
Administrative Agent hereunder, no Agent shall have any duty or responsibility
to provide any Lender with any credit or other information concerning the
Business, Property, condition (financial or otherwise), prospects or
creditworthiness of any Loan Party or any affiliate of a Loan Party that may
come into the possession of such Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates.

          12.7. INDEMNIFICATION. The Lenders agree to indemnify each Agent in
its capacity as such (to the extent not reimbursed by Holdings or the Borrowers
and without limiting the obligation of Holdings or the Borrowers to do so),
ratably according to their respective Aggregate Exposure Percentages in effect
on the date on which indemnification is sought under this Section (or, if
indemnification is sought after the date upon which the Commitments shall have
terminated and the Loans shall have been paid in full, ratably in accordance
with such Aggregate Exposure Percentages immediately prior to such date), for,
and to save each Agent harmless from and against, any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind whatsoever that may at any time
(including, without limitation, at any time following the payment of the Loans)
be imposed on, incurred by or asserted against such Agent in any way relating to
or arising out of, the Commitments, this Agreement, any of the other Loan
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 such 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 that are found by a final and nonappealable decision
of a court of competent jurisdiction to have resulted from such Agent's gross
negligence or willful misconduct. The Administrative Agent shall have the right
to deduct any amount owed to it by any Lender under this Section from any
payment made by it to such Lender hereunder. The agreements in this Section
shall survive the payment of the Loans and all other amounts payable hereunder.

          12.8. AGENT IN ITS INDIVIDUAL CAPACITY. Each Agent and its affiliates
may make loans to, accept deposits from and generally engage in any kind of
business with any Loan Party as though such Agent were not an Agent. With
respect to its Loans made or renewed by it and with respect to any Letter of
Credit issued or participated in by it, each Agent shall have the same rights
and powers under this Agreement and the other Loan Documents as any Lender and
may exercise the same as though it were not an Agent, and the terms "Lender" and
"Lenders" shall include each Agent in its individual capacity.

          12.9. SUCCESSOR AGENTS. The Administrative Agent may resign as
Administrative Agent upon 10 days' notice to the Lenders and Holdings. If the
Administrative Agent shall resign as Administrative Agent under this Agreement
and the other Loan Documents, then the Required Lenders shall appoint from among
the Lenders a successor agent for the Lenders, which successor agent shall
(unless an Event of Default under Section 11(g), (h) or (i) with respect to
Holdings or a Borrower shall have occurred and be continuing) be subject to
approval by Holdings (which approval shall not be unreasonably withheld or
delayed), whereupon such successor agent shall succeed to the rights, powers and
duties of the Administrative Agent, and the term "Administrative Agent" shall
mean such successor agent effective upon such appointment and approval, and the
former Administrative Agent's rights, powers and duties as Administrative Agent
shall be terminated, without any other or further act or deed on the part of
such former Administrative Agent or any of the parties to this Agreement or any
holders of the Loans. If no successor agent has accepted appointment as
Administrative Agent by the date that is 10

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days following a retiring Administrative Agent's notice of resignation, the
retiring Administrative Agent's resignation shall nevertheless thereupon become
effective, and the Lenders shall assume and perform all of the duties of the
Administrative Agent hereunder until such time, if any, as the Required Lenders
appoint a successor agent as provided for above. Any Syndication Agent may, at
any time, by notice to the Lenders and the Administrative Agent, resign as
Syndication Agent hereunder, whereupon the duties, rights, obligations and
responsibilities of such Syndication Agent hereunder shall automatically be
assumed by, and inure to the benefit of, the Administrative Agent, without any
further act by such Syndication Agent, the Administrative Agent or any Lender.
After any retiring Agent's resignation as Agent, the provisions of this Section
12 shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was Agent under this Agreement and the other Loan Documents.

          12.10. AUTHORIZATION TO RELEASE LIENS AND GUARANTEES. The
Administrative Agent is hereby irrevocably authorized by each of the Lenders to
effect any release of Liens or guarantee obligations contemplated by Section
13.15.

          12.11. THE ARRANGER AND SYNDICATION AGENTS. Neither the Arranger, the
Syndication Agents nor the Documentation Agent, in their respective capacities
as such, shall have any duties or responsibilities, and none of them shall incur
any liability, under this Agreement and the other Loan Documents.

                            SECTION 13. MISCELLANEOUS

          13.1. AMENDMENTS AND WAIVERS. (a) Neither this Agreement or any other
Loan Document, nor any terms hereof or thereof, may be amended, supplemented or
modified except in accordance with the provisions of this Section 13.1. The
Required Lenders and each Loan Party party to the relevant Loan Document may, or
(with the written consent of the Required Lenders) the Administrative Agent and
each Loan Party party to the relevant Loan Document may, from time to time, (i)
enter into written amendments, supplements or modifications hereto and to the
other Loan Documents (including amendments and restatements hereof or thereof)
for the purpose of adding any provisions to this Agreement or the other Loan
Documents or changing in any manner the rights of the Lenders or of the Loan
Parties hereunder or thereunder or (ii) waive, on such terms and conditions as
may be specified in the instrument of waiver, any of the requirements of this
Agreement or the other Loan Documents or any Default or Event of Default and its
consequences; PROVIDED, HOWEVER, that no such waiver and no such amendment,
supplement or modification shall:

                (A)   forgive the principal amount or extend the final
     scheduled date of maturity of any Loan or Reimbursement Obligation, extend
     the scheduled date or change the amount of any amortization payment in
     respect of any Loan, reduce the stated rate of any interest or fee payable
     hereunder or extend the scheduled date of any payment thereof, or increase
     the amount or extend the expiration date of any Commitment of any Lender,
     in each case without the consent of each Lender directly affected thereby;

                (B)   amend, modify or waive any provision of this Section or
     reduce any percentage specified in the definition of Required Lenders or
     Required Prepayment Lenders, consent to the assignment or transfer by
     Parent, Holdings or any Borrower of any of its rights and obligations under
     this Agreement and the other Loan Documents, release all or substantially
     all of the Collateral, release all or substantially all of the Subsidiary
     Guarantors from their guarantee obligations under the Guarantee and
     Collateral Agreement, release Holdings from its guarantee obligations under
     the Guarantee and Collateral Agreement or release the Primary Borrower from
     its guarantee obligations under the Guarantee and Collateral Agreement, in
     each case without the

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     consent of all Lenders (except (i) as permitted by any Loan Document or
     (ii) that such obligations of any Subsidiary Borrower may be transferred to
     any other Subsidiary Borrower or the Primary Borrower with the consent of
     the Required Lenders);

                (C)   change the percentage specified in the definition of
     Majority Facility Lenders with respect to any Facility without the written
     consent of all Lenders under such Facility;

                (D)   amend, modify or waive any provision of Section 12, or
     any other provision affecting any Agent or Arranger, without the consent of
     any Agent or Arranger directly affected thereby;

                (E)   amend, modify or waive any provision of Section 3.3 or
     3.4 without the written consent of the Swing Line Lender;

                (F)   amend, modify or waive any provision of Section 6.11
     without the consent of each Lender directly affected thereby;

                (G)   amend, modify or waive any provision of Section 5 without
     the consent of the Issuing Lender;

                (H)   amend, modify or waive any provision of Section 6.5(d)
     without the consent of the Required Prepayment Lenders;

                (I)   require any Lender to make Loans having an Interest
     Period of longer than six months without the consent of such Lender; or

                (J)   amend or modify Section 13.6 to add any additional
     consent requirements necessary to effect any assignment or participation
     under such Section without the consent of each Lender.

          (b) In addition to amendments effected pursuant to the foregoing
     paragraph (a):

                (i)   this Agreement will be amended to add any Foreign
     Subsidiary of the Primary Borrower as a Foreign Subsidiary Borrower with
     respect to the Multicurrency Facility upon (A) execution and delivery by
     the Primary Borrower, any such Foreign Subsidiary Borrower and the
     Administrative Agent, of a Joinder Agreement providing for such Subsidiary
     to become a Foreign Subsidiary Borrower, and (B) delivery to the
     Administrative Agent of (I) a Foreign Subsidiary Opinion in respect of such
     additional Foreign Subsidiary Borrower and (II) such other documents with
     respect thereto as the Administrative Agent shall reasonably request;

                (ii)  this Agreement will be amended to remove any Subsidiary
     as a Foreign Subsidiary Borrower upon (A) written notice by the Primary
     Borrower to the Administrative Agent to such effect and (B) repayment in
     full of all outstanding extensions of credit made to such Foreign
     Subsidiary Borrower hereunder; and

                (iii) this Agreement will be amended to provide for increases
     in the Commitments and matters related thereto upon (A) execution and
     delivery by the Primary Borrower, the Administrative Agent and each Lender
     providing an Optional Term Loan Commitment or increasing its Multicurrency
     Commitment of the Optional Increase Amendment

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     and (B) such other documents with respect thereto as the Administrative
     Agent shall reasonably request.

Any such waiver and any such amendment, supplement or modification effected
pursuant to the foregoing paragraphs (a) or (b) shall apply equally to each of
the Lenders and shall be binding upon the Loan Parties, the Lenders, the
Administrative Agent and all future holders of the Loans. In the case of any
waiver, the Loan Parties, the Lenders and the Administrative Agent shall be
restored to their former position and rights hereunder and under the other Loan
Documents, and any Default or Event of Default waived shall be deemed to be
cured and not continuing; but no such waiver shall extend to any subsequent or
other Default or Event of Default, or impair any right consequent thereon. Any
such waiver, amendment, supplement or modification shall be effected by a
written instrument signed by the parties required to sign pursuant to the
foregoing provisions of this Section; PROVIDED, that delivery of an executed
signature page of any such instrument by facsimile transmission shall be
effective as delivery of a manually executed counterpart thereof.

          For the avoidance of doubt, this Agreement may be amended (or amended
and restated) with the written consent of the Required Lenders, the
Administrative Agent and each Loan Party to each relevant Loan Document (x) to
add one or more additional credit facilities to this Agreement and to permit the
extensions of credit from time to time outstanding thereunder and the accrued
interest, fees and other amounts in respect thereof (collectively, the
"ADDITIONAL EXTENSIONS OF CREDIT") to share ratably in the benefits of this
Agreement and the other Loan Documents with the Tranche B Term Loans,
Multicurrency Extensions of Credit and Revolving Extensions of Credit and the
accrued interest and fees in respect thereof and (y) to include appropriately
the Lenders holding such credit facilities in any determination of the Required
Lenders, Required Prepayment Lenders, Majority Multicurrency Facility Lenders
and Majority Revolving Credit Facility Lenders; PROVIDED, HOWEVER, that no such
amendment shall permit the Additional Extensions of Credit to share ratably with
or with preference to the Loans in the application of prepayments without the
consent of the Required Prepayment Lenders, and no such amendment shall, without
the consent of all Lenders, subordinate any of the Loans, or any of the rights
in the Collateral of any Lenders, to any such Additional Extension of Credit;
PROVIDED, FURTHER, that the consent of the Required Lenders shall not be
required for any increase in Commitments pursuant to Section 6.18.

          13.2. NOTICES. Unless otherwise expressly provided herein, all
notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by telecopy), and shall be deemed to
have been duly given or made when delivered, or three Business Days after being
deposited in the mail, postage prepaid, or, in the case of telecopy notice, when
received, addressed (a) in the case of Parent, Holdings, the Borrowers, the
Agents and the Issuing Lenders as follows and (b) in the case of the Lenders, as
set forth in an administrative questionnaire delivered to the Administrative
Agent or on Schedule I to the Lender Addendum to which such Lender is a party
or, in the case of a Lender which becomes a party to this Agreement pursuant to
an Assignment and Acceptance, in such Assignment and Acceptance or (c) in the
case of any party, to such other address as such party may hereafter notify to
the other parties hereto:

          Parent or Holdings             c/o Six Flags Operations, Inc.
                                         122 East 42nd Street, 49th Floor
                                         New York, New York  10168
                                         Attention: Chief Financial Officer
                                         Telecopy:  (212) 949-6203
                                         Telephone: (212) 599-4693

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          with a copy to:                Six Flags Operations, Inc.
                                         122 East 42nd Street, 49th Floor
                                         New York, New York 10168
                                         Attention: General Counsel
                                         Telecopy:  (212) 949-6203
                                         Telephone: (212) 599-4690

          The Primary Borrower:          Six Flags Theme Parks Inc.
                                         c/o Holdings, as set forth above

          The Subsidiary Borrowers:      c/o Holdings, as set forth above.

          The Syndication Agents:        The Bank of New York
                                         One Wall Street
                                         New York, New York 10286
                                         Attention: Trisha Hardy/ Torry Berntsen
                                         Telecopy:  (212) 635-8268
                                         Telephone: (212) 635-8473

                                         and

                                         Bank of America, N.A.
                                         335 Madison Avenue
                                         New York, New York 10017-4698
                                         Attention: Thomas J. Kane
                                         Telecopy:  (212) 503-7173
                                         Telephone: (212) 503-7980

          The Documentation Agent:       Credit Lyonnais, New York Branch
                                         c/o Credit Lyonnais
                                         2200 Ross Ave., Suite 4400 West
                                         Dallas, Texas 75201
                                         Attention: Blake Wright
                                         Telecopy:  (214) 220-2323
                                         Telephone: (214) 220-2303

          The Administrative Agent:      Lehman Commercial Paper Inc.
                                         745 Seventh Avenue
                                         New York, New York 10019
                                         Attention: Michelle Rosolinsky
                                         Telecopy:  (212) 526-6643
                                         Telephone: (212) 526-6590

          Issuing Lender:                As notified by such Issuing Lender
                                         to the Administrative Agent and the
                                         Primary Borrower

PROVIDED that any notice, request or demand to or upon the any Agent, the
Issuing Lender or any Lender shall not be effective until received.

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          13.3. NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise and no
delay in exercising, on the part of any Agent or any Lender, any right, remedy,
power or privilege hereunder or under the other Loan Documents shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

          13.4. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations
and warranties made hereunder, in the other Loan Documents and in any document,
certificate or statement delivered pursuant hereto or in connection herewith
shall survive the execution and delivery of this Agreement and the making of the
Loans and other extensions of credit hereunder.

          13.5. PAYMENT OF EXPENSES. The Primary Borrower agrees (a) to pay or
reimburse the Administrative Agent and the Arranger for all their reasonable
out-of-pocket costs and expenses incurred in connection with the syndication of
the Facilities (including the charges of Intralinks but excluding fees payable
to syndicate members) and the development, preparation and execution of, and any
amendment, supplement or modification to, this Agreement and the other Loan
Documents and any other documents prepared in connection herewith or therewith,
and the consummation and administration of the transactions contemplated hereby
and thereby, including, without limitation, the reasonable fees and
disbursements and other charges of counsel to the Administrative Agent, (b) to
pay or reimburse each Lender and the Agents for all their costs and expenses
incurred in connection with the enforcement or preservation of any rights under
this Agreement, the other Loan Documents and any such other documents,
including, without limitation, the fees and disbursements of counsel to the
Lenders and the Agents, (c) to pay, indemnify, or reimburse each Lender and the
Agents for, and hold each Lender and the Agents harmless from, any and all
recording and filing fees and any and all liabilities with respect to, or
resulting from any delay in paying, stamp, excise and other taxes, if any, which
may be payable or determined to be payable in connection with the execution and
delivery of, or consummation or administration of any of the transactions
contemplated by, or any amendment, supplement or modification of, or any waiver
or consent under or in respect of, this Agreement, the other Loan Documents and
any such other documents, and (d) to pay, indemnify or reimburse each Lender,
each Agent, their respective affiliates, and their respective officers,
directors, trustees, employees, advisors, agents and controlling persons (each,
an "INDEMNITEE") for, and hold each Indemnitee harmless from and against, any
and all other liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever with respect to the execution, delivery, enforcement, performance and
administration of this Agreement, the other Loan Documents and any such other
documents, including, without limitation, any of the foregoing relating to the
use of proceeds of the Loans or the violation of, noncompliance with or
liability under, any Environmental Law applicable to the operations of Holdings
or any of its Subsidiaries or any of the Properties and the fees and
disbursements and other charges of legal counsel in connection with claims,
actions or proceedings by any Indemnitee against any Loan Party hereunder (all
the foregoing in this clause (d), collectively, the "INDEMNIFIED LIABILITIES"),
PROVIDED, that the Primary Borrower shall have no obligation hereunder to any
Indemnitee with respect to Indemnified Liabilities to the extent such
Indemnified Liabilities are found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted from the gross negligence or
willful misconduct of such Indemnitee. Without limiting the foregoing, and to
the extent permitted by applicable law, Holdings agrees not to assert and to
cause its Subsidiaries not to assert, and hereby waives and agrees to cause its
Subsidiaries so to waive, all rights for contribution or any other rights of
recovery with respect to all claims, demands, penalties, fines, liabilities,
settlements, damages, costs and expenses of whatever kind or nature, under or
related to Environmental Laws, that any of them might have by statute or
otherwise against any Indemnitee. All amounts due under this Section shall be
payable not later than 30 days after written demand therefor. Statements for
amounts payable by the Primary Borrower

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pursuant to this Section shall be submitted to the attention of the Chief
Financial Officer (Telephone No. 212-599-4693) (Fax No. 212-949-6203), at the
address of the Primary Borrower set forth in Section 13.2, or to such other
Person or address as may be hereafter designated by the Primary Borrower in a
written notice to the Administrative Agent. The agreements in this Section shall
survive repayment of the Loans and all other amounts payable hereunder.

          13.6. SUCCESSORS AND ASSIGNS; PARTICIPATIONS AND ASSIGNMENTS. (a) This
Agreement shall be binding upon and inure to the benefit of Parent, Holdings,
the Borrowers, the Lenders, the Agents, all future holders of the Loans and
their respective successors and assigns, except that neither Parent, nor
Holdings nor (except as set forth in Section 13.1(a)) any Borrower may assign or
transfer any of its rights or obligations under this Agreement without the prior
written consent of the Agents and each Lender.

          (b) Any Lender may, without the consent of any Loan Party or any
Agent, in accordance with applicable law, at any time sell to one or more banks,
financial institutions or other entities (each, a "PARTICIPANT") participating
interests in any Loan owing to such Lender, any Commitment of such Lender or any
other interest of such Lender hereunder and under the other Loan Documents. In
the event of any such sale by a Lender of a participating interest to a
Participant, such Lender's obligations under this Agreement to the other parties
to this Agreement shall remain unchanged, such Lender shall remain solely
responsible for the performance thereof, such Lender shall remain the holder of
any such Loan for all purposes under this Agreement and the other Loan
Documents, and the Loan Parties and the Agents shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and
obligations under this Agreement and the other Loan Documents. In no event shall
any Participant under any such participation have any right to approve any
amendment or waiver of any provision of any Loan Document, or any consent to any
departure by any Loan Party therefrom, except to the extent that such amendment,
waiver or consent would require the consent of all Lenders pursuant to Section
13.1. Each of Parent, Holdings and each Borrower agrees that if amounts
outstanding under this Agreement and the Loans are due or unpaid, or shall have
been declared or shall have become due and payable upon the occurrence of an
Event of Default, each Participant shall, to the maximum extent permitted by
applicable law, be deemed to have the right of setoff in respect of its
participating interest in amounts owing under this Agreement to the same extent
as if the amount of its participating interest were owing directly to it as a
Lender under this Agreement, PROVIDED that, in purchasing such participating
interest, such Participant shall be deemed to have agreed to share with the
Lenders the proceeds thereof as provided in Section 13.7(a) as fully as if such
Participant were a Lender hereunder. Each of Parent, Holdings and each Borrower
also agrees that each Participant shall be entitled to the benefits of Sections
6.12, 6.13, 6.14 and 13.5 with respect to its participation in the Commitments
and the Loans outstanding from time to time as if such Participant were a
Lender; PROVIDED that, in the case of Section 6.13, such Participant shall have
complied with the requirements of said Section, and PROVIDED, FURTHER, that no
Participant shall be entitled to receive any greater amount pursuant to any such
Section than the transferor Lender would have been entitled to receive in
respect of the amount of the participation transferred by such transferor Lender
to such Participant had no such transfer occurred.

          (c) Any Lender (an "ASSIGNOR") may, in accordance with applicable law
and upon written notice to the Administrative Agent, at any time and from time
to time assign to any Lender or any affiliate, Control Investment Affiliate or
Related Fund thereof or, with the consent of the Primary Borrower and the
Administrative Agent and, in the case of any assignment of Revolving Credit
Commitments, the written consent of the Swing Line Lender and, in the case of
any assignment of Multicurrency Commitments, the written consent of each Issuing
Lender (which, in each case, shall not be unreasonably withheld or delayed)
(PROVIDED that, unless the assignee cannot deliver the exemption certificate
annexed hereto as Exhibit I, (x) no such consent need be obtained by any Lehman
Entity for a period of 180 days following the Amendment and Restatement
Effective Date and (y) the consent of the

                                       96
<Page>

Primary Borrower need not be obtained with respect to any assignment of Tranche
B Term Loans), to an additional bank, financial institution or other entity (an
"ASSIGNEE") all or any part of its rights and obligations under this Agreement
pursuant to an Assignment and Acceptance, substantially in the form of Exhibit E
(an "ASSIGNMENT AND ACCEPTANCE"), executed by such Assignee and such Assignor
(and, where the consent of the Primary Borrower, the Administrative Agent, the
Issuing Lender or the Swing Line Lender is required pursuant to the foregoing
provisions, by the Primary Borrower and such other Persons) and delivered to the
Administrative Agent for its acceptance and recording in the Register; PROVIDED
that no such assignment to an Assignee (other than any Lender or any affiliate,
Control Investment Affiliate or Related Fund thereof) shall be in an aggregate
principal amount of less than $5,000,000 in the case of the Revolving Credit
Facility and the Multicurrency Facility and $1,000,000 in the case of the
Tranche B Term Loan Facility and any Optional Term Loans (other than in the case
of an assignment of all of a Lender's interests under this Agreement), unless
otherwise agreed by the Primary Borrower and the Administrative Agent; and
PROVIDED FURTHER, that in the event of concurrent assignments to two or more
Related Funds, all such concurrent assignments shall be aggregated in
determining compliance with the foregoing requirement as to the minimum
principal amount of assignments. Any such assignment need not be ratable as
among the Facilities. Upon such execution, delivery, acceptance and recording,
from and after the effective date determined pursuant to such Assignment and
Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the
extent provided in such Assignment and Acceptance, have the rights and
obligations of a Lender hereunder with Commitments and/or Loans as set forth
therein, and (y) the Assignor thereunder shall, to the extent provided in such
Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of an Assignor's
rights and obligations under this Agreement, such Assignor shall cease to be a
party hereto, except as to Section 6.12, 6.13 and 13.5 in respect of the period
prior to such effective date). Notwithstanding any provision of this Section,
the consent of the Primary Borrower shall not be required for any assignment
that occurs at any time when any Event of Default shall have occurred and be
continuing. In the event that any Dollar Multicurrency Commitment or General
Multicurrency Commitment, as the case may be, shall be assigned pursuant to this
Section 13.6, such Multicurrency Commitment shall continue to be a Dollar
Multicurrency Commitment or General Multicurrency Commitment, as the case may
be; and the Assignee Lender in respect thereof shall be a Dollar Multicurrency
Lender or a General Multicurrency Lender, respectively.

          (d) The Administrative Agent shall, on behalf of the Borrowers,
maintain a copy of each Assignment and Acceptance delivered to it and a register
(the "REGISTER") for the recordation of the names and addresses of the Lenders
and the Commitment of, and principal amount of the Loans owing to, each Lender
from time to time. The entries in the Register shall be conclusive, in the
absence of manifest error, and the Borrowers, each Agent and the Lenders shall
treat each Person whose name is recorded in the Register as the owner of the
Loans and any Notes evidencing such Loans recorded therein for all purposes of
this Agreement. Any assignment of any Loan, whether or not evidenced by a Note,
shall be effective only upon appropriate entries with respect thereto being made
in the Register (and each Note shall expressly so provide). Any assignment or
transfer of all or part of a Loan evidenced by a Note shall be registered on the
Register only upon surrender for registration of assignment or transfer of the
Note evidencing such Loan, accompanied by a duly executed Assignment and
Acceptance; thereupon one or more new Notes in the same aggregate principal
amount shall be issued to the designated Assignee, and the old Notes shall be
returned by the Administrative Agent to the relevant Borrower marked "canceled".
The Register shall be available for inspection by the Primary Borrower or any
Lender (with respect to any entry relating to such Lender's Loans) at any
reasonable time and from time to time upon reasonable prior notice.

          (e) Upon its receipt of an Assignment and Acceptance executed by an
Assignor and an Assignee (and, in any case where the consent of any other Person
is required by Section 13.6(c), by each such other Person) together with payment
to the Administrative Agent of a registration and processing fee

                                       97
<Page>

of $3,500 (except that no such registration and processing fee shall be payable
(y) in connection with an assignment by or to any Lehman Entity or (z) in the
case of an Assignee which is already a Lender or is an affiliate or a Related
Fund of a Lender or a Person under common management with a Lender), the
Administrative Agent shall (i) promptly accept such Assignment and Acceptance
and (ii) on the effective date determined pursuant thereto record the
information contained therein in the Register and give notice of such acceptance
and recordation to the Lenders, the Agents and the Primary Borrower; PROVIDED,
HOWEVER, that, in the case of contemporaneous assignments by a Lender to more
than one fund managed by the same investment advisor (which funds are not then
Lenders hereunder), only a single such registration and processing fee shall be
payable for such contemporaneous assignments. On or prior to such effective
date, each relevant Borrower, at its own expense, upon request, shall execute
and deliver to the Administrative Agent (in exchange for the applicable Notes of
the assigning Lender) a new applicable Note or Notes, as the case may be, to the
order of such Assignee in an amount equal to the relevant Commitment and/or
applicable Tranche B Term Loans, as the case may be, assumed or acquired by it
pursuant to such Assignment and Acceptance and, if the Assignor has retained a
Commitment and/or Tranche B Term Loans, as the case may be, upon request, a new
applicable Note or Notes, as the case may be, to the order of the Assignor in an
amount equal to the applicable Commitment and/or Tranche B Term Loans, as the
case may be, retained by it hereunder. Such new Note or Notes shall be dated the
Amendment and Restatement Effective Date and shall otherwise be in the form of
the Note or Notes replaced thereby.

          (f) For avoidance of doubt, the parties to this Agreement acknowledge
that the provisions of this Section concerning assignments of Loans and Notes
relate only to absolute assignments and that such provisions do not prohibit
assignments creating security interests, including, without limitation, any
pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank
in accordance with applicable Requirements of Law.

          (g) Each Borrower, upon receipt of written notice from the relevant
Lender, agrees to issue Notes conforming to the requirements hereof to such
Lender.

          13.7. ADJUSTMENTS; SET-OFF. (a) Except to the extent that this
Agreement provides for payments to be allocated to a particular Lender or to the
Lenders under a particular Facility, (i) except to the extent that the Loan
Documents provide that only the Tranche B Term Loans shall be secured by the
Mortgaged Property of the Primary Borrower or any Subsidiary thereof located in
the State of New York (the "NEW YORK COLLATERAL"), if any Lender shall at any
time receive any payment of all or part of the Obligations owing to it, or
receive any Collateral in respect thereof (whether voluntarily or involuntarily,
by set-off, pursuant to events or proceedings of the nature referred to in
Section 11(g), (h) or (i), or otherwise), in a greater proportion than any such
payment to or Collateral received by any other Lender, if any, in respect of the
Obligations owing to such other Lender, or (ii) if, as a result of any exercise
of rights and remedies with respect to the New York Collateral, any Lender
holding a Tranche B Term Loan shall at any time receive any payment of all or
part of the Obligations owing to it (whether voluntarily or involuntarily, by
set-off, pursuant to events or proceedings of the nature referred to in Section
11(g), (h) or (i), or otherwise), in a greater proportion than any such payment
to any other Lender, if any, in respect of the Obligations owing to such other
Lender, such benefitted Lender (each benefitted Lender referred to in clauses
(i) and (ii) above, a "BENEFITTED LENDER") shall purchase for cash from the
other Lenders a participating interest in such portion of the Obligations owing
to each such other Lender, or shall provide such other Lenders with the benefits
of any such Collateral, or the proceeds thereof, as shall be necessary to cause
such Benefitted Lender to share the excess payment or benefits of such
Collateral, or the proceeds thereof, ratably with each of the Lenders; PROVIDED,
HOWEVER, that if all or any portion of such excess payment, benefits or proceeds
is thereafter recovered from such Benefitted Lender, such purchase shall be
rescinded, and the purchase price and benefits returned, to the extent of such
recovery, but without interest.

                                       98
<Page>

          (b) In addition to any rights and remedies of the Lenders provided by
law, each Lender shall have the right, without prior notice to Parent, Holdings
or any Borrower, any such notice being expressly waived by Parent, Holdings and
each Borrower to the extent permitted by applicable law, upon any amount
becoming due and payable by any Borrower hereunder (whether at the stated
maturity, by acceleration or otherwise), to set off and appropriate and apply
against such amount any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or
claims, in any currency, in each case whether direct or indirect, absolute or
contingent, matured or unmatured, at any time held or owing by such Lender or
any branch or agency thereof to or for the credit or the account of Parent,
Holdings or any Borrower, as the case may be. Each Lender agrees promptly to
notify Parent and the Administrative Agent after any such setoff and application
made by such Lender, PROVIDED that the failure to give such notice shall not
affect the validity of such setoff and application.

          13.8. COUNTERPARTS. This Agreement may be executed by one or more of
the parties to this Agreement on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of an executed signature page of this Agreement or of a
Lender Addendum by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Agreement
signed by all the parties shall be lodged with Holdings and the Administrative
Agent.

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

          13.10. INTEGRATION. This Agreement and the other Loan Documents
represent the entire agreement of the parties hereto with respect to the subject
matter hereof and thereof, and there are no promises, undertakings,
representations or warranties by the Arranger, any Agent or any Lender relative
to subject matter hereof not expressly set forth or referred to herein or in the
other Loan Documents.

          13.11. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

          13.12. SUBMISSION TO JURISDICTION; WAIVERS. Each of Parent, Holdings
and each Borrower hereby irrevocably and unconditionally:

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

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

                                       99
<Page>

          (c) in the case of each Foreign Subsidiary Borrower, such Foreign
     Subsidiary Borrower hereby irrevocably designates Holdings (and Holdings
     hereby irrevocably accepts such designation) as its agent to receive
     service of process in any such action or proceeding, and agrees that such
     service upon Holdings shall be effective whether or not Holdings shall
     inform such Foreign Subsidiary Borrower thereof;

          (d) agrees that service of process in any such action or proceeding
     may be effected by mailing a copy thereof by registered or certified mail
     (or any substantially similar form of mail), postage prepaid, to Parent or
     Holdings, as the case may be, (and, in the case of any Foreign Subsidiary
     Borrower, to such Foreign Subsidiary Borrower c/o Holdings) at its address
     set forth in Section 13.2 or at such other address of which the
     Administrative Agent shall have been notified pursuant thereto;

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

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

          13.13. ACKNOWLEDGMENTS. Each of Parent, Holdings and each Borrower
hereby acknowledges that:

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

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

          (c) no joint venture is created hereby or by the other Loan Documents
     or otherwise exists by virtue of the transactions contemplated hereby among
     the Arranger, the Agents and the Lenders or among Parent, Holdings, the
     Borrowers and the Lenders.

          13.14. CONFIDENTIALITY. Each of the Agents and the Lenders agrees to
keep confidential all non-public information provided to it by any Loan Party
pursuant to this Agreement that is designated by such Loan Party as
confidential; PROVIDED that nothing herein shall prevent any Agent or any Lender
from disclosing any such information (a) to the Arranger, any Agent, any other
Lender or any affiliate of any thereof, (b) to any Participant or Assignee
(each, a "TRANSFEREE") or prospective Transferee that agrees to comply with the
provisions of this Section, (c) to any of its employees, directors, agents,
attorneys, accountants and other professional advisors, (d) to any financial
institution that is a direct or indirect contractual counterparty in swap
agreements or such contractual counterparty's professional advisor (so long as
such contractual counterparty or professional advisor to such contractual
counterparty agrees to be bound by the provisions of this Section), (e) upon the
request or demand of any Governmental Authority having jurisdiction over it, (f)
in response to any order of any court or other Governmental Authority or as may
otherwise be required pursuant to any Requirement of Law, (g) in connection with
any litigation or similar proceeding, (h) that has been publicly disclosed other
than in breach of this Section, (g) to the National Association of Insurance
Commissioners or any similar organization or any nationally recognized rating
agency that requires access to information about a

                                       100
<Page>

Lender's investment portfolio in connection with ratings issued with respect to
such Lender or (i) in connection with the exercise of any remedy hereunder or
under any other Loan Document.

          13.15. RELEASE OF COLLATERAL AND GUARANTEE OBLIGATIONS.

          (a) Notwithstanding anything to the contrary contained herein or in
     any other Loan Document, upon request of Holdings in connection with any
     Disposition of Property permitted by the Loan Documents, the Administrative
     Agent shall (without notice to, or vote or consent of, any Lender, or any
     affiliate of any Lender that is a party to any Specified Hedge Agreement)
     take such actions as shall be required to release its security interest in
     any Collateral being Disposed of in such Disposition, and to release any
     guarantee obligations under any Loan Document of any Person being Disposed
     of in such Disposition, to the extent necessary to permit consummation of
     such Disposition in accordance with the Loan Documents.

          (b) Notwithstanding anything to the contrary contained herein or any
     other Loan Document, when all Obligations (other than obligations in
     respect of any Specified Hedge Agreement) have been paid in full, all
     Commitments have terminated or expired and no Letter of Credit shall be
     outstanding, upon request of Holdings, the Administrative Agent shall
     (without notice to, or vote or consent of, any Lender, or any affiliate of
     any Lender that is a party to any Specified Hedge Agreement) take such
     actions as shall be required to release its security interest in all
     Collateral, and to release all guarantee obligations under any Loan
     Document, whether or not on the date of such release there may be
     outstanding Obligations in respect of Specified Hedge Agreements. Any such
     release of guarantee obligations shall be deemed subject to the provision
     that such guarantee obligations shall be reinstated if after such release
     any portion of any payment in respect of the Obligations guaranteed thereby
     shall be rescinded or must otherwise be restored or returned upon the
     insolvency, bankruptcy, dissolution, liquidation or reorganization of any
     Borrower or any Guarantor, or upon or as a result of the appointment of a
     receiver, intervenor or conservator of, or trustee or similar officer for,
     any Borrower or any Guarantor or any substantial part of its Property, or
     otherwise, all as though such payment had not been made.

          13.16. ACCOUNTING CHANGES. In the event that any "Accounting Change"
(as defined below) shall occur and such change results in a change in the method
of calculation of financial covenants, standards or terms in this Agreement,
then Holdings, the Borrowers and the Administrative Agent agree to enter into
negotiations in order to amend such provisions of this Agreement so as to
equitably reflect such Accounting Changes with the desired result that the
criteria for evaluating the financial condition of Holdings and the Borrowers
shall be the same after such Accounting Changes as if such Accounting Changes
had not been made. Until such time as such an amendment shall have been executed
and delivered by Parent, Holdings, the Borrowers, the Administrative Agent and
the Required Lenders, all financial covenants, standards and terms in this
Agreement shall continue to be calculated or construed as if such Accounting
Changes had not occurred. "ACCOUNTING CHANGES" refers to changes in accounting
principles required by the promulgation of any rule, regulation, pronouncement
or opinion by the Financial Accounting Standards Board of the American Institute
of Certified Public Accountants or, if applicable, the SEC.

          13.17. DELIVERY OF LENDER ADDENDA. Each initial Lender shall become a
party to this Agreement by delivering to the Administrative Agent a Lender
Addendum duly executed by such Lender, the Primary Borrower and the
Administrative Agent.

          13.18. WAIVERS OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL

                                      101
<Page>

ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND
FOR ANY COUNTERCLAIM THEREIN.

          13.19. EFFECT OF AMENDMENT AND RESTATEMENT OF THE EXISTING CREDIT
AGREEMENT. On the Amendment and Restatement Effective Date, the Existing Credit
Agreement shall be amended and restated in its entirety. The parties hereto
acknowledge and agree that (a) this Agreement and the other Loan Documents,
whether executed and delivered in connection herewith or otherwise, do not
constitute a novation, payment and reborrowing, or termination of the
"Obligations" (as defined in the Existing Credit Agreement) under the Existing
Credit Agreement as in effect prior to the Amendment and Restatement Effective
Date and which remain outstanding; (b) such "Obligations" are in all respects
continuing (as amended and restated hereby); (c) the Liens and security
interests as granted under the Security Documents securing payment of such
"Obligations" are in all respects continuing and in full force and effect; and
(d) references in the Security Documents to the "Credit Agreement" shall be
deemed to be references to this Agreement, and to the extent necessary to effect
the foregoing, each such Security Document is hereby deemed amended accordingly.

                                       102
<Page>

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered by their proper and duly authorized officers as
of the day and year first above written.

                                       SIX FLAGS, INC.

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

                                       SIX FLAGS OPERATIONS INC.

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

                                       SIX FLAGS THEME PARKS INC.,
                                         as Primary Borrower

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

                                       THE BANK OF NEW YORK, as Syndication
                                         Agent

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

                                       BANK OF AMERICA, N.A., as Syndication
                                         Agent

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

                                       103
<Page>

                                       CREDIT LYONNAIS, NEW YORK BRANCH,
                                         as Documentation Agent

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

                                       LEHMAN COMMERCIAL PAPER INC., as
                                         Administrative Agent

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

                                       104
<Page>

                                                                         ANNEX A
                                  PRICING GRID

              REVOLVING CREDIT FACILITY AND MULTICURRENCY FACILITY

<Table>
<Caption>
         CONSOLIDATED                 APPLICABLE MARGIN     APPLICABLE MARGIN
        LEVERAGE RATIO               EUROCURRENCY LOANS      BASE RATE LOANS      COMMITMENT FEE RATE
-----------------------------------  ------------------     -----------------     -------------------
<S>                                         <C>                   <C>                   <C>
GREATER THAN OR EQUAL TO 2.5 to 1.0         2.25%                 1.25%                 0.500%

LESS THAN 2.5 to 1.0 and
GREATER THAN OR EQUAL TO 2.0 to 1.0         2.00%                 1.00%                 0.500%

LESS THAN 2.0 to 1.0 and
GREATER THAN OR EQUAL TO 1.5 to 1.0         1.75%                 0.75%                 0.375%

LESS THAN 1.5 to 1.0                        1.50%                 0.50%                 0.375%
</Table>

Changes in the Applicable Margin or in the Commitment Fee Rate resulting from
changes in the Consolidated Leverage Ratio shall become effective on each date
(each, an "ADJUSTMENT DATE") on which financial statements of Holdings are
delivered to the Lenders pursuant to Section 9.1 (but in any event not later
than the 45th day after the end of each of the first three quarterly periods of
each fiscal year or the 90th day after the end of each fiscal year, as the case
may be) and shall remain in effect until the next change to be effected pursuant
to this paragraph. If any financial statements referred to above are not
delivered within the time periods specified above, then, until such financial
statements are delivered, the Consolidated Leverage Ratio as at the end of the
fiscal period that would have been covered thereby shall for the purposes of
this definition be deemed to be greater than 2.5 to 1.0. Each determination of
the Consolidated Leverage Ratio pursuant to this Pricing Grid shall be made for
the periods and in the manner contemplated by Section 10.1(a) (it being
understood that the foregoing ratio is of Consolidated Total Debt to
Consolidated EBITDA).

<Page>

                                                                         ANNEX B

                           EXISTING LETTERS OF CREDIT

<Table>
<Caption>
LETTER OF CREDIT NUMBER    BENEFICIARY    PRINCIPAL AMOUNT    EXPIRATION DATE
-----------------------    -----------    ----------------    ---------------
<S>                        <C>            <C>                 <C>

</Table>Use these links to rapidly review the document

  TABLE OF CONTENTS

 
 

Exhibit 10.1    
  

CREDIT AGREEMENT  

among 

TRAMMELL CROW COMPANY,
  as Borrower,  

THE LENDERS LISTED HEREIN,
  as Lenders,  

and 

BANK OF AMERICA, N.A.,
  as Administrative Agent and Issuing Bank  

$150,000,000

Revolving Credit Loan  

 AS OF JUNE 28, 2002  

FLEET NATIONAL BANK,
  as Syndication Agent  

BANC OF AMERICA SECURITIES LLC,
  as Sole Lead Arranger and Sole Book Manager  

  

 
 
TABLE OF CONTENTS  

 

	 
	 	 

	SECTION 1	 	DEFINITIONS
	1.1	 	Certain Defined Terms
	1.2	 	Accounting Terms, Utilization of GAAP for Purposes of Calculations Under Agreement
	1.3	 	Other Definitional Provisions
	1.4	 	Time References
	

SECTION 2	
 	

AMOUNTS AND TERMS OF COMMITMENTS AND LOANS
	2.1	 	Revolving Credit Facility; Making of Loans; Register; Optional Notes; LC Subfacility
	2.2	 	Interest on the Loans
	2.3	 	Fees
	2.4	 	Scheduled Payments, Prepayments, and Reductions
	2.5	 	Use of Proceeds
	2.6	 	Special Provisions Governing Eurodollar Rate Loans
	2.7	 	Increased Costs; Taxes; Capital Adequacy
	2.8	 	Obligation of Lenders to Mitigate
	2.9	 	Security for the Loans
	

SECTION 3	
 	

CONDITIONS PRECEDENT
	3.1	 	Conditions to Initial Loans on the Closing Date
	3.2	 	Conditions to all Loans
	

SECTION 4	
 	

BORROWER'S REPRESENTATIONS AND WARRANTIES
	4.1	 	Organization, Powers, Qualification, Good Standing, Business and Subsidiaries
	4.2	 	Authorization of Borrowing, Etc.
	4.3	 	Financial Condition
	4.4	 	No Material Adverse Change; No Restricted Junior Payments
	4.5	 	Title to Properties; Liens
	4.6	 	Litigation; Adverse Facts
	4.7	 	Payment of Taxes
	4.8	 	Performance of Agreements; Materially Adverse Agreements
	4.9	 	Governmental Regulation
	4.10	 	Securities Activities
	4.11	 	Employee Benefit Plans
	4.12	 	Certain Fees
	4.13	 	Environmental Protection
	4.14	 	Employee Matters
	4.15	 	Solvency
	4.16	 	Disclosure
	4.17	 	Security Interests

i

 

	

SECTION 5	
 	

BORROWER'S AFFIRMATIVE COVENANTS
	5.1	 	Financial Statements and Other Reports
	5.2	 	Corporate Existence, etc.
	5.3	 	Payment of Taxes and Claims; Tax Consolidation
	5.4	 	Maintenance of Properties; Insurance
	5.5	 	Inspection; Lender Meeting
	5.6	 	Compliance with Laws etc.
	5.7	 	Environmental Disclosure and Inspection
	5.8	 	Borrower's Remedial Action Regarding Hazardous Materials
	5.9	 	Collateral Documents; Further Assurances
	5.10	 	New Subsidiaries
	5.11	 	Interest Rate Agreements; Currency Agreements
	

SECTION 6	
 	

BORROWER'S NEGATIVE COVENANTS
	6.1	 	Liens and Related Matters
	6.2	 	Investments; Unconsolidated Entities
	6.3	 	Restricted Junior Payments
	6.4	 	Financial Covenants
	6.6	 	Restriction on Fundamental Changes, Asset Sales, and Acquisitions
	6.7	 	Transactions with Shareholders and Affiliates
	6.8	 	Conduct of Business
	6.9	 	       Transactions
	

SECTION 7	
 	

EVENTS OF DEFAULT
	7.1	 	Failure to Make Payment
	7.2	 	Default in Other Agreements
	7.3	 	Breach of Certain Covenants
	7.4	 	Breach of Warranty
	7.5	 	Other Defaults Under Loan Documents
	7.6	 	Involuntary Bankruptcy, Appointment of Receiver, etc.
	7.7	 	Voluntary Bankruptcy; Appointment of Receiver, etc.
	7.8	 	Judgments and Attachments
	7.9	 	Dissolution
	7.10	 	Employee Benefit Plans
	7.11	 	Change in Control
	7.12	 	Invalidity of Guaranty
	7.13	 	Failure of Security

ii

 

	

SECTION 8	
 	

ADMINISTRATIVE AGENT
	8.1	 	Administrative Agent
	8.2	 	Delegation of Duties
	8.3	 	Liability of Administrative Agent
	8.4	 	Reliance by Administrative Agent
	8.5	 	Notice of Event of Default
	8.6	 	Credit Decision; Disclosure of Information by Administrative Agent
	8.7	 	Indemnification of Administrative Agent
	8.8	 	Administrative Agent in its Individual Capacity
	8.9	 	Successor Administrative Agent
	8.10	 	Administrative Agent May File Proofs of Claim
	8.11	 	Collateral and Guaranty Matters
	8.12	 	Other Agents; Arrangers and Managers
	8.13	 	Approval of Lenders
	

SECTION 9	
 	

MISCELLANEOUS
	9.1	 	Assignments and Participations in Loans
	9.2	 	Expenses
	9.3	 	INDEMNITY
	9.4	 	Ratable Sharing
	9.5	 	Amendments and Waivers
	9.6	 	Independence of Covenants
	9.7	 	Notices
	9.8	 	Survival of Representations, Warranties, and Agreements
	9.9	 	Failure or Indulgence Not Waiver; Remedies Cumulative
	9.10	 	Marshalling; Payments Set Aside
	9.11	 	Severability
	9.12	 	Obligations Several; Independent Nature of Lenders' Rights
	9.13	 	Headings
	9.14	 	Applicable Law
	9.15	 	Successors and Assigns
	9.16	 	Consent to Jurisdiction and Service of Process
	9.17	 	Waiver of Jury Trial
	9.18	 	Confidentiality
	9.19	 	Counterparts; Effectiveness

iii

 
EXHIBITS  

	Exhibit A	 	FORM OF ASSIGNMENT AGREEMENT
	Exhibit B	 	FORM OF BORROWER PLEDGE AGREEMENT
	Exhibit C	 	FORM OF CERTIFICATE RE NON-BANK STATUS
	Exhibit D	 	FORM OF COMPLIANCE CERTIFICATE
	Exhibit E	 	FORM OF SUBSIDIARY GUARANTY
	Exhibit F	 	FORM OF LC REQUEST
	Exhibit G	 	FORM OF NOTE
	Exhibit H	 	FORM OF NOTICE OF BORROWING
	Exhibit I	 	FORM OF NOTICE OF CONVERSION/CONTINUATION
	Exhibit J	 	FORM OF PLEDGE AGREEMENT—SUBSIDIARIES
	Exhibit K	 	FORM OF OPINION OF VINSON & ELKINS L.L.P.

SCHEDULES  

	1.1	 	APPROVED TAKEOUT PARTIES
	2.1	 	LENDERS' COMMITMENTS AND COMMITMENT PERCENTAGES
	2.2	 	EXISTING LCS
	4.l-1	 	SUBSIDIARIES OF COMPANY
	4.1-2	 	SIGNIFICANT SUBSIDIARIES
	4.6	 	LITIGATION
	4.11	 	CERTAIN EMPLOYEE BENEFIT PLANS
	4.13	 	ENVIRONMENTAL MATTERS
	6.7	 	CERTAIN AFFILIATE TRANSACTIONS

iv

 
 

CREDIT AGREEMENT    
  

        THIS CREDIT AGREEMENT (as renewed, extended, amended, or restated from time to time, this "Agreement") is dated as
of June 28, 2002 and entered into by and among TRAMMELL CROW COMPANY, a Delaware corporation
("Borrower"), each lender that is a signatory hereto or that becomes a signatory hereto as provided in Section
9.1 (individually, together with its successors and assigns, a "Lender," and collectively,
"Lenders"), and BANK OF AMERICA, N.A., a national banking association, ("Bank of
America"), as Administrative Agent for Lenders (in such capacity, together with its successors and assigns, "Administrative
Agent") and as Issuing Bank (in such capacity, together with its successors and assigns, "Issuing Bank"). 

 
 

R E C I T A L S:    
  

        1.    Borrower
desires that Lenders provide Borrower with a $150,000,000 revolving credit facility for general corporate purposes including, without limitation, the acquisition
and development of Real Estate Investments, Permitted Acquisitions, and working capital. 

        2.    Lenders
are willing to extend the requested credit facility to Borrower on the terms and subject to the conditions set forth in this Agreement. 

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

 
 

SECTION 1    
    
    DEFINITIONS    
  

 
 
        1.1    Certain Defined Terms.
    The following terms used in this Agreement shall have the following meanings: 

        "Adjusted Eurodollar Rate" means, as of any Interest Rate Determination Date with respect to an Interest Period for a Eurodollar Rate
Loan, the rate per annum obtained by dividing (a) the Eurocurrency Rate, by (b) a percentage equal to
100% minus the stated maximum rate of all reserve requirements (including, without limitation, any marginal, emergency, supplemental, special, or other
reserves) applicable on such Interest Rate Determination Date to any member bank of the Federal Reserve System in respect of "Eurocurrency liabilities"
as defined in Regulation D (or any successor category of liabilities under Regulation D). 

        "Adjusted Gross EBITDA" means, for any period, Gross EBITDA (other than Gross EBITDA of International Subsidiaries and Mortgaged Real
Estate Subsidiaries). 

        "Administrative Agent" has the meaning assigned to such term in the introduction to this Agreement. 

        "Affected Lender" has the meaning assigned to such term in Section 2.6(c). 

        "Affiliate" means, for any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, that
Person. For the purposes of this definition, "control" (including, with correlative meanings, the terms
"controlling," "controlled by," and "under common control
with"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person,
whether through the ownership of voting Stock, by contract, or otherwise. 

        "Agent-Related Persons" means Administrative Agent, together with its Affiliates (including, in the case of Bank of America in its
capacity as Administrative Agent, the Arranger), and the officers, directors, employees, agents and attorneys-in-fact of such Persons. 

        "Agreement" has the meaning assigned to such term in the introduction to this Agreement. 

 

        "Applicable Margin" means, as of any date of determination, a percentage per annum determined by the Level in effect on such date as shown
below: 

	Level
 
	 	Eurodollar Rate Loans
	 	Base Rate Loans

	Level I (Total Leverage Ratio < 2.0 to 1.0)	 	1.75%	 	0.00%
	Level II (Total Leverage Ratio 3 2.0 to 1.0 but < 2.5 to 1.0)	 	1.875%	 	0.00%
	Level III (Total Leverage Ratio 3 2.5 to 1.0 but < 3.0 to 1.0)	 	2.00%	 	0.25%
	Level IV (Total Leverage Ratio 3 3.0 to 1.0 but < 3.25 to 1.0)	 	2.25%	 	0.50%
	Level V (Total Leverage Ratio > 3.25 to 1.0)	 	2.50%	 	0.75%

The
Applicable Margin, as of any date, shall be determined based upon the Level as of such date based upon the most recent Level Determination Certificate delivered pursuant to  Section 5.1(j);
provided that (a) on the Closing Date, the Applicable Margin shall be determined in
accordance with the Level in effect as determined by the Level Determination Certificate delivered by Borrower to Administrative Agent pursuant to Section
3.1(f) until adjusted as provided in clause (b), (b) the Applicable Margin shall be adjusted in accordance with the Level in
effect as determined by the Level Determination Certificate delivered pursuant to Section 5.1(j), such adjustment to become effective (i) in the case of
a Level Determination Certificate delivered with the financial statements requested under Section 5.1(a), on the date such Level Determination
Certificate was required to be delivered pursuant to pursuant to Sections 5.1(a) and (j), and (ii) in
the case of a Level Determination Certificate delivered with the financial statements requested under Section 5.1(b), on date that such Level
Determination Certificate is actually delivered pursuant to pursuant to Sections 5.1(b) and (j), (c) if
a Level Determination Certificate is not delivered at the time required pursuant to Section 5.1(j), Level V shall be applicable from such time until
delivery of a succeeding Level Determination Certificate, and (d) if a Level Determination Certificate erroneously indicates a Level more favorable to Borrower than should be afforded by the actual
calculation of the Total Leverage Ratio, then Borrower shall promptly pay additional interest to correct for such error. 

        "Approved Credit Support" means a reimbursement, indemnity, or similar obligation issued by a Person (the "Support
Provider") pursuant to which the Support Provider agrees to reimburse, indemnify, or hold harmless a Company for any Indebtedness, liability, or other obligation of such
Company, but only to the extent (a) the Support Provider satisfies the criteria set forth in clauses (a), (b), (c) or (d) of the definition of "Approved Take Out
Party," or (b) the obligations of the Support Provider are secured by an irrevocable third-party letter of credit from a financial institution with a debt rating of A- or
higher from S&P and A3 or higher from Moody's. 

        "Approved Take Out Commitment" means a Take Out Commitment (a) which is issued by an Approved Take Out Party, and (b) in which the funding
obligation of the issuer of such Take Out Commitment is not subject to any material condition other than (i) completion of construction in accordance with all Legal Requirements and agreed plans and
specifications and by a date certain, (ii) issuance of a certificate of occupancy, and (iii) in the event such transaction involves a Qualifying Lease, the commencement of payment of rent by the
tenant. Any Approved Take Out Commitment shall cease to be an Approved Take Out Commitment (x) if the issuer of such Take Out Commitment at any time no longer meets the definition of
"Approved Take Out Party," (y) to the extent the issuer of such Approved Take Out Commitment fails or refuses to fund under such Approved Take Out
Commitment or notifies any Company of its intention to not fund under such Approved Take Out Commitment, or (z) at such time as Borrower acquires actual knowledge that the Approved Take Out Commitment
will not fund. 

2

 

        "Approved Take Out Party" means a Person which issues a Take Out Commitment and which satisfies any of the following criteria: (a) the
senior unsecured debt of such Person is rated BBB or higher by S&P or Baa2 or higher by Moody's, (b) such Person is an endowment or pension fund (or such Take Out Commitment is guaranteed by an
endowment or pension fund) in compliance with ERISA and having net liquid assets and a consolidated net worth (including equity commitments) determined in accordance with GAAP (as reflected in its
most recent annual audited financial statements issued within twelve (12) months of the date of determination) of not less than $500,000,000, (c) such Person is set forth on  Schedule 1.1 (subject
to the right of Requisite Lenders to make prospective additions or deletions to such list from time to time), or (d) such Person
is otherwise approved by Requisite Lenders after receipt of all information necessary to make such determination; provided that Borrower pays a work fee
of $2,500 per consenting Lender for consideration of each new Approved Take Out Party if such consent is obtained within twenty-one (21) days from the delivery of all information necessary to make
such determination. 

        "Arranger" means Banc of America Securities LLC, together with its successors and assigns. 

        "Assignment Agreement" means an Assignment Agreement substantially in the form of Exhibit
A. 

        "Bank of America" has the meaning assigned in the preamble. 

        "Bankruptcy Code" means Title 11 of the United States Code entitled
"Bankruptcy," as now and hereafter in effect, or any successor statute. 

        "Base Rate" means, as of any date, the greater of (a) the Prime Rate, or (b)  the sum of (i) the Federal Funds
Effective Rate, and (ii) one-half of one percent (0.5%). 

        "Base Rate Loans" means Loans bearing interest at rates determined by reference to the Base Rate as provided in  Section 2.2(a). 

        "Borrower" has the meaning assigned to such term in the introduction to this Agreement. 

        "Borrower Pledge Agreement" means the Pledge Agreement executed and delivered by Borrower, substantially in the form of  Exhibit B, as such Pledge Agreement
may hereafter be modified, amended, restated, or supplemented from time to time. 

        "Brokerage Services Line" means brokerage services related to ownership represented project leasing and investment sales. 

        "Business Day" means any day excluding Saturday, Sunday, and any day which is a legal holiday under the laws of the State of Texas or is a
day on which banking institutions located in such state are authorized or required by any Legal Requirement to close. 

        "Capital Lease" means, for any Person, any lease of any property (whether real, personal, or mixed) by such Person as lessee that, in
conformity with GAAP, is accounted for as a capital lease on the balance sheet of such Person. 

        "Cash" means money, currency, or a credit balance in a Deposit Account. 

        "Cash Taxes" means, for any Person for any period, income Taxes paid or payable in respect of taxable income for such Person for such
period. 

        "Cash Equivalents" means, as of any date of determination, (a) marketable securities (i) issued or directly and unconditionally guaranteed
as to interest and principal by the United States of America, or (ii) issued by any agency of the United States of America the obligations of which are backed by the full faith and credit of the
United States of America, in each case maturing within one (1) year after such date, (b) marketable direct obligations issued by any state of the United 

3

 

States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the
acquisition thereof, the highest rating obtainable from either S&P or Moody's, (c) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the
acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody's, (d) certificates of deposit or bankers' acceptances maturing within one (1) year after such date and issued or
accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (i) is at least
"adequately capitalized" (as defined in the regulations of its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such
regulations) of not less than $100,000,000, and (e) shares of any money market mutual fund that has (i) at least ninety-five percent (95%) of its assets invested continuously in the types of
investments referred to in clauses (a)and (b) above, (ii) net assets of not less than $500,000,000, and
(iii) the highest rating obtainable from either S&P or Moody's. 

        "Certificate re Non-Bank Status" means a certificate substantially in the form of Exhibit
C delivered by a Lender to Administrative Agent pursuant to Section 2.7(b)(iii). 

        "Change of Control" means: (a) the acquisition, in one or more transactions, of beneficial ownership (within the meaning of  Rule 13d-3 under the Exchange Act) by
(i) any Person, or (ii) any group of Persons who constitute a group (within the meaning of  Section 13(d)(3) of the Exchange Act), in either case, of any Company Voting Stock such that, as a result of
such acquisition, such Person or group of
Persons beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, thirty percent (30%) or more of Company
Voting Stock then outstanding; or (b) during any period of twelve (12) consecutive calendar months, Continuing Directors shall cease to constitute a majority of the Board of Directors of Borrower; or
(c) Company Voting Stock shall cease to be listed for trading and be traded on a United States securities exchange or market on which equity securities are regularly traded; or (d) Borrower shall
cease to have a class of equity securities that are registered pursuant to Section 12 of the Exchange Act. 

        "Closing Date" means June 28, 2002. 

        "Collateral" means all of the Stock in Borrower's Significant Subsidiaries subject to a Lien pursuant to the Collateral Documents. 

        "Collateral Documents" means all pledge and security agreements, assignments, financing and continuation statements, and all other
instruments or documents delivered by any Obligor pursuant to this Agreement (including, but not limited to, the Pledge Agreements) in order to grant to Administrative Agent, for the benefit of the
Credit Parties, Liens in the Collateral, and all modifications, amendments, restatements, and supplements thereof. 

        "Commitment" means, for any Lender as of any date of determination, the amount stated beside each Lender's name on the most-recently
amended Schedule 2.1 to this Agreement (which amount is subject to increase, reduction, or cancellation in accordance with this Agreement). 

        "Commitment Percentage" means, for any Lender as of any date of determination, the proportion (stated as a percentage) that its Commitment
bears to the Total Commitment. 

        "Commitment Usage" means, at any time, the sum of (without duplication) (a) the Principal
Debt plus (b) the LC Exposure. 

        "Companies" means Borrower and its Subsidiaries, and "Company" means any one of the
Companies. 

4

 

        "Company Voting Stock" means issued and outstanding Stock of Borrower entitled (without regard to the occurrence of any contingency) to
vote for the election of members of the Board of Directors of Borrower. 

        "Compensation Period" has the meaning assigned in Section2.1(c)(ii)(B). 

        "Compliance Certificate" means a certificate substantially in the form of Exhibit D
delivered to Administrative Agent by Borrower pursuant to Section 5.1(c). 

        "Consolidated Companies" means Borrower and its Consolidated Subsidiaries, and "Consolidated
Company" means any one of the Consolidated Companies. 

        "Consolidated Subsidiary" means, with respect to any Person, any Subsidiary of such Person the accounts of which would be consolidated
with those of such Person in its consolidated financial statements
prepared in accordance with GAAP. Without limiting the foregoing, the Funds and Fund IV shall not be considered to be Consolidated Subsidiaries of Borrower and will be treated as Unconsolidated
Entities for purposes of calculation of the financial covenants set forth in Section 6.4. 

        "Constituent Documents" means, with respect to any Person, its articles or certificate of incorporation, constitution, bylaws, partnership
agreements, organizational documents, limited liability company agreements, or such other document as may govern such entity's formation or organization. 

        "Contingent Obligation" means, for any Person, any direct or indirect liability, contingent or otherwise, of such Person (a) with respect
to any Indebtedness, lease, dividend, or other obligation of another Person if the primary purpose or intent thereof by the Person incurring the Contingent Obligation is to provide assurance to the
obligee of such obligation of another Person that such obligation of another Person will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of
such obligation will be protected (in whole or in part) against loss in respect thereof, (b) with respect to any letter of credit issued for the account of such Person or as to which such Person is
otherwise liable for reimbursement of drawings, or (c) under Interest Rate Agreements and Currency Agreements. Contingent Obligations include, without limitation, (i) the direct or indirect guaranty,
endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse, or sale with recourse by such Person of the obligation of another
Person, (ii) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for
the obligation of another Person through any agreement (contingent or otherwise) (A) to purchase, repurchase, or otherwise acquire such obligation or any security therefor, or to provide funds for the
payment or discharge of such obligation (whether in the form of loans, advances, Stock purchases, capital contributions, or otherwise), or (B) to maintain the solvency or any balance sheet item, level
of income, or financial condition of another if, in the case of any agreement described under subclauses (A) or  (B) of this sentence, the
primary purpose or intent thereof is as described in the preceding sentence. The amount of any Contingent Obligation shall be
equal to the amount of the obligation so guaranteed or otherwise supported or, if less, the amount to which such Contingent Obligation is specifically limited. If any Company's Contingent Obligations
may be reduced or eliminated solely by payment of another monetary obligation of a lesser amount (for example, by making an equity investment in the primary obligor), then for purposes of this
Agreement, such Contingent Obligations shall be deemed to be such lesser amount. Notwithstanding the foregoing, Contingent Obligations of the Companies shall not include the following: (w) completion
or budget guarantees issued by a Company pursuant to which such Company guarantees the timely completion of construction of any construction project in accordance with applicable plans and
specifications and/or project budget or otherwise indemnifies a construction lender or other party from loss resulting from a 

5

 

failure to timely complete any project financed by such lender or other party in accordance with applicable plans and specifications and/or project budget; (x) Savills' ratable share of the
       Deferred Payment Obligation unless Savills has defaulted under the        Cross Contribution Agreements; (y) guarantees
of Exempt Construction Loans; and (z) the Companies' obligations with respect to the            Option pursuant to the           
Guaranty; provided that if any event or circumstance has occurred that has triggered any Company's liability thereunder, then such liability shall be
included in Indebtedness to the extent such liability otherwise meets the definition of "Indebtedness" hereunder. 

        "Contractual Obligation" means, for any Person, any provision of any Stock issued by such Person or of any material indenture, mortgage,
deed of trust, contract, undertaking, agreement, or other instrument to which such Person is a party or by which it or any of its properties is bound or to which it or any of its properties is
subject. 

        "Continuing Director" means, as of the date of determination, any Person who (a) was a member of the Board of Directors of Borrower on the
Closing Date, or (b) was nominated for election or elected to the Board of Directors of Borrower with the affirmative vote of a majority of the Continuing Directors. 

        "Credit Parties" means Administrative Agent, Arranger, Issuing Bank, and Lenders, and "Credit
Party" means any one of the Credit Parties. 

        "Currency Agreement" means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap, or
other similar agreement or arrangement designed to protect any Company against fluctuations in currency values. 

        "Current Assets" means the current assets of the Consolidated Companies determined in accordance with GAAP, but excluding all receivables
that are more than ninety (90) days past due in respect of products, goods, and/or services which were delivered or performed by any Consolidated Company more than ninety (90) days prior to such date. 

        "Current Liabilities" means the current liabilities of the Consolidated Companies determined in accordance with GAAP. 

        "Customary Recourse Exceptions" means, with respect to any Non-Recourse Obligations, exclusions from the exculpation provisions with
respect to such Non-Recourse Obligations for fraud, misapplication of cash, environmental claims, failure to comply with bankruptcy remote and special purpose entity requirements, and other
circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse financings of real estate. 

        "Debt Service" means, for any Person for any period, the sum of (a) all regularly
scheduled principal payments (excluding maturities of real estate construction mortgages and excluding the        Deferred Payment Obligation), and (b) all
Interest Expense that are paid or payable during such period in respect of all Indebtedness of such Person. 

        "Defaulting Lender" means any Lender that, at the time of determination thereof, is in default with respect to any of its obligations
under this Agreement or the other Loan Documents. 

        "Deposit Account" means a demand, time, savings, passbook, or like account with a bank, savings and loan association, credit union, or
like organization, other than an account evidenced by a negotiable certificate of deposit. 

        "Dollars" and the sign "$" mean the lawful money of the United States of America. 

        "EBITDA from Real Estate Gains" means the product of (a) twenty five percent (25%),  times (b) (i) net gains on the
disposition of Real Estate Investments, minus (ii) to the extent included
in 

6

 

clause (i), the Share of such gains attributable to the owners (other than Borrower or a wholly-owned Subsidiary of Borrower) of Stock of any Subsidiary of Borrower which realizes such gains,  plus (iii)
net income from Real Estate Investments consisting of Stock of Unconsolidated Entities.
 

        "Eligible Assignee" has the meaning assigned to it in Section 9.1(g). 

        "Employee Benefit Plan" means any "employee benefit plan" as defined in  Section 3(3) of ERISA, other than plans
that are exempt from ERISA by reason of the regulations promulgated thereunder and Multiemployer Plans, which
is, or was at any time, maintained or contributed to by Borrower or any of its ERISA Affiliates. 

        "Environmental Claim" means any notice of violation, claim, demand, abatement order, or other order or direction by any Governmental
Authority or any Person for any damage, including, without limitation, personal injury (including sickness, disease, or death), tangible or intangible property damage, contribution, indemnity,
indirect or consequential damages, damage to the environment, nuisance, pollution, contamination, or other adverse effects on the environment, or for fines or penalties, in each case relating to,
resulting from or in connection with Hazardous Materials and relating to any Company or any of its Affiliates or any Real Estate Investment. 

        "Environmental Laws" means all Legal Requirements relating to (a) environmental matters, including, without limitation, those relating to
fines, injunctions, penalties, damages, contribution, cost recovery compensation, losses, or injuries resulting from the Release or threatened Release of Hazardous Materials, (b) the generation, use,
storage, transportation, or disposal of Hazardous Materials, or (c) occupational safety and health, industrial hygiene, land use, or the protection of human, plant, or animal health or welfare, in any
manner applicable to any Company or any of its Real Estate Investments or other assets. 

        "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any successor statute. 

        "ERISA Affiliate" means, for any Person, (a) any corporation which is a member of a controlled group of corporations within the meaning of  Section 414(b) of the
Internal Revenue Code of which such Person is a member; (b) any trade or business (whether or not incorporated) which is a member
of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which such Person is a
member; and (c) any member of an affiliated service group within the meaning of Section 414(m) or (o) of
the Internal Revenue Code of which such Person, any corporation described in clause (a) above, or any trade or business described in  clause (b) above is a member. 

        "ERISA Event" means: (a) a "reportable event" within the meaning of  Section 4043 of ERISA and the regulations
issued thereunder with respect to any Pension Plan (excluding those for which the provision for thirty
(30) day notice to the PBGC has been waived by regulation); (b) the failure to meet the minimum funding standard in a material amount of  Section 412 of the Internal Revenue Code with respect to any
Pension Plan (whether or not waived in accordance with  Section 412(d) of the Internal Revenue Code) or the failure to make by its due date a required installment in a material amount under 
Section 412(m) of the Internal Revenue Code with respect to any Pension Plan or the failure to make any required contribution in a material
amount to a Multiemployer Plan; (c) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of
intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (d) the withdrawal by Borrower or any of its ERISA
Affiliates from any Pension Plan with two (2) or more contributing sponsors or the termination of any such Pension Plan resulting in a material amount of liability pursuant to  Sections 4063 or
4064 of ERISA; (e) the institution by the PBGC of proceedings to terminate any Pension
Plan, or the occurrence of any event or condition which constitutes grounds under ERISA for the termination 

7

 

of, or the appointment of a trustee to administer, any Pension Plan; (f) the imposition of a material amount of liability on Borrower or any of its ERISA Affiliates pursuant to  Section 4062(e) or
4069 of ERISA or by reason of the application of  Section 4212(c) of ERISA; (g) the withdrawal by Borrower or any of its ERISA Affiliates in a complete
or partial withdrawal (within the meaning
of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if such withdrawal would result in a material amount of liability to Borrower or an
ERISA Affiliate, or the receipt by Borrower or any of its ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant to  Section 4241 or 4245 of ERISA, or that it intends to terminate or has terminated under
Section 4041A or 4042 of ERISA; (h) the occurrence of an act or omission which could give rise to
the imposition on Borrower or any of its ERISA Affiliates of a material amount of fines, penalties, Taxes, or related charges under Chapter 43 of the
Internal Revenue Code or under Section 409 or 502(c), (i) or  (1) or 4071 of ERISA in respect of any Employee Benefit Plan; (i) the assertion of a claim (other than
routine claims for benefits) that could result in a material amount of liability against any Employee Benefit Plan other than a Multiemployer Plan or the assets thereof, or against Borrower or any of
its ERISA Affiliates in connection with any such Employee Benefit Plan; (j) receipt from the Internal Revenue Service of notice of the failure of any Pension Plan (or any other Employee Benefit Plan
intended to be qualified under Section 401(a) of the Internal Revenue Code) to qualify under  Section 401(a) of the Internal Revenue Code, or the
failure of any trust forming part of any Pension Plan to qualify for exemption from taxation
under Section 501(a) of the Internal Revenue Code; or (k)
the imposition of a Lien pursuant to Section 401(a)(29) or 412(n) of the Internal Revenue Code or
pursuant to ERISA with respect to any Pension Plan. 

        "Eurocurrency Rate" means for any Interest Period with respect to any Eurodollar Rate Loan: 

        (a)  the rate per annum equal to the rate determined by Administrative Agent to be the offered rate that appears on the page
of the Telerate screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first (1st)
day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first (1st) day of
such Interest Period, or 

        (b)  if the rate referenced in the preceding clause (a) does not appear on such page or service or such page or service shall
not be available, then the rate per annum equal to the rate determined by Administrative Agent to be the offered rate on such other page or other service that displays an average British Bankers
Association Interest Settlement Rate for deposits in Dollars (for delivery on the first (1st) day of such Interest Period) with a term equivalent to such Interest Period, determined as
of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first (1st) day of such Interest Period, or 

        (c)  if the rates referenced in the preceding clauses (a) and (b) are not available, then the rate per annum determined by
Administrative Agent as the rate of interest at which deposits in Dollars for delivery on the first (1st) day of such Interest Period in same day funds in the approximate amount of the
Eurodollar Rate Loan being made, continued, or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America's London Branch to major banks in the
London interbank eurodollar market at their request at approximately 4:00 p.m. (London time) two (2) Business Days prior to the first (1st) day of such Interest Period. 

        "Eurodollar Rate Loans" means Loans bearing interest at rates determined by reference to the Adjusted Eurodollar Rate as provided in  Section 2.2(a).

        "Event of Default" means each of the events set forth in Section 7. 

8

 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time,
and any successor statute. 

        "Exempt Construction Loan" means any interim construction loan (or Contingent Obligations related thereto) (a) that is subject to or
backed by an Approved Take Out Commitment, or (b) in which the Mortgaged Real Estate Subsidiary that is the obligor of such construction loan has entered into a Qualifying Lease of the property
securing such Exempt Construction Loan (or Contingent Obligations related thereto) and such lease supports a refinance of the entire interim construction loan amount based upon prevailing permanent
loan terms at the time the interim construction loan is closed. Notwithstanding the foregoing, construction loans (and Contingent Obligations related thereto) shall cease to be treated as Exempt
Construction Loans in the event that any of the following occur: (i) the obligor of such Exempt Construction Loan is in default beyond any applicable notice and cure periods of any obligations under
such Exempt Construction Loan credit agreement; or (ii) the underlying real property securing such Exempt Construction Loan has not been sold by a date which is no later than fifteen (15) months after
completion of construction. 

        "Existing Credit Agreement" means that certain Amended and Restated Credit Agreement dated as of December 18, 2000, by and among Borrower,
Bank of America, N.A., as Administrative Agent and Issuing Bank, and Lenders defined therein, as modified, amended, and supplemented through the date hereof. 

        "Existing LCs" means the LCs listed on Schedule 2.2. 

        "Federal Funds Effective Rate" means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank on the Business Day next succeeding such day;  provided that (a) if such day is not a Business Day, then the Federal Funds Effective Rate for such day shall be such rate on such transactions on the
next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, then the Federal Funds Effective Rate for
such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by Administrative Agent. 

        "Fiscal Quarter" means a fiscal quarter of any Fiscal Year. 

        "Fiscal Year" means the fiscal year of the Consolidated Companies ending on December 31 of each calendar year. For purposes of this
Agreement, any particular Fiscal Year shall be designated by reference to the calendar year in which such Fiscal Year ends. 

        "Fixed Charge Coverage Ratio" means, as of the last day of any Fiscal Quarter, the ratio of (a) Gross EBITDA, to (b) Fixed Charges, in
each case for the four (4) Fiscal Quarters ending on the date of determination. 

        "Fixed Charges" means, for the Consolidated Companies for any period, (a) Debt Service,  plus (b) Cash Taxes, plus
(c) all Restricted Junior Payments in respect of all outstanding Stock of the
Consolidated Companies consisting of preferred Stock (excluding Restricted Junior Payments made by any Consolidated Subsidiary to another Consolidated Company, to the extent such payments would create
no net increase in the amount of Restricted Junior Payments of the Consolidated Companies determined in accordance with GAAP on a consolidated basis). 

        "Fund" means any limited partnership, limited liability company, or other entity sponsored by a Company (a) in which a special purpose
Subsidiary of Borrower acts as the general partner, managing member, or in a similar capacity, (b) which issues Stock to investors other than one or 

9

 

more of the Companies, (c) in which a Company may receive a promoted or carried interest relative to other investors, and (d) which is established primarily for the purposes of acquiring, owning,
developing, operating, and disposing of multiple investments in real property assets in multiple geographic locations. As used herein, any reference to a
"Fund" shall also be deemed a reference to Subsidiaries of such Fund. 

        "Funding and Payment Office" means the office of Administrative Agent located at 901 Main Street, 51st Floor, Dallas, Texas 75202. 

        "Fund IV" means Trammell Crow Investment Fund IV, L.P., a Delaware limited partnership, in which Borrower owns a thirty-seven (37%)
limited partner interest. 

        "Funding Date" means the date of the funding of a Loan. 

        "GAAP" means, subject to the limitations on the application thereof set forth in  Section 1.2, generally accepted accounting principles set forth in
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a
significant segment of the accounting profession, in each case as the same are applicable to the circumstances as of the date of determination. 

        "Governmental Authority" means any nation or government, any state or other political subdivision thereof, and any Person exercising
executive, legislative, judicial, regulatory, or administrative functions of or pertaining to government. 

        "Governmental Authorization" means any permit, license, authorization, plan, directive, consent order, or consent decree of or from any
Governmental Authority. 

        "Gross EBITDA" means, for any period and calculated for the Consolidated Companies on a Pro Forma Basis, (a) Net Income,  plus (b) the following to the extent
deducted from Net Income in accordance with GAAP (i) Interest Expense,  plus (ii) income Taxes, plus (iii) total depreciation expense,  plus (iv) total amortization expense, plus (v) other non-cash and non-recurring items,
less (c) other non-cash and non-recurring items increasing Net Income, minus (d) any net extraordinary
gains, plus (e) any net extraordinary losses; provided, however, that there shall be excluded from
"Gross EBITDA" any portion of Gross EBITDA (i) from the Consolidated Companies' Brokerage Services Line that exceeds in the aggregate thirty-five
percent (35%) of Gross EBITDA, (ii) attributable to the Consolidated Companies' International Operations (other than business operations, assets, and properties located in Canada) that exceed in the
aggregate twenty-five percent (25%) of Gross EBITDA, (iii) attributable to EBITDA from Real Estate Gains that exceeds in the aggregate twenty percent (20%) of Gross EBITDA, (iv) attributable to the
Share of Gross EBITDA of the owners (other than Borrower or a wholly-owned Subsidiary of Borrower) of Stock of any Subsidiary of Borrower (to the extent included in Gross EBITDA), (v) attributable to
real property subject to Exempt Construction Loans (except for EBITDA from Real Estate Gains subject to the limitations set forth above), and (vi) attributable to EBITDA from the Consolidated
Companies' Brokerage Services Line, Real Estate Gains, and Consolidated Companies' International Operations (other than business operations, assets, and properties located in Canada) that exceeds in
the aggregate sixty percent (60%) of Gross EBITDA. The percentage limitations calculated in clauses (i) through  (iv) of the immediately
preceding sentence shall be calculated, in each case, prior to reduction of Gross EBITDA as a result of any such limitations. 

        "Guarantors" means all existing and future Significant Subsidiaries. 

        "Hazardous Materials" means: (a) any chemical, material, or substance at any time defined as or included in the definition of
"hazardous substances," "hazardous wastes," "hazardous
materials," 

10

 

"extremely hazardous waste," "restricted hazardous waste," "infectious
waste," "toxic substances," or any other formulations intended to define, list, or classify substances by reason of deleterious
properties under any applicable Environmental Laws or publications promulgated pursuant thereto; (b) any oil, petroleum, petroleum fraction, or petroleum derived substance; (c) any drilling fluids,
produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources; and (d) any other chemical, material, or substance,
exposure to which is prohibited, limited, or regulated by any Governmental Authority or which may or could pose a hazard to the health and safety of the owners, occupants, or any Persons in the
vicinity of any Real Estate Investment. 

        "Indebtedness" means, for any Person, without duplication, (a) all indebtedness for borrowed money, (b) that portion of obligations with
respect to Capital Leases that is properly classified as a liability on a balance sheet of such Person in conformity with GAAP, (c) notes payable and drafts accepted representing extensions of credit
whether or not representing obligations for borrowed money, (d) any
obligation owed for all or any part of the deferred purchase price of property or services (excluding obligations for further payments for businesses acquired based solely upon future earnings, cash
flow, or other performance measures or conditions precedent, and any such obligations incurred under ERISA), which purchase price is (i) due more than six (6) months from the date of incurrence of the
obligation in respect thereof, or (ii) evidenced by a note or similar written instrument, (e) all indebtedness secured by any Lien (other than Permitted Encumbrances) on any property or asset owned or
held by such Person regardless of whether the indebtedness secured thereby shall have been assumed by such Person or is nonrecourse to the credit of such Person, and (f) all Stock of such Person that
is subject to repurchase or redemption other than at the sole option of such Person. Obligations under Interest Rate Agreements and Currency Agreements constitute Contingent Obligations and not
Indebtedness. Contingent Obligations are not Indebtedness unless any event or circumstance has occurred that has triggered any Company's liability thereunder in which case such liability shall
constitute Indebtedness to the extent such liability otherwise meets the definition of "Indebtedness" hereunder. 

        "Indemnified Liabilities" has the meaning assigned to it in Section 9.3. 

        "Indemnitee" has the meaning assigned to such term in Section 9.3. 

        "Interest Coverage Ratio" means, as of the last day of any Fiscal Quarter, the ratio of (a) Gross EBITDA, to (b) Interest Expense, in each
case for the four (4) Fiscal Quarters ending on the date of determination. 

        "Interest Expense" means, for any period, total interest expense (including that portion attributable to Capital Leases in accordance with
GAAP and capitalized interest) of the Consolidated Companies, as determined on a consolidated basis in accordance with GAAP, with respect to all outstanding Indebtedness of the Consolidated Companies,
including, without limitation, all commissions, discounts, and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under Interest Rate
Agreements (but reduced by net gains under Interest Rate Agreements); provided that for purposes of this definition, "Interest
Expense" shall (a) include all interest on the Obligations whether or not such interest is expensed or capitalized during such period in accordance with GAAP, (b) not include
interest capitalized in accordance with GAAP in connection with the construction of Real Estate Investments so long as the applicable Consolidated Company has obtained construction loan financing
pursuant to which construction loan advances are made in the amount of such interest expense, and (c) not include Interest Expense on Exempt Construction Loans to the extent such Interest Expense is
either fully supported by net operating income from the underlying Real Estate Investment or is covered by advances under such Exempt Construction Loans. 

11

 

        "Interest Payment Date" means the last day of each calendar month during the term of this Agreement. 

        "Interest Period" has the meaning assigned to such term in  Section 2.2(b).

        "Interest Rate Agreement" means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, or other
similar agreement or arrangement designed to protect any Company against fluctuations in interest rates. 

        "Interest Rate Determination Date" means, with respect to any Interest Period, the second (2nd) Business Day prior to the first (1st) day
of such Interest Period. 

        "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended to the date
hereof and from time to time hereafter. 

        "International Operations" means the Companies' business operations, assets, and properties located outside of the United States of
America and Canada including all International Subsidiaries other than Subsidiaries organized under the laws of any province or territory of Canada. 

        "International Subsidiaries" means Subsidiaries of Borrower that are not organized under the laws of any State of the United States of
America or the District of Columbia, and "International Subsidiary" means any one of the International Subsidiaries. 

        "Investment" means any (a) direct or indirect purchase or other acquisition by any Company of, or of a beneficial interest in, any Stock
of any other Person (other than a Person that, prior to such purchase or acquisition, was a Subsidiary of Borrower), (b) purchase or acquisition by any Company of all or substantially all of the
assets of any other Person, or (c) direct or indirect loan, advance, or capital contribution by any Company to any other Person other than a wholly-owned Subsidiary of Borrower, including all
Indebtedness and accounts receivable from such other Person that are not current assets or did not arise from sales or the provision of services to such other Person in the ordinary course of
business. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, and  minus any return in cash
of the original amount of such Investment, without any adjustments for increases or decreases in value, or write-ups,
writedowns, or write-offs with respect to such Investment. 

        "Issuance Date" means, with respect to any LC, the date of issuance of such LC. 

        "Issuing Bank" has the meaning assigned to such term in the introduction to this Agreement. 

        "LC" means a documentary or standby letter of credit issued for the account of Borrower by Issuing Bank under this Agreement and under an
LC Agreement. 

        "LC Agreement" means a letter of credit application and agreement (in form and substance satisfactory to Issuing Bank) submitted and
executed by Borrower to Issuing Bank for an LC for the account of Borrower. 

        "LC Exposure" means, without duplication, the sum of (a) the total face amount of all
undrawn and uncancelled LCs plus (b) the total unpaid reimbursement obligations of Borrower under drawings under all LCs. 

        "LC Request" means a request substantially in the form of Exhibit F. 

        "LC Subfacility" means a subfacility of the Revolving Credit Facility for the issuance of LCs, as described in  Section 2.1(e), under which the LC
Exposure (without duplication) (a) may never (without the prior written consent of Administrative Agent, such
consent not to be unreasonably withheld) collectively exceed $25,000,000, and (b) together with the Principal Debt, may never exceed the Total Commitment. 

12

 

        "Legal Requirements" means all applicable statutes, laws, treaties, ordinances, rules, regulations, orders, writs, injunctions, decrees,
judgments, and opinions of any Governmental Authority, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, licenses, authorizations, and permits of any Governmental Authority. 

        "Lender" and "Lenders" have the meanings assigned to such terms in the introduction of
this Agreement. 

        "Level" means Level I, Level II, Level III, Level IV, or Level V, in each case whichever is in effect on the date of determination. 

        "Level I" means such periods as the Total Leverage Ratio is less than 2.0 to 1.0. 

        "Level II" means such periods as the Total Leverage Ratio is greater than or equal to 2.0 to 1.0 and less than 2.5 to 1.0. 

        "Level III" means such periods as the Total Leverage Ratio is greater than or equal to 2.5 to 1.0 and less than 3.0 to 1.0. 

        "Level IV" means such periods as the Total Leverage Ratio is greater than or equal to 3.0 to 1.0 and less than or equal to 3.25 to 1.0. 

        "Level V" means such periods as the Total Leverage Ratio is greater than 3.25 to 1.0 . 

        "Level Determination Certificate" means an Officers' Certificate of Borrower delivered on the Closing Date and thereafter in accordance
with Section 5.1(j) setting forth in reasonable detail the Total Leverage Ratio that is applicable pursuant to the definition thereof as of the
date on which such Officers' Certificate is delivered. 

        "Lien" means any lien, mortgage, pledge, assignment, security interest, charge, or encumbrance of any kind (including any conditional sale
or other title retention agreement, any lease in the nature thereof, and any agreement to give any security interest). 

        "Liquid Assets" means, as of the last day of each Fiscal Quarter, the sum of (a) the
Consolidated Companies' Cash and Cash Equivalents (in each case not subject to any Liens or other encumbrances) and (b) the lesser of (i) the Unused
Commitment as of such date, and (ii) the maximum amount of Loans that Borrower could, subject to the terms and conditions of this Agreement, receive on such date from Lenders. 

        "Loan Documents" means this Agreement, the Notes, the Subsidiary Guaranty, the Pledge Agreements, the Collateral Documents, and any
Interest Rate Agreement between Borrower and any Lender. 

        "Loans" means any amount disbursed (a) by one or more Lenders to Borrower under the Loan Documents (under the Revolving Credit Facility or
the LC Subfacility), whether such amount constitutes an original disbursement of funds, the continuation of an amount outstanding, or payment of a draft under an LC, or (b) by any Lender in accordance
with, and to satisfy the obligations of any Company under, any Loan Document, and "Loan" means any one of the Loans. 

        "Margin Stock" has the meaning assigned to such term in Regulation U of the Board of
Governors of the Federal Reserve System as in effect from time to time. 

        "Material Adverse Effect" means (a) a material adverse effect upon the business, operations, properties, assets, condition (financial or
otherwise), or prospects of the Companies, taken as a whole, or (b) the impairment in any material respect of the ability of Borrower to perform the 

13

 

Obligations, or (c) the impairment in any material respect of Administrative Agent or Lenders to enforce the Obligations. 

        "Maturity Date" means the earlier of (a) June 28, 2005, and (b) the date that the Total Commitment is terminated or reduced to zero in
accordance with the terms of this Agreement. 

        "Minimum Net Worth" means, as of the last day of each Fiscal Quarter during the following periods, the amount set forth opposite such
periods below: 

	Period
 
	 	Minimum Amount

	Closing Date through September 30, 2003	 	$	250,000,000
	October 1, 2003 through September 30, 2004	 	$	275,000,000
	October 1, 2004 and thereafter	 	$	300,000,000

        "Moody's" means Moody's Investors Service, Inc. or, if Moody's no longer publishes ratings, another ratings agency acceptable to
Administrative Agent. 

        "Mortgaged Real Estate Subsidiary" means, as of any date, a Real Estate Subsidiary whose assets are subject to Liens securing Indebtedness
to bona fide third parties incurred to finance a material portion of the acquisition, construction, and/or development costs of such Real Estate Subsidiary's assets. 

        "Multiemployer Plan" means a "multiemployer plan," as defined in  Section 3(37) of ERISA, to which Borrower or
any of its ERISA Affiliates is contributing, or ever has contributed, or to which Borrower or any of
its ERISA Affiliates has, or ever has had, an obligation to contribute. 

        "Net Income" means, for any period, the net income (or loss) of the Consolidated Companies on a consolidated basis for such period taken
as a single accounting period determined in conformity with GAAP; provided that there shall be excluded from "Net
Income" (a) the income (or loss) of Persons (other than Consolidated Subsidiaries of Borrower) in which any other Person (other than Consolidated Companies) has a joint
interest, except to the extent of the amount of dividends or other distributions actually paid to Consolidated Companies by all such Persons during such period, (b) the income (or loss) of any Person
accrued prior to the date it becomes a Consolidated Subsidiary of Borrower or is merged into or consolidated with any Consolidated Company or such Person's assets are acquired by any Consolidated
Company, and (c) the income of any Consolidated Subsidiary of Borrower to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of such income is not at
the time permitted by operation of the terms of its Constituent Documents, any Contractual Obligation, or any Legal Requirement (other than Legal Requirements restricting the making of dividends or
distributions on Stock generally) applicable to such Subsidiary. 

        "Net Worth" means, for the Consolidated Companies on a consolidated basis as of the last day of each Fiscal Quarter, net worth determined
in accordance with GAAP. 

        "Non-Recourse Obligations" means, for any Person, any Indebtedness of such Person in which the holder of such Indebtedness (a) may not
look to such Person personally for repayment, other than to the extent of any security therefor or pursuant to Customary Recourse Exceptions, or (b) may look to such Person personally for repayment
(but not to any constituent owner of such Person other than for Customary Recourse Exceptions) and such Person is a single purpose entity owning a single Real Estate Investment, or (c) in the case of
Indebtedness of any Fund or Fund IV or any Subsidiary of such Fund or Fund IV, may look to such Fund or to Fund IV, and any special purpose corporation or limited liability company serving as the
general partner of such Fund or of Fund IV (but not to any other constituent owner of such Fund or of Fund IV other than for Customary Recourse Exceptions). 

14

 

        "Notes" means any promissory notes of Borrower issued to evidence Loans of Lenders, substantially in the form of  Exhibit G, as they may be modified,
amended, renewed, extended, restated, or supplemented from time to time, and
"Note" means any one of the Notes. 

        "Notice of Borrowing" means a notice substantially in the form of Exhibit H delivered by
Borrower to Administrative Agent pursuant to Section 2.1(c) with respect to a proposed Loan. 

        "Notice of Conversion/Continuation" means a notice substantially in the form of Exhibit I
delivered by Borrower to Administrative Agent pursuant to Section 2.2(d) with respect to a proposed conversion or continuation of the applicable
basis for determining the interest rate with respect to any Loans. 

        "Obligations" means all obligations of every nature of Borrower from time to time owed to any Credit Party, or any of them under the Loan
Documents, whether for principal, interest, fees, expenses, indemnification, or otherwise. 

        "Obligors" means Borrower and Guarantors, and "Obligor" means any one of the Obligors. 

        "Officers' Certificate" means, as applied to any corporation, a certificate executed on behalf of such corporation by its chairman of the
board (if an officer) or its president or one of its vice presidents and by its chief financial officer or its treasurer. 

        "Operating Lease" means, as applied to any Person, any lease (including, without limitation, leases that may be terminated by the lessee
at any time) of any property (whether real, personal, or mixed) that is not a Capital, Lease other than any lease under which such Person is the lessor. 

        "Participant" has the meaning assigned to it in Section 9.1(d). 

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

        "Pension Plan" means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to  Section 412 of the Internal Revenue Code or Section 302 of ERISA. 

        "Performance Bond" means any letter of credit, bond, or similar security device securing the obligation of any Company to complete
construction of improvements to real property. 

        "Permitted Acquisition" means (x) the acquisition of        Sub in accordance with the
       Transactions, and (y) any other acquisition or series of acquisitions, by purchase, merger, or otherwise after the Closing Date by any Company of any Person
or substantially all of the assets of any Person or operating division of
any Person (as applicable, the "Target"); provided that each of the following conditions shall have been
satisfied: 

        (a)  the Target is engaged in substantially the same business as the business conducted by any Company on the date of such
acquisition or another business permitted pursuant to Section 6.8; 

        (b)  except with respect to the acquisition of       , prior to such acquisition or
series of acquisitions, Administrative Agent shall have received (x) financial statements of the Target for at least the last one (1) year period, which financial statements have been (i) reviewed by
independent certified public accountants if the purchase price of the Target is in excess of $10,000,000, but is less than $15,000,000, and (ii) audited by independent certified public accountants if
the purchase price of the Target is equal to or greater than $15,000,000, and (y) an Officer's Certificate (i) confirming that all representations and warranties set forth in the Loan Documents
continue to be true and correct in all material respects immediately prior to and after giving effect to the Permitted Acquisition and the transactions contemplated thereby, and (ii) setting forth the
calculations supporting compliance with the limitations prescribed herein (including pro forma compliance with all financial covenants); 

15

 

        (c)  as of the closing of such acquisition, the acquisition has been approved and recommended by the Board of Directors or
other applicable governing body of the Target and the Person from which the Target is to be acquired; 

        (d)  as of the closing of such acquisition, after giving effect to such acquisition, the Company that is the acquiring party
must be Solvent and the Companies, on a consolidated basis, must be Solvent; 

        (e)  as of the closing of such acquisition, after giving effect to such acquisition, no Event of Default shall exist or occur
as a result of, and after giving effect to, such acquisition; and 

        (f)    if the Target is to be a Significant Subsidiary of Borrower, then Borrower shall have complied with the terms and
conditions set forth in Section 5.10. 

        "Permitted Distributions" means, for Borrower in any fiscal year of Borrower, an amount not to exceed fifty percent (50%) of  the sum of Net Income for the
immediately preceding fiscal year, plus to the extent deducted in the
calculation of Net Income, in conformity with GAAP, depreciation and amortization expense. 

        "Permitted Encumbrances" means the following types of Liens (other than any such Lien imposed pursuant to  Section 401(a)(29) or 412(n)
 of the Internal Revenue Code or by ERISA): 

        (a)  Liens for Taxes, assessments, or governmental charges or claims the payment of which is not, at the time, required by  Section 5.3;

        (b)  statutory and contractual Liens of landlords and Liens of carriers, warehousemen, mechanics, and materialmen and other
Liens imposed by applicable Legal Requirements incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision,
if any, as shall be required by GAAP shall have been made therefor; 

        (c)  Liens incurred or deposits made in the ordinary course of business in connection with workers' compensation, unemployment
insurance, and other types of social security, or to secure the performance of tenders, statutory obligations, surety, indemnity, and appeal bonds, bids, leases, government contracts, trade contracts,
performance, and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 

        (d)  any attachment or judgment Lien not constituting an Event of Default under  Section 7.8; 

        (e)  leases or subleases granted to others not interfering in any material respect with the ordinary conduct of the business
of any Company; 

        (f)    easements, rights-of-way, restrictions, minor defects, encroachments, or irregularities in title and other similar
charges or encumbrances not interfering in any material respect with the ordinary conduct of the business of any Company; 

        (g)  any (i) interest or title of a lessor or sublessor under any lease, (ii) restriction or encumbrance that the interest or
title of such lessor or sublessor may be subject to, or (iii) subordination of the interest of the lessee or sublessee under such lease to any restriction or encumbrance referred to in the preceding  clause (ii)
; 

        (h)  Liens arising from filing of precautionary UCC financing statements relating solely to leases not prohibited by this
Agreement; 

        (i)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods; and 

16

 

        (j)    Liens created for the benefit of Administrative Agent or Lenders pursuant to the terms of this Agreement and the
Collateral Documents. 

        "Permitted Recourse Obligations" means: (a) the Obligations; (b) Recourse Obligations for interim secured construction loans entered into
by the Companies and Unconsolidated Entities in the ordinary course of business not to exceed in the aggregate (i) at the time any Company or Unconsolidated Entity incurs such Recourse Obligations,
(A) $125,000,000, if Gross EBITDA for the most-recent four (4) fiscal quarters ending on or before such time exceeds $150,000,000, and (B) $100,000,000, if Gross EBITDA for the most-recent four (4)
fiscal quarters ending on or before such time is equal to or less than $150,000,000, and (ii) at all other times, (A) $125,000,000, if Gross EBITDA for the most-recent fiscal year ending on or before
such time exceeds $150,000,000, and (B) $100,000,000, if Gross EBITDA for the most-recent fiscal year ending on or before such time is equal to or less than $150,000,000; (c) Indebtedness between
Companies; (d) the        Deferred Payment Obligation (e) the        Guaranty; provided
that the guaranty of the        Deferred Payment Obligation thereunder is limited to                 ;
(f) the
       Cross Contribution Agreements; (g) Exempt Construction Loans and any guarantees thereof; and (h) other unsecured Recourse Obligations not to exceed
$25,000,000 at any time outstanding. 

        "Permitted Subsidiary Recourse Obligations" means: (a) the Obligations; (b) Indebtedness between Companies; (c) the
       Guaranty; provided that the guaranty of the        Deferred Payment
Obligation thereunder is limited to                 ; and (d) other Recourse Obligations not to exceed $25,000,000 at any time outstanding. 

        "Person" means and includes natural persons, corporations, limited partnerships, general partnerships, joint stock companies, joint
ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts, or other organizations, whether or not legal entities, and Governmental Authorities. 

        "Pledge Agreements" means the Borrower Pledge Agreement and the Subsidiary Pledge Agreement, and "Pledge
Agreement" means any one of the Pledge Agreements. 

        "Potential Default" means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default. 

        "Prime Rate" means the rate of interest in effect for any day as publicly announced from time to time by Bank of America as its "prime
rate." The "prime rate" is a rate set by Bank of America based upon various factors including Bank of America's costs and desired return, general economic conditions, and other factors, and is used as
a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business
on the day specified in the public announcement of such change. 

        "Principal Debt" means, on any date of determination and without duplication, the aggregate unpaid principal balance of all Loans,
together with all aggregate unpaid reimbursement obligations of Borrower in respect of drawings under all LCs. 

        "Pro Forma Basis" means, with respect to Gross EBITDA for any period, the calculation of such Gross EBITDA to give effect to the
acquisition or disposition of any Consolidated Company or of any Consolidated Company assets during such period as of the first day of such period; provided
that (a) EBITDA from Real Estate Gains with respect to Real Estate Investments disposed of during such measurement period shall be included in Gross EBITDA subject to the
limitations set forth in the definition of Gross EBITDA, and (b) Gross EBITDA with respect to real property assets (and not constituting EBITDA from Real Estate Gains) disposed of during such
measurement period may be included in Gross EBITDA unless otherwise requested by Administrative Agent in its sole discretion. 

17

 

        "Pro Rata Share" means, for any Lender, on any date of determination (a) for purposes of sharing any amount or fee payable to such Lender,
the proportion which the portion of the Principal Debt owed to such Lender (whether held directly or through a participation in respect of the LC Subfacility and determined after giving effect
thereto) bears to the Principal Debt owed to all Lenders at the time in question, and (b) for all other purposes, the proportion which the portion of the Principal Debt owed to such Lender bears to
the Principal Debt owed to all Lenders at the time in question, or if no Principal Debt is outstanding, then the proportion that the aggregate of such Lender's Commitment then in effect bears to the
Total Commitment then in effect. 

        "Qualifying Lease" means a lease agreement entered into by a Mortgaged Real Estate Subsidiary to lease the real property owned by such
Mortgaged Real Estate Subsidiary upon completion of construction thereof to the extent that (a) the senior unsecured debt of the tenant or the guarantor of the tenant's obligations under such lease is
rated BBB- or higher by S&P or Baa3 or higher by Moody's, (b) the obligation of such tenant to accept possession of such real property and begin paying rent under such lease is not subject to any
material condition other than (i) completion of construction in accordance with applicable laws and approved plans and specifications and on or before a date certain and (ii) issuance of a certificate
of occupancy, (c) such lease has a non-cancelable primary term of ten (10) years or more, and (d) such tenant has not failed or refused to perform under such lease agreement or notified the applicable
Mortgaged Real Estate Subsidiary of its intention to not perform under such lease agreement. 

        "Real Estate Investment" means, for any Person, (a) the purchase, acquisition, investment, or ownership (whether in fee or via ground
lease but excluding those financed pursuant to Exempt Construction Loans) of real property (including, without limitation, all buildings, fixtures, or other improvements located thereon) by such
Person, (b) the Investment by such Person in Stock of Unconsolidated Entities formed primarily for real property development and/or ownership, or (c) the Investment by such Person in Indebtedness
secured by Liens in real property (including, without limitation, all buildings, fixtures, or other improvements located thereon). 

        "Real Estate Subsidiary" means a Subsidiary of Borrower that is engaged in the business of real estate development and/or ownership. 

        "Recourse Obligations" means, for any Person, Indebtedness of such Person that is not Non-Recourse Obligations. 

        "Register" has the meaning assigned to such term in  Section 2.1(e).

        "Regulation D" means Regulation D of the Board of Governors of the Federal Reserve System,
as in effect from time to time. 

        "Release" means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal,
dumping, leaching, or migration of Hazardous Materials into the indoor or outdoor environment (including, without limitation, the abandonment or disposal of any barrels, containers, or other closed
receptacles containing any Hazardous Materials), or into or out of any Real Estate Investment, including the movement of any Hazardous Material through the air, soil, surface water, groundwater, or
property. 

        "Representatives" means, for any Person, representatives, officers, directors, employees, attorneys, and agents. 

        "Requisite Lenders" means (a) on any date of determination prior to the Maturity Date, those Lenders (other than Defaulting Lenders)
holding sixty-six and two-thirds percent (662/3%) or more of the Total Commitment, and (b) on any date of determination on or after the Maturity Date, those Lenders holding sixty-six
and two-thirds percent (662/3%) or more of the Principal Debt. 

18

 

        "Restricted Junior Payment" means, for any Person, (a) any dividend or other distribution, direct or indirect, on account of any shares of
any class of Stock of such Person now or hereafter outstanding, except a dividend payable solely in shares of such class of stock to the holders of that class, (b) any redemption, retirement, sinking
fund, or similar payment, purchase, or other acquisition for value, direct or indirect, of any shares of any class of Stock of such Person now or hereafter outstanding, and (c) any payment made to
retire, or to obtain the surrender of, any outstanding warrants, options, or other rights to acquire shares of any class of Stock of such Person now or hereafter outstanding. 

        "Revolving Credit Facility" means the Credit Facility described in and subject to the limitations set forth in  Section 2.1(a) including the LC
Subfacility. 

        "Savills"means Savills plc, a company formed under the laws of England and Wales with company number 2122174. 

        "Securities Act" means the Securities Act of 1933, as amended from time to time, and any
successor statute. 

        "Share" means, for any Person, such Person's share of the assets, liabilities, revenues, income, losses, or expenses of any Subsidiary or
Unconsolidated Entity based upon such Person's percentage ownership of the Stock of such Subsidiary or Unconsolidated Entity. 

        "Significant Subsidiaries" means, as of the last day of each Fiscal Quarter, (a) each Consolidated Subsidiary of Borrower (other than an
International Subsidiary or a Mortgaged Real Estate Subsidiary) whose contribution to Gross EBITDA exceeds five percent (5%) of Adjusted Gross EBITDA, and (b) other Consolidated Subsidiaries of
Borrower (other than International Subsidiaries and Mortgaged Real Estate Subsidiaries) designated in writing by Borrower and acceptable to Administrative Agent that, together with all Significant
Subsidiaries described in clause (a) preceding, contribute at least eighty percent (80%) of Adjusted Gross EBITDA, including, without limitation, the
Consolidated Subsidiaries of Borrower listed on Schedule 4.1-2, as such Schedule may be amended from
time to time. Notwithstanding the foregoing, "Significant Subsidiary" shall not include any Consolidated Subsidiary which was formerly a Mortgaged Real
Estate Subsidiary so long as (i) the net cash gain on any sale of any Real Estate Investment formerly owned by such Consolidated Subsidiary (less any
portion of such gain required to be held in escrow or subjected to a lien pertaining to post-closing obligations related to the sale of such Real Estate Investment or required to be distributed to
other owners of such Consolidated Subsidiary, if any) is distributed to Borrower or a Significant Subsidiary within thirty (30) days following completion of such sale and (ii) such Consolidated
Subsidiary is not thereafter recapitalized with assets that causes such Subsidiary to otherwise be a "Significant Subsidiary" pursuant to this
definition. Borrower may by written notice to Administrative Agent, re-designate any Significant Subsidiary (other than a Consolidated Subsidiary of Borrower described in  clause (a) above), as
not a Significant Subsidiary so long as immediately following such designation no Potential Default or Event of Default exists. 

        "Solvent" means, with respect to any Person, that as of the date of determination both: (a)(i) the then fair saleable value of the
property of such Person is (A) greater than the total amount of liabilities (including contingent liabilities) of such Person, and (B) not less than the amount that will be required to pay the
probable liabilities on such Person's then existing debts as they become absolute and matured considering all financing alternatives and potential asset sales reasonably available to such Person; (ii)
such Person's capital is not unreasonably small in relation to its business or any contemplated or undertaken transaction; and (iii) such Person does not intend to incur, or believe (nor should it
reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due; and (b) such Person is "solvent" within the
meaning given such term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For 

19

 

purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents
the amount that can reasonably be expected to become an actual or matured liability. 

        "S&P" means Standard & Poor's Rating Group, a division of McGraw Hill, Inc., a New York corporation, or, if S&P no longer publishes
ratings, then another ratings agency acceptable to Administrative Agent. 

        "Stock" means all shares, options, warrants, general or limited partnership interests, membership interests, or other ownership interests
(regardless of how designated) of or in a corporation, partnership, limited liability company, trust, or other entity, whether voting or non-voting, including common stock, preferred stock, or any
other "equity security" (as such term is defined in Rule 3a11-1 of the General
Rules and Regulations promulgated by the Securities and Exchange Commission under the Exchange Act). 

        "Subsidiary" means, in respect of any Person (herein referred to as the "Parent"), any
corporation, partnership, limited liability company, association, or other business entity which is, at the time any determination is made, Controlled, by the Parent and/or one or more subsidiaries of
the Parent. "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management of the policies of a
Person, whether through the ownership of Stock, by contract, or otherwise, and "Controlling" and
"Controlled" shall have meanings correlative thereto. 

        "Subsidiary Guaranty" means an Unconditional Guaranty Agreement executed and delivered by each Guarantor, substantially in the form of  Exhibit E, as each
such guaranty may hereafter be modified, amended, restated, or supplemented from time to time. 

        "Subsidiary Pledge Agreement" means the Pledge Agreement executed and delivered by each of Borrower's Significant Subsidiaries that,
individually or together with any other Obligor, holds ownership interests in one or more of Borrower's Significant Subsidiaries, and substantially in the form
of Exhibit J, as such Pledge Agreement may hereafter be modified, amended, restated, or supplemented from time to time. 

        "Support Provider" has the meaning assigned to it in the definition of "Approved Credit
Support." 

        "Take Out Commitment" means a written obligation of a Person either (a) to purchase real property and the improvements thereon for an
amount sufficient to repay the interim construction loan used to acquire and construct such real property and improvements, or (b) to provide debt and/or equity financing the proceeds of which are to
be used to repay the interim construction loan used to acquire and construct real property and improvements thereon. 

        "Tax" or "Taxes" means any present or future tax or government levy in the nature of a
tax; provided that "Tax on the overall net income" of a Person shall be construed as a reference to a
tax imposed by the jurisdiction in which that Person's principal office (and/or, in the case of a Lender, its lending office) is located or in which that Person is deemed to be doing business on all
or part of the net income, profits, or gains of that Person (whether worldwide, or only insofar as such income, profits, or gains are considered to arise in or to relate to a particular jurisdiction,
or otherwise). 

        "       Guaranty" means the joint and several guaranty by Borrower or one or more of the Significant
Subsidiaries of the        Deferred Payment Obligation, the        Option and certain obligations of TCC Savills under a
shareholder agreement with       . 

        "TCC Cayman" means Trammell Crow Global Solutions, Inc., a wholly-owned Subsidiary of Borrower. 

20

 

        "TCC Savills" means Trammell Crow Savills Limited, a partially-owned Subsidiary of Borrower. 

        "TC Wallis" means Trammell Crow Wallis Real Estate Services Company, a partially-owned Subsidiary of Borrower. 

        "Total Commitment" means, on any date of determination, the sum of all Commitments then in
effect for all Lenders (as any of the same may have been reduced or canceled as provided in the Loan Documents). 

        "Total Debt" means, as of the last day of each Fiscal Quarter, without duplication for the Consolidated Companies (a) Total Liabilities  plus (b) Contingent
Obligations, less (c) the sum of all
(i) accounts payable, (ii) accrued expenses, (iii) payables to Affiliates incurred in the ordinary course of business, (iv) liabilities to any Governmental Authority for Taxes, (v) other Current
Liabilities not constituting Indebtedness, (vi) the Share of Non-Recourse Obligations of any Company attributable to the owners (other than Borrower or a wholly-owned Subsidiary of Borrower) of Stock
of such Company (other than Borrower), (vii) Exempt Construction Loans of any Company, (viii) the        Deferred Payment Obligation (except to the extent
Borrower's obligations with respect thereto are included in Contingent Obligations as a result of the        Guaranty), (ix) pension liabilities of the
Consolidated Companies related to the        Transactions to the extent such obligations are fully backed by a note receivable (or guaranty or other similar
security [e.g. a letter of support]) from        (while
       senior unsecured debt is rated at least        by S&P or at least        by
Moody's) or if otherwise fully secured by cash, (x) reimbursement obligations with respect to Performance Bonds, and (xi) the amount of Total Liabilities and Contingent Obligations which are supported
by Approved Credit Support. 

        "Total Leverage Ratio" means, as of the last day of each Fiscal Quarter, the ratio of (a) Total Debt as of such date, to (b) Gross EBITDA
for four (4) Fiscal Quarters ending on the last day of the Fiscal Quarter immediately preceding the Fiscal Quarter during which such date occurs for which Borrower has delivered the financial
statements required by Section 5.1(a) or 5.1(b), as the case may be. 

        "Total Liabilities" means, as of the last day of each Fiscal Quarter for the Consolidated Companies on a consolidated basis, all
liabilities of the Consolidated Companies determined in accordance with GAAP. 

        "Total Revenues" means, for the Consolidated Companies on a consolidated basis for any period, all items customarily reported on the
Consolidated Companies' audited income statement as "revenues," but excluding (a) revenues of Persons (other than Consolidated Subsidiaries of Borrower)
in which any other Person (other than Consolidated Companies) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Consolidated Companies by
all such Persons during such period, and (b) any gains from asset sales not permitted pursuant to Section 6.6. 

        "Unconsolidated Entity" means, in respect of any Person, any other Person in whom such Person holds Stock and whose financial results
would not be consolidated under GAAP with the financial results of such Person on the consolidated financial statements of such Person, including any Fund and Fund IV. 

        "Unused Commitment" means, at any time, (a) the Total Commitment minus (b) the Commitment
Usage. 

        "      " means             , a
             corporation. 

        "       Cross Contribution Agreements" means the cross contribution agreements, pursuant to which
Savills indemnifies Borrower for its ratable share of amounts paid by Borrower under the

21

 

       Guaranty and Borrower indemnifies Savills for Borrower's ratable share of amounts paid by Savills under corresponding guarantees issued by Savills to
_____. 

        "       Deferred Payment Obligation" has the meaning assigned to such term in the definition of
"       Transactions." 

        "      " means             , a
         corporation. 

        "       Transactions" means, collectively, (a) the contribution or loan by Borrower to TCC Cayman of
approximately                     , (b) the contribution or loan by TCC Cayman to TCC Savills of approximately
                    , (c) the acquisition
by TCC Savills of              percent (    %) of the outstanding common Stock of a real estate services subsidiary
("          ") of      for a purchase price of approximately
                    , payable        percent (    %) in cash at the closing of
the
       Transactions and            percent (    %) in the form of a deferred payment
obligation (the "       Deferred Payment Obligation"), (d) the grant and exercise of the
       Option, (e) the grant of the        Guaranty, (f) the grant of the        Cross
Contribution Agreements, (g) the contribution by TCC Savills of its        assets and operations and        percent
(      %) of its        assets and operations to       , (h) the contribution by Borrower
of its interests in        to       , and (i) the entering into a contract with       
pursuant to which        will be the exclusive provider of facilities management, project management, and tenant representation services for
       in        for a period of ten (10) years, and the exclusive provider of building development services for
       in        for a period of five (5) years (the "Long Term Services
Agreement"), and further pursuant to which        shall cause        to be reimbursed for all expenses
incurred by        in connection with such services, including, but not limited to, employee salaries, pension liabilities, and other administrative expenses. 

        "       Option" means the put option granted by TCC Savills to
       with respect to        percent (      %) of the outstanding common Stock of
       at a purchase price no greater than "                         of
                        ". 

        "          " has the meaning assigned to such term in the definition of
"       Transactions." 

 
 
        1.2    Accounting Terms, Utilization of GAAP for Purposes of Calculations Under  Agreement.
    Except as otherwise expressly provided in this Agreement, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity
with GAAP. Financial statements and other information required to be delivered by Borrower to Lenders pursuant to Sections 5.1(a) and  5.1(b)
shall be prepared in accordance with GAAP as in effect at the time of such preparation (and delivered together with the reconciliation statements
provided for in Section 5.1(d)). Calculations in connection with the definitions, covenants, and other provisions of this Agreement shall utilize
GAAP as in effect at the time of such calculation. 

 
 
        1.3    Other Definitional Provisions.     Unless
otherwise specified in the Loan Documents (a) where appropriate, the singular includes the plural and vice versa, and words of any gender include
each other gender, (b) headings and caption references may not be construed in interpreting provisions, (c) section, paragraph, annex, schedule, exhibit, and similar references are to
the particular Loan Document in which they are used, (d) references to "telecopy," "facsimile,"
"fax," or similar terms are to facsimile or telecopy transmissions, (e) references to "including"
mean including without limiting the generality of any description preceding that word, (f) the rule of construction that references to general items that follow references to specific items are
limited to the same type or character of those specific items is not applicable in the Loan Documents, (g) references to any Person include that Person's heirs, personal representatives,
successors, trustees, receivers, and permitted assigns, (h) references to any Legal Requirement include every amendment or supplement to it, rule and regulation adopted under it, and successor
or replacement for it, and (i) references to any Loan Document or other document 

22

 

include every renewal and extension of it, amendment and supplement to it, and replacement or substitution for it. 

 
 
        1.4    Time References.     Unless otherwise specified
in the Loan Documents (a) time references are to time in Dallas, Texas, and (b) in calculating a period from one date to
another, the word "from" means "from and including" and the word
"to" or "until" means "to but excluding." 

 
 

SECTION 2    
    
    AMOUNTS AND TERMS OF COMMITMENTS AND LOANS    
  

 
 
        2.1    Revolving Credit Facility; Making of Loans; Register; Optional Notes; LC  Subfacility.
    

        (a)    Revolving Credit Facility.    Subject
to the terms and conditions in the Loan Documents, each Lender severally but not jointly agrees to lend to Borrower one (1) or more Loans under the Revolving Credit Facility, which Borrower may
borrow, repay, and reborrow under this Agreement, subject to the following conditions: 

        (i)    each Loan requested by Borrower hereunder must occur on a Business Day and no later than the Business Day immediately
preceding the Maturity Date; 

        (ii)  each Loan requested by Borrower that will be (i) a Base Rate Loan must be in an amount not less than $1,000,000 or a
greater integral multiple of $250,000 or, if less, the Unused Commitment, and (ii) a Eurodollar Rate Loan must be in an amount not less than $5,000,000 or a greater integral multiple of $1,000,000; 

        (iii) the Commitment Usage may not exceed the Total Commitment; and 

        (iv)  the sum of (without duplication) (A) each Lender's Principal Debt  plus (B) such Lender's Commitment
Percentage of the LC Exposure may not exceed such Lender's Commitment. 

        (b)    Borrowing Mechanics.    

        (i)    With respect to Loans to be made on any Funding Date, Borrower shall deliver to Administrative Agent a Notice of
Borrowing no later than 11:00 a.m. (Dallas, Texas time) at least three (3) Business Days in advance of the Funding Date (in the case of a Eurodollar Rate Loan) or at least one (1) Business Day in
advance of the Funding Date (in the case of a Base Rate Loan) and shall specify (A) the proposed Funding Date, (B) the amount of the Loans requested, (C) whether such Loans shall be Eurodollar Rate
Loans or Base Rate Loans, and (D) in the case of Loans to be made as Eurodollar Rate Loans, the initial Interest Period requested therefore. In lieu of delivering the above described Notice of
Borrowing, Borrower may give Administrative Agent telephonic notice by the required time of any proposed borrowing under this Section 2.1(b);  provided
that such notice shall be promptly confirmed in writing by delivery of a Notice of Borrowing to Administrative Agent on or before the Funding
Date. 

23

  

        (ii)  Neither Administrative Agent nor any Lender shall incur any liability to Borrower in acting upon any telephonic notice
referred to above that Administrative Agent believes in good faith to have been given by a duly authorized officer or other Person authorized to borrow on behalf of Borrower or for otherwise acting in
good faith under this Section 2.1(b), and upon the funding of Loans by Lenders in accordance with this Agreement pursuant to any such telephonic
notice, Borrower shall have effected Loans hereunder. 

        (iii) Borrower shall notify Administrative Agent prior to the funding of any Loan in the event that any of the matters to
which Borrower is required to certify in the applicable Notice of Borrowing is no longer true and correct in all material respects as of the Funding Date, and the acceptance by Borrower of the
proceeds of each Loan shall constitute a re-certification by Borrower, as of the Funding Date, as to the matters to which Borrower is required to certify in the applicable Notice of Borrowing. 

        (iv)  Except as otherwise provided in Sections 2.6(b),  2.6(c), and 2.6
(g), a Notice of Borrowing for a Eurodollar Rate Loan (or
telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and Borrower shall be bound to make a borrowing in accordance therewith. 

        (c)    Disbursement of Funds.    

        (i)    The Loans under this Agreement shall be made by Lenders simultaneously and proportionately to their respective Commitment
Percentage, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender's obligation to make a Loan requested hereunder nor shall the Commitment of
any Lender be increased or decreased as a result of a default by any other Lender in such other Lender's obligation to make a Loan requested hereunder. Promptly after receipt by Administrative Agent
of a Notice of Borrowing pursuant to Section 2.1(c) (or telephonic notice in lieu thereof), Administrative Agent shall notify each Lender of the
proposed borrowing. Each Lender shall make the amount of its Loan available to Administrative Agent not later than 11:00 a.m. (Dallas, Texas time) on the Funding Date, in same day funds in Dollars, at
the Funding and Payment Office. 

        (ii)  Unless Borrower or any Lender has notified Administrative Agent, prior to the date any payment is required to be made by
it to Administrative Agent hereunder, that Borrower or such Lender, as the case may be, will not make such payment, Administrative Agent may assume that Borrower or such
Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to
the extent that such payment was not in fact made to Administrative Agent in immediately available funds, then: 

        (A)  if Borrower failed to make such payment, each Lender shall forthwith on demand repay to Administrative Agent the portion
of such assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made
available by Administrative Agent to such Lender to the date such amount is repaid to Administrative Agent in immediately available funds at the Federal Funds Effective Rate from time to time in
effect; and 

        (B)  if any Lender failed to make such payment, such Lender shall forthwith on demand pay to Administrative Agent the amount
thereof in immediately available funds, together with interest thereon for the period from the date such amount was made available by Administrative Agent to Borrower to the date such amount is
recovered by Administrative Agent (the "Compensation Period") at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.
If such Lender pays such 

24

 

amount to Administrative Agent, then such amount shall constitute such Lender's Loan included in the applicable borrowing. If such Lender does not pay such amount forthwith upon Administrative
Agent's demand therefor, Administrative Agent may make a demand therefor upon the Borrower, and Borrower shall pay such amount to Administrative Agent, together with interest thereon for the
Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Loan. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its
Commitment or to prejudice any rights which Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder. 

A
notice of Administrative Agent to any Lender or Borrower with respect to any amount owing under this subsection (ii) shall be conclusive, absent manifest error. 

        (d)    The Register.    

        (i)    Administrative Agent shall maintain, at its address referred to in  Section 9.7, a register for the recordation of the names and
addresses of Lenders and the Commitment and Loans of each Lender from time to time
(the "Register"). The Register shall be available for inspection by Borrower or any Lender at any reasonable time and from time to time upon reasonable
prior notice. 

        (ii)  Administrative Agent shall record in the Register the Commitment and Loans of each Lender. Any such recordation shall be
conclusive and binding on Borrower and each Lender, absent manifest error; provided that failure to make any such recordation, or any error in such
recordation, shall not affect Borrower's Obligations in respect of the applicable Loans. 

        (iii) Each Lender shall record on its internal records (including, without limitation, any Note held by such Lender) the
amount of Loans made by it and each payment in respect thereof. Any such recordation shall be conclusive and binding on Borrower, absent manifest error; provided
that failure to make any such recordation, or any error in such recordation, shall not affect Borrower's Obligations in respect of the Loans; and  provided further that in the
event of any inconsistency between the Register and any Lender's records, the recordations in the Register shall govern. 

        (iv)  Borrower and each of the Credit Parties shall deem and treat the Persons listed as Lenders in the Register as the
holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any such Commitments and Loans shall be effective, in each case
unless and until an Assignment Agreement effecting the assignment or transfer thereof shall have been accepted by Administrative Agent and recorded in the Register as provided in  Section 9.1(b)(ii). Prior to such recordation, all amounts owed with respect to the applicable Commitments and Loans shall be owed to Lenders
listed in the Register as the owners thereof, and any request, authority, or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the
Register as a Lender shall be conclusive and binding on any subsequent holder, assignee, or transferee of the corresponding Commitments and Loans. 

        (v)  Borrower hereby designates Administrative Agent to serve as Borrower's agent solely for purposes of maintaining the
Register as provided in this Section 2.1(d), and Borrower hereby agrees that, to the extent Administrative Agent serves
in such capacity, Administrative Agent and its Representatives shall constitute Indemnitees for all purposes under Section 9.3. 

        (e)    Letters of Credit.    

        (i)    Conditions.    Subject to the terms and
conditions of this Agreement, Issuing Bank agrees, if requested by Borrower, to issue LCs upon Borrower's making or delivering an LC Request and delivering an LC Agreement, both of which must be
received by Administrative 

25

 

Agent and Issuing Bank no later than the third (3rd) Business Day before the Business Day on which the requested LC is to be issued; provided that
(A) no LC may expire after a date three (3) Business Days before the Maturity Date, (B) the LC Exposure may not exceed the limitations in the definition of LC Subfacility,
(C) each LC must expire no later than one (1) year following its issuance (provided that upon the request of Borrower, the applicable LC
may automatically renew on its anniversary date for additional one (1) year periods unless Issuing Bank notifies the beneficiary thereof in writing to the contrary and  provided that such automatic
extensions may not automatically extend the expiration date of any LC beyond a date that is three (3) Business Days
before the Maturity Date), and (D) the limitations in Sections 2.1(a)(iii) and 2.1(a)(iv)
may not be exceeded. 

        (ii)    Participation.    Immediately upon
Issuing Bank's issuance of any LC, Issuing Bank shall be deemed to have sold and transferred to each other Lender, and each other Lender shall be deemed irrevocably
and unconditionally to have purchased and received from Issuing Bank, without recourse or warranty, an undivided interest and participation to the extent of such Lender's Commitment Percentage in the
LC and all applicable rights of Issuing Bank in the LC (other than rights to receive certain fees provided in  Section 2.3(c) to be for Issuing
Bank's sole account). 

        (iii)    Reimbursement Obligation.    To
induce Issuing Bank to issue and maintain LCs, and to induce Lenders to participate in issued LCs, Borrower agrees to pay or reimburse Issuing Bank (A) on the first (1st) Business Day after
Issuing Bank notifies Administrative Agent and Borrower that it has made payment under a LC, the amount paid by Issuing Bank, and (B) within five (5) Business Days after demand, the
amount of any additional fees Issuing Bank customarily charges for amending LCs Agreements, for honoring drafts under LCs, and for taking similar action in connection with letters of credit. If
Borrower has not reimbursed Issuing Bank for any drafts paid by the date on which reimbursement is required under this Section, then Administrative
Agent is irrevocably authorized to fund Borrower's reimbursement obligations as a Base Rate Loan if no Event of Default exists. The proceeds of such Loan shall be advanced directly to Issuing Bank to
pay Borrower's unpaid reimbursement obligations. If an Event of Default exists, then Borrower's reimbursement obligation shall constitute a demand obligation. Borrower's obligations under this  Section are absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim, or defense to payment that Borrower
may have at any time against any Credit Party or any other Person. From the date that Issuing Bank pays a draft under a LC until Borrower either reimburses or is obligated to reimburse Issuing Bank
for that draft under this Section, the amount of such draft bears interest payable to Issuing Bank at the rate then applicable to Base Rate Loans. From
the due date of the respective amounts due under this Section, to the date paid (including any payment from proceeds of a Base Rate Loan), unpaid
reimbursement amounts accrue interest that is payable on demand at the Base Rate plus two percent (2%). 

        (iv)    General.    Issuing Bank shall
promptly notify Administrative Agent and Borrower of the date and amount of any draft presented for honor under any LC (but failure to give notice will not affect Borrower's obligations under this
Agreement). Issuing Bank shall pay the requested amount upon presentment of a draft unless presentment on its face does not comply with the terms of the applicable LC. When making payment, Issuing
Bank may disregard (A) any default or potential default that exists under any other agreement, and (B) obligations under any other agreement that have or have not been performed by the
beneficiary or any other Person (and Issuing Bank is not liable for any of those obligations). Borrower's reimbursement obligations to Issuing Bank and Lenders, and each Lender's obligations to
Issuing Bank, under this Section are absolute and unconditional irrespective of, and Issuing Bank is not responsible for, (1) the validity, enforceability, sufficiency, accuracy, or 

26

 

genuineness of documents or endorsements (even if they are in any respect invalid, unenforceable, insufficient, inaccurate, fraudulent, or forged), (2) any dispute by any Company with or any
Company's claims, setoffs, defenses, counterclaims, or other rights against any Credit Party or any other Person, or (3) the occurrence of any Potential Default or Event of Default. 

        (v)    Obligation of Lenders.    If Borrower
fails to reimburse Issuing Bank as provided in Section 2.1(e)(iii) by the date on which reimbursement is due under such  Section, and a
Loan cannot be advanced to satisfy the reimbursement obligations, then Administrative Agent shall promptly notify each Lender of
Borrower's failure, of the date and amount paid, and of each Lender's Commitment Percentage of the
unreimbursed amount. Each Lender shall promptly and unconditionally make available to Administrative Agent in immediately available funds its Commitment Percentage of the unpaid reimbursement
obligation. Funds are due and payable to Administrative Agent before the close of business on the Business Day when Administrative Agent gives notice to each Lender of Borrower's reimbursement failure
(if notice is given before 12:00 noon) or on the next succeeding Business Day (if notice is given after 12:00 noon). All amounts payable by any Lender accrue interest after the due date from the day
the applicable draft or draw is paid by Administrative Agent to (but not including) the date the amount is paid by such Lender to Administrative Agent at the Federal Funds Effective Rate for three
(3) Business Days and thereafter at the Base Rate. Upon receipt of such funds, Administrative Agent shall make them available to Issuing Bank. 

        (vi)    Duties of Issuing Bank.    Issuing
Bank agrees with each Lender and Borrower that it will exercise and give the same care and attention to each LC as it gives to its other letters of credit. Each Lender and Borrower agree that, in
paying any draft under any LC, Issuing Bank has no responsibility to obtain any document (other than any documents expressly required by the respective
LC) or to ascertain or inquire as to any document's validity, enforceability, sufficiency, accuracy, or genuineness or the authority of any Person delivering it. Neither Issuing Bank nor its
Representatives will be liable to any Lender or Borrower for any LC's use or for any beneficiary's acts or omissions (including, without limitation, any acts or omissions
constituting ordinary negligence). Any action, inaction, error, delay, or omission taken or suffered by Issuing Bank or any of its Representatives in connection with any LC,
applicable drafts or documents, or the transmission, dispatch, or delivery of any related message or advice, if in good faith and in conformity with applicable Governmental Requirements and in
accordance with (A) the rules of the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice (or such later version thereof as may be in
effect at the time of issuance) shall apply to each standby LC, and (B) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International
Chamber of Commerce (the "ICC") at the time of issuance (including the ICC decision published by the Commission on Banking Technique and Practice on
April 6, 1998 regarding the European single currency (euro)) shall apply to each commercial LC, is binding upon Borrower and Lenders and, except as provided in  Section 2.1(c), does not
place Issuing Bank or any of its Representatives under any resulting liability to Borrower or any Lender. Issuing Bank
is not liable to Borrower or any Lender for any action taken or omitted, in the absence of gross negligence or willful misconduct, by Issuing Bank or its Representatives in connection with any LC. 

        (vii)    Cash Collateral.    On the Maturity
Date and if requested by Requisite Lenders while a Potential Default or Event of Default exists, Borrower shall provide Administrative Agent, for the benefit of the Credit Parties, cash collateral in
an amount to equal the then-existing LC Exposure. 

27

 

        (viii)    INDEMNIFICATION.    BORROWER
SHALL PROTECT, INDEMNIFY, PAY, AND SAVE EACH CREDIT PARTY AND ITS RESPECTIVE REPRESENTATIVES HARMLESS FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, LIABILITIES, DAMAGES, COSTS, CHARGES, AND EXPENSES
(INCLUDING REASONABLE ATTORNEYS' FEES) WHICH ANY OF THEM MAY INCUR OR BE SUBJECT TO AS A CONSEQUENCE OF THE ISSUANCE OF ANY LC, ANY DISPUTE ABOUT ANY LC, OR THE FAILURE OF ISSUING BANK TO HONOR A DRAW
REQUEST UNDER ANY LC. ALTHOUGH EACH CREDIT PARTY AND ITS RESPECTIVE REPRESENTATIVES HAVE THE RIGHT TO BE INDEMNIFIED UNDER THIS AGREEMENT FOR ITS OR THEIR OWN ORDINARY NEGLIGENCE, NO PERSON IS
ENTITLED TO INDEMNITY UNDER THE FOREGOING FOR ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT (INCLUDING A KNOWING AND WILLFUL BREACH OF ITS MATERIAL OBLIGATIONS UNDER THIS AGREEMENT OR AN LC
AGREEMENT) AND NO OTHER CREDIT PARTY SHALL HAVE THE RIGHT TO BE INDEMNIFIED HEREUNDER BY BORROWER AS A RESULT OF THE GROSS NEGLIGENCE OR WILFUL MISCONDUCT OF ISSUING BANK.

        (ix)    LC Agreements.    Although referenced
in any LC, terms of any particular agreement or other obligation to the beneficiary are not incorporated into this Agreement in any manner. The fees and other amounts payable with respect to each LC
are as provided in this Agreement, drafts under each LC are part of the Obligations, only the events specified in this Agreement as an Event of Default shall constitute a default under any LC or LC
Agreement, and the terms of this Agreement control any conflict between the terms of this Agreement and any LC Agreement. 

        (x)    Existing LCs.    Upon the satisfaction
of each of the conditions precedent to the initial Loans and the initial issuance of LCs under the LC Subfacility set forth in Section 3, each of
the Existing LCs shall be deemed to be an LC issued hereunder for all purposes; provided that no issuance fee shall be payable pursuant to  Section 2.3(c)(ii)
 with respect to such Existing LCs (except in connection with a renewal or extension of such LCs).
 

        (f)    Right to Remove or Replace
Lender.    If any Lender (x) shall request compensation or indemnification pursuant to Section 2.7 or
shall provide notice to Borrower that it is unable to make or maintain Eurodollar Loans pursuant to Section 2.6(b) and such request or notice is
not applicable to all Lenders, or (y) shall fail to make available its Loan pursuant to Section 2.1(c), then Borrower may either
(i) terminate the Commitment of such Lender in whole but not in part, by (A) giving such Lender and Administrative Agent not less than five (5) Business Days' written notice
thereof, which notice shall be irrevocable and effective upon receipt thereof by such Lender and Administrative Agent and shall specify the date of such termination, and (B) paying such Lender
on such date the outstanding principal of, and interest on, all Loans made by such Lender and any other Obligation owed to such Lender, if any, or (ii) terminate the Commitment of such Lender
in whole but not in part, pursuant to the provisions of Section 9.1, by proposing the introduction of a replacement Lender satisfactory to
Administrative Agent, or obtaining the agreement of one or more existing Lenders, to assume the entire amount of the Commitment of the Lender whose Commitment is being terminated, on the effective
date of such termination. Upon the satisfaction of all of the foregoing conditions, such Lender that is being terminated shall cease to be a "Lender"
for purposes of this Agreement, provided that Borrower shall continue to be obligated to such Lender under  Section 9.3 with respect to the
indemnification obligations described in such Section arising
prior to such termination. 

 
 
        2.2    Interest on the Loans.     

        (a)    Rate of Interest.    

        (i)    Subject to the provisions of Sections 2.6 and  2.7,
the Loans shall bear interest on the unpaid Principal Debt from the date made through maturity (whether by acceleration or 

28

 

otherwise) at a rate determined by reference to the Base Rate or the Adjusted Eurodollar Rate, as the case may be. The applicable basis for determining the rate of interest with respect to any Loan
shall be selected by Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to Section 2.1(b). The
basis for determining the interest rate with respect to any Loan may be changed from time to time pursuant to Section 2.2(d). If on any day a
Loan is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate
of interest, then for that day such Loan shall bear interest determined by reference to the Base Rate. 

        (ii)  Subject to the provisions of Sections 2.2(e) and  2.7, the Loans
shall bear interest through maturity as follows: 

        (A)  if a Base Rate Loan, then at the sum of the Base Rate  plus the Applicable Margin for Base Rate Loans; or

        (B)  if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar
Rate plus the Applicable Margin for Eurodollar Rate Loans. 

        (b)    Interest Periods.    In connection with
each Eurodollar Rate Loan, Borrower may, pursuant to the applicable Notice of Borrowing or Notice of Conversion/Continuation, as the case may be, select an interest period (each an
"Interest Period") to be applicable to such Loan, which Interest Period shall be, at Borrower's option, either a one (1), two (2), three (3), or six
(6) month period; provided that: 

        (i)    the initial Interest Period for the Eurodollar Rate Loan shall commence on the Funding Date in respect of such Loan, in
the case of a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a Eurodollar Rate Loan; 

        (ii)  in the case of immediately successive Interest Periods applicable to a Eurodollar Rate Loan continued as such pursuant
to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding Interest Period expires; 

        (iii) if an Interest Period would otherwise expire on a day that is not a Business Day, then such Interest Period shall
expire on the next succeeding Business Day; provided that, if any Interest Period would otherwise expire on a day that is not a Business Day but is a
day of the month after which no further
Business Day occurs in such month, then such Interest Period shall expire on the next preceding Business Day; 

        (iv)  any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to Section 2.2(b)(v), end on the last
Business Day of a calendar month; 

        (v)  there shall be no more than five (5) Interest Periods outstanding at any time; and 

        (vi)  if Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or
Notice of Conversion/Continuation, then Borrower shall be deemed to have selected an Interest Period of one (1) month. 

        (c)    Interest Payments.    Subject to the provisions of  Section 2.2(d)
, interest on each Loan shall be payable in arrears on and to each Interest Payment Date applicable to such Loan, upon any
prepayment of such Loan (to the extent accrued on the amount being prepaid) and at maturity (including final maturity); provided, however, that if any
Loans that are Base Rate Loans are 

29

 

prepaid pursuant to Section 2.4(b), then interest on such Loans through the date of such prepayment shall be payable on the next succeeding
Interest Payment Date applicable to Base Rate Loans (or, if earlier, upon the final termination for any reason of the Total Commitment). 

        (d)    Conversion or Continuation.    

        (i)    Subject to the provisions of Section 2.6, Borrower shall have the
option (A) to convert at any time all or any part of the outstanding Loans equal to $5,000,000 or a greater integral multiple of $1,000,000 from Loans bearing interest at a rate determined by
reference to one basis to Loans bearing interest at a rate determined by reference to an alternative basis, or (B) upon the expiration of any Interest Period applicable to a Eurodollar Rate
Loan, to continue all or any portion of such Loan (together with other Loans) equal to $5,000,000 or a greater integral multiple of $1,000,000 as a Eurodollar Rate Loan;  provided, however, that a
Eurodollar Rate Loan may only be converted into a Base Rate Loan on the expiration date of an Interest Period applicable
thereto. 

        (ii)  Borrower shall deliver a Notice of Conversion/Continuation to Administrative Agent no later than 11:00 a.m.
(Dallas, Texas time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in
advance of the proposed conversion/continuation date (in the case of a conversion to, or a continuation of, a Eurodollar Rate Loan). A Notice of Conversion/Continuation shall specify (A) the
proposed conversion/continuation date (which shall be a Business Day), (B) the amount and type of the Loan to
be converted/continued, (C) the nature of the proposed conversion/continuation, (D) in the case of a conversion to, or a continuation of, a Eurodollar Rate Loan, the requested Interest
Period, and (E) in the case of a conversion to, or a continuation of, a Eurodollar Rate Loan, that no Potential Default or Event of Default has occurred and is continuing. In lieu of delivering
the above-described Notice of Conversion/Continuation, Borrower may give Administrative Agent telephonic notice by the required time of any proposed conversion/continuation under this  Section 2.2(d); provided that such notice shall be promptly confirmed in writing by delivery of a
Notice of Conversion/Continuation to Administrative Agent on or before the proposed conversion/continuation date. 

        (iii) Neither Administrative Agent nor any Lender shall incur any liability to Borrower in acting upon any telephonic notice
referred to above that Administrative Agent believes in good faith to have been given by a duly authorized officer or other person authorized to act on behalf of Borrower or for otherwise acting in
good faith under this Section 2.2(c), and upon conversion or continuation of the applicable basis for determining the interest rate with respect
to any Loans in accordance with this Agreement pursuant to any such telephonic notice Borrower shall have effected a conversion or continuation, as the case may be, hereunder. 

        (iv)  Except as otherwise provided in Sections 2.6(b),  2.6(c), and 2.6
(g), a Notice of Conversion/Continuation for conversion to, or continuation of, a
Eurodollar Rate Loan (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and Borrower shall be bound to effect a conversion or
continuation in accordance therewith. 

        (e)    Default Rate.    Upon the occurrence and during the
continuation of any Event of Default, the outstanding Principal Debt and, to the extent permitted by applicable Legal Requirements, any interest payments thereon not paid when due and any fees and
other amounts then due and payable hereunder, shall thereafter bear interest (including post-petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy
laws) payable upon demand at a rate that is two percent (2%) per annum in excess of the interest rate otherwise payable under this 

30

 

Agreement with respect to the applicable Loans (or, in the case of any such fees and other amounts, at a rate which is two percent (2%) per annum in excess of the interest rate otherwise payable
under this Agreement for Base Rate Loans); provided that in the case of Eurodollar Rate Loans, upon the expiration of the Interest Period in effect at
the time any such increase in interest rate is effective such Eurodollar Rate Loans shall thereupon become Base Rate Loans and shall thereafter bear interest payable upon demand at a rate which is two
percent (2%) per annum in excess of the interest rate otherwise payable under this Agreement for Base Rate Loans. Payment or acceptance of the increased rates of interest provided for in this  Section 2.2(e)
 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice
or limit any rights or remedies of Administrative Agent or any Lender. 

        (f)    Computation of Interest.    Interest on the Loans, and all fees
payable under this Agreement and the other Loan Documents, shall be computed on the basis of a 360-day year, in each case for the actual number of days elapsed in the period during which
it accrues. In computing interest on any Loan, the date of the making of such Loan or the first (1st) day of an Interest Period applicable to such Loan or,
with respect to a Base Rate Loan being converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the
date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan, the date of conversion
of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excluded; provided that if a Loan is repaid on the same day on which
it is made, one (1) day's interest shall be paid on such Loan. 

        (g)    Maximum Rate.    Regardless of any provision contained in any
Loan Document or any document related thereto, it is the intent of the parties to this Agreement that neither Administrative Agent nor any Lender contract for, charge, take, reserve, receive, or
apply, as interest on all or any part of the Obligations any amount in excess of the Maximum Rate or the Maximum Amount or receive any unearned interest in violation of any applicable Legal
Requirements, and, if Administrative Agent or Lenders ever do so, then any excess shall be treated as a partial repayment or prepayment of the Principal Debt and any remaining excess shall be refunded
to Borrower. In determining if the interest paid or payable exceeds the Maximum Rate, Borrower, Administrative Agent, and Lenders shall, to the maximum extent permitted under applicable Legal
Requirements, (i) treat all Loans as but a single extension of credit (and Administrative Agent, Lenders, and Borrower agree that is the case and that provision in this Agreement for multiple
Loans is for convenience only), (ii) characterize any non-principal payment as an expense, fee, or premium rather than as interest, (iii) exclude voluntary repayments or
prepayments and their effects (solely for purposes of this calculation), and (iv) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of
the Obligations. However, if the Obligations are paid in full before the end of its full contemplated term, and if the interest received for its actual period of existence exceeds the Maximum Amount,
then Lenders shall refund any excess (and Lenders may not, to the extent permitted by Legal Requirements, be subject to any penalties provided by any Legal Requirements for contracting for, charging,
taking, reserving, or receiving interest in excess of the Maximum Amount). If the Legal Requirements of the State of Texas are applicable for purposes of determining the
"Maximum Rate" or the "Maximum Amount," then those terms mean the "weekly
ceiling" from time to time in effect under Texas Finance Code § 303.001, as amended, as limited by  Texas Finance Code § 303.009, as amended. Borrower agrees that Chapter 346 of the
Texas Finance Code, as amended (which regulates certain revolving credit loan accounts and revolving tri-party accounts), does not apply to
the Obligations. 

31

 

 
 
        2.3    Fees.    

        (a)    Administrative Agent and Arranger Fees.    Borrower shall pay
to Administrative Agent and Arranger the fees specified in the letter agreement between Administrative Agent and Borrower. 

        (b)    Unused Fees.    Borrower shall pay to Administrative Agent, for
the ratable account of Lenders, a quarterly unused fee (prorated for partial quarters) equal to the sum of the amounts obtained by multiplying the daily
Unused Commitment times one-quarter of one percent (0.25%) per annum. Such commitment fee shall accrue commencing on the Closing Date, and
shall be due and payable on the last day of each March, June, September, and December during the term hereof, commencing on September 30, 2002, and on the Maturity Date, based upon the Unused
Commitment for each day
during the quarter ending on such date. Solely for purposes of this Section 2.3(b), "ratable"
means, for any calculation period, with respect to any Lender, the proportion that (i) the daily Unused Commitment of such Lender during such period bears to (ii) the aggregate amount of
the daily Unused Commitment of all Lenders during such period. 

        (c)    Issuing Bank's Fees.    As an inducement for the issuance
(including, without limitation, the extension) of each LC, Borrower agrees to pay to Administrative Agent: 

        (i)    For the ratable account of each Lender, on the day the fee is payable, an issuance fee, payable quarterly in arrears,
equal to a percentage of the average-face amount of such LC during each applicable quarterly period, which percentage is equal to the product of the average-face amount of such
LC times a rate per annum equal to the Applicable Margin for Eurodollar Rate Loans; and 

        (ii)  For the account of Issuing Bank, payable on the date of issuance, an issuance fee equal to the
greater of (A) the product of (I) the face amount of such LC times (II) one-eighth of one
percent (0.125%) and (B) $500; provided that the fees payable pursuant to this  Section 2.3(c)(ii) with respect to any individual issuance
of an LC shall not exceed $2,000. 

 
 
        2.4    Scheduled Payments, Prepayments, and Reductions.     

        (a)    Scheduled Payment of the Revolving Credit Facility.    The
Principal Debt is due and payable on the Maturity Date. 

        (b)    Voluntary Prepayments.    Borrower may,
upon not less than one (1) Business Day prior written or telephonic notice in the case of Base Rate Loans, or three (3) Business Days' prior written or telephonic notice in the case of
Eurodollar Rate Loans, given to Administrative Agent and, if given by telephone, promptly confirmed in writing to Administrative Agent (which original written or telephonic notice Administrative Agent
will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time prepay any Loans on any Business Day in whole or in part in an aggregate minimum amount of
$1,000,000 or a greater integral multiple of $250,000 (or such lesser amount representing payment in full of all Principal Debt); provided, however,
that if Borrower repays any Eurodollar Rate Loan prior to the expiration of the Interest Period applicable thereto, then Borrower shall be obligated to pay the amounts required pursuant to  Section 2.6(d)
. Notice of prepayment having been given as aforesaid, the principal amount of the Loans specified in such notice shall become due
and payable on the prepayment date specified therein. 

        (c)    General Provisions Regarding Payments.    

        (i)    Manner and Time of Payment.    All
payments by Borrower of principal, interest, fees, and other Obligations hereunder and under the Notes shall be made in Dollars in same day funds, without
defense, setoff, or counterclaim, free of any restriction or condition, and delivered to Administrative Agent not later than 12:00 noon (Dallas, Texas time) on the date due at the Funding and Payment
Office for the account of Lenders; funds received by 

32

 

Administrative Agent after that time on such due date shall be deemed to have been paid by Borrower on the next succeeding Business Day. 

        (ii)    Application of Payments to Principal and
Interest.    All payments in respect of the Principal Debt of any Loan shall include payment of accrued interest on the Principal Debt being repaid or prepaid, and
all such payments shall be applied to the payment of interest before application to Principal Debt. 

        (iii)    Application of Prepayments to Base Rate Loans and Eurodollar Rate
Loans.    Any prepayment shall be applied first (1st) to Base Rate Loans made for the purpose specified, if any, to the full extent thereof before application to
Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by Borrower pursuant to  Section 2.6(d). 

        (iv)    Apportionment of
Payments.    Aggregate principal and interest payments in respect of the Loans shall be apportioned among all outstanding Loans to which such payments relate, in each
case proportionately to Lenders' respective Pro Rata Shares. Administrative Agent shall promptly distribute to each Lender, at its primary address set forth on  Schedule 2.1 or at such other
address as such Lender may request, its Pro Rata Share of all such payments received by Administrative Agent.
Notwithstanding the foregoing provisions of this Section 2.4(c)(iv), if, pursuant to the provisions of  Section 2.6(c), any Notice
of Conversion/Continuation is withdrawn as to any Affected Lender or if any Affected Lender makes Base Rate Loans in
lieu of its Commitment Percentage of any Eurodollar Rate Loans, then Administrative Agent shall give effect thereto in apportioning payments received thereafter. 

        (v)    Payments on Business Days.    Whenever
any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be
included in the computation of the payment of interest hereunder, as the case may be. 

        (vi)    Notation of Payment.    Each Lender
agrees that before disposing of any Note held by it, or any part thereof (other than by granting participations therein), such Lender will make a notation thereon of the Loans evidenced by that Note
and all principal payments previously made thereon and of the date to which interest thereon has been paid; provided that the failure to make (or any
error in the making of) a notation of the Loans made under such Note shall not limit or otherwise affect the obligations of Borrower hereunder or under such Note with respect to the Loans or any
payments of principal or interest on such Note. 

        (vii)    Payments to
Lenders.    Administrative Agent shall pay to each Lender any payment or prepayment to which such Lender is entitled hereunder on the same day Administrative Agent
shall have received the same from Borrower; provided that such payment or prepayment is received by Administrative Agent prior to 12:00 noon (Dallas,
Texas time), and otherwise before 12:00 noon (Dallas, Texas time) on the Business Day next following. If and to the extent Administrative Agent shall not make such payments to Lenders when due as set
forth in the preceding sentence, then such unpaid amounts shall accrue interest, payable by Administrative Agent, at the Federal Funds Effective Rate from time to time in effect from the due date
until (but not including) the date on which Administrative Agent makes such payments to Lenders. 

 
 
        2.5    Use of Proceeds.     

        (a)    Loans and LCs.    The proceeds of the Loans shall be applied by
Borrower, and LCs shall be issued for the account of Borrower, for the purposes described in the Recitals. 

        (b)    Margin Regulations.    No portion of the proceeds of any Loan
under this Agreement shall be used by any Company in any manner that would cause the Loans or the application of such 

33

 

proceeds to violate Regulation U, Regulation T, or Regulation X of the Board of
Governors of the Federal Reserve System or any other regulation of such Board or to violate the Exchange Act, in each case as in effect on the date or dates of such Loans and such use of proceeds. 

 
 
        2.6    Special Provisions Governing Eurodollar Rate Loans.     Notwithstanding any other provision of this Agreement to the contrary, the following provisions shall govern with respect to Eurodollar Rate Loans as to the
matters covered: 

        (a)    Determination of Applicable Interest Rate.    As soon as
practicable after 10:00 a.m. (Dallas, Texas time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final,
conclusive, and binding upon all parties) the interest rate that shall apply to the Eurodollar Rate Loans for which an interest rate is then being determined for the applicable Interest Period and
shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower and each Lender. 

        (b)    Inability to Determine Applicable Interest Rate.    If
Administrative Agent shall have determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any
Eurodollar Rate Loans, that by reason of circumstances affecting the interbank Eurodollar market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on
the basis provided for in the definition of Adjusted Eurodollar Rate or Eurocurrency Rate, then Administrative Agent shall on such date give notice (by telefacsimile or by telephone confirmed in
writing) to Borrower and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans until such time as Administrative Agent notifies
Borrower and Lenders that the circumstances giving rise to such notice no longer exist, and (ii) any Notice of Borrowing or Notice of Conversion/Continuation
given by Borrower with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Borrower. 

        (c)    Illegality or Impracticability of Eurodollar Rate Loans.    If
on any date any Lender shall have determined (which determination shall be final and conclusive and binding upon all parties hereto but shall be made only after consultation with Borrower and
Administrative Agent) that the making, maintaining, or continuation of its Eurodollar Rate Loans (i) has become unlawful as a result of compliance by such Lender in good faith with any Legal
Requirements (or would conflict with any such Legal Requirement not having the force of law even though the failure to comply therewith would not be unlawful), or (ii) has become impracticable,
or would cause such Lender material hardship, as a result of contingencies occurring after the date of this Agreement which materially and adversely affect the interbank Eurodollar market or the
position of such Lender in that market, then, and in any such event, such Lender shall be an "Affected Lender" and it shall on that day give notice (by
telefacsimile or by telephone confirmed in writing) to Borrower and Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender).
Thereafter (A) the obligation of the Affected Lender to make Loans as, or to convert Loans to, Eurodollar Rate Loans shall be suspended until such notice shall be withdrawn by the Affected
Lender, (B) to the extent such determination by the Affected Lender relates to a Eurodollar Rate Loan then being requested by Borrower pursuant to a Notice of Borrowing or a Notice of
Conversion/Continuation, the Affected Lender shall make such Loan as (or convert such Loan to, as the case may be) a Base Rate Loan, (C) the Affected Lender's obligation to maintain its
outstanding Eurodollar Rate Loans (the "Affected Loans") shall be terminated at the earlier to occur of the expiration of the Interest Period then in
effect with respect to the Affected Loans or when required by law, and (D) the Affected Loans shall automatically convert into Base Rate Loans on the date of such termination. Notwithstanding
the foregoing, to the extent a determination by an Affected Lender as described above relates to a Eurodollar Rate Loan then being requested by Borrower pursuant to a Notice of Borrowing or a Notice
of Conversion/Continuation, Borrower shall have the option, subject to the provisions of 

34

 

 Section 2.6(d), to rescind such Notice of Borrowing or Notice of Conversion/Continuation as to all Lenders by giving notice (by telefacsimile or by telephone confirmed
in writing) to Administrative Agent of such rescission on the date on which the Affected Lender gives notice of its determination as described above (which notice of rescission Administrative Agent
shall promptly transmit to each other Lender). Except as provided in the immediately preceding sentence, nothing in this Section 2.6(c) shall
affect the obligation of any Lender other than an Affected Lender to make or maintain Loans as, or to convert Loans to, Eurodollar Rate Loans in accordance with the terms of this Agreement. 

        (d)    Compensation For Breakage or Non-Commencement of Interest
Periods.    Borrower shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting such amounts), for all
reasonable losses, expenses, and liabilities (including, without limitation, any interest paid by such Lender to lenders of funds borrowed by it to make or carry its Eurodollar Rate Loans and any
loss, expense, or liability sustained by such Lender in connection with the liquidation or reemployment of such funds) which such Lender may sustain: (i) if for any reason (other than a default
by such Lender) a borrowing of any Eurodollar Rate Loan does not occur on a date specified therefor in a Notice of Borrowing or a telephonic request for borrowing, or a conversion to or continuation
of any Eurodollar Rate Loan does not occur on a date specified therefor in a Notice of Conversion/ Continuation or a telephonic request for conversion or continuation (unless such borrowing or
conversion does not occur by reason of the inability to determine the applicable interest rate as provided in Section 2.6(b) and the illegality
or impracticability to make Eurodollar Rate Loans as
provided in Section 2.6(c); (ii) if any prepayment or other principal payment or any conversion of any of its Eurodollar Rate Loans occurs
on a date prior to the last day of an Interest Period applicable to such Loan; (iii) if any prepayment of any of its Eurodollar Rate Loans is not made on any date specified in a notice of
prepayment given by Borrower; or (iv) as a consequence of any other default by Borrower in the repayment of its Eurodollar Rate Loans when required by the terms of this Agreement. 

        (e)    Booking of Eurodollar Rate Loans.    Any Lender may make,
carry, or transfer Eurodollar Rate Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of such Lender. 

        (f)    Assumptions Concerning Funding of Eurodollar Rate
Loans.    Calculation of all amounts payable to a Lender under this Section 2.6 and under  Section 2.7(a)
 shall be made as though such Lender had actually funded each of its relevant Eurodollar Rate Loans through the purchase of a
Eurodollar deposit bearing interest at the rate obtained pursuant to the definition of Eurocurrency Rate in an amount equal to the amount of such Eurodollar Rate Loan and having a maturity comparable
to the relevant Interest Period and through the transfer of such Eurodollar deposit from an offshore office of such Lender to a domestic office of such Lender in the United States of America;  provided, however, that each Lender may fund each of its Eurodollar Rate Loans in any manner it sees fit and the foregoing assumptions shall be utilized
only for the purposes of calculating amounts payable under this Section 2.6 and under  Section 2.7(a).

        (g)    Eurodollar Rate Loans After Default.    After the occurrence of
and during the continuation of a Potential Default or an Event of Default, (i) Borrower may not elect to have a Loan be made or maintained as, or converted to, a Eurodollar Rate Loan after the
expiration of any Interest Period then in effect for such Loan, and (ii) subject to the provisions of Section 2.6(d), any Notice of
Borrowing or Notice of Conversion/Continuation given by Borrower with respect to a requested borrowing or conversion/continuation that has not yet occurred shall be deemed to be rescinded by Borrower. 

35

 

 
 
        2.7    Increased Costs; Taxes; Capital Adequacy.     

        (a)    Compensation for Increased Costs and Taxes.    Subject to the
provisions of Section 2.7(b), if any Lender shall determine (for Loans hereunder and other similar loans made by such Lender to borrowers
similarly situated as Borrower) (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that any Legal Requirement, or any change therein or in
the interpretation, administration, or application thereof (including the introduction of any new Legal Requirement), or any determination of any Governmental Authority, in each case that becomes
effective after the date hereof, or compliance by such Lender with any guideline, request or directive issued or made after the date hereof by any central bank or other Governmental Authority or
quasi-Governmental Authority (whether or not having the force of law): 

        (i)    subjects such Lender (or its applicable lending office) to any additional Tax (other than any Tax on the overall net
income of such Lender) with respect to this Agreement or any of its obligations hereunder or any payments to such Lender (or its applicable lending office) of principal, interest, fees, or any other
amount payable hereunder; 

        (ii)  imposes, modifies, or holds applicable any reserve (including without limitation any marginal, emergency, supplemental,
special, or other reserve), special deposit, compulsory loan, FDIC insurance, or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or
loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender (other than any such reserve or other requirements with respect to Eurodollar Rate Loans that are
reflected in the definition of Adjusted Eurodollar Rate); or 

        (iii) imposes any other condition (other than with respect to a Tax matter) on or affecting such Lender (or its applicable
lending office) or its obligations hereunder or the interbank Eurodollar market; 

and
the result of any of the foregoing is to increase the cost to such Lender of agreeing to make, making, or maintaining Loans hereunder or to reduce any amount received or receivable by such Lender
(or its applicable lending office) with respect thereto; then, in any such case, Borrower shall promptly pay to such Lender, upon receipt of the statement referred to in the next sentence, such
additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Lender in its sole discretion shall determine) as may be
necessary to compensate such Lender for any such increased cost or reduction in amounts received or receivable hereunder. Such Lender shall deliver to Borrower (with a copy to Administrative Agent) as
soon as practicable (but in any event within one hundred and twenty (120) days) after such Lender obtains actual knowledge of the event or condition prompting such Lender to make such
determination a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender under this  Section 2.7(a), which statement shall be
conclusive and binding upon all parties hereto absent manifest error. Borrower shall not be liable for
any such amount that accrues between the date such statement is required to be given and the date such statement is actually given. 

        (b)    Withholding of Taxes.    

        (i)    Payments to Be Free and Clear.    All
sums payable by Borrower under this Agreement and the other Loan Documents shall be paid free and clear of and (except to the extent required by any Legal Requirement) without any deduction or
withholding on account of any Tax (other than a Tax on the overall net income of any Lender) imposed, levied, collected, withheld, or assessed by or within the United States of America or any
political subdivision in or of the United States of America or any other jurisdiction from or to which a payment is 

36

 

made by or on behalf of Borrower or by any federation or organization of which the United States of America or any such jurisdiction is a member at the time of payment. 

        (ii)    Grossing-up of
Payments.    If Borrower or any other Person is required by any Legal Requirement to make any deduction or withholding on account of any such Tax (other than a Tax on
the overall net income of any Lender) from any sum paid or payable by Borrower to Administrative Agent or any Lender under any of the Loan Documents: 

        (A)  Borrower shall notify Administrative Agent of any such requirement or any change in any such requirement as soon as
Borrower becomes aware of it; 

        (B)  Borrower shall pay any such Tax before the date on which penalties attach thereto, such payment to be made (if the
liability to pay is imposed on Borrower) for its own account or (if that liability is imposed on Administrative Agent or such Lender, as the case may be) on behalf of and in the name of Administrative
Agent or such Lender; 

        (C)  the sum payable by Borrower in respect of which the relevant deduction, withholding, or payment is required shall be
increased to the extent necessary to ensure that, after the making of that deduction, withholding, or payment, Administrative Agent or such Lender, as the case may be, receives on the due date a net
sum equal to what it would have received had no such deduction, withholding, or payment been required or made (but net of any tax credit realized by Administrative Agent or such Lender); and 

        (D)  within thirty (30) days after paying any sum from which it is required by law to make any deduction or
withholding, and within thirty (30) days after the due date of payment of any Tax which it is required by Section 2.7(b)(ii)(B) to pay,
Borrower shall deliver to Administrative Agent evidence satisfactory to the other affected parties of such deduction, withholding, or payment and of the remittance thereof to the relevant taxing or
other authority; 

provided that no such additional amount shall be required to be paid to any Lender under  Section 2.7(b)(ii)(C) except to the extent that any change
after the date hereof (in the case of each Lender listed on the signature pages
hereof) or after the date of the Assignment Agreement pursuant to which such Lender became a Lender (in the case of each other Lender) in any such requirement for a deduction, withholding, or payment
as is mentioned therein shall result in an increase in the rate of such deduction, withholding, or payment from that in effect at the date of this Agreement or at the date of such Assignment
Agreement, as the case may be, in respect of payments to such Lender. 

        (iii)    Evidence of Exemption from U.S. Withholding Tax.    

        (A)  Each Lender that is organized under the laws of any jurisdiction other than the United States or any state or other
political subdivision thereof (for purposes of this Section 2.7(b)(iii), a "Non-US
Lender") shall deliver to Administrative Agent for transmission to Borrower, on or prior to the Closing
Date (in the case of each Lender listed on the signature pages hereof) or on the date of the Assignment Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such
other times as may be necessary in the determination of Borrower or Administrative Agent (each in the reasonable exercise of its discretion), (1) two original copies of Internal Revenue Service
Form 1001 or 4224 (or any successor forms), properly completed and duly executed by such Lender, together with any other certificate or statement of exemption required under the Internal
Revenue Code or the regulations issued thereunder to establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to any payments to such
Lender of principal, interest, fees or other amounts payable under any of the Loan Documents, or 

37

 

(2) if such Lender is not a "bank" or other Person described in Section 881(c)(3) of the
Internal Revenue Code and cannot deliver either Internal Revenue Service Form 1001 or 4224 pursuant to Section 2.7(b)(iii)(A)(1), then a
Certificate re Non-Bank Status together with two (2) original copies of Internal Revenue Service Form W-8 (or any successor form), properly completed and duly
executed by such Lender, together with any other certificate or statement of exemption required under the Internal Revenue Code or the regulations issued thereunder to establish that such Lender is
not subject to deduction or withholding of United States federal income tax with respect to any payments to such Lender of interest payable under any of the Loan Documents. 

        (B)  Each Lender required to deliver any forms, certificates, or other evidence with respect to United States federal income
tax withholding matters pursuant to Section 2.7(b)(iii)(A) hereby agrees, from time to time after the initial delivery by such Lender of such
forms, certificates, or other evidence, whenever a lapse in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material respect, such
Lender shall (1) deliver to Administrative Agent for transmission to Borrower two (2) new original copies of Internal Revenue Service Form 1001 or 4224, or a Certificate re
Non-Bank Status and two (2) original copies of Internal Revenue Service Form W-8, as the case may be, properly completed and duly executed by such Lender,
together with any other certificate or statement of exemption required in order to confirm or establish that such Lender is not subject to deduction or withholding of United States federal income tax
with respect to payments to such Lender under the Loan Documents, or (2) immediately notify Administrative Agent and Borrower of its inability to deliver any such forms, certificates or other
evidence. 

        (C)  Borrower shall not be required to pay any additional amount to any Non-US Lender under  Section 2.7(b)(ii)(C) if such Lender shall have failed
to satisfy the requirements of  Section 2.7(B)(iii)(A); provided that if such Lender shall have satisfied such requirements on the Closing Date (in the
case of each Lender listed on the signature pages hereof or on the date of the Assignment Agreement pursuant to which it became a Lender (in the case of each other Lender), nothing in this  Section 2.7(b)(iii)(C)
 shall relieve Borrower of its obligation to pay any additional amounts pursuant to  Section 2.7(b)(iii)(C) in the event that, as a result of any change in any
applicable Legal Requirement, or any change in the interpretation,
administration, or application thereof, such Lender is no longer properly entitled to deliver forms, certificates or other evidence at a subsequent date establishing the fact that such Lender is not
subject to withholding as described in Section 2.7(b)(iii)(A). 

        (c)    Capital Adequacy Adjustment.    If any Lender shall have
determined that the adoption, effectiveness, phase-in, or applicability after the date hereof of any Legal Requirement (or any provision thereof) regarding capital adequacy, or any change
therein or in the interpretation or administration thereof by
any Governmental Authority charged with the interpretation or administration thereof, or compliance by any Lender (or its applicable lending office) with any guideline, request, or directive regarding
capital adequacy (whether or not having the force of law) of any such Governmental Authority, has or would have the effect of reducing the rate of return on the capital of such Lender or any
corporation controlling such Lender as a consequence of, or with reference to, such Lender's Commitment or participations therein or other obligations hereunder with respect to the Loans to a level
below that which such Lender or such controlling corporation could have achieved but for such adoption, effectiveness, phase-in, applicability, change, or compliance (taking into
consideration the policies of such Lender or such controlling corporation with regard to capital adequacy), then from time to time, within five (5) Business Days after receipt by Borrower from
such Lender of the statement referred to in the next sentence, 

38

 

Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such controlling corporation on an after-tax basis for such reduction. Such Lender
shall deliver to Borrower (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis of the calculation of such additional amounts, which statement shall
be conclusive and binding upon all parties hereto absent manifest error. 

 
 
        2.8    Obligation of Lenders to Mitigate.     Each
Lender agrees that, as promptly as practicable after the officer of such Lender responsible for administering the Loans of such Lender, as the case may be,
becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender under  Section 2.6(c) or that would entitle such Lender
to receive payments under Section 2.7, it
will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts (a) to make, issue, fund, or maintain
the Commitment of such Lender or the affected Loans of such Lender through another lending office of such Lender or Affiliate, or (b) take such other measures as such Lender may deem
reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid
to such Lender pursuant to Section 2.7 would be materially reduced and if, as determined by such Lender in its sole discretion, the making,
issuing, funding, or maintaining of such Commitment or Loans through such other lending office or in accordance with such other measures, as the case may be, would not otherwise materially adversely
affect such Commitment or Loans or the interests of such Lender; provided that such Lender will not be obligated to utilize such other lending office
pursuant to this Section 2.8 unless Borrower agrees to pay all incremental and reasonable expenses incurred by such Lender as a result of
utilizing such other lending office as described in clause (a) above. A certificate as to the amount of any such expenses payable by Borrower
pursuant to this Section 2.8 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to Borrower (with
a copy to Administrative Agent) shall be conclusive absent manifest error. 

 
 
        2.9    Security for the Loans.    

        (a)    Pledge Agreements.    As security for the payment and
performance of the Obligations, on or prior to the Closing Date, (i) Borrower shall execute and deliver to Administrative Agent the Borrower Pledge Agreement pursuant to which Borrower shall
grant Administrative Agent, for the benefit of the Credit Parties, a first priority perfected security interest in, and lien upon, the Stock of each of its Significant Subsidiaries, and
(ii) each of Borrower's Significant Subsidiaries that, individually or together with any other Obligor, holds ownership interests in one or more Significant Subsidiaries shall execute and
deliver to Administrative Agent the Subsidiary Pledge Agreement pursuant to which such Significant
Subsidiaries shall grant Administrative Agent, for the benefit of the Credit Parties, a first priority perfected security interest in, and lien upon, the Stock of each Significant Subsidiary owned by
each such Significant Subsidiary. 

        (b)    Subsidiary Guaranty.    Each of Borrower's Significant
Subsidiaries shall execute and deliver to Borrower the Subsidiary Guaranty, pursuant to which such Significant Subsidiaries shall guaranty all of the Obligations of Borrower. 

        (c)    Further Assurances.    Borrower hereby agrees to execute and
deliver, and to cause to be executed and delivered, to Administrative Agent, at Borrower's sole cost and expense, such replacement guaranties, financing or continuation statements, third party
consents, and such other amendments, agreements, documents, assignments, statements, or instruments as Administrative Agent may from time to time reasonably request to evidence, perfect, or otherwise
implement the security for performance and repayment of the Obligations and the obligations of Borrower's Significant Subsidiaries under the Subsidiary Guaranty. All of the foregoing shall be
reasonably satisfactory in form and substance to Administrative Agent. 

39

  

 
 

SECTION 3    
    
    CONDITIONS PRECEDENT    
  

 
 
        3.1    Conditions to Initial Loans on the Closing Date.     The obligations of
Lenders to fund the initial Loans and of Issuing Bank to issue any LCs to be made or issued on the Closing Date are subject to satisfaction of
the following conditions precedent on or before the Closing Date: 

        (a)    Borrower Documents.    Borrower shall deliver or cause to be
delivered to Administrative Agent the following, each, unless otherwise noted, dated as of the Closing Date: 

        (i)    Certified copies of its Certificate of Incorporation, together with a good standing certificate from the Secretary of
State of the State of Delaware and each other state in which it is qualified as a foreign corporation to do business and, to the extent generally available, a certificate or other evidence of good
standing as to payment of any applicable franchise or similar Taxes from the appropriate taxing authority of each of such states, each dated a recent date prior to the Closing Date; 

        (ii)  An Officer's Certificate of Borrower certifying (A) its Constituent Documents, (B) resolutions of its
Board of Directors approving and authorizing the execution, delivery, and performance of this Agreement and the other Loan Documents, certified as of the Closing Date as being in full force and effect
without modification or amendment, and (C) signatures and incumbency of its officers executing this Agreement and the other Loan Documents; 

        (iii) Executed originals of this Agreement, the Notes, the Borrower Pledge Agreement, and the other Loan Documents; and 

        (iv)  Such other documents as Administrative Agent may reasonably request. 

        (b)    Borrower's Significant Subsidiaries Documents.    Borrower
shall deliver or cause to be delivered to Administrative Agent the following with respect to each of Borrower's Significant Subsidiaries, each, unless otherwise noted, dated as of the Closing Date: 

        (i)    Certified copies of its charter, together with a good standing certificate from its jurisdiction of incorporation and of
its principal place of business, dated a recent date prior to the Closing Date; 

        (ii)  Officer's Certificate of Significant Subsidiary certifying (A) its Constituent Documents, (B) resolutions
of its Board of Directors approving and authorizing the execution, delivery, and performance of the Loan Documents to which it is a party, certified as of the Closing Date as being in full force and
effect without modification or amendment, and (C) signatures and incumbency of its officers executing the Loan Documents to which it is a party; 

        (iii) Executed originals of the Loan Documents to which it is a party; and 

        (iv)  Such other documents as Administrative Agent may reasonably request. 

        (c)    Opinions of Counsel for Borrower and Borrower's
Subsidiaries.    The Credit Parties and their respective counsel shall have received originally executed copies of a favorable written opinion of Vinson &
Elkins L.L.P., counsel for the Companies, in form and substance reasonably satisfactory to Administrative Agent and their counsel, dated as of the Closing Date, and setting forth substantially the
matters in the opinions designated in Exhibit K and as to such other matters as Administrative Agent, acting on behalf of the Credit Parties, may
reasonably request. 

        (d)    Collateral Documents.    Borrower shall have taken or caused to
be taken such actions in such a manner so that Administrative Agent has a valid and perfected first priority security interest 

40

 

in the entire Collateral (subject to Liens consented to in writing by Administrative Agent and Requisite Lenders with respect to such Collateral and other Liens permitted by  Section 6.2)
granted by the Collateral Documents. Such actions shall include, without limitation, the delivery pursuant to the applicable
Collateral Documents of such certificates (which certificates shall be registered in the name of Administrative Agent or properly endorsed in blank for transfer or accompanied by irrevocable undated
stock powers duly endorsed in blank, all in form and substance satisfactory to Administrative Agent) representing all of the shares of Stock required to be pledged. 

        (e)    Fees.    Borrower shall have paid to Administrative Agent, for
distribution (as appropriate) to the Credit Parties, the fees payable on the Closing Date referred to in Section 2.3. 

        (f)    Delivery of Level Determination Certificate.    Borrower shall
have delivered a Level Determination Certificate calculated utilizing the most-recent financial statements referred to in  Section 4.3.

        (g)    Completion of Proceedings.    All corporate and other
proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto not previously found acceptable by Administrative Agent, acting on behalf
of Lenders, and its counsel shall be satisfactory in form and substance to Administrative Agent and such counsel, and Administrative Agent and such counsel shall have received all such counterpart
originals or certified copies of such documents as Administrative Agent may reasonably request. 

        (h)    Termination of Existing Credit Agreement.    The Existing
Credit Agreement shall have terminated by written notice from Borrower to Administrative Agent. Each of the Lenders hereunder that is a Lender under the Existing Credit Agreement hereby waives the
requirement set forth in Section 2.4 of the Existing Credit Agreement that Borrower provide three (3) Business Days prior to prepayment of
the Loans thereunder. The waiver set forth herein is limited as provided herein and shall not be deemed to be a waiver or consent to any deviation from the terms of this Agreement or the other Loan
Documents. 

 
 
        3.2    Conditions to all Loans.     The obligations of Lenders to make all Loans
on each Funding Date (the initial Loans on the Closing Date) and of Issuing Bank to issue any LC on each Issuance
Date (including the initial issuance of an LC, if any, on the Closing Date) are subject to the following conditions precedent: 

        (a)    Notice of Borrowing.    Administrative Agent, and, in the case
of an LC, Issuing Bank, shall have received, in accordance with the provisions of Section 2.1(c), an originally executed Notice of Borrowing or,
in accordance with the provisions of Section 2.1(f)(i), an originally executed LC Request, in each case signed by the chief executive officer,
the chief financial officer, the treasurer, chief accounting officer, or secretary of Borrower or by any executive officer of Borrower designated by any of the above-described officers on behalf of
Borrower in a writing delivered to Administrative Agent. 

        (b)    Representations and Warranties; Performance of
Agreements.    The representations and warranties in Section 4 hereof are true, correct, and complete in all
material respects on and as of the Funding Date or the Issuance Date, as the case may be, to the same extent as though made on and as of that date (unless such representations and warranties are, by
their express terms, limited to a specific date) and that Borrower shall have performed in all material respects all agreements and satisfied all conditions which this Agreement provides shall be
performed or satisfied by it on or before such Funding Date or Issuance Date, except as otherwise disclosed to and agreed to in writing by Administrative Agent and Requisite Lenders. 

        (c)    No Default.    No Potential Default or Event of Default shall
have occurred or be caused by the making of such Loans or the Issuance of any LC. 

41

 

        (d)    No Injunction or Restraining Order.    No order, judgment, or
decree of any Governmental Authority shall purport to enjoin or restrain any Lender from making the Loans to be made by it or Issuing Bank from issuing the LC to be issued by it on the Closing Date. 

        (e)    No Violation.    The making of the Loans requested on such
Funding Date or issuance of the LC requested on such Issuance Date shall not violate any Legal Requirement, including, without limitation, Regulation T,
Regulation U, or Regulation X of the Board of Governors of the Federal Reserve System. 

 
 

SECTION 4    
    
    BORROWER'S REPRESENTATIONS AND WARRANTIES    
  

        In order to induce Lenders to enter into this Agreement and to induce other Lenders to purchase participations therein, Borrower represents and warrants to each
Lender that the following statements are true, correct, and complete: 

 
 
        4.1    Organization, Powers, Qualification, Good Standing, Business and  Subsidiaries.    

        (a)    Organization and Powers.    Borrower is a corporation duly
organized, validly existing, and in good standing under the laws of the State of Delaware. Borrower has all requisite corporate power and authority to own and operate its properties, to carry on its
business as now conducted and as proposed to be conducted, to enter into the Loan Documents, and to carry out the transactions contemplated thereby. 

        (b)    Qualification and Good Standing.    Borrower is qualified to do
business and is in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so
qualified or in good standing has not had and will not have a Material Adverse Effect. 

        (c)    Conduct of Business.    The Companies are engaged only in the
businesses permitted to be engaged in pursuant to Section 6.8.

        (d)    Subsidiaries.    All of the Subsidiaries of Borrower are
identified in Schedule 4.1-1 (as such Schedule 4.1-1 may be
supplemented from time to time pursuant to the provisions of Section 5.1(k)). The Stock of each of the Subsidiaries of Borrower identified in  Schedule 4.1-1 (as so supplemented) are duly authorized, validly issued, fully paid, and nonassessable (except for mandatory capital
calls in respect of joint venture interests), as applicable, and none of such Stock constitutes Margin Stock. Each of the Subsidiaries of Borrower identified in  Schedule 4.1-1 (as so
supplemented) is a corporation duly organized, or a general partnership or limited partnership or a limited
liability company duly formed, and is validly existing and is in good standing under the laws of its respective jurisdiction of incorporation or formation set forth therein, has all requisite
corporate or partnership power and authority to own and operate its properties and to carry on its business as now conducted and as proposed to be conducted, and is qualified to do business and is in
good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, in each case except where the failure to be so qualified or in good
standing or a lack of such corporate or partnership power and authority has not had and will not have a Material Adverse Effect.  Schedule 4.1-1 (as so supplemented) correctly sets forth the
ownership interest of Borrower and each of its Subsidiaries in each of
the Subsidiaries of Borrower identified therein. 

        (e)    Significant Subsidiaries.    All of the Significant
Subsidiaries of Borrower are identified in Schedule 4.1-2(as such  Schedule 4.1-2 may be supplemented from time to time pursuant to
the provisions of  Section 5.1(l)). 

42

 

 
 
        4.2    Authorization of Borrowing, Etc.    

        (a)    Authorization of Borrowing.    The execution, delivery, and
performance of the Loan Documents have been duly authorized by all necessary corporate action on the part of each Obligor. 

        (b)    No Conflict.    The execution, delivery, and performance by
Obligors of the Loan Documents and the consummation of the transactions contemplated by the Loan Documents do not and will not (i) except as would not have a Material Adverse Effect, violate
any provision of any Legal Requirement applicable to any Company, the Constituent Documents of any Company, or any order, judgment, or decree of any Governmental Authority binding on any Company,
(ii) except as would not have a Material Adverse Effect, conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Contractual
Obligation of any Company, (iii) result in or require the creation or imposition of any Lien upon any of the properties or assets of any Company (other than any Liens created under any of the
Loan Documents in favor of Administrative Agent, for the benefit of the Credit Parties), or (iv) require any approval of stockholders or any approval or consent of any Person under any
Contractual Obligation of any Company, except for such approvals or consents which will be obtained on or before the Closing Date and disclosed in writing to Lenders. 

        (c)    Governmental Consents.    The execution, delivery, and
performance by Obligors of the Loan Documents and the consummation of the transactions contemplated by the Loan Documents do not and will not require any registration with, consent or approval of, or
notice to, or other action to, with, or by, any Governmental Authority except for customary UCC filings and annual, quarterly and special reports, proxy statements and other information with the
Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. 

        (d)    Binding Obligation.    Each of the Loan Documents has been duly
executed and delivered by Obligors and is the legally valid and binding obligation of Obligors, enforceable against Obligors in accordance with its respective terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability. 

 
 
        4.3    Financial Condition.     Borrower has heretofore delivered to Lenders, at
Lenders' request, the following financial statements and information: (a) the audited consolidated balance
sheet of the Consolidated Companies as of December 31, 2001, audited by a certified public accountant acceptable to Administrative Agent and the related consolidated statements of income,
stockholders' equity, and cash flows of the Consolidated Companies for the Fiscal Year then ended, and (b) the unaudited consolidated balance sheets of the Consolidated Companies as of
March 31, 2002, and the related unaudited consolidated statements of income, stockholders' equity, and cash flows of the Consolidated Companies for the fiscal period then ended. All such
statements were prepared in conformity with GAAP and fairly present the financial position (on a consolidated and, where applicable, consolidating basis) of the entities described in such financial
statements as of the respective dates thereof and the results of operations and annual cash flows (on a consolidated and, where applicable, consolidating basis) of the entities described therein for
each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments and the absence of full
footnotes. Quarterly statements will not reflect audit adjustments. As of the Closing Date, Borrower does not (and will not following the funding of the Loans) have any Contingent Obligation,
contingent liability, or liability for Taxes, long-term lease, or unusual forward or long-term commitment that is not reflected in the foregoing financial statements described
in clauses (a) and (b) above or the notes thereto or in Borrower's periodic reports filed with the
Securities and Exchange Commission and which in any such case is material in relation to the business, operations, properties, assets, condition (financial or otherwise), or prospects of any Company. 

43

 

 
 
        4.4    No Material Adverse Change; No Restricted Junior Payments.    Since
March 31, 2002, no event or change has occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect. No Company has directly or
indirectly declared, ordered, paid, or made, or set apart any sum or property for, any Restricted Junior Payment or agreed to do so except as permitted by  Section 6.3.

 
 
        4.5    Title to Properties; Liens.    The
Companies have (a) good, sufficient, and legal title to (in the case of fee interests in real property), (b) valid leasehold interests in (in the case of leasehold
interests in real or personal property), or (c) good title to (in the case of all other personal property), all of their respective properties and assets reflected in the financial statements
referred to in Section 4.3 or in the most recent financial statements delivered pursuant to  Section 5.1, in each case except for
assets disposed of since the date of such financial statements in the ordinary course of business or as
otherwise permitted under Section 6.6. Except for the Permitted Encumbrances and as otherwise permitted by this Agreement (including, without
limitation, Section 4.17), all such properties and assets are free and clear of any Liens. 

 
 
        4.6    Litigation; Adverse Facts.    Except
as set forth in Schedule 4.6, there are no actions, suits, proceedings, arbitrations, or governmental investigations
(whether or not purportedly on behalf of any Company) at law or in equity or before or by any Governmental Authority, domestic or foreign, pending or, to the knowledge of Borrower, threatened against
or affecting any Company or any property of any Company that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. No Company is (a) in violation of
any applicable Legal Requirements that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (b) subject to or in default with respect to any
final judgments, writs, injunctions, decrees, rules, or regulations of any Governmental Authority, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. 

 
 
        4.7    Payment of Taxes.    Except
to the extent permitted by Section 5.3, all tax returns and reports of the Companies required to be filed by any of them
have been timely filed, and all Taxes, assessments, fees, and other governmental charges upon the Companies and upon their respective properties, assets, income, businesses, and franchises which are
due and payable have been paid when due and payable, and Borrower knows of no proposed tax assessment against any Company, in each case which is not being actively contested by such Company in good
faith and by appropriate proceedings and in which reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP, have been made or provided therefor. 

 
 
        4.8    Performance of Agreements; Materially Adverse Agreements.     

        (a)  No Company is in default in the performance, observance, or fulfillment of any of the obligations, covenants, or
conditions contained in any of its Contractual Obligations, and no condition or event exists that, with the giving of notice or the lapse of time or both, would constitute such a default, except where
the consequences, direct or indirect, of such default or defaults, if any, would not have a Material Adverse Effect. 

        (b)  No Company is a party to or is otherwise subject to any agreements or instruments or any charter or other internal
restrictions which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

 
 
        4.9    Governmental Regulation.    No
Company is subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power
Act, or the Investment Company Act of 1940 or under any other Legal Requirement which may
limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. 

44

 

 
 
        4.10    Securities Activities.    No
Company is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. 

 
 
        4.11    Employee Benefit Plans.     

        (a)  Borrower and each of its ERISA Affiliates are in compliance in all material respects with all applicable provisions and
requirements of ERISA and the regulations and published interpretations thereunder with respect to each Employee Benefit Plan, and have performed all of their obligations in all material respects
under each Employee Benefit Plan. 

        (b)  No ERISA Event has occurred or is reasonably expected to occur. 

        (c)  Except to the extent required under Section 4980B of the Internal
Revenue Code or state law conversion right or except as set forth in Schedule 4.11, no Employee Benefit Plan provides health or welfare benefits
(through the purchase of insurance or otherwise) for any retired or former employees of Borrower or any of its ERISA Affiliates. 

        (d)  As of the most recent valuation date for any Pension Plan, the amount of unfunded benefit liabilities (as defined in  Section 4001(a)(18) of ERISA),
individually or in the aggregate for all Pension Plans (excluding for purposes of such computation any Pension
Plans with respect to which assets exceed benefit liabilities), does not exceed $1,000,000. 

 
 
        4.12    Certain Fees.     Except for fees payable pursuant to any fee letter
between Borrower and Administrative Agent, no broker's or finder's fee or commission will be payable with
respect to this Agreement, the other Loan Documents, or any of the transactions contemplated hereby, and Borrower hereby indemnifies the Credit Parties against, and agrees that it will hold the Credit
Parties harmless from, any claim, demand, or liability for any such broker's or finder's fees alleged to have been incurred in connection herewith or therewith and any expenses (including reasonable
fees, expenses, and disbursements of counsel) arising in connection with any such claim, demand, or liability. 

 
 
        4.13    Environmental Protection.     Except as set forth in Schedule 4.13: 

        (a)  To the best of Borrower's knowledge, the operations of each Company (including, without limitation, all operations and
conditions at or in any Real Estate Investment) comply with all Environmental Laws except to the extent a failure to comply could not reasonably be expected to have a Material Adverse Effect; 

        (b)  None of the operations of any Company is subject to any judicial or administrative proceeding alleging the violation of
or liability under any Environmental Laws which, if adversely determined, could reasonably be expected to have a Material Adverse Effect; and 

        (c)  No Company nor any of its Real Estate Investments or operations are subject to any outstanding written order or agreement
with any Governmental Authority or private party relating to (i) administrative or judicial proceedings relating to the violation by such Company of any Environmental Laws, or (ii) any
Environmental Claims, in each case which could reasonably be expected to have a Material Adverse Effect. 

 
 
        4.14    Employee Matters.     There is no strike or work stoppage in existence or
threatened involving any Company that could reasonably be expected to have a Material Adverse Effect.
 

 
 
        4.15    Solvency.     Borrower and each of its Significant Subsidiaries are and,
upon the incurrence of any Obligations by Borrower on any date on which this representation is made,
will be, Solvent. 

 
 
        4.16    Disclosure.     No representation or warranty of any Company contained in
any Loan Document or in any other document, certificate, or written statement furnished to the Credit
Parties by or on behalf of any Company for use in connection with the transactions contemplated by this Agreement contains any untrue statement of a material fact or omits to state a material fact
(known to 

45

 

Borrower, in the case of any document not furnished by it) necessary in order to make the statements contained herein or therein not misleading in light of the circumstances in which the same were
made. Any projections and pro forma financial information contained in such materials are based upon good faith estimates and assumptions believed by Borrower to be reasonable at the time made, it
being recognized by the Credit Parties that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may
differ from the projected results. There are no facts known (or which should upon the reasonable exercise of diligence be known) to Borrower (other than matters of a general economic nature) that,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect and that have not been disclosed herein or in such other documents, certificates and statements
furnished to the Credit Parties for use in connection with the transactions contemplated hereby. 

 
 
        4.17    Security Interests.     Upon the filing of the relevant financing
statements with the Secretary of State of the State in which the party pledging the Collateral is incorporated or
formed, as applicable, and the delivery of the Collateral to Administrative Agent that may not be perfected by the filing of a financing statement pursuant to Article 9 of the Uniform
Commercial Code of the applicable state, the Liens granted to Administrative Agent, for the benefit of the Credit Parties, by the Obligors pursuant to the Collateral Documents are perfected, first
priority Liens (except for Permitted Encumbrances) in the Collateral described therein, including the proceeds and products thereof. 

 
 

SECTION 5    
    
    BORROWER'S AFFIRMATIVE COVENANTS    
  

        Borrower covenants and agrees that, so long as any of the Commitments hereunder shall remain in effect and until payment in full of all of the Loans and the other
Obligations, unless Requisite Lenders shall otherwise give prior written consent, Borrower shall, and shall cause each of its Subsidiaries to, perform all of the covenants in this  Section 5.

 
 
        5.1    Financial Statements and Other Reports.     Borrower shall, and shall
cause each of its Subsidiaries to, maintain a system of accounting established and administered in accordance with sound business
practices sufficient to permit preparation of financial statements in conformity with GAAP. Borrower shall deliver to Administrative Agent and Lenders: 

        (a)    Quarterly Financials.    As soon as available and in any event
within forty-five (45) days after the end of each Fiscal Quarter (other than the last Fiscal Quarter of each Fiscal Year), with respect to the Consolidated Companies (i) the
consolidated balance sheets thereof as of the end of such Fiscal Quarter and the related consolidated statements of income, stockholders' equity, and cash flows thereof for such Fiscal Quarter and for
the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures for the corresponding periods
of the previous Fiscal Year and the corresponding figures from the financial plan for the current Fiscal Year, all in reasonable detail and certified by the chief financial officer of Borrower that
they fairly present the financial condition of the Consolidated Companies, as of the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to
changes resulting from audit and normal year-end adjustments, and (ii) a narrative report describing the operations thereof in the form prepared for presentation to senior
management for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter; 

        (b)    Year-End Financials.    As soon as available and in
any event within ninety (90) days after the end of each Fiscal Year, with respect to the Consolidated Companies, (i) the consolidated and consolidating balance sheets thereof as of the
end of such Fiscal Year and the related consolidated and consolidating
statements of income, stockholders' equity, and cash flows thereof for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous 

46

 

Fiscal Year, all in reasonable detail and certified by the chief financial officer of Borrower that they fairly present the financial condition of the Companies and as of the dates indicated and the
results of their operations and their cash flows for the periods indicated, (ii) a narrative report describing the operations thereof in the form prepared for presentation to senior management
for such Fiscal Year, and (iii) in the case of such consolidated financial statements, a report thereon of Ernst & Young LLP or other independent certified public accountants of
recognized national standing selected by Borrower which report shall be unqualified, shall express no doubts about the ability of the Companies to continue as a going concern, and shall state that
such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Companies, as of the dates indicated and the results of their operations and
their cash flows for the periods indicated, in conformity with GAAP (except as otherwise disclosed in such financial statements) and that the audit by such accountants in connection with such
consolidated financial statements has been made in accordance with auditing standards generally accepted in the United States; 

        (c)    Officers' and Compliance Certificates.    Together with each
delivery of financial statements of the Consolidated Companies pursuant to Sections 5.1(a) and 5.1(b),
(i) an Officers' Certificate of Borrower stating that the signers have reviewed the terms of this Agreement and have made, or caused to be made under their supervision, a review in reasonable
detail of the transactions and condition of the Companies during the accounting period covered by such financial statements and that such review has not disclosed the existence during or at the end of
such accounting period, and that the signers do not have knowledge of the existence as of the date of such Officers' Certificate, of any condition or event that constitutes a Potential Default or
Event of Default, or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action Borrower has taken, is taking, and proposes to take with
respect thereto, (ii) a Compliance Certificate demonstrating in reasonable detail compliance during and at the end of the applicable accounting periods with the restrictions contained in  Sections
5.11, 6.3, and 6.4, and (iii) a summary
in form and detail acceptable to Administrative Agent showing the status and performance of each of Borrower's Real Estate Investments during and at the end of the applicable accounting periods; 

        (d)    Accountants' Certification.    Together with each delivery of
consolidated financial statements of the Consolidated Companies pursuant to Section 5.1(b), a written statement by the independent certified
public accountants giving the report thereon (i) stating that their audit has included a review of the terms of this Agreement and the other Loan Documents as they relate to accounting matters,
(ii) stating whether, in connection with their audit, any condition or event that constitutes a Potential Default or an Event of Default has come to their attention and, if such a condition or
event has come to their attention, specifying the nature and period of existence thereof (provided that such accountants shall not be liable by reason
of any failure to obtain knowledge of any such Potential Default or Event of Default that would not be disclosed in the course of their audit), and (iii) stating that based on their audit
nothing has come to their attention that causes them to believe either or both that the information contained in the certificates delivered therewith pursuant to  Section 5.1(c)(i) is not
correct or that the matters set forth in the Compliance Certificates delivered therewith pursuant to  Section 5.1(c)(ii) for the applicable Fiscal Year are not stated in accordance with the
terms of this Agreement; 

        (e)    Accountants' Reports.    Promptly upon receipt thereof (unless
restricted by applicable professional standards), copies of all reports submitted to Borrower by independent certified public accountants in connection with each annual, interim, or special audit of
the financial statements of the Companies made by such accountants, including, without limitation, any comment letter submitted by such accountants to management in connection with their annual audit; 

47

 

        (f)    Events of Default, etc.    Promptly upon any officer of
Borrower obtaining knowledge (i) of any condition or event that constitutes a Potential Default or an Event of Default, or becoming aware that any Lender has given any notice (other than to
Administrative Agent) or taken any other action with respect to a claimed Potential Default or Event of Default, (ii) that any Person has given any notice to any Company or taken any other
action with respect to a claimed default or event or condition of the type referred to in Section 7.2, (iii) of the occurrence of any
event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect, an Officers' Certificate specifying the nature and period of existence of such
condition, event, or change, or specifying the notice given or action taken by any such Person and the nature of such claimed Potential Default, Event of Default, default, event, or condition, and
what action Borrower has taken, is taking, and proposes to take with respect thereto; 

        (g)    Litigation or Other Proceedings.    Promptly upon any officer
of Borrower obtaining knowledge of (i) the institution of, or non-frivolous threat of, any action, suit, proceeding (whether administrative, judicial or otherwise), governmental
investigation, or arbitration against or affecting any Company or any property of any Company (collectively, "Proceedings") not previously disclosed in
writing by Borrower to Lenders, or (ii) any material development in any Proceeding that, in any case: 

        (A)  if adversely determined, could reasonably be expected to have a Material Adverse Effect; or 

        (B)  seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the
transactions contemplated hereby; 

written
notice thereof together with such other information as may be reasonably available to Borrower to enable Lenders and their counsel to evaluate such matters, and promptly after request by
Administrative Agent, such other information as may be reasonably requested by Administrative Agent to enable Administrative Agent and its counsel to evaluate any of such Proceedings; 

        (h)    ERISA Events.    Promptly upon becoming aware of the occurrence
of or forthcoming occurrence of any ERISA Event, a written notice specifying the nature thereof, what action Borrower or any of its ERISA Affiliates has taken, is taking, or proposes to take with
respect thereto, and, when known, any action
taken or threatened by the Internal Revenue Service, the Department of Labor, or the PBGC with respect thereto; 

        (i)    ERISA Notices.    With reasonable promptness, copies of:
(i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by Borrower or any of its ERISA Affiliates with the Internal Revenue Service with respect
to each Pension Plan; (ii) all notices received by Borrower or any of its ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; and (iii) such other documents or
governmental reports or filings relating to any Employee Benefit Plan as Administrative Agent shall reasonably request; 

        (j)    Level Determination Certificate.    Not later than concurrently
with the delivery of the financial statements required under Sections 5.1(a) and 5.1(b), a Level
Determination Certificate relating to the Fiscal Quarter most recently ended; 

        (k)    Subsidiaries.    Not later than concurrently with the delivery
of the financial statements required under Section 5.1(a), a written notice setting forth with respect to each Person becoming a Subsidiary of
Borrower (other than a Significant Subsidiary) (i) the date on which such Person became a Subsidiary of Borrower, and (ii) all of the data required to be set forth in  Schedule 4.1-1with respect to all Subsidiaries of Borrower (it being understood that such written notice shall be deemed to
supplement Schedule 4.1-1 for all purposes of this Agreement); 

48

 

        (l)    Significant Subsidiaries.    Promptly upon any Person becoming
a Significant Subsidiary of Borrower, a written notice setting forth with respect to such Person (i) the date on which such Person became a Significant Subsidiary of Borrower, and
(ii) all of the data required to be set forth in Schedule 4.1-2 with respect to all Significant Subsidiaries of Borrower (it
being understood that such written notice shall be deemed to amend Schedule 4.1-2 for all purposes of this Agreement); 

        (m)    Press Releases; SEC Reporting.    Promptly upon its becoming
available, each press release and each regular or periodic report, any registration statement or prospectus in respect thereof filed by Borrower with, or received by Borrower in connection therewith
from, any securities exchange or the Securities and Exchange Commission, or any successor agency thereof, including, without limitation, each  Form 10-K, 10-Q, and  S-8 filed with the Securities and Exchange Commission; 

        (n)    Shareholder Reports.    Promptly after the mailing or delivery
thereof, copies of all material reports or other information from Borrower to its shareholders; and 

        (o)    Other Information.    Promptly upon the reasonable request by
Administrative Agent or any Lender, such other information and data with respect to the business, affairs, assets, or liabilities of any Company. 

 
 
        5.2    Corporate Existence, etc.     Except as permitted under Section 6.6, Borrower shall, and shall cause each of its Significant Subsidiaries
to, at all times preserve and keep in full force and effect its corporate, partnership, or limited liability company existence and all rights and franchises material to its business. 

 
 
        5.3    Payment of Taxes and Claims; Tax Consolidation.     

        (a)  Borrower shall, and shall cause each of its Significant Subsidiaries to, pay all Taxes, assessments, and other
governmental charges imposed upon it or any of its properties or assets or in respect of any of its income, businesses, or franchises before any penalty accrues thereon, and all claims (including,
without limitation, claims for labor, services, materials, and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior
to the time when any penalty or fine shall be incurred with respect thereto; provided that no such charge or claim need be paid if being contested in
good faith by appropriate proceedings promptly instituted and diligently conducted and if such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have
been made therefor. 

        (b)  Borrower shall not, nor shall it permit any of its Significant Subsidiaries to, file or consent to the filing of any
consolidated income tax return with any Person (other than any Company). 

 
 
        5.4    Maintenance of Properties; Insurance.     Borrower shall, and shall cause
each of its Significant Subsidiaries to, maintain or cause to be maintained in good repair, working order, and condition, ordinary
wear and tear excepted, all material properties used in the business of the Companies (including, without limitation, all patents, trademarks, tradenames (including, without limitation, rights in the
name "Trammell Crow"), copyrights, technology, know-how, and processes used in or necessary for the conduct of the business of the Companies
as currently conducted that are material to the condition (financial or otherwise), business, or operations of the Companies, taken as a whole) and from time to time will make or cause to be made all
appropriate repairs, renewals, and replacements thereof. Borrower shall, and shall cause each of its Significant Subsidiaries to, maintain or cause to be maintained, with financially sound and
reputable insurers, insurance with respect to its properties and business against loss or damage of the kinds customarily carried or maintained under similar circumstances by Persons of established
reputation engaged in similar businesses. 

49

 

 
 
        5.5    Inspection; Lender Meeting.     Borrower shall, and shall cause each of
its Subsidiaries to, permit any authorized representatives designated by any Lender to visit and inspect any of the
properties of any Company, including its and their financial and accounting records, and to make copies and take extracts therefrom, and to discuss
its and their affairs, finances, and accounts with its and their officers and independent public accountants (provided that Borrower may, if it so
chooses, be present at or participate in any such discussion), all upon reasonable notice and at such reasonable times during normal business hours and as often as may be reasonably requested. Without
in any way limiting the foregoing, Borrower shall, upon the request of Administrative Agent or Requisite Lenders, participate in a meeting of Administrative Agent and Lenders once during each Fiscal
Year to be held at Borrower's corporate offices (or such other location as may be agreed to by Borrower and Administrative Agent) at such time as may be agreed to by Borrower and Administrative Agent. 

 
 
        5.6    Compliance with Laws etc.     Borrower shall, and shall cause each of its
Subsidiaries to, comply with all applicable Legal Requirements of any Governmental Authority,
non-compliance with which could reasonably be expected to have a Material Adverse Effect. 

 
 
        5.7    Environmental Disclosure and Inspection.     

        (a)  Borrower shall, and shall cause each of its Subsidiaries to, exercise all due diligence to comply and cause
(i) all tenants under any leases or occupancy agreements affecting any portion of any Real Estate Investment, and (ii) all other Persons on or occupying such property, to comply with all
Environmental Laws except to the extent that failure to comply could not reasonably be expected to have a Material Adverse Effect. 

        (b)  Borrower shall promptly advise Lenders in writing and in reasonable detail of (i) any remedial action taken by
Borrower or any other Person in response to (A) any Hazardous Materials on, under, or about any Real Estate Investment, the existence of which has a reasonable possibility of resulting in an
Environmental Claim having a Material Adverse Effect, or (B) any Environmental Claim that could have a Material Adverse Effect, and (ii) any request for information from any Governmental
Authority that suggests such Governmental Authority is investigating whether any Company may be potentially responsible for a Release of Hazardous Materials. 

        (c)  Borrower shall promptly notify Lenders of (i) any proposed acquisition of Stock, assets, or property by any
Company that could reasonably be expected to expose any Company to, or result in, Environmental Claims that could have a Material Adverse Effect or that could reasonably be expected to have a material
adverse effect on any Governmental Authorization then held by any Company, and (ii) any proposed action to be taken by any Company to commence manufacturing, industrial, or other operations
(other than the construction or renovation of Real Estate Investments in the ordinary course of business) that could reasonably be expected to subject any Company to additional Legal Requirements,
including, without limitation, Legal Requirements requiring additional environmental Governmental Authorizations. 

        (d)  Borrower shall, at its own expense, provide copies of such documents or information as Administrative Agent may
reasonably request in relation to any matters disclosed pursuant to this Section 5.7. 

 
 
        5.8    Borrower's Remedial Action Regarding Hazardous Materials.     Borrower
shall, and shall cause each of its Subsidiaries to, promptly take any and all necessary remedial action in connection with the presence, storage, use,
disposal, transportation, or Release of any Hazardous Materials on, under, or about any Real Estate Investment in order to comply with all applicable Environmental Laws and Governmental Authorizations
except (a) when, and only to the extent that, such Company's liability for such presence, storage, use, disposal, transportation, or Release of any Hazardous Materials is being contested in
good faith by such Company, or (b) when the failure to take such action could not reasonably be expected to have a Material Adverse Effect. In the event any Company undertakes any 

50

 

remedial action with respect to any Hazardous Materials on, under, or about any Real Estate Investment, such Company shall conduct and complete such remedial action in compliance with all applicable
Environmental Laws, and in accordance with the policies, orders, and directives of all Governmental Authorities except when, and only to the extent that, such Company's liability for such presence,
storage, use, disposal, transportation, or Release of any Hazardous Materials is being contested in good faith by such Company. 

 
 
        5.9    Collateral Documents; Further Assurances.     Borrower from time to time
shall or shall cause Borrower's Subsidiaries to execute, deliver, and file all such notices, statements, and other documents and take
such other steps, including but not limited to the amendment of the Collateral Documents and any financing statements prepared thereunder, as may be reasonably necessary or advisable, or that
Administrative Agent may reasonably request, to render fully valid and enforceable under all applicable laws, the rights, liens, and priorities of Administrative Agent, for the benefit of the Credit
Parties, with respect to all security from time to time furnished under this Agreement or the Collateral Documents or intended to be so furnished in each case in such form and at such times as shall
be reasonably satisfactory to Administrative Agent. 

 
 
        5.10    New Subsidiaries.     Borrower shall notify Lenders promptly if it or any
of its wholly-owned Subsidiaries hereafter acquires or forms a new Significant Subsidiary and shall pledge or
cause to be pledged all of the Stock in each such Significant Subsidiary (if wholly-owned by Borrower, any Subsidiary of Borrower, or any combination thereof) pursuant to the Borrower Pledge Agreement
or the Subsidiary Pledge Agreement. Borrower shall also cause each such Significant Subsidiary to guaranty the Obligations pursuant to the Subsidiary Guaranty or other documentation in form and
substance satisfactory to Administrative Agent. 

 
 
        5.11    Interest Rate Agreements; Currency Agreements.     Borrower shall cause
each $5,000,000 increment of the Companies' floating rate Indebtedness (other than Indebtedness arising from Real Estate Investments for
which interest is being capitalized in accordance with GAAP and for which Borrower has obtained construction loan financing pursuant to which construction loan advances are (or can be) made in the
amount of such interest expense) in excess of $30,000,000 to be subject to one or more Interest Rate Agreements with a Lender or other Person reasonably acceptable to Administrative Agent, assuring
that the net interest cost on such Indebtedness is fixed, capped, or hedged, in form and substance reasonably acceptable to Administrative Agent. Borrower shall enter into one or more Currency
Agreements reasonably acceptable to the Administrative Agent, in connection with the        Transactions. 

 
 

SECTION 6    
    
    BORROWER'S NEGATIVE COVENANTS    
  

        Borrower covenants and agrees that, so long as any of the Commitments hereunder shall remain in effect and until payment in full of all of the Loans and the other
Obligations, unless Requisite Lenders shall otherwise give prior written consent, Borrower shall, and shall cause each of its Subsidiaries to, perform all covenants in this  Section 6.

 
 
        6.1    Liens and Related Matters.     

        (a)    No Further Negative Pledges.    Except
with respect to specific property encumbered to secure payment of particular Indebtedness or to be sold pursuant to an executed agreement with respect to an asset sale, Borrower shall not, and shall
not permit any of its Significant Subsidiaries to, enter into any agreement prohibiting the creation or assumption of any Lien securing the Obligations upon any of its properties or assets, whether
now owned or hereafter acquired. 

51

  

        (b)    No Restrictions on Subsidiary Distributions to Borrower or Other
Subsidiaries.    Borrower shall not, and shall not permit any of its Significant Subsidiaries to, create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of any such Significant Subsidiary to (i) pay dividends or make any other distributions on any of such Significant Subsidiary's
Stock owned by any Company, (ii) repay or prepay any Indebtedness owed by such Significant Subsidiary to any Company, (iii) make loans or advances to any Company, or (iv) transfer
any of its property or assets to any Company. 

        (c)    International Subsidiaries.    Borrower shall not, and shall
not permit any other Company to, grant, create, or permit to exist any Lien on the Stock of any International Subsidiary other than Liens securing Indebtedness of International Subsidiaries permitted
by Section 6.5(b). 

 
 
        6.2    Investments; Unconsolidated Entities.     Borrower shall not, and shall
not permit any of its Subsidiaries to, directly or indirectly, make any Investment in any Person, including any Unconsolidated
Entity, except: 

        (a)  the Companies may make Investments in Cash Equivalents; 

        (b)  the Companies may make Investments in Subsidiaries (i) existing on the Closing Date, (ii) acquired pursuant
to a Permitted Acquisition, or (iii) formed by a Company, provided that such Company complies with  Section 5.10, if applicable;

        (c)  the Companies may make Investments in (i) Savills existing on the Closing Date and additional investments not to
exceed $5,000,000 in the aggregate, and (ii)Unconsolidated Entities (other than Savills) not constituting Real Estate Investments in an aggregate amount not exceeding $5,000,000 at any time
outstanding; 

        (d)  the Companies may make Real Estate Investments; 

        (e)  the Companies may make other Investments (in addition to those contemplated by the other clauses of this  Section 6.2) so long as, at the time each such Investment is made, the ratio of (i) the
aggregate
amount of all such other Investments made in reliance on this Section 6.2(e) after the Closing Date  plus the aggregate amount of the Companies'
Investments in TCC Savills made prior to the Closing Date then outstanding (including the Investment to be
made) to (ii) Gross EBITDA for the four (4) most recent Fiscal Quarters for which Borrower has provided the financial statements required by  Section 5.1(a) or 5.1(b), as the case may be, does not exceed 1.0 to 1.0; 

        (f)    the Companies may make loans and advances to employees for moving, arrival or promotion incentives, entertainment, and
travel expenses, drawing accounts, and similar expenditures in the ordinary course of business in an aggregate amount not exceeding $10,000,000 at any time outstanding; 

        (g)  the Companies may enter into Currency Agreements acceptable to Lender in connection with the
       Transactions; and 

        (h)  the Companies may enter into Interest Rate Agreements pursuant to which the Companies may hedge interest rate exposure. 

 
 
        6.3    Restricted Junior Payments.     Borrower shall
not, and shall not permit any of its Subsidiaries to, directly or indirectly, declare, order, pay, make, or set apart any sum for any Restricted
Junior Payment, except for Permitted Distributions, so long as no Event of Default exists or would result therefrom. 

 
 
        6.4    Financial Covenants.     

        (a)    Minimum Interest Coverage
Ratio.    Borrower shall not permit the Interest Coverage Ratio, as of the last day of any Fiscal Quarter, to be less than 3.0 to 1.0. 

52

 

        (b)    Minimum Fixed Charge Coverage Ratio.    Borrower shall not
permit the Fixed Charge Coverage Ratio, as of the last day of any Fiscal Quarter, to be less than 1.75 to 1.0. 

        (c)    Minimum Net Worth.    Borrower shall not permit Net Worth, as
of the last day of any Fiscal Quarter to be less than Minimum Net Worth. 

        (d)    Minimum Revenues.    Borrower shall not permit Total Revenues
for any Fiscal Quarter to be less than $125,000,000. 

        (e)    Minimum Liquidity.    Borrower shall not permit Liquid Assets,
as of the last day of any Fiscal Quarter, to be less than $25,000,000. 

        (f)    Current Ratio.    Borrower shall not permit the ratio of
Current Assets to Current Liabilities, as of the last day of any Fiscal Quarter, to be less than 1.10 to 1.0. [For purposes of calculation of this ratio, "Current
Liabilities" shall not include current maturities under this Agreement or liabilities incurred in the ordinary course of business under the
       Transaction (including the        Deferred Payment Obligation) so long as the payment of obligations with respect
thereto are not more than ninety (90) days in arrears, and "Current Assets" shall not include assets acquired in the ordinary course of business
under the        Transaction. 

        (g)    Maximum Total Leverage Ratio.    Borrower shall not permit the
Total Leverage Ratio, as of the last day of any Fiscal Quarter during the following periods, to exceed the ratio set forth opposite such periods below: 

	Period
 
	 	Ratio

	Closing Date through December 31, 2003	 	3.50 to 1.0
	January 1, 2004 and thereafter	 	3.25 to 1.0

        (h)    Maximum Investment in Real Estate
Investments.    Borrower shall not permit the total amount of Real Estate Investments as of the last day of any Fiscal Quarter to exceed the lesser of (a) the
product of: (i) Gross EBITDA for the four (4) Fiscal Quarters ending on the last day of such Fiscal Quarter, multiplied by
(ii) three (3), or (b) $275,000,000. For purposes hereof, the amount of Real Estate Investments shall be calculated as the sum of
(i) the amount of the Consolidated Companies' Real Estate Investments (other than Stock of Unconsolidated Entities) owned by the Consolidated Companies (excluding the Share of such Investments
held by Subsidiaries of Borrower attributable to owners of Stock of such Subsidiaries of Borrower (other than Borrower or a wholly-owned Subsidiary of Borrower)), and (ii) the amount of the
Consolidated Companies' Investments in Stock of Unconsolidated Entities formed primarily for real property development and/or ownership, Investments in Funds and/or Fund IV (without duplication). In
addition, Borrower shall not permit the total amount of Investments in Stock of Unconsolidated Entities formed primarily for real property development and/or ownership, Investments in Funds and/or
Fund IV (without duplication) (whether or not such Fund and Fund IV Investments are treated as Consolidated Subsidiaries) to exceed $100,000,000 at any time. 

 
 
        6.5    Recourse Obligations.     

        (a)  Borrower shall not permit the Companies, individually or on a consolidated basis, to incur, guaranty, or otherwise be or
become, directly or indirectly, liable in respect of any Recourse Obligations other than Permitted Recourse Obligations. 

        (b)  Borrower shall not permit any of its Subsidiaries to incur, guaranty, or otherwise be or become, directly or indirectly,
liable in respect of any Recourse Obligations other than Permitted Subsidiary Recourse Obligations. 

        (c)  Borrower shall not permit any Company (other than Borrower and Mortgaged Real Estate Subsidiaries) that is not a
Guarantor to incur, guaranty, or otherwise be or become, directly 

53

 

or indirectly, liable in respect of any Indebtedness other than (i) Non-Recourse Obligations, (ii) Indebtedness of International Subsidiaries otherwise permitted pursuant to
the terms of this Agreement not to exceed $15,000,000 in the aggregate at any time outstanding and (iii) Indebtedness of TCC Savills covered by the       
Guaranty. For purposes of this Section 6.5(b), Non-Recourse Obligations of a Company (other than Borrower) shall be deemed to be
Non-Recourse Obligations of such Company notwithstanding the fact that Borrower has guaranteed such Non-Recourse Obligations. 

 
 
        6.6    Restriction on Fundamental Changes, Asset Sales, and Acquisitions.     Borrower shall not, and shall not permit any of its Subsidiaries to, enter into any transaction of merger or consolidation, or liquidate, wind-up, or
dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, sub-lease, transfer, or otherwise dispose of, in one transaction or a series of transactions, all or any
part of its business, property, or fixed assets, whether now owned or hereafter acquired, or acquire by purchase or otherwise all or substantially all the business, property, or fixed assets of, or
Stock of, any Person or any division or line of business of any Person, except that: 

        (a)  any Subsidiary of Borrower may be merged with or into Borrower or any wholly-owned Subsidiary of Borrower, or be
liquidated, wound up or dissolved, or all or any part of its business, property, or assets may be conveyed, sold, leased, transferred, or otherwise disposed of, in one transaction or a series of
transactions, to Borrower or any wholly-owned Subsidiary of Borrower; provided that, in the case of such a merger, Borrower or such wholly-owned
Subsidiary shall be the continuing or surviving corporation; 

        (b)  Borrower may merge with or into another Person so long as no Default or
Event of Default exists or would result therefrom and so long as Borrower shall be the continuing or surviving corporation; 

        (c)  the Companies may sell or otherwise dispose of (i) assets that are obsolete or no longer used or usable in the
Companies' business, (ii) the Stock or assets of any Subsidiary that is not a Significant Subsidiary, (iii) Stock of any Person that does not constitute a Subsidiary, and
(iv) other assets so long as, in the case of sales of assets under this clause (iv), the
aggregate consideration during any period of four (4) consecutive Fiscal Quarters (A) for any single sale or disposition (or series of related sales or dispositions) does not exceed five
percent (5%) of Gross EBITDA for such four (4) Fiscal Quarters, and (B) for all such sales or dispositions does not exceed ten percent (10%) of Gross EBITDA for such four
(4) Fiscal Quarters; provided that the consideration received for all such assets shall be in an amount at least equal to the fair market value
thereof; 

        (d)  the Companies may sell or otherwise dispose of their Real Estate Investments; 

        (e)  the Companies may make Investments permitted by Section 6.2; and 

        (f)    the Companies may make Permitted Acquisitions. 

 
 
        6.7    Transactions with Shareholders and Affiliates.     Borrower shall not, and
shall not permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction (including, without
limitation, the purchase, sale, lease, or exchange of any property or the rendering of any service) with any holder of five percent (5%) or more of any class of equity Stock of Borrower or with any
Affiliate of Borrower or of any such holder, on terms that are less favorable to such Company than those that might be obtained at the time from Persons who are not such a holder or Affiliate;  provided that the foregoing restriction shall not apply to (a) any transaction between Borrower and any of its wholly-owned Subsidiaries or
between any of its wholly-owned Subsidiaries, (b) reasonable and customary fees paid to members of the Boards of Directors of the Companies, (c) Restricted Junior Payments permitted by  Section 6.3, (d) arrangements described on Schedule 6.7, and (e) any of the
       Transactions. 

54

 

 
 
        6.8    Conduct of Business.     Borrower shall not, and shall not permit any of
its Subsidiaries to, engage in any business other than (a) the businesses engaged in by the Companies on
the Closing Date and similar or related businesses, including, without limitation, multi-family commercial real estate development, management, and investment sales and (b) such other lines of
business as may be consented to by Requisite Lenders, such consent not to be unreasonably withheld. 

 
 
        6.9           Transactions.     Borrower
shall not, and shall not permit any of its Subsidiaries to, enter into the        Transactions except upon the terms
and conditions set forth in the definition of "       Transactions." Without limiting the foregoing, Borrower shall
not, and shall not permit any of its Subsidiaries to, modify or amend the terms and conditions of the        Deferred Payment Obligation, the
       Option, or the Long Term Services Agreement if the aggregate effect of such modifications or amendments (a) is materially less favorable
to the Companies, or (b) would materially and adversely affect Borrower's projected internal rate of return (as projected as of the Closing Date) with respect to the
       Transactions. 

 
 

SECTION 7    
    
    EVENTS OF DEFAULT    
  

        If any of the following conditions or events ("Events of Default") shall occur: 

 
 
        7.1    Failure to Make Payment.     Failure by Borrower to pay any installment of,
 or principal of, any Loan when due, whether at stated maturity, by acceleration, by notice of voluntary prepayment,
by mandatory prepayment, or otherwise; or failure by Borrower to pay any interest on any Loan or any fee or any other amount due under this Agreement within five (5) days after the date due; or 

 
 
        7.2    Default in Other Agreements.     

        (a)  Failure of Borrower or any Significant Subsidiary to pay when due any principal of or interest on any Indebtedness (other
than the Obligations and Non-Recourse Obligations) or any Contingent Obligation, in each case in an individual principal amount of $5,000,000 or more or in an aggregate principal amount of
$10,000,000 or more, and in each case beyond the end of any grace period provided therefor; or 

        (b)  Breach or default by Borrower or any Significant Subsidiary beyond the end of any grace period provided therefor with
respect to any other material term of (i) any evidence of any Indebtedness (other than the Obligations and Non-Recourse Obligations) or any Contingent Obligation, in each case in an
individual principal amount of $5,000,000 or more or in an aggregate principal amount of $10,000,000 or more, or (ii) any loan agreement, mortgage, indenture, or other agreement relating to
such Indebtedness or Contingent Obligations, if the effect of such breach or default is to cause, or to permit the holder or holders of such Indebtedness or Contingent Obligations (or a trustee on
behalf of such holder or holders) to cause, such Indebtedness or Contingent Obligations to become or be declared due and payable prior to its stated maturity or the stated maturity of any underlying
obligation, as the case may be (upon the giving or receiving of notice, lapse of time, both, or otherwise); or 

 
 
        7.3    Breach of Certain Covenants.     Failure of any Company to perform or
comply with any term or condition contained in Sections 2.5,  5.1, or 5.2 or
Section 6; or
 

 
 
        7.4    Breach of Warranty.     Any representation, warranty, certification, or
other statement made by any Company in any Loan Document or in any statement or certificate at any time given by
any Company in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect on the date as of which made; or 

 
 
        7.5    Other Defaults Under Loan Documents.     Any Company shall default in the
performance of or compliance with any term contained in this Agreement or any of the other Loan Documents, other
 

55

 

than any such term referred to in any other section of this Section 7 and such default shall not have been remedied or waived within thirty
(30) days after the earlier of an officer of Borrower becoming aware of such default, or receipt by Borrower of notice from Administrative Agent or any other Credit Party of such default; or 

 
 
        7.6    Involuntary Bankruptcy, Appointment of Receiver, etc.     

        (a)  A court having jurisdiction in the premises shall enter a decree or order for relief in respect of Borrower or any
Significant Subsidiary in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency, or similar law now or hereafter in effect, which decree or order is not
stayed; or any other similar relief shall be granted under any applicable Legal Requirement; or 

        (b)  An involuntary case shall be commenced against Borrower or any Significant Subsidiary under the Bankruptcy Code or under
any other applicable bankruptcy, insolvency, or similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver,
liquidator, sequestrator, trustee, custodian, or other officer having similar powers over Borrower or any Significant Subsidiary, or over all or a substantial part of its property, shall have been
entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee, or other custodian of Borrower or any Significant Subsidiary for all or a substantial part of its
property; or a warrant of attachment, execution, or similar process shall have been issued against any substantial part of the property of Borrower or any Significant Subsidiary, and any such event
described in this clause (b) shall continue for sixty (60) days unless dismissed, bonded, or discharged; or 

 
 
        7.7    Voluntary Bankruptcy; Appointment of Receiver, etc.     

        (a)  Borrower or any Significant Subsidiary shall have an order for relief entered with respect to it or commence a voluntary
case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency, or similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary
case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee, or other custodian for
all or a substantial part of its property; or Borrower or any Significant Subsidiary shall make any assignment for the benefit of creditors; or 

        (b)  Borrower or any Significant Subsidiary shall be unable, or shall fail generally, or shall admit in writing its inability,
to pay its debts as such debts become due; or the Board of Directors of Borrower or any Significant Subsidiary (or any committee) thereof shall adopt any resolution or otherwise authorize any action
to approve any of the actions referred to in clause (a) above or this clause (b); or 

 
 
        7.8    Judgments and Attachments.     Any money judgment, writ or warrant of
attachment, or similar process involving in any individual case an amount in excess of $250,000, or in the aggregate at any
time an amount in excess of $500,000 (in either case not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed
against Borrower or any Significant Subsidiary or any of its or their respective assets and shall remain undischarged, unvacated, unbonded, or unstayed for a period of sixty (60) days (or in
any event later than five (5) days prior to the date of any proposed sale thereunder); or 

 
 
        7.9    Dissolution.     Any order, judgment, or decree shall be entered against
Borrower or any Significant Subsidiary decreeing the dissolution or split up of Borrower or such
Significant Subsidiary and such order shall remain undischarged or unstayed for a period in excess of thirty (30) days; or 

 
 
        7.10    Employee Benefit Plans.     There shall occur one or more ERISA Events
which individually or in the aggregate results in or might reasonably be expected to result in liability of Borrower or
any of its ERISA Affiliates in excess of $1,000,000 during the term of this Agreement; or there shall exist an 

56

 

amount of unfunded benefit liabilities (as defined in Section 4001(a)(18) of ERISA), individually or in the aggregate for all Pension Plans
(excluding for purposes of such computation any Pension Plans with respect to which assets exceed benefit liabilities), which exceeds $1,000,000; or 

 
 
        7.11    Change in Control.     A Change of Control shall have occurred; or

 
 
        7.12    Invalidity of Guaranty.     The Subsidiary Guaranty for any reason, other
than the satisfaction in full of all Obligations, is declared by a court of competent jurisdiction to be null and
void, or any Subsidiary of Borrower denies that it has any further liability, including without limitation with respect to future advances by Lenders, under the Subsidiary Guaranty or gives notice to
such effect; or 

 
 
        7.13    Failure of Security.     From and after the execution, acknowledgment,
and filing of any Collateral Document by any Obligor, any such Collateral Document shall be revoked by such Obligor
or shall be declared by a court of competent jurisdiction to be null and void or shall cease to be in full force and effect as a result of any change in any Legal Requirement; or Lenders shall fail to
have a valid, perfected, and enforceable first priority Lien (subject to Permitted Encumbrances) on any Obligor's right, title, and interest in all the Collateral as a result of any change in any
Legal Requirements, the expiration of any required filings or recordations with respect to the Collateral Documents, the declaration by a court of competent
jurisdiction that such Lien is null and void, or the imposition of any priming Lien under applicable Legal Requirement; or any Obligor shall contest in any manner that such Collateral Document
constitutes its valid and enforceable agreement or shall assert in any manner that it has no further obligation or liability under such Collateral Documents; 

        THEN
(a) upon the occurrence of any Event of Default described in Section 7.6 or  7.7, each of (i) the unpaid principal amount of
and accrued interest on the Loans, and (ii) all other Obligations shall automatically
become immediately due and payable, without presentment, demand, protest, notice of acceleration, notice of intention to accelerate, or other requirements of any kind, all of which are hereby
expressly waived by Borrower, and the obligation of each Lender to make any Loan, shall thereupon terminate, and (b) upon the occurrence and during the continuation of any other Event of
Default, Administrative Agent shall, upon the written request or with the written consent of Requisite Lenders, by written notice to Borrower, declare all or any portion of the amounts described in  clauses (i)
 and (ii) above to be, and the same shall forthwith become, immediately due and payable, and
the obligation of each Lender to make any Loan, thereupon shall terminate. 

 
 

SECTION 8    
    
    ADMINISTRATIVE AGENT    
  

 
 
        8.1    Administrative Agent.     

        (a)  Each Lender hereby irrevocably appoints, designates and authorizes Administrative Agent to take such action on its behalf
under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other
Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, Administrative
Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or
participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against
Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term "agent" herein and in the other Loan Documents with reference to Administrative Agent is not
intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is
intended to create or reflect only an administrative relationship between independent contracting parties. 

57

 

        (b)  Issuing Bank shall act on behalf of Lenders with respect to any LC issued by it and the documents associated therewith,
and Issuing Bank shall have all of the benefits and immunities (i) provided to Administrative Agent in this Section 8 with respect to any
acts taken or omissions suffered by Issuing Bank in connection with any LC issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such LC
as fully as if the term "Administrative Agent" as used in this Section 8 and in the definition of "Agent-Related Person" included Issuing Bank
with respect to such acts or omissions, and (ii) as additionally provided herein with respect to Issuing Bank. 

 
 
        8.2    Delegation of Duties.     Administrative Agent may execute any of its
duties under this Agreement or any other Loan Document by or through agents, employees, or
attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. Administrative Agent shall not
be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 

 
 
        8.3    Liability of Administrative Agent.     No Agent-Related Person shall
(a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any
other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in connection with its duties expressly set forth herein), or (b) be
responsible in any manner to any Lender or participant for any recital, statement, representation, or warranty made by any Company or any officer thereof, contained herein or in any other Loan
Document, or in any certificate, report, statement, or other document referred to or provided for in, or received by Administrative Agent under or in connection with, this Agreement or any other Loan
Document, or the validity, effectiveness, genuineness, enforceability, or sufficiency of this Agreement or any other Loan Document, or for any failure of any Company or any other party to any Loan
Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books, or records of any Company or any Affiliate thereof. 

 
 
        8.4    Reliance by Administrative Agent.     

        (a)  Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication,
signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement, 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 counsel to any
Company), independent accountants and other experts selected by Administrative Agent. Administrative Agent shall be fully justified in failing or refusing to take any action under any Loan Document
unless it shall first receive such advice or concurrence of the Requisite Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by 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. Administrative Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of
Requisite Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be binding upon
all Lenders. 

        (b)  For purposes of determining compliance with the conditions specified in  Section 3.1, each Lender that has signed this Agreement shall be
deemed to have consented to, approved or accepted or to be satisfied with, each
document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Administrative Agent shall have received notice from such Lender prior
to the proposed Closing Date specifying its objection thereto. 

58

 

 
 
        8.5    Notice of Event of Default.     Administrative Agent shall not be deemed
to have knowledge or notice of the occurrence of any Event of Default, except with respect to defaults in the payment of
principal, interest, and fees required to be paid to Administrative Agent for the account of Lenders, unless Administrative Agent shall have received written notice from a Lender or Borrower referring
to this Agreement, describing such Event of Default and stating that such notice is a "notice of default." Administrative Agent will notify Lenders of its receipt of any such notice. Administrative
Agent shall take such action with respect to such Event of Default as may be directed by Requisite Lenders in accordance with Section 7;  provided, however, that unless and until Administrative Agent has received any such direction,
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or in the best interest
of Lenders. 

 
 
        8.6    Credit Decision; Disclosure of Information by Administrative Agent.     Each Lender acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by Administrative Agent hereafter taken,
including any consent to and acceptance of any assignment or review of the affairs of any Company or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any
Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to Administrative Agent
that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into
the business, prospects, operations, property, financial and other condition, and creditworthiness of each Company, and all applicable bank or other regulatory Legal Requirements relating to the
transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrower hereunder. Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person 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 the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition, and creditworthiness of Borrower. Except for notices, reports and other documents expressly required to be furnished to Lenders by Administrative Agent herein,
Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other
condition, or creditworthiness of any of the Companies or any of their respective Affiliates which may come into the possession of any Agent-Related Person. 

 
 
        8.7    Indemnification of Administrative Agent.     Whether or not the
transactions contemplated hereby are consummated, Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed
by or on behalf of the Companies and without limiting the obligation of any Company to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified
Liabilities incurred by it, INCLUDING THOSE RESULTING FROM EACH AGENT-RELATED PERSON'S OWN ORDINARY NEGLIGENCE; provided, however, that no Lender shall
be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a final, nonappealable judgment by a court of competent jurisdiction to
have resulted from such Agent-Related Person's own gross negligence or willful misconduct; provided, however, that no action taken in accordance with
the directions of Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 8.7. Without
limitation of the foregoing, each Lender shall reimburse Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorney
costs) incurred by Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings
or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that
Administrative Agent is not reimbursed for 

59

 

such expenses by or on behalf of Borrower. The undertaking in this Section 8.7 shall survive termination of the Total Commitment, the payment of
all other Obligations, and the resignation of Administrative Agent. 

 
 
        8.8    Administrative Agent in its Individual Capacity.     Bank of America and
its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in, and generally
engage in any kind of banking, trust, financial advisory, underwriting, or other business with each of the Companies and their respective Affiliates as though Bank of America were not Administrative
Agent or Issuing Bank hereunder and without notice to or consent of Lenders. Lenders acknowledge that, pursuant to such activities, Bank of America or its Affiliates may receive information regarding
any Company or its Affiliates (including information that may be subject to confidentiality obligations in favor of such Company or such Affiliate) and acknowledge that Administrative Agent shall be
under no obligation to provide such information to them. With respect to its Loans, Bank of America shall have the same rights and powers under this Agreement as any other Lender and may exercise such
rights and powers as though it were not Administrative Agent or Issuing Bank, and the terms "Lender" and "Lenders" include Bank of America in its individual capacity. 

 
 
        8.9    Successor Administrative Agent.     Administrative Agent may resign as
Administrative Agent upon thirty (30) days' notice to Lenders; provided
that any such resignation by Bank of America shall also constitute its resignation as Issuing Bank. If Administrative Agent resigns under this Agreement, then Requisite Lenders
shall appoint from among Lenders a successor administrative agent for Lenders, which successor administrative agent shall be consented to by Borrower at all times other than during the existence of an
Event of Default (which consent of Borrower shall not be unreasonably withheld or delayed). If no successor administrative agent is appointed prior to the effective date of the resignation of
Administrative Agent, then Administrative Agent may appoint, after consulting with Lenders and Borrower, a successor administrative agent from among Lenders. Upon the acceptance of its appointment as
successor administrative agent hereunder, the Person acting as such successor administrative agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and Issuing
Bank and the respective terms "Administrative Agent," and "Issuing Bank" shall mean such successor administrative
agent and Issuing Bank and the retiring Administrative Agent's appointment, powers, and duties as Administrative Agent shall be terminated and the retiring Issuing Bank's rights, powers, and duties as
such shall be terminated, without any other or further act or deed on the part of such retiring Issuing Bank or any other Lender, other than the obligation of the successor Issuing Bank to issue
letters of credit in substitution for the LCs, if any, outstanding at the time of such succession or to make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the
obligations of the retiring Issuing Bank with respect to such LCs. After any retiring Administrative Agent's resignation hereunder as Administrative Agent, the provisions of this  Section 8
and Sections 9.2 and 9.3 shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. If no successor administrative agent has accepted appointment as Administrative
Agent by the date which is thirty (30) days following a retiring Administrative Agent's notice of resignation, the retiring Administrative Agent's resignation shall nevertheless thereupon
become effective and Lenders shall perform all of the duties of Administrative Agent hereunder until such time, if any, as Requisite Lenders appoint a successor agent as provided for above. Bank of
America agrees that, for so long as Bank of America remains Administrative Agent and so long as no Event of Default has occurred and is continuing, Bank of America, together with its Affiliates, will
hold a Commitment aggregating no less than the amount equal to the smallest Commitment held by any Lender (without giving effect to any mergers thereof other than Bank of America). 

 
 
        8.10    Administrative Agent May File Proofs of Claim.     In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition, or other judicial
proceeding relative to any Company, Administrative Agent (irrespective of whether the 

60

 

principal of any Loan or any LC Exposure shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand
on Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

        (a)  to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
any LC Exposure, and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of Lenders and Administrative Agent
(including any claim for the reasonable compensation, expenses, disbursements and advances of Lenders and Administrative Agent and their respective agents and counsel) and all other amounts due
Lenders and Administrative Agent under Sections 2.3 and 9.2 allowed in such judicial proceeding; and 

        (b)  to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to
Administrative Agent and, in the event that Administrative Agent shall consent to the making of such payments directly to Lenders, to pay to Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements, and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under Sections
2.3 and 9.2. 

        Nothing
contained herein shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment, or composition affecting the Obligations or the rights of any Lender or to authorize Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 

 
 
        8.11    Collateral and Guaranty Matters.     Lenders irrevocably authorize
Administrative Agent, at its option and in its discretion: 

        (a)  to release any Lien on any property granted to or held by Administrative Agent under any Loan Document (i) upon
termination of the Total Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of every LC, (ii) that is sold
or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified, in writing by Requisite Lenders or
all Lenders (to the extent the approval of all Lenders is required pursuant to Section 9.5); and 

        (b)  to release any Guarantor from its obligations under the Subsidiary Guaranty if such Person ceases to be a Significant
Subsidiary as a result of a transaction permitted hereunder. 

        Upon
request by Administrative Agent at any time, Requisite Lenders will confirm in writing Administrative Agent's authority to release or subordinate its interest in particular types or
items of property, or to release any Guarantor from its obligations under the Subsidiary Guaranty pursuant to this Section 8.11. 

 
 
        8.12    Other Agents; Arrangers and Managers.     None of Lenders or other
Persons identified on the facing page or signature pages of this Agreement as a "syndication agent," "book manager," "arranger," "lead
arranger," or "co-arranger" shall have any right, power, obligation, liability, responsibility, or duty under this Agreement other than, in the case of such Lenders, those applicable to
all Lenders as such. Without limiting the foregoing, no Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that
it has not relied, and will not rely, on any Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

61

  

 
 
        8.13    Approval of Lenders.     

        (a)  All communications from Administrative Agent to Lenders requesting Lenders' determination, consent, approval, or
disapproval (i) shall be given in the form of a written notice to each Lender, (ii) shall be accompanied by a description of the matter or thing as to which such determination, approval,
consent, or disapproval is requested, or shall advise each Lender where such matter or thing may be inspected, or shall otherwise describe the matter or issue to be resolved, (iii) shall
include, if reasonably requested by a Lender and to the extent not previously provided to such Lender, written materials and a summary of all oral information provided to Administrative Agent by
Borrower in respect of the matter or issue to be resolved, and (iv) shall include Administrative Agent's recommended course of action or determination in respect thereof. Each Lender shall
reply promptly, but in any event (A) within thirty (30) days (or such lesser period as may be required under the Loan Documents for Administrative Agent to respond) for those matters
requiring the consent by all Lenders, and (B) within fifteen (15) Business Days (or such lesser period as may be required under the Loan Documents for Administrative Agent to respond)
for those matters requiring the consent by Requisite Lenders, in each instance, after receipt of the request therefore by Administrative Agent (in either event, the "Lender
Reply Period"). 

        (b)  Unless a Lender shall give written notice to Administrative Agent that it objects to the recommendation or determination
of Administrative Agent (together with a written explanation of the reasons behind such objection) contained in a request described in clause (a)
above that is marked "REQUEST FOR APPROVAL" within the Lender Reply Period, such Lender shall be deemed to have approved of or consented to such
recommendation or determination. 

 
 

SECTION 9    
    
    MISCELLANEOUS    
  

 
 
        9.1    Assignments and Participations in Loans.     

        (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each
Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of  Section 9.1(b),
(ii) by way of participation in accordance with the provisions of  Section 9.1(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
 Section 9.1(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in  Section 9.1(b)
 and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy, or claim under or by
reason of this Agreement. 

        (b)  Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in LC Exposure) at the time owing to it);  provided that
(i) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Loans at the
time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund (as defined in Section 9.1(g)) with
respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment, determined as of the date the Assignment
Agreement with respect to such assignment is delivered to Administrative Agent or, if "Trade Date" is specified in the Assignment Agreement, as of the Trade Date, shall 

62

 

not be less than $5,000,000 unless each of Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed); (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement
with respect to the Loans or the Commitment assigned; (iii) any assignment of a Commitment must be approved by Administrative Agent and Issuing Bank unless the Person that is the proposed
assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and (iv) the parties to each assignment shall execute and deliver to
Administrative Agent an Assignment Agreement, together with a processing and recordation fee of $3,500. Subject to acceptance and recording thereof by Administrative Agent pursuant to  Section 9.1(c), from and after the effective date specified in each Assignment Agreement, the Eligible Assignee thereunder shall be a party to
this Agreement and, to the extent of the interest assigned by such Assignment Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to
the extent of the interest assigned by such Assignment Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement covering all of the assigning
Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections
2.6, 2.7, 9.2, and 9.3 with
respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with Section 9.1(d). 

        (c)  Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at Administrative Agent's
office a copy of each Assignment Agreement delivered to it and a Register for the recordation of the names and addresses of Lenders, and the Commitments of, and principal amounts of the Loans and LC
Exposure owing to, each Lender pursuant to the terms hereof from time to time. The entries in the Register shall be conclusive, and Borrower, Administrative Agent, and Lenders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available
for inspection by Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

        (d)  Any Lender may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations
to any Person (other than a natural person or Borrower or any of the Borrower's Affiliates or Subsidiaries) (each, a "Participant") in all or a portion
of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in LC Exposure) owing to it);  provided that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) Borrower, Administrative Agent, and the other Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall
retain the sole right to enforce this Agreement and to approve any amendment, modification, or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver, or other modification described in clauses  (i), (ii), (iii), (iv), (v), (vi), (vii),
 (viii), (ix) or (x) of  Section 9.5(a) that directly affects such Participant. Subject to Section 9.1(e), Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.6 and 2.7 to the same
extent as if it were a Lender and had acquired its 

63

 

interest by assignment pursuant to Section 9.1(b). Each Participant agrees to be subject to  Section 9.4 as though it were a Lender.

        (e)  A Participant shall not be entitled to receive any greater payment under  Section 2.6 or 2.7 than the applicable Lender would have been entitled to receive with respect to
the participation sold to such Participant, unless the sale of the participation to such Participant is made with Borrower's prior written consent. A Participant that would be a foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 2.6 unless Borrower is notified of the participation sold to such Participant. 

        (f)    Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

        (g)  As used in this Section 9, the following terms have the following
meanings: 

        "Approved Fund" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 

        "Eligible Assignee" means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other
Person (other than a natural person) approved by (i) Administrative Agent and Issuing Bank, and (ii) unless an Event of Default has occurred and is continuing, Borrower (each such
approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, "Eligible Assignee" shall not include Borrower or any
of Borrower's Affiliates or Subsidiaries. 

        "Fund" means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its business. 

        (h)  Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment
and Loans pursuant to subsection (b) above, Bank of America may, upon thirty (30) days' notice to Borrower and Lenders, resign as Issuing Bank. In the event of any such resignation as
Issuing Bank, Borrower shall be entitled to appoint from among Lenders a successor Issuing Bank hereunder; provided, however, that no failure by
Borrower to appoint any such successor shall affect the resignation of Bank of America as Issuing Bank. If Bank of America resigns as Issuing Bank, then it shall retain all the rights and obligations
of Issuing Bank hereunder with respect to any LC outstanding as of the effective date of its resignation as Issuing Bank and all LC Exposure with respect thereto. 

 
 
        9.2    Expenses.     Whether or not the transactions contemplated hereby shall be
consummated, Borrower agrees to pay promptly: (a) all the actual and reasonable costs and
expenses of Administrative Agent in connection with the syndication oft he Total Commitment and the negotiation, preparation, and execution of the Loan Documents and any consents, amendments, waivers,
or other modifications thereto and the transactions contemplated thereby; (b) all the costs of furnishing all opinions by counsel for Borrower (including any opinions requested by Lenders as to
any legal matters arising hereunder) and of Borrower's performance of and compliance with all agreements and conditions on its part to be performed or complied with under this Agreement and the other
Loan Documents including with respect to confirming compliance with environmental, insurance, and solvency requirements; (c) the reasonable fees, expenses, and disbursements of counsel to
Administrative Agent in connection with the negotiation, preparation, execution, and administration of the Loan Documents and any consents, amendments, waivers, or other modifications thereto and any 

64

 

other documents or matters requested by Borrower; and (d) after the occurrence of an Event of Default, all costs and expenses, including reasonable attorneys' fees (including allocated costs
of internal counsel) and costs of settlement, incurred by the Credit Parties in enforcing any Obligations of or in collecting any payments due from Borrower hereunder or under the other Loan Documents
by reason of such Event of Default or in connection with any refinancing or restructuring of the credit
arrangements provided under this Agreement in the nature of a "work-out" or pursuant to any insolvency or bankruptcy proceedings. 

 
 
        9.3    INDEMNITY.     

        (A)  IN ADDITION TO THE PAYMENT OF EXPENSES PURSUANT TO SECTION 9.2, WHETHER OR NOT THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL BE CONSUMMATED, BORROWER AGREES TO DEFEND (SUBJECT TO INDEMNITEES' SELECTION OF COUNSEL), INDEMNIFY, PAY AND HOLD HARMLESS THE CREDIT PARTIES AND THEIR
RESPECTIVE REPRESENTATIVES AND AFFILIATES (COLLECTIVELY CALLED THE "INDEMNITEES"), FROM AND AGAINST ANY AND ALL INDEMNIFIED LIABILITIES (AS HEREINAFTER
DEFINED); PROVIDED,THAT ALTHOUGH EACH INDEMNITEE HAS THE RIGHT TO BE INDEMNIFIED UNDER THE LOAN DOCUMENTS FOR ITS OWN ORDINARY
NEGLIGENCE, BORROWER SHALL NOT HAVE ANY OBLIGATION TO ANY INDEMNITEE HEREUNDER WITH RESPECT TO ANY INDEMNIFIED LIABILITIES TO THE EXTENT SUCH INDEMNIFIED LIABILITIES ARISE SOLELY FROM
THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THAT INDEMNITEE AS DETERMINED BY A FINAL JUDGMENT OF A COURT OF COMPETENT JURISDICTION; AND PROVIDED
FURTHER THAT BORROWER SHALL NOT HAVE ANY SUCH OBLIGATION TO INDEMNIFY ANY LENDER THAT HAS MATERIALLY BREACHED ITS OBLIGATIONS UNDER THIS AGREEMENT AND, IN THE CASE OF ISSUING
BANK, ANY LC AGREEMENT.  

         (B)  AS USED HEREIN, "INDEMNIFIED LIABILITIES" MEANS, COLLECTIVELY, ANY AND ALL LIABILITIES, OBLIGATIONS,
LOSSES, DAMAGES
(INCLUDING NATURAL RESOURCE DAMAGES), PENALTIES, ACTIONS, JUDGMENTS, SUITS, CLAIMS (INCLUDING ENVIRONMENTAL CLAIMS), COSTS (INCLUDING THE COSTS OF ANY INVESTIGATION, STUDY, SAMPLING, TESTING,
ABATEMENT, CLEANUP, REMOVAL, REMEDIATION, OR OTHER RESPONSE ACTION NECESSARY TO REMOVE, REMEDIATE, CLEAN UP, OR ABATE ANY HAZARDOUS MATERIALS ACTIVITY), EXPENSES, AND DISBURSEMENTS OF ANY KIND OR
NATURE WHATSOEVER (INCLUDING THE REASONABLE FEES AND DISBURSEMENTS OF COUNSEL FOR INDEMNITEES IN CONNECTION WITH ANY INVESTIGATIVE, ADMINISTRATIVE, OR JUDICIAL PROCEEDING COMMENCED OR THREATENED BY
ANY PERSON, WHETHER OR NOT ANY SUCH INDEMNITEE SHALL BE DESIGNATED AS A PARTY OR A POTENTIAL PARTY THERETO, AND ANY FEES OR EXPENSES INCURRED BY INDEMNITEES IN ENFORCING THIS INDEMNITY), WHETHER
DIRECT, INDIRECT, OR CONSEQUENTIAL AND WHETHER BASED ON ANY LEGAL REQUIREMENTS (INCLUDING SECURITIES AND COMMERCIAL LEGAL REQUIREMENTS AND ENVIRONMENTAL LAWS), COMMON LAW, OR EQUITABLE CAUSE OR ON
CONTRACT OR OTHERWISE, THAT MAY BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST ANY SUCH INDEMNITEE, IN ANY MANNER RELATING TO OR ARISING OUT OF (I) THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (INCLUDING LENDERS' AGREEMENT TO MAKE THE LOANS HEREUNDER, ISSUING BANK'S AGREEMENT TO ISSUE LCS HEREUNDER, OR THE USE OR INTENDED USE OF THE
PROCEEDS THEREOF, OR ANY ENFORCEMENT OF ANY OF THE LOAN DOCUMENTS (INCLUDING ANY SALE OF, COLLECTION FROM, OR OTHER REALIZATION UPON ANY OF THE COLLATERAL), (II) THE STATEMENTS CONTAINED IN THE
COMMITMENT LETTER DELIVERED BY ANY LENDER TO BORROWER WITH RESPECT THERETO, OR (III) ANY  

65

 

 ENVIRONMENTAL CLAIM OR ANY HAZARDOUS MATERIALS ACTIVITY RELATING TO OR ARISING FROM, DIRECTLY OR INDIRECTLY, ANY PAST OR PRESENT ACTIVITY, OPERATION, LAND OWNERSHIP, OR PRACTICE OF ANY COMPANY.  

        (C)  TO THE EXTENT THAT THE UNDERTAKINGS TO DEFEND, INDEMNIFY, PAY, AND HOLD HARMLESS SET FORTH IN THIS SECTION 9.3 MAY
BE UNENFORCEABLE IN WHOLE OR IN PART BECAUSE THEY ARE VIOLATIVE OF ANY LEGAL REQUIREMENT OR PUBLIC POLICY, BORROWER SHALL CONTRIBUTE THE MAXIMUM PORTION THAT IT IS PERMITTED TO PAY AND SATISFY UNDER
APPLICABLE LAW TO THE PAYMENT AND SATISFACTION OF ALL INDEMNIFIED LIABILITIES INCURRED BY INDEMNITEES OR ANY OF THEM.  

  
          9.4    Ratable Sharing.     Lenders hereby agree among themselves that if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in
accordance with the terms of this Agreement), by realization upon security, through the exercise of any right of set-off or banker's lien, by counterclaim or cross action or by the
enforcement of any right under the Loan Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code, receive payment or reduction of a
proportion of the aggregate amount of principal, interest, fees, and other amounts then due and owing to such Lender hereunder or under the other Loan Documents (collectively, the
"Aggregate Amounts Due" to such Lender) which is greater than the proportion received by any other Lender in respect of the Aggregate Amounts Due to
such other Lender, then the Lender receiving such proportionately greater payment shall (a) notify Administrative Agent and each other Lender of the receipt of such payment, and
(b) apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of
its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate
Amounts Due to them; provided that if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered
from such Lender upon the bankruptcy or reorganization of Borrower or otherwise, then those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such
purchasing Lender ratably to the extent of such recovery, but without interest. 

 
 
        9.5    Amendments and Waivers.     

        (a)  No amendment, modification, termination, or waiver of any provision of this Agreement, the Notes, or the other Loan
Documents, and no consent to any departure by Borrower therefrom, shall in any event be effective without the written concurrence of Requisite Lenders; provided
that no such amendment, modification, termination, waiver, or consent shall: 

	(i)
	increase the Total Commitment to an amount in excess of $150,000,000 without written consent of each
Lender;

	(ii)
	increase the amount of any Lender's Commitment or reduce the principal amount of any of the Loans, in
each case without written consent of each Lender directly affected thereby;

	(iii)
	change in any manner the definitions of "Pro Rata
Share," "Commitment Percentage," or "Requisite Lenders," without the written
consent of all Lenders;

	(iv)
	change in any manner any provision of this Agreement, which, by its terms, expressly requires the
approval or concurrence of all Lenders, without the written consent of all Lenders;

	(v)
	postpone the scheduled final maturity date of any of the Loans or change in any manner the provisions
contained in Section 7.1 without the written consent of each Lender directly affected thereby; 

66

 

	(vi)
	change the rate, amount, or scheduled date for payment of any interest or fees payable hereunder
without the written consent of each Lender directly affected thereby;

	(vii)
	increases the maximum duration of Interest Periods permitted hereunder without the written consent of
each Lender directly affected thereby;

	(viii)
	change in any manner the provisions contained in this  Section 9.5 without the written consent of all Lenders;

	(ix)
	except as provided below, release all or any material portion of the Collateral (other than Collateral
sold or otherwise disposed of in transactions not prohibited by this Agreement) without the written consent of all Lenders;

	(x)
	except as provided below, release or waive the requirement of any guaranty without the written consent
of all Lenders; or

	(xi)
	solely for purposes of determining the Applicable Margin and not for purposes of determining compliance
with any financial covenant, change the manner of computation of any financial covenant (including any defined terms with respect thereto) used in determining the Applicable Margin that
would result in a reduction of any interest rate on any Loan without the written consent of each Lender affected thereby. 

        (b)  Any amendment or supplement to, or waiver or consent under, any Loan Document that purports to accomplish any of the
following must be by a writing executed by Borrower and executed (or approved in writing, as the case may be) by the affected Agent or Issuing Bank, as the case may be (in addition to the Requisite
Lenders or all Lenders, as the case may be, as required by this Section 9.5): (i) extends the due date for, decreases the amount or rate
of calculation of, or waives the late or non-payment of, any fees payable to such Agent or Issuing Bank under any Loan Document, except, in
each case, any adjustments or reductions that are contemplated by any Loan Document; (ii) increases such Agent's or Issuing Bank's, as the case may be, obligations beyond its commitments under
any Loan Document; or (iii) changes this clause (b) or any other matter specifically requiring the consent of such Agent or Issuing Bank,
as the case may be, under any Loan Document. 

        (c)  Any LC may be renewed, extended, amended, replaced, or canceled consistent with the terms of this Agreement by a writing
executed by Issuing Bank and Borrower if that writing is first approved in writing by Administrative Agent. 

        (d)  Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute amendments,
modifications, waivers, or consents on behalf of such Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to
or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver, or consent
effected in accordance with this Section 9.5 shall be binding upon each Lender at the time outstanding, each future Lender, and, if signed by
Borrower, on Borrower. 

 
 
        9.6    Independence of Covenants.     All covenants hereunder shall be given
independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it
would be permitted by an exception to, or would otherwise be within the limitations of another covenant shall not avoid the occurrence of a Potential Default or Event of Default if such action is
taken or condition exists. 

67

 

 
 
        9.7    Notices.     Unless otherwise specifically provided herein, any notice or
other communication herein required or permitted to be given shall be in writing and may be
personally served, telexed, or sent by telefacsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service, upon receipt of
telefacsimile or telex, or three (3) Business Days after depositing it in the United States mail with postage prepaid and properly addressed; provided
that notices to Administrative Agent shall not be effective until received. For the purposes hereof, the address of each party hereto shall be as set forth on  Schedule 2.1 or (a) as to Borrower and Administrative Agent, such other address as shall be designated by such Person in a written notice
delivered to the other parties hereto, and (b) as to each other party, such other address as shall be designated by such party in a written notice delivered to Administrative Agent. 

 
 
        9.8    Survival of Representations, Warranties, and Agreements.     

        (a)  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant
hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by
Administrative Agent and each Lender, regardless of any investigation made by Administrative Agent or any Lender or on their behalf and notwithstanding that Administrative Agent or any Lender may have
had notice or knowledge of any Event of Default at the time of any Loan, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or
unsatisfied or any LC shall remain outstanding. 

        (b)  Notwithstanding anything in this Agreement or implied by law to the contrary, the agreements of Borrower set forth in  Sections 2.6(d),
2.7, 9.2, and  9.3 and the agreements of Lenders set forth in Sections 8.7 and
9.4 shall survive the payment of the Loans and the termination of this Agreement. 

 
 
        9.9    Failure or Indulgence Not Waiver; Remedies Cumulative.     No failure or
delay on the part of Administrative Agent or any Lender in the exercise of any power, right, or privilege hereunder or under any other Loan Document
shall impair such power, right, or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right, or privilege
preclude other or further exercise thereof or of any other power, right, or privilege. All rights and remedies existing under this Agreement and the other Loan Documents are cumulative to, and not
exclusive of, any rights or remedies otherwise available. 

 
 
        9.10    Marshalling; Payments Set Aside.     Neither Administrative Agent nor any
Lender shall be under any obligation to marshal any assets in favor of Borrower or any other party or against or in payment
of any or all of the Obligations. To the extent that Borrower makes a payment or payments to Administrative Agent or Lenders (or to Administrative Agent for the benefit of Lenders), or Administrative
Agent or Lenders enforce any security interests, and such payment or payments or the proceeds of such enforcement or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside, and/or required to be repaid to a trustee, receiver, or any other party under any bankruptcy law, any other Legal Requirement, common law, or any equitable cause, then, to the
extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights, and remedies therefor or related thereto, shall be revived and continued in full
force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred. 

 
 
        9.11    Severability.     In case any provision in or obligation under this
Agreement or the Notes shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality,
and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

68

 

 
 
        9.12    Obligations Several; Independent Nature of Lenders' Rights.     The
obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder. Nothing
contained herein or in any other Loan Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture, or
any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising
out of this Agreement and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose. 

 
 
        9.13    Headings.     Section and section headings in this Agreement are included
herein for convenience of reference only and shall not constitute a part of this Agreement for any
other purpose or be given any substantive effect. 

 
 
        9.14    Applicable Law.     THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES. 

 
 
        9.15    Successors and Assigns.     This Agreement shall be binding upon the
parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the
successors and assigns of Lenders (it being understood that Lenders' rights of assignment are subject to Section 9.1). Neither Borrower's rights
or obligations hereunder nor any interest therein may be assigned or delegated by Borrower without the prior written consent of all Lenders. 

 
 
        9.16    Consent to Jurisdiction and Service of Process.     ALL JUDICIAL
PROCEEDINGS BROUGHT AGAINST BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY OBLIGATION MAY BE BROUGHT IN ANY
STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF TEXAS, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT BORROWER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND
UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS AGREEMENT, SUCH OTHER LOAN DOCUMENT OR SUCH OBLIGATION. Borrower hereby agrees that service of all process in any such proceeding in any such court may be made by registered or certified
mail, return receipt requested, to Borrower at its address provided in Section 9.7, such service being hereby acknowledged by Borrower to be
sufficient for personal jurisdiction in any action against Borrower in any such court and to be otherwise effective and binding service in every respect. Nothing herein shall affect the right to serve
process in any other manner permitted by law or shall limit the right of any Lender to bring proceedings against Borrower in the courts of any other jurisdiction. 

 
 
        9.17    Waiver of Jury Trial.     EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR
IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN 

69

 

EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

 
 
        9.18    Confidentiality.     Each Lender shall hold all non-public information
obtained pursuant to the requirements of this Agreement which has been identified as confidential by
Borrower in accordance with such Lender's customary procedures for handling confidential information of this nature and in accordance with safe and sound banking practices, it being understood and
agreed by Borrower that in any event a Lender may make disclosures to Affiliates of such Lender or disclosures reasonably required by any bona fide assignee, transferee or participant in connection
with the contemplated assignment or transfer by such Lender of its Loan or any participations therein or disclosures required or requested by any Governmental Authority or representative thereof or
pursuant to legal process; provided that, unless specifically prohibited by applicable law or court order, each Lender shall notify Borrower of any
request by any Governmental Authority or representative thereof (other than any such request in connection with any examination of the financial condition of such Lender by such Governmental
Authority) for disclosure of any such non-public information prior to disclosure of such information; and provided further that in no event
shall any Lender be obligated or required to return any materials furnished by any Company. 

 
 
        9.19    Counterparts; Effectiveness.     This Agreement and any amendments,
waivers, consents or supplements hereto or in connection herewith may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same
instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. This
Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by Borrower and Administrative Agent of written or telephonic notification of such
execution and authorization of delivery thereof. 

 
 

[Remainder of page intentionally left blank;
  signature pages to follow]    
  

70

 
 
 

SIGNATURE PAGE TO
  CREDIT AGREEMENT
  EXECUTED BY
  TRAMMELL CROW COMPANY, AS BORROWER,
  BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND ISSUING BANK,
  AND THE LENDERS DEFINED THEREIN    

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written
above. 

	 	 	TRAMMELL CROW COMPANY,
 a Delaware corporation, as Borrower
	

 	
 	

By:	
 	

/s/  DEREK R. MCCLAIN      
 Derek R. McClain

Executive Vice President &

Chief Financial Officer

71

 
 
 

SIGNATURE PAGE TO
  CREDIT AGREEMENT
  EXECUTED BY
  TRAMMELL CROW COMPANY, AS BORROWER,
  BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND ISSUING BANK,
  AND THE LENDERS DEFINED THEREIN    

	 	 	BANK OF AMERICA, N.A.,
 as Administrative Agent, Issuing Bank,

and a Lender
	

 	
 	

By:	
 	

/s/  RONALD ODLOZIL      
 Ron Odlozil

Principal

72

 
 
 

SIGNATURE PAGE TO
  CREDIT AGREEMENT
  EXECUTED BY
  TRAMMELL CROW COMPANY, AS BORROWER,
  BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND ISSUING BANK,
  AND THE LENDERS DEFINED THEREIN    

	 	 	FLEET NATIONAL BANK,
 as Syndication Agent and a Lender
	

 	
 	

By:	
 	

/s/  JAMES B. MCLAUGHLIN      

	 	 	Name:	 	James B. McLaughlin

	 	 	Title:	 	Director

73

 
 
 

SIGNATURE PAGE TO
  CREDIT AGREEMENT
  EXECUTED BY
  TRAMMELL CROW COMPANY, AS BORROWER,
  BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND ISSUING BANK,
  AND THE LENDERS DEFINED THEREIN    

	 	 	FIRST TENNESSEE BANK, N.A.,
 as a Lender
	

 	
 	

By:	
 	

/s/  SAM JENKINS      

	 	 	Name:	 	Sam Jenkins

	 	 	Title:	 	Senior Vice President

74

 
 
 

SIGNATURE PAGE TO
  CREDIT AGREEMENT
  EXECUTED BY
  TRAMMELL CROW COMPANY, AS BORROWER,
  BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND ISSUING BANK,
  AND THE LENDERS DEFINED THEREIN    

	 	 	U.S. BANK NATIONAL ASSOCIATION,
 as a Lender
	

 	
 	

By:	
 	

/s/  TIMOTHY B. KENNEY      

	 	 	Name:	 	Timothy B. Kenney

	 	 	Title:	 	Vice President

75

 
 
 

SIGNATURE PAGE TO
  CREDIT AGREEMENT
  EXECUTED BY
  TRAMMELL CROW COMPANY, AS BORROWER,
  BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND ISSUING BANK,
  AND THE LENDERS DEFINED THEREIN    

	 	 	THE BANK OF NOVA SCOTIA,
 as a Lender
	

 	
 	

By:	
 	

/s/  ABID GILANI      

	 	 	Name:	 	Abid Gilani

	 	 	Title:	 	Managing Director

76

 
 
 

SIGNATURE PAGE TO
  CREDIT AGREEMENT
  EXECUTED BY
  TRAMMELL CROW COMPANY, AS BORROWER,
  BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND ISSUING BANK,
  AND THE LENDERS DEFINED THEREIN    

	 	 	LASALLE BANK NATIONAL ASSOCIATION,
 as a Lender
	

 	
 	

By:	
 	

/s/  JULIE ANNE THICK      

	 	 	Name:	 	Julie Anne Thick

	 	 	Title:	 	First Vice President

77

 
 
 

SIGNATURE PAGE TO
  CREDIT AGREEMENT
  EXECUTED BY
  TRAMMELL CROW COMPANY, AS BORROWER,
  BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND ISSUING BANK,
  AND THE LENDERS DEFINED THEREIN    

	 	 	UNION BANK OF CALIFORNIA, N.A.,
 as a Lender
	

 	
 	

By:	
 	

/s/  PATRICK TROWBRIDGE      

	 	 	Name:	 	Patrick Trowbridge

	 	 	Title:	 	Vice President

78

 
 

EXHIBIT A    
    
    FORM OF ASSIGNMENT AND ACCEPTANCE    
  

        This Assignment and Assumption (this "Assignment and Assumption") is dated as of the Effective Date set forth
below and is entered into by and between [Insert name of Assignor] (the
"Assignor") and [Insert name of Assignee] (the
"Assignee"). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as modified,
amended, renewed, extended, and restated from time to time, the "Credit Agreement"), receipt of a copy of which is hereby acknowledged by the Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Assumption as if set forth herein in full. 

        For
an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by Administrative Agent as contemplated below (i) all of the Assignor's
rights and obligations as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including, without limitation, any LC or Guaranty included in such facilities)
and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person,
whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any
way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to
herein collectively as, the "Assigned Interest"). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this
Assignment and Assumption, without representation or warranty by the Assignor. 

	1.	Assignor:	 	                            
	

2.	

Assignee:	
 	

                             [and is an Affiliate/Approved Fund of [identify
Lender]]
	

3.	

Borrower(s):	
 	

Trammell Crow Company, a Delaware corporation
	

4.	

Administrative Agent:	
 	

Bank of America, N.A., as the administrative agent under the Credit Agreement
	

5.	

Credit Agreement:	
 	

The Credit Agreement, dated as of June 28, 2002, among Trammell Crow Company, Bank of America, N.A., as Administrative Agent and as Issuing Bank, and then Lenders defined therein.
	

6.	

Assigned Interest:	
 	

 

	Facility Assigned
 
	 	Aggregate Total

Commitment for all Lenders*
	 	Amount of

Commitment Assigned*
	 	Percentage Assigned of

Total Commitment(1)
	 
	 	(2)	$	            	 	$	            	 	            	%
	            	 	$	            	 	$	            	 	            	%
	            	 	$	            	 	$	            	 	            	%

	[7.	Trade Date:	 	                            ](3)

Effective
Date:                         , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

 

The
terms set forth in this Assignment and Assumption are hereby agreed to: 

	 	 	ASSIGNOR
	

 	
 	

[NAME OF ASSIGNOR]
	

 	
 	

By:	

 	

 	

 
	 	 	 	

	 	 	 	 	Title:	 
	 	 	 	 	 	

	

 	
 	

ASSIGNEE

[NAME OF ASSIGNEE]
	

 	
 	

By:	

 	

 	

 
	 	 	 	

	 	 	 	 	Title:	 
	 	 	 	 	 	

	

 	
 	

 	

 	

 	

 

	*
	Amount
to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	(1)
	Set
forth, to at least 9 decimals, as a percentage of the Commitment of all Lenders thereunder.

	(2)
	Fill
in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. "Revolving Credit Commitment", "Term
Loan Commitment", etc.).

	(3)
	To
be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

2

 

Consented
to and Accepted: 

	BANK OF AMERICA, N.A.,

as Administrative Agent and Issuing Bank	 	 
	

By:	

 	

 	
 	

 
	 	
	 	 
	 	Name:	 	 	 
	 	 	
	 	 
	 	Title:	 	 	 
	 	 	
	 	 
	

Consented to:	
 	

 
	

TRAMMELL CROW COMPANY, a Delaware corporation	
 	

 
	

By:	

 	

 	
 	

 
	 	
	 	 
	 	Name:	 	 	 
	 	 	
	 	 
	 	Title:	 	 	 
	 	 	
	 	 

3

 
 
 

ANNEX 1    
  

STANDARD
TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION 

 
 
        1.    Representations and Warranties.     

        1.1.    Assignor.    The Assignor: (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance, or other adverse claim, and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to
(i) any statements, warranties, or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency, or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Borrower, any of its Subsidiaries or Affiliates, or any other Person
obligated in respect of any Loan Document, or (iv) the performance or observance by Borrower, any of its Subsidiaries or Affiliates, or any other Person of any of their respective obligations
under any Loan Document. 

        1.2.    Assignee.    The Assignee: (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement,
(ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to  Section 5.1 thereof, as applicable,
and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on
Administrative Agent or any other Lender, and (v) if it is a foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement,
duly completed and executed by the Assignee; and (b) agrees with Assignor for the benefit of Administrative Agent and Borrower that (i) it will, independently and without reliance on
Administrative Agent, the Assignor, 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 the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are
required to be performed by it as a Lender. 

 
 
        2.    Payments.     From and after the Effective Date, Administrative Agent shall make all payments in respect of
the Assigned interest (including payments of principal, interest,
fees, and other amounts) to the Assignee whether such amounts have accrued prior to or on or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments
by Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves. 

 
 
        3.    General Provisions.     This Assignment and Assumption shall be binding upon, and inure to the benefit of,
the parties hereto and their respective successors and assigns. This Assignment
and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption
by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with,
the law of the State of Texas. 

4

 
 

EXHIBIT B    
    
    FORM OF BORROWER PLEDGE AGREEMENT    
  

        THIS BORROWER PLEDGE AGREEMENT (this "Agreement") is dated as of June 28, 2002 and entered into by and
between TRAMMELL CROW COMPANY, a Delaware corporation ("Pledgor"), and BANK OF AMERICA, N.A., a national banking association, as agent for and
representative of (in such capacity herein called "Secured Party") the Credit Parties defined in the Credit Agreement defined below. 

R E C I T A L S  

        1.    Reference is hereby made to that certain Credit Agreement dated of even date herewith, executed by Pledgor, Secured Party,
as Administrative Agent and as Issuing Bank, and the Lenders defined therein (as modified, amended, renewed, extended, restated, or supplemented from time to time, the "Credit
Agreement"), pursuant to which Lenders have made certain Commitments, subject to the terms and conditions set forth in the Credit Agreement, to make Loans to Pledgor. 

        2.    Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit
Agreement. 

        3.    Pledgor is the legal and beneficial owner of (a) the shares of stock (the "Pledged
Shares") described in Part A of Schedule 1 attached hereto and
issued by the corporations named therein, and (b) the partnership interests in limited partnerships or general partnerships, as the case may be, and membership interests in limited liability
companies, if any, described in Part B of Schedule 1attached hereto (collectively, the
"Pledged Interests"). 

        4.    It is a condition precedent to the making of the Loans by Lenders under the Credit Agreement that Pledgor shall have
granted the security interests and undertaken the obligations contemplated by this Agreement. 

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pledgor hereby agrees
with Secured Party, for the benefit of the Credit Parties, as follows: 

        1.    Pledge of Security.    Pledgor hereby pledges and assigns to
Secured Party, for the ratable benefit of the Credit Parties, and hereby grants to Secured Party, for the ratable benefit of the Credit Parties, a security interest in, all of Pledgor's right, title,
and interest in and to the following (the "Collateral"): 

        (a)  the Pledged Shares and the certificates representing the Pledged Shares and any interest of Pledgor in the entries on the
books of any financial intermediary pertaining to the Pledged Shares, and all dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received, receivable, or
otherwise distributable in respect of or in exchange for any or all of the Pledged Shares; 

        (b)  the Pledged Interests, including without limitation all of Pledgor's right, title, and interest as a partner in any
partnership or as a member of any limited liability company, whether such right, title, and interest arises under any partnership agreement or limited liability company agreement (any such agreement
being a "Formation Agreement") or otherwise, including, without limitation, all of Pledgor's right to vote, together with all other rights, interest,
claims, and other property of Pledgor in any manner arising out of or relating to its partnership or membership interests, whatever their respective kind or character, whether they are tangible or
intangible property, and wheresoever they may exist or be located, and further including, without limitation: (i) all rights of Pledgor to receive distributions of any kind, in cash or
otherwise, due or to become due under or pursuant to any Formation Agreement or otherwise in respect of any partnership or limited liability company; (ii) all rights of Pledgor to receive
proceeds of any insurance, indemnity, warranty, or guaranty with respect to any partnership or limited liability company; (iii) all claims of 

 

Pledgor for damages arising out of, or for the breach of, or default under, any Formation Agreement; and (iv) any certificated or uncertificated security evidencing any of the foregoing issued
by any partnership or limited liability company; 

        (c)  all additional shares of, and all securities convertible into and warrants, options, and other rights to purchase or
otherwise acquire, stock of any issuer of the Pledged Shares from time to time acquired by Pledgor in any manner (which shares shall be deemed to be part of the Pledged Shares), the certificates or
other instruments representing such additional shares, securities, warrants, options, or other rights and any interest of Pledgor in the entries on the books of any financial intermediary
pertaining to such additional shares, and all dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributed in respect
of or in exchange for any or all of such additional shares, securities, warrants, options, or other rights; 

        (d)  all shares of, and all securities convertible into and warrants, options, and other rights to purchase or otherwise
acquire, stock of any Person that, after the date of this Agreement, becomes, as a result of any occurrence, a Significant Subsidiary of Pledgor (which shares shall be deemed to be part of the Pledged
Shares), the certificates or other instruments representing such shares, securities, warrants, options, or other rights and any interest of Pledgor in the entries on the books of any financial
intermediary pertaining to such shares, and all dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributed in
respect of or in exchange for any or all of such shares, securities, warrants, options, or other rights; 

        (e)  to the extent not included in any other paragraph of this  Section 1, all other general intangibles (including without limitation, tax refunds
and rights to demand issuance of a certificate evidencing the
Collateral), arising out of or in connection with rights to payment or performance, choses in action, and judgments taken on any rights or claims
included in the Collateral described in clauses (a) through (d)above; 

        (f)    all of Pledgor's right, title, and interest in and to all books, records, ledger cards, files, correspondence, computer
programs, tapes, disks, and related data processing software that at any time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection
thereof or realization thereupon; and 

        (g)  to the extent not covered by clauses (a) through  (f) above, all proceeds of any or all of
the foregoing Collateral. For purposes of this Agreement, the term
"proceeds" includes whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected, or otherwise disposed of, whether
such disposition is voluntary or involuntary, and includes, without limitation, proceeds of any indemnity or guaranty payable to Pledgor or Secured Party from time to time with respect to any of the
Collateral. 

        2.    Security for Obligations.    This Agreement secures, and the
Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand, or otherwise
(including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code,
11 U.S.C. § 362(a)), of all obligations and liabilities of every nature of Pledgor now or hereafter existing under or arising out of or in connection with the Credit Agreement and
the other Loan Documents and all renewals or extensions thereof, whether for principal, interest (including without limitation interest that, but for the filing of a petition in bankruptcy with
respect to Pledgor, would accrue on such obligations), fees, expenses, indemnities, or otherwise, whether voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or
unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created, or incurred, and all or any portion of such
obligations or 

2

 

liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from Secured Party or any Lender as a preference, fraudulent transfer, or
otherwise (all such obligations and liabilities being the "Underlying Debt"), and all obligations of every nature of Pledgor now or hereafter existing
under this Agreement (all such obligations of Pledgor, together with the Underlying Debt, being the "Secured Obligations"). 

        3.    Delivery of Collateral.    All certificates or instruments
representing or evidencing the Collateral shall be delivered to and held by or on behalf of Secured Party pursuant hereto and shall be in suitable form for transfer by delivery or, as applicable,
shall be accompanied by Pledgor's endorsement, where necessary, or duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to Secured Party. Secured Party
shall have the right, at any time in its discretion and without notice to Pledgor, to transfer to or to register in the name of Secured Party or any of its nominees any or all of the Collateral,
subject only to the revocable rights specified in Section 6(a). In addition, Secured Party shall have the right at any time to exchange
certificates or instruments representing or evidencing Collateral for certificates or instruments of smaller or larger denominations. 

        4.    Representations and Warranties.    Pledgor represents and
warrants as follows: 

        (a)    Due Authorization, etc. of Collateral.    All of the Pledged
Shares have been duly authorized and validly issued and are fully paid and nonassessable. 

        (b)    Description of Collateral.    The Pledged Shares constitute all
of the issued and outstanding shares of stock of each of the Significant Subsidiaries of Pledgor and there are no outstanding warrants, options, or other rights to purchase, or other agreements
outstanding with respect to, or property that is now or hereafter convertible into, or that requires the issuance or sale of, any Pledged Shares. The Pledged Interests constitute all of the
partnership interests and limited liability interests owned by the Significant Subsidiaries of Pledgor in the partnerships or limited liability companies listed in  Schedule 1. 

        (c)    Ownership of Collateral.    Pledgor is the legal, record, and
beneficial owner of the Collateral free and clear of any Lien except for the security interest created by this Agreement. 

        (d)    Governmental Authorizations.    No authorization, approval, or
other action by, and no notice to or filing with, any Governmental Authority is required for either (i) the pledge by Pledgor of the Collateral pursuant to this Agreement and the grant by
Pledgor of the security interest granted hereby, (ii) the execution, delivery, or performance of this Agreement by Pledgor, or (iii) the exercise by Secured Party of the voting or other
rights, or the remedies in respect of the Collateral, provided for in this Agreement (except as may be required in connection with a disposition of Collateral by laws affecting the offering and sale
of securities generally). 

        (e)    Perfection.    With respect to Collateral in which the security
interest may be perfected by the filing of financing statements, once those financing statements have been properly filed in the appropriate state for such filing, the security interest in that
Collateral will be fully perfected and the security interest will constitute a first-priority Lien on such Collateral, securing payment of the Secured Obligations. With respect to Collateral
consisting of investment property, deposit accounts, electronic chattel paper, letter-of-credit rights, and instruments, upon the delivery of such Collateral to Secured Party
or delivery of an executed control agreement with respect to such Collateral, the security interest in that Collateral will be fully perfected and the security interest will constitute a
first-priority Lien on such Collateral, securing payment of the Secured Obligations. None of the Collateral has been delivered nor control with respect thereto given to any other Person. 

3

 

        (f)    Margin Regulations.    The pledge of the Collateral pursuant to
this Agreement does not violate Regulation T, U, or X of the Board of Governors of the Federal
Reserve System. 

        (g)    Other Information.    All information heretofore, herein or
hereafter supplied to Secured Party by or on behalf of Pledgor with respect to the Collateral is accurate and complete in all material respects. 

        5.    Assurances and Covenants of Pledgor.    

        (a)    Transfers and Other Liens.    Except as permitted by the terms
of the Credit Agreement, Pledgor shall not: 

        (i)    except as expressly permitted by the Credit Agreement, sell, assign (by operation of law or otherwise), pledge, or
hypothecate or otherwise dispose of, or grant any option with respect to, any of the Collateral; 

        (ii)  create or suffer to exist any Lien upon or with respect to any of the Collateral, except for Permitted Encumbrances; 

        (iii) permit any issuer of Pledged Shares to merge or consolidate unless all the outstanding capital stock of the surviving
or resulting corporation is, upon such merger or consolidation, pledged hereunder and no cash, securities, or other property is distributed in respect of the outstanding shares of any other
constituent corporation; 

        (iv)  permit any issuer of Pledged Interests in a partnership to merge or consolidate unless all the outstanding partnership
interests of the surviving or resulting entity is, upon such merger or consolidation, pledged hereunder and no cash, securities, or other property is distributed in respect of the outstanding
interests of any other constituent partnership; 

        (v)  permit any issuer of Pledged Interests in a limited liability company to merge or consolidate unless all the outstanding
limited liability company interests of the surviving or resulting entity is, upon such merger or consolidation, pledged hereunder and no cash, securities, or other property is distributed in respect
of the outstanding interests of any other constituent limited liability company. 

        (b)    Additional Collateral.    Pledgor shall (i) cause each
(A) corporation that is an issuer of Pledged Shares not to issue any stock or other securities in addition to or in substitution for the Pledged Shares issued by such issuer, except to Pledgor,
or (B) partnership or limited liability company that is an issuer of Pledged Interests not to issue partnership or limited liability company interests in addition to or in substitution for the
Pledged Interests issued by such partnership or limited liability company, except to Pledgor, (ii) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any and
all additional shares of stock or other securities of each issuer of Pledged Shares, and (iii) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any and all
shares of stock of any Person that, after the date of this Agreement, becomes, as a result of any occurrence, a Significant Subsidiary of Pledgor. 

        (c)    Pledge Amendments.    Pledgor shall, upon obtaining any
additional shares of stock or other securities required to be pledged hereunder as provided in Section 5(b), promptly (and in any event within
five (5) Business Days) deliver to Secured Party a Pledge and Security Amendment, duly executed by Pledgor, in substantially the form of  Exhibit A attached hereto (a "Pledge and Security Amendment"), in respect of the additional
Pledged Shares to be pledged pursuant to this Agreement. Pledgor hereby authorizes Secured Party to attach each Pledge and Security Amendment to this Agreement and agrees that all Pledged Shares
listed on any Pledge and Security Amendment delivered to Secured Party shall for all purposes 

4

 

hereunder be considered Collateral; provided that the failure of Pledgor to execute a Pledge and Security Amendment with respect to any additional
Pledged Shares pledged pursuant to this Agreement shall not impair the security interest of Secured Party therein or otherwise adversely affect the rights and remedies of Secured Party hereunder with
respect thereto. 

        (d)    Loss or Depreciation of Collateral.    Pledgor shall promptly
notify Secured Party of any event of which it becomes aware that causes any loss or depreciation in the value of any portion of the Collateral that could result in a Material Adverse Effect. 

        (e)    Written Notices.    Pledgor shall promptly deliver to Secured
Party all written notices received by it with respect to the Collateral. 

        (f)    Taxes and Assessments.    Pledgor shall pay promptly when due
all taxes, assessments, and governmental charges or levies imposed upon, and all claims against, the Collateral, except to the extent the validity thereof is being contested in good faith and by
appropriate proceedings and in which reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP, have been made or provided therefor;  provided that Pledgor shall in
any event pay such taxes, assessments, charges, levies, or claims not later than five (5) days prior to the date
of any proposed sale under any judgement, writ, or warrant of attachment entered or filed against Pledgor or any of the Collateral as a result of the failure to make such payment. 

        (g)    Further Assurances Perfection.    Pledgor shall from time to
time, at the expense of Pledgor, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that Secured Party may
reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable Secured Party to exercise and enforce its rights and remedies hereunder
with respect to any Collateral. Without limiting the generality of the foregoing, Pledgor will: 

        (i)    at the request of Secured Party, mark conspicuously each item of its records pertaining to the Collateral with a legend
in form and substance satisfactory to Secured Party, indicating that such Collateral is subject to the security interest granted hereby; 

        (ii)  execute and file such financing or continuation statements, or amendments thereto, and such other instruments or
notices, as may be necessary or desirable, or as Secured Party may reasonably request, in order to perfect and preserve the security interests granted or purported to be granted hereby; 

        (iii) at Secured Party's request, appear in and defend any action or proceeding that may affect Pledgor's title to or Secured
Party's security interest in all or any part of the Collateral; and 

        (iv)  take any and all action that may be necessary or appropriate to cause any partnership or limited liability company to
which Pledgor is a partner or member, respectively, and which constitute Pledged Interests, to register the security interest of Secured Party in the Pledged Interests, including, without limitation,
to deliver to such partnership or limited liability company, as the case may be, instructions to register pledge substantially in the form of  Exhibit B attached hereto and, to this end,
cause such partnership or limited liability company to register the security interest granted hereby
upon the books of such partnership or limited liability company, as the case may be, in accordance with Article 8 of the  Uniform Commercial Code, as
adopted in the State of Texas (the "Code"). 

5

 

        (h)    Authorization to File Financing Statements.    Pledgor hereby
authorizes Secured Party to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral, with or without the signature of Pledgor, in
such filing offices as Secured Party shall deem appropriate, and, shall pay Secured Party's reasonable costs and expenses incurred in connection therewith. 

        (i)    Formation Agreements.    Pledgor shall, at its expense:
(i) perform and comply in all material respects with all terms and provisions of any applicable Formation Agreement required to be performed or complied with by such agreement;
(ii) maintain such Formation Agreement in full force and effect, without any cancellation or termination thereof, or any amendment, supplement, or other modification thereto (if such action
could adversely affect the rights and remedies of the Credit Parties under the Loan Documents), except as explicitly required or contemplated by its terms (as in effect on the date hereof) or as
permitted under the Credit Agreement, without the prior written consent of Secured Party; (iii) enforce such Formation Agreement in accordance with its terms, without waiving any default under
or breach of such Formation Agreement or waiving, failing to enforce, forgiving, or releasing any material right, interest, or entitlement of any kind, howsoever arising, under or in respect of such
Formation Agreement; and (iv) take all such action to that end as from time to time may be reasonably requested by Secured Party. 

        6.    Voting Rights; Dividends; Etc.    

        (a)  So long as no Event of Default shall have occurred and be continuing: 

        (i)    Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or any
part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement; 

        (ii)  Pledgor shall be entitled to receive and retain, and to utilize free and clear of the lien of this Agreement, any and
all dividends and interest paid in respect of the Collateral; and 

        (iii) Secured Party shall promptly execute and deliver (or cause to be executed and delivered) to Pledgor all such proxies,
dividend payment orders, and other instruments as Pledgor may from time to time reasonably request for the purpose of enabling Pledgor to exercise the voting and other consensual rights which it is
entitled to exercise pursuant to paragraph (i) above and to receive the dividends, principal, or interest payments which it is authorized to
receive and retain pursuant to paragraph (ii) above. 

        (b)  Upon the occurrence and during the continuation of an Event of Default: 

        (i)    upon written notice from Secured Party to Pledgor, all rights of Pledgor to exercise the voting and other consensual
rights which it would otherwise be entitled to exercise pursuant to Section 6(a)(i) shall cease, and all such rights shall thereupon become
vested in Secured Party who shall thereupon have the sole right to exercise such voting and other consensual rights; 

        (ii)  all rights of Pledgor to receive the dividends which it would otherwise be authorized to receive and retain pursuant to  Section 6(a)(ii)
shall cease, and all such rights shall thereupon become vested in Secured Party who shall thereupon have the sole right to
receive and hold as Collateral such dividends; and 

        (iii) all dividends which are received by Pledgor contrary to the provisions of  paragraph (ii) of this Section 6(b)
 shall be received in trust for the benefit of Secured
Party, shall be segregated from other funds of Pledgor and shall forthwith be paid over to 

6

 

Secured Party as Collateral in the same form as so received (with any necessary endorsements). 

        (c)  In order to permit Secured Party to exercise the voting and other consensual rights which it may be entitled to exercise
pursuant to Section 6(b)(i) and to receive all dividends and other distributions which it may be entitled to receive under  Section 6(a)(ii) or Section 6(b)(ii), (i) Pledgor shall promptly execute and
deliver (or cause to be executed and delivered) to Secured Party all such proxies, dividend payment orders, and other instruments as Secured Party may from time to time reasonably request, and
(ii) without limiting the effect of the immediately preceding clause (i), Pledgor hereby grants to Secured Party an irrevocable proxy to
vote the Pledged Shares and to exercise all other rights, powers, privileges, and remedies to which a holder of the Pledged Shares would be entitled (including, without limitation, giving or
withholding written consents of shareholders, calling special meetings of shareholders, and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any
action (including any transfer of any Pledged Shares on the record books of the issuer thereof) by any other Person (including the issuer of the Pledged Shares or any officer or agent thereof), upon
the occurrence of an Event of Default and which proxy shall only terminate upon the payment in full of the Secured Obligations. 

        (d)  Notwithstanding any of the foregoing, Pledgor agrees that this Agreement shall not in any way be deemed to obligate
Secured Party or any Lender to assume any of Pledgor's obligations, duties, expenses, or liabilities arising out of this Agreement (including, without limitation, Pledgor's obligations as the holder
of the Pledged Shares and as holder of the Pledged Interests) or under any and all other agreements now existing or hereafter drafted or executed (collectively, the  "Pledgor
Obligations") unless Secured Party or Lender otherwise expressly agrees to assume any or all of said Pledgor
Obligations in writing. Without limiting the generality of the foregoing, neither the grant of the security interest in the Collateral in favor of Secured Party as provided herein nor the exercise by
Secured Party of any of its rights hereunder nor any action by Secured Party in connection with a foreclosure on the Collateral shall be deemed to constitute Secured Party as a partner of any
partnership or a member of any limited liability company; provided, however, that in the event Secured Party or any Lender elects to become a
substituted partner of any partnership or a member of any limited liability company in place of Pledgor, Secured Party or such Lender, as the case may be, shall be entitled to and shall become such
a substitute partner or member, to the extent permitted by the terms of such partnership or limited liability company agreement. 

        7.    Secured Party Appointed
Attorney-in-Fact.    Pledgor hereby irrevocably appoints Secured Party as Pledgor's attorney-in-fact, with full
authority in the place and stead of Pledgor and in the name of Pledgor, Secured Party or otherwise, from time to time in Secured Party's discretion to take any action and to execute any instrument
that Secured Party may deem necessary or advisable to accomplish the purposes of this Agreement, including without limitation: 

        (a)  to file one or more financing or continuation statements, or amendments thereto, relative to all or any part of the
Collateral without the signature of Pledgor; 

        (b)  upon the occurrence and during the continuance of an Event of Default, to ask, demand, collect, sue for, recover,
compound, receive, and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 

        (c)  upon the occurrence and during the continuance of an Event of Default, to receive, endorse, and collect any instruments
made payable to Pledgor representing any dividend or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same; and 

7

 

        (d)  upon the occurrence and during the continuance of an Event of Default, to file any claims or take any action or institute
any proceedings that Secured Party may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Secured Party with respect to any of the
Collateral. 

        8.    Secured Party May Perform.    If Pledgor fails to perform any
agreement contained herein, then Secured Party may itself perform, or cause performance of, such agreement, and the expenses of Secured Party incurred in connection therewith shall be payable by
Pledgor under Section 12(b). 

        9.    Standard of Care.    The powers conferred on Secured Party
hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the custody of any
Collateral in its possession and the accounting for moneys actually received by it hereunder, Secured Party shall have no duty as to any Collateral, it being understood that Secured Party shall have
no responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relating to any Collateral, whether or not Secured
Party has or is deemed to have knowledge of such matters, (b) taking any
necessary steps (other than steps taken in accordance with the standard of care set forth above to maintain possession of the Collateral) to preserve rights against any parties with respect to any
Collateral, (c) taking any necessary steps to collect or realize upon the Secured Obligations or any guarantee therefor, or any part thereof, or any of the Collateral, or (d) initiating
any action to protect the Collateral against the possibility of a decline in market value. Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of Collateral
in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property consisting of negotiable securities. 

        10.    Remedies.    

        (a)  If any Event of Default shall have occurred and be continuing, then Secured Party may exercise in respect of the
Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the Code (whether or not the
Code applies to the affected Collateral), and Secured Party may also in its sole discretion, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at
public or private sale, at any exchange or broker's board or at any of Secured Party's offices or elsewhere, for cash, on credit, or for future delivery, at such time or times and at such price or
prices and upon such other terms as Secured Party may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral. Secured Party or any Lender may
be the purchaser of any or all of the Collateral at any such sale and Secured Party, as agent for and representative of Lenders (but not any Lender or Lenders in its or their respective individual
capacities unless Requisite Lenders shall otherwise agree in writing), shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of
the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by Secured Party at such sale. Each
purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of Pledgor, and Pledgor hereby waives (to the extent permitted by applicable law) all rights
of redemption, stay, and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Pledgor agrees that, to the extent
notice of sale shall be required by law, at least ten (10) days' notice to Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall
constitute reasonable notification. Secured Party shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Secured Party may adjourn any public or private
sale from time to time by announcement at 

8

 

the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Pledgor hereby waives any claims against Secured Party
arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if Secured
Party accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the
Secured Obligations, then Pledgor shall be liable for the deficiency and the fees of any attorneys employed by Secured Party to collect such deficiency. 

        (b)  Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as from time to time
amended (the "Securities Act"), and applicable state securities laws, Secured Party may be compelled, with respect to any sale of all or any part of the
Collateral conducted without prior
registration or qualification of such Collateral under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Collateral
for their own account, for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges that any such private sales may be at prices and on terms less favorable than
those obtainable through a public sale without such restrictions (including, without limitation, a public offering made pursuant to a registration statement under the Securities Act) and,
notwithstanding such circumstances, Pledgor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that Secured Party shall have no obligation to
engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring
registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it. 

        (c)  If Secured Party determines to exercise its right to sell any or all of the Collateral, then upon Secured Party's written
request, Pledgor shall and shall cause each issuer of any Pledged Shares to be sold hereunder from time to time to furnish to Secured Party all such information as Secured Party may request in order
to determine the number of shares and other instruments included in the Collateral which may be sold by Secured Party in exempt transactions under the Securities Act and the rules and regulations of
the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 

        11.    Application of Proceeds.    Except as expressly provided
elsewhere in this Agreement, all proceeds received by Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of
Secured Party, be held by Secured Party as Collateral for, and/or then, or at any time thereafter, applied in full or in part by Secured Party against, the Secured Obligations in the following order
of priority: 

        FIRST:
To the payment of all costs and expenses of such sale, collection, or other realization, including reasonable compensation to Secured Party and its agents and counsel, and all
other expenses, liabilities, and advances made or incurred by Secured Party in connection therewith, and all amounts for which Secured Party is entitled to indemnification hereunder and all advances
made by Secured Party hereunder for the account of Pledgor, and to the payment of all costs and expenses paid or incurred by Secured Party in connection with the exercise of any right or remedy
hereunder, all in accordance with Section 12; 

        SECOND:
To the payment of all other Secured Obligations (for the ratable benefit of the Credit Parties) and as cash collateral to secure any outstanding LC Exposure; and 

9

 

        THIRD:
To the payment to or upon the order of Pledgor, or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct, of any surplus
then remaining from such proceeds. 

        12.    Indemnity and Expenses.    

        (a)  Pledgor agrees to indemnify each Credit Party from and against any and all claims, losses, and liabilities in any way
relating to, growing out of, or resulting from this Agreement and the transactions contemplated hereby (including, without limitation, enforcement of this Agreement), except to the extent such claims,
losses, or liabilities result solely from such Credit Party's gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 

        (b)  Pledgor shall pay to Secured Party upon demand the amount of any and all costs and expenses, including the reasonable
fees and expenses of its counsel and of any experts and agents, that Secured Party may incur in connection with (i) the administration of this Agreement, (ii) the custody or preservation
of, or the sale of, collection from, or other realization upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of Secured Party hereunder, or (iv) the
failure by Pledgor to perform or observe any of the provisions hereof. 

        13.    Continuing Security Interest; Transfer of Loans.    This
Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations and the cancellation
or termination of the Total Commitment, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the
benefit of Secured Party and its successors, transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject
to the provisions of Section 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person,
and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations
and the cancellation or termination of the Total Commitment, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to Pledgor. Upon any such termination
Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return,
upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof. 

        14.    Secured Party as Agent.    

        (a)  Secured Party has been appointed to act as Secured Party hereunder by Lenders. Secured Party shall be obligated, and
shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the
release or substitution of Collateral), solely in accordance with this Agreement and the Credit Agreement. 

        (b)  Secured Party shall at all times be the same Person that is Administrative Agent under the Credit Agreement. Written
notice of resignation by Administrative Agent pursuant to the Credit Agreement shall also constitute notice of resignation as Secured Party under this Agreement; removal of
Administrative Agent pursuant to the Credit Agreement shall also constitute removal as Secured Party under this Agreement; and appointment of a successor Administrative Agent pursuant to the Credit
Agreement shall also constitute appointment of a successor Secured Party under this Agreement. Upon the acceptance of any appointment as Administrative Agent under  Section 8.9 of the Credit
Agreement by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and
become vested 

10

 

with all the rights, powers, privileges, and duties of the retiring or removed Secured Party under this Agreement, and the retiring or removed Secured Party under this Agreement shall promptly
(i) transfer to such successor Secured Party all sums, securities and other items of Collateral held hereunder, together with all records and other documents necessary or appropriate in
connection with the performance of the duties of the successor Secured Party under this Agreement, and (ii) execute and deliver to such successor Secured Party such amendments to financing
statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Secured Party of the security interests created hereunder, whereupon
such retiring or removed Secured Party shall be discharged from its duties and obligations under this Agreement. After any resigning or removed Administrative Agent's resignation or removal hereunder
as Secured Party, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was Secured Party hereunder. 

        15.    Amendments; Etc.    No amendment,
modification, termination, or waiver of any provision of this Agreement, and no consent to any departure by Pledgor from the terms and conditions hereof, shall in any event be effective unless the
same shall be in writing and signed by Secured Party and, in the case of any such amendment or modification, by Pledgor. Any such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which it was given. 

        16.    Notices.    Any notice or other communication herein required
or permitted to be given shall be in writing and may be personally served, telexed, or sent by telecopy or United States mail or courier service to each such party at its address set forth in the
Credit Agreement, on the signature pages hereof or to such other addresses as each such party may in writing hereafter indicate. Such notice or other communication shall be deemed to have been given
when delivered in person or by courier service, upon receipt of telecopy or telex, or three (3) Business Days after depositing it in the United states mail with postage prepaid and properly
addressed; provided that any notice, request, or demand to or upon Administrative Agent or Lenders shall not be effective until received. 

        17.    Failure or Indulgence Not Waiver: Remedies Cumulative.    No
failure or delay on the part of Secured Party in the exercise of any power, right, or privilege hereunder shall impair such power, right, or privilege or be construed to be a waiver of any default or
acquiescence therein, nor shall any single or partial exercise of any such power, right, or privilege preclude any other or further exercise thereof or of any other power, right, or privilege. All
rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

        18.    Severability.    In case any provision in or obligation under
this Agreement shall be invalid, illegal, or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

        19.    Headings.    Section
and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive
effect. 

        20.    Governing Law; Terms    THIS AGREEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES, EXCEPT TO THE EXTENT THAT THE CODE PROVIDES THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR
COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER  

11

 

 THAN THE STATE OF TEXAS. Unless otherwise defined herein or in the Credit Agreement, terms used in Articles 8 and  9 of the Code are used herein as therein defined. 

        21.    Consent to Jurisdiction and Service of
Process.    ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF TEXAS, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT PLEDGOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND
UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS AGREEMENT. Pledgor hereby agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt
requested, to Pledgor at its address provided on the signature page hereof, such service being hereby acknowledged by Pledgor to be sufficient for personal jurisdiction in any action against Pledgor
in any such court and to be otherwise effective and binding service in every respect. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the
right of Secured Party to bring proceedings against Pledgor in the courts of any other jurisdiction. 

        22.    Waiver of Jury Trial.    PLEDGOR AND
SECURED PARTY HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. The scope of this
waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this transaction, including without limitation
contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. Pledgor and Secured Party each acknowledge that this waiver is a material inducement for Pledgor and
Secured Party to enter into a business relationship, that Pledgor and Secured Party have already relied on this waiver in entering into this Agreement and that each will continue to rely on this
waiver in their related future dealings. Pledgor and Secured Party further warrant and represent that each has reviewed this waiver with its legal
counsel, and that each knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE
MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS RENEWALS, SUPPLEMENTS, OR MODIFICATIONS TO THIS AGREEMENT. In the event of
litigation, this Agreement may be filed as a written consent to a trial by the court. 

        23.    Counterparts.    This Agreement may be executed in one or more
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but
one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same
document. 

        [Remainder of page intentionally blank.

Signature page follows.]

12

        IN WITNESS WHEREOF, Pledgor and Secured Party have caused this Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above. 

	 	 	TRAMMELL CROW COMPANY,

a Delaware corporation
	

	
 	

 	

 	

 
	 	 	By:	    

	 	 	 	Name:	    

	 	 	 	Title:	    

	

	
 	

 	

 	

 
	 	 	Notice Address:
	

 	
 	

 	

3400 Trammell Crow Center

2001 Ross Avenue

Dallas, Texas 75201

Attention: Thomas McNearney

Telecopy: (214) 863-4200

	 	 	BANK OF AMERICA, N.A., a national banking

association, individually and as Administrative Agent
	

	
 	

 	

 	

 
	 	 	By:	    

	 	 	 	Name:	    

	 	 	 	Title:	    

	

	
 	

 	

 	

 
	 	 	Notice Address:
	

 	
 	

 	

Bank of America, N.A.

901 Main Street, 64th Floor

Dallas, TX 75202

Attn: Mr. Ron Odlozil

Telecopy: (214) 209-0085
	

 	
 	

With a copy to:
	

 	
 	

 	

Banc of America Securities LLC

100 North Tryon Street, 15th Floor

Charlotte, NC 28255

Attn: Mr. Anthony Fertitta

Telecopy: (704) 386-0255

 
 

SCHEDULE 1    
    
    PART A    
  

	Stock Issuer
 
	 	Class of

Stock
	 	Stock Certificate

Nos.
	 	Par Value
	 	Number of Shares

	

 	
 	

 	
 	

 	
 	

 	
 	

 

 
 

PART B    
  

Limited Partnerships  

	(lp or gp)
	 	Limited Partnership
	 	Percent Interest

	None	 	 	 	 

Limited Liability Companies  

	Limited Liability Company
	 	Percent Interest

	None	 	 

 
 

EXHIBIT A
  to Borrower Pledge Agreement
    
  PLEDGE AMENDMENT    
  

        This Pledge Amendment, dated                        ,
200    , is delivered pursuant to Section 6(c) of
the Pledge Agreement referred to below. The undersigned hereby agrees that this Pledge Amendment may be attached to the Borrower Pledge Agreement dated as
of                        , 2002, between the
undersigned and Bank of America, N.A., as Secured Party (the "Pledge Agreement"; capitalized terms defined therein being used herein as therein
defined), and that the [Pledged Shares/Pledged Interests] listed on this Pledge Amendment shall be deemed to be part of the [Pledged Shares]
[Pledged Interests] and shall become part of the Collateral and shall secure all Secured Obligations. 

	 	 	TRAMMELL CROW COMPANY,

a Delaware corporation
	

	
 	

By:	

    

	 	 	 	Name:	    

	 	 	 	Title:	    

	Stock Issuer
 
	 	Class of

Stock
	 	Stock Certificate

Nos.
	 	Par Value
	 	Number of

Shares

	    	 	 	 	 	 	 	 	 

Limited Partnerships  

	(lp or gp)
	 	Limited Partnership
	 	Percent Interest

	    	 	 	 	 

Limited Liability Companies  

	Limited Liability Company
	 	Percent Interest

	    	 	 

 
 
 

EXHIBIT B
  to Borrower Pledge Agreement
    
  FORM OF INSTRUCTION TO REGISTER PLEDGE    
  

INSTRUCTION TO REGISTER PLEDGE  

                        , 200

[NAME OF PARTNERSHIP/LLC]

 

Attention:

Ladies
and Gentlemen: 

        Trammell
Crow Company, a Delaware corporation (the "Registered Owner"), hereby instructs [NAME OF
PARTNERSHIP/LLC], a [STATE OF FORMATION] [TYPE OF ENTITY] (the "Issuer"), to register the
pledge of all of the Registered Owner's rights, title, and interest in and to the Registered Owner's entire [limited/general partner] [membership]
interests in the Issuer (the "Interests"), in favor of Bank of America, N.A. as Administrative Agent (the "Registered
Pledges"), pursuant to the Borrower Pledge Agreement dated as of                        , 2002, as it
may be amended or restated from time to time, between the Registered Owner and the
Registered Pledges. 

        The
Issuer is further instructed by the Registered Owner to promptly inform the Registered Pledges of the registration of this pledge by sending an initial transaction statement to the
Registered Pledges to its office located
at                                         
                                       ,
Attention:                                        .

 

        The
Registered Owner hereby warrants that (a) it is an appropriate person to originate this instruction, (b) it is entitled to effect the instruction here given, and
(c) its taxpayer identification number
is                                        .

	 	 	Very truly yours,
	

 	
 	
TRAMMELL CROW COMPANY,

a Delaware corporation
	

	
 	

 	

 	

 
	 	 	By:	    

	 	 	 	Name:	    

	 	 	 	Title:	    

2

 
 

CONSENT OF THE ISSUER

        The
Issuer hereby consents and agrees to cause the pledge of the Partnership Interest referenced above to be registered on the books and records of the Issuer. 

	 	 	[NAME OF PARTNERSHIP/LLC],

a [STATE OF FORMATION] [TYPE OF ENTITY]
	

 	
 	

By:	

 	

 	

 
	 	 	 	
 its general partner
	

 	
 	

 	

By:	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	    

	 	 	 	 	Title:	    

 
 

EXHIBIT C    
    
    FORM OF CERTIFICATE RE NON-BANK STATUS    
  

        Reference is hereby made to that certain Credit Agreement dated as of June 28, 2002, by and among Trammell Crow Company, a Delaware corporation, Bank of
America, N.A., as Administrative Agent and as Issuing Bank, and the Lenders defined therein (as modified, amended, renewed, extended, restated, or supplemented from time to time, the
"Credit Agreement"). Pursuant to Section 2.7(b)(iii) of the Credit Agreement, the undersigned
hereby certifies that it is not a "bank" or other Person described in Section 881(c)(3) of the  Internal Revenue Code of
1986, as amended. 

	 	 	[LENDER]
	

 	
 	

By:	

 	

 
	 	 	 	

	 	 	 	Name:	    

	 	 	 	Title:	    

 
 

EXHIBIT D    
    
    COMPLIANCE CERTIFICATE    
  

        Reference is hereby made to that certain Credit Agreement dated as of June 28, 2002 (as modified, amended, renewed, restated or supplemented from time to
time, the "Credit Agreement"), among Trammell Crow Company, a Delaware corporation, as Borrower
("Borrower"), the Lenders from time to time party thereto, and Bank of America, N.A., a national banking association, as Administrative Agent (in such
capacity, together with its successors and assigns, "Administrative Agent") and as Issuing Bank (as defined therein). The undersigned, as
                        of Borrower, pursuant to Section 5.1(c) of the
Credit Agreement, hereby, certifies to Administrative Agent in such capacity on
behalf of Borrower and without individual liability as follows: 

        1.    A review of the activities of Borrower during the most recently ended fiscal quarter of Borrower has been made under my
supervision. 

        2.    As of the date hereof, all of the representations and warranties of Borrower contained in the Credit Agreement and each of
the Loan Documents (as defined in the Credit Agreement) are true and correct in all material respects (unless such representations and warranties are, by their express terms, limited to a specific
date). 

        3.    No event has occurred and is continuing which constitutes a Potential Default or Event of Default. 

        4.    The Companies' floating rate Indebtedness (other than Indebtedness arising from Real Estate Investments for which interest
is being capitalized in accordance with GAAP and for which Borrower has obtained construction loan financing pursuant to which construction loan advances are (or can be) made in the amount of such
interest expense) in excess of $30,000,000 (in $5,000,000 increments) is subject to one or more Interest Rate Agreements with a Lender or other Person reasonably acceptable to Administrative Agent. 

        5.    Borrower has not, and has not permitted any of its Subsidiaries to, directly or indirectly, declare, order, pay, make, or
set apart any sum for any Restricted Junior Payment, except for Permitted Distributions (so long as no Event of Default exists or would result therefrom) and Permitted Redemptions (so long as no Event
of Default exists or would result therefrom). 

        6.    The following covenant computations, together with the supporting schedules attached hereto, are true and correct: 

	(a)	 	Minimum Interest Coverage Ratio.	 
	

 	
 	
(i)	
 	

Gross EBITDA (See Schedule 1 attached hereto)	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Interest Expense	
 	

$                      	
 
	

 	
 	
(iii)	
 	

Ratio of (i) to (ii)	
 	

                        	
 
	

 	
 	
(iv)	
 	

Required Minimum	
 	

3.0 to 1.0	
 
	
(b)	
 	
Minimum Fixed Charge Coverage Ratio.	
 
	

 	
 	
(i)	
 	

Gross EBITDA	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Fixed Charges	
 	

$                      	
 
	

 	
 	
(iii)	
 	

Ratio of (i) to (ii)	
 	

$                      	
 
	

 	
 	
(iv)	
 	

Required Minimum	
 	

1.75 to 1.00	
 
	
(c)	
 	
Minimum Net Worth.	
 
	

 	
 	
(i)	
 	

GAAP Asset Value	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Total Liabilities	
 	

$                      	
 
	
 	
 	

 	
 	

 	
 	

 	
 

 

	

 	
 	
(iii)	
 	

Sum of (i) minus (ii)	
 	

                        	
 
	

 	
 	
(iv)	
 	

Required Minimum	
 	

                        	
(1)
	
(d)	
 	
Minimum Revenues.	
 
	

 	
 	
(i)	
 	

Total Revenues	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Required Minimum	
 	

$125,000,000	
 
	
(e)	
 	
Minimum Liquidity.	
 
	

 	
 	
(i)	
 	

Liquid Assets	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Required Minimum	
 	

$25,000,000	
 
	
(f)	
 	
Current Ratio.	
 
	

 	
 	
(i)	
 	

Current Assets	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Current Liabilities	
 	

$                      	
 
	

 	
 	
(iii)	
 	

Ratio of (i) to (ii)	
 	

                        	
 
	

 	
 	
(iv)	
 	

Required Minimum	
 	

1.10 to 1.00	
(2)
	
(g)	
 	
Maximum Total Leverage Ratio.	
 
	

 	
 	
(i)	
 	

Total Debt	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Gross EBITDA	
 	

$                      	
 
	

 	
 	
(iii)	
 	

Ratio of (i) to (ii)	
 	

                        	
 
	

 	
 	
(iv)	
 	

Maximum Permitted	
 	

                        	
(3)
	
(h)	
 	
Maximum Investment in Real Estate Investments.	
 
	

 	
 	
(i)	
 	

Real Estate Investments	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Gross EBITDA	
 	

$                      	
 
	

 	
 	
(iii)	
 	

Ratio of (i) to (ii)	
 	

                        	
 
	

 	
 	
(iv)	
 	

Maximum Permitted(4)	
 	

$                      	
 
	
(i)	
 	
Maximum Investment in Real Estate Investments in

Unconsolidated Entities and Fund IV (without

duplication).	
 
	

 	
 	
(i)	
 	

Investments in Real Estate in Unconsolidated Entities and Funds	
 	

$                      	
 
	

 	
 	
(ii)	
 	

Maximum Permitted	
 	

$100,000,000	
 

	(1)
	See
Section 6.4(c) of the Credit Agreement.

	(2)
	      
Carve-Out — see 6.4(f)

	(3)
	

	Period
 
	 	Ratio

	Closing Date through December 31, 2003	 	3.50 to 1.0
	January 1, 2004 and thereafter	 	3.25 to 1.0

	(4)
	See
Section 6.4(h) of the Credit Agreement. 

2

	Date:	 	 	 	 
	 	
	 	 	 
	

	

 	
 	

 	

 
	

	

 	
 	

 	

 
	 	 	 	

	 	 	 	 	of
	 	 	 	
 Trammell Crow Company,

a Delaware corporation	 

 
 

Schedule 1 to Exhibit D    
  

 
 

EXHIBIT E    
    
    FORM OF SUBSIDIARY GUARANTY    
  

        THIS GUARANTY AGREEMENT is executed as of June 28, 2002, by each of the direct and indirect Subsidiaries of TRAMMELL CROW COMPANY, a Delaware corporation
("Borrower"), listed on Schedule 1 attached hereto or who become a party hereto pursuant to  Section 5.11 below (each a "Guarantor" and collectively
"Guarantors") for the benefit of the Loan Parties defined below. 

 
 

W I T N E S S E T H:    
  

        1.    Borrower may from time to time be indebted to the Loan Parties pursuant to that certain Credit Agreement dated as of
June 28, 2002 (as modified, amended, renewed, restated or supplemented from time to time, the "Credit Agreement"), among Trammell Crow Company, a
Delaware corporation, as Borrower ("Borrower"), the Lenders from time to time party thereto, and Bank of America, N.A., a national banking association,
as Administrative Agent (in such capacity, together with its successors and assigns, "Administrative Agent") and as Issuing Bank (as defined therein).
(Administrative Agent, Issuing Bank, and Lenders, together with their respective successors and assigns, are herein called the "Loan Parties"). 

        2.    Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit
Agreement. 

        3.    The Loan Parties are not willing to make Loans under the Credit Agreement or otherwise extend credit to Borrower unless
Guarantors guarantee payment of all present and future indebtedness and obligations of Borrower to the Loan Parties under the Credit Agreement and the Loan Documents. 

        4.    Each Guarantor will benefit, directly and indirectly, from the Loan Parties' extension of credit to Borrower. 

        NOW,
THEREFORE, as an inducement to the Loan Parties to enter into the Credit Agreement and to make Loans and issue LCs to Borrower thereunder, and to extend such credit to Borrower as
the Loan Parties may from time to time agree to extend, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Guarantors hereby jointly and
severally guarantee payment of the Guaranteed Debt (hereinafter defined) as more specifically described herein below in Section 1.3 and hereby
agree as follows: 

 
 

SECTION 1    
    
    NATURE AND SCOPE OF GUARANTY    
  

 
 
        1.1    Definition of Guaranteed Debt.     As used herein, the
term "Guaranteed Debt" means:
 

        (a)  All principal, interest, fees, reasonable attorneys' fees, commitment fees, liabilities for costs and expenses, and other
indebtedness, obligations, and liabilities of Borrower to the Loan Parties at any time created or arising in connection with the Credit Agreement, including, but not limited to, all indebtedness,
obligations, and liabilities of Borrower to the Loan Parties arising under the Notes and the other Loan Documents; and 

        (b)  All costs, expenses, and fees, including, but not limited to court costs and reasonable attorneys' fees, arising in
connection with the collection of any or all amounts, indebtedness, obligations, and liabilities of Borrower to the Loan Parties described in item (a)
of this Section 1.1.

 
 
        1.2    Guaranteed Debt Not Reduced by  Offset.     The
indebtedness, liabilities, obligations, and other Guaranteed Debt guaranteed hereby, and the liabilities and obligations of Guarantors to the Loan Parties
hereunder, shall not be reduced, discharged, or released because or by reason of any existing or future offset, claim, or defense of Borrower or any other party against any Loan Party or against
payment of the Guaranteed Debt, whether such offset, claim, or defense arises in connection with the Guaranteed Debt (or the transactions creating the Guaranteed Debt) or otherwise. Without limiting 

 

the foregoing or Guarantors' liability hereunder, to the extent that any Loan Party advances funds or extends credit to Borrower, and does not receive payments or benefits thereon in the amounts and
at the times required or provided by applicable agreements or laws, Guarantors are absolutely liable, jointly and severally, to make such payments to (and confer such benefits on) such Loan Party, on
a timely basis. 

 
 
        1.3    Guaranty of Obligation.     Guarantors hereby
irrevocably guarantee, jointly and severally, to the Loan Parties (a) the due and punctual payment of the Guaranteed Debt, and
(b) the timely performance of all other obligations now or hereafter owed by Borrower to the Loan Parties under the Credit Agreement. Each Guarantor hereby irrevocably covenants and agrees that
it is liable for the Guaranteed Debt as primary obligor. 

 
 
        1.4    Nature of Guaranty.     This Guaranty Agreement is
intended to be an irrevocable, absolute, continuing guaranty of payment and is not a guaranty of collection. This Guaranty Agreement
may not be revoked by any Guarantor; provided, however, if, according to applicable Legal Requirements, it shall ever be determined or held that a
guarantor under a continuing guaranty such as this Guaranty Agreement shall have the absolute right, notwithstanding the express agreement of such a guarantor otherwise, to revoke such guaranty as to
Guaranteed Debt which has then not yet arisen, then any Guarantor may deliver to Administrative Agent written notice, in addition to giving such notice as provided in  Section 5.2 hereof,
that such Guarantor will not be liable hereunder for any Guaranteed Debt created, incurred, or arising after the giving of
such notice, and such notice will be effective as to such Guarantor from and after (but not before) such times as said written notice is actually delivered to, in addition to giving such notice as
provided in Section 5.2 hereof, and received by and receipted for in writing by Administrative Agent; provided
that such notice shall not in anywise affect, impair, or limit the liability and responsibility of any other person or entity with respect to any Guaranteed Debt theretofore
existing or thereafter existing, arising, renewed, extended, or modified; provided, further, that such notice shall not affect, impair, or release the
liability and responsibility of any such Guarantor with respect to Guaranteed Debt created, incurred, or arising (or in respect of any Guaranteed Debt agreed or contemplated, in any respect, to be
created, whether advanced or not and whether committed to by the Loan Parties or not, including, without limitation, any discretionary advances or extensions of credit which may be made by any Loan
Party at its option in the future under any type of loan or credit agreement, arrangement, or undertaking) prior to the receipt of such notice by Administrative Agent as aforesaid, or in respect of
any renewals, extensions, or modifications of such Guaranteed Debt, or in respect of interest or costs of collection thereafter accruing on or with respect to such Guaranteed Debt, or with respect to
attorneys' fees thereafter becoming payable hereunder with respect to such Guaranteed Debt, and shall continue to be effective with respect to any Guaranteed Debt arising or created after any
attempted revocation by any Guarantor. The fact that at any time or from time to time the Guaranteed Debt may be increased, reduced, or paid in full shall not release, discharge, or reduce the
obligation of Guarantors with respect to indebtedness or obligations of Borrower to the Loan Parties thereafter incurred (or other Guaranteed Debt thereafter arising) under the Credit Agreement, the
Notes, or otherwise. This Guaranty Agreement may be enforced by the Loan Parties and any subsequent holder of the Guaranteed Debt and shall not be discharged by the assignment or negotiation of all or
part of the Guaranteed Debt. 

 
 
        1.5    Payment by Guarantors.     If all or any part of the
Guaranteed Debt shall not be punctually paid when due, whether at maturity or earlier by acceleration or otherwise, then Guarantors
shall, immediately upon demand by Administrative Agent, and without presentment, protest, notice of protest, notice of nonpayment, notice of intention to accelerate or acceleration, or any other
notice whatsoever, pay in lawful money of the
United States of America, the amount due on the Guaranteed Debt to Administrative Agent, for the benefit of the Loan Parties, at Administrative Agent's principal office in Dallas, Texas. Such
demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Debt, and may be made from time to time with respect to 

2

 

the same or different items of Guaranteed Debt. Such demand shall be deemed made, given, and received in accordance with Section 5.2 hereof. 

 
 
        1.6    Payment of Expenses.     In the event that any
Guarantor should breach or fail to timely perform any provisions of this Guaranty Agreement, then Guarantors shall, immediately upon demand
by Administrative Agent, pay to Administrative Agent, for the benefit of the Loan Parties, all costs and expenses (including court costs and reasonable attorneys' fees) incurred by the Loan Parties in
the enforcement hereof or the preservation of the Loan Parties' rights hereunder. The covenant contained in this Section 1.6 shall survive the
payment of the Guaranteed Debt. 

 
 
        1.7    No Duty to Pursue Others.     It shall not be
necessary for any Loan Party (and Guarantors hereby waive any rights which Guarantors may have to require any Loan Party), in order to enforce
such payment by any Guarantor, first to (a) institute suit or exhaust its remedies against Borrower or others liable on the Guaranteed Debt or any other person, (b) enforce the Loan
Parties' rights against any security which shall ever have been given to secure the Guaranteed Debt, (c) enforce the Loan Parties's rights against any other Guarantor or any other guarantors of
the Guaranteed Debt, (d) join Borrower, any other Guarantor, or any others liable on the Guaranteed Debt in any action seeking to enforce this Guaranty Agreement, (e) exhaust any
remedies available to the Loan Parties against any security which shall ever have been given to secure the Guaranteed Debt, or (e) resort to any other means of obtaining payment of the
Guaranteed Debt. The Loan Parties shall not be required to mitigate damages or take any other action to reduce, collect, or enforce the Guaranteed Debt. Further, each Guarantor expressly waives each
and every right to which any it may be entitled by virtue of the suretyship law of the State of Texas, including without limitation, any rights pursuant to Rule 31,
Texas Rules of Civil Procedure, Articles 1986 and 1987, Revised Civil Statutes of Texas and Chapter 34
of the Texas Business and Commerce Code. 

 
 
        1.8    Waiver of Notices, etc.     Each Guarantor agrees to
the provisions of the Credit Agreement, the Notes, and the other Loan Documents, and hereby waives notice of (a) any loans or
advances made by any Loan Party to Borrower, (b) acceptance of this Guaranty Agreement, (c) any amendment or extension of the Credit Agreement, the Notes, the other Loan Documents, or
any other instrument or document pertaining to all or any part of the Guaranteed Debt, (d) the execution and delivery by Borrower and any Loan Party of any other loan or credit agreement or of
Borrower's execution and delivery of any promissory notes or other documents in connection therewith, (e) the occurrence of any Potential Default or Event of Default, (f) any Loan
Party's transfer or disposition of the Guaranteed Debt, or any part thereof, (g) sale or foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed
Debt, (h) protest, proof of nonpayment, or default by Borrower, (i) the release of any other Guarantor, or (j) any other action at any time taken or omitted by any Loan Party,
and, generally, all demands and notices of every kind in connection with this Guaranty Agreement, the Credit Agreement, the Notes, the other Loan Documents, and any documents or agreements evidencing,
securing, or relating to any of the Guaranteed Debt and the obligations hereby guaranteed. 

 
 
        1.9    Effect of Bankruptcy, Other  Matters.     In the event
that, pursuant to any insolvency, bankruptcy, reorganization, receivership, or other debtor relief law, or any judgment, order, or decision
thereunder, or for any other reason, (a) any Loan Party must rescind or restore any payment, or any part thereof, received by such Loan Party in satisfaction of the Guaranteed Debt, as set
forth herein, any prior release or discharge from the terms of this Guaranty Agreement given to any Guarantor by such Loan Party shall be without effect, and this Guaranty Agreement shall remain in
full force and effect, or (b) Borrower shall cease to be liable to the Loan Parties for any of the Guaranteed Debt (other than by reason of the indefeasible payment in full thereof by
Borrower), then the obligations of each Guarantor under this Guaranty Agreement shall remain in full force and effect. It is the intention of the Loan Parties and Guarantors that Guarantors'
obligations hereunder shall not be discharged except by Guarantors' performance of such obligations and then only to the extent of such 

3

 

performance. Without limiting the generality of the foregoing, it is the intention of the Loan Parties and Guarantors that the filing of any bankruptcy or similar proceeding by or against Borrower or
any other person or party obligated on any portion of the Guaranteed Debt shall not affect the obligations of Guarantors under this Guaranty Agreement or the rights of the Loan Parties under this
Guaranty Agreement, including, without limitation, the right or ability of the Loan Parties to pursue or institute suit against Guarantors for the entire Guaranteed Debt. 

 
 
        1.10    Limitation.     It is the intention of Guarantors and
the Loan Parties that the amount of the Guaranteed Debt shall be in, but not in excess of, the maximum amount permitted by
fraudulent conveyance, fraudulent transfer, or similar Legal Requirements applicable to Guarantors. Accordingly, notwithstanding anything to the contrary contained in this Guaranty Agreement or any
other agreement or instrument executed in connection with the payment of any of the Guaranteed Debt, the amount of the Guaranteed Debt shall be limited to that amount which after giving effect thereto
would not (a) render any Guarantor insolvent, (b) result in the fair saleable value of the assets of any Guarantor being less than the amount required to pay its debts and other
liabilities (including contingent liabilities) as they mature, or (c) leave any Guarantor with unreasonably small capital to carry out its business as now conducted and as proposed to be
conducted, including its capital needs, as such concepts described in (a), (b), and (c) herein are
determined under applicable Legal Requirements, if the obligations of such Guarantor hereunder would otherwise be set aside, terminated, annulled, or avoided for such reason by a court of competent
jurisdiction in a proceeding actually pending before such court. 

 
 

SECTION 2    
    
    ADDITIONAL EVENTS AND CIRCUMSTANCES NOT REDUCING
  OR DISCHARGING GUARANTOR'S OBLIGATIONS    
  

        Guarantors hereby consent and agree to each of the following, and agree that Guarantors' obligations under this Guaranty Agreement shall not be released,
diminished, impaired, reduced, or adversely affected by any of the following, and waives any common law, equitable, statutory, or other rights
(including without limitation rights to notice) which Guarantors might otherwise have as a result of or in connection with any of the following: 

 
 
        2.1    Modifications, etc.     Any renewal, extension,
increase, modification, alteration, or rearrangement of all or any part of the Guaranteed Debt, the Credit Agreement, the Notes, or any
other Loan Document. 

 
 
        2.2    Adjustment, etc.     Any adjustment, indulgence,
forbearance, or compromise that might be granted or given by any Loan Party to Borrower or any Guarantor. 

 
 
        2.3    Condition, Composition, or Structure of Borrower or  Guarantors.     The insolvency, bankruptcy, arrangement, adjustment, composition, structure, liquidation, disability, dissolution, or lack of power of Borrower or any other party
at any time liable for the payment of all or part of the Guaranteed Debt; or any dissolution of Borrower or any Guarantor, or any sale, lease, or transfer of any or all of the assets of Borrower or
any Guarantor, or any changes in name, business, location, composition, structure, or changes in the shareholders, partners, or members (whether by accession, secession, cessation, death, dissolution,
transfer of assets, or other matter) of Borrower or any Guarantor; or any reorganization of Borrower or any Guarantor. 

 
 
        2.4    Invalidity of Guaranteed Debt.     The invalidity,
illegality, or unenforceability of all or any part of the Guaranteed Debt, or any document or agreement executed in connection with the Guaranteed
Debt, for any reason whatsoever, including without limitation the fact that (a) the Guaranteed Debt, or any part thereof, exceeds the amount permitted by applicable Legal Requirements,
(b) the act of creating the Guaranteed Debt or any part thereof is ultra vires, (c) the officers or representatives 

4

 

executing the Credit Agreement, the Notes, the other Loan Documents, or other documents or otherwise creating the Guaranteed Debt acted in excess of their authority, (d) the Guaranteed Debt
violates applicable usury laws, (e) Borrower has valid defenses, claims, or offsets (whether at law, in equity, or by agreement) which render the Guaranteed Debt wholly or partially
uncollectible from Borrower, (f) the creation, performance, or repayment of the Guaranteed Debt (or the execution, delivery, and performance of any document or instrument representing part of
the Guaranteed Debt or executed in connection with the Guaranteed Debt, or given to secure the repayment of the Guaranteed Debt) is illegal, uncollectible, or unenforceable, or (g) the Credit
Agreement, the Notes, the other Loan Documents, or other documents or instruments pertaining to the Guaranteed Debt have been forged or otherwise are irregular or not genuine or authentic. 

 
 
        2.5    Release of Obligors.     Any full or partial release
of the liability of Borrower on the Guaranteed Debt or any part thereof, or of any co-guarantors, or any other person or
entity now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee, or assure the payment of the Guaranteed Debt or any part
thereof, it being recognized, acknowledged, and agreed by Guarantors that Guarantors may be required to pay the Guaranteed Debt in full without assistance or support of any other party, and Guarantors
have not been induced to enter into this Guaranty Agreement on the basis of a contemplation, belief, understanding, or agreement that other parties will be liable to perform the Guaranteed Debt, or
that the Loan Parties will look to other parties to
perform the Guaranteed Debt; notwithstanding the foregoing, Guarantors do not waive or release (expressly or impliedly) any rights of subrogation, reimbursement, or contribution which they may have,
after payment in full of the Guaranteed Debt, against others liable on the Guaranteed Debt; Guarantors' rights of subrogation and reimbursement are, however, subordinate to the rights and claims of
the Loan Parties. 

 
 
        2.6    Other Security.     The taking or accepting of any
other security, collateral, or guaranty, or other assurance of payment, for all or any part of the Guaranteed Debt.
 

 
 
        2.7    Release of Collateral, etc.     Any release, surrender,
 exchange, subordination, deterioration, waste, loss, or impairment (including without limitation negligent, willful, unreasonable, or
unjustifiable impairment) of any collateral, property, or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Debt. 

 
 
        2.8    Care and Diligence.     The failure of any Loan Party
or any other party to exercise diligence or reasonable care or act, fail to act, or comply with any duty in the administration,
preservation, protection, enforcement, sale application, disposal, or other handling or treatment of all or any part of Guaranteed Debt or any collateral, property, or security at any time securing
any portion thereof, including, without limiting the generality of the foregoing, the failure to conduct any foreclosure or other remedy fairly, in a commercially reasonable manner, or in such a way
so as to obtain the best possible price or a favorable price or otherwise act or fail to act. 

 
 
        2.9    Status of Liens.     The fact that any collateral,
security, security interest, or lien contemplated or intended to be given, created, or granted as security for the repayment of the
Guaranteed Debt shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Guarantors that
Guarantors are not entering into this Guaranty Agreement in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility, or value of any of the collateral for the
Guaranteed Debt. 

 
 
        2.10    Offset.     Any existing or future right of offset,
claim, or defense of Borrower against the Loan Parties, or any other party, or against payment of the Guaranteed Debt,
whether such right of offset, claim, or defense arises in connection with the Guaranteed Debt (or the transactions creating the Guaranteed Debt) or otherwise. 

5

 

 
 
        2.11    Merger.     The reorganization, merger, or
consolidation of Borrower or any Guarantor into or with any other corporation or entity. 

 
 
        2.12    Preference.     Any payment by Borrower to any Loan
Party is held to constitute a preference under bankruptcy laws, or for any reason any Loan Party is required to refund such
payment or pay such amount to Borrower or someone else. 

 
 
        2.13    Other Actions Taken or Omitted.     Any other action
taken or omitted to be taken with respect to the Credit Agreement, the Guaranteed Debt, or the security and collateral therefor, whether or not
such action or omission prejudices Guarantors or increases the likelihood or risk that Guarantors will be required to pay the Guaranteed Debt pursuant to the terms hereof; it is the unambiguous and
unequivocal intention of Guarantors that Guarantors shall be obligated to pay the Guaranteed Debt when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether
contemplated or uncontemplated, and whether or not otherwise or particularly described herein, except for the full and final payment and satisfaction of the Guaranteed Debt. 

 
 

SECTION 3    
    
    REPRESENTATIONS AND WARRANTIES    
  

        To induce the Loan Parties to enter into the Credit Agreement and extend credit to Borrower, each Guarantor represents and warrants to the Loan Parties that: 

 
 
        3.1    Benefit.     Each Guarantor has received, or will
receive, direct or indirect benefit from the making of this Guaranty and the Guaranteed Debt.
 

 
 
        3.2    Familiarity and Reliance.     Each Guarantor is
familiar with, and has independently reviewed books and records regarding, the financial condition of Borrower and is familiar with the value of
any and all collateral intended to be created as security for the payment of the Guaranteed Debt; however, no Guarantor is relying on such financial condition or the collateral as an inducement to
enter into this Guaranty Agreement. 

 
 
        3.3    No Representation by the Loan  Parties.     No Loan
Party or any other party has made any representation, warranty, or statement to any Guarantor in order to induce any Guarantor to execute this Guaranty
Agreement. 

 
 
        3.4    Guarantors' Financial Condition.     As of the date
hereof, and after giving effect to this Guaranty Agreement and the contingent obligation evidenced hereby, each Guarantor is, and will be, Solvent.
 

 
 
        3.5    Determination of Benefit.     The Board of Directors,
partners, members, or other managers and owners of each Guarantor have determined that this Guaranty directly or indirectly benefits such
Guarantor and is in the best interests of such Guarantor. 

 
 
        3.6    Legality.     The execution, delivery, and performance
by each Guarantor of this Guaranty Agreement and the consummation of the transactions contemplated hereunder
(a) have been duly authorized by all necessary action of each Guarantor, and (b) do not, and will not, contravene or conflict with any Legal Requirement whatsoever to which any Guarantor
is subject or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or result in the breach of, any Contractual Obligation to which any
Guarantor is a party or which may be applicable to any Guarantor or any of its assets, or violate any provisions of its Constituent Documents; this Guaranty Agreement is a legal and binding obligation
of each Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy, insolvency, or other laws of general application relating to the enforcement of creditors' rights. 

6

 

 
 
        3.7    Survival.     All representations and warranties made
by each Guarantor herein shall survive the execution hereof. 

 
 

SECTION 4    
    
    SUBORDINATION OF CERTAIN INDEBTEDNESS    
  

 
 
        4.1    Subordination of Guarantor Claims.     As used herein,
the term "Guarantor Claims" shall mean all debts and liabilities of Borrower to any Guarantor,
whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several,
or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or
liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by any Guarantor. The Guarantor Claims shall include
without limitation all rights and claims of each Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of any Guarantor's payment of all or a portion of the
Guaranteed Debt. Until the Guaranteed Debt shall be paid and satisfied in full and Guarantors shall have performed all of their obligations hereunder, if a Potential Default or Event of Default
exists, then Guarantors shall not receive or collect, directly or indirectly, from Borrower or any other party any amount upon the Guarantor Claims. 

 
 
        4.2    Claims in Bankruptcy.     In the event of receivership,
 bankruptcy, reorganization, arrangement, debtor's relief, or other insolvency proceedings involving Borrower as debtor, the Loan
Parties shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee, or other court custodian dividends and
payments which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to the Loan Parties. Should any Loan Party receive, for application upon the
Guaranteed Debt, any such dividend or payment which is otherwise payable to any Guarantor, and which, as between Borrower and such Guarantor, shall constitute a credit upon the Guarantor Claims, then
upon payment to the Loan Parties in full of the Guaranteed Debt, such Guarantor shall become subrogated to the rights of the Loan Parties to the extent that such payments to the Loan Parties on the
Guarantor Claims have contributed toward the liquidation of the Guaranteed Debt, and such subrogation shall be with respect to that proportion of the Guaranteed Debt which would have been unpaid if
the Loan Parties had not received dividends or payments upon the Guarantor Claims. 

 
 
        4.3    Payments Held in Trust.     In the event that,
notwithstanding Sections 4.1 and 4.2 above, any
Guarantor should receive any funds, payment, claim, or distribution which is prohibited by such Sections, such Guarantor agrees to hold in trust for the Loan Parties, in kind, all funds, payments,
claims, or distributions so received, and agrees that he shall have absolutely no dominion over such funds, payments, claims, or distributions so received except to pay them promptly to Administrative
Agent, for the benefit of the Loan Parties, and such Guarantor covenants promptly to pay the same to Administrative Agent, for the benefit of the Loan Parties. 

 
 
        4.4    Liens Subordinate.     Each Guarantor agrees that any
liens, security interests, judgment liens, charges, or other encumbrances upon Borrower's assets securing payment of the Guarantor
Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges, or other encumbrances upon Borrower's assets securing payment of the Guaranteed Debt,
regardless of whether such encumbrances in favor of such Guarantor or the Loan Parties presently exist or are hereafter created or attach. Without the prior written consent of Administrative Agent, no
Guarantor shall (a) exercise or enforce any creditor's right it may have against Borrower, or (b) foreclose, repossess, sequester, or otherwise take steps or institute any action or
proceedings (judicial or otherwise, including, without limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor's relief, or insolvency proceeding) to enforce
any liens, mortgages, 

7

 

deeds of trust, security interest, collateral rights, judgments, or other encumbrances on assets of Borrower held by any Guarantor. 

 
 
        4.5    Notation of Records.     All promissory notes,
accounts receivable ledgers, or other evidences of the Guarantor Claims accepted by or held by each Guarantor shall contain a specific
written notice thereon that the indebtedness evidenced thereby is subordinated under the terms of this Guaranty Agreement. 

 
 

SECTION 5    
    
    MISCELLANEOUS    
  

 
 
        5.1    Waiver.     No failure to exercise, and no delay in
exercising, on the part of any Loan Party, any right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of the Loan Parties hereunder shall be in addition to all other rights provided
by applicable Legal Requirements. No modification or waiver of any provision of this Guaranty Agreement, nor consent to departure therefrom, shall be effective unless in writing and no such consent or
waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other
instances without such notice or demand. 

 
 
        5.2    Notices.     Any notices or other communications
required or permitted to be given by this Guaranty Agreement must be (a) given in writing and personally delivered or
mailed by prepaid certified or registered mail, return receipt requested, or (b) made by tested telex delivered or transmitted, to the party to whom such notice or communication is directed, to
in the case of any Guarantor, the address of such Guarantor set forth on the signature pages hereof, and in the case of the Credit Parties, as follows: 

Loan Parties:

Bank
of America, N.A., as Administrative Agent

901 Main Street, 64th Floor

Dallas, TX 75202

Attn: Mr. Ron Odlozil

Telecopy: (214) 209-0085 

With
a copy to: 

Banc
of America Securities LLC

100 North Tryon Street, 15th Floor

Charlotte, NC 28255

Attn: Mr. Anthony Fertitta

Telecopy: (704) 386-0255 

Any
such notice or other communication shall be deemed to have been given (whether actually received or not) on the day it is personally delivered as aforesaid or, if mailed, on the day it is mailed
as aforesaid, or, if transmitted by telex, on the day that such notice is transmitted as aforesaid. Any party may change its address for purposes of this Guaranty Agreement by giving notice of such
change to the other party pursuant to this Section 5.2.

 
 
        5.3    Governing Law.     This Guaranty Agreement has been
prepared, and is intended to be performed in the State of Texas, and the substantive Legal Requirements of such state shall
govern the validity, construction, enforcement, and interpretation of this Guaranty Agreement. For purposes of this Guaranty Agreement and the resolution of disputes hereunder, each Guarantor hereby
irrevocably submits and consents to, and waives any objection to, the non-exclusive jurisdiction of the courts of the 

8

 

State of Texas located in Dallas County, Texas and of the federal court located in the Northern Judicial District of Texas. 

 
 
        5.4    Invalid Provisions.     If any provision of this
Guaranty Agreement is held to be illegal, invalid, or unenforceable under present or future Legal Requirements effective during the term
of this Guaranty Agreement, such provision shall be fully severable and this Guaranty Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never
comprised a part of this Guaranty Agreement, and the remaining provisions of this Guaranty Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or
unenforceable provision or by its severance from this Guaranty Agreement, unless such continued effectiveness of this Guaranty Agreement, as modified, would be contrary to the basic understandings and
intentions of the parties as expressed herein. 

 
 
        5.5    Entirety and Amendments.     This Guaranty Agreement
embodies the entire agreement between the parties and supersedes all prior agreements and understandings, if any, relating to the subject
matter hereof, and this Guaranty Agreement may be amended only by an instrument in writing executed by an authorized officer of the party against whom such amendment is sought to be enforced. 

 
 
        5.6    Parties Bound; Assignment.     This Guaranty Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns and legal representatives;  provided, however, that no Guarantor may, without the prior
written consent of Administrative Agent, assign any of its rights, powers, duties, or
obligations hereunder. 

 
 
        5.7    Headings.     Section headings are for convenience of
reference only and shall in no way affect the interpretation of this Guaranty Agreement. 

 
 
        5.8    Multiple Counterparts.     This Guaranty Agreement may
be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the
parties hereto may execute this Guaranty Agreement by signing any such counterpart. 

 
 
        5.9    Rights and Remedies.     If any Guarantor becomes
liable for any indebtedness owing by Borrower to the Loan Parties, by endorsement or otherwise, other than under this Guaranty Agreement,
such liability shall not be in any manner impaired or affected hereby and the rights of the Loan Parties hereunder shall be cumulative of any and all other rights that the Loan Parties (or any of
them) may ever have against such Guarantor. The exercise by the Loan Parties of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent
or subsequent exercise of any other right or remedy. 

 
 
        5.10    WAIVER OF TRIAL BY JURY.     EACH GUARANTOR HEREBY
WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY AGREEMENT. THIS
WAIVER IS IRREVOCABLE AND SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, MODIFICATIONS, RENEWALS, EXTENSIONS, OR SUPPLEMENTS TO THIS GUARANTY AGREEMENT. IN THE EVENT OF LITIGATION, THIS GUARANTY AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT. 

 
 
        5.11    Additional Guarantors.     The initial Guarantors
hereunder shall be each of the Subsidiaries of Borrower that are signatories hereto and that are listed on  Schedule 1 attached hereto. From time to time subsequent to the time hereof,
additional Subsidiaries of Borrower may, as required under the
Credit Agreement, become parties hereto as additional Guarantors (each an "Additional Guarantor") by executing a counterpart of this Guaranty Agreement
in the form of Exhibit A attached hereto. Upon delivery of any such counterpart to Administrative Agent, notice of which is hereby waived by
Guarantors, each such Additional Guarantor shall be a Guarantor and shall be a party hereto as if such Additional Guarantor were an original signatory hereof. Each Guarantor expressly agrees that its
obligations arising hereunder shall not be affected or diminished by the addition or release of any other 

9

 

Guarantor hereunder, or by any election by Administrative Agent not to cause any Subsidiary of Borrower to become an Additional Guarantor hereunder. This Guaranty Agreement shall be fully effective
as to any Guarantor that is or becomes a party hereto regardless of whether any such person becomes or fails to become or ceases to be a Guarantor hereunder. 

 
 
        5.12    Release of Guarantors.     If any Guarantor which is
a Significant Subsidiary is re-designated as not a Significant Subsidiary pursuant to the definition of  Significant Subsidiary in the Credit Agreement, such Guarantor may be released from its
obligations under this Guaranty Agreement by Administrative
Agent's execution of a Release of Guarantor in the form of Exhibit B attached hereto. Each Guarantor expressly agrees that its obligations
arising hereunder shall not be affected or diminished by the release of any other Guarantor hereunder. 

10

 

	 	 	[GUARANTORS]
	

 	
 	

By:	

 	

 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	 	

	 	 	 	Title:	 
	 	 	 	 	

11

 
 

SCHEDULE 1    
    
    INITIAL GUARANTORS    
  

TC
ATLANTA, INC.

TC CHICAGO, INC.

TC DENVER, INC.

TC HOUSTON, INC.

TC MIDATLANTIC, INC.

TC NEW ENGLAND BROKERAGE, INC.

TC NEW ENGLAND, INC.

TC NORTHEAST METRO, INC. TC NORTHERN CALIFORNIA, INC.

TC RENO, INC.

TC SEATTLE, INC.

TC ST. LOUIS, INC.

TC TENNESSEE, INC.

TCC RISK SERVICES, INC.

TCC-PHOENIX, INC.

TCCT REAL ESTATE, INC.

TCDFW, INC.

TOOLEY & COMPANY, INC.

TRAMMELL CROW AUTOMOTIVE REALTY SERVICES, INC.

TRAMMELL CROW CORPORATE SERVICES, INC.

TRAMMELL CROW DEVELOPMENT, INC.

TRAMMELL CROW HEALTHCARE SERVICES, INC.

TRAMMELL CROW HIGHER EDUCATION SERVICES, INC.

TRAMMELL CROW NW, INC.

TRAMMELL CROW OPERATIONS, INC.

TRAMMELL CROW REALTY SERVICES, INC.

TRAMMELL CROW SE, INC.

TRAMMELL CROW SO. CAL., INC. 

 
 

EXHIBIT A    
    
    to Subsidiary Guaranty    
    
    COUNTERPART TO SUBSIDIARY GUARANTY    
  

        In witness whereof, the undersigned Additional Guarantor has caused this Guaranty to be executed by delivered by its officer thereunto duly authorized as of
                        , 200  . 

	

	
 	

 	

 	

 
	 	 	 	
[NAME OF ADDITIONAL GUARANTOR]
	

	
 	

 	

 	

 
	 	 	By:	    

	 	 	 	Name:	    

	 	 	 	Title:	    

	

Address for Notice:	
 	

 	

 	

 
	

	
 	

 	

 	

 
	
    
    
	 	 	 	 

 
 

EXHIBIT B    
    
    to Subsidiary Guaranty    
    
    FORM OF RELEASE OF GUARANTOR    
  

        In witness whereof, the undersigned Administrative Agent, for itself and on behalf of each of the Loan Parties, hereby releases and
discharges                        
from any and all obligations and liabilities of                        to the Loan Parties under that certain Subsidiary Guaranty
dated as of June 28, 2002, executed by the Subsidiaries of Trammell
Crow Company, described therein in favor of the Loan Parties defined therein. 

	 	 	BANK OF AMERICA, N.A., as Administrative Agent
	

	
 	

 	

 	

 
	 	 	By:	    

	 	 	 	Name:	    

	 	 	 	Title:	    

 
 

EXHIBIT F    
    
    FORM OF LC REQUEST    
  

 
 
        1.    Submission Pursuant To Credit Agreement. This LC Request is executed and delivered by Trammell Crow  Company, a Delaware
corporation ("Borrower"), to Bank of America, N.A., as Administrative Agent ("Administrative  Agent"), pursuant to Section 2.1(e) of the Credit Agreement dated as of June 28, 2002, between Borrower,  Administrative Agent, the Issuing Bank defined therein, and the Lenders defined therein (as modified, amended,
renewed, restated or supplemented from time to time, the "Credit  Agreement"). Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit
Agreement.    

 
 
        2.    Request For LC.     Borrower hereby requests that Issuing Bank issue an LC under the Credit Agreement as
follows: 

	Issue Date	 	 	, 200  	 
	Beneficiary	 	 	 	 
	Expiry Date	 	 	 	(5)
	Face Amount	 	$	 	 

 
 
        3.    Representations, Warranties, and Certifications.     Borrower hereby represents, warrants, and certifies to
the Credit Parties that, as of the date of the LC requested herein: 

        (a)  There exists no Potential Default or Event of Default. 

        (b)  Each Company has performed and complied with all agreements and conditions contained in the Credit Agreement that are
required to be performed or complied with by each Company. 

        (c)  The representations and warranties contained in the Credit Agreement and each of the other Loan Documents are true and
correct in all material respects, with the same force and effect as though made on and as of the date of the LC (unless such representations and warranties are, by their express terms, limited to a
specific date). 

 
 
        4.    Execution Authorized.     This LC Request is executed
on                        , 200  , by an authorized officer of Borrower. The undersigned, in such capacity, hereby
certifies each
and every matter contained herein to be true and correct. 

	 	 	

	

 	
 	

 of Trammell Crow Company, a Delaware corporation

	(5)
	Must
be at least three (3) Business Days before the Maturity Date. 

 
 

EXHIBIT G    
    
    FORM OF NOTE    
  

	$                              	 	Dallas, Texas	 	As of                        , 2002

        1.    FOR VALUE RECEIVED, TRAMMELL CROW COMPANY, a Delaware corporation
("Maker"), hereby unconditionally promises to pay to the order
of                        ("Payee"), at the
Funding and Payment Office of Administrative Agent defined in the Credit Agreement defined below, the sum
of                        Dollars
($                        ) (or, if less, so much thereof as may be
advanced), in lawful money of the United States of America. Capitalized terms not defined herein shall have the meaning assigned to those terms in the Credit Agreement defined below. 

        2.    The unpaid principal amount of, and accrued unpaid interest on, this Note is payable in accordance with the Credit
Agreement (as defined in Section 5 below). 

        3.    The unpaid principal balance advanced and outstanding hereunder shall bear interest from the date of advance until the
Maturity Date at the rate per annum provided in the Credit Agreement that is selected by Maker pursuant to the Credit Agreement. The interest rate specified in this section is subject to adjustment
under the circumstances described in the Credit Agreement. Interest shall be computed in the manner provided in the Credit Agreement. 

        4.    Notwithstanding any provision contained in this Note or any other document executed or delivered in connection with this
Note or in connection with the Credit Agreement, Payee shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on this Note, any amount in
excess of the maximum rate of interest permitted to be charged by applicable law, and, if Payee ever receives, collects or applies as interest any such excess, then the amount that would be excessive
interest shall be applied to reduce the unpaid principal balance of this Note, and, if the principal balance of this Note is paid in full by that application, then any remaining excess shall promptly
be paid to Maker. In determining whether the interest paid or payable under any specific contingency exceeds the highest lawful rate, Maker and Payee shall, to the maximum extent permitted under
applicable law, (a) characterize any non-principal payment (other than payments expressly designated as interest payments hereunder) as an expense or fee rather than as interest,
(b) exclude voluntary prepayments and the effect thereof, and (c) spread the total amount of interest throughout the entire contemplated term of this Note so that the interest rate is
uniform throughout that term. 

        5.    This Note has been executed and delivered pursuant to an Credit Agreement dated as of June 28, 2002 (as renewed,
extended, amended, or restated from time to time, the "Credit Agreement"), among Maker, the Lenders from time to time party thereto, Bank of
America, N.A., a national banking association, as Administrative Agent (in such capacity, together with its successors and assigns, "Administrative
Agent") and as Issuing Bank (as defined therein), and is one of the "Notes" referred to therein, and the holder of this Note is
entitled to the benefits provided in the Credit Agreement. Reference is hereby made to the Credit Agreement for a statement of (a) the obligation of Payee to advance funds hereunder,
(b) the prepayment rights and obligations of Maker, and (c) the events upon which the maturity of this Note may be accelerated. 

        6.    If the principal of, or any installment of interest on, this Note becomes due and payable on a day other than a Business
Day, then the maturity thereof shall be extended to the next succeeding Business Day. If this Note, or any installment or payment due hereunder, is not paid when due, whether at maturity or by
acceleration, or if it is collected through a bankruptcy, probate or other court, whether before or after maturity, then Maker shall pay all costs of collection, including, but not limited to,
reasonable attorney's fees incurred by the holder of this Note. All past due principal of, and to the extent permitted by applicable law, interest on this Note shall bear interest until paid at the
rate provided in the Credit Agreement. 

        7.    Maker and all sureties, endorsers, guarantors, and other parties ever liable for payment of any sums payable pursuant to
the terms of this Note, jointly and severally waive demand, presentment for 

 

payment, protest, notice of protest, notice of acceleration, notice of intent to accelerate, diligence in collection, the bringing of any suit against any party, and any notice of or defense on
account of any extensions, renewals, partial payments, or changes in any manner of or in this Note or in any of its terms, provisions, and covenants, or any releases or substitutions of any security,
or any delay, indulgence, or other act of any trustee or any holder hereof, whether before or after maturity. 

        8.    All Loans made by Payee, the respective Interest Periods thereof (if applicable), and all repayments of the principal
thereof may be recorded by Payee and, before any transfer hereof, endorsed by Payee on the schedule attached hereto, or on a continuation of the schedule attached to and a part hereof;  provided that the
failure of Payee to record any endorsement shall not affect the obligation of Maker hereunder or under the Credit Agreement. 

        9.    This Note is being executed and delivered, and is intended to be performed in the State of Texas. Except to the extent
that the laws of the United States may apply to the terms hereof, the substantive laws of the State of Texas shall govern the validity, construction, enforcement, and interpretation of this Note. 

	 	 	TRAMMELL CROW COMPANY,

a Delaware corporation
	

	
 	

 	

 	

 
	 	 	By:	    

	 	 	 	Name:	    

	 	 	 	Title:	    

2

 
 

EXHIBIT H    
    
    FORM OF NOTICE OF BORROWING    
  

 
 
        1.    Submission Pursuant To Credit Agreement.     This Notice of Borrowing is executed and delivered by Trammell
Crow Company, a Delaware corporation ("Borrower"),
to Bank of America, N.A., as Administrative Agent ("Administrative Agent"), pursuant to  Section 2.1(b) of the Credit Agreement dated as
of June 28, 2002, between Borrower, Administrative Agent, the Issuing Bank defined
therein, and the Lenders defined therein (as renewed, extended, amended, or restated from time to time, the "Credit Agreement"). Capitalized terms used
herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit Agreement. 

 
 
        2.    Request For Loan.     Borrower hereby requests that Lenders make a Loan to
Borrower pursuant to the Credit Agreement as follows: 

        (a)    Base Rate Loan.    

	(i)
	Amount of Base Rate Loan:                      

($1,000,000 or a greater integral multiple of $250,000)

	(ii)
	Date of Loan: 

        (b)    Eurodollar Rate Loan.    

	(i)
	Amount
of Eurodollar Rate Loan:                      

($5,000,000 or a greater integral multiple of $1,000,000)

	(ii)
	Date of Loan:                       

	(iii)
	Interest Period:                        months (one,
two, three, or six months). 

 
 
        3.    Representations, Warranties, and Certifications.     Borrower hereby represents, warrants, and certifies to
the Credit Parties that, as of the date of the Loan requested herein: 

        (a)  There exists no Potential Default or Event of Default. 

        (b)  Each Company has performed and complied with all agreements and conditions contained in the Credit Agreement that are
required to be performed or complied with by each Company. 

        (c)  The representations and warranties contained in the Credit Agreement and each of the other Loan Documents are true and
correct in all material respects, with the same force and effect as though made on and as of the date of the Loan (unless such representations and warranties are, by their express terms, limited to a
specific date). 

 
 
        4.    Proceeds of Loan.     Administrative Agent is authorized to deposit the proceeds of the Loan requested hereby
to:                                         
        . 

 
 
        5.    Execution Authorized.     This Notice of Borrowing is executed
on                        , 200  , by an authorized officer of Borrower. The undersigned, in such capacity, hereby
certifies each and every matter contained herein to be true and correct. 

	 	 	

	

 	
 	

 of Trammell Crow Company, a Delaware corporation

 
 

EXHIBIT I    
    
    FORM OF NOTICE OF CONVERSION/CONTINUATION    
  

 
 
        1.    Submission Pursuant To Credit Agreement.     This Notice of Conversion/Continuation is executed and delivered
by Trammell Crow Company, a Delaware corporation
("Borrower"), to Bank of America, N.A., as Administrative Agent ("Administrative Agent"), pursuant to  Section 2.2(d) of the Credit Agreement dated as of June 28, 2002, between Borrower, Administrative Agent, the Issuing Bank defined
therein, and the Lenders defined therein (as renewed, extended, amended, or restated from time to time, the "Credit Agreement"). Capitalized terms used
herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit Agreement. 

 
 
        2.    Request For Conversion/Continuation.     Borrower presently has a [Eurodollar Rate Loan/Base Rate Loan] Loan
(the "Existing Loan")
in the amount of $                  (which, if a Eurodollar Rate Loan, has an Interest Period of month(s) ending
on            , 200    ).
On                        , 200    (the
"Conversion Date"), Borrower desires to (check applicable box): 

        o    Pay
$                            of the Existing Loan and continue the balance of
$                            as a Eurodollar Rate Loan with a new
Interest Period of                            . 

        o    Pay
$                            of the Existing Loan and convert the balance of
$                            from a Eurodollar Rate Loan to a Base
Rate Loan. 

        o    Continue
the entire Existing Loan as a Eurodollar Rate Loan with a new Interest Period of                            .

        o    Continue
the Existing Loan, plus convert an additional $                  , as a Eurodollar Rate Loan with a new Interest Period
of                            . 

        o    Convert
the entire Existing Loan from a Eurodollar Rate Loan to a Base Rate Loan. 

        o    Convert
the entire Existing Loan from a Base Rate Loan to a Eurodollar Rate Loan with an Interest Period
of                            . 

 
 
        3.    Representations, Warranties and Certifications.     Borrower hereby represents, warrants, and certifies to
the Credit Parties that, as of the date of the Loan requested herein: 

        (a)  There exists no Potential Default or Event of Default. 

        (b)  Each Company has performed and complied with all agreements and conditions contained in the Credit Agreement that are
required to be performed or complied with by each Company. 

        (c)  The representations and warranties contained in the Credit Agreement and each of the other Loan Documents are true and
correct in all material respects, with the same force and effect as though made on and as of the date of the Loan (unless such representations and warranties are, by their express terms, limited to a
specific date). 

 
 
        4.    Execution Authorized.     This Notice of Conversion/Continuation is executed
on                        , 200  , by an authorized officer of Borrower. The undersigned, in such capacity,
hereby certifies each and every matter contained herein to be true and correct. 

	Date:	    
	 	 
	

	

 	
 	

 
	 	 	 	
 of Trammell Crow Company, a Delaware corporation

EXHIBIT J  

 FORM OF PLEDGE AGREEMENT—SUBSIDIARIES  

 SUBSIDIARY PLEDGE AGREEMENT  

        THIS SUBSIDIARY PLEDGE AGREEMENT (this "Agreement") is dated as of June 28, 2002, and entered into by and
between EACH OF THE SUBSIDIARIES OF TRAMMELL CROW COMPANY, A DELAWARE CORPORATION ("Borrower") LISTED ON SCHEDULE
1 ATTACHED HERETO (each a "Pledgor" and collectively, "Pledgors"), and BANK OF
AMERICA, N.A., a national banking association, as agent for and representative of (in such capacity herein called "Secured Party") the Credit Parties
defined in the Credit Agreement defined below. 

 
 

R E C I T A L S    
  

        1.    Reference is hereby made to that certain Credit Agreement dated of even date herewith, executed by Borrower, Secured
Party, as Administrative Agent and as Issuing Bank, and the Lenders defined therein (as modified, amended, renewed, extended, restated, or supplemented from time to time, the
"Credit Agreement"), pursuant to which Lenders have made certain Commitments, subject to the terms and conditions set forth in the Credit Agreement, to
make Loans to Borrower. 

        2.    Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit
Agreement. 

        3.    Pursuant to the Credit Agreement, each Pledgor has executed that certain Guaranty Agreement dated of even date herewith in
favor of the Credit Parties (as modified, amended, renewed, extended, restated, or supplemented from time to time, the "Guaranty"), pursuant to which
each Pledgor has guaranteed the prompt payment and performance when due of all obligations of Borrower under the Credit Agreement. 

        4.    Each Pledgor (a) is the legal and beneficial owner of (i) the shares of common stock (par value $0.01 per
share) (the "Pledged Shares") listed across such Pledgor's name in Part A of  Schedule 2 attached hereto and issued by the corporations named therein, and (ii) the partnership interests in limited partnerships or
general partnerships, as the case may be, and membership interests in limited liability companies, if any, listed across such Pledgor's name in  Part B of Schedule 2 attached hereto (collectively, the "Pledged
Interests"), or (b) may in the future become the owner of Pledged Shares, Pledged Interests, and/or other Collateral (defined below). 

        5.    It is a condition precedent to the making of the Loans by Lenders under the Credit Agreement that Pledgors shall have
granted the security interests and undertaken the obligations contemplated by this Agreement. 

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby
agrees with Secured Party, for the benefit of the Credit Parties, as follows: 

 
 
        1.    Pledge of Security.     Each Pledgor hereby
pledges and assigns to Secured Party, for the ratable benefit of the Credit Parties, and hereby grants to Secured Party, for the ratable
benefit of the Credit Parties, a security interest in, all of each Pledgor's right, title, and interest in and to the following (the "Collateral"): 

        (a)  the Pledged Shares and the certificates representing the Pledged Shares and any interest of any Pledgor in the entries on
the books of any financial intermediary pertaining to the Pledged Shares, and all dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received, receivable,
or otherwise distributable in respect of or in exchange for any or all of the Pledged Shares; 

        (b)  the Pledged Interests, including without limitation all of any Pledgor's right, title, and interest as a partner in any
partnership or as a member of any limited liability company, whether such right, title, and interest arises under any partnership agreement or limited liability company 

 

agreement (any such agreement being a "Formation Agreement") or otherwise, including, without limitation, all of any Pledgor's right to vote, together
with all other rights, interest, claims, and other property of any Pledgor in any manner arising out of or relating to its partnership or membership interests, whatever their respective kind or
character, whether they are tangible or intangible property, and wheresoever they may exist or be located, and further including, without limitation: (i) all rights of
any Pledgor to receive distributions of any kind, in cash or otherwise, due or to become due under or pursuant to any Formation Agreement or otherwise in respect of any partnership or limited
liability company; (ii) all rights of any Pledgor to receive proceeds of any insurance, indemnity, warranty, or guaranty with respect to any partnership or limited liability company;
(iii) all claims of any Pledgor for damages arising out of, or for the breach of, or default under, any Formation Agreement; and (iv) any certificated or uncertificated security
evidencing any of the foregoing issued by any partnership or limited liability company; 

        (c)  all additional shares of, and all securities convertible into and warrants, options, and other rights to purchase or
otherwise acquire, stock of any issuer of the Pledged Shares from time to time acquired by any Pledgor in any manner (which shares shall be deemed to be part of the Pledged Shares), the certificates
or other instruments representing such additional shares, securities, warrants, options, or other rights and any interest of any Pledgor in the entries on the books of any financial intermediary
pertaining to such additional shares, and all dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributed in respect
of or in exchange for any or all of such additional shares, securities, warrants, options, or other rights; 

        (d)  all shares of, and all securities convertible into and warrants, options, and other rights to purchase or otherwise
acquire, stock of any Person that, after the date of this Agreement, becomes, as a result of any occurrence, a Significant Subsidiary (which shares shall be deemed to be part of the Pledged Shares),
the certificates or other instruments representing such shares, securities, warrants, options, or other rights and any interest of any Pledgor in the entries on the books of any financial intermediary
pertaining to such shares, and all dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributed in respect of or in
exchange for any or all of such shares, securities, warrants, options, or other rights; 

        (e)  to the extent not included in any other paragraph of this  Section 1, all other general intangibles (including without limitation, tax refunds
and rights to demand issuance of a certificate evidencing the
Collateral), arising out of or in connection with rights to payment or performance, choses in action, and judgments taken on any rights or claims
included in the Collateral described in clauses (a) through (d) above; 

        (f)    all of any Pledgor's right, title, and interest in and to all books, records, ledger cards, files, correspondence,
computer programs, tapes, disks, and related data processing software that at any time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the
collection thereof or realization thereupon; and 

        (g)  to the extent not covered by clauses (a) through  (f) above, all proceeds of any or all of
the foregoing Collateral. For purposes of this Agreement, the term
"proceeds" includes whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected, or otherwise disposed of, whether
such disposition is voluntary or involuntary, and includes, without limitation, proceeds of any indemnity or guaranty payable to any Pledgor or Secured Party from time to time with respect to any of
the Collateral. 

 
 
        2.    Security for Obligations.     This Agreement
secures, and the Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand, or otherwise (including the payment of amounts that 

2

 

would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of
all obligations and liabilities of every nature of Borrower now or hereafter existing under or arising out of or in connection with the Credit Agreement and the other Loan Documents and all renewals
or extensions thereof, whether for principal, interest (including without limitation interest that, but for the filing of a petition in bankruptcy with respect to any Pledgor, would accrue on such
obligations), fees, expenses, indemnities, or otherwise, whether voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with
others, and whether or not from time to time decreased or extinguished and later increased, created, or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent
all or any part of such payment is avoided or recovered directly or indirectly from Secured Party or any Lender as a preference, fraudulent transfer, or otherwise and of each Pledgor now or hereafter
existing under or arising out of or in connection with the Guaranty (all such obligations and liabilities being the "Underlying Debt"), and all
obligations of every nature of each Pledgor now or hereafter existing under this Agreement (all such obligations of Pledgors, together with the Underlying Debt, being the
"Secured Obligations"). 

 
 
        3.    Delivery of Collateral.     All certificates or
instruments representing or evidencing the Collateral shall be delivered to and held by or on behalf of Secured Party pursuant hereto and
shall be in suitable form for transfer by delivery or, as applicable, shall be accompanied by any necessary endorsement, where necessary, or duly executed instruments of transfer or assignment in
blank, all in form and substance satisfactory to Secured Party. Secured Party shall have the right, at any time in its discretion and without notice to any Pledgor, to transfer to or to register in
the name of Secured Party or any of its nominees any or all of the Collateral, subject only to the revocable rights specified in Section 6(a). In
addition, Secured Party shall have the right at any time to exchange certificates or instruments representing or evidencing Collateral for certificates or instruments of smaller or larger
denominations. 

 
 
        4.    Representations and Warranties.     Each Pledgor
represents and warrants as follows: 

        (a)    Chief Executive Office; Organization; Authorization .    Each
Pledgor that is a corporation is duly organized, validly existing, and in good standing under the laws of its state of its incorporation and has all requisite corporate power and authority to carry on
its business as now conducted and proposed to be conducted and to enter into this Agreement and carry out the transactions contemplated hereby. Each Pledgor that is a partnership is duly organized,
validly existing, and in good standing under the laws of the state of its formation and has all requisite power and authority to carry on its business as now conducted and proposed to be conducted and
to enter into this Agreement and carry out the transactions contemplated hereby. The execution, delivery, and performance of this Agreement have been duly authorized by all necessary corporate or
partnership action by each Pledgor. 

        (b)    Good Standing.    Each Pledgor is qualified to do business and
is in good standing wherever necessary to carry on its present business and operations, except where the failure to so qualify or be in good standing could not have a Material Adverse Effect. 

        (c)    No Conflict.    The execution, delivery, and performance by
each Pledgor of this Agreement will not (i) violate the Constituent Documents of such Pledgor, (ii) violate any provision of any Legal Requirement applicable to such Pledgor, or any
order, judgment, or decree of any Governmental Authority binding on such Pledgor, (iii) result in a breach of, or constitute with due notice or lapse of time or both, a default under any
Contractual Obligation of such Pledgor where such breach or default could have a Material Adverse Effect, (iv) result in or require the creation or imposition of any Lien upon any of its
properties or assets, or (v) require the approval or consent of any Person under any Contractual Obligation of such Pledgor. 

        (d)    Binding Obligation.    This Agreement is the legally valid and
binding obligation of each Pledgor, enforceable against each Pledgor in accordance with its terms, except as enforcement may 

3

 

be limited by a bankruptcy, insolvency, reorganization, moratorium, or similar laws or equitable principles relating to or limiting creditors' rights generally. 

        (e)    Due Authorization, etc. of Collateral.    All of the Pledged
Shares have been duly authorized and validly issued and are fully paid and nonassessable. 

        (f)    Description of Collateral.    The Pledged Shares constitute all
of the issued and outstanding shares of stock of each of the Significant Subsidiaries of Pledgor and there are no outstanding warrants, options, or other rights to purchase, or other agreements
outstanding with respect to, or property that is now or hereafter convertible into, or that requires the issuance or sale of, any Pledged Shares. The Pledged Interests constitute all of the
partnership interests and limited liability interests owned by the Significant Subsidiaries of Pledgor in the partnerships or limited liability companies listed in  Schedule 1. 

        (g)    Ownership of Collateral.    Each Pledgor is the legal, record,
and beneficial owner of the Collateral described on Schedule 2 free and clear of any Lien except for the security interest created by this
Agreement. 

        (h)    Governmental Authorizations.    No authorization, approval, or
other action by, and no notice to or filing with, any Governmental Authority is required for either (i) the pledge by any Pledgor of the Collateral pursuant to this Agreement and the grant by
any Pledgor of the security interest granted hereby, (ii) the execution, delivery, or performance of this Agreement by any Pledgor, or (iii) the exercise by Secured Party of the voting
or other rights, or the remedies in respect of the Collateral, provided for in this Agreement (except as may be required in connection with a disposition of Collateral by laws affecting the offering
and sale of securities generally). 

        (i)    Perfection.    With respect to Collateral in which the security
interest may be perfected by the filing of financing statements, once those financing statements have been properly filed in the appropriate state for such filing, the security interest in that
Collateral will be fully perfected and the security interest will constitute a first-priority Lien on such Collateral, securing payment of the Secured Obligations. With respect to Collateral
consisting of investment property, deposit accounts, electronic chattel paper, letter-of-credit rights, and instruments, upon the delivery of such Collateral to Secured Party
or delivery of an executed control agreement with respect to such Collateral, the security interest in that Collateral will be fully perfected and the security interest will constitute a
first-priority Lien on such Collateral, securing payment of the Secured Obligations. None of the Collateral has been delivered nor control with respect thereto given to any other Person. 

        (j)    Margin Regulations.    The pledge of the Collateral pursuant to
this Agreement does not violate Regulation T, U, or X of the Board of Governors of the Federal
Reserve System. 

        (k)    Other Information.    All information heretofore, herein or
hereafter supplied to Secured Party by or on behalf of Pledgors with respect to the Collateral is accurate and complete in all material respects. 

 
 
        (5)    Assurances and Covenants of  Pledgors.
    

        (a)    Transfers and Other Liens.    Except as permitted by the terms
of the Credit Agreement, no Pledgor shall: 

        (i)    except as expressly permitted by the Credit Agreement, sell, assign (by operation of law or otherwise), pledge, or
hypothecate or otherwise dispose of, or grant any option with respect to, any of the Collateral; 

        (ii)  create or suffer to exist any Lien upon or with respect to any of the Collateral, except for Permitted Encumbrances; 

4

 

        (iii) permit any issuer of Pledged Shares to merge or consolidate unless all the outstanding capital stock of the surviving
or resulting corporation is, upon such merger or consolidation, pledged hereunder and no cash, securities, or other property is distributed in respect of the outstanding shares of any other
constituent corporation. 

        (iv)  permit any issuer of Pledged Interests in a partnership to merge or consolidate unless all the outstanding partnership
interests of the surviving or resulting entity is, upon such merger or consolidation, pledged hereunder and no cash, securities, or other property is distributed in respect of the outstanding
interests of any other constituent partnership; or 

        (v)  permit any issuer of Pledged Interests in a limited liability company to merge or consolidate unless all the outstanding
limited liability company interests of the surviving or resulting entity is, upon such merger or consolidation, pledged hereunder and no cash, securities, or other property is distributed in respect
of the outstanding interests of any other constituent limited liability company. 

        (b)    Additional Collateral.    Each Pledgor shall (i) cause
(A) each corporation that is an issuer of Pledged Shares not to issue any stock or other securities in addition to or in substitution for the Pledged Shares issued by such issuer, except to
such Pledgor, or (B) each partnership or limited liability company that is an issuer of Pledged Interests not to issue partnership or limited liability company interests in addition to or in
substitution for the Pledged Interests issued by such partnership or limited liability company, except to such Pledgor, (ii) pledge hereunder, immediately upon its acquisition (directly or
indirectly) thereof, any and all additional shares of stock or other securities of each issuer of Pledged Shares, and (iii) pledge hereunder, immediately upon its acquisition (directly or
indirectly) thereof, any and all shares of stock of any Person that, after the date of this Agreement, becomes, as a result of any occurrence, a Significant Subsidiary of such Pledgor. 

        (c)    Pledge Amendments.    Each Pledgor shall, upon obtaining any
additional shares of stock or other securities required to be pledged hereunder as provided in Section 5(b), promptly (and in any event within
five (5) Business Days) deliver to Secured Party a Pledge and Security Amendment, duly executed by such Pledgor, in substantially the form of  Exhibit A attached hereto (a "Pledge and Security Amendment"), in respect of the additional
Pledged Shares to be pledged pursuant to this Agreement. Each Pledgor hereby authorizes Secured Party to attach each Pledge and Security Amendment to this Agreement and agrees that all Pledged Shares
listed on any Pledge and Security Amendment delivered to Secured Party shall for all purposes hereunder be considered Collateral; provided, that the
failure of any Pledgor to execute a Pledge and Security Amendment with respect to any additional Pledged Shares pledged pursuant to this Agreement shall not impair the security interest of Secured
Party therein or otherwise adversely affect the rights and remedies of Secured Party hereunder with respect thereto. 

        (d)    Loss or Depreciation of Collateral.    Each Pledgor shall
promptly notify Secured Party of any event of which such Pledgor becomes aware that causes any loss or depreciation in the value of any portion of the Collateral resulting in a Material Adverse
Effect. 

        (e)    Written Notices.    Each Pledgor shall promptly deliver to
Secured Party (i) all written notices received by it with respect to the Collateral, and (ii) written notice of any change in such Pledgor's name, identity, chief executive office, or
principal place of business. 

        (f)    Taxes and Assessments.    Each Pledgor shall pay promptly when
due all taxes, assessments, and governmental charges or levies imposed upon, and all claims against, the Collateral, except to the extent the validity thereof is being contested in good faith and by
appropriate proceedings and in which reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP, have been made or provided therefor;  provided that each Pledgor shall
in any event pay 

5

 

such taxes, assessments, charges, levies, or claims not later than five (5) days prior to the date of any proposed sale under any judgement, writ, or warrant of attachment entered or filed
against such Pledgor or any of the Collateral as a result of the failure to make such payment. 

        (g)    Further Assurances Perfection.    Each Pledgor shall from time
to time, at the expense of such Pledgor, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that Secured Party may
reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable Secured Party to exercise and enforce its rights and remedies hereunder
with respect to any Collateral. Without limiting the generality of the foregoing, each Pledgor will: 

        (i)    at the request of Secured Party, mark conspicuously each item of its records pertaining to the Collateral with a legend
in form and substance satisfactory to Secured Party, indicating that such Collateral is subject to the security interest granted hereby; 

        (ii)  execute and file such financing or continuation statements, or amendments thereto, and such other instruments or
notices, as may be necessary or desirable, or as Secured Party may reasonably request, in order to perfect and preserve the security interests granted or purported to be granted hereby; 

        (iii) at Secured Party's request, appear in and defend any action or proceeding that may affect such Pledgor's title to or
Secured Party's security interest in all or any part of the Collateral; and 

        (iv)  take any and all action that may be necessary or appropriate to cause any partnership or limited liability company to
which such Pledgor is a partner or member, respectively, and which constitute Pledged Interests, to register the security interest of Secured Party in the Pledged Interests, including, without
limitation, to deliver to such partnership or limited liability company, as the case may be, instructions to register pledge substantially in the form of  Exhibit B attached hereto and, to
this end, cause such partnership or limited liability company to register the security interest granted hereby
upon the books of such partnership or limited liability company, as the case may be, in accordance with Article 8 of the  Uniform Commercial Code, as
adopted in the State of Texas (the "Code").
 

        (h)    Authorization to File Financing
Statements.    Each Pledgor hereby authorizes Secured Party to file one or more financing or continuation statements, and amendments thereto, relative to all or any
part of
the Collateral, with or without signature, in such filing offices as Secured Party shall deem appropriate, and, shall pay Secured Party's reasonable costs and expenses incurred in connection
therewith. 

        (i)    Formation Agreements.    Each Pledgor shall, at its expense:
(i) perform and comply in all material respects with all terms and provisions of any applicable Formation Agreement required to be performed or complied with by such agreement;
(ii) maintain such Formation Agreement in full force and effect, without any cancellation or termination thereof, or amendment, supplement, or other modification thereto (if such action could
adversely affect the rights and remedies of the Credit Parties under the Loan Documents), except as explicitly required or contemplated by its terms (as in effect on the date hereof) or as permitted
under the Credit Agreement, without the prior written consent of Secured Party; (iii) enforce such Formation Agreement in accordance with its terms, without waiving any default under or breach
of such Formation Agreement or waiving, failing to enforce, forgiving, or releasing any material right, interest, or entitlement of any kind, howsoever arising, under or in respect of such Formation
Agreement; and (iv) take all such action to that end as from time to time may be reasonably requested by Secured Party. 

6

 

 
 
        6.    Voting Rights; Dividends; Etc.     

        (a)  So long as no Event of Default shall have occurred and be continuing: 

        (i)    Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or
any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement; 

        (ii)  Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the lien of this Agreement, any
and all dividends and interest paid in respect of the Collateral; and 

        (iii) Secured Party shall promptly execute and deliver (or cause to be executed and delivered) to any Pledgor all such
proxies, dividend payment orders, and other instruments as such Pledgor may from time to time reasonably request for the purpose of enabling such Pledgor to exercise the voting and other consensual
rights which it is entitled to exercise pursuant to paragraph (i) above and to receive the dividends, principal, or interest payments which it is
authorized to receive and retain pursuant to paragraph (ii) above. 

        (b)  Upon the occurrence and during the continuation of an Event of Default: 

        (i)    upon written notice from Secured Party to any Pledgor, all rights of such Pledgor to exercise the voting and other
consensual rights which it would otherwise be entitled to exercise pursuant to Section 6(a)(i) shall cease, and all such rights shall thereupon
become vested in Secured Party who shall thereupon have the sole right to exercise such voting and other consensual rights; 

        (ii)  all rights of any Pledgor to receive the dividends which it would otherwise be authorized to receive and retain pursuant
to Section 6(a)(ii) shall cease, and all such rights shall thereupon become vested in Secured Party who shall thereupon have the sole right to
receive and hold as Collateral such dividends; and 

        (iii) all dividends which are received by any Pledgor contrary to the provisions of  paragraph (ii) of this Section 6(b)
 shall be received in trust for the benefit of Secured
Party, shall be segregated from other funds of such Pledgor and shall forthwith be paid over to Secured Party as Collateral in the same form as so received (with any necessary endorsements). 

        (c)  In order to permit Secured Party to exercise the voting and other consensual rights which it may be entitled to exercise
pursuant to Section 6(b)(i) and to receive all dividends and other distributions which it may be entitled to receive under  Section 6(a)(ii) or Section 6(b)(ii), (i) each Pledgor shall promptly execute and
deliver (or cause to be executed and delivered) to Secured Party all such proxies, dividend payment orders, and other instruments as Secured Party may from time to time reasonably request, and
(ii) without limiting the effect of the immediately preceding clause (i), each Pledgor hereby grants to Secured Party an irrevocable proxy
to vote the Pledged Shares and to exercise all other rights, powers, privileges, and remedies to which a holder of the Pledged Shares would be entitled (including, without limitation, giving or
withholding written consents of shareholders, calling special meetings of shareholders, and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any
action (including any transfer of any Pledged Shares on the record books of the issuer thereof) by any other Person (including the issuer of the Pledged Shares or any officer or agent thereof), upon
the occurrence of an Event of Default and which proxy shall only terminate upon the payment in full of the Secured Obligations. 

        (d)  Notwithstanding any of the foregoing, each Pledgor agrees that this Agreement shall not in any way be deemed to obligate
Secured Party or any Lender to assume any of any Pledgor's 

7

 

obligations, duties, expenses, or liabilities arising out of this Agreement (including, without limitation, any Pledgor's obligations as the holder of the Pledged Shares and as holder of the Pledged
Interests) or under any and all other agreements now existing or hereafter drafted or executed (collectively, the "Pledgor
Obligations") unless Secured Party or Lender otherwise expressly agrees to assume any or all of said Pledgor Obligations in writing. Without limiting the generality of the
foregoing, neither the grant of the security interest in the Collateral in favor of Secured Party as provided herein nor the exercise by Secured Party of any of its rights hereunder nor any action by
Secured Party in connection with a foreclosure on the Collateral shall be deemed to constitute Secured Party as a partner of any partnership or a member of any limited liability company;  provided, however, that in the event Secured Party or any Lender elects to become a substituted partner of any partnership or a member of any
limited liability company in place of any Pledgor, Secured Party or such Lender, as the case may be, shall be entitled to and shall become such a substitute partner or member, to the extent permitted
by the terms of such partnership or limited liability company agreement. 

 
 
        7.    Secured Party Appointed  Attorney-in-Fact.     Each Pledgor hereby irrevocably appoints Secured Party as such Pledgor's attorney-in-fact, with full authority in the place and stead of
such Pledgor and in the name of such Pledgor, Secured Party or otherwise, from time to time in Secured Party's discretion to take any action and to execute any instrument that Secured Party may deem
necessary or advisable to accomplish the purposes of this Agreement, including without limitation: 

        (a)  to file one or more financing or continuation statements, or amendments thereto, relative to all or any part of the
Collateral without the signature of such Pledgor; 

        (b)  upon the occurrence and continuance of an Event of Default, to ask, demand, collect, sue for, recover, compound, receive,
and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 

        (c)  upon the occurrence and continuance of an Event of Default, to receive, endorse, and collect any instruments made payable
to such Pledgor representing any dividend or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same; and 

        (d)  upon the occurrence and continuance of an Event of Default, to file any claims or take any action or institute any
proceedings that Secured Party may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Secured Party with respect to any of the Collateral. 

 
 
        8.    Secured Party May Perform.     If any Pledgor
fails to perform any agreement contained herein, then Secured Party may itself perform, or cause performance of, such agreement, and the expenses
of Secured Party incurred in connection therewith shall be payable by Pledgors under Section 12(b). 

 
 
        9.    Standard of Care.     The powers conferred on
Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such
powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, Secured Party shall have no duty
as to any Collateral, it being understood that Secured Party shall have no responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities,
tenders, or other matters relating to any Collateral, whether or not Secured Party has or is deemed to have knowledge of such matters, (b) taking any necessary steps (other than steps taken in
accordance with the standard of care set forth above to maintain possession of the Collateral) to preserve rights against any parties with respect to any
Collateral, (c) taking any necessary steps to collect or realize upon the Secured Obligations or any guarantee therefor, or any part thereof, or any of the Collateral, or (d) initiating
any action to protect the Collateral against the possibility of a decline in market value. Secured Party shall be deemed to 

8

 

have exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own
property consisting of negotiable securities. 

 
 
        10.    Remedies.     

        (a)  If any Event of Default shall have occurred and be continuing, then Secured Party may exercise in respect of the
Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the Code (whether or not the
Code applies to the affected Collateral), and Secured Party may also in its sole discretion, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at
public or private sale, at any exchange or broker's board or at any of Secured Party's offices or elsewhere, for cash, on credit, or for future delivery, at such time or times and at such price or
prices and upon such other terms as Secured Party may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral. Secured Party or any Lender may
be the purchaser of any or all of the Collateral at any such sale and Secured Party, as agent for and representative of Lenders (but not any Lender or Lenders in its or their respective individual
capacities unless Requisite Lenders shall otherwise agree in writing), shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of
the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by Secured Party at such sale. Each
purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives (to the extent permitted by applicable law)
all rights of redemption, stay, and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Each Pledgor agrees that, to
the extent notice of sale shall be required by law, at least ten (10) days' notice to such Pledgor of the time and place of any public sale or the time after which any private sale is to be
made shall constitute reasonable notification. Secured Party shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Secured Party may adjourn any public
or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each
Pledgor hereby waives any claims against Secured Party arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which
might have been obtained at a public sale, even if Secured Party accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any sale or other
disposition of the Collateral are insufficient to pay all the Secured Obligations, then each Pledgor shall be jointly and severally liable for the deficiency and the fees of any attorneys employed by
Secured Party to collect such deficiency. 

        (b)  Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as from time to
time amended (the "Securities Act"), and applicable state securities laws, Secured Party may be compelled, with respect to any sale of all or any part
of the Collateral conducted without prior registration or qualification of such Collateral under the Securities Act and/or such state securities
laws, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Each
Pledgor acknowledges that any such private sales may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including, without limitation, a
public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, each Pledgor agrees that any such private sale shall be deemed to have been
made in a commercially reasonable manner and that Secured Party shall have no obligation to engage in public sales and no obligation 

9

 

to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under
applicable state securities laws, even if such issuer would, or should, agree to so register it. 

        (c)  If Secured Party determines to exercise its right to sell any or all of the Collateral, then upon Secured Party's written
request, the Pledgor or Pledgors owning such Collateral shall and shall cause each issuer of any Pledged Shares to be sold hereunder from time to time to furnish to Secured Party all such information
as Secured Party may request in order to determine the number of shares and other instruments included in the Collateral which may be sold by Secured Party in exempt transactions under the Securities
Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 

 
 
        11.    Application of Proceeds.     Except as
expressly provided elsewhere in this Agreement, all proceeds received by Secured Party in respect of any sale of, collection from, or other realization
upon all or any part of the Collateral may, in the discretion of Secured Party, be held by Secured Party as Collateral for, and/or then, or at any time thereafter, applied in full or in part by
Secured Party against, the Secured Obligations in the following order of priority: 

        FIRST:
To the payment of all costs and expenses of such sale, collection, or other realization, including reasonable compensation to Secured Party and its agents and counsel, and all
other expenses, liabilities, and advances made or incurred by Secured Party in connection therewith, and all amounts for which Secured Party is entitled to indemnification hereunder and all advances
made by Secured Party hereunder for the account of Pledgors, and to the payment of all costs and expenses paid or incurred by Secured Party in connection with the exercise of any right or remedy
hereunder, all in accordance with Section 12; 

        SECOND:
To the payment of all other Secured Obligations (for the ratable benefit of the Credit Parties) and as cash collateral to secure any outstanding LC Exposure; and 

        THIRD:
To the payment to or upon the order of Pledgors, or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct, of any surplus
then remaining from such proceeds. 

 
 
        12.    Indemnity and Expenses.     

        (a)  Each Pledgor agrees to indemnify each Credit Party from and against any and all claims, losses, and liabilities in any
way relating to, growing out of, or resulting from this Agreement and the transactions contemplated hereby (including, without limitation, enforcement of this Agreement), except to the extent such
claims, losses, or liabilities result solely from such Credit Party's gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 

        (b)  Each Pledgor shall pay to Secured Party upon demand the amount of any and all costs and expenses, including the
reasonable fees and expenses of its counsel and of any experts and agents, that Secured Party may incur in connection with (i) the administration of this Agreement, (ii) the custody or
preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of Secured Party hereunder, or
(iv) the failure by any Pledgor to perform or observe any of the provisions hereof. 

 
 
        13.    Continuing Security Interest; Transfer of Loans.     This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the payment in full of all
Secured Obligations and the cancellation or termination of the Total Commitment, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and
remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to
the provisions of Section 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any 

10

 

other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured
Obligations and the cancellation or termination of the Total Commitment, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to Pledgors. Upon any such
termination Secured Party will, at each Pledgor's expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence such termination and such Pledgor
shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Collateral as shall not have been sold or otherwise applied
pursuant to the terms hereof. 

 
 
        14.    Secured Party as Agent.     

        (a)  Secured Party has been appointed to act as Secured Party hereunder by Lenders. Secured Party shall be obligated, and
shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the
release or substitution of Collateral), solely in accordance with this Agreement and the Credit Agreement. 

        (b)  Secured Party shall at all times be the same Person that is Administrative Agent under the Credit Agreement. Written
notice of resignation by Administrative Agent pursuant to the Credit Agreement shall also constitute notice of resignation as Secured Party under this Agreement; removal of Administrative Agent
pursuant to the Credit Agreement shall also constitute removal as Secured Party under this Agreement; and appointment of a successor Administrative Agent pursuant to the Credit Agreement shall also
constitute appointment of a successor Secured Party under this Agreement. Upon the acceptance of any appointment as Administrative Agent under  Section 8.5 of the Credit Agreement by a
successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and
become vested with all the rights, powers, privileges, and duties of the retiring or removed Secured Party under this Agreement, and the retiring or removed Secured Party under this Agreement shall
promptly (i) transfer to such successor Secured Party all sums, securities and other items of Collateral held hereunder, together with all records and other documents necessary or appropriate
in connection with the performance of the duties of the successor Secured Party under this Agreement, and (ii) execute and deliver to such successor Secured Party such amendments to financing
statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Secured Party of the security interests created hereunder, whereupon
such retiring or removed Secured Party shall be discharged from its duties and obligations under this Agreement. After any resigning or removed Administrative Agent's resignation or removal hereunder
as Secured Party, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was Secured Party hereunder. 

 
 
        15.    Amendments; Etc.     No amendment, modification,
 termination, or waiver of any provision of this Agreement, and no consent to any departure by any Pledgor from the terms and
conditions hereof, shall in any event be effective unless the same shall be in writing and signed by Secured Party and, in the case of any such amendment or modification, by such Pledgor. Any such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. 

 
 
        16.    Notices.     Any notice or other communication
herein required or permitted to be given shall be in writing and may be personally served, telexed, or sent by telecopy or
United States mail or courier service to each such party at its address set forth in the Credit Agreement, on the signature pages hereof or to such other addresses as each such party may in writing
hereafter indicate. Such notice or other communication shall be deemed to have been given when delivered in person or by courier service, upon receipt of telecopy or telex, or three
(3) Business Days after depositing it in the 

11

 

United states mail with postage prepaid and properly addressed; provided that any notice, request, or demand to or upon Administrative Agent or Lenders
shall not be effective until received. 

 
 
        17.    Failure or Indulgence Not Waiver: Remedies Cumulative.     No failure or delay on the part of Secured Party in the exercise of any power, right, or privilege hereunder shall impair such power, right, or privilege or be
construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right, or privilege preclude any other or further exercise thereof or of
any other power, right, or privilege. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

 
 
        18.    Severability.     In case any provision in or
obligation under this Agreement shall be invalid, illegal, or unenforceable in any jurisdiction, the validity, legality, and
enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

 
 
        19.    Headings.     Section and subsection headings in this Agreement are included herein for convenience of reference only and shall
not constitute a part of this Agreement for any other purpose or be given any substantive effect. 

 
 
        20.    Governing Law; Terms.     THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, EXCEPT TO THE EXTENT THAT THE CODE PROVIDES THAT THE VALIDITY OR PERFECTION OF THE SECURITY
INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF TEXAS. Unless otherwise
defined herein or in the Credit Agreement, terms used in Articles 8 and 9 of the Code are used herein as
therein defined. 

 
 
        21.    Consent to Jurisdiction and Service of Process.     ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT JURISDICTION IN THE STATE OF TEXAS, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT EACH PLEDGOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND
UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS AGREEMENT. Each Pledgor hereby agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt
requested, to such Pledgor at its address provided on the signature page hereof, such service being hereby acknowledged by such Pledgor to be sufficient for personal jurisdiction in any action against
such Pledgor in any such court and to be otherwise effective and binding service in every respect. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall
limit the right of Secured Party to bring proceedings against Pledgors in the courts of any other jurisdiction. 

 
 
        22.    Waiver of Jury Trial.     EACH PLEDGOR AND SECURED PARTY HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to
the subject matter of this transaction, including without limitation contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. Each Pledgor and Secured Party
each acknowledge that this waiver is a material inducement for each Pledgor and Secured Party to enter into a business relationship, that each Pledgor and Secured Party have already relied on this
waiver in entering into this Agreement and that each will continue to rely on this waiver in their related future 

12

 

dealings. Each Pledgor and Secured Party further warrant and represent that each has reviewed this waiver with its legal counsel, and that each knowingly and voluntarily waives its jury trial rights
following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS RENEWALS, SUPPLEMENTS, OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the
court. 

 
 
        23.    Counterparts.     This Agreement may be
executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a
single counterpart so that all signature pages are physically attached to the same document. 

 
 
        24.    Obligations Absolute.     All rights and
remedies of Secured Party hereunder, and all obligations of each Pledgor hereunder, shall be absolute and unconditional irrespective of: 

        (a)  any lack of validity or enforceability of the Credit Agreement or any of the other Loan Documents or any other agreement
or instrument relating to any of the foregoing; 

        (b)  any change in the time, manner, or place of payment of, or in any other term of, all or any of the Secured Obligations,
or any other amendment or waiver of or any consent to any departure from the Credit Agreement or any of the other Loan Documents; 

        (c)  any exchange, release, or nonperfection of any interest in any Collateral, or any release or amendment or waiver of or
consent to any departure from any guarantee, for all or any of the Secured Obligations; or 

        (d)  any other circumstances (other than payment in full of the Secured Indebtedness) that might otherwise constitute a
defense available to, or a discharge of, any Pledgor. 

 
 

Remainder of Page Intentionally Left Blank
  Signature Pages to Follow    
  

13

 

        IN WITNESS WHEREOF, Pledgor and Secured Party have caused this Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above. 

	 	 	
[                                         
                               ,
	 	 	a                                    ]

	

	
 	

 	

 	

 
	 	 	By:	    

	 	 	 	Name:	    

	 	 	 	Title:	    

	

 	
 	

Notice Address:
	

 	
 	

    
    

	 	 	Attention:	    

	 	 	Telecopy:	    

14

 

	

	
 	
BANK OF AMERICA, N.A., a national banking association, individually and as Administrative Agent
	

	
 	

 	

 	

 
	 	 	By:	    

	 	 	 	Name:	    

	 	 	 	Title:	    

	

 	
 	

Notice Address:
	

 	
 	

 	

Bank of America, N.A.

901 Main Street, 64th Floor

Dallas, TX 75202

Attn: Mr. Ron Odlozil

Telecopy: (214) 209-0085
	

 	
 	

With a copy to:
	

 	
 	

 	

Banc of America Securities LLC

100 North Tryon Street, 15th Floor

Charlotte, NC 28255

Attn: Mr. Anthony Fertitta

Telecopy: (704) 386-0255

15

  

 
 

SCHEDULE 1    
    
    INITIAL PLEDGORS    
  

TC
ATLANTA, INC.

TC CHICAGO, INC.

TC DENVER, INC.

TC HOUSTON, INC.

TC MIDATLANTIC, INC.

TC NEW ENGLAND BROKERAGE, INC.

TC NEW ENGLAND, INC.

TC NORTHEAST METRO, INC.

TC NORTHERN CALIFORNIA, INC.

TC RENO, INC.

TC SEATTLE, INC.

TC ST. LOUIS, INC.

TC TENNESSEE, INC.

TCC RISK SERVICES, INC.

TCC-PHOENIX, INC.

TCCT REAL ESTATE, INC.

TCDFW, INC.

TOOLEY & COMPANY, INC.

TRAMMELL CROW AUTOMOTIVE REALTY SERVICES, INC.

TRAMMELL CROW CORPORATE SERVICES, INC.

TRAMMELL CROW DEVELOPMENT, INC.

TRAMMELL CROW HEALTHCARE SERVICES, INC.

TRAMMELL CROW HIGHER EDUCATION SERVICES, INC.

TRAMMELL CROW NW, INC.

TRAMMELL CROW OPERATIONS, INC.

TRAMMELL CROW REALTY SERVICES, INC.

TRAMMELL CROW SE, INC.

TRAMMELL CROW SO. CAL., INC.

1

  

 
 

SCHEDULE 2    
    
    PART A    
  

	Stock Issuer
 
	 	Class of

Stock
	 	Stock Certificate

Nos.
	 	Par Value
	 	Number of Shares

	

 	
 	

 	
 	

 	
 	

 	
 	

 

 
 

PART B    
  

Limited Partnerships  

	(lp or gp)
	 	Limited Partnership
	 	Percent Interest

	None	 	 	 	 

Limited Liability Companies  

	Limited Liability Company
	 	Percent Interest

	None	 	 

1

  

 
 

EXHIBIT A    
    
    PLEDGE AMENDMENT    
  

        This Pledge Amendment, dated                        ,
200    , is delivered pursuant to Section 6(c) of
the Pledge Agreement referred to below. The undersigned hereby agrees that this Pledge Amendment may be attached to the Subsidiary Pledge Agreement dated as of June 28, 2002, between the
undersigned, as a Pledgor, and Bank of America, N.A., as Secured Party (the "Pledge Agreement;" capitalized terms defined therein being used herein as
therein defined), and that the [Pledged Shares / Pledged Interests] listed on this Pledge Amendment shall be deemed to be part of the [Pledged Shares]
[Pledged Interests] and shall become part of the Collateral and shall secure all Secured Obligations. 

	 	 	    

	

 	
 	

 	

 	

 
	 	 	By:	 	 
	 	 	 	

	 	 	 	Name:	    

	 	 	 	Title:	    

	
Stock Issuer
	
 	

Class of

Stock
	
 	

Stock Certificate

Nos.
	
 	

Par Value
	
 	

Number of

Shares

	    	 	 	 	 	 	 	 	 

Limited Partnerships  

	(lp or gp)
	 	Limited Partnership
	 	Percent Interest

	None	 	 	 	 

Limited Liability Companies  

	Limited Liability Company
	 	Percent Interest

	None	 	 

1

  

 
 

EXHIBIT B    
    
    FORM OF INSTRUCTION TO REGISTER PLEDGE    
    
    INSTRUCTION TO REGISTER PLEDGE    

                                    ,
200 

[NAME OF PARTNERSHIP/LLC]

Attention:

        Ladies
and Gentlemen: 

                                        
    (the
"Registered Owner"), hereby instructs [NAME OF PARTNERSHIP/LLC], a [STATE OF
FORMATION] [TYPE OF ENTITY] (the "Issuer"), to register the pledge of all of the Registered Owner's rights, title,
and interest in and to the Registered Owner's entire [limited/general partner] [membership] interests in the Issuer (the
"Interests"), in favor of Bank of America, N.A. as Administrative Agent (the "Registered Pledges"),
pursuant to the Subsidiary Pledge Agreement dated as of                        , 2002, as it may be amended or restated from time
to time, between the Registered Owner, as a Pledgor, and the Registered
Pledges. 

        The
Issuer is further instructed by the Registered Owner to promptly inform the Registered Pledges of the registration of this pledge by sending an initial transaction statement to the
Registered Pledges to its office located
at                                         
       , 

        Attention:                               
     .

        The
Registered Owner hereby warrants that (a) it is an appropriate person to originate this instruction, (b) it is entitled to effect the instruction here given, and
(c) its taxpayer identification number is                        . 

	 	Very truly yours,
	

 	

 	

 	

 
	 	By:	 	 
	 	 	

	 	 	Name:	    

	 	 	Title:	    

1

 
 

CONSENT OF THE ISSUER

        The
Issuer hereby consents and agrees to cause the pledge of the Partnership Interest referenced above to be registered on the books and records of the Issuer. 

	 	 	[NAME OF PARTNERSHIP/LLC],

a [STATE OF FORMATION] [TYPE OF ENTITY]
	

	
 	

 	

 	

 	

 
	 	 	By:	    
 its general partner
	 	 	 	By:	    

	 	 	 	 	Name:	    

	 	 	 	 	Title:	    

 
 

EXHIBIT K    
    
    FORM OF OPINION OF VINSON & ELKINS L.L.P.    
  

[TO
BE PROVIDED] 

 
 

SCHEDULE 1.1    
    
    APPROVED TAKEOUT PARTIES    
  

NONE

 
 

SCHEDULE 2.1    
    
    LENDERS' COMMITMENTS AND PRO RATA SHARES    
  

	Lender
 
	 	Commitment
	 	Pro Rata Share
	 
	Bank of America, N.A.	 	$	30,000,000	 	20.00000	%
	Fleet National Bank	 	$	30,000,000	 	20.00000	%
	First Tennessee Bank, N.A.	 	$	25,000,000	 	16.66667	%
	U.S. Bank National Association	 	$	20,000,000	 	13.33333	%
	The Bank of Nova Scotia	 	$	20,000,000	 	13.33333	%
	LaSalle Bank National Association	 	$	15,000,000	 	10.00000	%
	Union Bank of California, N.A.	 	$	10,000,000	 	6.66667	%
	 	 	
	 	
	 
	 	Total	 	$	150,000,000	 	100	%
	 	 	
	 	
	 

 
 

SCHEDULE 2.2    
    
    EXISTING LCS    
  

	Date of

Issuance
	 	Expiration

Date
	 	L/C

Number
	 	Date

Cancelled/

Expired
	 	Beneficiary
	 	L/C Amount
	 	Amount

Outstanding

	4/9/2001	 	10/1/2003	 	3036316	 	 	 	County of Douglas CO	 	$	60,566.94	 	$	60,566.94
	10/5/1999	 	12/1/2002	 	941917	 	 	 	County of Douglas CO	 	$	138,027.00	 	$	138,027.00
	2/22/2001	 	10/1/2002	 	3035175	 	 	 	County of Douglas CO	 	$	61,926.00	 	$	61,926.00
	7/12/2001	 	7/12/2003	 	3039168	 	 	 	East Whiteland Township	 	$	3,453,600.00	 	$	3,453,600.00
	8/27/2001	 	8/27/2002	 	3040215	 	 	 	Tredyffrin Township	 	$	1,566,959.25	 	$	1,566,959.25
	8/27/2001	 	8/27/2002	 	3040216	 	 	 	Tredyffrin Township	 	$	1,215,610.93	 	$	1,215,610.93
	3/13/2000	 	7/1/2003	 	3024013	 	 	 	City & County of Denver	 	$	77,221.50	 	$	77,221.50
	3/16/2001	 	1/15/2003	 	3035677	 	 	 	County of Arlington VA	 	$	30,400.00	 	$	30,400.00
	10/11/2001	 	1/28/2003	 	3041137	 	 	 	Bank of America (Atwater)	 	$	2,953,375.00	 	$	2,953,375.00
	4/22/2002	 	4/22/2003	 	3048146	 	 	 	Pacific Employers Insurance Co.	 	$	3,550,000.00	 	$	3,550,000.00
	

 	
 	

 	
 	

 	
 	

 	
 	
Outstanding at 6/25/02	
 	
 	

13,107,686.62	
 	
 	

13,107,686.62

 
 

SCHEDULE 4.1-1    
    
    SUBSIDIARIES OF COMPANY    
  

1996
DFW OFFICE, INC.

3865 TCMP VENTURE, LLC

3865 WILSON, L.L.C.

5950 SHERRY LANE LIMITED PARTNER, LTD.

AEW #10 CORPORATION

ATWATER 12 LP

AUSTIN RETAIL INVESTMENT, INC.

BC PLAZA II/III, LTD.

BELLAIRE SHOPPING CENTER ASSOCIATES, L.P.

BEVELAND CORPORATE CENTER LP

BPP-CM, L.P.

BROADVIEW CENTRAL TEXAS, LTD.

BURBANK AIRPORT PLAZA, LLC

BURLESON-STASSNEY LAND II, LTD.

BURLESON-STASSNEY LAND III, LTD.

BURLESON-STASSNEY LAND, LTD.

CH-NORTHWEST PLACE ONE, LTD.

CH-NWP, INC.

COLLINS CROSSING II, LTD.

CONSTRUCTION CORP. OF THE ROCKIES, INC.

CROW ATLANTA DEVELOPMENT-1996, INC.

CROW BROKERAGE COMPANY, INC.

DALLAS/FORT WORTH OFFICE REAL ESTATE INVESTMENTS #1 LIMITED PARTNERSHIP

DALLAS/FORT WORTH OFFICE REAL ESTATE INVESTMENTS, INC.

DALLAS/FORT WORTH REAL ESTATE INVESTMENTS #2, L.P.

DALLAS/FORT WORTH REAL ESTATE INVESTMENTS, INC.

DENALI LLC

EMERALD REAL ESTATE COMPANY

ENTERPRISE BUSINESS PARK D-2, L.P.

ENVIRONMENTAL ASSET SERVICES, INC.

EXPO 2 PARTNERS, LTD.

EXPO LAND, INC.

EXPO MANAGEMENT I, LLC

EXPO MANAGEMENT II, L.L.C.

EXPO MANAGEMENT III, LLC

EXPO PARTNERS I, LTD.

EXPO PARTNERS II, LTD.

EXPO PARTNERS III, LTD.

FAIRWAY CENTRE ASSOCIATES, L.P.

FAIRWAY CENTRE, INC.

FAIRWAY PLAZA ASSOCIATES, L.P.

FREEPORT #2, LP

FREESTANDING PROPERTY FUND I, L.P.

GLASGOW BTS, LLC

GLENDALE AND 91ST AVENUE LLC

GRAND PARKWAY/I-10 ASSOCIATES, L.P.

KANSAS CITY REAL ESTATE BROKERAGE, INC.

KYRENE MESA DEVELOPMENT COMPANY LLC

LAKELINE RETAIL 2000, LTD.

LANDMARK VI INDUSTRIAL CENTER, LTD.

LEEDS CONSTRUCTION SERVICES, INC.

MARSH AT BELMEADE PARTNERS, L.P.

MCCRELESS SQUARE, LTD.

MONTPELIER II, LLC

MT. BAKER LLC

MT. SHASTA LLC

 

NE METRO DEVELOPMENT 2, INC.

NNN CARE EIGHT LLC

NNN CARE ONE LLC

NORTHWOOD GP, LTD.

NORTHWOOD PROPERTIES, LTD.

OLD TOWN DEVELOPMENT COMPANY, LLC

ONE RIVERWALK PLACE, L.L.C.

OREGON OFFICE CONSTRUCTION COMPANY

PRIMEWEST LLC, A TRAMMELL CROW AFFILIATED COMPANY

PROSCENIUM, LLC

QUARRY CROSSING, LTD.

RAINIER LLC

RAVEN CONSTRUCTION, INC.

SPYGLASS CORPORATE SUPPORT SERVICES, INC.

STAC LOUDOUN LAND, LLC

STASSNEY HEIGHTS, LTD.

STM PARTNERS, LTD.

SUBTIER MARSH AT BELMEADE PARTNERS, L.P.

TC 82 INVERNESS LP

TC ARROWPOINT LP

TC ASHBURN LLC

TC ATLANTA DEVELOPMENT, INC.

TC ATLANTA, INC.

TC ATWATER LAND GENERAL PARTNER LP

TC ATWATER LAND LP

TC BALLPARK GP, INC.

TC BELLAIRE SHOPPING CENTER, INC.

TC BEVELAND, INC.

TC BOULDER OFFICE, L.P.

TC BROADWAY TRADE CENTER GP, INC.

TC BROADWAY TRADE CENTER INVESTORS LP

TC BROADWAY TRADE CENTER LP

TC CAMERON DEVELOPMENT LAND LP

TC CAPE WG LP

TC CAROLINAS, INC.

TC CBD DEVELOPMENT, LLC

TC CBD MEMBER, LLC

TC CENTER LLC

TC CHICAGO BROKERAGE, INC.

TC CHICAGO, INC.

TC CONTRACTORS, INC.

TC DALLAS/FORT WORTH INVESTMENT AND DEVELOPMENT, LP

TC DC LAND LP

TC DEERWOOD COMMERCE CENTER LP

TC DENVER TELCO LLC

TC DENVER, INC.

TC DETROIT, INC.

TC ELK GROVE GP, INC.

TC ELK GROVE LP

TC FAIRWAY PLAZA II, LTD.

TC FOREST HILL DEVELOPMENT LP

TC GAMECOCK LP

TC GLENDALE AND 91ST AVENUE LP

TC GRAND PARKWAY GP, INC.

TC HAVEN VILLAGE GP, INC.

TC HAVEN VILLAGE LP

2

 

TC HD DEVELOPMENT, LLC

TC HOUSTON TFK, INC.

TC HOUSTON, INC.

TC I-35 OKLAHOMA LLC

TC KANSAS CITY, INC.

TC KEARNY VILLA LP

TC KENTUCKY, INC.

TC KILLEEN MP, LP

TC LAKELAND #1, INC.

TC LAMBERT, INC.

TC LOUISIANA, INC.

TC MERIDIAN TOWER LP

TC MIDATLANTIC DEVELOPMENT, INC.

TC MIDATLANTIC PROPERTIES, INC.

TC MIDATLANTIC, INC.

TC MILWAUKEE, INC.

TC MK, INC.

TC NEW ENGLAND BROKERAGE, INC.

TC NEW ENGLAND, INC.

TC NORTHEAST METRO, INC.

TC NORTHERN CALIFORNIA, INC.

TC NW CROSSING DEVELOPMENT, LTD.

TC OKLAHOMA CITY, INC.

TC PIPELINE, LP

TC PORTLAND, INC.

TC PREMIER ROW HOLDING, INC.

TC RENO, INC.

TC SEABROOK, INC.

TC SEATTLE, INC.

TC SERVICENET, INC.

TC SIERRA BUILDING B, INC.

TC SIERRA BUILDING C, INC.

TC SIERRA BUILDING D, INC.

TC SIERRA BUILDING G, INC.

TC SIERRA CORPORATE CENTER, INC.

TC SIERRA PAD 3, INC.

TC SIERRA TOWN CENTER, INC.

TC SOUTH RIVER OFFICE LLC

TC SPRINGFIELD, LLC

TC ST. LOUIS, INC.

TC STORAGE LLC

TC SUWANEE CREEK, INC.

TC TAMPA GCS, INC.

TC TENNESSEE, INC.

TC TINKER LLC

TC TULSA, INC.

TC WC PARTNERS LP

TC WESTVIEW PLAZA LP

TC WILSONVILLE OFFICE, INC.

TC WOOD VILLAGE, INC.

TCC CONSTRUCTION, INC.

TCC GENERAL AGENCY, INC.

TCC LOUDOUN TELECOM, LLC

TCC MCLEAN PARKING LLC

TCC NNN TRADING, INC.

TCC NORTH FLORIDA DEVELOPMENT #1, INC.

3

 

TCC PIPELINE, LLC

TCC PROSCENIUM, INC.

TCC RISK SERVICES, INC.

TCC-BTS #2, INC.

TCC-BTS ALEXANDER POINTE MT, INC.

TCC-BTS CLEVELAND L.L.C

TCC-BTS JUMBO FITNESS, INC.

TCC-BTS LOVELAND OM, INC.

TCC-BTS MIRROR RIDGE MT, INC.

TCC-BTS RIDGE ROCK LP

TCC-BTS ROCK HILL MT, INC.

TCC-BTS VIRGINIA CENTER MT, INC.

TCCNV, INC.

TCCNV, LP

TCC-PB I, LTD.

TCC-PHOENIX, INC.

TCCT #2, INC.

TCCT BROADVIEW GP, LTD.

TCCT DEVELOPMENT #2, INC.

TCCT DEVELOPMENT, INC.

TCCT NW PORTFOLIO, INC.

TCCT REAL ESTATE, INC.

TCCT SAN ANTONIO INVESTMENTS II, INC.

TCCT SAN ANTONIO INVESTMENTS, INC.

TCDFW #1, INC.

TCDFW #2, INC.

TCDFW 1102 FREEWAY, L.P.

TCDFW 161 PIONEER LP

TCDFW 411 WEST SEVENTH LP

TCDFW ACQUISITIONS LP

TCDFW BMOB LP

TCDFW DENTON CANCER CENTER LP

TCDFW DEVELOPMENT #1, INC.

TCDFW DEVELOPMENT, LTD.

TCDFW GSC LP

TCDFW HITACHI BTS LP

TCDFW INDUSTRIAL INVESTMENTS, INC.

TCDFW INVESTMENT AND DEVELOPMENT, INC.

TCDFW LAKEPARK PLAZA, L.P.

TCDFW LCT LP

TCDFW MARSH AT BELMEADE, INC.

TCDFW PEACHTREE LP

TCDFW QUEST, INC.

TCDFW SPOKE LP

TCDFW SUMMIT #1, L.P.

TCDFW VA GP, INC.

TCDFW VA LP

TCDFW, INC.

TCDFW-COLLINS CROSSING, LTD.

TCFP SHOPPING CENTER II, INC.

TCH #2, INC.

TCH TFK, L.P.

TCM 3865, LLC

TCNE ATWATER 12, INC.

TCNE ATWATER LAND GP, INC.

TCNE DEVELOPMENT, INC.

4

 

TCNE-HORIZON, INC.

TCNE-NEBC, INC.

TCNE-USPS, INC.

TC-RIVERSIDE, L.L.C.

TCSE REALTY SERVICES, INC.

TEMPLE RETAIL, LTD.

TFK RETAIL, LTD.

TOOLEY & COMPANY, INC.

TRAMMELL CROW ARROWPOINT, INC.

TRAMMELL CROW ASSET MANAGEMENT, INC.

TRAMMELL CROW ATLANTA DEVELOPMENT, INC.

TRAMMELL CROW AUTOMOTIVE REALTY SERVICES, INC.

TRAMMELL CROW BROKERAGE SERVICES, LTD.

TRAMMELL CROW BTS, INC.

TRAMMELL CROW CAPITAL COMPANY II, INC.

TRAMMELL CROW CAROLINAS DEVELOPMENT, INC.

TRAMMELL CROW CENTRAL TEXAS DEVELOPMENT, INC.

TRAMMELL CROW CENTRAL TEXAS, LTD.

TRAMMELL CROW CHICAGO DEVELOPMENT, INC.

TRAMMELL CROW COMPANY—CHILE, INC.

TRAMMELL CROW COMPANY—SOUTH AMERICAN HOLDINGS, INC.

TRAMMELL CROW COMPANY CONSTRUCTION SERVICES, INC.

TRAMMELL CROW CONSTRUCTION-ATLANTA, INC.

TRAMMELL CROW CORPORATE SERVICES, INC.

TRAMMELL CROW CUB INVESTMENT, L.L.C.

TRAMMELL CROW DALLAS INDUSTRIAL DEVELOPMENT LIMITED PARTNERSHIP

TRAMMELL CROW DALLAS INDUSTRIAL DEVELOPMENT, INC.

TRAMMELL CROW DALLAS/FORT WORTH REAL ESTATE, LTD.

TRAMMELL CROW DALLAS/FORT WORTH, LTD.

TRAMMELL CROW DEERWOOD COMMERCE CENTER, INC.

TRAMMELL CROW DENVER DEVELOPMENT II, INC.

TRAMMELL CROW DENVER DEVELOPMENT, INC.

TRAMMELL CROW DENVER, INC.

TRAMMELL CROW DETROIT DEVELOPMENT, INC.

TRAMMELL CROW DEVELOPMENT, INC.

TRAMMELL CROW DFW DEVELOPMENT, INC.

TRAMMELL CROW HEALTHCARE SERVICES, INC.

TRAMMELL CROW HIGHER EDUCATION SERVICES, INC.

TRAMMELL CROW HOUSTON DEVELOPMENT, INC.

TRAMMELL CROW HOUSTON, LTD.

TRAMMELL CROW INDIVIDUAL INVESTMENT FUND 1996, L.P.

TRAMMELL CROW INVESTMENT FUND II, L.P.

TRAMMELL CROW INVESTMENT FUND III, L.P.

TRAMMELL CROW INVESTMENTS II, INC.

TRAMMELL CROW INVESTMENTS III, INC.

TRAMMELL CROW KANSAS CITY DEVELOPMENT, INC.

TRAMMELL CROW MEXICO, INC.

TRAMMELL CROW MILWAUKEE DEVELOPMENT, INC.

TRAMMELL CROW NEW ENGLAND DEVELOPMENT, INC.

TRAMMELL CROW NORTHERN CALIFORNIA DEVELOPMENT, INC.

TRAMMELL CROW NW, INC.

TRAMMELL CROW OKC DEVELOPMENT, INC.

TRAMMELL CROW OPERATIONS, INC.

TRAMMELL CROW PHOENIX DEVELOPMENT, INC.

TRAMMELL CROW PORTLAND DEVELOPMENT, INC.

TRAMMELL CROW REAL ESTATE SERVICES, INC.

5

 

TRAMMELL CROW REALTY SERVICES, INC.

TRAMMELL CROW REALTY-ATLANTA, INC.

TRAMMELL CROW RENO DEVELOPMENT, INC.

TRAMMELL CROW RETAIL SERVICES, INC.

TRAMMELL CROW RETAIL SERVICES-BROKERAGE, INC.

TRAMMELL CROW SE, INC.

TRAMMELL CROW SEATTLE DEVELOPMENT, INC.

TRAMMELL CROW SO. CAL. COMMERCIAL DEVELOPMENT, INC.

TRAMMELL CROW SO. CAL. DEVELOPMENT, INC.

TRAMMELL CROW SO. CAL. PROPERTIES, INC.

TRAMMELL CROW SO. CAL., INC.

TRAMMELL CROW SOUTH BAY, INC.

TRAMMELL CROW SOUTH FLORIDA DEVELOPMENT, INC.

TRAMMELL CROW SPECIALTY REALTY, INC.

TRAMMELL CROW TENNESSEE DEVELOPMENT, INC.

TRAMMELL CROW TULSA DEVELOPMENT, INC.

TRI-PROPERTIES PROSCENIUM, L.L.C.

USREA, INC.

VAN NUYS INDUSTRIAL CENTER, LLC

WEST OAK CENTER, LTD.

WEST TECH BUSINESS CENTER, LTD.

WEST TECH GP, INC.

WETMORE BUSINESS PARK, LTD.

WETMORE DISTRIBUTION HOLDINGS LP

WETMORE GP, LTD.

WETMORE II GP, INC.

WETMORE PHASE II, LTD. 

6

 
 

SCHEDULE 4.1-2    
    
    SIGNIFICANT SUBSIDIARIES    
  

TC
ATLANTA, INC.

TC CHICAGO, INC.

TC DENVER, INC.

TC HOUSTON, INC.

TC MIDATLANTIC, INC.

TC NEW ENGLAND BROKERAGE, INC.

TC NEW ENGLAND, INC.

TC NORTHEAST METRO, INC.

TC NORTHERN CALIFORNIA, INC.

TC RENO, INC.

TC SEATTLE, INC.

TC ST. LOUIS, INC.

TC TENNESSEE, INC.

TCC RISK SERVICES, INC.

TCC-PHOENIX, INC.

TCCT REAL ESTATE, INC.

TCDFW, INC.

TOOLEY & COMPANY, INC.

TRAMMELL CROW AUTOMOTIVE REALTY SERVICES, INC.

TRAMMELL CROW CORPORATE SERVICES, INC.

TRAMMELL CROW DEVELOPMENT, INC.

TRAMMELL CROW HEALTHCARE SERVICES, INC.

TRAMMELL CROW HIGHER EDUCATION SERVICES, INC.

TRAMMELL CROW NW, INC.

TRAMMELL CROW OPERATIONS, INC.

TRAMMELL CROW REALTY SERVICES, INC.

TRAMMELL CROW SE, INC.

TRAMMELL CROW SO. CAL., INC. 

 
 
 

SCHEDULE 4.6    
    
    LITIGATION    
  

NONE 

2

 
 
 

SCHEDULE 4.11    
    
    CERTAIN EMPLOYEE BENEFIT PLANS    
  

NONE 

3

 
 
 

SCHEDULE 4.13    
    
    ENVIRONMENTAL MATTERS    
  

NONE 

4

 
 
 

SCHEDULE 6.6    
    
    CERTAIN AFFILIATE TRANSACTIONS    
  

NONE

5

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