Document:

<PAGE>
                                                                  EXHIBIT 4.7(b)

                                                                  CONFORMED COPY

                            AMENDMENT TO $225,000,000
                           REVOLVING CREDIT AGREEMENT
                            DATED AS OF JULY 5, 2000

         This Amendment to the $225,000,000 Revolving Credit Agreement dated as
of July 5, 2000 ("Amendment") is entered into as of January 23, 2002.

                                    RECITALS

         This Amendment is entered into in reference to the following facts:

                  (a) The $225,000,000 Revolving Credit Agreement is dated as of
July 5, 2000 (as the same may be amended, supplemented or otherwise modified
from time to time, the "Credit Agreement") among, inter alios, Arch Chemicals,
Inc., the Lenders and Agents party thereto and JPMorgan Chase Bank, as
Administrative Agent for the Lenders. Capitalized terms used in this Amendment
without definition shall have the respective meanings assigned to them in the
Credit Agreement.

                  (b) The Borrower, the Agents and Required Lenders desire to
amend the Credit Agreement in order to make certain amendments as more
particularly described herein to the financial covenants, certain financial
definitions and pricing and to extend the maturity date to March 29, 2002.

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

                            ARTICLE ONE - AMENDMENTS

         1.1 Amendment of definition of "Applicable Rate". The definition of
"Applicable Rate" shall be amended by the addition at the end thereof of the
following: "Notwithstanding the foregoing, on and after March 4, 2002
"Applicable Rate" shall mean the higher of (i) the rate per annum calculated in
accordance with the foregoing provisions of this definition and (ii) the
"Applicable Rate" as defined in the 364-Day Facility or the Five-Year Facility
whichever is the higher."

                                                                       EXECUTION
<PAGE>
         1.2 Amendment of definition of "Availability Period". The definition of
"Availability Period" shall be amended by the deletion of the words "the
Maturity Date" and their replacement with the words "March 4, 2002."

         1.3 Amendment of definition of "Maturity Date. Section 1.1 shall be
amended by the deletion of the existing definition of "Maturity Date" and its
replacement with the following: ""Maturity Date" means March 29, 2002."

         1.4 Amendment of Sections 2.11 (d) (ii) and (iii). Sections 2.11 (d)
(ii) and (iii) shall be amended by the deletion in each of the words "five
Business Days" and their replacement with "two Business Days."

         1.5 Amendment of Section 6.05. Section 6.05 shall be amended by the
deletion of "the date hereof would not exceed the sum of (x) $65,000,000 plus
(y) 50% of the cumulative Consolidated Net Income of the Company for the period
(taken as one accounting period) since the date hereof" and the substitution
therefor of the words "December 31, 2001 would not exceed the sum of (x)
$40,000,000 plus (y) 50% of the cumulative Consolidated Net Income of the
Company for the period (taken as one accounting period) since December 31,
2001".

                  ARTICLE TWO - REPRESENTATIONS AND WARRANTIES

         2.1 Borrower Representations and Warranties. In order to induce the
Agents and the Lenders to enter into this Amendment, the Borrower represents and
warrants as follows:

                  (a) The Borrower has the power and authority and has taken all
action necessary to execute, deliver and perform this Amendment and all other
agreements and instruments executed or delivered or to be executed or delivered
in connection herewith and therewith and this Amendment and such other
agreements and instruments constitute the valid, binding and enforceable
obligations of the Borrower.

                  (b) The Borrower's representations and warranties contained in
the Credit Agreement are true and correct in all respects on and as of the date
hereof as though made on and as of the date hereof and no Default or Event of
Default has occurred and is continuing as of the date hereof (for the avoidance
of doubt in each case for the purposes of this Section 2.1 (b), after giving
effect to this Amendment

                                       2                               EXECUTION
<PAGE>
and the amendments dated of even date herewith to the Five-Year Facility and the
364-Day Facility).

         2.2 Acknowledgment of Borrower. The Borrower expressly acknowledges and
agrees that as of the date hereof, it has no offsets, claims or defenses
whatsoever against any of the Indebtedness or obligations owing under the Credit
Agreement.

                      ARTICLE THREE - CONDITIONS PRECEDENT

         3.1 Conditions to Effectiveness of this Amendment. The effectiveness of
this Amendment is subject to the satisfaction of the following conditions on or
before the date hereof:

                  (a) Receipt by the Administrative Agent of copies of this
Amendment duly executed by each of the Borrower, Agents and Required Lenders.

                  (b) The Borrower shall have paid all fees, costs and expenses
owing to the Administrative Agent, the Lenders and the Administrative Agent's
counsel through the date hereof, including without limitation, in respect of the
preparation, execution and delivery of this Agreement.

                        ARTICLE FOUR - GENERAL PROVISIONS

         4.1 Full Force and Effect. Except as expressly amended hereby, the
Credit Agreement and all other documents, agreements and instruments relating
thereto are and shall remain unmodified and in full force and effect. Upon the
effectiveness of this Amendment, on and after the date hereof, each reference in
the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein," or
words of like import shall mean and be a reference to the Credit Agreement as
amended hereby, and this Amendment and the Credit Agreement shall be read
together and construed as a single instrument.

         4.2 Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed to be
an original and that all of which taken together shall constitute one and the
same instrument, respectively. Delivery of an executed counterpart of this
Amendment by facsimile shall be equally effective as delivery of a manually
executed counterpart of this Amendment. Any party delivering an executed
counterpart by facsimile shall

                                       3                               EXECUTION
<PAGE>
also deliver a manually executed counterpart of this Amendment, but failure to
do so shall not effect the validity, enforceability, of binding effect of this
Amendment.

         4.3 Final Agreement. This Amendment is intended by the Borrower, the
Agents and the Lenders to be the final, complete, and exclusive expression of
the agreement between them with respect to the subject matter hereof. This
Amendment supersedes any and all prior oral or written agreements relating to
the subject matter hereof. This Amendment 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. The
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of
the Lenders or the Agents under the Credit Agreement, nor constitute a waiver of
any provision of the Credit Agreement.

         4.4 Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       4                               EXECUTION
<PAGE>
                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed as of the day and year first above written.

                                    JPMORGAN CHASE BANK,
                                    individually and as Administrative Agent,

                                    By: /s/ Lawrence Palumbo, Jr.
                                        -------------------------------------
                                     Name:  Lawrence Palumbo, Jr.
                                     Title: Vice President

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

                                    By: /s/ Donald J. Chin
                                        -------------------------------------
                                     Name:  Donald J. Chin
                                     Title: Managing Director

                                    WACHOVIA BANK, N.A.,
                                    individually and as Documentation Agent,

                                    By: /s/ Robert Wilson
                                        -------------------------------------
                                     Name:  Robert Wilson
                                     Title: Vice President

                                                                       EXECUTION
<PAGE>
Agreed and accepted:

ARCH CHEMICALS, INC.

By:  /s/  W. Paul Bush
   -------------------------
   Name:  W. Paul Bush
   Title: V.P. and Treasurer

                                                                       EXECUTION<PAGE>
                                                                     Exhibit 4.8
================================================================================

                                                                  CONFORMED COPY

                              ARCH CHEMICALS, INC.

                      $149,000,000 Senior Notes, Series A,
                               due March 20, 2007

                       $62,000,000 Senior Notes, Series B,
                               due March 20, 2009

                                ----------------

                             NOTE PURCHASE AGREEMENT

                                ----------------

                           DATED AS OF MARCH 20, 2002

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

<PAGE>

                                           TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                          HEADING                                                  PAGE
<S>                  <C>                                                                                   <C>
SECTION 1.           AUTHORIZATION OF NOTES...............................................................  1

    Section 1.1.     Description of Notes.................................................................  1
    Section 1.2.     Applicable Interest Rates............................................................  1

SECTION 2.           SALE AND PURCHASE OF NOTES...........................................................  2

    Section 2.1.     Notes................................................................................  2

SECTION 3.           CLOSING..............................................................................  2

SECTION 4.           CONDITIONS TO CLOSING................................................................  2

    Section 4.1.     Representations and Warranties.......................................................  2
    Section 4.2.     Performance; No Default..............................................................  3
    Section 4.3.     Compliance Certificates..............................................................  3
    Section 4.4.     Opinions of Counsel..................................................................  3
    Section 4.5.     Purchase Permitted by Applicable Law, Etc............................................  3
    Section 4.6.     Related Transactions.................................................................  4
    Section 4.7.     Payment of Special Counsel Fees......................................................  4
    Section 4.8.     Private Placement Number.............................................................  4
    Section 4.9.     Changes in Corporate Structure.......................................................  4
    Section 4.10.    Proceedings and Documents............................................................  4

SECTION 5.           REPRESENTATIONS AND WARRANTIES OF THE COMPANY........................................  4

    Section 5.1.     Organization; Power and Authority....................................................  4
    Section 5.2.     Authorization, Etc...................................................................  5
    Section 5.3.     Disclosure...........................................................................  5
    Section 5.4.     Organization and Ownership of Shares of Subsidiaries; Affiliates.....................  5
    Section 5.5.     Financial Statements.................................................................  6
    Section 5.6.     Compliance with Laws, Other Instruments, Etc.........................................  6
    Section 5.7.     Governmental Authorizations, Etc.....................................................  6
    Section 5.8.     Litigation; Observance of Statutes and Orders........................................  6
    Section 5.9.     Taxes................................................................................  7
    Section 5.10.    Title to Property; Leases............................................................  7
    Section 5.11.    Licenses, Permits, Etc...............................................................  7
    Section 5.12.    Compliance with ERISA................................................................  8
    Section 5.13.    Private Offering by the Company......................................................  8
    Section 5.14.    Use of Proceeds; Margin Regulations..................................................  9
    Section 5.15.    Existing Debt; Future Liens..........................................................  9
    Section 5.16.    Foreign Assets Control Regulations, Etc.............................................. 10
    Section 5.17.    Status under Certain Statutes........................................................ 10
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<CAPTION>
<S>                  <C>                                                                                   <C>
    Section 5.18.    Environmental Matters...............................................................  10

SECTION 6.           REPRESENTATIONS OF THE PURCHASER....................................................  10

    Section 6.1.     Purchase for Investment.............................................................  10
    Section 6.2.     Source of Funds.....................................................................  11
    Section 6.3.     Accredited Investor/No Solicitation.................................................  12

SECTION 7.           INFORMATION AS TO COMPANY...........................................................  12

    Section 7.1.     Financial and Business Information..................................................  12
    Section 7.2.     Officer's Certificate...............................................................  15
    Section 7.3.     Inspection..........................................................................  16

SECTION 8.           PAYMENT OF THE NOTES................................................................  16

    Section 8.1.     Required Payments...................................................................  16
    Section 8.2.     Optional Prepayments with Make-Whole Amount.........................................  16
    Section 8.3.     Allocation of Partial Prepayments...................................................  17
    Section 8.4.     Maturity; Surrender, Etc............................................................  17
    Section 8.5.     Purchase of Notes...................................................................  17
    Section 8.6.     Make-Whole Amount for Notes.........................................................  17
    Section 8.7.     Change in Control...................................................................  19

SECTION 9.           AFFIRMATIVE COVENANTS...............................................................  21

    Section 9.1.     Compliance with Law.................................................................  21
    Section 9.2.     Insurance...........................................................................  21
    Section 9.3.     Maintenance of Properties...........................................................  21
    Section 9.4.     Payment of Taxes and Claims.........................................................  21
    Section 9.5.     Corporate Existence, Etc............................................................  22

SECTION 10.          NEGATIVE COVENANTS..................................................................  22

    Section 10.1.    Limitation on Debt..................................................................  22
    Section 10.2.    Limitation on Debt of Subsidiaries..................................................  22
    Section 10.3.    Fixed Charge Coverage Ratio.........................................................  23
    Section 10.4.    Limitation on Liens.................................................................  23
    Section 10.5     Restricted Payments.................................................................  25
    Section 10.6.    Sales of Asset......................................................................  25
    Section 10.7.    Merger, Consolidation and Sale of Stock.............................................  26
    Section 10.8.    Nature of Business..................................................................  27
    Section 10.9.    Transactions with Affiliates........................................................  28
    Section 10.10.   Limitation on Securitization Transactions...........................................  28

SECTION 11.          EVENTS OF DEFAULT...................................................................  28

SECTION 12.          REMEDIES ON DEFAULT, ETC............................................................  30
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<CAPTION>
<S>                  <C>                                                                                   <C>
    Section 12.1.    Acceleration........................................................................  30
    Section 12.2.    Other Remedies......................................................................  31
    Section 12.3.    Rescission..........................................................................  31
    Section 12.4.    No Waivers or Election of Remedies, Expenses, Etc...................................  31

SECTION 13.          REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.......................................  31

    Section 13.1.    Registration of Notes...............................................................  31
    Section 13.2.    Transfer and Exchange of Notes......................................................  32
    Section 13.3.    Replacement of Notes................................................................  32

SECTION 14.          PAYMENTS ON NOTES...................................................................  33

    Section 14.1.    Place of Payment....................................................................  33
    Section 14.2.    Home Office Payment.................................................................  33

SECTION 15.          EXPENSES, ETC.......................................................................  33

    Section 15.1.    Transaction Expenses................................................................  33
    Section 15.2.    Survival............................................................................  34

SECTION 16.          SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT........................  34

SECTION 17.          AMENDMENT AND WAIVER................................................................  34

    Section 17.1.    Requirements........................................................................  34
    Section 17.2.    Solicitation of Holders of Notes....................................................  34
    Section 17.3.    Binding Effect, Etc.................................................................  35
    Section 17.4.    Notes Held by Company, Etc..........................................................  35

SECTION 18.          NOTICES.............................................................................  35

SECTION 19.          REPRODUCTION OF DOCUMENTS...........................................................  36

SECTION 20.          CONFIDENTIAL INFORMATION............................................................  36

SECTION 21.          SUBSTITUTION OF PURCHASER...........................................................  37

SECTION 22.          MISCELLANEOUS.......................................................................  37

    Section 22.1.    Successors and Assigns..............................................................  37
    Section 22.2.    Payments Due on Non-Business Days...................................................  38
    Section 22.3.    Severability........................................................................  38
    Section 22.4.    Construction........................................................................  38
    Section 22.5.    Counterparts........................................................................  38
    Section 22.6.    Governing Law.......................................................................  38
</TABLE>

                                      -iii-

<PAGE>

<TABLE>
<CAPTION>
<S>                  <C>    <C>
SCHEDULE A           --     INFORMATION RELATING TO PURCHASERS

SCHEDULE B           --     DEFINED TERMS

SCHEDULE 4.9         --     Changes in Corporate Structure

SCHEDULE 5.4         --     Subsidiaries of the Company, Ownership of Subsidiary Stock, Affiliates

SCHEDULE 5.5         --     Financial Statements

SCHEDULE 5.11        --     Licenses, Permits, Etc.

SCHEDULE 5.15        --     Existing Debt

SCHEDULE 10.4        --     Existing Liens

EXHIBIT 1(a)         --     Form of Senior Note, Series A, due March 20, 2007

EXHIBIT 1(b)         --     Form of Senior Note, Series B, due March 20, 2009

EXHIBIT 4.4(a)       --     Form of Opinion of Special Virginia Counsel to the Company

EXHIBIT 4.4(b)       --     Form of Opinion of General Counsel to the Company

EXHIBIT 4.4(c)       --     Form of Opinion of Special Counsel to the Company

EXHIBIT 4.4(d)       --     Form of Opinion of Special Counsel to the Purchasers
</TABLE>

                                      -iv-

<PAGE>

                              ARCH CHEMICALS, INC.
                                  501 MERRITT 7
                           NORWALK, CONNECTICUT 06851

                   SENIOR NOTES, SERIES A, DUE MARCH 20, 2007
                   SENIOR NOTES, SERIES B, DUE MARCH 20, 2009

                                                                     Dated as of
                                                                  March 20, 2002

TO THE PURCHASERS LISTED IN
       THE ATTACHED SCHEDULE A:

Ladies and Gentlemen:

         ARCH CHEMICALS, INC., a Virginia corporation (the "Company"), agrees
with the Purchasers listed in the attached Schedule A (the "Purchasers") to
this Note Purchase Agreement (this "Agreement") as follows:

SECTION 1.           AUTHORIZATION OF NOTES.

         Section 1.1.   Description of Notes. The Company will authorize the
issue and sale of (i) $149,000,000 aggregate principal amount of its Senior
Notes, Series A, due March 20, 2007 (the "Series A Notes"), and (ii)
$62,000,000 aggregate principal amount of its Senior Notes, Series B, due March
20, 2009 (the "Series B Notes," and together with the Series A Notes, the
"Notes"). The term "Notes" shall also include any such notes issued in
substitution therefor pursuant to Section 13 of this Agreement. The Notes shall
be substantially in the forms set out in Exhibit 1(a) and Exhibit 1(b),
respectively, with such changes therefrom, if any, as may be approved by the
Purchasers and the Company.  Certain capitalized terms used in this Agreement
are defined in Schedule B; references to a "Schedule" or an "Exhibit" are,
unless otherwise specified, to a Schedule or an Exhibit attached to this
Agreement.

         Section 1.2.   Applicable Interest Rates. (a) The Series A Notes shall
bear interest (computed on the basis of a 360-day year of twelve 30-day months)
on the unpaid principal balance thereof from the date of issuance at the Series
A Applicable Rate, payable semiannually on March 20 and September 20 in each
year, commencing September 20, 2002, until such principal sum shall have become
due and payable (whether at maturity, upon notice of prepayment or otherwise)
and interest (so computed) on any overdue principal and premium (as provided
herein) and, to the extent permitted by applicable law, on any overdue
interest, from the due date thereof (whether by acceleration or otherwise) at
the Series A Overdue Rate until paid.

         (b)  The Series B Notes shall bear interest (computed on the basis of
a 360-day year of twelve 30-day months) on the unpaid principal balance thereof
from the date of issuance at the Series B Applicable Rate, payable semiannually
on March 20 and September 20 in each year,

                                   SCHEDULE A
                          (to Note Purchase Agreement)

<PAGE>

commencing September 20, 2002, until such principal sum shall have become due
and payable (whether at maturity, upon notice of prepayment or otherwise) and
interest (so computed) on any overdue principal and premium (as provided
herein) and, to the extent permitted by applicable law, on any overdue
interest, from the due date thereof (whether by acceleration or otherwise) at
the Series B Overdue Rate until paid.

SECTION 2.           SALE AND PURCHASE OF NOTES.

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

SECTION 3.           CLOSING.

         The sale and purchase of the Notes to be purchased by each Purchaser
shall occur at the offices of Chapman and Cutler, 111 West Monroe Street,
Chicago, Illinois 60603 at 10:00 a.m. Chicago time, at a closing (the
"Closing") on March 20, 2002 or on such other Business Day thereafter on or
prior to March 22, 2002 as may be agreed upon by the Company and the
Purchasers. At the Closing the Company will deliver to each Purchaser the Notes
to be purchased by such Purchaser in the form of a single Note (or such greater
number of Notes in denominations of at least $100,000 as such Purchaser may
request) dated the date of the Closing and registered in such Purchaser's name
(or in the name of such Purchaser's nominee), against delivery by such
Purchaser to the Company or its order of immediately available funds in the
amount of the purchase price therefor by wire transfer of immediately available
funds for the account of the Company to account number [withheld], account name
Arch Chemicals, Inc., at JPMorgan Chase Bank, New York, New York, ABA Number
021000021. If at the Closing the Company shall fail to tender such Notes to any
Purchaser as provided above in this Section 3, or any of the conditions
specified in Section 4 shall not have been fulfilled to any Purchaser's
satisfaction, such Purchaser shall, at such Purchaser's election, be relieved
of all further obligations under this Agreement, without thereby waiving any
rights such Purchaser may have by reason of such failure or such nonfulfillment.

SECTION 4.           CONDITIONS TO CLOSING.

         The obligation of each Purchaser to purchase and pay for the Notes to
be sold to such Purchaser at the Closing is subject to the fulfillment to such
Purchaser's satisfaction, prior to or at the Closing, of the following
conditions:

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

                                      A-2

<PAGE>

         Section 4.2.   Performance; No Default. The Company shall have
performed and complied in all material respects with all agreements and
conditions contained in this Agreement required to be performed or complied
with by the Company prior to or at the Closing, and after giving effect to the
issue and sale of the Notes (and the application of the proceeds thereof as
contemplated by Section 5.14), no Default or Event of Default shall have
occurred and be continuing.

         Section 4.3.   Compliance Certificates.

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

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

         Section 4.4.   Opinions of Counsel. Such Purchaser shall have received
opinions in form and substance reasonably satisfactory to such Purchaser, dated
the date of the Closing, (a) from Hunton & Williams, special Virginia counsel
to the Company, covering the matters set forth in Exhibit 4.4(a) and covering
such other matters incident to the transactions contemplated hereby as such
Purchaser or such Purchaser's counsel may reasonably request (and the Company
hereby instructs such counsel to deliver such opinion to such Purchaser), (b)
from Sarah A. O'Connor, General Counsel of the Company, covering the matters
set forth in Exhibit 4.4(b) and covering such other matters incident to the
transactions contemplated hereby as such Purchaser or such Purchaser's counsel
may reasonably request (and the Company hereby instructs its counsel to deliver
such opinion to such Purchaser), (c) from Cravath, Swaine & Moore, special
counsel for the Company, covering the matters set forth in Exhibit 4.4(c) and
covering such other matters incident to the transactions contemplated hereby as
such Purchaser or such Purchaser's counsel may reasonably request (and the
Company hereby instructs such counsel to deliver such opinion to such
Purchaser), and (d) from Chapman and Cutler, the Purchasers' special counsel in
connection with such transactions, substantially in the form set forth in
Exhibit 4.4(d) and covering such other matters incident to such transactions as
such Purchaser may reasonably request.

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

                                      A-3

<PAGE>

Certificate certifying as to such matters of fact as such Purchaser may
reasonably specify to enable such Purchaser to determine whether such purchase
is so permitted.

         Section 4.6.   Related Transactions. The Company shall have
consummated the sale of the entire principal amount of the Notes scheduled to
be sold on the date of Closing pursuant to this Agreement.

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

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

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

         Section 4.10.  Proceedings and Documents. All corporate and other
proceedings in connection with the transactions contemplated by this Agreement
and all documents and instruments incident to such transactions shall be
reasonably satisfactory to such Purchaser and such Purchaser's special counsel,
and such Purchaser and such Purchaser's special counsel shall have received all
such counterpart originals or certified or other copies of such documents as
such Purchaser or such Purchaser's special counsel may reasonably request.

SECTION 5.           REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         The Company represents and warrants to each Purchaser that:

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

                                      A-4

<PAGE>

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

         Section 5.3.   Disclosure. The Company, through its agents, Banc of
America Securities LLC, JP Morgan Securities Inc. and First Union Securities,
Inc., has delivered to each Purchaser a copy of a Private Placement Memorandum,
dated February, 2002 (the "Memorandum"), relating to the transactions
contemplated hereby. The Memorandum fairly describes, in all material respects,
the general nature of the business and principal properties of the Company and
its Subsidiaries. This Agreement, the Memorandum, the documents, certificates
or other writings delivered to the Purchasers by or on behalf of the Company in
connection with the transactions contemplated hereby (excluding (i) forward
looking information, including financial projections and forecasts, provided by
the Company which were based on assumptions which the Company believes to be
reasonable in the aggregate and (ii) information specifically referenced in the
Memorandum as being from a third party source and which the Company has no
reason to believe is inaccurate) and the financial statements listed in
Schedule 5.5, taken as a whole, do not contain any untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein not misleading in light of the circumstances under which
they were made. Since September 30, 2001, there has been no change in the
financial condition, operations, business or properties of the Company or any
of its Subsidiaries except changes that individually or in the aggregate could
not reasonably be expected to have a Material Adverse Effect. There is no fact
known to the Company that could reasonably be expected to have a Material
Adverse Effect that has not been set forth herein or in the Memorandum or in
the other documents, certificates and other writings delivered to each
Purchaser by or on behalf of the Company specifically for use in connection
with the transactions contemplated hereby.

         Section 5.4.   Organization and Ownership of Shares of Subsidiaries;
Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete and
correct lists of (i) the Company's Subsidiaries, showing, as to each
Subsidiary, the correct name thereof, the jurisdiction of its organization, and
the percentage of shares of each class of its capital stock or similar equity
interests outstanding owned by the Company and each other Subsidiary, (ii) the
Company's Affiliates, other than Subsidiaries, and (iii) the Company's
directors and senior officers.

         (b)  All of the outstanding shares of capital stock or similar equity
interests of each Subsidiary shown in Schedule 5.4 as being owned by the
Company and its Subsidiaries have been validly issued, are fully paid and
nonassessable (to the extent such concept is applicable by law) and are owned
by the Company or another Subsidiary free and clear of any Lien (except as
otherwise disclosed in Schedule 5.4 or permitted by Section 10.4).

                                      A-5

<PAGE>

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

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

         Section 5.5.   Financial Statements. The Company has delivered to each
Purchaser copies of the financial statements of the Company and its
Subsidiaries listed on Schedule 5.5. All of said financial statements
(including in each case the related schedules and notes) fairly present in all
material respects the consolidated financial position of the Company and its
Subsidiaries as of the respective dates specified in such financial statements
and the consolidated results of their operations and cash flows for the
respective periods so specified and have been prepared in accordance with GAAP
consistently applied throughout the periods involved except as set forth in the
notes thereto (subject, in the case of any interim financial statements, to
normal year-end adjustments).

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

         Section 5.7.   Governmental Authorizations, Etc. No consent, approval
or authorization of, or registration, filing or declaration with, any
Governmental Authority is required in connection with the execution, delivery
or performance by the Company of this Agreement or the Notes.

         Section 5.8.   Litigation; Observance of Statutes and Orders. (a)
There are no actions, suits or proceedings pending or, to the knowledge of the
Company, threatened against or

                                      A-6

<PAGE>

affecting the Company or any Subsidiary or any property of the Company or any
Subsidiary in any court or before any arbitrator of any kind or before or by
any Governmental Authority that, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

         (b)  Neither the Company nor any Subsidiary is in default under any
term of any agreement or instrument to which it is a party or by which it is
bound, or any order, judgment, decree or ruling of any court, arbitrator or
Governmental Authority or is in violation of any applicable law, ordinance,
rule or regulation (including without limitation Environmental Laws) of any
Governmental Authority, which default or violation, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

         Section 5.9.   Taxes. The Company and its Subsidiaries have filed all
Material tax returns that are required to have been filed in any jurisdiction,
and have paid all taxes shown to be due and payable on such returns and all
other taxes and assessments levied upon them or their properties, assets,
income or franchises, to the extent such taxes and assessments have become due
and payable and before they have become delinquent, except for any taxes and
assessments (a) the amount of which is not individually or in the aggregate
Material or (b) the amount, applicability or validity of which is currently
being contested in good faith by appropriate proceedings and with respect to
which the Company or a Subsidiary, as the case may be, has established adequate
reserves in accordance with GAAP. The Company knows of no basis for any other
tax or assessment that could reasonably be expected to have a Material Adverse
Effect. The charges, accruals and reserves on the books of the Company and its
Subsidiaries in respect of federal, state or other taxes for all fiscal periods
are adequate in accordance with GAAP. The federal income tax returns of the
consolidated group consisting of the Company and its Subsidiaries have not been
audited by the Internal Revenue Service.

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

         Section 5.11.   Licenses, Permits, Etc. Except as disclosed in
Schedule 5.11,

                   (a)  the Company and its Subsidiaries own or possess all
         licenses, permits, franchises, authorizations, patents, copyrights,
         service marks, trademarks and trade names, or rights thereto, that
         individually or in the aggregate are Material, without known conflict
         with the rights of others;

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

                                      A-7

<PAGE>

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

        Section 5.12.   Compliance with ERISA. (a) The Company and each ERISA
Affiliate have operated and administered each Plan in compliance with all
applicable laws except for such instances of noncompliance as have not resulted
in and could not reasonably be expected to result in a Material Adverse Effect.
Neither the Company nor any ERISA Affiliate has incurred any liability pursuant
to Title I or IV of ERISA or the penalty or excise tax provisions of the Code
relating to employee benefit plans (as defined in Section 3 of ERISA), and no
event, transaction or condition has occurred or exists that could reasonably be
expected to result in the incurrence of any such liability by the Company or any
ERISA Affiliate, or in the imposition of any Lien on any of the rights,
properties or assets of the Company or any ERISA Affiliate, in either case
pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions
or to Section 401(a)(29) or 412 of the Code, other than such liabilities or
Liens as would not be individually or in the aggregate Material.

         (b)  With respect to each Plan subject to Section 412 of the Code or
Section 302 of ERISA: (i) such Plan uses a funding method permissible under
ERISA and the actuarial assumptions used in connection therewith are reasonable
individually and in the aggregate; and (ii) as of January 1, 2001 (the Plan's
most recent actuarial valuation report), the fair market value of the assets of
each such Plan exceeded the actuarial present value of accumulated Plan benefits
based on the Plan's valuation assumptions and an 8% interest rate.

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

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

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

         Section 5.13.  Private Offering by the Company. None of the Company or
any of its affiliates (as defined in Rule 501(b) of Regulation D) or any other
Person acting on its or their

                                      A-8

<PAGE>

behalf (other than the Purchasers, as to which no representation is made) has
(i) solicited offers for, or offered or sold, the Notes by means of any form of
general solicitation or general advertising within the meaning of Rule 502(c)
of Regulation D under the Securities Act ("Regulation D") or in any manner
involving a public offering within the meaning of Section 4(2) of the
Securities Act or (ii) solicited offers for, or offered or sold, the Notes to
any Person other than sixty-seven Institutional Investors (including the
Purchasers), each of which has been offered the Notes in connection with a
private sale for investment. Neither the Company nor any of its affiliates has,
directly or through any agent, sold, offered for sale, solicited offers to buy
or otherwise negotiated in respect of, any security (as defined in the
Securities Act), that is or will be integrated with the sale of the Notes in a
manner that would require registration of the Notes under the Securities Act.
Neither the Company nor, to its knowledge, anyone acting on its behalf has
taken any action that would subject the issuance or sale of the Notes to the
registration requirements of Section 5 of the Securities Act.

         Section 5.14.  Use of Proceeds; Margin Regulations. The Company will
apply the proceeds of the sale of the Notes for general corporate purposes of
the Company and its Subsidiaries (including the repayment of Debt of the
Company and its Subsidiaries). No part of the proceeds from the sale of the
Notes hereunder will be used, directly or indirectly, for the purpose of buying
or carrying any margin stock within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System (12 CFR 221), or for the purpose of
buying or carrying or trading in any securities under such circumstances as to
involve the Company in a violation of Regulation X of said Board (12 CFR 224)
or to involve any broker or dealer in a violation of Regulation T of said Board
(12 CFR 220). Margin stock does not constitute more than 2% of the value of the
consolidated assets of the Company and its Subsidiaries and the Company does
not have any present intention that margin stock will constitute more than 2%
of the value of such assets. As used in this Section, the terms "margin stock"
and "purpose of buying or carrying" shall have the meanings assigned to them in
said Regulation U.

         Section 5.15.  Existing Debt; Future Liens. (a) Except as described
therein, Schedule 5.15 sets forth a complete and correct list of all
outstanding Debt of the Company and its Subsidiaries as of December 31, 2001,
since which date there has been no Material change in the amounts, interest
rates, sinking funds, installment payments or maturities of the Debt of the
Company or its Subsidiaries. Neither the Company nor any Subsidiary is in
default and no waiver of default is currently in effect, in the payment of any
principal or interest on any Debt of the Company or such Subsidiary in an
unpaid principal amount in excess of $1,000,000 in any one case or $5,000,000
in the aggregate, and no event or condition exists with respect to any Debt of
the Company or any Subsidiary in an unpaid principal amount in excess of
$1,000,000 in any one case or $5,000,000 in the aggregate, that would permit
(or that with notice or the lapse of time, or both, would permit) one or more
Persons to cause such Debt to become due and payable before its stated maturity
or before its regularly scheduled dates of payment.

         (b)  Except as disclosed in Schedule 5.15, neither the Company nor any
Subsidiary has agreed or consented to cause or permit in the future (upon the
happening of a contingency or otherwise) any of its property, whether now owned
or hereafter acquired, to be subject to a Lien not permitted by Section 10.4.

                                      A-9

<PAGE>

         Section 5.16.  Foreign Assets Control Regulations, Etc. Neither the
sale of the Notes by the Company hereunder nor its use of the proceeds thereof
will violate the Trading with the Enemy Act, as amended, or any of the foreign
assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) or any enabling legislation or executive
order relating thereto.

         Section 5.17.  Status under Certain Statutes. Neither the Company nor
any Subsidiary is an "investment company" registered or required to be
registered under the Investment Company Act of 1940, as amended, or is subject
to regulation under the Public Utility Holding Company Act of 1935, as amended,
the ICC Termination Act of 1995, as amended, or the Federal Power Act, as
amended.

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

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

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

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

SECTION 6.           REPRESENTATIONS OF THE PURCHASER.

         Section 6.1.   Purchase for Investment. Each Purchaser represents that
it is purchasing the Notes for its own account or for one or more separate
accounts maintained by it or for the account of one or more pension or trust
funds and not as a nominee or agent for any other Person and not with a view to
the distribution or public offering thereof, provided that the disposition of
such Purchaser's or such pension or trust funds' property shall at all times be
within such Purchaser's or such pension or trust funds' control. Each Purchaser
understands that the Notes

                                      A-10

<PAGE>

have not been registered under the Securities Act and may be resold only if
registered pursuant to the provisions of the Securities Act or if an exemption
from registration is available, except under circumstances where neither such
registration nor such an exemption is required by law, and that the Company is
not required to register the Notes. Each Purchaser acknowledges that it has
been offered access to all information relating to the Company and its
Affiliates and all information relating to the Notes, in each case that it has
requested or which it deemed necessary to evaluate its investment in the Notes.

         Section 6.2.   Source of Funds. Each Purchaser represents that at least
one of the following statements is an accurate representation as to each source
of funds (a "Source") to be used by it to pay the purchase price of the Notes
to be purchased by it hereunder:

                   (a)  the Source is an "insurance company general account"
         within the meaning of Department of Labor Prohibited Transaction
         Exemption ("PTE") 95-60 (issued July 12, 1995) and there is no employee
         benefit plan, treating as a single plan all plans maintained by the
         same employer or employee organization, with respect to which the
         amount of the general account reserves and liabilities for all
         contracts held by or on behalf of such plan, exceeds 10% of the total
         reserves and liabilities of such general account (exclusive of separate
         account liabilities) plus surplus, as set forth in the NAIC Annual
         Statement for such Purchaser most recently filed with such Purchaser's
         state of domicile; or

                   (b)  the Source is either (i) an insurance company pooled
         separate account, within the meaning of PTE 90-1 (issued January 29,
         1990), or (ii) a bank collective investment fund, within the meaning of
         the PTE 91-38 (issued July 12, 1991) and, except as such Purchaser
         prior to the execution and delivery of this Agreement has disclosed to
         the Company in writing pursuant to this paragraph (b), no employee
         benefit plan or group of plans maintained by the same employer or
         employee organization beneficially owns more than 10% of all assets
         allocated to such pooled separate account or collective investment
         fund; or

                   (c)  the Source constitutes assets of an "investment fund"
         (within the meaning of Part V of the QPAM Exemption) managed by a
         "qualified professional asset manager" or "QPAM" (within the meaning of
         Part V of the QPAM Exemption), no employee benefit plan's assets that
         are included in such investment fund, when combined with the assets of
         all other employee benefit plans established or maintained by the same
         employer or by an affiliate (within the meaning of Section V(c)(1) of
         the QPAM Exemption) of such employer or by the same employee
         organization and managed by such QPAM, exceed 20% of the total client
         assets managed by such QPAM, the conditions of Part I(c) and (g) of the
         QPAM Exemption are satisfied, neither the QPAM nor a person controlling
         or controlled by the QPAM (applying the definition of "control" in
         Section V(e) of the QPAM Exemption) owns a 5% or more interest in the
         Company and (i) the identity of such QPAM and (ii) the names of all
         employee benefit plans whose assets are included in such investment
         fund have been disclosed to the Company in writing pursuant to this
         paragraph (c) prior to the execution and delivery of this Agreement; or

                                      A-11

<PAGE>

                   (d)  the Source is a governmental plan; or

                   (e)  the Source is one or more employee benefit plans, or a
         separate account or trust fund comprised of one or more employee
         benefit plans, each of which prior to the execution and delivery of
         this Agreement has been identified to the Company in writing pursuant
         to this paragraph (e); or

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

                   (g)  the Source is an insurance company separate account
         maintained solely in connection with the fixed contractual obligations
         of the insurance company under which the amounts payable, or credited,
         to any employee benefit plan (or its related trust) and to any
         participant or beneficiary of such plan (including any annuitant) are
         not affected in any manner by the investment performance of the
         separate account.

If any Purchaser or any subsequent transferee of the Notes indicates that such
Purchaser or such transferee is relying on any representation contained in
paragraph (b), (c) or (e) above, the Company shall deliver on the date of
issuance of such Notes and on the date of any applicable transfer a certificate,
which shall either state that (i) it is neither a party in interest nor a
"disqualified person" (as defined in Section 4975(e)(2) of the Code), with
respect to any plan identified pursuant to paragraphs (b) or (e) above, or (ii)
with respect to any plan, identified pursuant to paragraph (c) above, neither it
nor any "affiliate" (as defined in Section V(c) of the QPAM Exemption) has at
such time, and during the immediately preceding one year, exercised the
authority to appoint or terminate said QPAM as manager of any plan identified in
writing pursuant to paragraph (c) above or to negotiate the terms of said QPAM's
management agreement on behalf of any such identified plan. As used in this
Section 6.2, the terms "employee benefit plan", "governmental plan", "party in
interest" and "separate account" shall have the respective meanings assigned to
such terms in Section 3 of ERISA.

         Section 6.3.   Accredited Investor/No Solicitation. Each Purchaser (a)
is an "accredited investor" within the meaning of Rule 501(a) of Regulation D,
(b) has such knowledge and experience in financial and business matters so as
to be capable of evaluating the merits and risks of its investment in the
Notes, (c) is capable of bearing the economic risks of such investment and is
able to bear a complete loss of its investment in the Notes and (d) has not
solicited offers for, or offered or sold, and will not solicit offers for, or
offer or sell, the Notes by means of any form of general solicitation or
general advertising with the meaning of Rule 502(e) of Regulation D or in any
manner involving a public offering within the meaning of Section 4(2) of the
Securities Act.

SECTION 7.           INFORMATION AS TO COMPANY.

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

                                      A-12

<PAGE>

                   (a)  Quarterly Statements -- within 60 days after the end of
         each quarterly fiscal period in each fiscal year of the Company (other
         than the last quarterly fiscal period of each such fiscal year), two
         copies of,

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

                            (ii)   consolidated statements of income and cash
                   flows of the Company and its Subsidiaries, for such quarter
                   and (in the case of the second and third quarters) for the
                   portion of the fiscal year ending with such quarter,

         setting forth in each case in comparative form the figures for the
         corresponding periods in the previous fiscal year, all in reasonable
         detail, prepared in accordance with GAAP applicable to quarterly
         financial statements generally, and certified by a Senior Financial
         Officer as fairly presenting, in all material respects, the financial
         position of the companies being reported on and their results of
         operations and cash flows, subject to changes resulting from normal,
         recurring year-end adjustments, provided that delivery within the time
         period specified above of copies of the Company's Quarterly Report on
         Form 10-Q prepared in compliance with the requirements therefor and
         filed with the Securities and Exchange Commission shall be deemed to
         satisfy the requirements of this Section 7.1(a);

                   (b)  Annual Statements -- within 100 days after the end of
         each fiscal year of the Company, duplicate copies of,

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

                            (ii)   consolidated statements of income, changes in
                   shareholders' equity and cash flows of the Company and its
                   Subsidiaries, for such year,

         setting forth in each case in comparative form the figures for the
         previous fiscal year, all in reasonable detail, prepared in accordance
         with GAAP, and accompanied by an opinion thereon of independent
         certified public accountants of recognized national standing, which
         opinion shall state that such financial statements present fairly, in
         all material respects, the financial position of the companies being
         reported upon and their results of operations and cash flows and have
         been prepared in conformity with GAAP, and that the examination of such
         accountants in connection with such financial statements has been made
         in accordance with generally accepted auditing standards, and that such
         audit provides a reasonable basis for such opinion in the
         circumstances, provided that the delivery within the time period
         specified above of the Company's Annual Report on Form 10-K for such
         fiscal year (together with the Company's annual report to shareholders,
         if any, prepared pursuant to Rule 14a-3 under the Exchange Act)
         prepared in accordance with the requirements therefor and filed with
         the Securities and Exchange Commission shall be deemed to satisfy the
         requirements of this Section 7.1(b);

                                      A-13

<PAGE>

                   (c)  SEC and Other Reports -- promptly upon their becoming
         available, one copy of (i) each financial statement, report, notice or
         proxy statement sent by the Company or any Subsidiary to public
         securities holders generally, and (ii) each regular or periodic report,
         each registration statement (without exhibits except as expressly
         requested by such holder and other than those on Form S-8), and each
         prospectus and all amendments thereto filed by the Company or any
         Subsidiary with the Securities and Exchange Commission containing
         information of a financial nature and of all press releases made
         available generally by the Company or any Subsidiary to the public
         concerning developments that are Material;

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

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

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

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

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

                                      A-14

<PAGE>

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

                   (g)  Bank Agreements -- promptly, and in any event within 5
         Business Days, following (i) execution thereof, definitive copies of
         all material bank credit agreements and all amendments or waivers
         relating to material bank credit agreements to which the Company and
         its Subsidiaries are a party, and (ii) delivery thereof, copies of all
         written financial information furnished after the date of this
         Agreement to the financial institutions which are parties to such
         material bank credit agreements in connection therewith (to the extent
         not already furnished to the Purchasers);

                   (h)  Notice of Interest Rate Adjustment -- not more than 35
         days after the end of each Applicable Quarter, the Company will give
         written notice to each holder of the Notes of the preliminary
         determination by the Company of the Leverage Ratio for such quarter and
         on each Determination Date, the Company will give written notice to
         each holder of the Notes of the final determination by the Company of
         the Leverage Ratio for such quarter which notice shall set forth the
         calculation of the Leverage Ratio for such quarter in reasonable
         detail; and

                   (i)  Requested Information -- with reasonable promptness,
         such other data and information relating to the business, operations,
         affairs, financial condition, assets or properties of the Company or
         any of its Subsidiaries or relating to the ability of the Company to
         perform its obligations hereunder and under the Notes as from time to
         time may be reasonably requested by any such holder of Notes except to
         the extent prohibited by law, rule, regulation or binding agreement
         entered into in good faith with third parties.

         Section 7.2.   Officer's Certificate. Each set of financial statements
delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b)
hereof shall be accompanied by a certificate of a Senior Financial Officer
setting forth:

                   (a)  Covenant Compliance -- the information (including
         detailed calculations) required in order to establish whether the
         Company was in compliance with the requirements of Section 10.1 through
         Section 10.3, Section 10.4(k), Section 10.5, Section 10.6 and Section
         10.10 hereof, inclusive, during the quarterly or annual period covered
         by the statements then being furnished (including with respect to each
         such Section, where applicable, the calculations of the maximum or
         minimum amount, ratio or percentage, as the case may be, permissible
         under the terms of such Sections, and the calculation of the amount,
         ratio or percentage then in existence); and

                   (b)  Event of Default -- a statement that such officer has
         reviewed the relevant terms hereof and has made, or caused to be made,
         under his or her supervision, a review of the transactions and
         conditions of the Company and its Subsidiaries from the beginning of
         the quarterly or annual period covered by the statements then being

                                      A-15

<PAGE>

         furnished to the end of such quarterly or annual period and that such
         review shall not have disclosed the existence during such period of any
         condition or event that constitutes a Default or an Event of Default
         and that to the knowledge of such officer, no such condition or event
         exists at the date of such certificate or, if any such condition or
         event existed or exists (including, without limitation, any such event
         or condition resulting from the failure of the Company or any
         Subsidiary to comply with any Environmental Law), specifying the nature
         and period of existence thereof and what action the Company shall have
         taken or proposes to take with respect thereto.

         Section 7.3.   Inspection. The Company shall permit the representatives
of each holder of Notes that is an Institutional Investor:

                   (a)  No Default -- if no Event of Default then exists, at the
         expense of such holder and upon reasonable prior notice to the Company,
         to visit the principal executive office of the Company, to discuss the
         affairs, finances and accounts of the Company and its Subsidiaries with
         the Company's officers, and (with the consent of the Company, which
         consent will not be unreasonably withheld) its independent public
         accountants, and (with the consent of the Company, which consent will
         not be unreasonably withheld) to visit the other offices and properties
         of the Company and each Subsidiary, all at such reasonable times during
         normal business hours and as often as may be reasonably requested in
         writing; and

                   (b)  Default -- if an Event of Default then exists, at the
         expense of the Company, to visit and inspect any of the offices or
         properties of the Company or any Subsidiary, to examine all their
         respective books of account, records, reports and other papers, to make
         copies and extracts therefrom, and to discuss their respective affairs,
         finances and accounts with their respective officers and independent
         public accountants (and by this provision the Company authorizes said
         accountants to discuss the affairs, finances and accounts of the
         Company and its Subsidiaries), all at such times and as often as may be
         requested.

SECTION 8.           PAYMENT OF THE NOTES.

         Section 8.1.   Required Payments. (a)  The entire principal amount of
the Series A Notes shall become due and payable on March 20, 2007.

         (b)  The entire principal amount of the Series B Notes shall become due
and payable on March 20, 2009.

         Section 8.2.   Optional Prepayments with Make-Whole Amount. The
Company may, at its option, upon notice as provided below, prepay at any time
all, or from time to time any part of, the Notes, in an amount not less than
10% of the aggregate principal amount of the Notes then outstanding in the case
of a partial prepayment, at 100% of the principal amount so prepaid, together
with interest accrued thereon to the date of such prepayment, plus the
Make-Whole Amount determined for the prepayment date with respect to such
principal amount of each Note then outstanding. The Company will give each
holder of Notes written notice of each optional

                                      A-16

<PAGE>

prepayment under this Section 8.2 not less than 30 days and not more than 60
days prior to the date fixed for such prepayment.  Each such notice shall
specify such date, the aggregate principal amount of the Notes to be prepaid on
such date, the principal amount of each Note held by such holder to be prepaid
(determined in accordance with Section 8.3), and the interest to be paid on the
prepayment date with respect to such principal amount being prepaid, and shall
be accompanied by a certificate of a Senior Financial Officer as to the
estimated Make-Whole Amount due in connection with such prepayment (calculated
as if the date of such notice were the date of the prepayment), setting forth
the details of such computation. Two Business Days prior to such prepayment,
the Company shall deliver to each holder of Notes to be prepaid a certificate
of a Senior Financial Officer specifying the calculation of such Make-Whole
Amount as of the specified prepayment date.

         Section 8.3.   Allocation of Partial Prepayments. In the case of each
partial prepayment of the Notes pursuant to the provisions of Section 8.2, the
principal amount of the Notes to be prepaid shall be allocated among all of the
Notes at the time outstanding in proportion, as nearly as practicable, to the
respective unpaid principal amounts thereof.

         Section 8.4.   Maturity; Surrender, Etc. In the case of each
prepayment of Notes pursuant to this Section 8 or Section 10.6, the principal
amount of each Note to be prepaid shall mature and become due and payable on
the date fixed for such prepayment, together with interest on such principal
amount accrued to but not including such date and the applicable Make-Whole
Amount, if any. From and after such date, unless the Company shall fail to pay
such principal amount when so due and payable, together with the interest and
Make-Whole Amount, if any, as aforesaid, interest on such principal amount
shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to
the Company and cancelled and shall not be reissued, and no Note shall be
issued in lieu of any prepaid principal amount of any Note.

         Section 8.5.   Purchase of Notes. The Company will not and will not
permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly
or indirectly, any of the outstanding Notes except upon the payment or
prepayment of the Notes in accordance with the terms of this Agreement and the
Notes. The Company will promptly cancel all Notes acquired by it or any
Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to
any provision of this Agreement and no Notes may be issued in substitution or
exchange for any such Notes.

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

                   "Called Principal" means, with respect to a Note of any
         Series, the principal of such Note that is to be prepaid pursuant to
         Section 8.2 or has become or is declared to be immediately due and
         payable pursuant to Section 12.1, as the context requires.

                                      A-17

<PAGE>

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

                   "Reinvestment Yield" means, with respect to the Called
         Principal of a Note of any Series, 0.50% plus the yield to maturity
         implied by (i) the yields reported, as of 10:00 A.M. (New York City
         time) on the second Business Day preceding the Settlement Date with
         respect to such Called Principal, on the display designated as "PX-1"
         on the Bloomberg Financial Market Screen (or such other display as may
         replace "PX-1" on the Bloomberg Financial Market Screen) for actively
         traded U.S. Treasury securities having a maturity equal to the
         Remaining Average Life of such Called Principal as of such Settlement
         Date, or (ii) if such yields are not reported as of such time or the
         yields reported as of such time are not ascertainable, the Treasury
         Constant Maturity Series Yields reported, for the latest day for which
         such yields have been so reported as of the second Business Day
         preceding the Settlement Date with respect to such Called Principal, in
         Federal Reserve Statistical Release H.15 (519) (or any comparable
         successor publication) for actively traded U.S. Treasury securities
         having a constant maturity equal to the Remaining Average Life of such
         Called Principal as of such Settlement Date. Such implied yield will be
         determined, if necessary, by (a) converting U.S. Treasury bill
         quotations to bond-equivalent yields in accordance with accepted
         financial practice and (b) interpolating linearly on a straight line
         basis between (1) the actively traded U.S. Treasury security with the
         maturity closest to and greater than the Remaining Average Life and (2)
         the actively traded U.S. Treasury security with the maturity closest to
         and less than the Remaining Average Life.

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

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

                                      A-18

<PAGE>

                   "Settlement Date" means, with respect to the Called Principal
         of a Note of any Series, the date on which such Called Principal is to
         be prepaid pursuant to Section 8.2 or has become or is declared to be
         immediately due and payable pursuant to Section 12.1, as the context
         requires.

         Section 8.7.   Change in Control.

         (a)  Notice of Change in Control or Control Event. The Company will,
within five Business Days after any Responsible Officer has knowledge of the
occurrence of any Change in Control or Control Event, give written notice of
such Change in Control or Control Event to each holder of Notes unless notice in
respect of such Change in Control (or the Change in Control contemplated by such
Control Event) shall have been given pursuant to subparagraph (b) of this
Section 8.7. If a Change in Control has occurred, such notice shall contain and
constitute an offer to prepay Notes as described in subparagraph (c) of this
Section 8.7 and shall be accompanied by the certificate described in
subparagraph (g) of this Section 8.7.

         (b)  Condition to Company Action. The Company will not take any action
that consummates a Change in Control (other than a Change in Control over which
the Company has no Control) unless (i) at least 30 days prior to such action it
shall have given to each holder of Notes written notice containing and
constituting an offer to prepay Notes as described in subparagraph (c) of this
Section 8.7, accompanied by the certificate described in subparagraph (g) of
this Section 8.7, and (ii) contemporaneously with such action, it prepays all
Notes required to be prepaid in accordance with this Section 8.7.

         (c)  Offer to Prepay Notes. The offer to prepay Notes contemplated by
subparagraphs (a) and (b) of this Section 8.7 shall be an offer to prepay, in
accordance with and subject to this Section 8.7, all, but not less than all, the
Notes held by each holder (in this case only, "holder" in respect of any Note
registered in the name of a nominee for a disclosed beneficial owner shall mean
such beneficial owner) on a date specified in such offer (the "Proposed
Prepayment Date"). If such Proposed Prepayment Date is in connection with an
offer contemplated by subparagraph (a) of this Section 8.7, such date shall be
not less than 20 days and not more than 60 days after the date of such offer (if
the Proposed Prepayment Date shall not be specified in such offer, the Proposed
Prepayment Date shall be the 30th day after the date of such offer).

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

         (e)  Prepayment. Prepayment of the Notes to be prepaid pursuant to this
Section 8.7 shall be at 100% of the principal amount of such Notes together with
interest on such Notes accrued to the date of prepayment (but without payment of
any Make-Whole Amount). On the Business Day preceding the date of prepayment,
the Company shall deliver to each holder of Notes being prepaid a statement
showing the amount due in connection with such prepayment

                                      A-19

<PAGE>

and setting forth the details of the computation of such amount. The prepayment
shall be made on the Proposed Prepayment Date except as provided in
subparagraph (f) of this Section 8.7.

         (f)  Deferral Pending Change in Control. The obligation of the Company
to prepay Notes pursuant to the offers required by subparagraph (c) and accepted
in accordance with subparagraph (d) of this Section 8.7 is subject to the
occurrence of the Change in Control in respect of which such offers and
acceptances shall have been made. In the event that such Change in Control does
not occur on the Proposed Prepayment Date in respect thereof, the prepayment
shall be deferred until and shall be made on the date on which such Change in
Control occurs. The Company shall keep each holder of Notes reasonably and
timely informed of (i) any such deferral of the date of prepayment, (ii) the
date on which such Change in Control and the prepayment are expected to occur,
and (iii) any determination by the Company that efforts to effect such Change in
Control have ceased or been abandoned (in which case the offers and acceptances
made pursuant to this Section 8.7 in respect of such Change in Control shall be
deemed rescinded).

         (g)  Officer's Certificate. Each offer to prepay the Notes pursuant to
this Section 8.7 shall be accompanied by a certificate, executed by a Senior
Financial Officer of the Company and dated the date of such offer, specifying:
(i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this
Section 8.7 and, if it is the case, is conditioned upon the occurrence of the
Change in Control; (iii) the principal amount of each Note offered to be
prepaid; (iv) the interest that would be due on each Note offered to be prepaid,
accrued to the Proposed Prepayment Date; (v) that the conditions for giving
notice under this Section 8.7 have been fulfilled; (vi) in reasonable detail,
the nature and date (or expected date) of the Change in Control; and (vii) that
the failure to respond to such offer of prepayment shall constitute a rejection
of such offer.

         (h)  "Change in Control" Defined. "Change in Control" means each and
every issue, sale or other disposition of shares of stock of the Company which
results in any person (as such term is used in section 13(d) and section
14(d)(2) of the Exchange Act) or related persons constituting a group (as such
term is used in Rule 13d-5 under the Exchange Act), becoming the "beneficial
owners" (as such term is used in Rule 13d-3 under the Exchange Act as in effect
on the date of the Closing), directly or indirectly, of more than 51% of the
total voting power of all classes then outstanding of the Company's voting
stock.

         (i)  "Control Event" Defined. "Control Event" means:

                   (a)  the execution by the Company or any of its Subsidiaries
         or Affiliates of any written agreement with respect to any proposed
         transaction or event or series of transactions or events which,
         individually or in the aggregate, could reasonably be expected to
         result in a Change in Control;

                   (b)  the execution of any written agreement which, when fully
         performed by the parties thereto, would result in a Change in Control;
         or

                                      A-20

<PAGE>

                   (c) the making of any written offer by any person (as such
         term is used in section 13(d) and section 14(d)(2) of the Exchange Act
         as in effect on the date of the Closing) or related persons
         constituting a group (as such term is used in Rule 13d-5 under the
         Exchange Act as in effect on the date of the Closing) to the holders of
         the common stock of the Company, which offer, if accepted by the
         requisite number of holders, would result in a Change in Control unless
         such offer is rejected or expires pursuant to its terms prior to the
         date on which notice of such Change in Control is required to be
         delivered pursuant to Section 8.7(a).

SECTION 9.           AFFIRMATIVE COVENANTS.

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

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

         Section 9.2.   Insurance. The Company will, and will cause each of its
Subsidiaries to, maintain, with financially sound and reputable insurers,
insurance with respect to their respective properties and businesses against
such casualties and contingencies, of such types, on such terms and in such
amounts (including deductibles, co-insurance and self-insurance, if adequate
reserves are maintained with respect thereto) as is customary in the case of
entities of established reputations engaged in the same or a similar business
and similarly situated.

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

         Section 9.4.   Payment of Taxes and Claims. The Company will, and will
cause each of its Subsidiaries to, file all tax returns required to be filed in
any jurisdiction and to pay and discharge all taxes shown to be due and payable
on such returns and all other taxes, assessments, governmental charges, or
levies imposed on them or any of their properties, assets, income or franchises,
to the extent such taxes and assessments have become due and payable and before
they have become delinquent and all claims for which sums have become due and
payable that have or might become a Lien on properties or assets of the Company
or any Subsidiary not

                                      A-21

<PAGE>

permitted by Section 10.4, provided that neither the Company nor any Subsidiary
need pay any such tax or assessment or claims if (i) the amount, applicability
or validity thereof is contested by the Company or such Subsidiary on a timely
basis in good faith and in appropriate proceedings, and the Company or a
Subsidiary has established adequate reserves therefor in accordance with GAAP
on the books of the Company or such Subsidiary or (ii) the non-filing or
nonpayment, as the case may be, of all such taxes and assessments in the
aggregate could not have a Material Adverse Effect.

         Section 9.5.   Corporate Existence, Etc. Subject to Sections 10.6 and
10.7, the Company will at all times preserve and keep in full force and effect
its corporate existence, and will at all times preserve and keep in full force
and effect the corporate existence of each of its Subsidiaries (unless merged
into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of
the Company and its Subsidiaries unless, in the good faith judgment of the
Company, the termination of or failure to preserve and keep in full force and
effect such corporate existence, right or franchise could not, individually or
in the aggregate, to have a Material Adverse Effect.

SECTION 10.  NEGATIVE COVENANTS.

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

         Section 10.1.  Limitation on Debt. The Company will not at any time
permit:

                   (a) the Consolidated Leverage Ratio to exceed 4.5 to 1 as of
         the last day of each fiscal quarter ending on or prior to December 31,
         2002, and 3.5 to 1 as of the last day of each fiscal quarter
         thereafter;

                   (b) Consolidated Debt to exceed 55% of Total Capitalization;
         and

                   (c) Priority Debt to exceed (i) 15% of Consolidated Net Worth
         if Consolidated EBITDA for the period of four consecutive fiscal
         quarters immediately preceding the date of determination is less than
         or equal to $100,000,000 or (ii) 20% of Consolidated Net Worth if
         Consolidated EBITDA for the period of four consecutive fiscal quarters
         immediately preceding the date of determination is greater than
         $100,000,000.

         Section 10.2.  Limitation on Debt of Subsidiaries. The Company will
not permit any Subsidiary to, directly or indirectly, create, incur, assume,
guarantee, or otherwise become directly or indirectly liable with respect to
any Debt other than:

                   (a) Debt of a Subsidiary owed to the Company or a
         Wholly-owned Subsidiary;

                   (b) Debt of a Subsidiary existing on the date of Closing;

                   (c) Debt of a Subsidiary permitted by Section 10.4(g), (h),
         and (j);

                                       A-22

<PAGE>

                   (d) unsecured Debt outstanding at the time any Person becomes
         a Subsidiary; provided that (i) such Debt shall not have been incurred
         in contemplation of such Person becoming a Subsidiary, and (ii) at the
         time such Person becomes a Subsidiary and after giving effect thereto
         no Default or Event of Default shall exist; provided that any
         extension, renewal or refunding of such Debt shall be done in
         compliance with clause (e) of this Section 10.2; and

                   (e) Priority Debt which does not exceed (i) 15% of
         Consolidated Net Worth if Consolidated EBITDA for the period of four
         consecutive fiscal quarters immediately preceding the date of
         determination is less than or equal to $100,000,000 or (ii) 20% of
         Consolidated Net Worth if Consolidated EBITDA for the period of four
         consecutive fiscal quarters immediately preceding the date of
         determination is greater than $100,000,000.

         Section 10.3.  Fixed Charge Coverage Ratio. The Company will not permit
the Fixed Charge Coverage Ratio to be less than 2.0 to 1 as of the last day of
each fiscal quarter occurring on or prior to December 31, 2002, and 2.25 to 1 as
of the last day of each fiscal quarter occurring thereafter.

         Section 10.4.  Limitation on Liens. The Company will not, and will not
permit any of its Subsidiaries to, directly or indirectly create, incur, assume
or permit to exist (upon the happening of a contingency or otherwise) any Lien
on or with respect to any property or asset (including, without limitation, any
document or instrument in respect of goods or accounts receivable) of the
Company or any such Subsidiary, whether now owned or held or hereafter acquired,
or any income or profits therefrom, or assign or otherwise convey any right to
receive income or profits, except:

                   (a) Liens for taxes, assessments or other governmental
         charges that are not yet due and payable or the payment of which is not
         at the time required by Section 9.4;

                   (b) any attachment or judgment Lien, unless the judgment it
         secures shall not, within 60 days after the entry thereof, have been
         discharged or execution thereof stayed pending appeal, or shall not
         have been discharged within 60 days after the expiration of any such
         stay;

                   (c) Liens incidental to the conduct of business or the
         ownership of properties and assets (including landlords', carriers',
         warehousemen's, mechanics', materialmen's and other similar Liens for
         sums) and Liens to secure the performance of bids, tenders, leases, or
         trade contracts, or to secure statutory obligations (including
         obligations under workers compensation, unemployment insurance and
         other social security legislation), surety or appeal bonds or other
         Liens incurred in the ordinary course of business and not in connection
         with the borrowing of money;

                   (d) leases or subleases granted to others, easements,
         rights-of-way, minor survey exceptions, restrictions and other similar
         charges or encumbrances, in each case incidental to the ownership of
         property or assets or the ordinary conduct of the business

                                       A-23

<PAGE>

         of the Company or any of its Subsidiaries, provided that such Liens do
         not, in the aggregate, materially detract from the value of all
         property of the Company and its Subsidiaries taken as a whole;

                   (e) Liens securing Debt of a Subsidiary to the Company or to
         a Wholly-Owned Subsidiary;

                   (f) Liens existing as of the date of Closing and reflected in
         Schedule 10.4;

                   (g) Liens incurred after the date of Closing given to secure
         the payment of the purchase price incurred in connection with the
         acquisition, construction or improvement of property (other than
         accounts receivable or inventory) useful and intended to be used in
         carrying on the business of the Company or a Subsidiary, including
         Liens existing on such property at the time of acquisition or
         construction thereof, or Liens incurred within 180 days of such
         acquisition or the completion of such construction or improvement,
         provided that (i) the Lien shall attach solely to the property
         acquired, purchased, constructed or improved, (ii) at the time of
         acquisition, construction or improvement of such property, the
         aggregate amount remaining unpaid on all Debt secured by Liens on such
         property, whether or not assumed by the Company or a Subsidiary, shall
         not exceed the lesser of (y) the cost of such acquisition, construction
         or improvement or (z) the Fair Market Value of such property, and (iii)
         at the time of such incurrence and after giving effect thereto, no
         Default or Event of Default would exist;

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

                   (i) Liens granted by the Company and its Subsidiaries in
         connection with a Securitization Transaction to secure obligations
         incurred in connection with the transfer or sale of Receivables;
         provided that (i) such Liens shall extend solely to the Receivables
         which are included in such Securitization Transaction and (ii) the
         obligations secured by such Liens do not constitute Debt of the Company
         or any Subsidiary;

                   (j) any extensions, renewals or replacements of any Lien
         permitted by the preceding subparagraphs (e), (f), (g), (h), and (i) of
         this Section 10.4, provided that (i) no additional property shall be
         encumbered by such Liens, (ii) the unpaid principal amount of the Debt
         or other obligations secured thereby shall not be increased or the
         maturity thereof reduced on or after the date of any extension, renewal
         or replacement, and (iii) at

                                       A-24

<PAGE>

         such time and immediately after giving effect thereto, no Default or
         Event of Default shall have occurred and be continuing; and

                   (k) in addition to the Liens permitted by the preceding
         subparagraphs (a) through (j), inclusive, of this Section 10.4, Liens
         securing Debt of the Company or any Subsidiary, provided that the
         aggregate principal amount of Debt secured by Liens pursuant to this
         Section 10.4(k) shall be permitted by Section 10.1(c).

         Section 10.5  Restricted Payments. The Company will not, and will not
permit any of its Subsidiaries to, at any time, declare or make, or incur any
liability to declare or make, any Restricted Payment unless immediately after
giving effect to such action:

                   (a) the aggregate amount of Restricted Payments of the
         Company and its Subsidiaries declared or made during the period
         commencing with the date of Closing, and ending on the date such
         Restricted Payment is declared or made, inclusive, would not exceed the
         sum of (i) $65,000,000, plus (ii) 50% of Consolidated Adjusted Net
         Income for such period (or minus 50% of Consolidated Adjusted Net
         Income for such period if Consolidated Adjusted Net Income for such
         period is a loss), and

                   (b) no Default or Event of Default would exist.

         The Company will not, nor will it permit any of its Subsidiaries to,
become obligated to make any Restricted Payment more than 60 days after the date
on which such obligation is created.

         Section 10.6.  Sales of Assets. The Company will not, and will not
permit any Subsidiary to, sell, lease or otherwise dispose of any substantial
part (as defined below) of the assets of the Company and its Subsidiaries;
provided, however, that the Company or any Subsidiary may sell, lease or
otherwise dispose of assets constituting a substantial part of the assets of the
Company and its Subsidiaries if such assets are sold in an arms length
transaction and, at such time and after giving effect thereto, no Default or
Event of Default shall have occurred and be continuing and an amount equal to
the Net Proceeds received from such sale, lease or other disposition shall be
used within 365 days of such sale, lease or disposition, in any combination:

                   (1) to acquire productive assets used or useful in carrying
         on the business of the Company and its Subsidiaries and having a value
         at least equal to the Net Proceeds received from such sale, lease or
         disposition; or

                   (2) to prepay or retire any Senior Debt of the Company and/or
         its Subsidiaries; provided that the Company (i) shall offer to prepay
         each outstanding Note in a principal amount which equals the Ratable
         Portion for such Note, and (ii) any such prepayment of the Notes shall
         be made at par, together with accrued interest thereon to the date of
         such prepayment, without the payment of the Make-Whole Amount.

         Any offer of prepayment of the Notes pursuant to this Section 10.6
shall be given to each holder of the Notes by written notice which shall be
delivered not less than 30 days and not more

                                       A-25

<PAGE>

than 60 days prior to the proposed prepayment date. Each such notice shall state
that it is given pursuant to this Section and that the offer set forth in such
notice must be accepted by such holder in writing and shall also set forth (i)
the prepayment date, (ii) a description of the circumstances which give rise to
the proposed prepayment, and (iii) a calculation of the Ratable Portion for such
holder's Notes. Each holder of the Notes which desires to have its Notes prepaid
shall notify the Company in writing delivered not less than 5 Business Days
prior to the proposed prepayment date of its acceptance of such offer of
prepayment. If any holder elects not to accept such offer of prepayment, then,
only for purposes of such application of an amount equal to such Net Proceeds
for the prepayment of Senior Debt, the Company nevertheless will be deemed on
such particular occasion to have paid Senior Debt in an amount equal to the
Ratable Portion of such Note.

         As used in this Section 10.6, a sale, lease or other disposition of
assets shall be deemed to be a "substantial part" of the assets of the Company
and its Subsidiaries if the book value of such assets, when added to the book
value of all other assets sold, leased or otherwise disposed of by the Company
and its Subsidiaries during the period of 12 consecutive months ending on the
date of such sale, lease or other disposition, exceeds 10% of the book value of
Consolidated Total Assets, determined as of the end of the fiscal quarter
immediately preceding such sale, lease or other disposition; provided that there
shall be excluded from any determination of a "substantial part" any (i) sale or
disposition of assets in the ordinary course of business of the Company and its
Subsidiaries, (ii) the sale or disposition of the Hickson Organics Business, in
whole or in part, (iii) any transfer of assets from the Company to any
Wholly-Owned Subsidiary or from any Subsidiary to the Company or a Wholly-Owned
Subsidiary or any other Subsidiary with the same percentage ownership by the
Company and its Subsidiaries as the transferor, (iv) any Excluded Sale and
Leaseback Transaction, and (v) any sale or other disposition of Receivables in a
Securitization Transaction.

         Section 10.7.  Merger, Consolidation and Sale of Stock. (a) The Company
will not, and will not permit any of its Subsidiaries to, consolidate with or
merge with any other corporation or convey, transfer or lease substantially all
of its assets in a single transaction or series of transactions to any Person;
provided that:

                   (1) a Subsidiary of the Company may (x) consolidate with or
         merge with, or convey, transfer or lease substantially all of its
         assets in a single transaction or series of transactions (i) to, the
         Company or a Wholly-Owned Subsidiary or any other Subsidiary with the
         same percentage ownership by the Company and its Subsidiaries as such
         Subsidiary so long as in any merger or consolidation involving the
         Company, the Company shall be the surviving or continuing corporation,
         or (ii) in connection with the sale of all or any part of the Hickson
         Organics Business or (y) convey, transfer or lease all of its assets
         (which may include a merger or consolidation) in compliance with the
         provisions of Section 10.6; and

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

                                       A-26

<PAGE>

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

                            (b) if the Company is not the Successor Corporation,
                   such corporation shall have executed and delivered to each
                   holder of Notes its assumption of the due and punctual
                   performance and observance of each covenant and condition of
                   this Agreement and the Notes (pursuant to such agreements and
                   instruments as shall be reasonably satisfactory to the
                   Required Holders), and the Company shall have caused to be
                   delivered to each holder of Notes an opinion of nationally
                   recognized independent counsel, to the effect that all
                   agreements or instruments effecting such assumption are
                   enforceable in accordance with their terms and comply with
                   the terms hereof; and

                            (c) immediately after giving effect to such
                   transaction (i) the Company would be in compliance with
                   Section 10.1. and (ii) no Default or Event of Default would
                   exist.

         (b) The Company will not permit any Subsidiary to issue or sell any
shares of stock or other equity interests of any class (including as "stock" for
the purposes of this Section 10.7(b), any warrants, rights or options to
purchase or otherwise acquire stock or other equity interests or other
securities exchangeable for or convertible into stock or other equity interests)
of such Subsidiary to any Person other than the Company or a Wholly-Owned
Subsidiary, except for the purpose of qualifying directors, or except in
satisfaction of the validly pre-existing preemptive or contractual rights of
minority shareholders in connection with the simultaneous issuance of stock or
other equity interests to the Company and/or a Subsidiary whereby the Company
and/or such Subsidiary maintain their same proportionate interest in such
Subsidiary or to the extent required by local law or except for consideration
equal to the Fair Market Value of such stock or other equity interests issued
sold.

         (c) The Company will not sell, transfer or otherwise dispose of any
shares of stock or other equity interests of any Subsidiary (except to qualify
directors), and will not permit any Subsidiary to sell, transfer or otherwise
dispose of (except to the Company or a Wholly-Owned Subsidiary or to qualify
directors) any shares of stock or other equity interests of any other
Subsidiary, unless such sale or other disposition can be made within the
limitations of Section 10.6 or this Section 10.7.

         Section 10.8.  Nature of Business. The Company will not engage in any
business, if, as a result, when taken as a whole, the general nature of the
business of the Company would be substantially changed from the general nature
of the business of the Company on the date of this Agreement.

                                       A-27

<PAGE>

         Section 10.9.  Transactions with Affiliates. The Company will not and
will not permit any Subsidiary to enter into directly or indirectly any Material
transaction or Material group of related transactions (including without
limitation the purchase, lease, sale or exchange of properties of any kind or
the rendering of any service) with any Affiliate (other than the Company or
another Subsidiary), except upon fair and reasonable terms no less favorable to
the Company or such Subsidiary than would be obtainable in a comparable
arm's-length transaction with a Person not an Affiliate.

         Section 10.10.  Limitation on Securitization Transactions. The Company
will not at any time permit (i) the aggregate amount of outstanding funding
(including investments and advances) received by the Company or the SPE from
third parties in Securitization Transactions to exceed $80,000,000, or (ii) the
Fair Market Value of outstanding accounts receivable which are subject to Liens
of third parties in Securitization Transactions to exceed $145,000,000.

SECTION 11.  EVENTS OF DEFAULT.

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

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

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

                   (c) the Company defaults in the performance of or compliance
         with any term contained in Section 10; or

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

                   (e) any representation or warranty made in writing by or on
         behalf of the Company or by any officer of the Company in this
         Agreement or in any writing furnished in connection with the
         transactions contemplated hereby or thereby proves to have been false
         or incorrect in any material respect on the date as of which made; or

                   (f) (i) the Company or any Subsidiary is in default (as
         principal or as guarantor or other surety) in the payment of any
         principal of or premium or make-whole amount or interest on any Debt
         other than the Notes that is outstanding in an aggregate principal
         amount in excess of $25,000,000 beyond any period of grace provided
         with

                                       A-28

<PAGE>

         respect thereto, or (ii) the Company or any Subsidiary is in default
         in the performance of or compliance with any term of any instrument,
         mortgage, indenture or other similar agreement relating to any Debt
         other than the Notes in an aggregate principal amount in excess of
         $25,000,000 or any other condition exists, and as a consequence of
         such default or condition such Debt has become, or has been declared
         (or one or more Persons are entitled to declare such Debt to be), due
         and payable before its stated maturity or before its regularly
         scheduled dates of payment, or (iii) as a consequence of the
         occurrence or continuation of any event or condition (other than the
         passage of time or the right of the holder of Debt to convert such
         Debt into equity interests), (x) the Company or any Subsidiary has
         become obligated to purchase or repay Debt other than the Notes
         before its regular maturity or before its regularly scheduled dates
         of payment in an aggregate outstanding principal amount in excess of
         $25,000,000, or (y) one or more Persons have the right to require the
         Company or any Subsidiary so to purchase or repay such Debt; or

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

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

                   (i) a final judgment or judgments at any one time outstanding
         for the payment of money aggregating in excess of $25,000,000 which are
         not covered by insurance underwritten by an Acceptable Insurer or as to
         which the insurance carrier has denied responsibility are rendered
         against one or more of the Company and its Subsidiaries and which
         judgments are not, within 60 days after entry thereof, bonded,
         discharged or stayed pending appeal, or are not discharged within 60
         days after the expiration of such stay; or

                   (j) if (i) any Plan shall fail to satisfy the minimum funding
         standards of ERISA or the Code for any plan year or part thereof or a
         waiver of such standards or extension of any amortization period is
         sought or granted under Section 412 of the Code, (ii) a notice of
         intent to terminate any Plan shall have been or is reasonably expected
         to

                                       A-29

<PAGE>

         be filed with the PBGC or the PBGC shall have instituted proceedings
         under Section 4042 of ERISA to terminate or appoint a trustee to
         administer any Plan or the PBGC shall have notified the Company or
         any ERISA Affiliate that a Plan may become a subject of any such
         proceedings, (iii) the aggregate "amount of unfunded benefit
         liabilities" (within the meaning of Section 4001(a)(18) of ERISA)
         under all Plans, determined in accordance with Title IV of ERISA,
         shall exceed $25,000,000, (iv) the Company or any ERISA Affiliate
         shall have incurred or is reasonably expected to incur any liability
         pursuant to Title I or IV of ERISA or the penalty or excise tax
         provisions of the Code relating to employee benefit plans, (v) the
         Company or any ERISA Affiliate withdraws from any Multiemployer Plan,
         or (vi) the Company or any Subsidiary establishes or amends any
         employee welfare benefit plan that provides post-employment welfare
         benefits in a manner that could increase the liability of the Company
         or any Subsidiary thereunder; and any such event or events described
         in clauses (i) through (vi) above, either individually or together
         with any other such event or events, could reasonably be expected to
         have a Material Adverse Effect.

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

SECTION 12.  REMEDIES ON DEFAULT, ETC.

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

         (b) If any other Event of Default has occurred and is continuing, any
holder or holders of more than 50% in aggregate principal amount of the Notes at
the time outstanding may at any time at its or their option, by notice or
notices to the Company, declare all the Notes then outstanding to be immediately
due and payable.

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

         Upon any Note's becoming due and payable under this Section 12.1,
whether automatically or by declaration, such Note will forthwith mature and the
entire unpaid principal amount of such Note, plus (i) all accrued and unpaid
interest thereon and (ii) the Make-Whole Amount determined in respect of such
principal amount (to the full extent permitted by applicable law), shall all be
immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. The Company
acknowledges, and the parties hereto agree, that each holder of a Note has the
right to maintain its investment in the Notes free from repayment by the Company
(except as herein specifically provided for) and that the provision for payment
of a Make-Whole Amount by the Company in

                                       A-30

<PAGE>

the event that the Notes are prepaid or are accelerated as a result of an Event
of Default, is intended to provide compensation for the deprivation of such
right under such circumstances.

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

         Section 12.3.  Rescission. At any time after any Notes have been
declared due and payable pursuant to clause (b) or (c) of Section 12.1, the
holders of more than 50% in aggregate principal amount of the Notes then
outstanding, by written notice to the Company, may rescind and annul any such
declaration and its consequences if (a) the Company has paid all overdue
interest on the Notes, all principal of and Make-Whole Amount, if any, on any
Notes that are due and payable and are unpaid other than by reason of such
declaration, and all interest on such overdue principal and Make-Whole Amount,
if any, and (to the extent permitted by applicable law) any overdue interest in
respect of the Notes, at the applicable default rate, (b) all Events of Default
and Defaults, other than non-payment of amounts that have become due solely by
reason of such declaration, have been cured or have been waived pursuant to
Section 17, and (c) no judgment or decree has been entered for the payment of
any monies due pursuant hereto or to any Notes. No rescission and annulment
under this Section 12.3 will extend to or affect any subsequent Event of Default
or Default or impair any right consequent thereon.

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

SECTION 13.  REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.

         Section 13.1.  Registration of Notes. The Company shall keep at its
principal executive office a register for the registration and registration of
transfers of Notes. The name and address of each holder of one or more Notes,
each transfer thereof and the name and address of each transferee of one or more
Notes shall be registered in such register. Prior to due presentment for
registration of transfer, the Person in whose name any Note shall be registered
shall be deemed and treated as the owner and holder thereof for all purposes
hereof, and the Company shall not be affected by any notice or knowledge to the
contrary. The Company shall give to any holder of a

                                       A-31

<PAGE>

Note that is an Institutional Investor promptly upon request therefor, a
complete and correct copy of the names and addresses of all registered holders
of Notes.

         Section 13.2.  Transfer and Exchange of Notes. Upon surrender of any
Note at the principal executive office of the Company for registration of
transfer or exchange (and in the case of a surrender for registration of
transfer, duly endorsed or accompanied by a written instrument of transfer duly
executed by the registered holder of such Note or its attorney duly authorized
in writing and accompanied by the address for notices of each transferee of such
Note or part thereof), the Company shall execute and deliver not more than 5
Business Days following surrender of such Note, at the Company's expense (except
as provided below), one or more new Notes (as requested by the holder thereof)
of the same Series in exchange therefor, in an aggregate principal amount equal
to the unpaid principal amount of the surrendered Note. Each such new Note shall
be payable to such Person as such holder may request and shall be substantially
in the form of the Note of such Series originally issued hereunder. Each such
new Note shall be dated and bear interest from the date to which interest shall
have been paid on the surrendered Note or dated the date of the surrendered Note
if no interest shall have been paid thereon. The Company may require payment of
a sum sufficient to cover any stamp tax or governmental charge imposed in
respect of any such transfer of Notes. Notes shall not be transferred in
denominations of less than $100,000, provided that if necessary to enable the
registration of transfer by a holder of its entire holding of Notes, one Note
may be in a denomination of less than $100,000. Any transferee, by its
acceptance of a Note registered in its name (or the name of its nominee), shall
be deemed to have made the representation set forth in Section 6.2, provided
that such transferee may (in reliance upon information provided by the Company,
which shall not be unreasonably withheld) make a representation to the effect
that the purchase by such holder of any Note will not constitute a non-exempt
prohibited transaction under Section 406(a) of ERISA.

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

         Section 13.3.  Replacement of Notes. Upon receipt by the Company of
evidence reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of any Note (which evidence shall be, in the case of
an Institutional Investor, notice from such Institutional Investor of such
ownership and such loss, theft, destruction or mutilation), and

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

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

                                       A-32

<PAGE>

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

SECTION 14.  PAYMENTS ON NOTES.

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

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

SECTION 15.  EXPENSES, ETC.

         Section 15.1.  Transaction Expenses. Whether or not the transactions
contemplated hereby are consummated, the Company will pay all reasonable costs
and expenses (including reasonable attorneys' fees of one special counsel for
the Purchasers and, if reasonably required, local counsel) incurred by the
Purchasers and the holders of Notes in connection with such transactions and in
connection with any amendments, waivers or consents under or in respect of this
Agreement or the Notes (whether or not such amendment, waiver or consent becomes
effective), including, without limitation: (a) the reasonable costs and expenses
incurred in enforcing or defending (or determining whether or how to enforce or
defend) any rights under this Agreement or the Notes or in responding to any
subpoena or other legal process or informal investigative demand by any
Governmental Authority issued in connection with this Agreement or the Notes, or
by reason of being a holder of any Note, (b) the reasonable costs and expenses,

                                       A-33

<PAGE>

including financial advisors' fees, incurred in connection with the insolvency
or bankruptcy of the Company or any Subsidiary or in connection with any
work-out or restructuring of the transactions contemplated hereby and by the
Notes, and (c) the initial and annual fees imposed by the National Association
of Insurance Commissioners in connection with obtaining and maintaining a rating
for the Notes. The Company will pay, and will save each Purchaser and each other
holder of a Note harmless from, all claims in respect of any reasonable fees,
costs or expenses if any, of brokers and finders (other than those retained by
the Purchasers).

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

SECTION 16.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

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

SECTION 17.  AMENDMENT AND WAIVER.

         Section 17.1.  Requirements. This Agreement and the Notes may be
amended, and the observance of any term hereof or of the Notes may be waived
(either retroactively or prospectively), with (and only with) the written
consent of the Company and the Required Holders, except that (a) no amendment or
waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 21 hereof, or any
defined term (as it is used in any such Section), will be effective as to any
holder of Notes unless consented to by such holder of Notes in writing, and (b)
no such amendment or waiver may, without the written consent of all of the
holders of Notes at the time outstanding affected thereby, (i) subject to the
provisions of Section 12 relating to acceleration or rescission, change the
amount or time of any prepayment or payment of principal of, or reduce the rate
or change the time of payment or method of computation of interest or of the
Make-Whole Amount on, the Notes, (ii) change the percentage of the principal
amount of the Notes the holders of which are required to consent to any such
amendment or waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or
20.

         Section 17.2.  Solicitation of Holders of Notes.

         (a) Solicitation. The Company will provide each holder of the Notes
(irrespective of the amount of Notes then owned by it) with sufficient
information, sufficiently far in advance of the date a decision is required, to
enable such holder to make an informed and considered

                                       A-34

<PAGE>

decision with respect to any proposed amendment, waiver or consent in respect of
any of the provisions hereof or of the Notes. The Company will deliver executed
or true and correct copies of each amendment, waiver or consent effected
pursuant to the provisions of this Section 17 to each holder of outstanding
Notes promptly following the date on which it is executed and delivered by, or
receives the consent or approval of, the requisite holders of Notes.

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

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

         Section 17.4.  Notes Held by Company, Etc. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate
principal amount of Notes then outstanding approved or consented to any
amendment, waiver or consent to be given under this Agreement or the Notes, or
have directed the taking of any action provided herein or in the Notes to be
taken upon the direction of the holders of a specified percentage of the
aggregate principal amount of Notes then outstanding, Notes directly or
indirectly owned by the Company or any of its Affiliates shall be deemed not to
be outstanding.

SECTION 18.  NOTICES.

         All notices and communications provided for hereunder shall be in
writing and sent (a) by telefacsimile if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service
(charges prepaid), or (b) by a recognized overnight delivery service (with
charges prepaid). Any such notice must be sent:

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

                                       A-35

<PAGE>

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

                   (iii) if to the Company, to the Company at its address set
         forth at the beginning hereof to the attention of Chief Financial
         Officer (and with a copy to the Corporate Secretary of the Company), or
         at such other address as the Company shall have specified to the holder
         of each Note in writing.

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

SECTION 19.          REPRODUCTION OF DOCUMENTS.

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

SECTION 20.          CONFIDENTIAL INFORMATION.

         For the purposes of this Section 20, "Confidential Information" means
information delivered to any Purchaser by or on behalf of the Company or any
Subsidiary in connection with the transactions contemplated by or otherwise
pursuant to this Agreement that is proprietary or confidential in nature and
that was clearly marked or labeled or otherwise adequately identified when
received by such Purchaser as being confidential information of the Company or
such Subsidiary, provided that such term does not include information that (a)
was publicly known or otherwise known to such Purchaser prior to the time of
such disclosure, (b) subsequently becomes publicly known through no act or
omission by such Purchaser or any Person acting on such Purchaser's behalf, (c)
otherwise becomes known to such Purchaser other than through disclosure by the
Company or any Subsidiary or (d) constitutes financial statements delivered to
such Purchaser under Section 7.1 that are otherwise publicly available. Each
Purchaser will maintain the confidentiality of such Confidential Information in
accordance with procedures adopted by such Purchaser in good faith to protect
confidential information of third parties delivered to such Purchaser, provided
that such Purchaser may deliver or disclose Confidential Information to (i) such
Purchaser's directors, trustees, officers, employees, agents, attorneys and
affiliates (to the extent such disclosure reasonably relates to the
administration of the investment

                                      A-36

<PAGE>

represented by such Purchaser's Notes), (ii) such Purchaser's financial
advisors and other professional advisors who agree to hold confidential the
Confidential Information substantially in accordance with the terms of this
Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor
to which such Purchaser sells or offers to sell such Note or any part thereof
or any participation therein (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this
Section 20), (v) any Person from which such Purchaser offers to purchase any
security of the Company (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this
Section 20), (vi) any federal or state regulatory authority having jurisdiction
over such Purchaser, (vii) the National Association of Insurance Commissioners
or any similar organization, or any nationally recognized rating agency that
requires access to information about such Purchaser's investment portfolio, or
(viii) any other Person to which such delivery or disclosure may be necessary
or appropriate (w) to effect compliance with any law, rule, regulation or order
applicable to such Purchaser, (x) in response to any subpoena or other legal
process, (y) in connection with any litigation to which such Purchaser is a
party or (z) if an Event of Default has occurred and is continuing, to the
extent such Purchaser may reasonably determine such delivery and disclosure to
be necessary or appropriate in the enforcement or for the protection of the
rights and remedies under such Purchaser's Notes and this Agreement. Each
holder of a Note, by its acceptance of a Note, will be deemed to have agreed to
be bound by and to be entitled to the benefits of this Section 20 as though it
were a party to this Agreement. On reasonable request by the Company in
connection with the delivery to any holder of a Note of information required to
be delivered to such holder under this Agreement or requested by such holder
(other than a holder that is a party to this Agreement or its nominee), such
holder will enter into an agreement with the Company embodying the provisions
of this Section 20.

SECTION 21.          SUBSTITUTION OF PURCHASER.

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

SECTION 22.          MISCELLANEOUS.

         Section 22.1.  Successors and Assigns. All covenants and other
agreements contained in this Agreement by or on behalf of any of the parties
hereto bind and inure to the benefit of their

                                      A-37

<PAGE>

respective successors and assigns (including, without limitation, any subsequent
holder of a Note) whether so expressed or not.

         Section 22.2.  Payments Due on Non-Business Days. Anything in this
Agreement or the Notes to the contrary notwithstanding, any payment of principal
of or Make-Whole Amount or interest on any Note that is due on a date other than
a Business Day shall be made on the next succeeding Business Day without
including the additional days elapsed in the computation of the interest payable
on such next succeeding Business Day.

         Section 22.3.  Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by
law) not invalidate or render unenforceable such provision in any other
jurisdiction.

         Section 22.4.  Construction. Each covenant contained herein shall be
construed (absent express provision to the contrary) as being independent of
each other covenant contained herein, so that compliance with any one covenant
shall not (absent such an express contrary provision) be deemed to excuse
compliance with any other covenant. Where any provision herein refers to action
to be taken by any Person, or which such Person is prohibited from taking, such
provision shall be applicable whether such action is taken directly or
indirectly by such Person.

         Section 22.5.  Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be an original but all of which
together shall constitute one instrument. Each counterpart may consist of a
number of copies hereof, each signed by less than all, but together signed by
all, of the parties hereto.

         Section 22.6.  Governing Law. This Agreement shall be construed and
enforced in accordance with, and the rights of the parties shall be governed
by, the law of the State of New York excluding choice-of-law principles of the
law of such State that would require the application of the laws of a
jurisdiction other than such State.

                                    * * * * *

                                      A-38

<PAGE>

         The execution hereof by the Purchasers shall constitute a contract
among the Company and the Purchasers for the uses and purposes hereinabove set
forth. This Agreement may be executed in any number of counterparts, each
executed counterpart constituting an original but all together only one
agreement.

                        Very truly yours,

                        ARCH CHEMICALS, INC.

                        By /S/ W. Paul Bush
                           Name:  W. Paul Bush
                           Title: Treasurer

Accepted as of the first date written above.

                        NORTHERN LIFE INSURANCE COMPANY

                        By: ING Investment Management LLC, as
                            Agent

                            By /S/ James V. Wittich
                               Name:   James V. Wittich
                               Title:  Senior Vice President

Accepted as of the first date written above.

                        SECURITY LIFE OF DENVER INSURANCE
                          COMPANY

                        By: ING Investment Management LLC, as Agent

                            By /S/ James V. Wittich
                               Name:   James V. Wittich
                               Title:  Senior Vice President

                                      A-39

<PAGE>

Accepted as of the first date written above.

                        GOLDEN AMERICAN LIFE INSURANCE COMPANY

                        By: ING Investment Management LLC, as
                            Agent

                            By /S/ James V. Wittich
                               Name:   James V. Wittich
                               Title:  Senior Vice President

Accepted as of the first date written above.

                        RELIASTAR LIFE INSURANCE COMPANY

                        By: ING Investment Management LLC, as
                            Agent

                            By /S/ James V. Wittich
                               Name:   James V. Wittich
                               Title:  Senior Vice President

Accepted as of the first date written above.

                        METROPOLITAN LIFE INSURANCE COMPANY

                        By /S/ C. Scott Inglis
                           Name:   C. Scott Inglis
                           Title:  Managing Director

                                      A-40

<PAGE>

Accepted as of the first date written above.

                        NEW YORK LIFE INSURANCE COMPANY

                        By /S/ Kathleen Haberkern
                           Name:   Kathleen Haberkern
                           Title:  Director

Accepted as of the first date written above.

                        NEW YORK LIFE INSURANCE AND ANNUITY
                          CORPORATION

                        By  New York Life Investment Management
                            LLC, Its Investment Manager

                            By /S/ Kathleen Haberkern
                               Name:   Kathleen Haberkern
                               Title:  Director

Accepted as of the first date written above.

                        NEW YORK LIFE INSURANCE AND ANNUITY
                          CORPORATION INSTITUTIONALLY OWNED
                          LIFE INSURANCE SEPARATE ACCOUNT

                        By New York Life Investment Management
                           LLC, Its Investment Manager

                           By /S/ Kathleen Haberkern
                              Name:   Kathleen Haberkern
                              Title:  Director

                                      A-41

<PAGE>

Accepted as of the first date written above.

                        NATIONWIDE LIFE INSURANCE COMPANY

                        By /S/ Mark W. Poppelman
                           Name:   Mark W. Poppelman
                           Title:  Associate Vice President

Accepted as of the first date written above.

                        NATIONWIDE LIFE AND ANNUITY INSURANCE
                          COMPANY

                        By /S/ Mark W. Poppelman
                           Name:   Mark W. Poppelman
                           Title:  Associate Vice President

Accepted as of the first date written above.

                        THE CANADA LIFE ASSURANCE COMPANY

                        By /S/ Andrew Smith
                           Name:   Andrew Smith
                           Title:  Assistant Treasurer

                                      A-42

<PAGE>

Accepted as of the first date written above.

                        CANADA LIFE INSURANCE COMPANY OF
                          AMERICA

                        By /S/ Andrew Smith
                           Name:   Andrew Smith
                           Title:  Assistant Treasurer

Accepted as of the first date written above.

                        ERIE INDEMNITY COMPANY, as attorney in fact,
                          for Erie Insurance Exchange

                        By /S/ Douglas F. Ziegler
                           Name:   Douglas F. Ziegler
                           Title:  Senior Vice President, Treasurer &
                                   Chief Investment Officer

Accepted as of the first date written above.

                        ERIE FAMILY LIFE INSURANCE COMPANY

                        By /S/ Douglas F. Ziegler
                           Name:   Douglas F. Ziegler
                           Title:  Senior Vice President, Treasurer &
                                   Chief Investment Officer

                                      A-43

<PAGE>

Accepted as of the first date written above.

                        ERIE INDEMNITY COMPANY

                        By /S/ Douglas F. Ziegler
                           Name:   Douglas F. Ziegler
                           Title:  Senior Vice President, Treasurer &
                                   Chief Investment Officer

Accepted as of the first date written above.

                        ERIE INSURANCE COMPANY

                        By /S/ Douglas F. Ziegler
                           Name:   Douglas F. Ziegler
                           Title:  Senior Vice President, Treasurer &
                                   Chief Investment Officer

Accepted as of the first date written above.

                        ERIE INSURANCE GROUP RETIREMENT TRUST
                          COMPANY

                        By /S/ Douglas F. Ziegler
                           Name:   Douglas F. Ziegler
                           Title:  Senior Vice President, Treasurer &
                                   Chief Investment Officer

                                      A-44

<PAGE>

Accepted as of the first date written above.

                        THE OHIO NATIONAL LIFE INSURANCE
                          COMPANY

                        By /S/ Michael A. Boedeker
                           Name:   Michael A. Boedeker
                           Title:  Senior Vice President, Investments

Accepted as of the first date written above.

                        ALLSTATE LIFE INSURANCE COMPANY

                        By /S/ Rhonda L. Hopps

                        By /S/ Ronald A. Mendel
                           Authorized Signatories

Accepted as of the first date written above.

                        ALLSTATE LIFE INSURANCE COMPANY OF NEW
                          YORK

                        By /S/ Rhonda L. Hopps

                        By /S/ Ronald A. Mendel
                           Authorized Signatories

                                      A-45

<PAGE>

Accepted as of the first date written above.

                        BENEFICIAL LIFE INSURANCE COMPANY

                        By /S/ Kent H. Cannon
                           Name:   Kent H. Cannon
                           Title:  President and CEO

                        By /S/ Chris M. Miller
                           Name:   Chris M. Miller
                           Title:  Senior Vice President

                                      A-46

<PAGE>

                                  DEFINED TERMS

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

         "Acceptable Insurer" means an insurance company (i) having an A.M. Best
rating of "A-" or better and being in a financial size category of VI or larger
(as such category is defined as of the date hereof) or (ii) otherwise acceptable
to the Required Holders.

         "Affiliate" means, at any time, and with respect to any Person, (a) any
other Person that at such time directly or indirectly through one or more
intermediaries Controls, or is Controlled by, or is under common Control with,
such first Person, and (b) any Person beneficially owning or holding, directly
or indirectly, 10% or more of any class of voting or equity interests of the
Company or any Subsidiary or any Person of which the Company and its
Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly,
10% or more of any class of voting or equity interests. As used in this
definition, "Control" means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.
Unless the context otherwise clearly requires, any reference to an "Affiliate"
is a reference to an Affiliate of the Company.

         "Applicable Quarter" means each of the fiscal quarters of the Company
ending on December 31, 2001, March 31, 2002, June 30, 2002, September 30, 2002
and December 31, 2002.

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

         "Capital Lease" means, at the time of determination, a lease with
respect to which the lessee is required concurrently to recognize the
acquisition of an asset and the incurrence of a liability in accordance with
GAAP.

         "Capital Lease Obligation" means, with respect to any Person and a
Capital Lease, the amount of the obligation of such Person as the lessee under
such Capital Lease which would, in accordance with GAAP, appear as a liability
on a balance sheet of such Person.

         "Closing" is defined in Section 3.

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

         "Company" means Arch Chemicals, Inc., a Virginia corporation.

         "Confidential Information" is defined in Section 20.

                                  EXHIBIT 5.4.9
                          (to Note Purchase Agreement)

<PAGE>

         "Consolidated Adjusted Net Income" shall mean, for any period, the net
income (or loss) before any cumulative effect of any accounting changes for the
Company and its Subsidiaries, determined on a consolidated basis in accordance
with GAAP consistently applied plus (a) any extraordinary or special expenses or
losses (including, whether or not otherwise includable as a separate item in the
statement of Consolidated Net Income for such period, losses on sale of assets
outside of the ordinary course of business), and minus, to the extent included
in the statement of Consolidated Net Income for such period, the sum of (a) any
extraordinary or special income or gains (including, whether or not otherwise
includable as a separate item in the statement of Consolidated Net Income for
such period, gains on the sale of assets outside of the ordinary course of
business), all as determined on a consolidated basis.

         "Consolidated Debt" means the total amount of all Debt of the Company
and its Subsidiaries determined on a consolidated basis in accordance with GAAP.

         "Consolidated EBITDA" shall mean, for any period, Consolidated Net
Income for such period plus, to the extent deducted in computing such
Consolidated Net Income and without duplication of (i) income tax expense, (ii)
Consolidated Interest Expense, (iii) depreciation and amortization expense, (iv)
amortization of intangibles, (v) any extraordinary or special expenses or
losses, and (vi) any other non-cash charges, and minus, to the extent included
in Consolidated Net Income for such period, the sum of (i) interest income and
(ii) any extraordinary or special income or gains, and (iii) any other non-cash
income. For purposes of calculating Consolidated EBITDA for any period, if
during such period the Company or any Subsidiary shall have made an acquisition
or disposition, Consolidated EBITDA for such period shall be calculated after
giving pro forma effect thereto as if such acquisition or disposition occurred
on the first day of such period.

         "Consolidated Income Available for Fixed Charges" means for any period
the sum of (i) Consolidated EBITDA and (ii) Lease Rentals.

         "Consolidated Interest Expense" shall mean, for any period, the
interest expense of the Company and its Subsidiaries for such period (including
imputed interest on Capital Lease Obligations), determined on a consolidated
basis in accordance with GAAP. For purposes of calculation of Consolidated
Interest Expense for any period, if during such period, the Company or any
Subsidiary shall have made an acquisition or disposition, Consolidated Interest
Expense for such period shall be calculated after giving pro forma effect
thereto and any Debt incurred or assumed (by either the Company or any
transferee) in connection therewith as if such acquisition occurred on the first
day of such period.

         "Consolidated Leverage Ratio" shall mean, as of any date of
determination, the ratio of Consolidated Debt at such date to Consolidated
EBITDA for the period of four consecutive fiscal quarters immediately preceding
such date of determination.

         "Consolidated Net Income" shall mean, for any period, the net income
(or loss) of the Company and its Subsidiaries for such period, determined on a
consolidated basis in accordance with GAAP consistently applied.

                                    E-5.4.9-2

<PAGE>

         "Consolidated Net Worth" means as of any date of determination the
consolidated stockholders' equity of the Company and its Subsidiaries, as
determined in accordance with GAAP as of the last day of the fiscal quarter
immediately preceding such date of determination.

         "Consolidated Total Assets" means, as of any date of determination, the
total amount of all assets of the Company and its Subsidiaries, determined on a
consolidated basis in accordance with GAAP.

         "Debt" means, with respect to any Person, without duplication,

                   (a)  its obligations for borrowed money;

                   (b)  its obligations for the deferred purchase price of
         property acquired by such Person (excluding accounts payable, trade
         receivables and other accrued liabilities arising in the ordinary
         course of business but including, without limitation, all obligations
         created or arising under any conditional sale or other title retention
         agreement with respect to any such property);

                   (c)  its Capital Lease Obligations;

                   (d)  all obligations for borrowed money secured by any Lien
         with respect to any property owned by such Person (whether or not it
         has assumed or otherwise become liable for such obligations); and

                   (e)  Guarantees of such Person with respect to obligations
         of a type described in any of clauses (a) through (d) hereof.

         Debt of any Person shall include all obligations of such Person of the
character described in clauses (a) through (e) to the extent such Person remains
legally liable in respect thereof notwithstanding that any such obligation is
deemed to be extinguished under GAAP. Debt shall not include (i) obligations
arising under Securitization Transactions which are not required under GAAP to
appear as liabilities on the balance sheet of such Person, (ii) contingent
obligations in respect of reimbursement agreements or similar agreements in
respect of letters of credit or instruments serving a similar function issued or
accepted for its account by banks and other financial institutions, and (iii)
the Louisiana IDB.

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

         "Determination Date" means, for each Applicable Quarter, the date upon
which the Company delivers the financial reports required by Section 7.1 for
such quarter; provided that the Determination Date shall be not later than 60
days following the last day of each of the first, second and third fiscal
quarters and not more than 70 days following the last day of the fourth fiscal
quarter.

                                    E-5.4.9-3

<PAGE>

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

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

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

         "Event of Default" is defined in Section 11.

         "Excess Securitization Assets" means, as of any date of determination,
an amount equal to the excess, if any, of the Fair Market Value of accounts
receivable which are subject to Liens in Securitization Transactions minus
$100,000,000.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Excluded Sale and Leaseback Transaction" shall mean any sale or
transfer of property acquired by the Company or any Subsidiary after the date of
this Agreement to any Person within 180 days following the acquisition or
construction of such property by the Company or any Subsidiary if the Company or
a Subsidiary shall concurrently with such sale or transfer, lease such property,
as lessee.

         "Fair Market Value" means, at any time and with respect to any
property, the sale value of such property that would be realized in an
arm's-length sale at such time between an informed and willing buyer and an
informed and willing seller (neither being under a compulsion to buy or sell),
as reasonably determined in the good faith opinion of the Company's board of
directors or one or more officers to whom authority to enter into such
transaction has been delegated by the board of directors.

         "Fixed Charge Coverage Ratio" shall mean, at any date, the ratio of (a)
Consolidated Income Available for Fixed Charges for the period of four
consecutive fiscal quarters most recently ended as of such date to (b) Fixed
Charges for such same period of four consecutive fiscal quarters.

         "Fixed Charges" means, with respect to any period, the sum of (i)
Consolidated Interest Expense and (ii) Lease Rentals for such period.

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

                                    E-5.4.9-4

<PAGE>

         "Governmental Authority" means

                   (a)  the government of

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

                           (ii)   any jurisdiction in which the Company or any
                   Subsidiary conducts all or any part of its business, or which
                   has jurisdiction  over any  properties  of the Company or any
                   Subsidiary, or

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

         "Guaranty" means, with respect to any Person, any obligation (except
the endorsement in the ordinary course of business of negotiable instruments for
deposit or collection) of such Person guaranteeing or in effect guaranteeing any
Debt, dividend or other obligation of any other Person in any manner, whether
directly or indirectly, including (without limitation) obligations incurred
through an agreement, contingent or otherwise, by such Person:

                   (a)  to purchase such Debt or obligation or any property
         constituting security therefor primarily for the purpose of assuring
         the owner of such Debt or obligation of the ability of any other Person
         to make payment of the Debt or obligation;

                   (b)  to advance or supply funds (i) for the purchase or
         payment of such Debt or obligation, or (ii) to maintain any working
         capital or other balance sheet condition or any income statement
         condition of any other Person or otherwise to advance or make available
         funds for the purchase or payment of such Debt or obligation;

                   (c)  to lease properties or to purchase properties or
         services primarily for the purpose of assuring the owner of such Debt
         or obligation of the ability of any other Person to make payment of the
         Debt or obligation; or

                   (d)  otherwise to assure the owner of such Debt or obligation
         against loss in respect thereof.

         In any computation of the Debt or other liabilities of the obligor
under any Guaranty, the Debt or other obligations that are the subject of such
Guaranty shall be assumed to be direct obligations of such obligor, provided
that the amount of such Debt outstanding for purposes of this Agreement shall
not exceed the maximum amount of Debt described in clauses (a) through (d) of
the definition of Debt that is the subject of such Guaranty.

         "Hazardous Material" means any and all pollutants, toxic or hazardous
wastes or any other substances that might pose a hazard to health or safety, the
removal of which may be required or the generation, manufacture, refining,
production, processing, treatment, storage, handling, transportation, transfer,
use, disposal, release, discharge, spillage, seepage, or filtration

                                    E-5.4.9-5

<PAGE>

of which is or shall be restricted, prohibited or penalized by any applicable
law (including, without limitation, asbestos, urea formaldehyde foam insulation
and polychlorinated biphenyls).

         "Hickson Organics Business" means the organic chemicals businesses of
Hickson International Limited, including Hickson DanChem Corporation and Hickson
and Welch Limited, acquired by the Company; such businesses being on the date
hereof reflected as Discontinued Operations in the Company's consolidated
financial statements as of December 31, 2001.

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

         "Institutional Investor" means (a) any original purchaser of a Note,
(b) any holder of more than $5,000,000 of the aggregate principal amount of the
Notes then outstanding, and (c) any bank, trust company, savings and loan
association or other financial institution, any pension plan, any investment
company, any insurance company, any broker or dealer, or any other similar
financial institution or entity, regardless of legal form.

         "Lease Rentals" means, with respect to any period, the sum of the
minimum amount of rental required to be paid during such period by the Company
or Subsidiary as lessee under all leases of real or personal property (other
than Capital Leases and any lease which has an initial term of less than one
year and which is not renewable by its terms solely at the option of the Company
for a period of more than one year; provided that any such lease shall have
annualized rentals of less than $250,000), excluding any amounts required to be
paid by the lessee (whether or not therein designated as rental or additional
rental) which are on account of maintenance and repairs, insurance, taxes,
assessments, utilities, water rates and similar charges. For purposes of
calculation of Lease Rentals for any period, if during such period, the Company
or any Subsidiary shall have made an acquisition or disposition, Lease Rentals
for such period shall be calculated after giving pro forma effect thereto and
any Lease Rentals incurred or assumed (by either the Company or any transferee)
in connection therewith as if such acquisition occurred on the first day of such
period.

         "Lien" means, with respect to any Person, any mortgage, lien, pledge,
charge, security interest or other encumbrance, or any interest or title of any
vendor, lessor, lender or other secured party to or of such Person under any
conditional sale or other title retention agreement (other than an operating
lease) or Capital Lease, upon or with respect to any property or asset of such
Person (including, in the case of stock, shareholder agreements, voting trust
agreements and all similar arrangements).

         "Louisiana IDB" means the $1,000,000 aggregate principal amount
Industrial Development Board of the Parish of Calcasieu Inc. (Louisiana) 6%
Industrial Development Revenue Bonds (Olin Corporation Project) due March 1,
2008.

         "Make-Whole Amount" shall have the meaning set forth in Section 8.6.

                                    E-5.4.9-6

<PAGE>

         "Material" means material in relation to the business, operations,
affairs, financial condition, assets or properties of the Company and its
Subsidiaries taken as a whole.

         "Material Adverse Effect" means a material adverse effect on (a) the
business, operations, affairs, financial condition, assets or properties of the
Company and its Subsidiaries taken as a whole, or (b) the ability of the Company
to perform its obligations under this Agreement and the Notes, or (c) the
validity or enforceability of this Agreement or the Notes.

         "Material Subsidiary" means, at any time, any Subsidiary of the Company
which, together with all other Subsidiaries of such Subsidiary, accounts for
more than (i) 5% of the Consolidated Total Assets of the Company and its
Subsidiaries or (ii) 5% of consolidated revenue of the Company and its
Subsidiaries.

         "Memorandum" is defined in Section 5.3.

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

         "Net Proceeds" means with respect to any sale of property by any Person
an amount equal to (a) the aggregate amount of the consideration received by
such Person in respect of such sale (valued at the Fair Market Value of such
consideration at the time of such sale), minus (b) the sum of (i) all
out-of-pocket costs and expenses actually incurred by such Person in connection
with such sale, and (ii) all state, federal and foreign taxes incurred, or to be
incurred, by such Person in connection with such sale.

         "Notes" is defined in Section 1.

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

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

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

         "Placement  Agent" means each of Banc of America  Securities LLC, JP
Morgan  Securities,  Inc. and First Union Securities, Inc.

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

                                    E-5.4.9-7

<PAGE>

         "Priority Debt" means (without duplication), as of the date of any
determination thereof, (i) all unsecured Debt of Subsidiaries (including all
Guaranties by Subsidiaries of Debt of the Company but excluding Debt described
in subparagraphs (a) through (d), inclusive, of Section 10.2), (ii) all Debt of
the Company and its Subsidiaries secured by Liens other than Debt secured by
Liens permitted by subparagraphs (a) through (j), inclusive, of Section 10.4,
and (iii) Excess Securitization Assets.

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

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

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

         "Ratable Portion" means, with respect to any Note, an amount equal to
the product of (x) the amount equal to the Net Proceeds being so applied to the
prepayment of Senior Debt multiplied by (y) a fraction the numerator of which is
the outstanding principal amount of such Note and the denominator of which is
the aggregate principal amount of Senior Debt of the Company and its
Subsidiaries.

         "Receivables" means accounts receivable of the Company or any of its
Subsidiaries, rights therein, collateral related thereto (including records,
contracts, books, documents and other information related thereto) and all
proceeds thereof.

         "Required Holders" means, at any time, the holders of more than 50% in
principal amount of the Notes at the time outstanding (exclusive of Notes then
owned by the Company or any of its Affiliates).

         "Responsible Officer" means any Senior Financial Officer and any other
officer of the Company with responsibility for the administration of the
relevant portion of this Agreement.

         "Restricted Payments" means any dividend or other distribution (whether
in cash, securities or other property) with respect to any shares of any class
of capital stock of the Company or any Subsidiary, or any payment (whether in
cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such shares of capital stock of the Company
or any option, warrant or other right to acquire such shares of capital stock of
the Company. Restricted Payments shall not include (a) dividends with respect to
the Company's capital stock payable solely in additional shares of its common
stock, (b) dividends paid or other distributions by Subsidiaries with respect to
their capital stock; and (c) payments made in accordance with stock option plans
or other benefit or compensation plans for management, directors or employees of
the Company or any Subsidiary.

         "Securities Act" means the Securities Act of 1933, as amended from time
to time.
                                    E-5.4.9-8

<PAGE>

         "Securitization Transaction" means the transfer or sale of Receivables
to a SPE or by a SPE.

         "Senior Debt" means, as of the date of any determination thereof, all
Consolidated Debt, other than Subordinated Debt.

         "Senior Financial Officer" means the chief financial officer, principal
accounting officer, treasurer or comptroller of the Company.

         "Series" means any Series of Notes issued pursuant to this Agreement.

         "Series A Applicable Rate" means the rate per annum equal to 7.94%;
provided that the Series A Applicable Rate shall be 8.19% if the Consolidated
Leverage Ratio was greater than 3.5 but less than 4.0 as of the last day of the
Applicable Quarter immediately preceding the Determination Date for such
quarter, and shall be 8.44% if the Consolidated Leverage Ratio shall be 4.0 or
more as of the last day of the Applicable Quarter immediately preceding the
Determination Date for such quarter. Any increase or decrease in the Series A
Applicable Rate shall be in effect from and including the first day of the
fiscal quarter immediately following the Applicable Quarter for which a
determination is made to and including the last day of such fiscal quarter.
Except for adjustments in the interest rate for the Series A Notes in respect of
any Applicable Quarter, the interest rate borne by the Series A Notes shall be
7.94% per annum.

         "Series B Applicable Rate" means the rate per annum equal to 8.24%;
provided that the Series B Applicable Rate shall be 8.49% if the Consolidated
Leverage Ratio was greater than 3.5 but less than 4.0 as of the last day of the
Applicable Quarter immediately preceding the Determination Date for such
quarter, and shall be 8.74% if the Consolidated Leverage Ratio shall be 4.0 or
more as of the last day of the Applicable Quarter immediately preceding the
Determination Date for such quarter. Any increase or decrease in the Series B
Applicable Rate shall be in effect from and including the first day of the
fiscal quarter immediately following the Applicable Quarter for which a
determination is made to and including the last day of such fiscal quarter.
Except for adjustments in the interest rate for the Series B Notes in respect of
any Applicable Quarter, the interest rate borne by the Series B Notes shall be
8.24% per annum.

         "Series A Notes" is defined in Section 1 of this Agreement.

         "Series B Notes" is defined in Section 1 of this Agreement.

         "Series A Overdue Rate" as of any date means that rate of interest that
is the greater of (i) 2.0% per annum above the Series A Applicable Rate or (ii)
2.0% per annum over the rate of interest publicly announced by Bank of America,
N.A. in New York, New York as its "base" or "prime" rate.

         "Series B Overdue Rate" as of any date means that rate of interest that
is the greater of (i) 2.0% per annum above the Series B Applicable Rate or (ii)
2.0% per annum over the rate of interest publicly announced by Bank of America,
N.A. in New York, New York as its "base" or "prime" rate.

                                    E-5.4.9-9

<PAGE>

         "SPE" means any special purpose, bankruptcy remote entity (including a
Subsidiary or Affiliate of the Company) that acquires or sells Receivables and
whose obligations are not guaranteed by the Company or another Subsidiary (other
than obligations arising from representations, warranties and indemnities with
respect to Receivables acquired or sold by such SPE and the conduct of the
business of such SPE which in each case do not constitute Debt of the Company
and its Subsidiaries).

         "Subordinated Debt" means all unsecured Debt of the Company which shall
contain or have applicable thereto subordination provisions providing for the
subordination thereof to other Debt of the Company (including, without
limitation, the obligations of the Company under this Agreement and the Notes).

         "Subsidiary" means, as to any Person, any corporation, association or
other business entity in which such Person or one or more of its Subsidiaries or
such Person and one or more of its Subsidiaries owns sufficient equity or voting
interests to enable it or them (as a group) ordinarily, in the absence of
contingencies, to elect a majority of the directors (or Persons performing
similar functions) of such entity, and any partnership or joint venture if more
than a 50% interest in the profits or capital thereof is owned by such Person or
one or more of its Subsidiaries or such Person and one or more of its
Subsidiaries (unless such partnership can and does ordinarily take major
business actions without the prior approval of such Person or one or more of its
Subsidiaries). Unless the context otherwise clearly requires, any reference to a
"Subsidiary" is a reference to a Subsidiary of the Company.

         "Total Capitalization" means, at any time, the sum of (i) Consolidated
Debt and (ii) Consolidated Net Worth, but excluding the cumulative effect of
changes in accounting principles or policies promulgated by the FASB (or its
successor) after the date of this Agreement which result in an increase in, or a
deduction from, Consolidated Net Worth.

         "Wholly-Owned Subsidiary" means, at any time, any Subsidiary one
hundred percent (100%) of all of the equity interests (except directors'
qualifying shares) and voting interests of which are owned by any one or more of
the Company and the Company's other Wholly-Owned Subsidiaries at such time.

                                   E-5.4.9-10

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