Document:

EX-10.BB: CREDIT AGREEMENT

 

EXECUTION COPY

CREDIT AGREEMENT

by and among

HUBBELL INCORPORATED,

as Borrower,

THE LENDERS PARTY HERETO FROM TIME TO TIME,

JPMORGAN CHASE BANK,

as Administrative Agent

FLEET NATIONAL BANK and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Syndication Agents,

and

DEUTSCHE BANK AG, NEW YORK BRANCH,

as Documentation Agent

J.P. MORGAN SECURITIES INC.,

as Arranger and Bookrunner

July 18, 2002

CS&M 6701-273

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE I

	
	
	
	

	
	
	
	

	DEFINITIONS AND ACCOUNTING TERMS

	
	
	
	

	
	
	
	

	SECTION 1.01.	 	Definitions
	 	 	1	 
	
	
	
	

	SECTION 1.02.	 	Classification of Loans and Borrowings
	 	 	13	 
	
	
	
	

	SECTION 1.03.	 	Terms Generally
	 	 	13	 
	
	
	
	

	SECTION 1.04.	 	Accounting Terms; GAAP
	 	 	13	 
	
	
	
	

	
	
	
	

	ARTICLE II

	
	
	
	

	
	
	
	

	THE CREDITS

	
	
	
	

	SECTION 2.01.	 	Commitments
	 	 	14	 
	
	
	
	

	SECTION 2.02.	 	Loans and Borrowings
	 	 	14	 
	
	
	
	

	SECTION 2.03.	 	Requests for Revolving Borrowings
	 	 	15	 
	
	
	
	

	SECTION 2.04.	 	Competitive Bid Procedure
	 	 	15	 
	
	
	
	

	SECTION 2.05.	 	Funding of Borrowings
	 	 	17	 
	
	
	
	

	SECTION 2.06.	 	Interest Elections
	 	 	18	 
	
	
	
	

	SECTION 2.07.	 	Termination and Reduction of Commitments
	 	 	19	 
	
	
	
	

	SECTION 2.08.	 	Repayment of Loans; Evidence of Debt
	 	 	19	 
	
	
	
	

	SECTION 2.09.	 	Prepayment of Loans
	 	 	20	 
	
	
	
	

	SECTION 2.10.	 	Fees
	 	 	21	 
	
	
	
	

	SECTION 2.11.	 	Interest
	 	 	21	 
	
	
	
	

	SECTION 2.12.	 	Alternate Rate of Interest
	 	 	22	 
	
	
	
	

	SECTION 2.13.	 	Increased Costs
	 	 	23	 
	
	
	
	

	SECTION 2.14.	 	Break Funding Payments
	 	 	24	 
	
	
	
	

	SECTION 2.15.	 	Taxes
	 	 	24	 
	
	
	
	

	SECTION 2.16.	 	Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	 	 	25	 
	
	
	
	

	SECTION 2.17.	 	Mitigation Obligations; Replacement of Lenders
	 	 	27	 
	
	
	
	

	
	
	
	

	ARTICLE III

	
	
	
	

	
	
	
	

	CONDITIONS PRECEDENT TO LOANS

	
	
	
	

	SECTION 3.01.	 	Effective Date
	 	 	28	 
	
	
	
	

	SECTION 3.02.	 	Each Borrowing
	 	 	29	 
	
	
	
	

	
	
	
	

	ARTICLE IV

	
	
	
	

	REPRESENTATIONS AND WARRANTIES

	
	
	
	

	
	
	
	

	SECTION 4.01.	 	Organization and Good Standing
	 	 	30	 
	
	
	
	

	SECTION 4.02.	 	Due Authorization
	 	 	30	 

i

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
	
	
	

	SECTION 4.03.	 	No Conflicts
	 	 	30	 
	
	
	
	

	SECTION 4.04.	 	Consents
	 	 	30	 
	
	
	
	

	SECTION 4.05.	 	Enforceable Obligations
	 	 	30	 
	
	
	
	

	SECTION 4.06.	 	Financial Condition
	 	 	31	 
	
	
	
	

	SECTION 4.07.	 	No Default
	 	 	31	 
	
	
	
	

	SECTION 4.08.	 	No Material Litigation
	 	 	31	 
	
	
	
	

	SECTION 4.09.	 	Taxes
	 	 	31	 
	
	
	
	

	SECTION 4.10.	 	Compliance with Law
	 	 	31	 
	
	
	
	

	SECTION 4.11.	 	ERISA
	 	 	31	 
	
	
	
	

	SECTION 4.12.	 	Investment and Holding Company
	 	 	32	 
	
	
	
	

	SECTION 4.13.	 	Environmental Laws
	 	 	32	 
	
	
	
	

	
	
	
	

	ARTICLE V

	
	
	
	

	
	
	
	

	AFFIRMATIVE COVENANTS

	
	
	
	

	SECTION 5.01.	 	Information Covenants
	 	 	32	 
	
	
	
	

	SECTION 5.02.	 	Books and Records; Communication with Accountants
	 	 	33	 
	
	
	
	

	SECTION 5.03.	 	Compliance with Law
	 	 	33	 
	
	
	
	

	SECTION 5.04.	 	Payment of Taxes
	 	 	34	 
	
	
	
	

	SECTION 5.05.	 	Insurance
	 	 	34	 
	
	
	
	

	SECTION 5.06.	 	ERISA
	 	 	34	 
	
	
	
	

	SECTION 5.07.	 	Use of Proceeds
	 	 	34	 
	
	
	
	

	
	
	
	

	ARTICLE VI

	
	
	
	

	
	
	
	

	NEGATIVE COVENANTS

	
	
	
	

	SECTION 6.01.	 	Net Worth
	 	 	35	 
	
	
	
	

	SECTION 6.02.	 	Indebtedness
	 	 	35	 
	
	
	
	

	SECTION 6.03.	 	Consolidation, Merger
	 	 	36	 
	
	
	
	

	SECTION 6.04.	 	Transfer of Assets
	 	 	36	 
	
	
	
	

	SECTION 6.05.	 	Transactions with Affiliates
	 	 	36	 
	
	
	
	

	SECTION 6.06.	 	Liens
	 	 	36	 
	
	
	
	

	SECTION 6.07.	 	Swap Agreements
	 	 	37	 
	
	
	
	

	
	
	
	

	ARTICLE VII

	
	
	
	

	
	
	
	

	EVENTS OF DEFAULT

	
	
	
	

	SECTION 7.01.	 	Events of Default
	 	 	37	 
	
	
	
	

	ARTICLE VIII

	
	
	
	

	The Administrative Agent

ii

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE IX

	
	
	
	

	
	
	
	

	Miscellaneous

	
	
	
	

	SECTION 9.01.	 	Notices
	 	 	42	 
	
	
	
	

	SECTION 9.02.	 	Waivers; Amendments
	 	 	42	 
	
	
	
	

	SECTION 9.03.	 	Expenses; Indemnity; Damage Waiver
	 	 	43	 
	
	
	
	

	SECTION 9.04.	 	Successors and Assigns
	 	 	44	 
	
	
	
	

	SECTION 9.05.	 	Survival
	 	 	47	 
	
	
	
	

	SECTION 9.06.	 	Counterparts; Integration; Effectiveness
	 	 	47	 
	
	
	
	

	SECTION 9.07.	 	Severability
	 	 	48	 
	
	
	
	

	SECTION 9.08.	 	Right of Setoff
	 	 	48	 
	
	
	
	

	SECTION 9.09.	 	Governing Law; Jurisdiction; Consent to Service of Process
	 	 	48	 
	
	
	
	

	SECTION 9.10.	 	WAIVER OF JURY TRIAL
	 	 	49	 
	
	
	
	

	SECTION 9.11.	 	Headings
	 	 	49	 
	
	
	
	

	SECTION 9.12.	 	Confidentiality
	 	 	49	 
	
	
	
	

	SECTION 9.13.	 	Interest Rate Limitation
	 	 	50	 

EXHIBITS

	 	 	 
	Exhibit A	 	
Form of Assignment and Assumption
	
	
	
	

	Exhibit B	 	
Form of Opinion of the Borrower’s General Counsel
	
	
	
	

	Exhibit B-1	 	
Form of Opinion of Latham & Watkins
	
	
	
	

	Exhibit C	 	
Form of Financial Covenant Compliance Certificate
	
	
	
	

	Exhibit D	 	
Form of Responsible Party Certificate

SCHEDULES

Schedule 2.01— Commitments

Schedule 4.08— Litigation

Schedule 6.02— Indebtedness

iii

 

		
	 	         CREDIT AGREEMENT dated as of July 18, 2002, among HUBBELL
INCORPORATED, the Lenders party hereto and JPMORGAN CHASE BANK,
as Administrative Agent.

W I T N E S S E T H :

                  WHEREAS, the Borrower has requested that the Lenders make available to the
Borrower a revolving credit facility of up to $200,000,000 for the purposes
hereinafter set forth;

                  WHEREAS, the Lenders have agreed to make such facility available to the
Borrower, and the Administrative Agent has accepted its duties hereunder, on
the terms and
subject to the conditions hereinafter set forth.

                  NOW THEREFORE, IT IS AGREED:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

                  SECTION 1.01. Definitions. As used herein, the following terms shall
have the
meanings herein specified unless the context otherwise requires:

		
	 	         “ABR”, when used in reference to any Loan or Borrowing, refers to whether
such
Loan, or the Loans comprising such Borrowing, are bearing interest at a
rate determined
by reference to the Alternate Base Rate.
	 
	 	         “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for
any
Interest Period, an interest rate per annum (rounded upwards, if
necessary, to the next
1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied
by (b) the
Statutory Reserve Rate.
	 
	 	         “Administrative Agent” means JPMorgan Chase Bank, in its capacity as
administrative agent for the Lenders hereunder.
	 
	 	         “Administrative Questionnaire” means an Administrative Questionnaire in a
form
supplied by the Administrative Agent.
	 
	 	         “Affiliate” means, with respect to any Person, any other Person directly
or
indirectly controlling, controlled by or under direct or indirect common
control with such
Person.
	 
	 	         “Alternate Base Rate” means, for any day, a rate per annum equal to the
greater of
(a) the Prime Rate in effect on such day and (b) the Federal Funds
Effective Rate in effect
on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due
to a change in the

1

 

	 	 	Prime Rate or the Federal Funds Effective Rate shall be effective from and
including the
effective date of such change in the Prime Rate or the Federal Funds
Effective Rate,
respectively.

		
	 	         “Applicable Facility Fee Rate” means, for any day that percent per annum
set
forth below opposite the Debt Ratings in effect on such day:

	 	 	 	 	 
	Debt Ratings	Applicable Facility Fee
	(S&P/Moody's)	 	Rate
	
	 	

	Level 1	 	 	
0.070	%
	
	
	
	

	AA-/Aa3	 	 	 	 
	
	
	
	

	
	
	
	

	Level 2	 	 	
0.090	%
	
	
	
	

	A+/A1	 	 	 	 
	
	
	
	

	
	
	
	

	Level 3	 	 	
0.100	%
	
	
	
	

	A/A2	 	 	 	 
	
	
	
	

	
	
	
	

	Level 4	 	 	 	 
	
	
	
	

	A-/A3	 	 	
0.125	%
	
	
	
	

	
	
	
	

	Level 5	 	 	 	 
	
	
	
	

	BBB+/Baa1	 	 	
0.150	%
	
	
	
	

	
	
	
	

	Level 6	 	 	 	 
	
	
	
	

	BBB or lower/Baa2 or	 	 	
0.175	%
	
	
	
	

	lower	 	 	 	 

		
	 	         “Applicable LIBOR Interest Addition” means, for any day that percent per
annum
set forth below opposite the Debt Ratings in effect on such day:

	 	 	 	 	 
	 	 	Applicable LIBOR
	Debt Ratings (S&P/Moody's)	 	Interest Addition
	
	 	

	Level 1	 	 	
0.130	%
	
	
	
	

	
	
	
	

	AA-/Aa3	 	 	 	 
	
	
	
	

	Level 2	 	 	
0.160	%
	
	
	
	

	
	
	
	

	A+/A1	 	 	 	 
	
	
	
	

	Level 3	 	 	
0.200	%
	
	
	
	

	
	
	
	

	A/A2	 	 	 	 
	
	
	
	

	Level 4	 	 	 	 
	
	
	
	

	A-/A3	 	 	
0.250	%
	
	
	
	

	
	
	
	

	Level 5	 	 	 	 
	
	
	
	

	BBB+/Baa1	 	 	
0.350	%
	
	
	
	

	
	
	
	

	Level 6	 	 	 	 
	
	
	
	

	BBB or lower/Baa2 or lower	 	 	
0.575	%

2

 

		
	 	         “Applicable Percentage” means, with respect to any Lender, the percentage
of the
total Commitments represented by such Lender’s Commitment. If the
Commitments
have terminated or expired, the Applicable Percentages shall be determined
based upon
the Commitments most recently in effect, giving effect to any assignments.
	 
	 	         “Approved Fund” has the meaning assigned to such term in Section 9.04.
	 
	 	         “Assessment
Rate” means, for any day, the annual assessment rate in effect on
such day that is payable by a member of the Bank Insurance Fund classified
as
“well-capitalized” and within supervisory subgroup “B” (or a comparable
successor risk
classification) within the meaning of 12 C.F.R. Part 327 (or any successor
provision) to
the Federal Deposit Insurance Corporation for insurance by such
Corporation of time
deposits made in Dollars at the offices of such member in the United
States of America;
provided that if, as a result of any change in any law, rule or
regulation, it is no longer
possible to determine the Assessment Rate as aforesaid, then the
Assessment Rate shall
be such annual rate as shall be determined by the Administrative Agent to
be
representative of the cost of such insurance to the Lenders.
	 
	 	         “Assignment and Assumption” means an assignment and assumption entered
into
by a Lender and an assignee (with the consent of any party whose consent
is required by
Section 9.04), and accepted by the Administrative Agent, in the form of
Exhibit A or any
other form approved by the Administrative Agent.
	 
	 	         “Availability Period” means the period from and including the Effective
Date to
but excluding the earlier of the Maturity Date and the date of termination
of the
Commitments.
	 
	 	         “Board” means the Board of Governors of the Federal Reserve System of the
United States of America.
	 
	 	         “Borrower” means Hubbell Incorporated, a Connecticut corporation.
	 
	 	         “Borrowing” means (a) Revolving Loans of the same Type, made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to
which a single
Interest Period is in effect or (b) a Competitive Loan or group of
Competitive Loans of
the same Type made on the same date and as to which a single Interest
Period is in effect.
	 
	 	         “Borrowing Request” means a request by the Borrower for a Revolving
Borrowing in accordance with Section 2.03.
	 
	 	         “Business Day” means any day that is not a Saturday, Sunday or other day
on
which commercial banks in New York City are authorized or required by law
to remain
closed; provided that, when used in connection with a Eurodollar Loan, the
term
“Business Day” shall also exclude any day on which banks are not open for
dealings in
Dollar deposits in the London interbank market.
	 
	 	         “Capital Lease Obligations” of any Person means the obligations of such
Person
to pay rent or other amounts under any lease of (or other arrangement
conveying the right

3

 

	 	 	to use) real or personal property, or a combination thereof, which
obligations are required
to be classified and accounted for as capital leases on a balance sheet of
such Person
under GAAP, and the amount of such obligations shall be the capitalized
amount thereof
determined in accordance with GAAP.

		
	 	         “Change in Law” means (a) the adoption of any law, rule or regulation
after the
date of this Agreement, (b) any change in any law, rule or regulation or
in the
interpretation or application thereof by any Governmental Authority after
the date of this
Agreement or (c) compliance by any Lender (or, for purposes of Section
2.13(b), by any
lending office of such Lender or by such Lender’s holding company, if any)
with any
request, guideline or directive (whether or not having the force of law)
of any
Governmental Authority made or issued after the date of this Agreement.
	 
	 	         “Class”, when used in reference to any Loan or Borrowing, refers to
whether such
Loan, or the Loans comprising such Borrowing, are Revolving Loans or
Competitive
Loans.
	 
	 	         “CLO” has the meaning assigned to such term in Section 9.04.
	 
	 	         “Code” means the Internal Revenue Code of 1986, as amended from time to
time.
	 
	 	         “Commitment” means, with respect to each Lender, the commitment of such
Lender to make Revolving Loans hereunder, expressed as an amount
representing the
maximum aggregate amount of such Lender’s Revolving Credit Exposure
hereunder, as
such commitment may be (a) reduced from time to time pursuant to Section
2.07 and
(b) reduced or increased from time to time pursuant to assignments by or
to such Lender
pursuant to Section 9.04. The initial amount of each Lender’s Commitment
is set forth
on Schedule 2.01, or in the Assignment and Assumption pursuant to which
such Lender
shall have assumed its Commitment, as applicable. The initial aggregate
amount of the
Lenders’ Commitments is $200,000,000.
	 
	 	         “Competitive Bid” means an offer by a Lender to make a Competitive Loan in
accordance with Section 2.04.
	 
	 	         “Competitive Bid Rate” means, with respect to any Competitive Bid, the
Margin
or the Fixed Rate, as applicable, offered by the Lender making such
Competitive Bid.
	 
	 	         “Competitive Bid Request” means a request by the Borrower for Competitive
Bids in accordance with Section 2.04.
	 
	 	         “Competitive Loan” means a Loan made pursuant to Section 2.04.
	 
	 	         “Consistent Basis” means, with regard to the application of accounting
principles,
accounting principles consistent in all material respects with the
accounting principles
used and applied in preparation of the audited financial statements
previously delivered to
the Lenders and referred to in Section 4.06, except as to changes required
or permitted by
GAAP.

4

 

		
	 	         “Continuing Directors” means the directors of the Borrower on the
Effective
Date, and each other director, if, in each case, such other director’s
nomination is
recommended by at least 66 2/3% of the then Continuing Directors.
	 
	 	         “Controlled Group” means (i) the controlled group of corporations as
defined in
Section 414(b) of the Code and the applicable regulations thereunder, or
(ii) the group of
trades or businesses under common control as defined in Section 414(c) of
the Code and
the applicable regulations thereunder, of which the Borrower is a part or
may become a
part.
	 
	 	         “Debt Ratings” means, as of any date of determination, the rating as
announced
by Standard & Poor’s Ratings Group, Inc. (“S&P”) and Moody’s Investors
Services, Inc.
(“Moody’s”) of

		
	 	         (a) the Borrower’s senior unsecured long-term indebtedness for borrowed
money that is not Guaranteed by any other Person or subject to any other
credit
enhancement; or
	 
	 	         (b) if the applicable rating agency does not have a rating in effect with
respect to the Borrower’s debt referred to in the foregoing clause (a),
the credit
facility provided for herein or, if no such rating is in effect, the
rating of the
Borrower’s other senior unsecured debt securities;

	 	 	provided that, if the applicable Debt Ratings announced by S&P and Moody’s
fall within
different levels, the higher Debt Rating shall govern for the purposes of
determining the
Applicable Facility Fee Rate and the Applicable LIBOR Interest Addition
unless the Debt
Ratings are more than one level apart, in which case the level one level
lower than the
higher Debt Rating shall govern for the purposes of determining the
Applicable Facility
Fee Rate and the Applicable LIBOR Interest Addition. If either Moody’s or
S&P shall
not have in effect a Debt Rating (other than by reason of the
circumstances described in
the next succeeding sentence), then the Debt Rating of the rating agency
which has a
Debt Rating in effect shall govern for purposes of determining the
Applicable Facility
Fee Rate and the Applicable LIBOR Interest Addition. If the rating system
of Moody’s or
S&P shall materially change, or if each such rating agency shall cease to
be in the
business of rating corporate debt obligations or shall not have in effect
a Debt Rating, the
Borrower and the Lenders shall negotiate in good faith to amend this
definition to reflect
such changed rating system or the unavailability of ratings from such
rating agencies,
and, pending the effectiveness of any such amendment, the Debt Ratings
shall be
determined by reference to the ratings most recently in effect prior to
such change or
cessation; provided further that after 90 days, if no such amendment
becomes effective,
the Applicable Facility Fee Rate shall be 0.175% per annum and any
Eurodollar Loan
then outstanding shall convert to an ABR Loan at the end of the applicable
Interest
Period. Any change in the Debt Rating shall be effective as of the date
on which it is first
announced by the applicable rating agency and notice of such change shall
be provided
by the Borrower to the Administrative Agent no more than five Business
Days after the
date of such announcement.

5

 

		
	 	         “Default” means any event or condition which constitutes an Event of
Default or
which upon notice, lapse of time or both would, unless cured or waived,
become an Event
of Default.
	 
	 	         “Dollars” and the symbol “$” means dollars constituting legal tender for
the
payment of public and private debts in the United States of America.
	 
	 	         “Effective Date” means the date on which the conditions specified in
Section 3.01
are satisfied (or waived in accordance with Section 9.02).
	 
	 	         “Environmental Laws” means any applicable federal, state or local statute,
law,
ordinance, code, rule, regulation, order, decree, permit or license
regulating, relating to,
or imposing liability or standards of conduct concerning, any
environmental matters.
	 
	 	         “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated and the rulings
issued
thereunder.
	 
	 	         “ERISA Affiliate” means each person (as defined in Section 3(9) of ERISA)
which, together with the Borrower or any Subsidiary of the Borrower, would
be deemed
to be a member of the same Controlled Group.
	 
	 	         “Eurodollar”, when used in reference to any Loan or Borrowing, refers to
whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at
a rate
determined by reference to the Adjusted LIBO Rate (or, in the case of a
Competitive
Loan, the LIBO Rate).
	 
	 	         “Event of Default” has the meaning specified in Article VII.
	 
	 	         “Existing Credit Agreement” means that certain Revolving Credit Agreement
dated as of September 27, 1999, as amended, by and among the Borrower,
Bank of
America, N.A., as agent, First Union National Bank, JPMorgan Chase Bank
and The
Bank of New York.
	 
	 	         “Excluded Taxes” means, with respect to the Administrative Agent, any
Lender
or any other recipient of any payment to be made by or on account of any
obligation of
the Borrower hereunder, (a) income or franchise taxes imposed on (or
measured by) its
net income by the United States of America, or by the jurisdiction under
the laws of
which such recipient is organized or in which its principal office is
located or, in the case
of any Lender, in which its applicable lending office is located, (b) any
branch profits
taxes imposed by the United States of America or any similar tax imposed
by any other
jurisdiction in which the Borrower is located and (c) in the case of a
Foreign Lender
(other than an assignee pursuant to a request by the Borrower under
Section 2.17(b)), any
withholding tax that is imposed on amounts payable to such Foreign Lender
at the time
such Foreign Lender becomes a party to this Agreement (or designates a new
lending
office) or is attributable to such Foreign Lender’s failure to comply with
Section 2.15(e),
except to the extent that such Foreign Lender (or its assignor, if any)
was entitled, at the
time of designation of a new lending office (or assignment), to receive
additional

6

 

	 	 	amounts from the Borrower with respect to such withholding tax pursuant to
Section
2.15(a).

		
	 	         “Federal Funds Effective Rate” means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnight
Federal funds transactions with members of the Federal Reserve System
arranged by
Federal funds brokers, as published on the next succeeding Business Day by
the Federal
Reserve Bank of New York, or, if such rate is not so published for any day
that is a
Business Day, the average (rounded upwards, if necessary, to the next
1/100 of 1%) of
the quotations for such day for such transactions received by the
Administrative Agent
from three Federal funds brokers of recognized standing selected by it.
	 
	 	         “Fixed Rate” means, with respect to any Competitive Loan (other than a
Eurodollar Competitive Loan), the fixed rate of interest per annum
specified by the
Lender making such Competitive Loan in its related Competitive Bid.
	 
	 	         “Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed
Rate.
	 
	 	         “Foreign Lender” means any Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is located. For
purposes of this
definition, the United States of America, each State thereof and the
District of Columbia
shall be deemed to constitute a single jurisdiction.
	 
	 	         “GAAP” means generally accepted accounting principles in the United States
of
America.
	 
	 	         “Governmental Authority” means the government of the United States of
America, any other nation or any political subdivision thereof, whether
state or local, and
any agency, authority, instrumentality, regulatory body, court, central
bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or
functions of or pertaining to government.
	 
	 	         “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the
economic effect of
guaranteeing any Indebtedness or other obligation of any other Person (the
“primary
obligor”) in any manner, whether directly or indirectly, and including any
obligation of
the guarantor, direct or indirect, (a) to purchase or pay (or advance or
supply funds for the
purchase or payment of) such Indebtedness or other obligation or to
purchase (or to
advance or supply funds for the purchase of) any security for the payment
thereof, (b) to
purchase or lease property, securities or services for the purpose of
assuring the owner of
such Indebtedness or other obligation of the payment thereof, (c) to
maintain working
capital, equity capital or any other financial statement condition or
liquidity of the
primary obligor so as to enable the primary obligor to pay such
Indebtedness or other
obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty
issued to support such Indebtedness or obligation; provided that the term
Guarantee shall
not include endorsements for collection or deposit in the ordinary course
of business.

7

 

		
	 	         “Indebtedness” of any Person means, without duplication, (a) all
obligations of
such Person for borrowed money or with respect to deposits or advances of
any kind,
(b) all obligations of such Person evidenced by bonds, debentures, notes
or similar
instruments, (c) all obligations of such Person upon which interest
charges are
customarily paid, (d) all obligations of such Person under conditional
sale or other title
retention agreements relating to property acquired by such Person, (e) all
obligations of
such Person in respect of the deferred purchase price of property or
services (excluding
current accounts payable incurred in the ordinary course of business), (f)
all Indebtedness
of others secured by (or for which the holder of such Indebtedness has an
existing right,
contingent or otherwise, to be secured by) any Lien on property owned or
acquired by
such Person, whether or not the Indebtedness secured thereby has been
assumed, (g) all
Guarantees by such Person of Indebtedness of others, (h) all Capital Lease
Obligations of
such Person, (i) all obligations, contingent or otherwise, of such Person
as an account
party in respect of letters of credit and letters of guaranty, (j) all
obligations, contingent or
otherwise, of such Person in respect of bankers’ acceptances, (k) all
obligations of such
Person in respect of Swap Agreements and (l) all obligations of such
Person to make
lease payments or other payments under any “synthetic lease”. The
Indebtedness of any
Person shall include the Indebtedness of any other entity (including any
partnership in
which such Person is a general partner) to the extent such Person is
liable therefore as a
result of such Person’s ownership interest in or other relationship with
such entity, except
to the extent the terms of such Indebtedness provide that such Person is
not liable
therefor.
	 
	 	         “Indemnified Taxes” means Taxes other than Excluded Taxes.
	 
	 	         “Intellectual Property” means all intellectual and similar property,
including
inventions, designs, patents, patent registrations and applications,
trademarks, trademark
registrations and applications, trade dress, service marks, copyrights,
copyright
registrations and applications, know-how and trade secrets.
	 
	 	         “Interest Election Request” means a request by the Borrower to convert or
continue a Revolving Borrowing in accordance with Section 2.06.
	 
	 	         “Interest Payment Date” means (a) with respect to any ABR Loan, the last
day of
each March, June, September and December, (b) with respect to any
Eurodollar Loan, the
last day of the Interest Period applicable to the Borrowing of which such
Loan is a part
and, in the case of a Eurodollar Borrowing with an Interest Period of more
than three
months’ duration, each day prior to the last day of such Interest Period
that occurs at
intervals of three months’ duration after the first day of such Interest
Period and (c) with
respect to any Fixed Rate Loan, the last day of the Interest Period
applicable to the
Borrowing of which such Loan is a part and, in the case of a Fixed Rate
Borrowing with
an Interest Period of more than 90 days’ duration (unless otherwise
specified in the
applicable Competitive Bid Request), each day prior to the last day of
such Interest
Period that occurs at intervals of 90 days’ duration after the first day
of such Interest
Period, and any other dates that are specified in the applicable
Competitive Bid Request
as Interest Payment Dates with respect to such Borrowing.

8

 

		
	 	         “Interest Period” means (a) with respect to any Eurodollar Borrowing, the
period
commencing on the date of such Borrowing and ending on the numerically
corresponding
day in the calendar month that is one, two, three or six months (or, with the
consent of
each Lender, nine or twelve months) thereafter, as the Borrower may elect and
(b) with
respect to any Fixed Rate Borrowing, the period (which shall not be less than
seven days
or more than 360 days) commencing on the date of such Borrowing and ending on
the
date specified in the applicable Competitive Bid Request; provided that (i) if
any Interest
Period would end on a day other than a Business Day, such Interest Period shall
be
extended to the next succeeding Business Day unless, in the case of a
Eurodollar
Borrowing only, such next succeeding Business Day would fall in the next
calendar
month, in which case such Interest Period shall end on the next preceding
Business Day
and (ii) any Interest Period pertaining to a Eurodollar Borrowing that
commences on the
last Business Day of a calendar month (or on a day for which there is no
numerically
corresponding day in the last calendar month of such Interest Period) shall end
on the last
Business Day of the last calendar month of such Interest Period. For purposes
hereof, the
date of a Borrowing initially shall be the date on which such Borrowing is made
and, in
the case of a Revolving Borrowing, thereafter shall be the effective date of
the most
recent conversion or continuation of such Borrowing.
	 
	 	         “Lenders” means the Persons listed on Schedule 2.01 and any other Person
that
shall have become a party hereto pursuant to an Assignment and Assumption,
other than
any such Person that ceases to be a party hereto pursuant to an Assignment and
Assumption.
	 
	 	         “LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest
Period, the rate appearing on Page 3750 of the Dow Jones Market Service (or on
any
successor or substitute page of such Service, or any successor to or substitute
for such
Service, providing rate quotations comparable to those currently provided on
such page
of such Service, as determined by the Administrative Agent from time to time
for
purposes of providing quotations of interest rates applicable to Dollar
deposits in the
London interbank market) at approximately 11:00 a.m., London time, two Business
Days
prior to the commencement of such Interest Period, as the rate for Dollar
deposits with a
maturity comparable to such Interest Period. In the event that such rate is
not available at
such time for any reason, then the “LIBO Rate” with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate at which Dollar deposits
of
$5,000,000 and for a maturity comparable to such Interest Period are offered by
the
principal London office of the Administrative Agent in immediately available
funds in
the London interbank market at approximately 11:00 a.m., London time, two
Business
Days prior to the commencement of such Interest Period.
	 
	 	         “Lien” means any interest in property securing any obligation owed to, or
a claim
by, a Person other than the owner of the property, and including but not
limited to the lien
or security interest arising from a mortgage, encumbrance, pledge or security
agreement.
For the purposes of this Agreement, the Borrower and any Subsidiary shall be
deemed to
be the owner of any property which it has acquired or holds subject to a
conditional sale
agreement, financing lease, or other arrangement pursuant to which title to the
property
has been retained by or vested in some other Person for security purposes.

9

 

		
	 	         “Loans” means the loans made by the Lenders to the Borrower pursuant to
this
Agreement.
	 
	 	         “Margin” means, with respect to any Competitive Loan bearing interest at a
rate
based on the LIBO Rate, the marginal rate of interest, if any, to be added
to or subtracted
from the LIBO Rate to determine the rate of interest applicable to such
Loan, as specified
by the Lender making such Loan in its related Competitive Bid.
	 
	 	         “Material Adverse Effect” means a material adverse effect on (i) the
business,
assets, operations or condition (financial or otherwise) of the Borrower
and its
Subsidiaries, taken as a whole, (ii) the ability of the Borrower to
perform its payment
obligations under this Agreement or (iii) the validity or enforceability
of this Agreement,
or the rights and remedies of the Lenders hereunder.
	 
	 	         “Maturity Date” means July 18, 2005.
	 
	 	         “Multiemployer Plan” means an employee pension benefit plan within the
meaning of Section 4001(a)(3) of ERISA to which any member of the
Controlled Group
is then making or accruing an obligation to make contributions or has
within the
preceding three plan years made contributions, including for these
purposes any Person
which ceased to be a member of the Controlled Group during such three year
period.
	 
	 	         “Net Worth” means, at any date, stockholders’ equity of the Borrower at
such
time determined in accordance with GAAP applied on a Consistent Basis.
	 
	 	         “Other Taxes” means any and all present or future stamp or documentary
taxes or
any other excise or property taxes, charges or similar levies arising from
any payment
made hereunder or from the execution, delivery or enforcement of, or
otherwise with
respect to, this Agreement.
	 
	 	         “Participant” has the meaning set forth in Section 9.04.
	 
	 	         “PBGC” means the Pension Benefit Guaranty Corporation established under
ERISA, and any successor thereto.
	 
	 	         “Permitted Encumbrances” means:

		
	 	         (a) Liens imposed by law for taxes that are not yet due or are being
contested in compliance with Section 5.04;
	 
	 	         (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
and other like Liens imposed by law, arising in the ordinary course of
business;
	 
	 	         (c) pledges and deposits made in the ordinary course of business in
compliance with workers’ compensation, unemployment insurance or other
social
security laws or regulations (other than ERISA);

10

 

		
	 	         (d) deposits to secure the performance of bids, trade contracts, leases,
statutory obligations, surety and appeal bonds, performance bonds and
other
obligations of a like nature, in each case in the ordinary course of
business; and
	 
	 	         (e) easements, zoning restrictions, rights-of-way and similar
encumbrances on real property imposed by law or arising in the ordinary
course
of business that do not secure any monetary obligations and do not
materially
detract from the value of the affected property or interfere with the
ordinary
conduct of business of the Borrower or any Subsidiary.

		
	 	         “Person “ means any individual, partnership, joint venture, limited
liability
company, firm, corporation, association, trust or other enterprise
(whether or not
incorporated), or any Governmental Authority.
	 
	 	         “Plan” means any multiemployer or single-employer plan as defined in
Section
4001 of ERISA, which is maintained, or at any time during the three
calendar years
preceding the date of this Agreement was maintained, for employees of the
Borrower,
any Subsidiary or an ERISA Affiliate.
	 
	 	         “Prime Rate” means the rate of interest per annum publicly announced from
time
to time by JPMorgan Chase Bank as its prime rate in effect at its
principal office in New
York City; each change in the Prime Rate shall be effective from and
including the date
such change is publicly announced as being effective.
	 
	 	         “Principal Property” means, in respect of any Lien: (a) any manufacturing
facility
of, or other real property owned by, the Borrower or any of its
Subsidiaries located in the
United States of America, (b) any accounts receivable, inventory or
Intellectual Property
of the Borrower or any of its domestic Subsidiaries or (c) any shares of
capital stock,
other equity ownership interests or intercompany indebtedness of any
Subsidiary that
owns any of the foregoing.
	 
	 	         “Register” has the meaning set forth in Section 9.04.
	 
	 	         “Regulation D” means Regulation D of the Board as from time to time in
effect
and any successor to all or a portion thereof establishing reserve
requirements.
	 
	 	         “Regulation T, U or X” means Regulation T, U or X, as applicable, of the
Board
as from time to time in effect and any successor to all or a portion
thereof establishing
margin requirements.
	 
	 	         “Related Parties” means, with respect to any specified Person, such
Person’s
Affiliates and the respective directors, officers, employees, agents and
advisors of such
Person and such Person’s Affiliates.
	 
	 	         “Required Lenders “ means, at any time, Lenders having Revolving Credit
Exposures and unused Commitments representing more than 50% of the sum of
the total
Revolving Credit Exposures and unused Commitments at such time; provided
that, for
purposes of declaring the Loans to be due and payable pursuant to Article
VII, and for all

11

 

		
	 	purposes after the Commitments expire or terminate, the outstanding
Competitive Loans
of the Lenders shall be included in their respective Revolving Credit
Exposures in
determining the Required Lenders.
	 
	 	         “Responsible Party” means the chief executive officer, president or chief
financial
officer of the Borrower.
	 
	 	         “Revolving Credit Exposure” means, with respect to any Lender at any time,
the
outstanding principal amount of such Lender’s Revolving Loans at such
time.
	 
	 	         “Revolving Loan” means a Loan made pursuant to Section 2.03.
	 
	 	         “Significant Subsidiary” means, at any time, any Subsidiary that would be
a
“significant subsidiary” within the meaning of Regulation S-X of the
Securities and
Exchange Commission.
	 
	 	         “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the
number one
minus the aggregate of the maximum reserve percentages (including any
marginal,
special, emergency or supplemental reserves) expressed as a decimal
established by the
Board to which the Administrative Agent is subject with respect to the
Adjusted LIBO
Rate, for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in
Regulation D). Such reserve percentages shall include those imposed
pursuant to such
Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency
funding and
to be subject to such reserve requirements without benefit of or credit
for proration,
exemptions or offsets that may be available from time to time to any
Lender under such
Regulation D or any comparable regulation. The Statutory Reserve Rate
shall be
adjusted automatically on and as of the effective date of any change in
any reserve
percentage.
	 
	 	         “Subsidiary” means with respect to a Person, at any date, (i) any
corporation more
than 50% of whose stock of any class or classes having by the terms
thereof ordinary
voting power to elect a majority of the directors of such corporation
(irrespective of
whether or not at the time, any class or classes of such corporation shall
have or might
have voting power by reason of the happening of any contingency) is at the
time owned
by such Person directly or indirectly through Subsidiaries, and (ii) any
partnership,
association, joint venture or other entity in which such Person directly
or indirectly
through Subsidiaries has more than a 50% equity interest at any time.
Except as
otherwise expressly provided, all references herein to “Subsidiary” shall
mean a
Subsidiary of the Borrower.
	 
	 	         “Swap Agreement” means any agreement with respect to any swap, forward,
future or derivative transaction or option or similar agreement involving,
or settled by
reference to, one or more rates, currencies, commodities, equity or debt
instruments or
securities, or economic, financial or pricing indices or measures of
economic, financial or
pricing risk or value or any similar transaction or any combination of
these transactions;
provided that no phantom stock or similar plan providing for payments only
on account

12

 

	 	 	of services provided by current or former directors, officers, employees
or consultants of
the Borrower or the Subsidiaries shall be a Swap Agreement.

		
	 	         “Tangible Net Worth” means, at any date, the excess of total assets over
total
liabilities of the Borrower and its Subsidiaries as of such date
determined on a
consolidated basis in accordance with GAAP applied on Consistent Basis,
excluding,
however, from the determination of total assets (i) goodwill, capitalized
research and
development expenses, Intellectual Property, licenses and rights if any in
respect thereof,
and other similar intangibles and (ii) any items not included in clause
(i) above which are
treated as intangibles in conformity with GAAP.
	 
	 	         “Taxes” means any and all present or future taxes, levies, imposts,
duties,
deductions, charges or withholdings imposed by any Governmental Authority.
	 
	 	         “Type”, when used in reference to any Loan or Borrowing, refers to whether
the
rate of interest on such Loan, or on the Loans comprising such Borrowing,
is determined
by reference to the Adjusted LIBO Rate, the Alternate Base Rate or, in the
case of a
Competitive Loan or Borrowing, the LIBO Rate or a Fixed Rate.

                  SECTION 1.02. Classification of Loans and Borrowings. For purposes of this
Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by
Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”).
Borrowings also may be classified and referred to by Class (e.g. , a “Revolving
Borrowing”) or
by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving
Borrowing”).

                  SECTION 1.03. Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the
context may require,
any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the
phrase “without
limitation”. The word “will” shall be construed to have the same meaning and
effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or
reference to any
agreement, instrument or other document herein shall be construed as referring
to such
agreement, instrument or other document as from time to time amended,
supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements
or
modifications set forth herein), (b) any reference herein to any Person shall
be construed to
include such Person’s successors and assigns, (c) the words “herein”, “hereof”
and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in
its entirety and not
to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits
and Schedules to,
this Agreement and (e) the words “asset” and “property” shall be construed to
have the same
meaning and effect and to refer to any and all tangible and intangible assets
and properties,
including cash, securities, accounts and contract rights.

                  SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly
provided herein, all terms of an accounting or financial nature shall be
construed in accordance
with GAAP, as in effect from time to time; provided that, if the Borrower
notifies the
Administrative Agent that the Borrower requests an amendment to any provision
hereof to

13

 

eliminate the effect of any change occurring after the date hereof in GAAP or
in the application
thereof on the operation of such provision (or if the Administrative Agent
notifies the Borrower
that the Required Lenders request an amendment to any provision hereof for such
purpose),
regardless of whether any such notice is given before or after such change in
GAAP or in the
application thereof, then such provision shall be interpreted on the basis of
GAAP as in effect
and applied immediately before such change shall have become effective until
such notice shall
have been withdrawn or such provision amended in accordance herewith.

ARTICLE II

THE CREDITS

                  SECTION 2.01. Commitments. Subject to the terms and conditions set forth
herein, each Lender agrees to make Revolving Loans to the Borrower from time to
time during
the Availability Period in an aggregate principal amount that will not result
in (a) such Lender’s
Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the sum of
the total
Revolving Credit Exposures plus the aggregate principal amount of outstanding
Competitive
Loans exceeding the total Commitments. Within the foregoing limits and subject
to the terms
and conditions set forth herein, the Borrower may borrow, prepay and reborrow
Revolving
Loans.

                  SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be
made
as part of a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance
with their respective Commitments. Each Competitive Loan shall be made in
accordance with
the procedures set forth in Section 2.04. The failure of any Lender to make
any Loan required to
be made by it shall not relieve any other Lender of its obligations hereunder;
provided that the
Commitments and Competitive Bids of the Lenders are several and no Lender shall
be
responsible for any other Lender’s failure to make Loans as required.

         (b)  Subject to Section 2.12, (i) each Revolving Borrowing shall be
comprised entirely of
ABR Loans or Eurodollar Loans as the Borrower may request in accordance
herewith, and
(ii) each Competitive Borrowing shall be comprised entirely of Eurodollar Loans
or Fixed Rate
Loans as the Borrower may request in accordance herewith. Each Lender at its
option may make
any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of
such Lender to
make such Loan; provided that any exercise of such option shall not affect the
obligation of the
Borrower to repay such Loan in accordance with the terms of this Agreement.

         (c)  At the commencement of each Interest Period for any Eurodollar
Revolving
Borrowing, such Borrowing shall be in an aggregate amount that is an integral
multiple of
$1,000,000 and not less than $5,000,000. At the time that each ABR Revolving
Borrowing is
made, such Borrowing shall be in an aggregate amount that is an integral
multiple of $1,000,000
and not less than $5,000,000; provided that an ABR Revolving Borrowing may be
in an
aggregate amount that is equal to the entire unused balance of the total
Commitments. Each
Competitive Borrowing shall be in an aggregate amount that is an integral
multiple of
$1,000,000 and not less than $5,000,000. Borrowings of more than one Type and
Class may be
outstanding at the same time; provided that there shall not at any time be more
than a total of
15 Eurodollar Revolving Borrowings outstanding.

14

 

         (d)  Notwithstanding any other provision of this Agreement, the Borrower
shall not be
entitled to request, or to elect to convert or continue, any Borrowing if the
Interest Period
requested with respect thereto would end after the Maturity Date.

                  SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving
Borrowing, the Borrower shall notify the Administrative Agent of such request
by telephone
(a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York
City time, three
Business Days before the date of the proposed Borrowing or (b) in the case of
an ABR
Borrowing, not later than 11:00 a.m., New York City time, one Business Day
before the date of
the proposed Borrowing. Each such telephonic Borrowing Request shall be
irrevocable and shall
be confirmed promptly by hand delivery or telecopy to the Administrative Agent
of a written
Borrowing Request in a form approved by the Administrative Agent and signed by
the Borrower.
Each such telephonic and written Borrowing Request shall specify the following
information in
compliance with Section 2.02:

		
	 	         (i) the aggregate amount of the requested Borrowing;
	 
	 	         (ii) the date of such Borrowing, which shall be a Business Day;
	 
	 	         (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing;
	 
	 	         (iv) in the case of a Eurodollar Borrowing, the initial Interest Period
to be
applicable thereto, which shall be a period contemplated by the definition
of the term
“Interest Period”; and
	 
	 	         (v) the location and number of the Borrower’s account to which funds are
to be
disbursed, which shall comply with the requirements of Section 2.05.

If no election as to the Type of Revolving Borrowing is specified, then the
requested Revolving
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with
respect to any
requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to
have selected
an Interest Period of one month’s duration. Promptly following receipt of a
Borrowing Request
in accordance with this Section, the Administrative Agent shall advise each
Lender of the details
thereof and of the amount of such Lender’s Loan to be made as part of the
requested Borrowing.

         SECTION 2.04. Competitive Bid Procedure. (a) Subject to the terms and
conditions set forth herein, from time to time during the Availability Period
the Borrower may
request Competitive Bids and may (but shall not have any obligation to) accept
Competitive Bids
and borrow Competitive Loans; provided that the sum of the total Revolving
Credit Exposures
plus the aggregate principal amount of outstanding Competitive Loans at any
time shall not
exceed the total Commitments. To request Competitive Bids, the Borrower shall
notify the
Administrative Agent of such request by telephone, in the case of a Eurodollar
Borrowing, not
later than 11:00 a.m., New York City time, four Business Days before the date
of the proposed
Borrowing and, in the case of a Fixed Rate Borrowing, not later than 10:00
a.m., New York City
time, one Business Day before the date of the proposed Borrowing; provided that
the Borrower
may submit up to (but not more than) two Competitive Bid Requests on the same
day, but a
Competitive Bid Request shall not be made within five Business Days after the
date of any

15

 

previous Competitive Bid Request, unless any and all such previous Competitive
Bid Requests
shall have been withdrawn or all Competitive Bids received in response thereto
rejected. Each
such telephonic Competitive Bid Request shall be confirmed promptly by hand
delivery or
telecopy to the Administrative Agent of a written Competitive Bid Request in a
form approved
by the Administrative Agent and signed by the Borrower. Each such telephonic
and written
Competitive Bid Request shall specify the following information in compliance
with Section
2.02:

		
	 	         (i) the aggregate amount of the requested Borrowing;
	 
	 	         (ii) the date of such Borrowing, which shall be a Business Day;
	 
	 	         (iii) whether such Borrowing is to be a Eurodollar Borrowing or a Fixed
Rate
Borrowing;
	 
	 	         (iv) the Interest Period to be applicable to such Borrowing, which shall
be a
period contemplated by the definition of the term “Interest Period”; and
	 
	 	         (v) the location and number of the Borrower’s account to which funds are
to be
disbursed, which shall comply with the requirements of Section 2.05.

Promptly following receipt of a Competitive Bid Request in accordance with this
Section, the
Administrative Agent shall notify the Lenders of the details thereof by
telecopy, inviting the
Lenders to submit Competitive Bids.

         (b)  Each Lender may (but shall not have any obligation to) make one or
more
Competitive Bids to the Borrower in response to a Competitive Bid Request.
Each Competitive
Bid by a Lender must be in a form approved by the Administrative Agent and must
be received
by the Administrative Agent by telecopy, in the case of a Eurodollar
Competitive Borrowing, not
later than 9:30 a.m., New York City time, three Business Days before the
proposed date of such
Competitive Borrowing, and in the case of a Fixed Rate Borrowing, not later
than 9:30 a.m.,
New York City time, on the proposed date of such Competitive Borrowing.
Competitive Bids
that do not conform substantially to the form approved by the Administrative
Agent may be
rejected by the Administrative Agent, and the Administrative Agent shall notify
the applicable
Lender as promptly as practicable. Each Competitive Bid shall specify (i) the
principal amount
(which shall be a minimum of $5,000,000 and an integral multiple of $1,000,000
and which may
equal the entire principal amount of the Competitive Borrowing requested by the
Borrower) of
the Competitive Loan or Loans that the Lender is willing to make, (ii) the
Competitive Bid Rate
or Rates at which the Lender is prepared to make such Loan or Loans (expressed
as a percentage
rate per annum in the form of a decimal to no more than four decimal places)
and (iii) the
Interest Period applicable to each such Loan and the last day thereof.

         (c)  The Administrative Agent shall promptly notify the Borrower by
telecopy of the
Competitive Bid Rate and the principal amount specified in each Competitive Bid
and the
identity of the Lender that shall have made such Competitive Bid.

         (d)  Subject only to the provisions of this paragraph, the Borrower may
accept or reject
any Competitive Bid. The Borrower shall notify the Administrative Agent by
telephone,

16

 

confirmed by telecopy in a form approved by the Administrative Agent, whether
and to what
extent it has decided to accept or reject each Competitive Bid, in the case of
a Eurodollar
Competitive Borrowing, not later than 10:30 a.m., New York City time, three
Business Days
before the date of the proposed Competitive Borrowing, and in the case of a
Fixed Rate
Borrowing, not later than 10:30 a.m., New York City time, on the proposed date
of the
Competitive Borrowing; provided that (i) the failure of the Borrower to give
such notice shall be
deemed to be a rejection of each Competitive Bid, (ii) the Borrower shall not
accept a
Competitive Bid made at a particular Competitive Bid Rate if the Borrower
rejects a Competitive
Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the
Competitive Bids
accepted by the Borrower shall not exceed the aggregate amount of the requested
Competitive
Borrowing specified in the related Competitive Bid Request, (iv) to the extent
necessary to
comply with clause (iii) above, the Borrower may accept Competitive Bids at the
same
Competitive Bid Rate in part, which acceptance, in the case of multiple
Competitive Bids at such
Competitive Bid Rate, shall be made pro rata in accordance with the amount of
each such
Competitive Bid, and (v) except pursuant to clause (iv) above, no Competitive
Bid shall be
accepted for a Competitive Loan unless such Competitive Loan is in a minimum
principal
amount of $5,000,000 and an integral multiple of $1,000,000; provided further
that if a
Competitive Loan must be in an amount less than $5,000,000 because of the
provisions of clause
(iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any
integral multiple
thereof, and in calculating the pro rata allocation of acceptances of portions
of multiple
Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv)
the amounts shall
be rounded to integral multiples of $1,000,000 in a manner determined by the
Borrower. A
notice given by the Borrower pursuant to this paragraph shall be irrevocable.

         (e)  The Administrative Agent shall promptly notify each bidding Lender by
telecopy
whether or not its Competitive Bid has been accepted (and, if so, the amount
and Competitive
Bid Rate so accepted), and each successful bidder will thereupon become bound,
subject to the
terms and conditions hereof, to make the Competitive Loan in respect of which
its Competitive
Bid has been accepted.

         (f)  If the Administrative Agent shall elect to submit a Competitive Bid
in its capacity as
a Lender, it shall submit such Competitive Bid directly to the Borrower at
least one quarter of an
hour earlier than the time by which the other Lenders are required to submit
their Competitive
Bids to the Administrative Agent pursuant to paragraph (b) of this Section.

                  SECTION 2.05. Funding of Borrowings. (a) Each Lender shall make each
Loan
to be made by it hereunder on the proposed date thereof by wire transfer of
immediately
available funds by 12:00 noon, New York City time, to the account of the
Administrative Agent
most recently designated by it for such purpose by notice to the Lenders. The
Administrative
Agent will make such Loans available to the Borrower by promptly crediting the
amounts so
received, in like funds, to an account of the Borrower maintained with the
Administrative Agent
in New York City and designated by the Borrower in the applicable Borrowing
Request or
Competitive Bid Request.

         (b)  Unless the Administrative Agent shall have received notice from a
Lender prior to
the proposed date of any Borrowing that such Lender will not make available to
the
Administrative Agent such Lender’s share of such Borrowing, the Administrative
Agent may

17

 

assume that such Lender has made such share available on such date in
accordance with
paragraph (a) of this Section and may, in reliance upon such assumption, make
available to the
Borrower a corresponding amount. In such event, if a Lender has not in fact
made its share of
the applicable Borrowing available to the Administrative Agent, then the
applicable Lender and
the Borrower severally agree to pay to the Administrative Agent forthwith on
demand such
corresponding amount with interest thereon, for each day from and including the
date such
amount is made available to the Borrower to but excluding the date of payment
to the
Administrative Agent, at (i) in the case of such Lender, the greater of the
Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with
banking industry
rules on interbank compensation or (ii) in the case of the Borrower, the
interest rate applicable to
ABR Loans. If such Lender pays such amount to the Administrative Agent, then
such amount
shall constitute such Lender’s Loan included in such Borrowing.

                  SECTION 2.06. Interest Elections. (a) Each Revolving Borrowing
initially shall
be of the Type specified in the applicable Borrowing Request and, in the case
of a Eurodollar
Revolving Borrowing, shall have an initial Interest Period as specified in such
Borrowing
Request. Thereafter, the Borrower may elect to convert such Borrowing to a
different Type or to
continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing,
may elect
Interest Periods therefor, all as provided in this Section. The Borrower may
elect different
options with respect to different portions of the affected Borrowing, in which
case each such
portion shall be allocated ratably among the Lenders holding the Loans
comprising such
Borrowing, and the Loans comprising each such portion shall be considered a
separate
Borrowing. This Section shall not apply to Competitive Borrowings which may
not be
converted or continued.

                  (b) To make an election pursuant to this Section, the Borrower shall
notify the
Administrative Agent of such election by telephone by the time that a Borrowing
Request would
be required under Section 2.03 if the Borrower were requesting a Revolving
Borrowing of the
Type resulting from such election to be made on the effective date of such
election. Each such
telephonic Interest Election Request shall be irrevocable and shall be
confirmed promptly by
hand delivery or telecopy to the Administrative Agent of a written Interest
Election Request in a
form approved by the Administrative Agent and signed by the Borrower.

                  (c) Each telephonic and written Interest Election Request shall specify
the following
information in compliance with Section 2.02:

		
	 	         (i) the Borrowing to which such Interest Election Request applies and, if
different options are being elected with respect to different portions
thereof, the
portions thereof to be allocated to each resulting Borrowing (in which
case the
information to be specified pursuant to clauses (iii) and (iv) below shall
be
specified for each resulting Borrowing);
	 
	 	         (ii) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day;
	 
	 	         (iii) whether the resulting Borrowing is to be an ABR Borrowing or a
Eurodollar Borrowing; and

18

 

		
	 	         (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest
Period to be applicable thereto after giving effect to such election,
which shall be
a period contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request requests a Eurodollar Borrowing but does
not specify an
Interest Period, then the Borrower shall be deemed to have selected an Interest
Period of one
month’s duration.

         (d)  Promptly following receipt of an Interest Election Request, the
Administrative Agent
shall advise each Lender of the details thereof and of such Lender’s portion of
each resulting
Borrowing.

         (e)  If the Borrower fails to deliver a timely Interest Election Request
with respect to a
Eurodollar Revolving Borrowing prior to the end of the Interest Period
applicable thereto, then,
unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such
Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary
provision
hereof, if an Event of Default has occurred and is continuing and the
Administrative Agent, at
the request of the Required Lenders, so notifies the Borrower, then, so long as
an Event of
Default is continuing (i) no outstanding Revolving Borrowing may be converted
to or continued
as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving
Borrowing shall be
converted to an ABR Borrowing at the end of the Interest Period applicable
thereto.

                  SECTION 2.07. Termination and Reduction of Commitments. (a) Unless
previously terminated, the Commitments shall terminate on the Maturity Date.

         (b)  The Borrower may at any time terminate, or from time to time reduce,
the
Commitments; provided that (i) each reduction of the Commitments shall be in an
amount that is
not less than $1,000,000 or an integral multiple thereof and (ii) the Borrower
shall not terminate
or reduce the Commitments if, after giving effect to any concurrent prepayment
of the Loans in
accordance with Section 2.09, the sum of the Revolving Credit Exposures plus
the aggregate
principal amount of outstanding Competitive Loans would exceed the total
Commitments.

         (c)  The Borrower shall notify the Administrative Agent of any election to
terminate or
reduce the Commitments under paragraph (b) of this Section at least three
Business Days prior to
the effective date of such termination or reduction, specifying such election
and the effective
date thereof. Promptly following receipt of any notice, the Administrative
Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Borrower
pursuant to this Section
shall be irrevocable; provided that a notice of termination of the Commitments
delivered by the
Borrower may state that such notice is conditioned upon the effectiveness of
other credit
facilities, in which case such notice may be revoked by the Borrower (by notice
to the
Administrative Agent on or prior to the specified effective date) if such
condition is not satisfied.
Any termination or reduction of the Commitments shall be permanent. Each
reduction of the
Commitments shall be made ratably among the Lenders in accordance with their
respective
Commitments.

                  SECTION 2.08. Repayment of Loans; Evidence of Debt. (a) The Borrower
hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each
Lender the then unpaid principal amount of each Revolving Loan on the Maturity
Date and (ii) to

19

 

the Administrative Agent for the account of each Lender the then unpaid
principal amount of
each Competitive Loan on the last day of the Interest Period applicable to such
Loan.

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

         (c)  The Administrative Agent shall maintain accounts in which it shall
record (i) the
amount of each Loan made hereunder, the Class and Type thereof and the Interest
Period
applicable thereto, (ii) the amount of any principal or interest due and
payable or to become due
and payable from the Borrower to each Lender hereunder and (iii) the amount of
any sum
received by the Administrative Agent hereunder for the account of the Lenders
and each
Lender’s share thereof.

         (d)  The entries made in the accounts maintained pursuant to paragraph (b)
or (c) of this
Section shall be prima facie evidence of the existence and amounts of the
obligations recorded
therein; provided that the failure of any Lender or the Administrative Agent to
maintain such
accounts or any error therein shall not in any manner affect the obligation of
the Borrower to
repay the Loans in accordance with the terms of this Agreement.

         (e)  Any Lender may request that Loans made by it be evidenced by a
promissory note.
In such event, the Borrower shall prepare, execute and deliver to such Lender a
promissory note
payable to the order of such Lender (or, if requested by such Lender, to such
Lender and its
registered assigns) and in a form approved by the Administrative Agent.
Thereafter, the Loans
evidenced by such promissory note and interest thereon shall at all times
(including after
assignment pursuant to Section 9.04) be represented by one or more promissory
notes in such
form payable to the order of the payee named therein (or, if such promissory
note is a registered
note, to such payee and its registered assigns).

                  SECTION 2.09. Prepayment of Loans. (a) The Borrower shall have the
right at
any time and from time to time to prepay any Borrowing in whole or in part,
subject to prior
notice in accordance with paragraph (b) of this Section; provided that the
Borrower shall not
have the right to prepay any Competitive Loan without the prior consent of the
Lender thereof.

         (b)  The Borrower shall notify the Administrative Agent by telephone
(confirmed by
telecopy) of any prepayment hereunder (i) in the case of prepayment of a
Eurodollar Revolving
Borrowing, not later than 11:00 a.m., New York City time, three Business Days
before the date
of prepayment and (ii) in the case of prepayment of an ABR Revolving Borrowing,
not later than
11:00 a.m., New York City time, one Business Day before the date of prepayment.
Each such
notice shall be irrevocable and shall specify the prepayment date and the
principal amount of
each Borrowing or portion thereof to be prepaid; provided that, if a notice of
prepayment is given
in connection with a conditional notice of termination of the Commitments as
contemplated by
Section 2.07, then such notice of prepayment may be revoked if such notice of
termination is
revoked in accordance with Section 2.07. Promptly following receipt of any
such notice relating
to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of
the contents
thereof. Each partial prepayment of any Revolving Borrowing shall be in an
amount that would
be permitted in the case of an advance of a Revolving Borrowing of the same
Type as provided

20

 

in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied
ratably to the
Loans included in the prepaid Borrowing. Prepayments shall be accompanied by
accrued
interest to the extent required by Section 2.11.

                  SECTION 2.10. Fees. (a) The Borrower agrees to pay to the
Administrative
Agent for the account of each Lender a facility fee, which shall accrue at the
Applicable Facility
Fee Rate on the daily amount of the Commitment of such Lender (whether used or
unused)
during the period from and including the Effective Date to but excluding the
date on which such
Commitment terminates; provided that, if such Lender continues to have any
Revolving Credit
Exposure after its Commitment terminates, then such facility fee shall continue
to accrue on the
daily amount of such Lender’s Revolving Credit Exposure from and including the
date on which
its Commitment terminates to but excluding the date on which such Lender ceases
to have any
Revolving Credit Exposure. Accrued facility fees shall be payable in arrears
on the last day of
March, June, September and December of each year and on the date on which the
Commitments
terminate, commencing on the first such date to occur after the date hereof;
provided that any
facility fees accruing after the date on which the Commitments terminate shall
be payable on
demand. All facility fees shall be computed on the basis of a year of 360 days
and shall be
payable for the actual number of days elapsed (including the first day but
excluding the last day).

         (b)  The Borrower agrees to pay to the Administrative Agent for the
account of each
Lender ratably in accordance with such Lender’s Commitment a utilization fee,
which shall
accrue at a rate equal to 0.15% per annum on all outstanding Loans for each day
that the
aggregate outstanding Loans are in excess of 50% of the then aggregate
Commitments; provided
that, if any Lender continues to have any Loans outstanding after the
Commitments terminate,
then such utilization fee shall continue to accrue on such Loans during any
period that such
Lender continues to have any Loans outstanding. Accrued utilization fees shall
be payable in
arrears on the last day of March, June, September and December of each year and
on the date on
which the Commitments terminate, commencing on the first such date to occur
after the date
hereof; provided that any utilization fees accruing after the date on which the
Commitments
terminate shall be payable on demand. All utilization fees shall be computed
on the basis of a
year of 360 days and shall be payable for the actual number of days elapsed
(including the first
day but excluding the last day).

         (c)  The Borrower agrees to pay to the Administrative Agent, for its own
account, fees
payable in the amounts and at the times separately agreed upon between the
Borrower and the
Administrative Agent.

         (d)  All fees payable hereunder shall be paid on the dates due, in
immediately available
funds, to the Administrative Agent for distribution, in the case of facility
fees and utilization
fees, to the Lenders. Fees paid shall not be refundable under any
circumstances.

                  SECTION 2.11. Interest. (a) The Loans comprising each ABR Borrowing
shall
bear interest at the Alternate Base Rate.

         (b)  The Loans comprising each Eurodollar Borrowing shall bear interest
(i) in the case of
a Eurodollar Revolving Loan, at the Adjusted LIBO Rate for the Interest Period
in effect for such
Borrowing plus the Applicable LIBOR Interest Addition, or (ii) in the case of a
Eurodollar

21

 

Competitive Loan, at the LIBO Rate for the Interest Period in effect for such
Borrowing plus (or
minus, as applicable) the Margin applicable to such Loan.

         (c)  Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable
to such Loan.

         (d)  Notwithstanding the foregoing, if any principal of or interest on any
Loan or any fee
or other amount payable by the Borrower hereunder is not paid when due, whether
at stated
maturity, upon acceleration or otherwise, such overdue amount shall bear
interest, after as well
as before judgment, at a rate per annum equal to (i) in the case of overdue
principal of any Loan,
2% plus the rate otherwise applicable to such Loan as provided in the preceding
paragraphs of
this Section or (ii) in the case of any other amount, 2% plus the rate
applicable to ABR Loans as
provided in paragraph (a) of this Section.

         (e)  Accrued interest on each Loan shall be payable in arrears on each
Interest Payment
Date for such Loan and, in the case of Revolving Loans, upon termination of the
Commitments;
provided that (i) interest accrued pursuant to paragraph (d) of this Section
shall be payable on
demand, (ii) in the event of any repayment or prepayment of any Loan (other
than a prepayment
of an ABR Revolving Loan prior to the end of the Availability Period), accrued
interest on the
principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment
and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior
to the end of the
current Interest Period therefor, accrued interest on such Loan shall be
payable on the effective
date of such conversion.

         (f)  All interest hereunder shall be computed on the basis of a year of
360 days, except
that interest computed by reference to the Alternate Base Rate at times when
the Alternate Base
Rate is based on the Prime Rate shall be computed on the basis of a year of 365
days (or 366
days in a leap year), and in each case shall be payable for the actual number
of days elapsed
(including the first day but excluding the last day). The applicable Alternate
Base Rate,
Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative
Agent, and such
determination shall be conclusive absent manifest error.

                  SECTION 2.12. Alternate Rate of Interest. If prior to the commencement
of any
Interest Period for a Eurodollar Borrowing:

         (a)  the Administrative Agent determines (which determination shall be
conclusive absent
manifest error) that adequate and reasonable means do not exist for
ascertaining the Adjusted
LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or

         (b)  the Administrative Agent is advised by the Required Lenders (or, in
the case of a
Eurodollar Competitive Loan, the Lender that is required to make such Loan)
that the Adjusted
LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not
adequately and
fairly reflect the cost to such Lenders (or Lender) of making or maintaining
their Loans (or its
Loan) included in such Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the
Administrative Agent
notifies the Borrower and the Lenders that the circumstances giving rise to
such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any
Revolving Borrowing

22

 

to, or continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall
be ineffective,
(ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such
Borrowing shall
be made as an ABR Borrowing and (iii) any request by the Borrower for a
Eurodollar
Competitive Borrowing shall be ineffective; provided that if the circumstances
giving rise to
such notice do not affect all the Lenders, then requests by the Borrower for
Eurodollar
Competitive Borrowings may be made to Lenders that are not affected thereby.

                  SECTION 2.13. Increased Costs. (a) If any Change in Law shall:

		
	 	         (i) impose, modify or deem applicable any reserve, special deposit or
similar
requirement against assets of, deposits with or for the account of, or
credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted
LIBO Rate);
or
	 
	 	         (ii) impose on any Lender or the London interbank market any other
condition
affecting this Agreement or Eurodollar Loans or Fixed Rate Loans made by
such Lender;

and the result of any of the foregoing shall be to increase the cost to such
Lender of making or
maintaining any Eurodollar Loan or Fixed Rate Loan (or of maintaining its
obligation to make
any such Loan) or to reduce the amount of any sum received or receivable by
such Lender
hereunder (whether of principal, interest or otherwise), then the Borrower will
pay to such
Lender such additional amount or amounts as will compensate such Lender for
such additional
costs incurred or reduction suffered.

         (b)  If any Lender determines that any Change in Law regarding capital
requirements has
or would have the effect of reducing the rate of return on such Lender’s
capital or on the capital
of such Lender’s holding company, if any, as a consequence of this Agreement or
the Loans
made by such Lender to a level below that which such Lender or such Lender’s
holding company
could have achieved but for such Change in Law (taking into consideration such
Lender’s
policies and the policies of such Lender’s holding company with respect to
capital adequacy),
then from time to time the Borrower will pay to such Lender such additional
amount or amounts
as will compensate such Lender or such Lender’s holding company for any such
reduction
suffered.

         (c)  A certificate of a Lender setting forth the amount or amounts
necessary to
compensate such Lender or its holding company, as the case may be, as specified
in
paragraph (a) or (b) of this Section shall be delivered to the Borrower and
shall be conclusive
absent manifest error. The Borrower shall pay such Lender the amount shown as
due on any
such certificate within 10 days after receipt thereof.

         (d)  Failure or delay on the part of any Lender to demand compensation
pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such
compensation;
provided that the Borrower shall not be required to compensate a Lender
pursuant to this Section
for any increased costs or reductions incurred more than 270 days prior to the
date that such
Lender notifies the Borrower of the Change in Law giving rise to such increased
costs or
reductions and of such Lender’s intention to claim compensation therefor;
provided further that,
if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the

23

 

270-day period referred to above shall be extended to include the period of
retroactive effect
thereof.

         (e)  Notwithstanding the foregoing provisions of this Section, a Lender
shall not be
entitled to compensation pursuant to this Section in respect of any Competitive
Loan if the
Change in Law that would otherwise entitle it to such compensation shall have
been publicly
announced prior to submission of the Competitive Bid pursuant to which such
Loan was made.

                  SECTION 2.14. Break Funding Payments. In the event of (a) the payment of
any
principal of any Eurodollar Loan or Fixed Rate Loan other than on the last day
of an Interest
Period applicable thereto (including as a result of an Event of Default), (b)
the conversion of any
Eurodollar Loan other than on the last day of the Interest Period applicable
thereto, (c) the failure
to borrow, convert, continue or prepay any Eurodollar Loan or Fixed Rate Loan
on the date
specified in any notice delivered pursuant hereto (regardless of whether such
notice may be
revoked under Section 2.09(b) and is revoked in accordance therewith), (d) the
failure to borrow
any Competitive Loan after accepting the Competitive Bid to make such Loan, or
(e) the
assignment of any Eurodollar Loan or Fixed Rate Loan other than on the last day
of the Interest
Period applicable thereto as a result of a request by the Borrower pursuant to
Section 2.17, then,
in any such event, the Borrower shall compensate each Lender for the loss, cost
and expense
attributable to such event. In the case of a Eurodollar Loan, such loss, cost
or expense to any
Lender shall be deemed to include an amount determined by such Lender to be the
excess, if any,
of (i) the amount of interest which would have accrued on the principal amount
of such Loan had
such event not occurred, at the Adjusted LIBO Rate that would have been
applicable to such
Loan, for the period from the date of such event to the last day of the then
current Interest Period
therefor (or, in the case of a failure to borrow, convert or continue, for the
period that would have
been the Interest Period for such Loan), over (ii) the amount of interest which
would accrue on
such principal amount for such period at the interest rate which such Lender
would bid were it to
bid, at the commencement of such period, for Dollar deposits of a comparable
amount and period
from other banks in the eurodollar market. A certificate of any Lender setting
forth any amount
or amounts that such Lender is entitled to receive pursuant to this Section
shall be delivered to
the Borrower and shall be conclusive absent manifest error. The Borrower shall
pay such Lender
the amount shown as due on any such certificate within 10 days after receipt
thereof.

                  SECTION 2.15. Taxes. (a) Any and all payments by or on account of any
obligation of the Borrower hereunder shall be made free and clear of and
without deduction for
any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be
required to deduct
any Indemnified Taxes or Other Taxes from such payments, then (i) the sum
payable shall be
increased as necessary so that after making all required deductions (including
deductions
applicable to additional sums payable under this Section) the Administrative
Agent or Lender (as
the case may be) receives an amount equal to the sum it would have received had
no such
deductions been made, (ii) the Borrower shall make such deductions and (iii)
the Borrower shall
pay the full amount deducted to the relevant Governmental Authority in
accordance with
applicable law.

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

24

 

         (c)  The Borrower shall indemnify the Administrative Agent and each
Lender, within 10
days after written demand therefor, for the full amount of any Indemnified
Taxes or Other Taxes
paid by the Administrative Agent or such Lender, as the case may be, on or with
respect to any
payment by or on account of any obligation of the Borrower hereunder (including
Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
under this
Section) and any penalties, interest and reasonable expenses arising therefrom
or with respect
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the
amount of such
payment or liability delivered to the Borrower by a Lender or by the
Administrative Agent on its
own behalf or on behalf of a Lender shall be conclusive absent manifest error.

         (d)  As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent
the original or a certified copy of a receipt issued by such Governmental
Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of
such payment
reasonably satisfactory to the Administrative Agent.

         (e)  Any Foreign Lender that is entitled to an exemption from or reduction
of withholding
tax under the law of the jurisdiction in which the Borrower is located, or any
treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall
deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by
applicable law, such properly completed and executed documentation prescribed
by applicable
law or reasonably requested by the Borrower as will permit such payments to be
made without
withholding or at a reduced rate.

         (f)  If the Administrative Agent or a Lender determines, in its sole
discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been
indemnified by the
Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this
Section 2.15, it shall pay over such refund to the Borrower (but only to the
extent of indemnity
payments made, or additional amounts paid, by the Borrower under this Section
2.15 with
respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses
of the Administrative Agent or such Lender and without interest (other than any
interest paid by
the relevant Governmental Authority with respect to such refund); provided that
the Borrower,
upon the request of the Administrative Agent or such Lender, agrees to repay
the amount paid
over to the Borrower (plus any penalties, interest or other charges imposed by
the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event
the
Administrative Agent or such Lender is required to repay such refund to such
Governmental
Authority. This Section shall not be construed to require the Administrative
Agent or any
Lender to make available its tax returns (or any other information relating to
its taxes which it
deems confidential) to the Borrower or any other Person.

                  SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs.
(a) The Borrower shall make each payment required to be made by it hereunder
(whether of
principal, interest, fees or of amounts payable under Section 2.13, 2.14 or
2.15, or otherwise)
prior to 12:00 noon, New York City time, on the date when due, in immediately
available funds,
without setoff or counterclaim. Any amounts received after such time on any
date may, in the
discretion of the Administrative Agent, be deemed to have been received on the
next succeeding

25

 

Business Day for purposes of calculating interest thereon. All such payments
shall be made to
the Administrative Agent at its offices at 270 Park Avenue, New York, New York,
except that
payments pursuant to Sections 2.13, 2.14, 2.15 and 9.03 shall be made directly
to the Persons
entitled thereto. The Administrative Agent shall distribute any such payments
received by it for
the account of any other Person to the appropriate recipient promptly following
receipt thereof.
If any payment hereunder shall be due on a day that is not a Business Day, the
date for payment
shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing
interest, interest thereon shall be payable for the period of such extension.
All payments
hereunder shall be made in Dollars.

         (b)  If at any time insufficient funds are received by and available to
the Administrative
Agent to pay fully all amounts of principal, interest and fees then due
hereunder, such funds shall
be applied (i) first, towards payment of interest and fees then due hereunder,
ratably among the
parties entitled thereto in accordance with the amounts of interest and fees
then due to such
parties, and (ii) second, towards payment of principal then due hereunder,
ratably among the
parties entitled thereto in accordance with the amount of principal then due to
such parties.

         (c)  If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its
Revolving Loans resulting
in such Lender receiving payment of a greater proportion of the aggregate
amount of its
Revolving Loans and accrued interest thereon than the proportion received by
any other Lender,
then the Lender receiving such greater proportion shall purchase (for cash at
face value)
participations in the Revolving Loans of other Lenders to the extent necessary
so that the benefit
of all such payments shall be shared by the Lenders ratably in accordance with
the aggregate
amount of principal of and accrued interest on their respective Revolving
Loans; provided that (i)
if any such participations are purchased and all or any portion of the payment
giving rise thereto
is recovered, such participations shall be rescinded and the purchase price
restored to the extent
of such recovery, without interest, and (ii) the provisions of this paragraph
shall not be construed
to apply to any payment made by the Borrower pursuant to and in accordance with
the express
terms of this Agreement or any payment obtained by a Lender as consideration
for the
assignment of or sale of a participation in any of its Loans to any assignee or
participant, other
than to the Borrower or any Subsidiary (as to which the provisions of this
paragraph shall apply).
The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements
may exercise against the Borrower rights of setoff and counterclaim with
respect to such
participation as fully as if such Lender were a direct creditor of the Borrower
in the amount of
such participation.

         (d)  Unless the Administrative Agent shall have received notice from the
Borrower prior
to the date on which any payment is due to the Administrative Agent for the
account of the
Lenders hereunder that the Borrower will not make such payment, the
Administrative Agent may
assume that the Borrower has made such payment on such date in accordance
herewith and may,
in reliance upon such assumption, distribute to the Lenders the amount due. In
such event, if the
Borrower has not in fact made such payment, then each of the Lenders severally
agrees to repay
to the Administrative Agent forthwith on demand the amount so distributed to
such Lender with
interest thereon, for each day from and including the date such amount is
distributed to it to but
excluding the date of payment to the Administrative Agent, at the greater of
the Federal Funds

26

 

Effective Rate and a rate determined by the Administrative Agent in accordance
with banking
industry rules on interbank compensation.

         (e)  If any Lender shall fail to make any payment required to be made by
it pursuant to
Section 2.05(b) or 2.16(d), then the Administrative Agent may, in its
discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the
Administrative
Agent for the account of such Lender to satisfy such Lender’s obligations under
such Sections
until all such unsatisfied obligations are fully paid.

                  SECTION 2.17. Mitigation Obligations; Replacement of Lenders. (a) If
any
Lender requests compensation under Section 2.13, or if the Borrower is required
to pay any
additional amount to any Lender or any Governmental Authority for the account
of any Lender
pursuant to Section 2.15, then such Lender shall use reasonable efforts to
designate a different
lending office for funding or booking its Loans hereunder or to assign its
rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section
2.13 or 2.15, as the case may be, in the future and (ii) would not subject such
Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in
connection with any such designation or assignment.

         (b)  If any Lender requests compensation under Section 2.13, or if the
Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the
account of any Lender pursuant to Section 2.15, or if any Lender defaults in
its obligation to fund
Loans hereunder, then the Borrower may, at its sole expense and effort, upon
notice to such
Lender and the Administrative Agent, require such Lender to assign and
delegate, without
recourse (in accordance with and subject to the restrictions contained in
Section 9.04), all its
interests, rights and obligations under this Agreement (other than any
outstanding Competitive
Loans held by it) to an assignee that shall assume such obligations (which
assignee may be
another Lender, if a Lender accepts such assignment); provided that (i) the
Borrower shall have
received the prior written consent of the Administrative Agent, which consent
shall not
unreasonably be withheld, (ii) such Lender shall have received payment of an
amount equal to
the outstanding principal of its Loans (other than Competitive Loans) and
accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the
extent of such outstanding principal and accrued interest and fees) or the
Borrower (in the case of
all other amounts) and (iii) in the case of any such assignment resulting from
a claim for
compensation under Section 2.13 or payments required to be made pursuant to
Section 2.15,
such assignment will result in a reduction in such compensation or payments. A
Lender shall not
be required to make any such assignment and delegation if, prior thereto, as a
result of a waiver
by such Lender or otherwise, the circumstances entitling the Borrower to
require such
assignment and delegation cease to apply.

27

 

ARTICLE III

CONDITIONS PRECEDENT TO LOANS

                  SECTION 3.01. Effective Date. The obligations of the Lenders to make
Loans
hereunder shall not become effective until the date on which each of the
following conditions is
satisfied (or waived in accordance with Section 9.02):

         (a)  Executed Agreement. Receipt by the Administrative Agent of copies of
this
Agreement executed by the parties hereto.

         (b)  Opinion of Counsel. Receipt by the Administrative Agent of opinions,
substantially
in the form of Exhibit B and Exhibit B-1 and satisfactory to the Lenders,
addressed to the
Lenders and dated as of the Effective Date from Richard W. Davies, Esq., Vice
President,
General Counsel and Secretary of the Borrower and from Latham & Watkins,
special counsel to
the Borrower.

         (c)  Resolutions. Receipt by the Administrative Agent of copies of
resolutions of the
Board of Directors of the Borrower approving and adopting this Agreement and
the transactions
contemplated herein and authorizing the execution and delivery hereof,
certified by a secretary or
assistant secretary of the Borrower as of the Effective Date to be true and
correct and in force
and effect as of such date.

         (d)  Good Standing Certificate . Receipt by the Administrative Agent of a
certificate
issued as of a recent date by the Secretary of State or other appropriate
Governmental Authority
of the Borrower’s jurisdiction of incorporation as to the due existence and
good standing of the
Borrower therein.

         (e)  Incumbency Certificate. Receipt by the Administrative Agent of
specimen signatures
of officers or other appropriate representatives executing this Agreement on
behalf of the
Borrower, certified by the secretary or assistant secretary of the Borrower as
of the Effective
Date.

         (f)  Articles of Incorporation. Receipt by the Administrative Agent of
the articles of
incorporation, as amended, of the Borrower, certified by the Secretary of State
of the state of
incorporation of the Borrower.

         (g)  Bylaws. Receipt by the Administrative Agent of the bylaws of the
Borrower certified
as of the Effective Date as true and correct by the secretary or assistant
secretary of the
Borrower.

         (h)  Financial Covenant Compliance Certificate. Receipt by the
Administrative Agent of
a certificate of the chief financial officer of the Borrower dated the
Effective Date demonstrating
compliance with the financial covenants contained in Sections 6.01 and 6.02 as
of the Effective
Date, substantially in the form of Exhibit C.

         (i)  Responsible Party Certificate. Receipt by the Administrative Agent
of a certificate of
a Responsible Party dated the Effective Date, confirming compliance with the
conditions set

28

 

forth in paragraphs (b) (excluding for this purpose the parenthetical contained
therein) and (c) of
Section 3.02 and paragraph (l) below, substantially in the form of Exhibit D.

         (j)  Payment of Fees and Expenses. Receipt by the Administrative Agent of
all fees and
other amounts due and payable on or prior to the Effective Date, including, to
the extent
invoiced, reimbursement or payment of all reasonable out-of-pocket expenses and
fees and
disbursements of counsel.

         (k)  Repayment and Termination of Existing Credit Agreement. Receipt by
the
Administrative Agent of evidence that all notices required to be given to
effect on the Effective
Date the repayment, if applicable, and termination of the Existing Credit
Agreement shall have
been given and the Existing Credit Agreement shall be terminated.

         (l)  No Material Adverse Effect. Since December 31, 2001, there have
occurred no
changes or circumstances which have had or are likely to have a Material
Adverse Effect.

The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and
such notice shall be conclusive and binding. Notwithstanding the foregoing,
the obligations of
the Lenders to make Loans hereunder shall not become effective unless each of
the foregoing
conditions is satisfied (or waived pursuant to Section 9.02) at or prior to
3:00 p.m., New York
City time, on July 31, 2002 (and, in the event such conditions are not so
satisfied or waived, the
Commitments shall terminate at such time).

                  SECTION 3.02. Each Borrowing. The obligation of each Lender to make a
Loan
on the occasion of any Borrowing is subject to the satisfaction of the
following conditions:

         (a)  the Administrative Agent shall have received written notice of the
Borrower’s intent
to borrow if required by Article II;

         (b)  the representations and warranties of the Borrower set forth in
Article IV (other than
the representation set forth in Section 4.08 and the representation set forth
in the last sentence of
Section 4.06) shall be true and correct on and as of the date of such Borrowing
with the same
effect as though such representations and warranties had been made on and as of
such date,
except to the extent that such representations and warranties expressly relate
to an earlier date, in
which case such representations and warranties shall be true and correct as of
such earlier date;

         (c)  at the time of (and after giving effect to) such Borrowing, no
Default shall have
occurred and be continuing; and

         (d)  immediately after giving effect to such Borrowing:

		
	 	         (i) the Revolving Credit Exposure of each Lender shall not exceed such
Lender’s
Commitment; and
	 
	 	         (ii) the sum of the total Revolving Credit Exposures plus the aggregate
principal
amount of outstanding Competitive Loans shall not exceed the total
Commitments at
such time.

29

 

Each Borrowing shall be deemed to constitute a representation and warranty by
the Borrower on
the date thereof as to the matters specified in paragraphs (b), (c) and (d) of
this Section.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

         The Borrower hereby represents and warrants to the Administrative Agent
and the
Lenders that:

                  SECTION 4.01. Organization and Good Standing. Each of the Borrower and
its
Subsidiaries is a corporation duly incorporated, validly existing and in good
standing under the
laws of the State of its incorporation, is duly qualified and in good standing
as a foreign
corporation authorized to do business in every jurisdiction where the failure
to so qualify would
have a Material Adverse Effect, and has the requisite corporate power and
authority to own its
properties and to carry on its business as now conducted and as proposed to be
conducted.

                  SECTION 4.02. Due Authorization. The Borrower (i) has the corporate
power
and requisite authority to execute, deliver and perform this Agreement and (ii)
is duly authorized
to, and has been authorized by all necessary corporate action, to execute,
deliver and perform this
Agreement.

                  SECTION 4.03. No Conflicts. Neither the execution and delivery of this
Agreement by the Borrower, nor the consummation of the transactions
contemplated herein, nor
performance by the Borrower of and compliance with the terms and provisions
hereof will
(i) violate or conflict with any provision of the Borrower’s articles of
incorporation or bylaws,
(ii) violate, contravene or materially conflict with any law, regulation
(including Regulation U or
Regulation X), order, writ, judgment, injunction, decree or permit applicable
to it, (iii) violate,
contravene or materially conflict with contractual provisions of, or cause an
event of default
under, any indenture, loan agreement, mortgage, deed of trust, contract or
other agreement or
instrument to which it is a party or by which the Borrower may be bound or (iv)
result in or
require the creation of any Lien upon or with respect to the Borrower’s
properties, except to the
extent that any such violation, contravention, conflict or Lien referred to in
the foregoing
clauses (ii), (iii) or (iv) could not reasonably be expected to have a Material
Adverse Effect.

                  SECTION 4.04. Consents. No consent, approval, authorization or order of,
or
filing, registration or qualification with, any Governmental Authority or third
party is required in
connection with the execution, delivery or performance of this Agreement,
except to the extent
that the failure to obtain such consents, approvals, authorization or orders,
or to make any such
filing, registration or qualification, could not reasonably be expected to have
a Material Adverse
Effect.

                  SECTION 4.05. Enforceable Obligations. This Agreement has been duly
executed and delivered by the Borrower and constitutes a legal, valid and
binding obligation of
the Borrower enforceable in accordance with its terms, except as may be limited
by bankruptcy
or insolvency laws or similar laws affecting creditors’ rights generally,
general equitable

30

 

principles (whether considered in a proceeding in equity or at law) and any
implied covenant of
good faith and fair dealing.

                  SECTION 4.06. Financial Condition. The financial statements and
financial
information provided to the Lenders, consisting of (a) an audited consolidated
balance sheet of
the Borrower and its Subsidiaries dated as of December 31, 2001, together with
related
consolidated statements of income, stockholders’ equity and changes in
financial position or cash
flow certified by PricewaterhouseCoopers LLP, the Borrower’s independent
certified public
accountants, and (b) a Borrower prepared unaudited consolidated balance sheet
of the Borrower
and its Subsidiaries dated as of March 31, 2002, together with related
consolidated statements of
income, stockholders’ equity and changes in financial position or cash flow
certified by the
Borrower’s chief financial officer, fairly represent in all material respects
the financial condition
of the Borrower and its Subsidiaries as of such respective dates and for such
periods and such
financial statements were prepared in accordance with GAAP applied on a
Consistent Basis,
subject to normal year-end audit adjustments and the absence of footnotes in
the case of the
statements referred to in the foregoing clause (b). Since December 31, 2001,
there have occurred
no changes or circumstances which have had or are likely to have a Material
Adverse Effect.

                  SECTION 4.07. No Default. No Default presently exists.

                  SECTION 4.08. No Material Litigation. Except as disclosed in Schedule
4.08,
there are no actions, suits or legal, equitable, arbitration or administrative
proceedings, pending
or, to the knowledge of the Borrower, threatened against the Borrower or any of
its Subsidiaries
which could reasonably be expected to have a Material Adverse Effect.

                  SECTION 4.09. Taxes. The Borrower has filed, or caused to be filed, all
tax
returns (federal, state, local and foreign) required to be filed and paid all
amounts of Taxes
shown thereon to be due (including interest and penalties) and has paid all
other taxes, fees,
assessments and other governmental charges (including mortgage recording taxes,
documentary
stamp taxes and intangibles taxes) owing (or necessary to preserve any Liens in
favor of the
Lenders), by it or its Subsidiaries, except for such Taxes (i) which are not
yet delinquent, (ii)
which are being contested in good faith and by proper proceedings, and against
which adequate
reserves are being maintained in accordance with GAAP or (iii) which, if not
paid, could not
reasonably be expected to have a Material Adverse Effect.

                  SECTION 4.10. Compliance with Law. The Borrower and each of its
Subsidiaries is in compliance with all laws, rules, regulations, orders and
decrees (including
Environmental Laws) applicable to it or to its properties, except for such
laws, rules, regulations,
orders and decrees noncompliance with which could not reasonably be expected to
have a
Material Adverse Effect.

                  SECTION 4.11. ERISA. Except, in the case of any of the following, for
matters
which would not have a Material Adverse Effect, (i) no Reportable Event (as
defined in ERISA)
has occurred and is continuing with respect to any Plan; (ii) as of the end of
the most recent Plan
year, no Plan has an unfunded current liability (determined under Section 412
of the Code) or an
accumulated funding deficiency; (iii) no proceedings have been instituted, or,
to the knowledge
of the Borrower, planned, to terminate any Plan; (iv) neither the Borrower, any
Subsidiary or any
ERISA Affiliate, nor any duly-appointed administrator of a Plan has instituted
or intends to

31

 

institute proceedings to withdraw from any Multiemployer Plan; and (v) each
Plan has been
maintained and funded in all material respects with its terms and with the
provisions of ERISA
applicable thereto.

                  SECTION 4.12. Investment and Holding Company. The Borrower is not an
“investment company,” as such term is defined in the Investment Company Act of
1940 or a
“holding company” as defined in the Public Utility Holding Company Act of 1935.

                  SECTION 4.13. Environmental Laws. The Borrower and each Subsidiary is in
compliance with all applicable Environmental Laws, except to the extent that
noncompliance
therewith could not reasonably be expected to have a Material Adverse Effect.

ARTICLE V

AFFIRMATIVE COVENANTS

         The Borrower hereby covenants and agrees that so long as the Commitments
are in effect
and until the Loans, together with interest, fees and other obligations which
are then due and
payable hereunder, have been paid in full:

                  SECTION 5.01. Information Covenants. The Borrower will furnish, or cause
to
be furnished, to the Administrative Agent and each Lender:

         (a)  Annual Financial Statements. As soon as available and in any event
within 90 days
after the close of each fiscal year of the Borrower, a consolidated balance
sheet of the Borrower
and its Subsidiaries as at the end of such fiscal year together with related
consolidated statements
of income and retained earnings and of cash flows for such fiscal year, setting
forth in
comparative form consolidated figures for the preceding fiscal year examined by
PricewaterhouseCoopers LLP, the Borrower’s independent certified public
accountants, whose
opinion shall be to the effect that such financial statements have been
prepared in accordance
with GAAP applied on a Consistent Basis and shall not be qualified as to the
scope of the audit
or as to the status of the Borrower or any of its Subsidiaries as a going
concern. The financial
information required by this Section 5.01(a) may be delivered in the form of an
Annual Report
on Form 10-K as filed with the Securities and Exchange Commission.

         (b)  Quarterly Financial Statements. As soon as available and in any
event within 45
days after the end of each of the first three fiscal quarters of each fiscal
year of the Borrower, a
consolidated balance sheet of the Borrower and its Subsidiaries as at the end
of such quarterly
period together with related consolidated statements of income and retained
earnings and of cash
flows for such quarterly period and for the portion of the fiscal year ending
with such period, in
each case setting forth in comparative form consolidated figures for the
corresponding period of
the preceding fiscal year and accompanied by a certificate of the chief
financial officer of the
Borrower as having been prepared in accordance with GAAP applied on a
Consistent Basis,
subject to normal year-end audit adjustments and the absence of footnotes. The
financial
information required by this Section 5.01(b) may be delivered in the form of a
Quarterly Report
on Form 10-Q as filed with the Securities and Exchange Commission.

32

 

         (c)  Officer’s Certificates. At the time of delivery of the financial
statements provided for
in Sections 5.01(a) and (b) hereof, a certificate of the chief financial
officer of the Borrower
substantially in the form of Exhibit D to the effect that the Borrower is in
substantial compliance
with the terms of this Agreement and no Default exists, or if any Default does
exist specifying
the nature and extent thereof and what action the Borrower proposes to take
with respect thereto.
Such certificate shall set forth reasonably detailed calculations demonstrating
compliance with
Sections 6.01 and 6.02.

         (d)  SEC Reports. Promptly upon transmission thereof, copies of all
filings on Forms 10-K, 10-Q, 8-K and registration statements filed by the Borrower with the
Securities and Exchange
Commission, or any successor agency, and copies of all reports furnished by the
Borrower to its
stockholders.

         (e)  Notice of Default, Litigation, etc. Upon a Responsible Party of the
Borrower
obtaining knowledge thereof, it will give written notice to the Administrative
Agent and the
Lenders (i) immediately, of the occurrence of an event or condition consisting
of a Default,
specifying the nature and existence thereof and what action the Borrower
proposes to take with
respect thereto, and (ii) promptly, but in any event within five Business Days,
of the occurrence
of any of the following with respect to the Borrower or any of its
Subsidiaries: (A) the pendency
or commencement of any litigation, arbitral or governmental proceeding against
the Borrower or
any of its Subsidiaries which is likely to have a Material Adverse Effect, (B)
any levy of an
attachment, execution or other process against its assets which is likely to
have a Material
Adverse Effect, (C) the occurrence of an event or condition which shall
constitute a default or
event of default under any other agreement for borrowed money in excess of
$50,000,000 or (D)
any development in its business or affairs which has resulted in, or which the
Borrower
reasonably believes is likely to result in, a Material Adverse Effect.

         (f)  Other Information. Promptly following any request therefor, such
other information
regarding the operations, business affairs and financial condition of the
Borrower or any
Subsidiary, or compliance with the terms of this Agreement, as the
Administrative Agent or any
Lender may reasonably request.

                  SECTION 5.02. Books and Records; Communication with Accountants. The
Borrower will, and will cause each of its Subsidiaries to, keep complete and
accurate books and
records of its transactions in accordance with good accounting practices. The
Borrower will, and
will cause each of its Subsidiaries to, permit on reasonable notice officers or
designated
representatives of the Administrative Agent or any Lender to visit and inspect
its properties, to
examine its books and records, and to discuss the affairs, finances and
accounts of the Borrower
and its Subsidiaries with, and be advised as to the same by, the Borrower’s
officers and its
independent certified public accountants, all at such reasonable times and as
often as reasonably
requested.

                  SECTION 5.03. Compliance with Law. The Borrower will, and will cause
each
of its Subsidiaries to, comply with all applicable laws, rules, regulations and
orders of, and all
applicable restrictions imposed by all applicable Governmental Authorities,
except where any
such noncompliance could not reasonably be expected to have a Material Adverse
Effect.

33

 

                  SECTION 5.04. Payment of Taxes. The Borrower will, and will cause each of
its
Subsidiaries to, pay and discharge all Taxes, assessments and governmental
charges or levies
imposed upon it, or upon its income or profits, or upon any of its properties,
before they shall
become delinquent, unless the same is being contested in good faith by
appropriate proceedings
and adequate reserves therefor have been established in accordance with GAAP or
unless the
failure to make such payments could not reasonably be expected to have a
Material Adverse
Effect.

                  SECTION 5.05. Insurance. The Borrower will, and will cause each of its
Subsidiaries to, at all times maintain in full force and effect insurance in
such amounts, covering
such risks and liabilities and with such deductibles or self-insurance
retentions as are in
accordance with normal industry practice.

                  SECTION 5.06. ERISA. The Borrower will, and will cause each of its
Subsidiaries to, (a) at all times, make prompt payment of all contributions
required from the
Borrower and each Subsidiary under all Plans and required of the Borrower and
each Subsidiary
to meet the minimum funding standard set forth in ERISA with respect to all
Plans if the failure
to make any such payment would likely have a Material Adverse Effect; and (b)
notify the
Administrative Agent immediately of any fact, including any Reportable Event
(as defined in
ERISA) arising in connection with any of its Plans, which would reasonably be
expected to
constitute grounds for termination thereof by the PBGC or for the appointment
by the
appropriate United States District Court of a trustee to administer such Plan,
involving a Plan,
the termination of which would reasonably be expected to have a Material
Adverse Effect,
together with a statement, if requested by the Lenders, as to the reason
therefor and the action, if
any, proposed to be taken with respect thereof. The Borrower will not, nor
will it permit any of
its Subsidiaries or ERISA Affiliates to, (i) terminate a Plan if any such
termination would give
rise to or result in any liability, or (ii) cause or permit to exist any event
or condition which
presents a material risk of termination at the request of the PBGC, where in
either (i) or (ii) that
liability would reasonably be expected to have a Material Adverse Effect.

                  SECTION 5.07. Use of Proceeds. The proceeds of the Loans hereunder will
be
used by the Borrower for working capital, capital expenditures, and other
lawful general
corporate purposes, including support of the Borrower’s commercial paper
program. None of
the proceeds will be used for the purpose of purchasing or carrying any “margin
stock” (as such
term is defined in Regulation U) or for the purpose of reducing or retiring any
Indebtedness
which was originally incurred to purchase or carry margin stock in violation of
the requirements
of Regulation U.

ARTICLE VI

NEGATIVE COVENANTS

         The Borrower hereby covenants and agrees that so long as the Commitments
are in effect
and until the Loans, together with interest, fees and other obligations which
are then due and
payable hereunder, have been paid in full:

34

 

                  SECTION 6.01. Net Worth. The Borrower will not permit the Net Worth of
the
Borrower and its Subsidiaries at any time to be less than $550,000,000,
provided that for
purposes of calculating Net Worth the Borrower may exclude write-downs not in
excess of
$40,000,000 in the aggregate from the date of this Agreement taken in
accordance with FASB
142 and GAAP.

                  SECTION 6.02. Indebtedness. (a) The Borrower will not permit total
Indebtedness of the Borrower and its Subsidiaries on a consolidated basis to
exceed a principal
amount of $750,000,000 at any time outstanding.

         (b)  Without limiting paragraph (a) above, the Borrower will not permit
any of its
Subsidiaries to create, incur, assume, suffer to exist any Indebtedness
(including any Guarantee
of any Indebtedness), except:

		
	 	         (i) Indebtedness of any such Subsidiary owed to the Borrower or to a
Subsidiary
of the Borrower;
	 
	 	         (ii) Indebtedness of any such Subsidiary existing on the Effective Date
(all
Indebtedness of the Subsidiaries of the Borrower in an amount of
$1,000,000 or greater
existing on the Effective Date is described on Schedule 6.02) and
extensions, renewals
and replacements of any such Indebtedness that do not increase the
outstanding principal
amount thereof or result in an earlier maturity date;
	 
	 	         (iii) Endorsements of negotiable instruments for deposit or collection or
similar
transactions in the ordinary course of business;
	 
	 	         (iv) Indebtedness incurred in respect of (A) workers’ compensation
claims, self-insurance obligations, bankers’ acceptances, performance, surety and
similar bonds and
completion guarantees provided by the Borrower or a Subsidiary in the
ordinary course
of business, (B) performance bonds or similar obligations of the Borrower
or any of its
Subsidiaries for or in connection with pledges, deposits or payments made
or given in the
ordinary course of business, and not for money borrowed, in connection
with or to secure
statutory, regulatory or similar obligations, including obligations under
health, safety or
environmental obligations, and (C) Guarantees to suppliers, lessors,
licensees,
contractors, franchises or customers of obligations incurred in the
ordinary course of
business and not for money borrowed;
	 
	 	         (v) Indebtedness incurred by any Subsidiary constituting reimbursement
obligations with respect to letters of credit issued in the ordinary
course of business;
	 
	 	         (vi) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument (except in the case of
daylight
overdrafts) drawn against insufficient funds in the ordinary course of
business, provided,
however, that such Indebtedness is extinguished within five Business Days
of incurrence;
and
	 
	 	         (vii) Indebtedness of Subsidiaries of the Borrower not otherwise
permitted by the
foregoing clauses of this Section; provided that the aggregate principal
amount of such

35

 

	 	 	additional Indebtedness of all such Subsidiaries at any one time
outstanding permitted
under this clause (vii) does not exceed $10,000,000.

                  SECTION 6.03. Consolidation, Merger. The Borrower will not dissolve,
liquidate, or wind up its affairs, or enter into any transaction of merger or
consolidation unless (i)
the Borrower is the surviving corporation of such merger or consolidation or
(ii) the surviving
corporation in such merger or consolidation shall be a corporation existing
under the laws of the
United States of America, any state thereof or the District of Columbia (the
“Successor
Corporation”), the Successor Corporation shall expressly assume, by amendment
to this
Agreement executed by the Borrower, the Successor Corporation and the
Administrative Agent,
the due and punctual payment of the principal of and interest on the Loans and
all other amounts
payable under this Agreement and the payment and performance of every covenant
hereof on the
part of the Borrower and its Subsidiaries to be performed or observed, and no
Default shall have
occurred or be continuing at the time of such merger or consolidation or would
result from such
merger or consolidation.

                  SECTION 6.04. Transfer of Assets. The Borrower will not sell, lease,
transfer or
otherwise dispose of all or substantially all of its property or assets, except
to a wholly-owned
Subsidiary of the Borrower.

                  SECTION 6.05. Transactions with Affiliates. The Borrower will not, nor
will it
permit any Subsidiary to, other than in the ordinary course of business, enter
into any transaction
or series of transactions, with any Affiliate of the Borrower, other than on
terms and conditions
substantially as favorable to the Borrower or such Subsidiary as would be
obtainable by it in a
comparable arm’s-length transaction with a Person other than an Affiliate.

                  SECTION 6.06. Liens. The Borrower will not, and will not permit any
Subsidiary to, create, incur, assume or permit to exist any Lien on any
Principal Property now
owned or hereafter acquired by it to secure Indebtedness of the Borrower or any
Subsidiary,
except:

         (a)  Permitted Encumbrances;

         (b)  any Lien on any property or asset of the Borrower or any Subsidiary
existing on the
date hereof; provided that (i) such Lien shall not cover any other property or
asset of the
Borrower or any Subsidiary and (ii) such Lien shall secure only those
obligations which it
secures on the date hereof and extensions, renewals and replacements thereof
that do not increase
the outstanding principal amount thereof (except in respect of any fees and
expenses incurred in
connection with any such extension, renewal or replacement);

         (c)  any Lien existing on any property or asset prior to the acquisition
thereof by the
Borrower or any Subsidiary or existing on any property or asset of any Person
that becomes a
Subsidiary after the date hereof prior to the time such Person becomes a
Subsidiary; provided
that (i) such Lien is not created in contemplation of or in connection with
such acquisition or
such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not
cover any other
property or assets of the Borrower or any Subsidiary and (iii) such Lien shall
secure only those
obligations which it secures on the date of such acquisition or the date such
Person becomes a

36

 

Subsidiary, as the case may be, and extensions, renewals and replacements
thereof that do not
increase the outstanding principal amount thereof (except in respect of any
fees and expenses
incurred in connection with any such extension, renewal or replacement);

         (d)  Liens on fixed or capital assets acquired, constructed or improved by
the Borrower or
any Subsidiary; provided that (i) such Liens and the Indebtedness secured
thereby are incurred
prior to or within 180 days after such acquisition or the completion of such
construction or
improvement, and (ii) such Liens shall not cover any other property or assets
of the Borrower or
any Subsidiary or secure any Indebtedness other than the Indebtedness incurred
to finance the
acquisition, construction or improvement of such fixed or capital assets; and

         (e)  Liens not otherwise permitted hereunder; provided that, at the time
of the creation,
incurrence or assumption of any Indebtedness secured by any Lien and after
giving effect
thereto, the aggregate principal amount of the Indebtedness of the Borrower and
the Subsidiaries
secured by Liens permitted under this clause (e) does not exceed an amount
equal to 10% of
Tangible Net Worth at such time.

                  SECTION 6.07. Swap Agreements. The Borrower will not and will not permit
any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap
Agreements entered
into to hedge or mitigate risks to which the Borrower or any Subsidiary has
actual exposure
(other than those in respect of shares of capital stock or other equity
ownership interests of the
Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in
order to
effectively cap, collar or exchange interest rates (from fixed to floating
rates, from one floating
rate to another floating rate or otherwise) with respect to any
interest-bearing liability or
investment of the Borrower or any Subsidiary.

ARTICLE VII

EVENTS OF DEFAULT

                  SECTION 7.01. Events of Default. Upon the occurrence of any of the
following
specified events (each an “Event of Default”):

         (a)  Payment. The Borrower shall (i) default in the payment when due of
any principal of
any Loan, or (ii) default, and such default shall continue for five or more
days, in the payment
when due of any interest on any Loan, or of any fees or other amounts owing
hereunder or in
connection herewith; or

         (b)  Representations. Any representation, warranty or statement made or
deemed to be
made by the Borrower herein or in connection with this Agreement or in any
statement or
certificate delivered or required to be delivered pursuant hereto shall prove
untrue in any material
respect on the date as of which it was deemed to have been made; or

         (c)  Covenants. The Borrower shall (i) default in the due performance or
observance of
any term, covenant or agreement contained in Section 5.07 or Article VI, or
(ii) default in the due
performance or observance by it of any term, covenant or agreement (other than
those referred to
in subsections (a), (b) or (c)(i) of this Section 7.01) contained in this
Agreement and such default

37

 

shall continue unremedied for a period of at least 30 days after notice thereof
by the
Administrative Agent or any Lender to the Borrower; or if without the written
consent of the
Lenders, this Agreement shall be disaffirmed or shall terminate, be terminable
or be terminated
or become void or unenforceable for any reason whatsoever (other than as
expressly provided for
hereunder); or

         (d)  Bankruptcy, etc. (i) The Borrower or any of its Significant
Subsidiaries shall
commence any case, proceeding or other action (A) under any existing or future
law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of
debtors, seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up,
liquidation, dissolution, composition or other relief with respect to it or its
debts, or (B) seeking
appointment of a receiver, trustee, custodian or other similar official for it
or for all or any
substantial part of its assets, or the Borrower or any of its Significant
Subsidiaries shall make a
general assignment for the benefit of its creditors; or (ii) there shall be
commenced against the
Borrower or any of its Significant Subsidiaries any case, proceeding or other
action of a nature
referred to in clause (i) above which (x) results in the entry of an order for
relief or any such
adjudication or appointment or (y) remains undismissed, undischarged or
unbonded for a period
of 60 days; or (iii) there shall be commenced against the Borrower or any of
its Significant
Subsidiaries any case, proceeding or other action seeking issuance of a warrant
of attachment,
execution, distraint or similar process against all or any substantial part of
its assets which results
in the entry of an order for any such relief which shall not have been vacated,
discharged, or
stayed or bonded pending appeal within 60 days from the entry thereof; or (iv)
the Borrower or
any of its Significant Subsidiaries shall take any action in furtherance of, or
indicating its consent
to, approval of, or acquiescence in, any of the acts set forth in clause (i),
(ii), or (iii) above; or

         (e)  Defaults under Other Agreements. The Borrower or any of its
Subsidiaries shall (A)
default in any payment with respect to any Indebtedness (other than the Loans
hereunder) in
excess of $50,000,000, individually or in the aggregate for the Borrower and
its Subsidiaries
collectively, or (B) default in the observance or performance of any agreement
or condition
relating to any such Indebtedness (other than Loans hereunder) in excess of
$50,000,000 or
contained in any instrument or agreement evidencing, securing or relating
thereto, or any other
event or condition shall occur or condition exist, the effect of which default
or other event or
condition is to (i) cause such Indebtedness to become due prior to its stated
maturity or (ii)
enable or permit (with or without the giving of notice, the lapse of time or
both) the holder or
holders of such Indebtedness or any trustee or agent on its or their behalf to
cause such
Indebtedness to become due, or to require the prepayment, repurchase,
redemption or defeasance
thereof, prior to its scheduled maturity; or

         (f)  Judgments. One or more judgments or decrees shall be entered against
the Borrower
or any of its Subsidiaries involving a liability of $50,000,000 or more in any
instance or in the
aggregate for all such judgments and decrees for the Borrower and its
Subsidiaries collectively
(not paid or fully covered by insurance provided by a carrier who has
acknowledged coverage or
covered by an indemnification provided by a credit-worthy indemnitor) and any
such judgments
or decrees shall not have been vacated, discharged or stayed or bonded pending
appeal within 60
days from the entry thereof; or

38

 

         (g)  ERISA. The Borrower, any Subsidiary or any ERISA Affiliate shall
fail to pay when
due an amount or amounts aggregating in excess of $50,000,000 which it shall
have become
liable to pay under ERISA; or notice of intent to terminate a Plan or Plans
which in the aggregate
have unfunded liabilities in excess of $50,000,000 (individually and
collectively, a “Material
Plan”) shall be filed under ERISA by the Borrower, any Subsidiary or any ERISA
Affiliate, any
plan administrator or any combination of the foregoing; or the PBGC shall
institute proceedings
under ERISA to terminate, to impose liability (other than for premiums under
Section 4007 of
ERISA) in respect of, or to cause a trustee to be appointed to administer any
Material Plan; or a
condition shall exist by reason of which the PBGC would be entitled to obtain a
decree
adjudicating that any Material Plan must be terminated; or there shall occur a
complete or partial
withdrawal from, or a default, within the meaning of Section 4219(c)(5) of
ERISA, with respect
to, one or more Multiemployer Plans which could cause one or more members of
the Controlled
Group to incur a current payment obligation in excess of $50,000,000, and the
liability that,
individually or in the aggregate, would reasonably be expected to occur would
result in a
Material Adverse Effect; or

         (h)  Change in Control. (i) Any “person” or “group” (within the meaning
of the
Securities Exchange Act of 1934 and the rules of the Securities and Exchange
Commission
thereunder as in effect on the date hereof) (other than either of the two
trusts (the “Roche Trust”
and the “Hubbell Trust”) which, as of the Effective Date, each own more that 5%
of the Class A
Common Stock of the Borrower and the beneficiaries of which are the issue of
Harvey Hubbell
and, in the case of the Roche Trust, their spouses, or any future trust
established for any of the
same beneficiaries) either (A) becomes the “beneficial owner” (within the
meaning of the
Securities Exchange Act of 1934 and the rules of the Securities and Exchange
Commission
thereunder as in effect on the date hereof), directly or indirectly, of voting
securities of the
Borrower (or securities convertible into or exchangeable for such voting
securities) representing
40% or more of the combined voting power of all voting securities of the
Borrower (on a fully
diluted basis) or (B) otherwise has the ability, directly or indirectly, to
elect a majority of the
board of directors of the Borrower; or (ii) during any period of up to 12
consecutive months,
commencing on the Effective Date, Continuing Directors shall cease for any
reason (other than
the death, disability or retirement of a director) to constitute a majority of
the board of directors
of the Borrower;

then, in any such event, and at any time thereafter, the Administrative Agent,
upon the direction
of the Required Lenders, shall, by written notice to the Borrower take any of
the following
actions without prejudice to the rights of the Administrative Agent or any
Lender to enforce its
claims against the Borrower, except as otherwise specifically provided for
herein:

		
	 	         (i) Termination. Declare the Commitments of each Lender terminated,
whereupon the Commitment of each Lender hereunder shall terminate
immediately;
	 
	 	         (ii) Acceleration. Declare the unpaid principal of and any accrued
interest in
respect of all the outstanding Loans, together with all fees and other
obligations of the
Borrower accrued hereunder, to be due whereupon the same shall be
immediately due
and payable without presentment, demand, protest or other notice of any
kind, all of
which are hereby waived by the Borrower; and

39

 

		
	 	         (iii) Enforcement of Rights. Enforce any and all rights and remedies of
the
Administrative Agent or the Lenders in respect of the Loans, including
without limitation
all rights of setoff; provided however that, notwithstanding the
foregoing, if an Event of
Default specified in Section 7.01(d) with respect to the Borrower shall
occur, then the
Commitments of the Lenders hereunder shall automatically terminate and the
Loans,
together with accrued interest thereon and all fees and other obligations
of the Borrower
accrued hereunder, shall immediately become due and payable without the
giving of any
notice or other action by the Administrative Agent or any Lender.

ARTICLE VIII

The Administrative Agent

         Each of the Lenders hereby irrevocably appoints the Administrative Agent
as its agent
and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such
powers as are delegated to the Administrative Agent by the terms hereof,
together with such
actions and powers as are reasonably incidental thereto.

         The bank serving as the Administrative Agent hereunder shall have the same
rights and
powers in its capacity as a Lender as any other Lender and may exercise the
same as though it
were not the Administrative Agent, and such bank and its Affiliates may accept
deposits from,
lend money to and generally engage in any kind of business with the Borrower or
any Subsidiary
or other Affiliate thereof as if it were not the Administrative Agent
hereunder.

         The Administrative Agent shall not have any duties or obligations except
those expressly
set forth herein. Without limiting the generality of the foregoing, (a) the
Administrative Agent
shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any
duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers
expressly contemplated hereby that the Administrative Agent is required to
exercise in writing as
directed by the Required Lenders (or such other number or percentage of the
Lenders as shall be
necessary under the circumstances as provided in Section 9.02), and (c) except
as expressly set
forth herein, the Administrative Agent shall not have any duty to disclose, and
shall not be liable
for the failure to disclose, any information relating to the Borrower or any of
its Subsidiaries that
is communicated to or obtained by the bank serving as Administrative Agent or
any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for
any action taken or
not taken by it with the consent or at the request of the Required Lenders (or
such other number
or percentage of the Lenders as shall be necessary under the circumstances as
provided in
Section 9.02) or in the absence of its own gross negligence or wilful
misconduct. The
Administrative Agent shall be deemed not to have knowledge of any Default
unless and until
written notice thereof is given to the Administrative Agent by the Borrower or
a Lender, and the
Administrative Agent shall not be responsible for or have any duty to ascertain
or inquire into
(i) any statement, warranty or representation made in or in connection with
this Agreement,
(ii) the contents of any certificate, report or other document delivered
hereunder or in connection
herewith, (iii) the performance or observance of any of the covenants,
agreements or other terms
or conditions set forth herein, (iv) the validity, enforceability,
effectiveness or genuineness of

40

 

this Agreement or any other agreement, instrument or document, or (v) the
satisfaction of any
condition set forth in Article III or elsewhere herein, other than to confirm
receipt of items
expressly required to be delivered to the Administrative Agent.

         The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability
for relying upon, any notice, request, certificate, consent, statement,
instrument, document or
other writing believed by it to be genuine and to have been signed or sent by
the proper Person.
The Administrative Agent also may rely upon any statement made to it orally or
by telephone
and believed by it to be made by the proper Person, and shall not incur any
liability for relying
thereon. The Administrative Agent may consult with legal counsel (who may be
counsel for the
Borrower), independent accountants and other experts selected by it, and shall
not be liable for
any action taken or not taken by it in accordance with the advice of any such
counsel,
accountants or experts.

         The Administrative Agent may perform any and all its duties and exercise
its rights and
powers by or through any one or more sub-agents appointed by the Administrative
Agent. The
Administrative Agent and any such sub-agent may perform any and all its duties
and exercise its
rights and powers through their respective Related Parties. The exculpatory
provisions of the
preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the
Administrative Agent and any such sub-agent, and shall apply to their
respective activities in
connection with the syndication of the credit facility provided for herein as
well as activities as
Administrative Agent.

         Subject to the appointment and acceptance of a successor Administrative
Agent as
provided in this paragraph, the Administrative Agent may resign at any time by
notifying the
Lenders and the Borrower. Upon any such resignation, the Required Lenders
shall have the
right, in consultation with the Borrower, to appoint a successor. If no
successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment
within 30 days
after the retiring Administrative Agent gives notice of its resignation, then
the retiring
Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent
which shall be a bank with an office in New York, New York, or an Affiliate of
any such bank.
Upon the acceptance of its appointment as Administrative Agent hereunder by a
successor, such
successor shall succeed to and become vested with all the rights, powers,
privileges and duties of
the retiring Administrative Agent, and the retiring Administrative Agent shall
be discharged
from its duties and obligations hereunder. The fees payable by the Borrower to
a successor
Administrative Agent shall be the same as those payable to its predecessor
unless otherwise
agreed between the Borrower and such successor. After the Administrative
Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in
effect for the benefit
of such retiring Administrative Agent, its sub-agents and their respective
Related Parties in
respect of any actions taken or omitted to be taken by any of them while it was
acting as
Administrative Agent.

         Each Lender acknowledges that it has, independently and without reliance
upon the
Administrative Agent or any other Lender and based on such documents and
information as it
has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement.
Each Lender also acknowledges that it will, independently and without reliance
upon the
Administrative Agent or any other Lender and based on such documents and
information as it

41

 

shall from time to time deem appropriate, continue to make its own decisions in
taking or not
taking action under or based upon this Agreement, any related agreement or any
document
furnished hereunder or thereunder.

ARTICLE IX

Miscellaneous

                  SECTION 9.01. Notices. (a) Except in the case of notices and other
communications expressly permitted to be given by telephone (and subject to
paragraph (b)
below), all notices and other communications provided for herein shall be in
writing and shall be
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by
telecopy, as follows:

		
	 	         (i) if to the Borrower, to it at 584 Derby Milford Road, Orange,
Connecticut
06477-4024, Attention of James H. Biggart (Telecopy No. (203) 799-4205),
with a copy
to Richard W. Davies, Vice President, General Counsel and Secretary
(Telecopy No.
(203) 799-4333);
	 
	 	         (ii) if to the Administrative Agent, to JPMorgan Chase Bank, Loan and
Agency
Services Group, One Chase Manhattan Plaza, 8th Floor, New York, New York
10081,
Attention of Jesus Sang (Telecopy No. (212) 552-5650), with a copy to
JPMorgan Chase
Bank, 999 Broad Street, Bridgeport, CT 06604, Attention of Scott Farquhar
(Telecopy
No. (203) 382-6314); and
	 
	 	         (iii) if to any other Lender, to it at its address (or telecopy number)
set forth in its
Administrative Questionnaire.

         (b)  Notices and other communications to the Lenders hereunder may be
delivered or
furnished by electronic communications pursuant to procedures approved by the
Administrative
Agent; provided that the foregoing shall not apply to notices pursuant to
Article II unless
otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative
Agent or the Borrower may, in its discretion, agree to accept notices and other
communications
to it hereunder by electronic communications pursuant to procedures approved by
it; provided
that approval of such procedures may be limited to particular notices or
communications.

         (c)  Any party hereto may change its address or telecopy number for
notices and other
communications hereunder by notice to the other parties hereto. All notices
and other
communications given to any party hereto in accordance with the provisions of
this Agreement
shall be deemed to have been given on the date of receipt.

                  SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the
Administrative Agent or any Lender in exercising any right or power hereunder
shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or
power, or any
abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or
further exercise thereof or the exercise of any other right or power. The
rights and remedies of
the Administrative Agent and the Lenders hereunder are cumulative and are not
exclusive of any

42

 

rights or remedies that they would otherwise have. No waiver of any provision
of this
Agreement or consent to any departure by the Borrower therefrom shall in any
event be effective
unless the same shall be permitted by paragraph (b) of this Section, and then
such waiver or
consent shall be effective only in the specific instance and for the purpose
for which given.
Without limiting the generality of the foregoing, the making of a Loan shall
not be construed as a
waiver of any Default, regardless of whether the Administrative Agent or any
Lender may have
had notice or knowledge of such Default at the time.

         (b)  Neither this Agreement nor any provision hereof may be waived,
amended or
modified except pursuant to an agreement or agreements in writing entered into
by the Borrower
and the Required Lenders or by the Borrower and the Administrative Agent with
the consent of
the Required Lenders; provided that no such agreement shall (i) increase the
Commitment of any
Lender without the written consent of such Lender, (ii) reduce the principal
amount of any Loan
or reduce the rate of interest thereon, or reduce any fees payable hereunder,
without the written
consent of each Lender affected thereby, (iii) postpone the scheduled date of
payment of the
principal amount of any Loan, or any interest thereon, or any fees payable
hereunder, or reduce
the amount of, waive or excuse any such payment, or postpone the scheduled date
of expiration
of any Commitment, without the written consent of each Lender affected thereby,
(iv) change
Section 2.16(b) or (c) in a manner that would alter the pro rata sharing of
payments required
thereby, without the written consent of each Lender, or (v) change any of the
provisions of this
Section or the definition of “Required Lenders” or any other provision hereof
specifying the
number or percentage of Lenders required to waive, amend or modify any rights
hereunder or
make any determination or grant any consent hereunder, without the written
consent of each
Lender; provided further that no such agreement shall amend, modify or
otherwise affect the
rights or duties of the Administrative Agent hereunder without the prior
written consent of the
Administrative Agent.

                  SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower
shall
pay (i) all reasonable out-of-pocket expenses incurred by the Administrative
Agent and its
Affiliates, including the reasonable fees, charges and disbursements of counsel
for the
Administrative Agent, in connection with the syndication of the credit facility
provided for
herein, the preparation and administration of this Agreement or any amendments,
modifications
or waivers of the provisions hereof (whether or not the transactions
contemplated hereby or
thereby shall be consummated) and (ii) all out-of-pocket expenses incurred by
the Administrative
Agent or any Lender, including the fees, charges and disbursements of any
counsel for the
Administrative Agent or any Lender, in connection with the enforcement or
protection of its
rights in connection with this Agreement, including its rights under this
Section, or in connection
with the Loans made hereunder, including all such out-of-pocket expenses
incurred during any
workout, restructuring or negotiations in respect of such Loans.

         (b)  The Borrower shall indemnify the Administrative Agent and each
Lender, and each
Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities
and related expenses, including the fees, charges and disbursements of any
counsel for any
Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or
as a result of (i) the execution or delivery of this Agreement or any agreement
or instrument
contemplated hereby, the performance by the parties hereto of their respective
obligations

43

 

hereunder or the consummation of the transactions contemplated hereby, (ii) any
Loan or the use
of the proceeds therefrom, (iii) any Environmental Liability related in any way
to the Borrower
or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory
and regardless of whether any Indemnitee is a party thereto; provided that such
indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities
or related expenses are determined by a court of competent jurisdiction by
final and
nonappealable judgment to have resulted from the gross negligence or wilful
misconduct of such
Indemnitee.

         (c)  To the extent that the Borrower fails to pay any amount required to
be paid by it to
the Administrative Agent under paragraph (a) or (b) of this Section, each
Lender severally agrees
to pay to the Administrative Agent such Lender’s Applicable Percentage
(determined as of the
time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid
amount; provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or
related expense, as the case may be, was incurred by or asserted against the
Administrative
Agent in its capacity as such.

         (d)  To the extent permitted by applicable law, the Borrower shall not
assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect,
consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in
connection with, or as a result of, this Agreement or any agreement or
instrument contemplated
hereby, any Loan or the use of the proceeds thereof.

         (e)  All amounts due under this Section shall be payable not later than
five days after
written demand therefor.

                  SECTION 9.04. Successors and Assigns. (a) The provisions of this
Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors
and assigns permitted hereby, except that (i) the Borrower may not assign or
otherwise transfer
any of its rights or obligations hereunder without the prior written consent of
each Lender (and
any attempted assignment or transfer by the Borrower without such consent shall
be null and
void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder
except in accordance with this Section. Nothing in this Agreement, expressed
or implied, shall
be construed to confer upon any Person (other than the parties hereto, their
respective successors
and assigns permitted hereby, Participants (to the extent provided in paragraph
(c) of this
Section) and, to the extent expressly contemplated hereby, the Related Parties
of each of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by
reason of this Agreement.

         (b)(i) Subject to the conditions set forth in paragraph (b)(ii) below,
any Lender may
assign to one or more assignees (other than an Affiliate of the Borrower) all
or a portion of its
rights and obligations under this Agreement (including all or a portion of its
Commitment and
the Loans at the time owing to it), with the prior written consent (such
consent not to be
unreasonably withheld or delayed) of:

		
	 	         (A) the Borrower; provided that no consent of the Borrower shall be
required
for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund
(as defined

44

 

	 	 	below) or, if an Event of Default under clause (a) or (d) of Article VII
has occurred and is
continuing, any other assignee; and

		
	 	         (B) the Administrative Agent; provided that no consent of the
Administrative
Agent shall be required for an assignment to an Affiliate of a Lender or
for an assignment
to an assignee that is a Lender immediately prior to giving effect to such
assignment.

         (ii)  Assignments shall be subject to the following conditions:

		
	 	         (A) except in the case of an assignment to a Lender or an Affiliate of a
Lender
or an assignment of the entire remaining amount of the assigning Lender’s
Commitment,
the amount of the Commitment of the assigning Lender subject to each such
assignment
(determined as of the date the Assignment and Assumption with respect to
such
assignment is delivered to the Administrative Agent) shall not be less
than $5,000,000
unless each of the Borrower and the Administrative Agent otherwise
consent; provided
that no such consent of the Borrower shall be required if an Event of
Default under clause
(a) or (d) of Article VII has occurred and is continuing;
	 
	 	         (B) each partial assignment shall be made as an assignment of a
proportionate
part of all the assigning Lender’s rights and obligations under this
Agreement; provided
that this clause shall not apply to rights in respect of outstanding
Competitive Loans;
	 
	 	         (C) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a
processing and
recordation fee of $3,500;
	 
	 	         (D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative
Agent an Administrative Questionnaire; and
	 
	 	         (E) in the case of an assignment to a CLO (as defined below), the
assigning
Lender shall retain the sole right to approve any amendment, modification
or waiver of
any provision of this Agreement; provided that the Assignment and
Assumption between
such Lender and such CLO may provide that such Lender will not, without
the consent of
such CLO, agree to any amendment, modification or waiver described in the
first proviso
to Section 9.02(b) that affects such CLO.

		
	 	         For purposes of this Section 9.04(b), the terms “Approved Fund” and “CLO”
have
the following meanings:

		
	 	         “Approved Fund” means (a) a CLO and (b) with respect to any Lender that is
a
fund which invests in bank loans and similar extensions of credit, any
other fund that
invests in bank loans and similar extensions of credit and is managed by
the same
investment advisor as such Lender or by an Affiliate of such investment
advisor.
	 
	 	         “CLO” means any entity (whether a corporation, partnership, trust or
otherwise)
that is engaged in making, purchasing, holding or otherwise investing in
bank loans and
similar extensions of credit in the ordinary course of its business and is
administered or
managed by a Lender to an Affiliate of such Lender.

45

 

		
	 	         (iii) Subject to acceptance and recording thereof pursuant to paragraph
(b)(iv) of
this Section, from and after the effective date specified in each
Assignment and
Assumption the assignee thereunder shall be a party hereto and, to the
extent of the
interest assigned by such Assignment and Assumption, have the rights and
obligations of
a Lender under this Agreement, and the assigning Lender thereunder shall,
to the extent
of the interest assigned by such Assignment and Assumption, be released
from its
obligations under this Agreement (and, in the case of an Assignment and
Assumption
covering all of the assigning Lender’s rights and obligations under this
Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled
to the benefits of
Sections 2.13, 2.14, 2.15 and 9.03). Any assignment or transfer by a
Lender of rights or
obligations under this Agreement that does not comply with this Section
9.04 shall be
treated for purposes of this Agreement as a sale by such Lender of a
participation in such
rights and obligations in accordance with paragraph (c) of this Section.
	 
	 	         (iv) The Administrative Agent, acting for this purpose as an agent of the
Borrower, shall maintain at one of its offices a copy of each Assignment
and Assumption
delivered to it and a register for the recordation of the names and
addresses of the
Lenders, and the Commitment of, and principal amount of the Loans owing
to, each
Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the
Register shall be conclusive, and the Borrower, the Administrative Agent
and the Lenders
may treat each Person whose name is recorded in the Register pursuant to
the terms
hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice
to the contrary. The Register shall be available for inspection by the
Borrower and any
Lender, at any reasonable time and from time to time upon reasonable prior
notice.
	 
	 	         (v) Upon its receipt of a duly completed Assignment and Assumption
executed
by an assigning Lender and an assignee, the assignee’s completed
Administrative
Questionnaire (unless the assignee shall already be a Lender hereunder),
the processing
and recordation fee referred to in paragraph (b) of this Section and any
written consent to
such assignment required by paragraph (b) of this Section, the
Administrative Agent shall
accept such Assignment and Assumption and record the information contained
therein in
the Register. No assignment shall be effective for purposes of this
Agreement unless it
has been recorded in the Register as provided in this paragraph.
	 
	 	         (c)(i) Any Lender may, without the consent of the Borrower or the
Administrative Agent, sell participations to one or more banks or other
entities (a
“Participant”), other than to an Affiliate of the Borrower, in all or a
portion of such
Lender’s rights and obligations under this Agreement (including all or a
portion of its
Commitment and the Loans owing to it); provided that (A) such Lender’s
obligations
under this Agreement shall remain unchanged, (B) such Lender shall remain
solely
responsible to the other parties hereto for the performance of such
obligations and (C) the
Borrower, the Administrative Agent and the other Lenders shall continue to
deal solely
and directly with such Lender in connection with such Lender’s rights and
obligations
under this Agreement. Any agreement or instrument pursuant to which a
Lender sells
such a participation shall provide that such Lender shall retain the sole
right to enforce
this Agreement and to approve any amendment, modification or waiver of any
provision
of this Agreement; provided that such agreement or instrument may provide
that such

46

 

	 	 	Lender will not, without the consent of the Participant, agree to any
amendment,
modification or waiver described in the first proviso to Section 9.02(b)
that affects such
Participant. Subject to paragraph (c)(ii) of this Section, the Borrower
agrees that each
Participant shall be entitled to the benefits of Sections 2.13, 2.14 and
2.15 to the same
extent as if it were a Lender and had acquired its interest by assignment
pursuant to
paragraph (b) of this Section. To the extent permitted by law, each
Participant also shall
be entitled to the benefits of Section 9.08 as though it were a Lender,
provided such
Participant agrees to be subject to Section 2.16(c) as though it were a
Lender.

		
	 	         
(ii) A Participant shall not be entitled to receive any greater payment
under
Section 2.13 or 2.15 than the applicable Lender would have been entitled
to receive with
respect to the participation sold to such Participant, unless the sale of
the participation to
such Participant is made with the Borrower’s prior written consent. A
Participant that
would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of
Section 2.15 unless the Borrower is notified of the participation sold to
such Participant
and such Participant agrees, for the benefit of the Borrower, to comply
with Section
2.15(e) as though it were a Lender.
	 
	 	         (d) Any Lender may at any time pledge or assign a security interest in
all or any
portion of its rights under this Agreement to secure obligations of such
Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank,
and this
Section shall not apply to any such pledge or assignment of a security
interest; provided
that no such pledge or assignment of a security interest shall release a
Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a
party hereto.

                  SECTION 9.05. Survival. All covenants, agreements, representations and
warranties made by the Borrower herein and in the certificates or other
instruments delivered in
connection with or pursuant to this Agreement shall be considered to have been
relied upon by
the other parties hereto and shall survive the execution and delivery of this
Agreement and the
making of any Loans, regardless of any investigation made by any such other
party or on its
behalf and notwithstanding that the Administrative Agent or any Lender may have
had notice or
knowledge of any Default or incorrect representation or warranty at the time
any credit is
extended hereunder, and shall continue in full force and effect as long as the
principal of or any
accrued interest on any Loan or any fee or any other amount payable under this
Agreement is
outstanding and unpaid and so long as the Commitments have not expired or
terminated. The
provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive
and remain in full
force and effect regardless of the consummation of the transactions
contemplated hereby, the
repayment of the Loans, the expiration or termination of the Commitments or the
termination of
this Agreement or any provision hereof.

                  SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement
may
be executed in counterparts (and by different parties hereto on different
counterparts), each of
which shall constitute an original, but all of which when taken together shall
constitute a single
contract. This Agreement and any separate letter agreements with respect to
fees payable to the
Administrative Agent constitute the entire contract among the parties relating
to the subject
matter hereof and supersede any and all previous agreements and understandings,
oral or written,

47

 

relating to the subject matter hereof. Except as provided in Section 3.01,
this Agreement shall
become effective when it shall have been executed by the Administrative Agent
and when the
Administrative Agent shall have received counterparts hereof which, when taken
together, bear
the signatures of each of the other parties hereto, and thereafter shall be
binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be
effective as
delivery of a manually executed counterpart of this Agreement.

                  SECTION 9.07. Severability. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to
the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision
in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.

                  SECTION 9.08. Right of Setoff. If an Event of Default shall have
occurred and
be continuing, each Lender and each of its Affiliates is hereby authorized at
any time and from
time to time, to the fullest extent permitted by law, to set off and apply any
and all deposits
(general or special, time or demand, provisional or final) at any time held and
other obligations at
any time owing by such Lender or Affiliate to or for the credit or the account
of the Borrower
against any of and all the obligations of the Borrower now or hereafter
existing under this
Agreement held by such Lender, irrespective of whether or not such Lender shall
have made any
demand under this Agreement and although such obligations may be unmatured.
The rights of
each Lender under this Section are in addition to other rights and remedies
(including other
rights of setoff) which such Lender may have.

                  SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process.
(a) This Agreement shall be construed in accordance with and governed by the
law of the State
of New York.

         (b)  The Borrower hereby irrevocably and unconditionally submits, for
itself and its
property, to the nonexclusive jurisdiction of the Supreme Court of the State of
New York sitting
in New York County and of the United States District Court of the Southern
District of New
York, and any appellate court from any thereof, in any action or proceeding
arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment,
and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any
such action or proceeding may be heard and determined in such New York State
or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees
that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in
this Agreement
shall affect any right that the Administrative Agent or any Lender may
otherwise have to bring
any action or proceeding relating to this Agreement against the Borrower or its
properties in the
courts of any jurisdiction.

         (c)  The Borrower hereby irrevocably and unconditionally waives, to the
fullest extent it
may legally and effectively do so, any objection which it may now or hereafter
have to the laying
of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any
court referred to in paragraph (b) of this Section. Each of the parties hereto
hereby irrevocably

48

 

waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the
maintenance of such action or proceeding in any such court.

         (d)  Each party to this Agreement irrevocably consents to service of
process in the
manner provided for notices in Section 9.01. Nothing in this Agreement will
affect the right of
any party to this Agreement to serve process in any other manner permitted by
law.

         SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

         SECTION 9.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of
this Agreement and
shall not affect the construction of, or be taken into consideration in
interpreting, this Agreement.

         SECTION 9.12. Confidentiality. Each of the Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that
Information may be disclosed (a) to its and its Affiliates’ directors,
officers, employees and
agents, including accountants, legal counsel and other advisors (it being
understood that the
Persons to whom such disclosure is made will be informed of the confidential
nature of such
Information and instructed to keep such Information confidential), (b) to the
extent requested by
any regulatory authority, (c) to the extent required by applicable laws or
regulations or by any
subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection
with the exercise of any remedies hereunder or any suit, action or proceeding
relating to this
Agreement or the enforcement of rights hereunder, (f) subject to an agreement
containing
provisions substantially the same as those of this Section, to (i) any assignee
of or Participant in,
or any prospective assignee of or Participant in, any of its rights or
obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors) to
any swap or
derivative transaction relating to the Borrower and its obligations, (g) with
the consent of the
Borrower or (h) to the extent such Information (i) becomes publicly available
other than as a
result of a breach of this Section or (ii) becomes available to the
Administrative Agent or any
Lender on a nonconfidential basis from a source other than the Borrower. For
the purposes of
this Section, “Information” means all information received from the Borrower
relating to the
Borrower or its business, other than any such information that is available to
the Administrative
Agent or any Lender on a nonconfidential basis prior to disclosure by the
Borrower; provided
that, in the case of information received from the Borrower after the date
hereof, such
information is clearly identified at the time of delivery as confidential. Any
Person required to
maintain the confidentiality of Information as provided in this Section shall
be considered to

49

 

have complied with its obligation to do so if such Person has exercised the
same degree of care
to maintain the confidentiality of such Information as such Person would accord
to its own
confidential information.

         SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein
to the
contrary, if at any time the interest rate applicable to any Loan, together
with all fees, charges
and other amounts which are treated as interest on such Loan under applicable
law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which
may be
contracted for, charged, taken, received or reserved by the Lender holding such
Loan in
accordance with applicable law, the rate of interest payable in respect of such
Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the
Maximum Rate and,
to the extent lawful, the interest and Charges that would have been payable in
respect of such
Loan but were not payable as a result of the operation of this Section shall be
cumulated and the
interest and Charges payable to such Lender in respect of other Loans or
periods shall be
increased (but not above the Maximum Rate therefor) until such cumulated
amount, together
with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have
been received by such Lender.

50

 

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

	 	 	 	 	 
	 	HUBBELL INCORPORATED,
	 	 	 	 	 
	 	 	by	 	/s/ James H. Biggart
	 	 	 	 	

	 	 	 	 	Name: James H. Biggart

Title: Vice President & Treasurer
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	JPMORGAN CHASE BANK,
individually and as

Administrative Agent,
	 	 	 	 	 
	 	 	by	 	/s/ D. Scott Farquhar
	 	 	 	 	

	 	 	 	 	Name: D. Scott Farquhar

Title: Vice President

51

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 18, 2002
	 	 	 
	 	 	 
	Name of Institution	 	Fleet National Bank
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ K E Burke
	 	 	

	 	 	Name: K E Burke

Title: Vice President

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 18, 2002
	 	 	 
	 	 	 
	Name of Institution	 	Wachovia Bank, National Association
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ Leanne S. Phillips
	 	 	

	 	 	Name: Leanne S. Phillips

Title: Vice President

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 18, 2002
	 	 	 
	 	 	 
	Name of Institution	 	Deutsche Bank AG, New York Branch
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ Christian Dallwitz
	 	 	

	 	 	Name: Christian Dallwitz

Title: Director
	 	 	 
	 	 	 
	 	by  	/s/ Hans-Josef Thiele
	 	 	

	 	 	Name: Hans-Josef Thiele

Title: Director

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 18, 2002
	 	 	 
	 	 	 
	Name of Institution	 	Citibank, N.A.
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ Christine M. Aleaz
	 	 	

	 	 	Names: Christine M. Aleaz

Title: Vice President

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 18, 2002
	 	 	 
	 	 	 
	Name of Institution	 	Mellon Bank, N.A.
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ J. Wade Bell
	 	 	

	 	 	Name: J. Wade Bell

Title: Vice President

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 18, 2002
	 	 	 
	 	 	 
	Name of Institution	 	US Bank N.A.
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ Richard W. Neltner
	 	 	

	 	 	Name: Richard W. Neltner

Title: Senior Vice President

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 18, 2002
	 	 	 
	 	 	 
	Name of Institution	 	The Bank of New York
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ Joanna S. Bellocq
	 	 	

	 	 	Name: Joanna S. Bellocq

Title: Vice President

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 18, 2002
	 	 	 
	 	 	 
	Name of Institution	 	Northern Trust Company
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ John A. Konstantos
	 	 	

	 	 	Name: John A. Konstantos

Title: Vice President

 

	 	 	 
	 	 	 
	 	SIGNATURE PAGE TO HUBBELL INCORPORATED

CREDIT AGREEMENT DATED AS OF JULY 17, 2002
	 	 	 
	 	 	 
	Name of Institution	 	Morgan Stanley Bank
	 	 	

	 	 	 
	 	 	 
	 	by  	/s/ Jaap L. Tonckans
	 	 	

	 	 	Name: Jaap L. Tonckans

Title: Vice
President
          Morgan Stanley Bank

 

EXHIBIT A

[FORM OF]

ASSIGNMENT AND ACCEPTANCE

         Reference is made to the Credit Agreement dated as of
July 18, 2002 (as amended and in effect on the date hereof, the “Credit
Agreement”), among Hubbell Incorporated, a Connecticut corporation, the
Lenders named therein and JPMorgan Chase Bank, as Administrative Agent
for the Lenders. Terms defined in the Credit Agreement are used herein
with the same meanings.

         The Assignor named on the reverse hereof hereby sells and
assigns, without recourse, to the Assignee named on the reverse hereof,
and the Assignee hereby purchases and assumes, without recourse, from
the Assignor, effective as of the Assignment Date set forth on the
reverse hereof, the interests set forth on the reverse hereof (the
“Assigned Interest”) in the Assignor’s rights and obligations under the
Credit Agreement, including, without limitation, the interests set forth
on the reverse hereof in the Commitment of the Assignor on the
Assignment Date and Competitive Loans and Revolving Loans owing to the
Assignor which are outstanding on the Assignment Date, but excluding
accrued interest and fees to and excluding the Assignment Date. The
Assignee hereby acknowledges receipt of a copy of the Credit Agreement.
From and after the Assignment Date (i) the Assignee shall be a party to
and be bound by the provisions of the Credit Agreement and, to the
extent of the Assigned Interest, have the rights and obligations of a
Lender thereunder and (ii) the Assignor shall, to the extent of the
Assigned Interest, relinquish its rights and be released from its
obligations under the Credit Agreement.

         This Assignment and Acceptance is being delivered to the
Administrative Agent together with (i) if the Assignee is a Foreign
Lender, any documentation required to be delivered by the Assignee
pursuant to Section 2.15(e) of the Credit Agreement, duly completed and
executed by the Assignee, and (ii) if the Assignee is not already a
Lender under the Credit Agreement, an Administrative Questionnaire in
the form supplied by the Administrative Agent, duly completed by the
Assignee. The [Assignee/Assignor] shall pay the fee payable to the
Administrative Agent pursuant to Section 9.04(b) of the Credit
Agreement.

         This Assignment and Acceptance shall be governed by and
construed in accordance with the laws of the State of New York.

Date of Assignment:

Legal Name of Assignor:

Legal Name of Assignee:

Assignee’s Address for Notices:

Effective Date of Assignment

(“Assignment Date"):

 

 

2

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Percentage Assigned of
	 	 	 	 	 	 	Facility/Commitment
	 	 	 	 	 	 	(set forth, to at
	 	 	Principal Amount	 	least 8 decimals, as a
	 	 	Assigned (and	 	percentage of the
	 	 	identifying	 	Facility and the
	 	 	information as to	 	aggregate Commitments
	 	 	individual	 	of all Lenders
	Facility	 	Competitive Loans)	 	thereunder)
	
	 	
	 	

	Commitment Assigned:
	 	$	 	 	 	 	%	 
	
	
	
	

	Revolving Loans:
	 	 	 	 	 	 	 	 
	
	
	
	

	Competitive Loans:
	 	 	 	 	 	 	 	 

	 	 	The terms set forth above and on the reverse side hereof are hereby
agreed to:

	 	 	 	 	 
	 	 	[Name of Assignor]           , as Assignor
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:
	 	__________________________________
	 	 	
 
	 	Name:
	
	
	
	

	 	 	 	 	Title:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	[Name of Assignee]          , as Assignee
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:
	 	__________________________________
	 	 	
 
	 	Name:
	
	
	
	

	 	 	 	 	Title:

The undersigned hereby consent to the within assignment: 1/

	 	 	 	 	 	 	 
	Hubbell Incorporated,	 	JPMorgan Chase Bank, as

Administrative Agent,
	
	
	
	

	By:	 	
________________________________
	 	By:
	 	________________________________
	
	
	
	

	 	 	
Name:
	 	 	 	Name:
	
	
	
	

	 	 	
Title:
	 	 	 	Title:

	 	 	1/ Consents to be included to the extent required by
Section 9.04(b) of the Credit Agreement.

 

 

	 	 	 	 
	 	 	 	Richard W. Davies
Vice President,
General Counsel and Secretary
	 
	

	 	July 18, 2002	 	Hubbell Incorporated
584 Derby Milford
Road
P.O. Box 549
Orange, CT 06477-4024
203 799-4100

203 799-4333 Fax

 

JPMorgan Chase Bank,

as a Lender and as Administrative Agent

under the Credit Agreement,

as hereinafter defined

and the Lenders party to the Credit Agreement

 
	 	 	 	 
	 	Re:	 	Credit Agreement (the “Credit
Agreement”), dated as of July 18, 2002, by
and among
Hubbell Incorporated, JPMorgan Chase Bank, as

Administrative Agent (the “Administrative Agent”) and as
Lender, and the
Lenders party thereto from time to time.

Ladies and Gentlemen:

          I
am Vice President, General Counsel and Secretary for Hubbell
Incorporated (the “Borrower” and, together with the
Administrative Agent, the “Loan Parties”). This opinion is
rendered to you pursuant to Section 3.01(b) of the Credit
Agreement. All terms used but not defined in this opinion which are
defined in the Credit Agreement shall have the respective meanings
therein.

          As
such counsel, I have examined such matters of fact and questions of
law as I have considered appropriate for purposes of this letter. I
have examined, among other things, the Credit Agreement dated the
date hereof, executed by the Borrower, the Administrative Agent and
the Lenders, and the promissory note(s) executed by the Borrower
pursuant to the Credit Agreement (together with the Credit Agreement,
the “Loan Documents”). In my examination, I have assumed
the genuineness of all signatures, the authenticity of all documents
submitted to me as originals, and the conformity to authentic
original documents of all documents submitted to me as copies. As to
facts material to the opinions, statements and assumptions expressed
herein, I have, with your consent, relied upon the foregoing and upon
certificates of officers of the Borrower. I have not independently
verified such factual matters. In addition, I have obtained and
relied upon such certificates and assurances from public officials as
I have deemed necessary.

          I
am opining herein as to the effect on the subject transaction only of
the internal laws of the State of Connecticut, and I express no
opinion with respect to the applicability thereto, or the effect
thereon, of the laws of any other jurisdiction or as to any matters
of municipal law or the laws of any local agencies within such
state.

          The
opinions set forth in paragraph 4 below are based upon my
consideration of only those statutes, rules and regulations which, in
my experience, are normally applicable to borrowers in unsecured loan
transactions. I express no opinion as to compliance by any parties to
the Loan Documents with any laws or regulations applicable to the
subject transaction because

 

July 18, 2002

Page 2

of the nature or extent of their or their
affiliates’ business. Various issues concerning the federal laws
of the United States and the internal laws of the State of New York
are addressed in the opinion of Latham & Watkins, which has
separately been provided to you, and I express no opinion with
respect to those matters.

          Subject to the
foregoing and the other matters set forth herein, it is my opinion
that, as of the date hereof:

          (1)  The
Borrower is a corporation, duly organized, validly existing and in
good standing under the laws of the State of Connecticut;

          (2)  The
Borrower has the corporate power and authority to own its properties
and assets and to conduct its business as now being conducted and to
enter into the Loan Documents and to perform its obligations
thereunder. Based on certificates from public officials, I confirm
that the Borrower is qualified to do business in every jurisdiction
where the failure to so qualify would have a Material Adverse Effect;

          (3)  The
execution and delivery of the Loan Documents by the Borrower have been
duly authorized by all necessary corporate action of the Borrower,
and the Loan Documents have been duly executed and delivered by the
Borrower;

          (4)  Each
of the Loan Documents constitutes a valid and legally binding
obligation of the Borrower enforceable against the Borrower in
accordance with its terms;

          (5)  The
execution and delivery of the Loan Documents by the Borrower and the
performance of the obligations of the Borrower under the Loan
Documents on the date hereof do not (i) violate the provisions
of the articles of incorporation or by-laws of the Borrower;
(ii) violate any Connecticut statute, rule or regulation
applicable to the Borrower; (iii) result in a breach of or a
default under any material indenture, mortgage, written contract or
agreement or other undertaking or instrument to which the Borrower is
a party or by which the Borrower or any of its properties or assets
may be bound (the “Material Agreements”); or
(iv) result in the creation of any lien, charge or encumbrance
upon or with respect to the properties of the Borrower, except to the
extent that any such violation, conflict or lien, charge or
encumbrance in clause (ii), (iii) or (iv) could not reasonably
be expected to have a Material Adverse Effect; and

          (6)  No
consent, approval or authorization or order of, or filing,
registration or qualification by the Borrower under any Connecticut
statute, rule or regulation applicable to the Borrower is required in
connection with the execution and delivery of the Loan Documents or
the performance of the obligations of the Borrower under the Loan
Documents on the date hereof, except to the extent that the failure
to obtain such consents, approvals, authorizations or orders, or to
make any such filing, registration or qualification could not
reasonably be expected to have a Material Adverse Effect.

 

July 18, 2002

Page 3

     No
opinion is expressed in paragraph 5(ii) and 6 above as to the
application of comparable provisions under Connecticut law to
Sections 547 and 548 of the federal Bankruptcy Code, or under
other laws customarily excluded from such opinions, including any
antifraud laws, securities laws, usury laws and antitrust or trade
regulation laws.

     The
opinions expressed in paragraph 4 are further subject to the
following limitations, qualifications and exceptions:

          (a)  the
effect of bankruptcy, insolvency, reorganization, fraudulent
transfer, moratorium or other similar laws relating to or affecting
the rights or remedies of creditors;

          (b)  the
effect of general principles of equity, whether enforcement is
considered in a proceeding in equity or at law, and the discretion
of the court before which any proceeding therefor may be brought;

          (c)  limitations
(i) on the enforcement of consents to, or restrictions upon,
jurisdiction or venue; judicial relief; choice of law; economic
remedies; advance waivers of claims, defenses, rights granted by law
or notice, opportunity for hearing, jury trial or other procedural
rights; exclusivity, election or cumulation of rights or remedies;
non-written modifications and waivers; or conclusive or discretionary
determinations or (ii) arising from concepts of materiality,
reasonableness, good faith or fair dealing; and

          (d)  the
unenforceability under certain circumstances under law or court
decisions of provisions for indemnification of or contribution to a
party with respect to a liability where such indemnification or
contribution is contrary to public policy.

     In
rendering the opinions expressed in paragraphs 5 insofar as they
require interpretation of the Material Agreements: (i) I have
assumed with your permission that all courts of competent
jurisdiction would enforce such agreements as written but would apply
the internal laws of Connecticut without giving effect to any choice
of law provisions contained therein or any choice of law principles
which would result in application of the internal laws of any other
state; (ii) to the extent that any questions of legality or
legal construction have arisen in connection with my review, I have
applied the laws of Connecticut in resolving such questions;
(iii) I express no opinion with respect to the effect of any
action or inaction by the Borrower under the Loan Documents or the
Material Agreements which may result in a breach or default under any
Material Agreement; and (iv) I express no opinion with respect
to any matters which require me to perform a mathematical calculation
or make a financial or accounting determination. I advise you that
certain of the Material Agreements may be governed by other laws, that
such laws may vary substantially from the law assumed to govern for
purposes of this opinion, and that this opinion may not be relied
upon as to whether or not a breach or default would occur under the law
actually governing such Material Agreements.

     To the extent that
the obligations of the Borrower may be dependent upon such matters, I
assume for purposes of this opinion that: all parties to the Loan
Documents other than the Borrower are duly organized, validly
existing and in good standing under the laws of their

 

July 18, 2002

Page 4

respective jurisdictions of organization; all
parties to the Loan Documents other than the Borrower have the
requisite organizational power and authority to execute and deliver
the Loan Documents and to perform their respective obligations under
the Loan Documents to which they are a party; the Loan Documents to
which such parties other than the Borrower are a party have been duly
authorized, executed and delivered by such parties; and the Loan
Documents to which such parties other than the Borrower are a party
constitute their legally valid and binding obligations, enforceable
against them in accordance with their terms.

     This opinion is
rendered only to you and is solely for your benefit in connection
with the transactions covered hereby. This opinion may not be relied
upon by you for any other purpose, or furnished to, quoted to or
relied upon by any other person, firm or corporation for any purpose,
without my prior written consent.

	 	 	 	 
	 	Very truly yours,

	 
	 	HUBBELL INCORPORATED

	 
	 	By:	 	/s/ Richard W. Davies

Richard
W. Davies
Vice President, General Counsel and Secretary

 

	 	 	 
	BOSTON
BRUSSELS
CHICAGO
FRANKFURT
HAMBURG
HONG
KONG
LONDON
LOS ANGELES
MILAN
MOSCOW
NEW JERSEY	Latham & Watkins
ATTORNEYS AT
LAW
www.lw.com

	NEW YORK
NORTHERN VIRGINIA
ORANGE
COUNTY
PARIS
SAN DIEGO
SAN FRANCISCO
SILICON
VALLEY
SINGAPORE
TOKYO
WASHINGTON, D.C.

 

July 18, 2002

 

JPMorgan Chase Bank,

as a Lender and as Administrative Agent under

the Credit Agreement, as hereinafter defined

and the Lenders listed on Schedule I hereto

	 	 	 	 
	 	Re:	 	Credit Agreement (the “Credit
Agreement”), dated as of July 18, 2002, by
and among
Hubbell Incorporated, JPMorgan Chase Bank, as

Administrative Agent (the “Administrative Agent”) and as
Lender, and the
Lenders party thereto from time to time.

Ladies and Gentlemen:

          We
have acted as special counsel to Hubbell Incorporated, a Connecticut
corporation (the “Borrower” and, together with the
Administrative Agent, the “Loan Parties”), in connection
with the referenced Credit Agreement. This opinion is rendered to you
pursuant to Section 3.01(b) of the Credit Agreement. All terms
used but not defined in this opinion which are defined in the Credit
Agreement shall have the respective meanings therein.

          As
such counsel, we have examined such matters of fact and questions of
law as we have considered appropriate for purposes of this letter. We
have examined, among other things, the Credit Agreement dated the
date hereof, executed by the Borrower, the Administrative Agent and
the Lenders, and the promissory notes executed by the Borrower
pursuant to the Credit Agreement (together with the Credit Agreement,
the “Loan Documents”). With your consent we have relied
upon certificates of officers of the Borrower with respect to certain
factual matters. We have not independently verified such factual
matters. Whenever a statement herein is qualified by “to the best
of our knowledge”, it is intended to indicate that those
attorneys in this firm who have rendered legal services in connection
with the financing contemplated by the Credit Agreement do not have
current actual knowledge of the inaccuracy of such statement.
However, except as otherwise expressly indicated, we have not
undertaken any independent investigation to determine the accuracy of
any such statement.

          We
are opining herein as to the effect on the subject transaction only
of the federal laws of the United States and the internal laws of the
State of New York, and we express no opinion with respect to the
applicability thereto, or the effect thereon, of the laws of any
other

53rd at Third • 885 Third Avenue • New
York, New York 10022-4802

TELEPHONE: (212) 906-1200 • FAX: (212) 751-4364

 

LATHAM & WATKINS

July 18, 2002

Page 2

jurisdiction or as to any matters of municipal law
or the laws of any local agencies within any state.

          Our
opinions set forth in paragraph 2 below are based upon our
consideration of only those statutes, rules and regulations which, in
our experience, are normally applicable to borrowers in unsecured
loan transactions. We express no opinion as to compliance by any
parties to the Loan Documents with any state or federal laws or
regulations applicable to the subject transaction because of the
nature or extent of their or their affiliates’ business. Various
issues concerning the internal laws of the State of Connecticut are
addressed in the opinion of Richard W. Davies, Esq., which has
separately been provided to you, and we express no opinion with
respect to those matters.

          Subject
to the foregoing and the other matters set forth herein, it is our
opinion that, as of the date hereof:

          1.  The
Loan Documents, assuming their due authorization, execution and
delivery by the Borrower, constitute valid and legally binding
obligations of the Borrower enforceable against the Borrower in
accordance with their respective terms.

          2.  The
execution and delivery of the Loan Documents by the Borrower and the
performance of the obligations of the Borrower under the Loan
Documents on the date hereof do not:

          (i)  violate
any federal or New York statute, rule or regulation applicable to the
Borrower; or

          (ii)  require
any consents, approvals, authorizations, registrations, declarations
or filings by the Borrower under any federal or New York state
statute, rule or regulation applicable to the Borrower.

No opinion is expressed in this paragraph 2 as
to the application of Section 547 and 548 of the federal
Bankruptcy Code and comparable provisions of state law, or under
other laws customarily excluded from such opinions, including any
antifraud laws, securities laws, usury laws and antitrust or trade
regulation laws.

The opinions expressed in paragraph 1 above
are further subject to the following limitations, qualifications and
exceptions:

          (a)  the
effect of bankruptcy, insolvency, reorganization, fraudulent
transfer, moratorium or other similar laws relating to or affecting
the rights or remedies of creditors;

          (b)  the
effect of general principles of equity, whether enforcement is
considered in a proceeding in equity or at law, and the discretion of
the court before which any proceeding therefor may be brought;

          (c)  limitations
(i) on the enforcement of consents to, or restrictions
upon,

 

Latham & Watkins

		
	 	July 18, 2002
	 	Page 3
	 	 
	 	jurisdiction or venue; judicial relief; choice of law; economic
remedies; advance waivers of claims, defenses, rights granted by law
or notice, opportunity for hearing, jury trial or other procedural
rights; exclusivity, election or cumulation of rights or remedies;
non-written modifications and waivers; or conclusive or discretionary
determinations or (ii) arising from concepts of materiality,
reasonableness, good faith or fair dealing; and
	 	 
	 	            (d) the
unenforceability under certain circumstances under law or court
decisions of provisions for indemnification of or contribution to a
party with respect to a liability where such indemnification or
contribution is contrary to public policy.
	 	 
	 	            To the extent that the
obligations of the Borrower may be dependent upon such matters, we
assume for purposes of this opinion that: all parties to the Loan
Documents are duly organized, validly existing and in good standing
under the laws of their respective jurisdictions of organization; all
parties to the Loan Documents have the requisite organizational power
and authority to execute and deliver the Loan Documents and to
perform their respective obligations under the Loan Documents to
which they are a party; all parties to the Loan Documents have duly
authorized, executed and delivered the Loan Documents; and the Loan
Documents to which such parties other than the Borrower are a party
constitute legally valid and binding obligations, enforceable against
them in accordance with their terms.
	 	 
	 	            This opinion is rendered
only to you and is solely for your benefit in connection with the
transactions covered hereby. This opinion may not be relied upon by
you for any other purpose, or furnished to, quoted to or relied upon
by any other person, firm or corporation for any purpose, without our
prior written consent.

		
	 	Very truly yours,
	 	 
	 	/s/ Latham & Watkins

 

SCHEDULE I

		
	Lenders	 
	
	 
	JPMorgan Chase Bank	 
	 	 
	Fleet National Bank	 
	 	 
	Wachovia Bank, National Association	 
	 	 
	Deutsche Bank AG New York Branch	 
	 	 
	Citibank, N.A.	 
	 	 
	Mellon Bank, N.A.	 
	 	 
	US Bank, National Association	 
	 	 
	The Bank of New York	 
	 	 
	The Northern Trust Company	 
	 	 
	Morgan Stanley Bank	 

 

EXHIBIT C

Compliance Certificate

     I, William T. Tolley, chief
financial officer of Hubbell Incorporated (the “Borrower”),
hereby certify that, to the best of my knowledge with respect to that
certain Credit Agreement among the Borrower, the Lenders party
thereto and JPMorgan Chase Bank, as Administrative Agent, dated as of
July 18, 2002 (the “Credit Agreement”);

				
	 	1.	 	Compliance with Section 6.01 Net Worth.
	 	 	 	 
	 	 	 	The Borrower and its Subsidiaries are in compliance with
Section 6.01 as of the date hereof.
	 	 	 	 
	 	 	 	Required: Net Worth of the Borrower and its Subsidiaries to be
not less than $550,000,000 at any time.
	 	 	 	 
	 	2.	 	Compliance with Section 6.02(a) Indebtedness.
	 	 	 	 
	 	 	 	The Borrower and its Subsidiaries are in compliance with
Section 6.02(a) as of the date hereof.
	 	 	 	 
	 	 	 	Required: The total Indebtedness of the Borrower and its
Subsidiaries on a consolidated basis to not exceed a principal amount
of $750,000,000 at any time outstanding.
	 	 	 	 
	 	3.	 	Compliance with Section 6.02(b) Subsidiary Indebtedness.
	 	 	 	 
	 	 	 	The Borrower is in compliance with Section 6.02(b)
Subsidiary Indebtedness.
	 	 	 	 
	 	 	 	Required: The Borrower to not permit any Subsidiaries to
create, incur, assume, suffer to exist any Indebtedness (including
any Guarantee of any Indebtedness), except:

				
	 	(i)	 	Indebtedness of any such Subsidiary owed to the Borrower or to
a Subsidiary of the Borrower;
	 	 	 	 
	 	(ii)	 	Indebtedness of any such Subsidiary existing on the Effective
Date and extensions, renewals and replacements of any such
Indebtedness that do not increase the outstanding principal amount
thereof or result in an earlier maturity date (all Indebtedness of
the Subsidiaries of the Borrower in an amount of $1,000,000 or
greater existing on the Effective Date is described on
Schedule 6.02 to the Credit Agreement);
	 	 	 	 
	 	(iii)	 	Endorsements of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business;

 

2

 

				
	 	(iv)	 	Indebtedness incurred in respect of (A)  workers’
compensation claims, self-insurance obligations, bankers’
acceptances, performance, surety and similar bonds and completion
guarantees provided by the Borrower or a Subsidiary in the ordinary
course of business, (B) performance bonds or similar obligations
of the Borrower or any of its Subsidiaries for or in connection with
pledges, deposits or payments made or given in the ordinary course of
business, and not for money borrowed, in connection with or to secure
statutory, regulatory or similar obligations, including obligations
under health, safety or environmental obligations, and
(C) Guarantees to suppliers, lessors, licensees, contractors,
franchises or customers of obligations incurred in the ordinary
course of business and not for money borrowed;
	 	 	 	 
	 	(v)	 	Indebtedness incurred by any Subsidiary constituting
reimbursement obligations with respect to letters of credit issued in
the ordinary course of business;
	 	 	 	 
	 	(vi)	 	Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument (except
in the case of daylight overdrafts) drawn against insufficient funds
in the ordinary course of business, provided, however, that such
Indebtedness is extinguished within five Business Days of incurrence;
and
	 	 	 	 
	 	(vii)	 	Indebtedness of Subsidiaries of the Borrower not otherwise
permitted by Section 6.02 of the Credit Agreement,
provided that the aggregate principal amount of such
additional Indebtedness of all such Subsidiaries at any one time
outstanding does not exceed $10,000,000.

		
	 	Capitalized terms used but not defined herein shall have the
meanings assigned thereto in the Credit Agreement.

On this eighteenth day of July 2002.

		
	 	By: /s/ William T. Tolley
	 	

	 	Name: William T. Tolley
	 	Title: Senior Vice President & Chief Financial Officer

 

EXHIBIT D

Responsible Party Certificate

     Pursuant to Section 3.01(i) of
that certain Credit Agreement among the Borrower, the Lenders party
thereto and JPMorgan Chase Bank, as Administrative Agent, dated as of
July 18, 2002 (the “Credit Agreement”), the
undersigned Responsible Party does hereby certify as follows:

     1. The representations and
warranties of the Borrower set forth in Article IV of the Credit
Agreement are true and correct on and as of the date hereof, except
to the extent that such representations and warranties expressly
relate to an earlier date, in which case such representations and
warranties are true and correct as of such earlier date.

     2. As of the date hereof and
immediately after giving effect to any Borrowing on the date hereof,
no Default has occurred or is continuing.

     3. Since December 31, 2001,
there have occurred no changes or circumstances which have had or are
likely to have a Material Adverse Effect.

     Capitalized terms used but not
defined herein shall have the meanings assigned thereto in the Credit
Agreement.

     On the eighteenth day of July 2002,

		
	 	By: /s/ William T. Tolley
	 	

	 	Name: William T. Tolley
	 	Title: Senior Vice President & Chief Financial Officer

 

Schedule 2.01

Commitments

	 	 	 	 	 
	Lender	 	Commitment
	
	 	

	JPMorgan Chase Bank
	 	$	30,000,000	 
	
	
	
	

	Fleet National Bank
	 	$	25,000,000	 
	
	
	
	

	Wachovia Bank, National Association
	 	$	25,000,000	 
	
	
	
	

	Deutsche Bank AG New York Branch
	 	$	25,000,000	 
	
	
	
	

	Citibank, N.A
	 	$	20,000,000	 
	
	
	
	

	Mellon Bank, N.A
	 	$	20,000,000	 
	
	
	
	

	US Bank, National Association
	 	$	15,000,000	 
	
	
	
	

	The Bank of New York
	 	$	15,000,000	 
	
	
	
	

	The Northern Trust Company
	 	$	15,000,000	 
	
	
	
	

	Morgan Stanley Bank
	 	$	10,000,000	 
	 
	 	 	
	 
	 
	 	$	200,000,000	 

 

 

Schedule 4.08

MATERIAL LITIGATION

None.

 

 

Schedule 6.02

SUBSIDIARY INDEBTEDNESS (IN EXCESS OF $1,000,000)

	 	 	 	 	 	 	 	 	 
	Subsidiary	 	Type of Indebtedness	 	Amount of Indebtedness
	
	 	
	 	

	Lighting Corporation of
	 	Performance Letter of Credit	 	$	1,438,369.00	 
	
	
	
	

	of America
	 	(AIG, as beneficiary)	 	 	 	 
	
	
	
	

	Lighting Corporation of
	 	Performance Letter of Credit	 	$	2,500,000.00	 
	
	
	
	

	America
	 	(ACE, as beneficiary)	 	 	 	 
	
	
	
	

	Hubbell Incorporated
	 	Import Bond (EMCO Electric	 	$	942,598.54	 
	
	
	
	

	(Delaware)
	 	International, as beneficiary)	 	 	 	 
	
	
	
	

	Hubbell Incorporated
	 	Documentary Letter of Credit	 	$	116,978.84	 
	
	
	
	

	(Delaware)
	 	(EMCO Electric International,	 	 	 	 
	
	
	
	

	 
	 	as beneficiary)	 	 	 	 
	
	
	
	

	Progress Lighting Inc.
	 	Documentary Letter of Credit	 	$	5,626,342.11	 
	
	
	
	

	 
	 	(PegTom Industrial Co., as	 	 	 	 
	
	
	
	

	 
	 	beneficiary)	 	 	 	 

 

[FORM OF]

REVOLVING CREDIT NOTE

New York, New York

July 18, 2002

         FOR VALUE RECEIVED, Hubbell Incorporated, a Connecticut
corporation (the “Borrower”), hereby promises to pay to the order of [Insert
Name of
Bank] or its registered assigns (the “Lender”), in lawful money of the United
States of
America in immediately available funds at the office of JPMorgan Chase Bank
(the
“Administrative Agent”) at 270 Park Avenue, New York, New York 10017, the
lesser of
(i) the principal sum of $[l] and (ii) the aggregate unpaid principal amount of
all
Revolving Loans made by the Lender to the Borrower pursuant to the Agreement
(as
defined below). Capitalized terms used but not defined herein shall have the
meanings
assigned thereto in the Agreement.

         The Borrower promises to pay interest on any unpaid principal hereof in
like money at said office until paid at the rates and the times set forth in
the Agreement
(as defined below).

         This Note is one of the promissory notes referred to in the Credit
Agreement, dated as of July 18, 2002 (the “Agreement”), among the Borrower, the
Lenders party thereto and the Administrative Agent. This Note is subject to
the terms of
the Agreement.

         In case an Event of Default shall occur and be continuing, the principal
of
and accrued interest on this Note may become or be declared to be due and
payable in the
manner and with the effect provided in the Agreement.

         The Borrower hereby waives presentment, demand, protest or notice of
any kind in connection with this Note.

         This Note and the Revolving Loans evidenced hereby may be transferred
in whole or in part only by registration of such transfer on the Register
maintained for
such purpose by or on behalf of the undersigned as provided in Section 9.04(b)
of the
Agreement.

         The holder of this Note is authorized to endorse on the schedules annexed
hereto and made a part hereof or on continuations thereof that shall be
attached hereto
and made a part hereof the date, the Type and amount of each Revolving Loan
made
pursuant to the Agreement and the date and amount of each payment or prepayment
of
principal thereof, each continuation thereof, each conversion of all or a
portion thereof to
another Type and, in the case of Eurodollar Loans, the length of each Interest
Period with
respect thereto; provided that the failure to make any such endorsement or any
error in
such endorsement shall not affect the obligations of the Borrower in respect of
any
Revolving Loan.

 

 

2

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN

ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

	 	 	 
	 	HUBBELL INCORPORATED,
	
	
	
	

	 	by

	 	 	
_______________________________
	 	 	
Name:
	
	
	
	

	 	 	Title:

 

 

Schedule A to Note

LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Amount	 	 	 	Amount of ABR Loans	 	Unpaid Principal	 	 
	 	 	Amount of	 	Converted to	 	Amount of Principal of	 	Converted to	 	Balance of	 	Notation
	Date	 	ABR Loans	 	ABR Loans	 	ABR Loans Repaid	 	Eurodollar Loans	 	ABR Loans	 	Made By
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

 

 

Schedule B to Note

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Interest Period and	 	Amount of Principal of	 	Amount of Eurodollar	 	Unpaid Principal	 	 
	 	 	Amount of	 	Amount Converted	 	Adjusted LIBOR with	 	Eurodollar Loans	 	Loans Converted to	 	Balance of Eurodollar	 	Notation
	Date	 	Eurodollar Loans	 	to Eurodollar Loans	 	Respect Thereto	 	Repaid	 	ABR Loans	 	Loans	 	Made ByEX-10.W: TOP HAT RESTORATION PLAN, AS AMENDED

 

HUBBELL INCORPORATED

TOP HAT RESTORATION PLAN

(as amended, effective June 6, 2002)

 

 

HUBBELL INCORPORATED

TOP HAT RESTORATION PLAN

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page(s)
	 	 	 	 	

	ARTICLE I	 	
PURPOSE
	 	 	1	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE II	 	
DEFINITIONS
	 	 	1	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE III	 	
ELIGIBILITY
	 	 	2	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE IV	 	
RETIREMENT BENEFITS
	 	 	2	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE V	 	
PAYMENT OF RETIREMENT BENEFITS
	 	 	3	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE VI	 	
PRE-RETIREMENT SPOUSE’S EXCESS BENEFIT
	 	 	4	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE VII	 	
FUNDING
	 	 	5	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE VIII	 	
PLAN ADMINISTRATION
	 	 	6	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE IX	 	
AMENDMENT AND TERMINATION
	 	 	6	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE X	 	
MISCELLANEOUS PROVISIONS
	 	 	6	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	ARTICLE XI	 	
CHANGE OF CONTROL
	 	 	8	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	Exhibit A	 	
Assumptions
	 	 	11	 

 

 

ARTICLE I

PURPOSE

	 	 	 	 	 	 	 
	1.1	 	
The purpose of the Hubbell Incorporated Top Hat Restoration
Plan (the “Plan”) is to provide monthly supplemental retirement
income for a select group of key executives of Hubbell Incorporated
(the “Employer”) by providing a benefit which supplements the
retirement benefit payable under the Hubbell Incorporated Retirement
Plan for Salaried Employees (the “Hubbell Retirement Plan”). This
Plan is being established and maintained primarily for the purpose
of providing deferred compensation for a select group of management
or highly compensated employees within the meaning of Section
4021(b)(6) of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), and is intended to be an “excess benefit
plan,” as that term is defined in Section 3(36) of ERISA.

ARTICLE II

DEFINITIONS

	 	 	 	 	 	 	 
	2.1	 	
“Beneficiary” shall mean the beneficiary or beneficiaries
designated pursuant to the Hubbell Retirement Plan.
	
	
	
	

	 	 	 
	
	
	
	

	2.2	 	
“Board of Directors” means the Board of Directors of Hubbell
Incorporated.
	
	
	
	

	 	 	 
	
	
	
	

	2.3	 	
“Code” means the Internal Revenue Code of 1986, as amended.
	
	
	
	

	 	 	 
	
	
	
	

	2.4	 	
“Compensation Cap” means the limitation imposed on a
Participant’s annual compensation pursuant to Section 401(a)(17) of
the Code.
	
	
	
	

	 	 	 
	
	
	
	

	2.5	 	
“Compensation Committee” means the Compensation Committee of
the Board of Directors.
	
	
	
	

	 	 	 
	
	
	
	

	2.6	 	
“Defined Benefit Maximum” means the limitation imposed on a
Participant’s annual benefit pursuant to Section 415(b) of the Code.
	
	
	
	

	 	 	 
	
	
	
	

	2.7	 	
“Effective Date” means May 1, 1993.
	
	
	
	

	 	 	 
	
	
	
	

	2.8	 	
“Employee” means a person who is employed by the Employer on
a regular, full-time basis.
	
	
	
	

	 	 	 
	
	
	
	

	2.9	 	
“Employer” means Hubbell Incorporated, and its successor, and
any of its subsidiaries so designated by the Board of Directors.

1

 

	 	 	 	 	 	 	 
	
	
	
	

	 	 	 
	
	
	
	

	2.10	 	
“Key Executive” means an Employee (other than an employee
participating in the Hubbell Incorporated Supplemental Executive
Retirement Plan) so designated by the Compensation Committee and as
to whom the Compensation Committee has not withdrawn such
designation.
	
	
	
	

	 	 	 
	
	
	
	

	2.11	 	
“Participant” has the meaning set forth in Section 3.1
hereof.
	
	
	
	

	 	 	 
	
	
	
	

	2.12	 	
“Retirement” means retirement by a Participant under the
Hubbell Retirement Plan, and includes Early Retirement, Normal
Retirement, Late Retirement, Deferred Vested Retirement and
Disability Retirement, all as defined therein.
	
	
	
	

	 	 	 
	
	
	
	

	2.13	 	
“Service” means a Participant’s Service pursuant to Article 3
of the Hubbell Retirement Plan.
	
	
	
	

	 	 	 
	
	
	
	

	2.14	 	
“Spouse” shall mean the person to whom the Participant was
lawfully married for at least one (1) year on the Participant’s
actual date of Retirement from the Employer.

ARTICLE III

ELIGIBILITY

	 	 	 	 	 	 	 
	3.1	 	
Each Key Executive of the Employer whose compensation exceeds
the Compensation Cap in Section 401 (a)(17) of the Code shall be a
Participant in the Plan. Key Executives shall continue to be
Participants until they are no longer entitled to retirement or
deferred vested benefits under the Hubbell Retirement Plan or they
are no longer entitled to Retirement Benefits under this Plan,
whichever is earlier.
	
	
	
	

	 	 	 
	
	
	
	

	3.2	 	
Each Participant shall be eligible to accrue benefits under
this Plan for any period that his benefit accrued for such period
under the Hubbell Retirement Plan is subject to limitations on
benefits and contributions imposed by the applicable sections of the
Code (including, without limitation, the Compensation Cap and the
Defined Benefit Maximum).

ARTICLE IV

RETIREMENT BENEFITS

	 	 	 	 	 
	4.1	 	A Participant’s Retirement Benefit under this Plan shall be
the excess of
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(i)
	 	the applicable Early, Normal, Late, Deferred
Vested or Disability Retirement benefit to which the
Participant is entitled pursuant to the applicable formula set
forth in the Hubbell Retirement Plan as if
	
	
	
	

	 	 	 	 	 

2

 

	 	 	 	 	 
	
	
	
	

	 	 	 	 	the calculation were performed without consideration of the
Compensation Cap and Defined Benefit Maximum, over
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(ii)
	 	the amount to which the Participant is entitled
under the Hubbell Retirement Plan.
	
	
	
	

	 	 	 	 	 

	 	 	 
	4.2	 	
Subject to Article X of this Plan, Retirement Benefits
available under this Plan will be paid in the same form as the
Participant has elected for payment of the underlying retirement
benefits under the Hubbell Retirement Plan, and Retirement Benefit
payments under this Plan shall be made in the same manner as elected
by the Participant under the Hubbell Retirement Plan; provided,
however, that notwithstanding any such election made under the
Hubbell Retirement Plan, if the Actuarial Equivalent Value (as
defined in and determined under Section 1.02 of the Hubbell
Retirement Plan) of the Retirement Benefits payable to the
Participant under this Plan is Ten Thousand Dollars ($10,000) or
less at the time such Retirement Benefits are payable under this
Plan, such Retirement Benefits shall be payable as a lump sum. In
addition, Retirement Benefits are payable under the same
circumstances and with the same restrictions (other than payment
limits) as benefit payments under the Hubbell Retirement Plan.

ARTICLE V

PAYMENT OF RETIREMENT BENEFITS

	 	 	 
	5.1	 	
All Retirement Benefits hereunder shall be payable in monthly
installments equal to one-twelfth (1/12th) of the annual amounts
determined under this Plan; provided, however, that any portion of
the Retirement Benefits payable under this Plan as a lump sum shall
be paid sixty (60) days after the date when payments of the same
Retirement Benefits under this Plan, if payable in the form of an
annuity, would otherwise commence, or as soon as practicable
thereafter, provided the Compensation Committee has approved such
payment. Any such lump sum distribution of a Participant’s or
Beneficiary’s Retirement Benefits under this Plan shall fully
satisfy all present and future Plan liability with respect to such
Participant or Beneficiary for such portion or all of such
Retirement Benefits so distributed.
	
	
	
	

	 	 	 
	
	
	
	

	5.2	 	
If paid in the form of an annuity, a Participant’s Retirement
Benefit, if any, hereunder shall be payable for the life of the
Participant, commencing on the fifteenth (15th) day of the month
commencing after the Participant’s actual Retirement date under the
Hubbell Retirement Plan (or any successor defined benefit pension
plan). The Participant’s last payment of Retirement Benefits
hereunder shall be made on the fifteenth (15th) day of the month in
which the Participant dies, unless the Participant has

3

 

	 	 	 
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
designated an eligible Beneficiary at his date of death with
respect to benefits under the Hubbell Retirement Plan, in which
case survivor benefit payments shall be made to said Beneficiary in
accordance with the Participant’s election regarding payment in
such circumstances under the Hubbell Retirement Plan; provided,
however, that notwithstanding any such election made under the
Hubbell Retirement Plan, if the Actuarial Equivalent Value (as
defined in and determined under Section 1.02 of the Hubbell
Retirement Plan) of the Retirement Benefits payable under this Plan
to the eligible Beneficiary is Ten Thousand Dollars ($10,000) or
less at the time such Retirement Benefits are payable under this
Plan, such Retirement Benefits shall be payable as a lump sum. In
the event that the Participant has no such eligible Beneficiary at
the time of his death, the amount, if any, payable under this Plan
shall be distributed to the person or persons who would otherwise
be entitled to receive a distribution of the Participant’s benefits
under the Hubbell Retirement Plan.

ARTICLE VI

PRE-RETIREMENT SPOUSE’S EXCESS BENEFIT

	 	 	 	 	 
	6.1	 	If a married Participant dies prior to his Annuity Starting
Date (as defined in Section 1.05 of the Hubbell Retirement Plan),
leaving a surviving Spouse entitled to receive a Pre-Retirement
Spouse’s Retirement Benefit pursuant to Section 4.08 of the Hubbell
Retirement Plan, such surviving Spouse shall be entitled to receive
a Pre-Retirement Spouse’s Excess Benefit under this Plan equal to
the difference between
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(i)
	 	the Pre-Retirement Spouse’s Retirement Benefit to
which the Spouse is entitled under the Hubbell Retirement Plan
and
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(ii)
	 	the amount to which the Spouse would be entitled
if the calculation of the Pre-Retirement Spouse’s Retirement
Benefit were performed without consideration of the
Compensation Cap and Defined Benefit Maximum.
	
	
	
	

	 	 	 	 	 

	 	 	 
	6.2	 	
Any Pre-Retirement Spouse’s Excess Benefit available under
this Plan shall be payable in the same form and manner as the
Pre-Retirement Spouse’s Retirement Benefit is paid under the Hubbell
Retirement Plan, commencing on the fifteenth (15th) day of the month
in which payment of the Pre-Retirement Spouse’s Retirement Benefit
under the Hubbell Retirement Plan commences and terminating on the
fifteenth (15th) day of the month in which the Spouse’s death
occurs; provided, however, that any portion of the Pre-Retirement
Spouse’s Excess Benefit payable under this Plan as a lump sum shall
be paid sixty (60) days after the date when payments of the same
benefits under this Plan, if payable in the form of an annuity,
would otherwise commence, or as soon as practicable
	
	
	
	

	 	 	 

4

 

	 	 	 
	
	
	
	

	 	 	
thereafter, provided the Compensation Committee has approved such
payment; and provided, further, that notwithstanding the above or
any election made under the Hubbell Retirement Plan, if the
Actuarial Equivalent Value (as defined in and determined under
Section 1.02 of the Hubbell Retirement Plan) of the Pre-Retirement
Spouse’s Excess Benefit payable under this Plan to the eligible
Spouse is Ten Thousand Dollars ($10,000) or less at the time such
Pre-Retirement Spouse’s Excess Benefit is payable under this Plan,
such Pre-Retirement Spouse’s Excess Benefit shall be payable as a
lump sum. Any such lump sum distribution of a Pre-Retirement
Spouse’s Excess Benefit under this Plan shall fully satisfy all
present and future Plan liability with respect to such Spouse for
such portion or all of such benefits so distributed.

ARTICLE VII

FUNDING

	 	 	 
	7.1	 	
Benefits under this Plan shall not be prefunded, but shall be
paid by the Employer as and when they become due as provided herein.
No Retirement Benefit payable hereunder shall be considered
segregated funds and all such amounts shall, at all times prior to
the payment of the same, be and continue to be the property of the
Employer, commingled with its other assets and available to satisfy
the claims of the general creditors of the Employer. A
Participant’s, Beneficiary’s and/or Spouse’s interests in benefits
under this Plan shall only be those of unsecured creditors of the
Employer.

ARTICLE VIII

PLAN ADMINISTRATION

	 	 	 
	8.1	 	
The general administration of this Plan and the
responsibility for carrying out the provisions hereof shall be
vested in the Compensation Committee. The Compensation Committee may
adopt, subject to the approval of the Board of Directors, such rules
and regulations as it may deem necessary for the proper
administration of this Plan, and its decision in all matters shall
be final, conclusive, and binding.

ARTICLE IX

AMENDMENT AND TERMINATION

	 	 	 
	9.1	 	
The Board of Directors reserves in its sole and exclusive
discretion the right at any time and from time to time to amend this
Plan in any respect or terminate this Plan without restriction and
without the consent of any Participant, Beneficiary or Spouse;
provided, however, that no amendment or termination of this Plan
shall impair the right of any

5

 

	 	 	 
	
	
	
	

	 	 	
Participant, Beneficiary or Spouse to receive benefits earned and
accrued hereunder prior to such amendment or termination. The
Board of Directors shall not terminate this Plan solely to
accelerate benefits earned and accrued hereunder. Any amounts not
currently payable to a Participant, Beneficiary or Spouse shall
revert to the Employer in the event of termination of the Plan.

ARTICLE X

MISCELLANEOUS PROVISIONS

	 	 	 
	10.1	 	
No Guarantee of Employment. Nothing contained herein shall
be deemed to give any individual the right to be retained in the
service of the Employer or to interfere with the rights of the
Employer to discharge any individual at any time, with or without
cause.
	
	
	
	

	 	 	 
	
	
	
	

	10.2	 	
Non-Alienation of Benefits. No Retirement Benefit payable
hereunder may be assigned, pledged, mortgaged or hypothecated and,
to the extent permitted by law, no such Retirement Benefit shall be
subject to legal process or attachment for the payment of any claims
against any person entitled to receive the same. Notwithstanding
any provision herein to the contrary, the Employer may, as the
Compensation Committee in its sole and absolute discretion shall
determine, offset any amount to be paid to a Participant,
Beneficiary or Spouse hereunder against any amounts which such
Participant may owe to the Employer or a subsidiary of the Employer.
	
	
	
	

	 	 	 
	
	
	
	

	10.3	 	
Payment to Incompetents. If a Participant, Beneficiary or
Spouse entitled to receive any benefit hereunder is deemed by the
Compensation Committee or is adjudged by a court of competent
jurisdiction to be legally incapable of giving valid receipt and
discharge for such benefit, such payments shall be paid to such
person or persons as the Compensation Committee shall designate or
to the person’s duly appointed guardian. Such payments shall, to
the extent made, be deemed a complete discharge for such payments
under this Plan.
	
	
	
	

	 	 	 
	
	
	
	

	10.4	 	
Loss of Benefits. At the sole discretion of the Compensation
Committee, and after written notice to the Participant, Beneficiary,
or Spouse, as the case may be, rights to receive any benefit under
this Plan may be forfeited, suspended, reduced or terminated in
cases of gross misconduct by the Participant which is reasonably
deemed to be prejudicial to the interests of the Employer or a
subsidiary of the Employer, including but not limited to the
utilization or disclosure of confidential information for gain or
otherwise.

6

 

	 	 	 
	
	
	
	

	 	 	 
	
	
	
	

	10.5	 	
Noncompetition. A Participant shall forfeit for himself and
his Beneficiary or Spouse any and all benefits pursuant to this Plan
if said Participant violates the notice provision of this paragraph,
or anywhere in the United States or outside of the United States,
directly or indirectly, owns, manages, operates, joins or controls,
or participates in the ownership, management, operation or control
of, or becomes a director or an employee of, or a consultant to, any
person, firm, or corporation which competes with the Employer;
provided, however, that the provisions of this Article 10.5 shall
not apply to investments by the Participant in shares of stock
traded on a national securities exchange or on the national
over-the-counter market which shall have an aggregate market value,
at the time of acquisition, of less than two percent (2%) of the
outstanding shares of such stock. A Participant shall be obligated
to give the Employer at least sixty (60) days’ prior written notice,
by registered or certified mail, postage prepaid, addressed to the
Secretary, Hubbell Incorporated, 584 Derby Milford Road, Orange,
Connecticut 06477, of his intention, directly or indirectly, to own,
manage, operate, join or control, or participate in the ownership,
management, operation or control of, or become a director or an
employee of, or a consultant to, any person, firm, or corporation
following which, within a period of sixty (60) days from its receipt
of such notice, the Employer will mail to the Participant by
registered or certified mail, postage prepaid, a statement of its
opinion as to whether said intention of the Participant violates
this Article 10.5.
	
	
	
	

	 	 	 
	
	
	
	

	10.6	 	
Withholding. Payments made by the Employer under this Plan
to any Participant, Beneficiary or Spouse shall be subject to such
withholding as shall, at the time for such payment, be required
under any income tax or other laws, whether of the United States or
any other jurisdiction.
	
	
	
	

	 	 	 
	
	
	
	

	10.7	 	
Expenses. All expenses and costs in connection with the
operation of this Plan shall be borne by the Employer.
	
	
	
	

	 	 	 
	
	
	
	

	10.8	 	
Governing Law. The provisions of this Plan will be construed
according to the laws of the State of Connecticut, excluding the
provisions of any such laws that would require the application of
the laws of another jurisdiction.
	
	
	
	

	 	 	 
	
	
	
	

	10.9	 	
Gender and Number. The masculine pronoun wherever used
herein shall include the feminine gender and the feminine the
masculine and the singular number as used herein shall include the
plural and the plural the singular unless the context clearly
indicates a different meaning.
	
	
	
	

	 	 	 
	
	
	
	

	10.10	 	
Titles and Heading. The titles to articles and headings of
sections of this Plan are for convenience of reference, and in case
of any conflict, the text of the Plan, rather than such titles and
headings, shall control.

7

 

ARTICLE XI

CHANGE OF CONTROL

	 	 	 
	11.1	 	
The provisions of this Article 11 shall become effective
immediately upon the occurrence of a Change of Control (as defined
in Section 11.2).
	
	
	
	

	 	 	 

	 	 	 	 	 
	11.2	 	“Change of Control” shall mean any one of the following:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(a)
	 	Continuing Directors (as defined in (e) below) on
the Board of Directors no longer constitute at least 2/3 of
the Directors (as defined in (f) below);
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(b)
	 	Any person or group of persons (as defined in
Rule 13d-5 under the Securities Exchange Act of 1934
(“Exchange Act”)), together with its affiliates, becomes the
beneficial owner, directly or indirectly, of twenty percent
(20%) or more of the voting power of the then outstanding
securities of the Employer entitled to vote for the election
of the Employer’s Directors; provided, that this Article XI
shall not apply with respect to any holding of securities by
(I) the trust under a Trust Indenture dated September 2, 1957
made by Louie E. Roche, (II) the trust under a Trust Indenture
dated August 23, 1957 made by Harvey Hubbell, and (III) any
employee benefit plan (within the meaning of Section 3(3) of
ERISA) maintained by the Employer or any affiliate of the
Employer;
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(c)
	 	The approval by the Employer’s stockholders of
the merger or consolidation of the Employer with any other
corporation, the sale of substantially all of the assets of
the Employer, or the liquidation or dissolution of the
Employer, unless, in the case of a merger or consolidation,
the incumbent Directors in office immediately prior to such
merger or consolidation will constitute at least 2/3 of the
directors of the surviving corporation of such merger or
consolidation and any parent (as such term is defined in Rule
12b-2 under the Exchange Act) of such corporation; or
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(d)
	 	At least 2/3 of the incumbent Directors in office
immediately prior to any other action proposed to be taken by
the Employer’s stockholders determine that such proposed
action, if taken, would constitute a Change of Control of the
Employer and such action is taken.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(e)
	 	“Continuing Director” shall mean any individual
who is a member of the Employer’s Board of Directors on
December 9, 1986 or was designated (before such person’s
initial election as a Director) as a Continuing Director by
2/3 of the then Continuing Directors.

8

 

	 	 	 	 	 
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(f)
	 	“Director” shall mean any individual who is a
member of the Employer’s Board of Directors on the date the
action in question was taken.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
(g)
	 	“Change of Control Transaction” shall mean the
closing of the transaction constituting the Change of Control,
which shall include, for purposes of the events described in
Section 11.2(c), above, the consummation of the merger or
consolidation approved by the Employer’s stockholders.
	
	
	
	

	 	 	 	 	 

	 	 	 	 	 
	11.3	 	A new Section 5.3 is added, as follows:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
“5.3
	 	Change of Control. Notwithstanding
any of the foregoing, upon the occurrence of a
Change of Control Transaction, unless a
Participant (whether current or former),
Beneficiary or Spouse (as the case may be) elects
otherwise during the period of ten (10) days
after notification by the Employer of the signing
of any agreement by the Employer that would, upon
the consummation of the transactions contemplated
therein, result in a Change of Control, all
benefits otherwise payable under this Plan to
such Participant, Beneficiary or Spouse, as the
case may be, shall be paid out in one lump sum no
later than thirty (30) days after such
Participant’s termination of employment with the
Employer for any reason, including death, or, if
the Participant is in pay status or deceased at
the time of the Change of Control, to such
Participant or his Beneficiary or Spouse (as the
case may be) then receiving benefits no later
than thirty (30) days after such Change of
Control. The amounts to be paid out in such lump
sum shall be calculated using the actuarial
assumptions set forth on Exhibit A, attached
hereto.”

	 	 	 	 	 
	 	 	 	 	 
	
	
	
	

	 	 	
11.4
	 	Section 8.1 is deleted and the following is inserted in lieu
thereof:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	 	 	“The Plan shall be administered by the Compensation Committee which
shall have full authority to interpret the Plan, to establish rules
and regulations relating to the Plan, to determine the criteria for
eligibility to participate in the Plan, to select Participants in
the Plan, and to make all other determinations and take all other
actions necessary or appropriate for the proper administration of
the Plan. No member of the Compensation Committee shall be
eligible to participate in the Plan.”
	 
	
	
	

	 	 	
11.5
	 	Section 10.2 is deleted and the following is inserted in lieu
thereof:

9

 

	 	 	 	 	 
	
	
	
	

	 	 	 	 	“Non-Alienation of Benefits. No Retirement Benefit payable
hereunder may be assigned, pledged, mortgaged, or hypothecated and,
to the extent permitted by law, no such Retirement Benefit shall be
subject to legal process or attachment for the payment of any
claims against any person entitled to receive the same.”
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
11.6
	 	Sections 10.4 and 10.5 are deleted.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
11.7
	 	A new Section 10.11 is inserted as follows:
	
	
	
	

	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	“Notwithstanding any other provisions of the Plan to the
contrary:
	
	
	
	

	 	 	 	 	 	 	 	 	 
	
	
	
	

	 	 	 	 	 	 	(1)
	 	the accrued benefit hereunder of any
Participant as of the date of a Change of Control may
not be reduced;
	
	
	
	

	 	 	 	 	 	 	 	 	 
	
	
	
	

	 	 	 	 	 	 	(2)
	 	any Service accrued by a Participant
as of the date of a Change of Control cannot be reduced;
	
	
	
	

	 	 	 	 	 	 	 	 	 
	
	
	
	

	 	 	 	 	 	 	(3)
	 	no amendment or action of the
Compensation Committee which affects any Participant is
valid and enforceable without the prior written consent
of such Participant; and
	
	
	
	

	 	 	 	 	 	 	 	 	 
	
	
	
	

	 	 	 	 	 	 	(4)
	 	no termination of the Plan shall have
the effect of reducing any benefits accrued under the
Plan prior to such termination.”

	 	 	Amended, effective June 6, 2002

10

 

EXHIBIT A

ASSUMPTIONS

The assumptions to be used are those specified under Section 417(e) of the
Internal Revenue Code of 1986, as amended, which assumptions are the minimum
lump sum factors permitted to be used for the calculation of pension benefits
under qualified defined benefit plans.

	 	 	 	 	 	 	 
	Benefit:	 	
Lump sum payment of unreduced benefit deferred to
age 55, increased to reflect the 50% joint and
survivor form.
	
	
	
	

	 	 	 
	
	
	
	

	Mortality Rates:	 	
The 1983 Group Annuity Mortality (1983 GAM) blend
of 50% male and 50% female rates.
	
	
	
	

	 	 	 
	
	
	
	

	Interest Rate:	 	
10-year treasury rate on the first day of the
fourth quarter of the calendar year immediately
prior to the date on which the Participant retires
or otherwise separates from Service.
	
	
	
	

	 	 	 
	
	
	
	

	Other:	 	
3.0% annual Social Security wage base increase.

2.5% annual CPI increase.

5.0% annual salary increase.
	
	
	
	

	 	 	 
	
	
	
	

	Qualified Plan Offset:	 	
Amount actually payable at age 55 (or, if higher,
the Participant’s actual age as of the date of
termination of employment)

11

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