Document:

ex1016.htm

    
      
         

      

      
         

        
          

        

      

      
         

        
           

        

      

    

    
      	
              US$1,500,000,000

               

              THREE-YEAR
      CREDIT AGREEMENT

              dated
      as of

               

              June
      23, 2010

               

              among

               

              AUTOMATIC
      DATA PROCESSING, INC.

               

              The
      BORROWING SUBSIDIARIES

              referred
      to herein

               

              The
      LENDERS Party Hereto

               

              JPMORGAN
      CHASE BANK, N.A.

              as
      Administrative Agent

              _________________________

               

              BANK
      OF AMERICA, N.A.

              BNP
      PARIBAS and

              WELLS
      FARGO BANK, N.A.

              as
      Syndication Agents

               

              BARCLAYS
      BANK PLC

              CITICORP
      USA, INC.

              DEUTSCHE
      BANK SECURITIES INC.

              INTESA
      SANPAOLO S.P.A and

              MORGAN
      STANLEY MUFG LOAN PARTNERS, LLC

              as
      Documentation Agents

               

              J.P.
      MORGAN SECURITIES INC.

              BANC
      OF AMERICA SECURITIES LLC

              BNP
      PARIBAS SECURITIES CORP. and

              WELLS
      FARGO SECURITIES, LLC

              as
      Joint Lead Arrangers and Joint Bookrunners

               

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE OF
CONTENTS

     

    
      	
              ARTICLE
      I

               

              Definitions

            
	 
      	 
      	 
      
	
              SECTION
      1.01.

            	
              Defined
      Terms

            	
              1

            
	
              SECTION
      1.02.

            	
              Classification
      of Loans and Borrowings

            	
              17

            
	
              SECTION
      1.03.

            	
              Terms
      Generally

            	
              17

            
	
              SECTION
      1.04.

            	
              Accounting
      Terms; GAAP

            	
              18

            
	 
      	 
      	 
      
	
              ARTICLE
      II

               

              The
      Credits

            
	
              SECTION
      2.01.

            	
              Commitments

            	
              18

            
	
              SECTION
      2.02.

            	
              Loans
      and Borrowings

            	
              18

            
	
              SECTION
      2.03.

            	
              Requests
      for Revolving Borrowings

            	
              20

            
	
              SECTION
      2.04.

            	
              [Intentional
      Omitted]

            	
              21

            
	
              SECTION
      2.05.

            	
              Competitive
      Bid Procedure

            	
              21

            
	
              SECTION
      2.06.

            	
              [Intentionally
      Omitted]

            	
              23

            
	
              SECTION
      2.07.

            	
              Funding
      of Borrowings

            	
              23

            
	
              SECTION
      2.08.

            	
              Repayment
      of Borrowings; Evidence of Debt

            	
              23

            
	
              SECTION
      2.09.

            	
              Interest
      Elections

            	
              24

            
	
              SECTION
      2.10.

            	
              Termination
      and Reduction of Commitments

            	
              26

            
	
              SECTION
      2.11.

            	
              Prepayment
      of Loans

            	
              28

            
	
              SECTION
      2.12.

            	
              Fees

            	
              29

            
	
              SECTION
      2.13.

            	
              Interest

            	
              29

            
	
              SECTION
      2.14.

            	
              Alternate
      Rate of Interest

            	
              30

            
	
              SECTION
      2.15.

            	
              Increased
      Costs

            	
              31

            
	
              SECTION
      2.16.

            	
              Break
      Funding Payments

            	
              32

            
	
              SECTION
      2.17.

            	
              Taxes

            	
              32

            
	
              SECTION
      2.18.

            	
              Payments
      Generally; Pro Rata Treatment; Sharing of Setoffs

            	
              33

            
	
              SECTION
      2.19.

            	
              Mitigation
      Obligations; Replacement of Lenders

            	
              35

            
	
              SECTION
      2.20.

            	
              Designation
      of Borrowing Subsidiaries

            	
              36

            
	
              SECTION
      2.21.

            	
              Defaulting
      Lenders

            	
              37

            
	 
      	 
      	 
      
	
              ARTICLE
      III

               

              Representations
      and Warranties

            
	 
      	 
      	 
      
	
              SECTION
      3.01.

            	
              Organization;
      Powers

            	
              37

            
	
              SECTION
      3.02.

            	
              Authorization;
      Enforceability

            	
              38

            

    

    
      
         

      

      
         

        
          

        

      

      
         

        
           Contents,
p 2. 

        

      

    

    

    
      	
              SECTION
      3.03.

            	
              Governmental
      Approvals; No Conflicts

            	
              38

            
	
              SECTION
      3.04.

            	
              Financial
      Condition; No Material Adverse Change

            	
              38

            
	
              SECTION
      3.05.

            	
              Properties

            	
              39

            
	
              SECTION
      3.06.

            	
              Litigation
      and Environmental Matters

            	
              39

            
	
              SECTION
      3.07.

            	
              Compliance
      with Laws and Agreements

            	
              39

            
	
              SECTION
      3.08.

            	
              Federal
      Reserve Regulations

            	
              39

            
	
              SECTION
      3.09.

            	
              Investment
      Company Status

            	
              39

            
	
              SECTION
      3.10.

            	
              Taxes

            	
              40

            
	
              SECTION
      3.11.

            	
              ERISA

            	
              40

            
	
              SECTION
      3.12.

            	
              Disclosure

            	
              40

            
	 
      	 
      	 
      
	
              ARTICLE
      IV

               

              Conditions

            
	 
      	 
      	 
      
	
              SECTION
      4.01.

            	
              Effective
      Date

            	
              40

            
	
              SECTION
      4.02.

            	
              Each
      Credit Event

            	
              41

            
	
              SECTION
      4.03.

            	
              Initial
      Credit Event for each Borrowing Subsidiary

            	
              42

            
	 
      	 
      	 
      
	
              ARTICLE
      V

               

              Affirmative
      Covenants

            
	 
      	 
      	 
      
	
              SECTION
      5.01.

            	
              Financial
      Statements and Other Information

            	
              42

            
	
              SECTION
      5.02.

            	
              Notices
      of Material Events

            	
              44

            
	
              SECTION
      5.03.

            	
              Existence;
      Conduct of Business

            	
              44

            
	
              SECTION
      5.04.

            	
              Payment
      of Taxes

            	
              44

            
	
              SECTION
      5.05.

            	
              Maintenance
      of Properties

            	
              44

            
	
              SECTION
      5.06.

            	
              Books
      and Records; Inspection Rights

            	
              45

            
	
              SECTION
      5.07.

            	
              Compliance
      with Laws

            	
              45

            
	
              SECTION
      5.08.

            	
              Use
      of Proceeds

            	
              45

            
	 
      	 
      	 
      
	
              ARTICLE
      VI

               

              Negative
      Covenants

            
	 
      	 
      	 
      
	
              SECTION
      6.01.

            	
              Liens

            	
              45

            
	
              SECTION
      6.02.

            	
              Sale
      and Leaseback Transactions

            	
              46

            
	
              SECTION
      6.03.

            	
              Fundamental
      Changes

            	
              46

            

    

    

    
      	
              ARTICLE
      VII

               

              Events
      of Default

            
	 
      	 
      	 
      

    

    
      
         

      

      
         

        
          

        

      

      
         

        
           Contents,
p. 3

        

      

    

    

    
      	
              ARTICLE
      VIII

               

              The
      Administrative Agent

            
	 
      	 
      	 
      
	
              ARTICLE
      IX

               

              Guarantee

            
	 
      	 
      	 
      
	
              ARTICLE
      X

               

              Miscellaneous

            
	 
      	 
      	 
      
	
              SECTION
      10.01.

            	
              Notices

            	
              53

            
	
              SECTION
      10.02.

            	
              Waivers;
      Amendments

            	
              54

            
	
              SECTION
      10.03.

            	
              Expenses;
      Indemnity; Damage Waiver

            	
              55

            
	
              SECTION
      10.04.

            	
              Successors
      and Assigns

            	
              56

            
	
              SECTION
      10.05.

            	
              Survival

            	
              59

            
	
              SECTION
      10.06.

            	
              Counterparts;
      Integration; Effectiveness

            	
              59

            
	
              SECTION
      10.07.

            	
              Severability

            	
              60

            
	
              SECTION
      10.08.

            	
              Right
      of Setoff

            	
              60

            
	
              SECTION
      10.09.

            	
              Governing
      law; Jurisdiction; Consent to Service of Process

            	
              60

            
	
              SECTION
      10.10.

            	
              WAIVER
      OF JURY TRIAL

            	
              61

            
	
              SECTION
      10.11.

            	
              Headings

            	
              61

            
	
              SECTION
      10.12.

            	
              Confidentiality

            	
              61

            
	
              SECTION
      10.13.

            	
              Conversion
      of Currencies

            	
              62

            
	
              SECTION
      10.14.

            	
              Interest
      Rate Limitation

            	
              63

            
	
              SECTION
      10.15.

            	
              USA
      Patriot Act

            	
              63

            
	
              SECTION
      10.16.

            	
              No
      Fiduciary Relationship

            	
              63

            

    

     

    

     

    
      	
              SCHEDULES:

            
	 
      
	
              Schedule
      2.01

            	
              -

            	
              Lenders
      and Commitments

            
	
              Schedule
      2.18

            	
              -

            	
              Payment
      Instructions

            
	
              Schedule
      6.01

            	
              -

            	
              Liens

            
	 
      	 
      	 
      
	
              EXHIBITS:

            
	 
      	 
      	 
      
	
              Exhibit
      A

            	
              -

            	
              Form
      of Assignment and Assumption

            
	
              Exhibit
      B-1

            	
              -

            	
              Form
      of Borrowing Subsidiary Agreement

            
	
              Exhibit
      B-2

            	
              -

            	
              Form
      of Borrowing Subsidiary Termination

            
	
              Exhibit
      C

            	
              -

            	
              Form
      of Promissory Note

            
	
              Exhibit
      D

            	
              -

            	
              Form
      of Opinion of General Counsel of the
Company

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THREE-YEAR
CREDIT AGREEMENT dated as of June 23, 2010 (this “Agreement”), among
AUTOMATIC DATA PROCESSING, INC., a Delaware corporation (the “Company”), the
BORROWING SUBSIDIARIES from time to time party hereto (the Company and the
Borrowing Subsidiaries being collectively called the “Borrowers”), the LENDERS
from time to time party hereto and JPMORGAN CHASE BANK, N.A., as Administrative
Agent.

     

    The
Company has requested that the Lenders (such term and each other capitalized
term used and not otherwise defined herein having the meaning assigned to it in
Article I) extend credit in the form of Commitments under which the Borrowers
may obtain Loans in US Dollars in an aggregate principal amount at any time
outstanding that will not result in the aggregate Exposures exceeding
US$1,500,000,000.  The Company has also requested that the Lenders
provide (a) a procedure pursuant to which the Borrowers may invite the Lenders
to bid on an uncommitted basis on short-term Loans to the Borrowers and (b) a
procedure pursuant to which the Borrowers may obtain Loans on an uncommitted
basis from individual Lenders on terms to be negotiated at the time such Loans
are requested.  The proceeds of borrowings hereunder are to be used
for general corporate purposes of the Borrowers and their subsidiaries,
including the refinancing of indebtedness under the Company’s Five-Year Credit
Agreement dated as of June 29, 2005 (the “Existing Credit
Agreement”).

     

    The
Lenders are willing to establish the credit facilities referred to in the
preceding paragraph upon the terms and subject to the conditions set forth
herein.  Accordingly, the parties hereto agree as
follows:

     

    ARTICLE
I

     

    

     

    Definitions

     

    SECTION
1.01. Defined
Terms.  As used in this Agreement, the following terms have the
meanings specified below:

     

    “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.

     

    “Administrative Agent”
means JPMCB, in its capacity as administrative agent for the Lenders hereunder,
or any successor in such capacity.

     

    “Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied
by the Administrative Agent.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Affiliate” means,
with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under
common Control with the Person specified.

     

    “Agreement Currency”
has the meaning assigned to such term in Section 10.13(b).

     

    “Alternate Base Rate”
means, for any day, a rate per annum equal to the highest of (a) the Prime Rate
in effect on such day, (b) the Federal Funds Effective Rate in effect on such
day plus 1⁄2 of 1% per annum and (c) the LIBO Rate for a one month interest period
on such day (or if such day is not a Business Day, the immediately preceding
Business Day) plus 1% per annum,
provided that,
for the avoidance of doubt, the LIBO Rate for any day shall be based on the rate
appearing on the Reuters Screen LIBOR01 Page (or on any successor or substitute
page) at approximately 11:00 a.m. London time on such day (without any
rounding).  Any change in the Alternate Base Rate due to a change in
the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate shall be
effective from and including the effective date of such change in the Prime
Rate, the Federal Funds Effective Rate or the LIBO Rate,
respectively.

     

    “Applicable Rate”
means, for any day, with respect to (a) any commitment fee payable hereunder,
the rate per annum set forth below under the caption “Commitment Fee Rate”, (b)
any Eurocurrency Loan hereunder, a rate per annum equal to the percentage of the
Index applicable on such day set forth below under the caption “Eurocurrency
Spread” (but in no event shall the Applicable Rate for any Eurocurrency Loan be
less than the rate per annum set forth below under the caption “Eurocurrency
Floor”) and (c) any ABR Loan, the Applicable Rate for Eurocurrency Loans minus
1% per annum (but in no event shall the Applicable Rate for any ABR Loan be less
than 0% per annum), in each case based on the Ratings:

     

    

    
      	
              Ratings:

            	
              Commitment Fee Rate:

              (basis points)

            	
              Eurocurrency Spread:

              (percentage of the Index)

            	
              Eurocurrency Floor:

              (basis points)

            
	
              Category 1

              ≥
      Aa3/AA-

            	
              8.0

            	
              50%

            	
              40

            
	
              Category 2

              <
      Aa3/AA- and ≥ A3/A-

            	
              12.5

            	
              60%

            	
              50

            
	
              Category 3

              <
      A3/A-

            	
              17.5

            	
              75%

            	
              70

            

    

    

    For
purposes of the foregoing, (a) if either Moody’s or S&P shall not have
in effect Ratings (other than by reason of the circumstances referred to in the
penultimate paragraph of this definition), then such rating agency shall be
deemed to have established a rating in Category 3; (b) if the Ratings
established or deemed to have been established

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    by
Moody’s and S&P shall fall within different Categories, the Applicable Rate
shall be based on the higher of the two ratings unless the ratings differ by two
or more Categories, in which case the Commitment Fee Rate, Eurocurrency Spread
and the Eurocurrency Floor shall be based on the Category one level above that
corresponding to the lower rating; (c) if the Ratings established or deemed
to have been established by Moody’s and S&P shall be changed (other than as
a result of a change in the rating system of Moody’s or S&P), such change
shall be effective as of the date on which it is first publicly announced by
Moody’s or S&P; and (d) the Index shall be determined as of each Reset Date
for the applicable Revolving Loans.  Each change in the Applicable
Rate on account of (a) a change in the Ratings shall apply during the period
commencing on the effective date of such change and ending on the date
immediately preceding the effective date of the next such change or (b) a change
in the Index shall apply during the period commencing on the Reset Date on which
a change in the Index becomes effective and ending on the date immediately
preceding the Reset Date on which the next such change becomes
effective.

     

    If the
rating system of Moody’s or S&P shall change, or if either such rating
agency shall cease to be in the business of rating corporate debt obligations,
the Company and the Required Lenders shall negotiate in good faith to amend this
definition to reflect such changed rating system or the unavailability of
ratings from such rating agency and, pending the effectiveness of any such
amendment, the Applicable Rate shall be determined by reference to the rating
most recently in effect prior to such change or cessation.

     

    If the
Index shall be unavailable as of any Reset Date, the Company and the Lenders
under the Facility agree to negotiate in good faith (for a period of up to 30
days after the Index becomes unavailable) to agree on an alternative method for
establishing the Applicable Rate.  During such negotiations, the
Applicable Rate will be calculated as provided above and based on the last
available quote of the Index.  If no such alternative method is agreed
upon during such 30 day period, then following the end of such period, and until
such an alternative method shall have been agreed upon, the Applicable Rate will
be the higher of (x) the rate determined based on the last available quote of
the Index and (y) 0.50% per annum.

     

    “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 10.04), and accepted by the Administrative Agent, in the form of
Exhibit A or any other form approved by the Administrative
Agent.

     

    “Attributable Debt”
means, with respect to any Sale and Leaseback Transaction, the present value
(discounted at the rate set forth or implicit in the terms of the lease included
in such Sale and Leaseback Transaction) of the total obligations of the lessee
for rental payments (other than amounts required to be paid on account of taxes,
maintenance, repairs, insurance, assessments, utilities, operating and labor
costs and other

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    items
which do not constitute payments for property rights) during the remaining term
of the lease included in such Sale and Leaseback Transaction (including any
period for which such lease has been extended).  In the case of any
lease which is terminable by the lessee upon payment of a penalty, the
Attributable Debt shall be the lesser of the Attributable Debt determined
assuming termination upon the first date such lease may be terminated (in which
case the Attributable Debt shall also include the amount of the penalty, but no
rent shall be considered as required to be paid under such lease subsequent to
the first date upon which it may be so terminated) or the Attributable Debt
determined assuming no such termination.

     

    “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.

     

    “Bankruptcy Event”
means, with respect to any Person, that such Person becomes the subject of a
bankruptcy or insolvency proceeding, or has had a receiver, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business or custodian
appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to,
approval of or acquiescence in any such proceeding or appointment, provided that a
Bankruptcy Event shall not result solely by virtue of any ownership interest, or
the acquisition of any ownership interest, in such Person by a Governmental
Authority or instrumentality thereof. If, however, such ownership
interest  results in or provides such Person with immunity from the
jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permits such Person (or such
Governmental Authority or instrumentality) to reject, repudiate, disavow or
disaffirm any contracts or agreements made by such Person, such ownership
interest will constitute a Bankruptcy Event.  Nothing in this
definition or elsewhere in this Agreement shall require any Person to disclose
any information that it would be prohibited from disclosing under applicable law
or regulation.

     

    “Board” means the
Board of Governors of the Federal Reserve System of the United States of
America.

     

    “Borrower” means the
Company or any Borrowing Subsidiary.

     

    “Borrowing” means
Loans (including Competitive Loans and Contract Loans) of the same Class and
Type, made, converted or continued on the same date and, in the case of
Eurocurrency Loans or Fixed Rate Loans, as to which a single Interest Period is
in effect.

     

    “Borrowing Minimum”
means US$5,000,000.

     

    “Borrowing Multiple”
means US$1,000,000.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    “Borrowing Request”
means a request by a Borrower for a Borrowing in accordance with
Section 2.03.

     

    “Borrowing Subsidiary”
means any Subsidiary that has been designated as such pursuant to Section 2.20
and that has not ceased to be a Borrowing Subsidiary as provided in such
Section.

     

    “Borrowing Subsidiary
Agreement” means a Borrowing Subsidiary Agreement substantially in the
form of Exhibit B-1.

     

    “Borrowing Subsidiary
Termination” means a Borrowing Subsidiary Termination substantially in
the form of Exhibit B-2.

     

    “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 Eurocurrency Loan, the term “Business Day” shall also
exclude any day on which banks are not open for dealings in deposits in US
Dollars 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 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 by any lending
office of such Lender or by such Lender’s holding company 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, Competitive Loans or Contract
Loans.

     

    “Code” means the
Internal Revenue Code of 1986.

     

    “Commitment” means,
with respect to each Lender, the commitment of such Lender to make Loans
pursuant to Section 2.01, expressed as an amount representing the maximum
aggregate amount of such Lender’s Revolving Loan Exposure hereunder, as such
commitment may be reduced or increased from time to time pursuant to
Section 2.10 or pursuant to assignments by or to such Lender pursuant
to

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Section 10.04.  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 aggregate
amount of the Commitments on the date hereof is US$1,500,000,000.

     

    “Company” has the
meaning assigned to such term in the heading of this Agreement.

     

    “Competitive Bid”
means an offer by a Lender to make a Competitive Loan in accordance with
Section 2.05.

     

    “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 for Competitive Bids in accordance with
Section 2.05.

     

    “Competitive
Borrowing” means a Borrowing comprised of Competitive Loans.

     

    “Competitive Loan”
means a Loan made pursuant to Section 2.05.  Each Competitive
Loan shall be a Eurocurrency Loan or a Fixed Rate Loan.

     

    “Competitive Loan
Exposure” means, with respect to any Lender at any time, the aggregate
principal amount of the outstanding Competitive Loans of such
Lender.

     

    “Consolidated Net
Worth” means the shareholders’ equity of the Company, determined on a
consolidated basis in accordance with GAAP.

     

    “Contract Loan” has
the meaning assigned to such term in Section 2.02(e).

     

    “Contract Loan
Exposure” means, with respect to any Lender at any time, the aggregate
principal amount of the outstanding Contract Loans of such Lender.

     

    “Control” means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise.  “Controlling” and
“Controlled”
have meanings correlative thereto.

     

    “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, constitute an Event of
Default.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    “Defaulting Lender”
means any Lender that (a) has failed, within two Business Days of the date
required to be funded or paid, to (i) fund any portion of its Loans or (ii) pay
over to the Administrative Agent or any other Lender any other amount required
to be paid by it hereunder, unless, in the case of clause (i) above, it notifies
the Administrative Agent in writing that such failure is the result of its good
faith determination that a condition precedent to funding (specifically
identified and including the particular default, if any) has not been satisfied,
(b) has notified the Company, any other Borrower, the Administrative Agent or
any Lender in writing, or has made a public statement to the effect, that it
does not intend or expect to comply with any of its funding obligations under
this Agreement (unless such writing or public statement indicates that such
position is based on its good faith determination that a condition precedent
(specifically identified and including the particular default, if any) to
funding a Loan under this Agreement cannot be satisfied) or generally under
other agreements in which it commits to extend credit, (c) has failed, within
three Business Days after request by the Administrative Agent, acting in good
faith, to provide a certification in writing from an authorized officer thereof
that it will comply with its obligations (and is financially able to meet such
obligations) to fund Loans under this Agreement, provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon the receipt by
the Administrative Agent of such certification in form and substance
satisfactory to the Administrative Agent, or (d) has become the subject of a
Bankruptcy Event.

     

    “Effective Date” means
the date on which the conditions specified in Section 4.01 are satisfied
(or waived in accordance with Section 10.02).

     

    “Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders, decrees,
judgments, injunctions, notices or binding agreements issued, promulgated or
entered into by any Governmental Authority, relating in any way to the
environment, preservation or reclamation of natural resources, the management,
release or threatened release of any Hazardous Material or to health and safety
matters.

     

    “Environmental
Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or
indemnities), of any of the Borrowers or any of their Subsidiaries directly or
indirectly resulting from or based upon (a) violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment
or disposal of any Hazardous Materials, (c) exposure to any Hazardous
Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

     

    “ERISA” means the
Employee Retirement Income Security Act of 1974.

     

    “ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with
the Company, is treated as a single employer under

     

    
      
         

      

      
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    Section 414(b)
or (c) of the Code or, solely for purposes of Section 302 of ERISA and
Section 412 of the Code, is treated as a single employer under Section 414 of
the Code.

     

    “ERISA Event” means
(a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for
which the 30-day notice period is waived); (b) any failure by any Plan to
satisfy the minimum funding standard (within the meaning of Section 412 of
the Code or Section 302 of ERISA) applicable to such Plan, in each case whether
or not waived; (c) the filing pursuant to Section 412(c) of the Code
or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the
Company or any ERISA Affiliate of any liability under Title IV of ERISA
with respect to the termination of any Plan; (e) the receipt by the Company
or any ERISA Affiliate from the PBGC or a plan administrator of any notice
relating to an intention to terminate any Plan or Plans or to appoint a trustee
to administer any Plan; (f) the incurrence by the Company or any ERISA
Affiliate of any liability with respect to the withdrawal or partial withdrawal
from any Plan or Multiemployer Plan; (g) the receipt by the Company or any
ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the
Company or any ERISA Affiliate of any notice, concerning the imposition of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is
expected to be, insolvent or in reorganization, within the meaning of
Title IV of ERISA, or in endangered or critical status, within the meaning
of Section 305 of ERISA; or (h) a determination that any Plan is, or
is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of
ERISA or Section 430(i)(4) of the Code).

     

    “Eurocurrency”, 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 LIBO Rate.

     

    “Event of Default” has
the meaning assigned to such term in Article VII.

     

    “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
hereunder, (a) income or franchise taxes imposed on (or measured by) its
net income by the United States of America (or any political subdivision
thereof), or by the jurisdiction under which such recipient is organized or in
which its principal office or any lending office from which it makes Loans
hereunder is located, (b) any branch profit taxes  imposed by the
United States of America or any similar tax imposed by any other jurisdiction
described in clause (a) above, (c) in the case of a Lender (other than an
assignee pursuant to a request by the Company under Section 2.19(b)), any
withholding tax that is imposed by the United States of America (or any
political subdivision thereof) on payments by a Borrower from an office within
such jurisdiction to the extent such tax is in effect and would apply as of
the date such Lender becomes a party to this Agreement or relates to payments
received by a new lending office designated by such Lender and is in effect and
would apply at the time such lending office is designated, and

     

    
      
         

      

      
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    (d) any
withholding tax that is attributable to such Lender’s failure to comply
with Section 2.17(e), except, in the case of clause (c) above, to the
extent that (i) such Lender (or its assignor, if any) was entitled, at the time
of designation of a new lending office (or assignment), to receive additional
amounts with respect to such withholding tax pursuant to Section 2.17 or
(ii) such withholding tax shall have resulted from the making of any payment to
a location other than the office designated by the Administrative Agent or such
Lender for the receipt of payments of the applicable type.

     

    “Existing Credit
Agreement” has the meaning set forth in the introductory
statement.

     

    “Exposure” means, with
respect to any Lender, such Lender’s Revolving Loan Exposure, Competitive Loan
Exposure and Contract Loan Exposure.

     

    “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.

     

    “Financial Officer”
means the chief financial officer, principal accounting officer, treasurer or
controller of the Company.

     

    “Fixed Rate” means,
with respect to any Competitive Loan (other than a Eurocurrency 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.

     

    “GAAP” means generally
accepted accounting principles in the United States of
America.

     

    “Governmental
Authority” means any nation or government, any federal, state, local or
other political subdivision thereof and any entity exercising executive,
legislative, judicial, taxing, regulatory or administrative 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

     

    
      
         

      

      
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    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.

     

    “Hazardous
Materials”  means all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or other pollutants,
including petroleum or petroleum distillates, asbestos or asbestos-containing
materials, polychlorinated biphenyls, radon gas, infectious or medical wastes
and all other substances or wastes of any nature regulated pursuant to any
Environmental Law.

     

    “Hedging Agreement”
means any interest rate protection agreement, foreign currency exchange
agreement, commodity price protection agreement or other interest or currency
exchange rate or commodity price hedging arrangement.

     

    “Increasing Lender”
has the meaning set forth in Section 2.10(d).

     

    “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 and (j) all obligations, contingent or
otherwise, of such Person in respect of bankers’ acceptances.  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 therefor 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.

     

    
      
         

      

      
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    “Index” means, with
respect to any Revolving Loan for any period, the average of the Markit
CDX.NA.IG Series 14 or any successor series (5 Year Period) for the 30 business
days (or for the number of business days for which the then current Markit
CDX.NA.IG is in effect, if such number of business days is fewer than 30
business days) preceding the Reset Date applicable to such Loan for such period,
as available to the applicable office of the Administrative
Agent.  For purposes of this definition, “business days” means days in
respect of which the Securities Industry and Financial Markets Association
declares the US fixed income market to be open.

     

    “Initial Loans” has
the meaning set forth in Section 2.10(d).

     

    “Interest Election
Request” means a request by the relevant Borrower to convert or continue
a Borrowing in accordance with Section 2.09.

     

    “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 Eurocurrency 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 Eurocurrency 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, (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 Loan 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 specified in the applicable Competitive Bid
Request as Interest Payment Dates with respect to such Borrowing and (d) with
respect to any Contract Loan, the date or dates agreed upon by the relevant
Borrower and the applicable Lender or, if no such dates shall have been agreed
upon, the last day of each March, June, September and December.

     

    “Interest Period”
means, (i) with respect to any Eurocurrency 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 thereafter, as the
relevant Borrower may elect, (ii) 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 and (iii) with respect to any Contract Loan,
the period commencing on the date of such Borrowing and ending on the date
agreed upon by the relevant Borrower and the applicable Lender; 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 Eurocurrency 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

     

    
      
         

      

      
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    Period
pertaining to a Eurocurrency 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 thereafter shall be the effective date of the most
recent conversion or continuation of such Borrowing.

     

    “JPMCB” means JPMorgan
Chase Bank, N.A. and its successors.

     

    “Judgment Currency”
has the meaning assigned to such term in Section 10.13(b).

     

    “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 shall have ceased to be a party hereto pursuant to an Assignment and
Assumption.

     

    “LIBO Rate” means,
with respect to any Eurocurrency Borrowing for any Interest Period, the rate per
annum determined by the Administrative Agent at approximately 11:00 a.m.,
London time, on the Quotation Day for such Interest Period by reference to the
British Bankers’ Association Interest Settlement Rates for deposits in US
Dollars (as reflected on the Reuters Screen LIBOR 01 Page (or on any successor
or substitute page)), for a period equal to such Interest Period; provided that, to the
extent that an interest rate is not ascertainable pursuant to the foregoing
provisions of this definition, “LIBO Rate” shall mean the interest rate per
annum determined by the Administrative Agent to be the average of the rates per
annum at which deposits in US Dollars are offered for such Interest Period to
major banks in the London interbank market by JPMCB at approximately
11:00 a.m., London time, on the Quotation Day for such Interest
Period.

     

    “Lien” means, with
respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset,
(b) the interest of a vendor or a lessor under any conditional sale
agreement, capital lease or title retention agreement (or any financing lease
having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

     

    “Loan Documents” means
this Agreement, each Borrowing Subsidiary Agreement, each Borrowing Subsidiary
Termination and each promissory note delivered pursuant to this
Agreement.

     

    “Loans” means the
loans made by the Lenders to the Borrowers pursuant to this
Agreement.

     

    
      
         

      

      
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    “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 (a) the business, assets,
operations, prospects or condition, financial or otherwise, of the Company and
its Subsidiaries taken as a whole, (b) the ability of the Company to
perform any of its obligations under this Agreement or (c) the rights of or
benefits available to the Lenders under this Agreement.

     

    “Material
Indebtedness” means Indebtedness (other than the Loans), or obligations
in respect of one or more Hedging Agreements, of the Company and its
Subsidiaries in an aggregate principal amount exceeding
US$250,000,000.  For purposes of determining Material Indebtedness,
the “principal amount” of the obligations of any Borrower or any Subsidiary in
respect of any Hedging Agreement at any time shall be the maximum aggregate
amount (giving effect to any netting agreements) that such Borrower or
Subsidiary would be required to pay if such Hedging Agreement were terminated at
such time.

     

    “Material Subsidiary”
means (a) any Subsidiary that is a Borrower, (b) any Subsidiary that directly or
indirectly owns or Controls any Material Subsidiary and (c) any other
Subsidiary (i) the consolidated revenues of which for the most recent
period of four fiscal quarters of the Company for which audited financial
statements have been delivered pursuant to Section 5.01 were greater than 10% of
the Company’s consolidated revenues for such period or (ii) the
consolidated assets of which as of the end of such period were greater than 10%
of the Company’s consolidated assets as of such date; provided that if at
any time the aggregate consolidated revenues or assets of all Subsidiaries that
are not Material Subsidiaries for or at the end of any period of four fiscal
quarters exceeds 10% of the Company’s consolidated revenues for such period or
10% of the Company’s consolidated assets as of the end of such period, as
applicable, the Company shall (or, in the event the Company has failed to do so
within 10 days, the Administrative Agent may) designate sufficient
Subsidiaries as “Material Subsidiaries” to eliminate such excess, and such
designated Subsidiaries shall for all purposes of this Agreement constitute
Material Subsidiaries.  For purposes of making the determinations
required by this definition, revenues and assets of foreign Subsidiaries shall
be converted into US Dollars at the rates used in preparing the consolidated
balance sheet of the Company included in the applicable financial
statements.

     

    “Maturity Date” means
June 23, 2013.

     

    “Moody’s” means
Moody’s Investors Service, Inc. or any successor to the rating agency business
thereof.

     

    
      
         

      

      
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    “Multiemployer Plan”
means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

     

    “Notice of Illegality”
has the meaning set forth in Section 2.20.

     

    “Obligations” means
the due and punctual payment of (i) the principal of and premium, if any, and
interest (including interest accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding) on the Loans made to any Borrower, when
and as due, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise and (ii) all other monetary obligations, including
fees, costs, expenses and indemnities, whether primary, secondary, direct,
contingent, fixed or otherwise (including monetary obligations incurred during
the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), of
the Borrowers under this Agreement and the other Loan Documents.

     

    “Other Taxes” means
any and all present or future recording, stamp, documentary, excise, transfer,
sales, property or similar taxes, charges or levies arising from any payment
made hereunder or under any other Loan Document or from the execution, delivery
or enforcement of, or otherwise with respect to, this Agreement or any other
Loan Document.

     

    “Patriot Act” has the
meaning set forth in Section 10.15.

     

    “PBGC” means the
Pension Benefit Guaranty Corporation referred to and defined in ERISA and any
successor entity performing similar functions.

     

    “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  Percentages shall be determined based upon the
Commitments most recently in effect, giving effect to any
assignments.

     

    “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 and securing
obligations that are not overdue by more than 30 days or are being contested in
good faith;

     

    (c) pledges
and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or
regulations;

     

    
      
         

      

      
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    (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;

     

    (e) judgment
liens; and

     

    (f) 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 any of
the Borrowers or any of their Subsidiaries;

     

    provided that the
term “Permitted Encumbrances” shall not include any Lien securing Indebtedness
or any Lien in favor of the PBGC.

     

    “Person” means any
natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other
entity.

     

    “Plan”  means
any employee pension benefit plan (other than a Multiemployer Plan) subject to
the provisions of Title IV of ERISA or Section 412 of the Code or
Section 302 of ERISA, and in respect of which any of the Borrowers or any
ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA.

     

    “Prime Rate” means the
rate of interest per annum publicly announced from time to time by JPMCB 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.

     

    “Quotation Day” means,
with respect to any Eurocurrency Borrowing and any Interest Period, the day on
which it is market practice in the relevant interbank market for prime banks to
give quotations for deposits in US Dollars for delivery on the first day of such
Interest Period.  If such quotations would normally be given by prime
banks on more than one day, the Quotation Day will be the last of such
days.

     

    “Ratings” means, at
any time, the ratings for senior, unsecured, long-term, non-credit enhanced
Indebtedness of the Company, as published by Moody’s and S&P at such
time.

     

    “Register” has the
meaning set forth in Section 10.04.

     

    “Related Fund” means,
with respect to any Lender that is a fund that invests in bank loans, any other
fund that invests in bank loans and is managed by the same investment advisor as
such Lender or by an Affiliate of such investment advisor.

     

    
      
         

      

      
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    “Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, trustees, agents and advisors of such
Person and such Person’s Affiliates.

     

    “Required Lenders”
means, at any time, Lenders having unused Commitments and Revolving Loan
Exposures representing more than 50% of the aggregate total unused Commitments
and Revolving Loan Exposures; provided that, for
purposes of declaring the Loans to be due and payable pursuant to Article VII,
and for all purposes after the Loans become due and payable pursuant to
Article VII or the Commitments expire or terminate, the outstanding
Competitive Loans and Contract Loans of the Lenders shall be included in their
respective Revolving Loan Exposures in determining the Required
Lenders.

     

    “Reset Date” means
each date on which the Index will be determined.  The Reset Dates for
any Eurocurrency Loans will be the dates on which LIBO Rates are set for such
Loans for each Interest Period applicable thereto; provided that for any
Eurocurrency Loan with an Interest Period longer than three months, a Reset Date
will also occur at the end of each successive three-month period during such
Interest Period.  The Reset Dates for any ABR Loans will be the
Effective Date and the first day of each calendar quarter
thereafter.

     

    “Revolving Borrowing”
means a Borrowing comprised of Revolving Loans.

     

    “Revolving Loan” means
a Loan made by a Lender pursuant to Section 2.01.  Each Revolving
Loan shall be a Eurocurrency Loan or an ABR Loan.

     

    “Revolving Loan
Exposure” means, at any time, the aggregate principal amount of the
Revolving Loans outstanding at such time.  The Revolving Loan Exposure
of any Lender at any time shall be such Lender’s Percentage of the total
Revolving Loan Exposure at such time.

     

    “S&P” means
Standard & Poor’s Ratings Group or any successor to the rating agency
business thereof.

     

    “Sale and Leaseback
Transaction” means any arrangement whereby the Company or a Subsidiary,
directly or indirectly, shall sell or transfer any property, real or personal,
used or useful in its business, whether now owned or hereafter acquired, and
thereafter rent or lease such property or other property which it intends to use
for substantially the same purpose or purposes as the property being sold or
transferred.

     

    “Statutory Reserves”
means any reserve, liquid asset or similar requirements established by any
Governmental Authority of the United States to which banks in such jurisdiction
are subject for any category of deposits or liabilities

     

    
      
         

      

      
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    customarily
used to fund loans in US Dollars or by reference to which interest rates
applicable to Loans are determined.

     

    “Subsequent
Borrowings” has the meaning set forth in
Section 2.10(d).

     

    “subsidiary” means,
with respect to any Person, any entity with respect to which such Person alone
owns, such Person or one or more of its subsidiaries together own, or such
Person and any Person Controlling such Person together own, in each case
directly or indirectly, capital stock or other equity interests having ordinary
voting power to elect a majority of the members of the Board of Directors of
such corporation or other entity or having a majority interest in the capital or
profits of such corporation or other entity.

     

    “Subsidiary” means any
subsidiary of the Company.

     

    “Taxes” means any and
all present or future taxes, levies, imposts, duties, deductions, charges or
withholdings imposed by any Governmental Authority.

     

    “Transactions” means
the execution, delivery and performance by the Company and the other Borrowers
of the Loan Documents, the borrowing of Loans hereunder and the use of the
proceeds thereof.

     

    “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 LIBO Rate, the Alternate Base Rate or a Fixed Rate.

     

    “US Dollars” or “US $” means the
lawful money of the United States of America.

     

    “Withdrawal Liability”
means liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in
Part I of Subtitle E of Title IV of ERISA.

     

    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 “Eurocurrency
Loan”) or by Class and Type (e.g., a “Eurocurrency
Revolving Loan”).  Borrowings also may be classified and referred to
by Class (e.g.,
a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency
Borrowing”) or by Class and Type (e.g., a “Eurocurrency
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

     

    
      
         

      

      
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    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 definition
of or reference to any statute, rule or regulation shall be construed as
referring thereto as from time to time amended, supplemented or otherwise
modified (including by succession of comparable successor laws), (c) any
reference herein to any Person shall be construed to include such Person’s
successors and assigns, (d) 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, (e) 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 (f)
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
Company notifies the Administrative Agent that the Company requests an amendment
to any provision hereof to 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 Company 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 Company and the Borrowing Subsidiaries from time to time
during the Availability Period in US Dollars in an aggregate principal amount at
any time outstanding that will not result in (i) such Lender’s Revolving Loan
Exposure exceeding its Commitment or (ii) the aggregate Exposures exceeding the
aggregate Commitments.

     

    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 (or
their Affiliates as provided in paragraph (b) below) ratably in accordance with
their

     

    
      
         

      

      
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    respective
Commitments.  Each Competitive Loan shall be made in accordance with
the procedures set forth in Section 2.05.  Each Contract Loan
shall be made in accordance with the procedures set forth in paragraph (e)
below.   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 of the Lenders are several and no Lender shall be responsible
for any other Lender’s failure to make Loans as required hereunder.

     

    (b) Subject
to Section 2.14, (i) each Revolving Borrowing shall be comprised entirely
of Eurocurrency Loans or ABR Loans as the applicable Borrower may request in
accordance herewith and (ii) each Competitive Borrowing shall be comprised
entirely of Eurocurrency Loans or Fixed Rate Loans, as the applicable Borrower
may request in accordance herewith.  Each Lender at its option may
make any Loan by causing any domestic branch or Affiliate of such Lender to make
such Loan (and in the case of an Affiliate, the provisions of Sections 2.14,
2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such
Lender); provided
that any exercise of such option shall not affect the obligation of the
applicable Borrower to repay such Loan in accordance with the terms of this
Agreement.

     

    (c) At the
commencement of each Interest Period for any Borrowing (other than a Borrowing
comprised of Competitive Loans or Contract Loans), such Borrowing shall be in an
aggregate amount that is at least equal to the Borrowing Minimum and an integral
multiple of the Borrowing Multiple; provided that an ABR
Borrowing may be made in an aggregate amount that is equal to the aggregate
available Commitments.  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 five Eurocurrency Revolving
Borrowings outstanding.

     

    (d) Notwithstanding
any other provision of this Agreement, no Borrower shall 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.

     

    (e) At any
time, any Borrower and any Lender may agree that such Lender will make a Loan (a
“Contract
Loan”) to the Borrower denominated in US Dollars, and bearing interest at
an agreed upon rate, for an interest period to be agreed upon and upon such
other terms as the applicable Borrower and Lender may agree (it being understood
that a Contract Loan shall not be required to be in any particular minimum
amount); provided that, (i)
after giving effect to the making of any such Contract Loan, the aggregate
Exposures shall not exceed the aggregate Commitments and (ii) no such Loan shall
be a Contract Loan unless the relevant Borrower and the applicable Lender
expressly agree at the time such Loan is made, and notify the Administrative
Agent, that such Loan shall be a Contract Loan for purposes of this
Agreement.  If the applicable Borrower and Lender shall, after any
Contract Loan is made, agree that such Contract Loan shall no longer be a
Contract Loan hereunder and shall notify the Administrative Agent of such
agreement, such Loan shall, as of the date

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    of such
agreement, cease to be a Contract Loan or to be entitled to any further benefits
under this Agreement.  Contract Loans shall be deemed Loans for all
purposes under this Agreement.  Each Borrower and Lender shall
promptly notify the Administrative Agent of (i) the date, principal amount,
maturity, interest rate, Interest Period and Interest Payment Dates of each
Contract Loan made by or to such Lender to such Borrower and (ii) the date and
amount of any repayment or prepayment of any such Contract Loan.

     

    SECTION
2.03. Requests for Revolving
Borrowings.  To request a Revolving Borrowing, the applicable
Borrower, or the Company on behalf of the applicable Borrower, shall notify the
Administrative Agent of such request by telephone (a) in the case of a
Eurocurrency Borrowing, not later than 2:00 p.m., New York City time,
three Business Days before the date of the proposed Borrowing and (b) in
the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on
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 applicable Borrower, or
by the Company on behalf of the applicable Borrower.  Each such
telephonic and written Borrowing Request shall specify the following information
in compliance with Section 2.02:

     

    (i) the
Borrower requesting such Borrowing (or on whose behalf the Company is requesting
such Borrowing);

     

    (ii) the
aggregate principal amount of the requested Borrowing;

     

    (iii) the date
of the requested Borrowing, which shall be a Business Day;

     

    (iv) the Type
of the requested Borrowing;

     

    (v) in the
case of a Eurocurrency Borrowing, the initial Interest Period to be applicable
thereto, which shall be a period contemplated by the definition of the term
“Interest Period”; and

     

    (vi) the
location and number of the relevant Borrower’s account to which funds are to be
disbursed, which shall comply with the requirements of
Section 2.07.

     

    If no
election as to the Type of Borrowing is specified, then the requested Borrowing
shall be an ABR Borrowing.  If no Interest Period is specified with
respect to any requested Eurocurrency Borrowing, then the relevant 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 the Loan to be made by
such Lender as part of the requested Borrowing.

     

    
      
         

      

      
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    SECTION
2.04. [Intentionally
Omitted]

     

    SECTION
2.05. Competitive Bid
Procedure.  (a)  Subject to the terms and conditions
set forth herein, from time to time during the Availability Period any Borrower
may request Competitive Bids for Competitive Loans in US Dollars and may (but
shall not have any obligation to) accept Competitive Bids and borrow Competitive
Loans; provided
that the aggregate Exposures at any time shall not exceed the aggregate
Commitments.  To request Competitive Bids, the Company or the
applicable Borrower shall notify the Administrative Agent of such request by
telephone (i) in the case of a Eurocurrency Competitive Borrowing, not
later than 10:00 a.m., New York City time, four Business Days before the date of
the proposed Competitive Borrowing and (ii) in the case of a Fixed Rate
Borrowing, not later than 12:00 noon, New York City time, one Business Day
before the date of the proposed Competitive Borrowing.  Not more than
three Competitive Bid Requests may be submitted on the same day.  Each
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
Company.  Each such telephonic and written Competitive Bid Request
shall specify the following information in compliance with
Section 2.02:

     

    (i) the
Borrower requesting the Competitive Bid and 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 Eurocurrency 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 Company’s account to which funds are to be disbursed,
which shall comply with the requirements of Section 2.07.

     

    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 Company 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, (i) in
the case of a Eurocurrency Competitive Borrowing, not later than 12:00 noon, New
York City time, four Business Days before the date of the proposed Competitive
Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than
9:30 a.m., New York City time, on the

     

    
      
         

      

      
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    date of
the proposed Competitive Borrowing.  Competitive Bids that do not
conform 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 may equal the entire principal amount of
the Competitive Borrowing requested by the Company) 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 Company 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 applicable Borrower may accept or
reject any Competitive Bid.  The Borrower shall notify the
Administrative Agent by telephone, 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, (i) in the case of a Eurocurrency Competitive
Borrowing, not later than 11:00 a.m., New York City time, three Business Days
before the date of the proposed Competitive Borrowing and (ii) in the case of a
Fixed Rate Borrowing, not later than 10:30 a.m., New York City time, on the
date of the proposed 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 such 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 and (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; provided further that 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 the
Borrowing Multiple 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.

     

    
      
         

      

      
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    (f) If the
Administrative Agent or one of its Affiliates shall elect to submit a
Competitive Bid in its capacity as a Lender, it shall submit such Competitive
Bid directly to the applicable 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
2.06. [Intentionally
Omitted]

     

    SECTION
2.07. Funding of
Borrowings.  (a)  Each Lender shall make each Loan
(other than a Contract Loan) to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds by 2:00 p.m., New
York City time, to the account of the Administrative Agent.  The
Administrative Agent will make such Loans available to the relevant Borrower by
promptly crediting the amounts so received, in like funds, to an account of such
Borrower maintained by the Administrative Agent (or another account specified by
such Borrower in the applicable Borrowing Request) in New York
City.  Each Lender shall make each Contract Loan to be made by it
hereunder on the proposed date thereof by wire transfer of immediately available
funds by the time and to the account agreed upon by the relevant Borrower and
the applicable Lender.

     

    (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 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 relevant 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, and the
Administrative Agent has made an amount corresponding to such share available to
such Borrower, then the applicable Lender and such 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 such Borrower to but excluding the date of payment to the
Administrative Agent, at (i) in the case of such Lender, the rate reasonably
determined by the Administrative Agent to be the cost to it of funding such
amount or (ii) in the case of such Borrower, the interest rate applicable
to the subject Loan.  If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan
included in such Borrowing and the Administrative Agent shall return to such
Borrower any amount (including interest) paid by such Borrower to the
Administrative Agent pursuant to this paragraph.

     

    SECTION
2.08. Repayment of
Borrowings; Evidence of Debt.  (a)  Each Borrower
hereby unconditionally promises to pay to the Administrative Agent for the
accounts of the applicable Lenders (i) the then unpaid principal amount of the
Loans comprising each Borrowing of such Borrower on the Maturity Date and (ii)
the then

     

    
      
         

      

      
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    unpaid
principal amount of each Competitive Loan on the last day of the Interest Period
applicable thereto.  Each Borrower hereby unconditionally promises to
pay to the applicable Lender the then unpaid principal amount of each Contract
Loan on the date or dates agreed by such Borrower and such Lender.

     

    (b) Each
Lender shall maintain in accordance with its usual practice an account or
accounts evidencing the obligations of each Borrower to such Lender resulting
from the Loans made by such Lender.

     

    (c) The
Administrative Agent shall maintain accounts in which it shall record
(i) the amount of each Borrowing made hereunder, the Class and Type thereof
and the Interest Period applicable thereto and (ii) the amount of any sum
received by the Administrative Agent hereunder for the accounts 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 any Borrower
to repay the Loans made to it in accordance with the terms of this
Agreement.

     

    (e) Any
Lender may request that Loans of any Class made by it to any Borrower be
evidenced by a promissory note if it is the policy of such Lender to obtain
promissory notes in transactions comparable to those provided for herein or if
such Lender has another business reason for requesting such a promissory
note.  In such event, each applicable 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) in
the form of Exhibit C hereto.  Thereafter, the Loans evidenced by each
such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 10.04) 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. Interest
Elections.  (a)  Each Borrowing initially shall be of
the Type specified in the applicable Borrowing Request and, in the case of a
Eurocurrency Borrowing, shall have an initial Interest Period as specified in
such Borrowing Request.  After the initial Revolving Borrowings, the
Borrowers may elect to convert and continue such Revolving Borrowings to or as
other Revolving Borrowings as provided in this Section.  The Borrowers
may elect different options with respect to different portions of the affected
Borrowings, in which case each such portion shall be allocated ratably among the
Lenders holding the Loans comprising such Borrowings and any Loans resulting
from an election made with respect to any such portion shall be considered a
separate Borrowing.  Notwithstanding any other provision of this
Section, no Borrowing may be converted into or continued as a Borrowing with an
Interest Period

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    ending
after the Maturity Date.  This Section shall not apply to Competitive
Loans or to Contract Loans, which may not be converted or
continued.

     

    (b) To make
an election pursuant to this Section, a Borrower, or the Company on its behalf,
shall notify the Administrative Agent of such election by telephone in the case
of an election that would result in a Borrowing, by the time and date that a
Borrowing Request would be required under Section 2.03 if such Borrower
were requesting a 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
relevant Borrower, or the Company on its behalf.  Notwithstanding any
contrary provision herein, this Section shall not be construed to permit any
Borrower to elect an Interest Period for Eurocurrency Loans that does not comply
with Section 2.02(d).

     

    (c) Each
telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.03:

     

    (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 a
Eurocurrency Borrowing or an ABR Borrowing is elected; and

     

    (iv) in the
case of an election of a Eurocurrency 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”; provided that no
Eurocurrency Borrowing may be elected with an Interest Period that would extend
after the Maturity Date.

     

    If any
such Interest Election Request requests a Eurocurrency 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.

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    (e) If the
relevant Borrower fails to deliver a timely Interest Election Request with
respect to a Eurocurrency 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.

     

    (f) The
conversion or continuation of any Borrowing shall not constitute a repayment of
amounts outstanding or a new advance of funds hereunder.

     

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

     

    (b) The
Company 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 an integral
multiple of the Borrowing Multiple and not less than the Borrowing Minimum and
(ii) the Company shall not terminate or reduce the Commitments if, after giving
effect to any concurrent prepayment of the Loans in accordance with
Section 2.11, the Revolving Loan Exposure of any Lender would exceed its
Commitment or the aggregate Exposures would exceed the aggregate
Commitments.

     

    (c) The
Company 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 the effective date of such election.  Promptly following
receipt of any such notice, the Administrative Agent shall advise the Lenders of
the contents thereof.  Each notice delivered by the Company pursuant
to this Section shall be irrevocable; provided that a
notice of termination of the Commitments delivered by the Company may state that
such notice is conditioned upon the effectiveness of other credit facilities, in
which case such notice may be revoked by the Company (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.

     

    (d) (i) The
Company may on one or more occasions, by written notice to the Administrative
Agent and executed by the Company and one or more financial institutions (any
such financial institution referred to in this paragraph (d) being called an
“Increasing
Lender”), which may include any Lender, cause new Commitments to be
extended by the Increasing Lenders (or cause the existing Commitments of the
Increasing Lenders to be increased, as the case may be) in amounts set forth in
such notice not to be less than (A) $10,000,000 for each Increasing Lender and
(B) $25,000,000 for all Increasing Lenders under each such notice; provided that (x) at
no time shall the aggregate amount of all extensions of new Commitments and
increases in existing Commitments effected pursuant to this Section 2.10(d)
exceed $500,000,000, (y) each Increasing Lender, if not already a Lender
hereunder, shall be subject to the approval of the Administrative Agent (which
approval shall not be unreasonably withheld) and (z)

     

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    each
Increasing Lender, if not already a Lender hereunder, shall execute all such
documentation as the Administrative Agent shall reasonably specify to evidence
the Commitment of such Increasing Lender and/or its status as a Lender
hereunder.

     

    (ii) Extensions
of new Commitments and increases in existing Commitments pursuant to this
Section 2.10(d) shall become effective on the date specified in the applicable
notice delivered by the Company pursuant to paragraph (d)(i)
above.  Upon the effectiveness of such extension of new Commitments
and/or increases in existing Commitments, (A) each Increasing Lender not already
a Lender hereunder shall be deemed to be a party to this Agreement and shall
thereafter be entitled to all rights, benefits and privileges accorded a Lender
hereunder and subject to all obligations of a Lender hereunder and (B) Schedule
2.01 shall be deemed to have been amended to reflect the new Commitment or
increase in Commitment, as applicable, of each Increasing Lender as set forth in
the applicable notice delivered by the Company.

     

    (iii) Notwithstanding
the foregoing, no increase in the Commitments (or in any Commitment of any
Lender) or extension of new Commitments hereunder shall become effective under
this Section 2.10(d) unless (A) on the date of such increase or extension, the
conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be
satisfied (without giving effect to the parenthetical in such paragraph (a)) and
the Administrative Agent shall have received a certificate to that effect dated
such date and executed by a Financial Officer of the Company and (B) the
Administrative Agent shall have received documents consistent with those
delivered pursuant to Section 4.01(b) and (c) as to the corporate power and
authority of the Borrowers to borrow hereunder after giving effect to such
increase or extension.

     

    (iv) On the
effective date of any extension of a new Commitment or increase in an existing
Commitment pursuant to this Section 2.10(d), (A) the aggregate principal amount
of the Revolving Loans outstanding (the “Initial Loans”)
immediately prior to giving effect to such extension or increase shall be deemed
to be repaid, (B) after the effectiveness of such extension or increase, the
Borrowers shall be deemed to have made new Revolving Borrowings (the “Subsequent
Borrowings”) in an aggregate principal amount equal to the aggregate
principal amount of the Initial Loans and of the Types and for the Interest
Periods specified in a Borrowing Request delivered to the Administrative Agent
in accordance with Section 2.03, (C) each Lender shall pay to the Administrative
Agent in same day funds an amount equal to the difference, if positive, between
(x) such Lender’s Percentage (calculated after giving effect to any such
extension or increase) of the Subsequent Borrowings and (y) such Lender’s
Percentage (calculated without giving effect to any such extension or increase)
of the Initial Loans, (D) after the Administrative Agent receives the funds
specified in clause (C) above, the Administrative Agent shall pay to each Lender
the portion of such funds that is equal to the difference, if positive, between
(x) such Lender’s Percentage (calculated without giving effect to any such
extension or increase) of the Initial Loans and (y) such Lender’s Percentage
(calculated after giving effect to any such extension or increase) of
the

     

    
      
         

      

      
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    amount of
the Subsequent Borrowings, (E) each Lender shall be deemed to hold its
Percentage of each Subsequent Borrowing (each calculated after giving effect to
any such extension or increase) and (F) each applicable Borrower shall pay each
Lender any and all accrued but unpaid interest on the Initial
Loans.  The deemed payments made pursuant to clause (A) above in
respect of each Eurocurrency Loan shall be subject to the provisions of Section
2.16 if the effective date of the extension of or increase in Commitment
pursuant to this Section 2.10(d) occurs other than on the last day of the
Interest Period relating thereto and breakage costs result.

     

    SECTION
2.11. Prepayment of
Loans.  (a)  Any Borrower, or the Company on behalf
of any Borrower, shall have the right at any time and from time to time to
prepay any Borrowing of such Borrower in whole or in part, subject to prior
notice in accordance with paragraph (d) of this Section; provided that, unless
the applicable Borrowers and Lenders shall have otherwise agreed at the time
such Loans were made, Competitive Loans or Contract Loans may be prepaid only
with the consent of the Lenders making such Loans.

     

    (b) If the
aggregate Exposures shall exceed the aggregate Commitments, then (i) on the last
day of any Interest Period for any Eurocurrency Borrowing, and (ii) on any other
date in the event ABR Borrowings shall be outstanding, the applicable Borrowers
shall prepay Loans in an amount equal to the lesser of (A) the amount
necessary to eliminate such excess (after giving effect to any other prepayment
of Loans on such day) and (B) the amount of the applicable Borrowings
referred to in clause (i) or (ii), as applicable.

     

    (c) Prior to
any optional or mandatory prepayment of Borrowings hereunder, the applicable
Borrower shall select the Borrowing or Borrowings to be prepaid and shall
specify such selection in the notice of such prepayment pursuant to
paragraph (d) of this Section.

     

    (d) The
applicable Borrower, or the Company on behalf of the applicable Borrower, shall
notify the Administrative Agent by telephone (confirmed by telecopy) of any
prepayment of a Borrowing hereunder (i) in the case of a Eurocurrency Borrowing,
not later than 11:00 a.m., New York City time, three Business Days
before the date of such prepayment and (ii) 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 such 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 optional prepayment is given in connection with a conditional notice
of termination of the Commitments as contemplated by Section 2.10(c), then
such notice of prepayment may be revoked if such notice of termination is
revoked in accordance with Section 2.10(c).  Promptly following
receipt of any such notice, the Administrative Agent shall advise the Lenders of
the contents thereof.  Each partial prepayment of any Borrowing shall
be in an amount that would be permitted in the case of an advance of a Borrowing
of the same

     

    
      
         

      

      
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    Type as
provided in Section 2.02.  Each prepayment of a Borrowing shall
be applied ratably to the Loans included in the prepaid
Borrowing.  Prepayments shall be accompanied by (i) accrued
interest to the extent required by Section 2.13 and (ii) break funding
payments pursuant to Section 2.16.

     

    SECTION
2.12. Fees.  (a)  The
Company agrees to pay to the Administrative Agent in US Dollars for the account
of each Lender (except, in the case of any Defaulting Lender, as provided in
Section 2.21), a commitment fee, which shall accrue at the Applicable Rate on
the daily unused amount of the Commitment of such Lender during the period from
and including the date hereof to but excluding the date on which such Commitment
terminates.  Accrued commitment fees shall be payable in arrears on
the last day of March, June, September and December of each year, commencing on
the first such date to occur after the date hereof, and on the date on which the
Commitments terminate.  All commitment 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).  For
purposes of computing commitment fees, a Commitment of a Lender shall be deemed
to be used to the extent of the outstanding Loans of such Lender.

     

    (b) The
Company 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
Company and the Administrative Agent.

     

    (c) 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 commitment
fees, to the Lenders.  Fees paid shall not be refundable under any
circumstances.

     

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

     

    (b) The Loans
comprising each Eurocurrency Borrowing shall bear interest (i) in the case
of a Revolving Borrowing, at the LIBO Rate for the Interest Period in effect for
such Borrowing plus the Applicable Rate, or (ii) in the case of a
Eurocurrency 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) Each
Contract Loan shall bear interest at a rate per annum agreed upon between the
applicable Borrower and Lender.

     

    (e) Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee payable by
any Borrower hereunder is not paid when due, whether at

     

    
      
         

      

      
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    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% per annum plus the rate otherwise
applicable to such Loan as provided in the preceding paragraphs of this Section
and (ii) in the case of any other amount payable, 2% per annum plus the rate
applicable to ABR Loans as provided in paragraph (a) above.

     

    (f) Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan; provided that (i)
interest accrued pursuant to paragraph (e) above shall be payable on demand,
(ii) in the event of any repayment or prepayment of any Loan (other than a
prepayment of an ABR 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
Eurocurrency 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.

     

    (g) 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 or
LIBO Rate shall be determined by the Administrative Agent, and such
determination shall be conclusive absent manifest error.

     

    SECTION
2.14. Alternate Rate of
Interest.  If prior to the commencement of any Interest Period
for a Eurocurrency 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 LIBO Rate for such Interest Period; or

     

    (b) the
Administrative Agent is advised by a majority in interest of the Lenders that
would participate in such Borrowing that the LIBO Rate for such Interest Period
will not adequately and fairly reflect the cost to such Lenders of making or
maintaining their Loans included in such Borrowing for such Interest
Period;

     

    then the
Administrative Agent shall give notice thereof to the applicable Borrower and
the applicable Lenders by telephone or telecopy as promptly as practicable
thereafter and, until the Administrative Agent notifies the applicable Borrower
and the applicable Lenders that the circumstances giving rise to such notice no
longer exist, (i) any Interest Election Request that requests the conversion of
any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing
shall be ineffective, and any Eurocurrency Borrowing that is requested to be
continued shall be repaid on the last day of the then

     

    
      
         

      

      
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    current
Interest Period applicable thereto, and (ii) any Borrowing Request for a
Eurocurrency Borrowing shall be ineffective.

     

    SECTION
2.15. Increased
Costs.  (a)  If any Change in Law or the
applicability of any Statutory Reserves 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; or

     

    (ii) impose on
any Lender or the London interbank market any other condition affecting this
Agreement or Eurocurrency Loans made by such Lender or participations
therein;

     

    and the
result of any of the foregoing shall be to increase the cost to such Lender of
making or maintaining any Eurocurrency 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
Company will pay or cause the other Borrowers to 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 reasonably 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 Company will pay or cause the
other Borrowers to pay to such Lender , as the case may be, such additional
amount or amounts as will compensate such Lender  or such Lender’s
holding company for any such reduction suffered.

     

    (c) Each
Lender shall determine the amount or amounts necessary to compensate such Lender
or such Lender’s holding company, as the case may be, as specified in
paragraph (a) or (b) of this Section using the methods customarily used by
it for such purpose (and if such Lender  uses more than one such
method, the method used hereunder shall be that which most accurately determines
such amount or amounts).  A certificate of a Lender setting forth the
amount or amounts necessary to compensate such Lender or such Lender’s holding
company, as the case may be, as specified in paragraph (a) or (b) of this
Section, and setting forth in reasonable detail the calculations used by such
Lender  to determine such amount, shall be delivered to the Company
and shall be conclusive absent manifest error.  The Company shall pay
or cause the other Borrowers to pay to such Lender the amount shown as due on
any such certificate within 15 Business Days after receipt
thereof.

     

    
      
         

      

      
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    (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
Company shall not be required to compensate a Lender pursuant to this Section
for any increased costs or reductions incurred more than 180 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 delivers a certificate with respect
thereto as provided in paragraph (c) above; provided further that, if the
Change in Law giving rise to such increased costs or reductions is retroactive,
then the 180-day period referred to above shall be extended to include the
period of retroactive effect thereof.

     

    SECTION
2.16. Break Funding
Payments.  In the event of (a) the payment of any principal of
any Eurocurrency 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 Eurocurrency Loan to a Loan of a
different Type or Interest Period other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or
prepay any Loan on the date specified in any notice delivered pursuant hereto
(regardless of whether such notice may be revoked under Section 2.11(d) and
is revoked in accordance therewith), or (d) the assignment or deemed assignment
of any Eurocurrency 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 Company
pursuant to Section 2.19, then, in any such event, the applicable Borrower
shall compensate each Lender for the loss, cost and expense attributable to such
event.  In the case of a Eurocurrency 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 that would have accrued on
the principal amount of such Loan had such event not occurred, at the 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 that would accrue on such principal amount for such period at the
interest rate such Lender would bid were it to bid, at the commencement of such
period, for deposits of a comparable amount and period from other banks in the
London interbank market.  A certificate of any Lender setting forth
any amount or amounts that such Lender is entitled to receive pursuant to this
Section, and setting forth in reasonable detail the calculations used by such
Lender to determine such amount or amounts, shall be delivered to the applicable
Borrower and shall be conclusive absent manifest error.  The
applicable Borrower shall pay such Lender the amount shown as due on any such
certificate within 15 Business Days after receipt thereof.

     

    SECTION
2.17. Taxes.  (a)  Any
and all payments by or on account of any Borrower in respect of any Obligation
hereunder or under any other Loan Document shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if any
Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) the sum payable shall be increased as

     

    
      
         

      

      
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    necessary
so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent or the
applicable Lender, as the case may be, receives an amount equal to the sum it
would have received had no such deductions been made, (ii) such Borrower
shall make such deductions and (iii) such Borrower shall pay the full
amount deducted to the relevant Governmental Authority in accordance with
applicable law.

     

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

     

    (c) The
relevant Borrower shall indemnify the Administrative Agent and each Lender,
within 15 Business 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 any Borrower hereunder or under any other Loan Document
(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 setting forth in reasonable detail the
circumstances giving rise thereto and the calculations used by such Lender to
determine the amount thereof delivered to the Company 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 any
Borrower to a Governmental Authority, such 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
Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which a Borrower is located, or any treaty
to which such jurisdiction is a party, with respect to payments under this
Agreement shall deliver to the Company (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 Company as will permit such payments to be made without
withholding or at a reduced rate; provided that such
Lender has received written notice from the Company advising it of the
availability of such exemption or reduction and containing all applicable
documentation.

     

    SECTION
2.18. Payments Generally; Pro Rata
Treatment; Sharing of Setoffs.  (a)  Except as agreed
by the relevant Borrower and the applicable Lenders with respect to Contract
Loans, each Borrower shall make each payment required to be made

     

    
      
         

      

      
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    by it
hereunder or under any other Loan Document (whether of principal, interest or
fees, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise)
prior to 12:00 noon, New York City time, on the date when due, in
immediately available funds, without set-off or counterclaim.  Any
amounts received after such time (or any other applicable time agreed by the
relevant Borrower and the applicable Lenders with respect to Contract Loans) on
any date may, in the discretion of the Administrative Agent, be deemed to have
been received on the next succeeding Business Day for purposes of calculating
interest thereon.  All such payments shall be made to the
Administrative Agent to the applicable account specified in Schedule 2.18 for
the account of the applicable Lenders or, in any such case, to such other
account as the Administrative Agent shall from time to time specify in a notice
delivered to the Company and the applicable Borrower; provided that
payments to the applicable Lenders in respect of Contract Loans and payments
pursuant to Sections 2.15, 2.16, 2.17 and 10.03 shall be made directly to
the Persons entitled thereto and payments pursuant to other Loan Documents shall
be made to the Persons specified therein (it being agreed that the Borrowers
will be deemed to have satisfied their obligations with respect to payments
referred to in this proviso if they shall make such payments to the persons
entitled thereto in accordance with instructions provided by the Administrative
Agent; the Administrative Agent agrees to provide such instructions upon
request, and no Borrower will be deemed to have failed to make such a payment if
it shall transfer such payment to an improper account or address as a result of
the failure of the Administrative Agent to provide proper
instructions).  The Administrative Agent shall distribute any such
payments received by it for the account of any Lender or other Person promptly,
in accordance with customary banking practices, following receipt thereof at the
appropriate lending office or other address specified by such Lender or other
Person.  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 US Dollars.  Any payment required
to be made by the Administrative Agent hereunder shall be deemed to have been
made by the time required if the Administrative Agent shall, at or before such
time, have taken the necessary steps to make such payment in accordance with the
regulations or operating procedures of the clearing or settlement system used by
the Administrative Agent to make such payment.

     

    (b) If any
Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on its Loans resulting
in such Lender receiving payment of a greater proportion of the aggregate amount
of its 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 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 their Loans and
accrued interest thereon; 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

     

    
      
         

      

      
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    extent of
such recovery, without interest, and (ii) the provisions of this paragraph shall
not be construed to apply to any payment made by any 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 Company or any
Subsidiary or Affiliate thereof (as to which the provisions of this paragraph
shall apply).  Each 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 such Borrower rights of set-off 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.  Any purchaser of a participation
under this paragraph shall have the benefit of Sections 2.15, 2.16 and 2.17 with
respect to the participation purchased, but shall not be deemed by virtue of
such purchase to have extended any Commitment that it had not extended prior to
such purchase.

     

    (c) Unless
the Administrative Agent shall have received notice from the relevant Borrower
prior to the date on which any payment is due for the account of all or certain
of the Lenders  hereunder that such Borrower will not make such
payment, the Administrative Agent may assume that such Borrower has made such
payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the applicable Lenders , as the case may be, the
amount due.  In such event, if such Borrower has not in fact made such
payment, then each of the applicable Lenders severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such
Lender or Issuing Bank 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 a rate determined by the Administrative Agent in
accordance with banking industry practices on interbank
compensation.

     

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

     

    SECTION
2.19. Mitigation Obligations;
Replacement of Lenders.  (a)  If any Lender requests
compensation under Section 2.15, or if any Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 2.17, then such Lender shall
consult with the Company regarding any actions that could be taken to reduce
amounts payable under such Sections and the costs of taking such actions and
shall, at the request of the Company following such consultations, 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

     

    
      
         

      

      
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    designation
or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.15 or 2.17, 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 Company hereby agrees to pay
all reasonable, direct, out-of-pocket costs and expenses incurred by any Lender
in connection with any such designation or assignment.

     

    (b) If (i)
any Lender requests compensation under Section 2.15, (ii) any Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.17, (iii) any
Lender becomes a Defaulting Lender or (iv) any Lender delivers a Notice of
Illegality pursuant to Section 2.20, then the Company 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 10.04), all its interests,
rights and obligations under the Loan Documents to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that (i) the
Company shall have received the prior written consent of the Administrative
Agent, which consent shall not be unreasonably withheld, (ii) such Lender shall
have received payment of an amount equal to the outstanding principal of its
Loans, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder, from the assignee or the Company and (iii) in the case of any such
assignment and delegation resulting from the delivery of a Notice of Illegality
under Section 2.20, it shall not be unlawful under Federal or applicable state
or foreign law for the assignee to make Loans or otherwise extend credit to or
do business with the Subsidiary in respect of which such Notice of Illegality
has been delivered.  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 Company to require
such  assignment and delegation cease to apply.

     

    SECTION
2.20. Designation of Borrowing
Subsidiaries.  The Company may at any time and from time to
time designate any Subsidiary as a Borrowing Subsidiary by delivery to the
Administrative Agent of a Borrowing Subsidiary Agreement executed by such
Subsidiary and the Company.  As soon as practicable upon receipt
thereof, the Administrative Agent will post a copy of such Borrowing Subsidiary
Agreement to the Lenders.  Each Borrowing Subsidiary Agreement shall
become effective on the date five Business Days after it has been posted by the
Administrative Agent to the Lenders, unless prior thereto the Administrative
Agent shall have received written notice from any Lender that it shall be
unlawful under Federal or applicable state or foreign law for such Lender to
make Loans or otherwise extend credit to or do business with such Subsidiary as
provided herein (a “Notice of
Illegality”), in which case such Borrowing Subsidiary Agreement shall not
become effective until such time as such Lender withdraws such Notice of
Illegality or ceases to be a Lender hereunder pursuant to Section
2.19(b).  Upon the effectiveness of a Borrowing Subsidiary Agreement
as provided in the preceding sentence, the applicable Subsidiary shall for all
purposes of this

     

    
      
         

      

      
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    Agreement
be a Borrowing Subsidiary and a party to this Agreement until the Company shall
have executed and delivered to the Administrative Agent a Borrowing Subsidiary
Termination with respect to such Subsidiary, whereupon such Subsidiary shall
cease to be a Borrowing Subsidiary and a party to this
Agreement.  Notwithstanding the preceding sentence, no Borrowing
Subsidiary Termination will become effective as to any Borrowing Subsidiary at a
time when any principal of or interest on any Loan to such Borrowing Subsidiary
shall be outstanding hereunder, provided that such
Borrowing Subsidiary Termination shall be effective to terminate the right of
such Borrowing Subsidiary to make further Borrowings under this
Agreement.

     

    SECTION
2.21. Defaulting
Lenders.  (a)  Notwithstanding any provision of this
Agreement to the contrary, if any Lender becomes a Defaulting Lender, then (i)
commitment fees shall cease to accrue on the unused portion of the Commitment of
such Defaulting Lender pursuant to Section 2.12(a); and (ii) the Commitment and
Revolving Loan Exposure of such Defaulting Lender shall be disregarded for
purposes of any determination of whether the Required Lenders or other requisite
Lenders have taken or may take any action hereunder (including any consent to
any amendment or waiver pursuant to Section 10.02); provided that any
waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender shall require the consent of such Defaulting
Lender.

     

    (b) In the
event that the Administrative Agent and the Borrower shall agree that a
Defaulting Lender has adequately remedied all matters that caused such Lender to
be a Defaulting Lender, then on such date such Lender shall fund its Loan to the
Borrower or purchase at par Loans of the other Lenders (other than Competitive
Loans), in each case as the Administrative Agent shall determine may be
necessary in order for such Lender to hold such Loans ratably in accordance with
its Commitment.  Such Lender shall cease to be a Defaulting Lender
upon remedying all matters to the satisfaction of the Administrative Agent and
the Borrower that caused such Lender to be a Defaulting Lender, including the
funding of any Loan or the closing of the purchase of any Loan necessary in
order for such Lender to hold such Loans ratably in accordance with its
Commitment.

     

    ARTICLE
III

     

    

     

    Representations and
Warranties

     

    The
Company and each other Borrower represents and warrants to the Lenders
that:

     

    SECTION
3.01. Organization;
Powers.  The Company and each of the Material Subsidiaries is
duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, has all requisite power and authority to
carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect, is

     

    
      
         

      

      
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    qualified
to do business in, and is in good standing in, every jurisdiction where such
qualification is required.

     

    SECTION
3.02. Authorization;
Enforceability.  The Transactions are within the Company’s and
each other Borrower’s corporate powers and have been duly authorized by all
necessary corporate and, if required, stockholder action.  This
Agreement has been duly executed and delivered by the Company and each other
Borrower and constitutes a legal, valid and binding obligation of each of them,
enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

     

    SECTION
3.03. Governmental Approvals; No
Conflicts.  The Transactions (a) do not require any
consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in
full force and effect and except as may be required under applicable securities
laws and regulations, (b) will not violate any applicable law or regulation
or the charter, by-laws or other organizational documents of the Company or any
other Borrower or any order of any Governmental Authority, (c) will not
violate or result in a default under any indenture, agreement or other
instrument binding upon the Company or any Subsidiary or their assets, or give
rise to a right thereunder to require any payment to be made by the Company or
any Subsidiary, and (d) will not result in the creation or imposition of any
Lien on any asset of the Company or any Subsidiary.

     

    SECTION
3.04. Financial Condition; No
Material Adverse Change.

     

    (a)  The
Company has heretofore furnished to the Lenders its consolidated balance sheet
and statements of income, stockholders’ equity and cash flows as of and for the
fiscal year ended June 30, 2009 (the “Annual Financial
Statements”), reported on by Deloitte & Touche LLP, independent
registered public accounting firm, certified by its chief financial officer and
its consolidated balance sheet and statements of income, stockholders’ equity
and cash flows as of and for the fiscal quarters ended September 30, 2009,
December 31, 2009 and March 31, 2010 (collectively, the “Quarterly Financial
Statements”), certified by one of its Financial Officers.  The
Annual Financial Statements and the Quarterly Financial Statements present
fairly, in all material respects, the financial position and results of
operations and cash flows of the Company and the consolidated Subsidiaries as of
such dates and for such periods in accordance with GAAP, subject to, in the case
of the Quarterly Financial Statements, normal year-end adjustments and the
absence of footnotes.

     

    (b) Since
March 31, 2010, there has been no material adverse change in the business,
assets, operations, prospects or condition, financial or otherwise, of the
Company and the Subsidiaries, taken as a whole.

     

    
      
         

      

      
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    SECTION
3.05. Properties.  The
Company and each Material Subsidiary has good title to, or valid leasehold
interests in, all its real and personal property material to its business,
except for minor defects in title that do not interfere with its ability to
conduct its business as currently conducted or to utilize such properties for
their intended purposes and except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.

     

    SECTION
3.06. Litigation and Environmental
Matters.  (a)  There are no actions, suits or
proceedings by or before any arbitrator or Governmental Authority pending
against or, to the knowledge of the Company, threatened against or affecting the
Company and its Subsidiaries (i) as to which there is a reasonable
possibility of an adverse determination and that, if adversely determined, could
reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect or (ii) that involve this Agreement or the
Transactions.

     

    (b) Except
with respect to any other matters that, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, none of the
Company and the Subsidiaries (i) has failed to comply with any
Environmental Law or to obtain, maintain or comply with any permit, license or
other approval required under any Environmental Law, (ii) has become
subject to any Environmental Liability, (iii) has received notice of any
claim with respect to any Environmental Liability or (iv) knows of any
basis for any Environmental Liability.

     

    SECTION
3.07. Compliance with Laws and
Agreements.  The Company and each Material Subsidiary is in
compliance with all laws, regulations and orders of any Governmental Authority
applicable to it or its property and all indentures, agreements and other
instruments binding upon it or its property, except where the failure to be in
compliance, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.

     

    SECTION
3.08. Federal Reserve
Regulations.  (a)  Neither any Borrower nor any
Subsidiary is engaged principally, or as a substantial part of its activities,
in the business of extending credit for the purpose of purchasing or carrying
Margin Stock (within the meaning of Regulation U).

     

    (b) No part
of the proceeds of any Loan has been or will be used, whether directly or
indirectly, and whether immediately, incidentally or ultimately, to purchase or
carry Margin Stock (as defined in Regulation U of the Board) or to refinance
Indebtedness originally incurred for such purpose, or in any manner or for any
purpose that has resulted or will result in a violation of Regulation T, U
or X of the Board.

     

    SECTION
3.09. Investment Company
Status.  Neither any Borrower nor any of the Subsidiaries is an
“investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

     

    
      
         

      

      
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    SECTION
3.10. Taxes.  The
Company and the Material Subsidiaries have timely filed or caused to be filed
all Tax returns and reports required to have been filed and have paid or caused
to be paid all Taxes required to have been paid by them, except (a) any
Taxes that are being contested in good faith by appropriate proceedings and for
which the Company or such Subsidiary has set aside on its books adequate
reserves or (b) to the extent that the failure to do so could not
reasonably be expected to result in a Material Adverse Effect.

     

    SECTION
3.11. ERISA.  No
ERISA Event has occurred or is reasonably expected to occur that, when taken
together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse
Effect.  The present value of all accumulated benefit obligations
under each Plan (based on the assumptions used for purposes of Statement of
Financial Accounting Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed by more than
US$100,000,000 the fair market value of the assets of such Plan, and the present
value of all accumulated benefit obligations of all underfunded Plans (based on
the assumptions used for purposes of Statement of Financial Accounting Standards
No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than US$100,000,000 the fair market
value of the assets of all such underfunded Plans.

     

    SECTION
3.12. Disclosure.  Neither
the Confidential Information Memorandum nor any of the other reports, financial
statements, certificates or other information furnished by or on behalf of the
Borrowers to the Administrative Agent or any Lender in connection with the
negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.

     

    ARTICLE
IV

     

    

     

    Conditions

     

    SECTION
4.01. Effective
Date.  This Agreement shall become effective on the date on
which each of the following conditions is satisfied (or waived in accordance
with Section 10.02):

     

    (a) The
Administrative Agent (or its counsel) shall have received from each party hereto
either (i) a counterpart of this Agreement signed on behalf of such party
or (ii) written evidence satisfactory to the Administrative Agent (which
may include facsimile or e-mail transmission of a signed signature page of this
Agreement) that such party has signed a counterpart of this
Agreement.

     

    (b) The
Administrative Agent shall have received a favorable written opinion (addressed
to the Administrative Agent and the Lenders and dated the

     

    
      
         

      

      
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    Effective
Date) of Michael A. Bonarti, Esq., General Counsel of the Company, substantially
in the form of Exhibit D, and covering such other matters relating to the
Company, this Agreement or the Transactions as the Required Lenders shall
reasonably request.  The Company hereby requests such counsel to
deliver such opinion.

     

    (c) The
Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the
organization, existence and good standing of the Borrowers, the authorization of
the Transactions and any other legal matters relating to the Borrowers, this
Agreement or the Transactions, all in form and substance satisfactory to the
Administrative Agent and its counsel.

     

    (d) The
Administrative Agent shall have received a certificate, dated the Effective Date
and signed by the President, a Vice President or a Financial Officer of the
Company, confirming compliance with the conditions set forth in
paragraphs (a) and (b) of Section 4.02 (without giving effect to
the parenthetical in such paragraph (a)).

     

    (e) The
Administrative Agent shall have received 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 out-of-pocket expenses required to be reimbursed
or paid by the Company hereunder.

     

    (f) The
commitments under the Existing Credit Agreement shall have been or shall
simultaneously be terminated and the principal of and interest accrued on all
loans outstanding thereunder and all fees and other amounts accrued or owing
thereunder shall have been or shall simultaneously be paid in full.

     

    The
Administrative Agent shall notify the Company 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 shall not become effective unless each of the foregoing
conditions is satisfied (or waived pursuant to Section 10.02) at or prior to
5:00 p.m., New York City time, on June 23, 2010 (and, in the event
such conditions are not so satisfied or waived, the Commitments shall terminate
at such time).

     

    SECTION
4.02. Each Credit
Event.  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
representations and warranties of the Borrowers set forth in this Agreement
(other than the representations set forth in Sections 3.04(b) and 3.06(a)) shall
be true and correct on and as of the date of such Borrowing.

     

    
      
         

      

      
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    (b) At the
time of and immediately after giving effect to such Borrowing, no Default shall
have occurred and be continuing.

     

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

     

    SECTION
4.03. Initial Credit Event for
each Borrowing Subsidiary.  The obligation of each Lender to
make Loans to any Borrowing Subsidiary is subject to the satisfaction of the
following conditions:

     

    (a) The
Administrative Agent (or its counsel) shall have received a Borrowing Subsidiary
Agreement of such Borrowing Subsidiary duly executed by all parties
thereto.

     

    (b) The
Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the
formation, existence and good standing of such Borrowing Subsidiary, the
authorization of the Transactions insofar as they relate to such Borrowing
Subsidiary and any other legal matters relating to such Borrowing Subsidiary,
its Borrowing Subsidiary Agreement or such Transactions, all in form and
substance satisfactory to the Administrative Agent and its counsel.

     

    ARTICLE
V

     

    

     

    Affirmative
Covenants

     

    Until the
Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees and other amounts payable hereunder shall have been paid
in full, the Company and each other Borrower covenants and agrees with the
Lenders that:

     

    SECTION
5.01. Financial Statements and
Other Information.  The Company will furnish to the
Administrative Agent:

     

    (a) within
90 days after the end of each fiscal year of the Company, its audited
consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for such year, setting forth in each
case in comparative form the figures for the previous fiscal year, all reported
on by Deloitte & Touche LLP or other independent public accountants of
recognized national standing (without a “going concern” or like qualification or
exception and without any qualification or exception as to the scope of such
audit) to the effect that such consolidated financial statements present fairly
in all material respects the financial condition and results of operations of
the Company

     

    
      
         

      

      
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    and its
consolidated subsidiaries on a consolidated basis in accordance with GAAP
consistently applied;

     

    (b) within
45 days after the end of each of the first three fiscal quarters of each
fiscal year of the Company, its consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows as of the end of
and for such fiscal quarter and the then elapsed portion of the fiscal year,
setting forth in each case in comparative form the figures for the corresponding
period or periods of (or, in the case of the balance sheet, as of the end of)
the previous fiscal year, all certified by one of its Financial Officers as
presenting fairly in all material respects the financial condition and results
of operations of the Company and its consolidated subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes;

     

    (c) concurrently
with any delivery of financial statements under clause (a) or
(b) above, a certificate of a Financial Officer of the
Company certifying as to whether a Default has occurred and, if a Default
has occurred, specifying the details thereof and any action taken or proposed to
be taken with respect thereto;

     

    (d) promptly
after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Company or any of its
subsidiaries with the Securities and Exchange Commission, or any Governmental
Authority succeeding to any or all of the functions of said Commission, or with
any national securities exchange, or distributed by the Company to its
shareholders generally, as the case may be;

     

    (e) promptly,
but not later than five Business Days after the publication of any change by
Moody’s or S&P in its Rating, notice of such change; and

     

    (f) promptly
following any request therefor, such other information regarding the operations,
business affairs and financial condition of the Company or any of its
subsidiaries, or compliance with the terms of this Agreement, as the
Administrative Agent or any Lender may reasonably request.

     

    Reports required to be
delivered pursuant to subsections (a), (b) and (d) of this Section 5.01
shall be deemed to have been delivered on the date on which the Company posts
such reports on the Company’s website on the Internet at www.adp.com or when
such report is posted on the SEC’s website at www.sec.gov; provided that the
Company shall deliver paper copies of the reports referred to in subsection (a),
(b) and (d) of this Section 5.01 to the Administrative Agent or any Lender who
requests the Company to deliver such paper copies until written notice to cease
delivering paper copies is given by the Administrative Agent or such
Lender.  Notices required to be delivered pursuant to subsection (e)
of this Section 5.01 shall be deemed to have been delivered on the date on which
the Company posts such information on the Internet at the website
www.adp.com

     

    
      
         

      

      
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    or when
the publication is first made available by means of Moody’s or S&P’s (as the
case may be) Internet subscription service.  The Administrative Agent
shall promptly make available to each Lender a copy of the certificate to be
delivered pursuant to subsection (c) of this Section 5.01 by posting such
certificate on IntraLinks or by other similar means.

     

    SECTION
5.02. Notices of Material
Events.  The Company will furnish to the Administrative Agent
and each Lender prompt written notice (in any case within 5 Business Days) of
the following:

     

    (a) the
occurrence of any Default;

     

    (b) the
filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting the Company or any
Subsidiary that, if adversely determined, could reasonably be expected to result
in a Material Adverse Effect; and

     

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

     

    Each
notice delivered under this Section shall be accompanied by a statement of a
Financial Officer or other executive officer of the Company setting forth the
details of the event or development requiring such notice and any action taken
or proposed to be taken with respect thereto.

     

    SECTION
5.03. Existence; Conduct of
Business.  The Company will, and will cause each other Borrower
to, do or cause to be done all things necessary to preserve, renew and keep in
full force and effect its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of its business; provided that the
foregoing shall not prohibit any merger, consolidation, liquidation or
dissolution permitted under Section 6.03.

     

    SECTION
5.04. Payment of
Taxes.  The Company will, and will cause each Material
Subsidiary to, pay its Tax liabilities, that, if not paid, could result in a
Material Adverse Effect before the same shall become delinquent or in default,
except where (a) the validity or amount thereof is being contested in good
faith by appropriate proceedings, (b) the Company or such Subsidiary has
set aside on its books adequate reserves with respect thereto in accordance with
GAAP and (c) the failure to make payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect.

     

    SECTION
5.05. Maintenance of
Properties.  The Company will, and will cause each Material
Subsidiary to, keep and maintain all property material to the conduct of its
business in good working order and condition, ordinary wear and tear
excepted.

     

    
      
         

      

      
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    SECTION
5.06. Books and Records;
Inspection Rights.  The Company will keep proper books of
record and account in which full, true and correct entries are made of all
dealings and transactions in relation to its business and
activities.  The Company will permit any representatives designated by
the Administrative Agent, or by any Lender through the Administrative Agent, at
reasonable times and upon reasonable prior notice, to visit and inspect its
properties, to examine and make extracts from its books and records, and to
discuss its affairs, finances and condition with its officers.

     

    SECTION
5.07. Compliance with
Laws.  The Company will, and will cause each Material
Subsidiary to, comply with all laws, rules, regulations and orders of any
Governmental Authority applicable to it or its property (including ERISA and
environmental laws), except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

     

    SECTION
5.08. Use of
Proceeds.  The proceeds of the Loans will be used only for
general corporate purposes, including the refinancing of indebtedness under the
Existing Credit Agreement.  No part of the proceeds of any Loan will
be used, whether directly or indirectly, to purchase or carry Margin Stock (as
defined in Regulation U of the Board) or to refinance Indebtedness originally
incurred for such purpose, or in any manner or for any purpose that will result
in a violation of Regulation T,  U or X of the
Board.

     

    ARTICLE
VI

     

    

     

    Negative
Covenants

     

    Until the
Commitments have expired or terminated and the principal of and interest on each
Loan and all fees and other amounts payable hereunder have been paid in full,
the Company and each other Borrower covenants and agrees with the Lenders
that:

     

    SECTION
6.01. Liens.  The
Company will not, and will not permit any Subsidiary to, create, incur, assume
or permit to exist any Lien on any property or asset now owned or hereafter
acquired by it, or assign or sell any income or revenues (including accounts
receivable) or rights in respect thereof, except:

     

    (a) Permitted
Encumbrances;

     

    (b) any Lien
on any property or asset of the Company or any Subsidiary existing on the date
hereof and set forth in Schedule 6.01; provided that
(i) such Lien shall not apply to any other property or asset of any of the
Borrowers or any of their Subsidiaries 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;

     

    
      
         

      

      
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    (c) any Lien
existing on any property or asset prior to the acquisition thereof by the
Company 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 apply to any other property or assets of any of
the Company 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 Subsidiary, as the case may be, and extensions, renewals and
replacements thereof that do not increase the outstanding principal amount
thereof;

     

    (d) Liens on
fixed or capital assets acquired, constructed or improved by the Company or any
Subsidiary; provided that
(i) such Liens and the Indebtedness secured thereby are incurred prior to
or within 90 days after such acquisition or the completion of such
construction or improvement, (ii) the Indebtedness secured thereby does not
exceed the cost of acquiring, constructing or improving such fixed or capital
assets and (iii) such security interests shall not apply to any other
property or assets of the Company or any Subsidiary;

     

    (e) Liens on
securities deemed to exist under repurchase agreements and reverse repurchase
agreements entered into by the Company and the Subsidiaries; and

     

    (f) other
Liens not expressly permitted by clauses (a) through (d) above; provided that the sum
of (i) the aggregate principal amount of outstanding obligations secured by
Liens permitted under this clause (f) and (ii) the Attributable Debt permitted
by Section 6.02(b) does not at any time exceed 25% of Consolidated Net
Worth.

     

    SECTION
6.02. Sale and Leaseback
Transactions.  The Company will not, and will not permit any of
its Subsidiaries to, enter into any Sale and Leaseback Transaction
except:

     

    (a) Sale and
Leaseback Transactions to which the Borrower or any Subsidiary is a party as of
the date hereof; and

     

    (b) other
Sale and Leaseback Transactions; provided that the sum
of (i) the aggregate principal amount of outstanding obligations secured by
Liens permitted by Section 6.01(f) and (ii) the aggregate Attributable Debt in
respect of Sale and Leaseback Transactions permitted by this clause (b) does not
at any time exceed 25% of Consolidated Net Worth.

     

    SECTION
6.03. Fundamental
Changes.  Neither the Company nor any other  Borrower
will merge into or consolidate with any other Person, or permit any
other

     

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

    Person to
merge into or consolidate with it, or sell, transfer, lease or otherwise dispose
of (in one transaction or in a series of transactions and including by means of
any merger or sale of capital stock or otherwise) all or substantially all of
its assets (whether now owned or hereafter acquired), or liquidate or dissolve,
except that, if at the time thereof and immediately after giving effect thereto
no Default shall have occurred and be continuing or would result from such
transaction, the Company or any Borrower may merge or consolidate with any
Person if (a) the Company or such Borrower, as the case may be, is the surviving
Person or (b) the surviving Person (i) is organized under the laws of The United
States of America or, in the case of a merger or consolidation of a Borrower
other than the Company, the jurisdiction of organization of such Borrower, and
(ii) assumes in writing all of the Company’s or such Borrower’s obligations
under this Agreement pursuant to documentation reasonably satisfactory to the
Administrative Agent, such satisfaction to be based solely upon the validity and
enforceability of the assumption contained in such documentation.

     

    ARTICLE
VII

     

    

     

    Events of
Default

     

    If any of
the following events (“Events of Default”)
shall occur:

     

    (a) the
Company or any other Borrower shall fail to pay any principal of any Loan, when
and as the same shall become due and payable, whether at the due date thereof or
at a date fixed for prepayment thereof or otherwise;

     

    (b) the
Company or any other Borrower shall fail to pay any interest on any Loan or any
fee or any other amount (other than an amount referred to in clause (a) of
this Article) payable under this Agreement, when and as the same shall become
due and payable, and such failure shall continue unremedied for a period of
three Business Days;

     

    (c) any
representation or warranty made or deemed made by or on behalf of the Company or
any Borrower in or in connection with this Agreement or any amendment or
modification hereof or waiver hereunder, or in any report, certificate,
financial statement or other document furnished pursuant to or in connection
with this Agreement or any amendment or modification hereof or waiver hereunder,
shall prove to have been incorrect in any material respect when made or deemed
made;

     

    (d) the
Company or any Borrower shall fail to observe or perform any covenant, condition
or agreement contained in Section 5.02, 5.03 (with respect to the Company’s
or such Borrower’s existence) or 5.08 or in Article VI;

     

    (e) the
Company or any Borrower shall fail to observe or perform any covenant, condition
or agreement contained in this Agreement (other than those

     

    
      
         

      

      
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    specified
in clause (a), (b) or (d) of this Article), and such failure shall
continue unremedied for a period of 30 days after notice thereof from the
Administrative Agent or any Lender to the Company;

     

    (f) the
Company or any Subsidiary shall default in the payment of any Material
Indebtedness when and as due, or any event or condition shall occur that results
in any Material Indebtedness becoming due prior to its scheduled maturity; provided that if the
maturity of any Material Indebtedness of a Person acquired directly or
indirectly by the Company after the date hereof shall be accelerated by reason
of such acquisition, no Event of Default under this paragraph (f) shall be
deemed to have occurred with respect to such Material Indebtedness so long as
such acceleration shall have been rescinded, or such Material Indebtedness shall
have been repaid, within five Business Days following the date of such
acceleration;

     

    (g) an
involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking (i) liquidation, reorganization or other relief in respect of
the Company or any Material Subsidiary or its debts, or of a substantial part of
its assets, under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for the Company or any Material Subsidiary or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall
continue undismissed for 60 days or an order or decree approving or
ordering any of the foregoing shall be entered;

     

    (h) the
Company or any Material Subsidiary shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other
relief under any Federal, state or foreign bankruptcy, insolvency, receivership
or similar law now or hereafter in effect, (ii) consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or
petition described in clause (g) of this Article, (iii) apply for or
consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Company or any Material Subsidiary or
for a substantial part of its assets, (iv) file an answer admitting the
material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing;
or

     

    (i) the
Company or any Material Subsidiary shall become unable, admit in writing its
inability, or fail generally, to pay its debts as they become due;

     

    then, and
in every such event (other than an event with respect to any Borrower described
in clause (g) or (h) of this Article), and at any time thereafter during the
continuance of such event, the Administrative Agent may, and at the request of
the Required Lenders shall, by notice to the Company, take either or both of the
following actions, at the same

     

    
      
         

      

      
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    or
different times:  (i) terminate the Commitments, and thereupon
the Commitments shall terminate immediately, and (ii) declare the Loans
then outstanding to be due and payable in whole (or in part, in which case any
principal or other amount not so declared to be due and payable may thereafter
be declared to be due and payable), and thereupon the principal of the Loans so
declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrowers accrued hereunder, shall become due
and payable immediately, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrowers; and in case of any
event with respect to any of the Borrowers described in clause (g) or (h) of
this Article, the Commitments shall automatically terminate and the principal of
the Loans then outstanding, together with accrued interest thereon and all fees
and other obligations of the Borrowers accrued hereunder, shall automatically
become due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrowers.

     

    ARTICLE
VIII

     

    

     

    The Administrative
Agent

     

    In order
to expedite the transactions contemplated by this Agreement, the Person named in
the heading of this Agreement is hereby appointed to act as Administrative Agent
on behalf of the Lenders.  Each of the Lenders and each assignee of
any Lender hereby irrevocably authorizes the Administrative Agent to take such
actions on behalf of such Lender or assignee and to exercise such powers as are
delegated to the Administrative Agent by the terms of the Loan Documents,
together with such actions and powers as are reasonably incidental
thereto.  The Administrative Agent is hereby expressly authorized by
the Lenders, without hereby limiting any implied authority, and by the Borrowers
with respect to clause (c) below, (a) to receive on behalf of the Lenders
all payments of principal of and interest on the Loans and all other amounts due
to the Lenders hereunder, and promptly to distribute to each Lender its proper
share of each payment so received; (b) to give notice on behalf of each of
the Lenders to the Company of any Default or Event of Default specified in this
Agreement of which the Administrative Agent has actual knowledge acquired in
connection with its agency hereunder; and (c) to distribute to each Lender
copies of all notices, financial statements and other materials delivered by the
Company or any other Borrower pursuant to this Agreement or the other Loan
Documents as received by the Administrative Agent.

     

    With
respect to the Loans made by it hereunder, the Administrative Agent in its
individual capacity and not as Administrative Agent shall have the same rights
and powers as any other Lender and may exercise the same as though it were not
the Administrative Agent, and the Administrative Agent and its Affiliates may
accept deposits from, lend money to and generally engage in any kind of business
with any of the Borrowers or any of their Subsidiaries or other Affiliates
thereof as if it were not the Administrative Agent.

     

    
      
         

      

      
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    The
Administrative Agent shall not have any duties or obligations except those
expressly set forth in the Loan Documents.  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 by the
Loan Documents that the Administrative Agent is required to exercise upon
receipt of notice in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.02), and (c) except as expressly set forth in the Loan
Documents, the Administrative Agent shall not have any duty to disclose, and the
Administrative Agent shall not be liable for the failure to disclose, any
information relating to any of the Borrowers or any of their Subsidiaries that
is communicated to or obtained by the institution serving as the 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, or as the Administrative Agent
shall believe in good faith to be necessary, under the circumstances as provided
in Section 10.02) or in the absence of its own gross negligence or willful
misconduct.  The Administrative Agent shall not be deemed to have
knowledge of any Default unless and until written notice thereof is given to the
Administrative Agent by a Borrower (in which case the Administrative Agent shall
give written notice to each other 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
any Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein,
(iv) the validity, enforceability, effectiveness or genuineness of any Loan
Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere in any
Loan Document, 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 any 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

     

    
      
         

      

      
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    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
facilities provided for herein as well as activities as the 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 Company.  Upon any such resignation, the
Required Lenders shall have the right, with the consent of the Company (except
during the continuance of an Event of Default hereunder, when no such consent
shall be required), 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.  After the Administrative
Agent’s resignation hereunder, the provisions of this Article and
Section 10.03 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 agrees (a) to reimburse the Administrative Agent, on demand, in the
amount of its pro rata share (based on the amount of its Loans and available
Commitments hereunder) of any expenses incurred for the benefit of the Lenders
by the Administrative Agent, including counsel fees and compensation of agents
and employees paid for services rendered on behalf of the Lenders, that shall
not have been reimbursed by the Company or any other Borrower and (b) to
indemnify and hold harmless the Administrative Agent and any of its Related
Parties, on demand, in the amount of such pro rata share, from and against
any and all liabilities, taxes, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever that may be imposed on, incurred by or asserted against it in
its capacity as Administrative Agent or any of them in any way relating to or
arising out of this Agreement or any other Loan Document or action taken or
omitted by it or any of them under this Agreement or any other Loan Document, to
the extent the same shall not have been reimbursed by the Company or any other
Borrower; provided that no
Lender shall be liable to the Administrative Agent or any such other indemnified
Person for any portion of such liabilities, taxes, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements that are
determined to have resulted

     

    
      
         

      

      
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    from the
gross negligence or willful misconduct of the Administrative Agent, and any of
its Related Parties or any of their respective directors, officers, employees or
agents.

     

    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 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 other Loan Document or
related agreement or any document furnished hereunder or
thereunder.

     

    None of
the Lenders identified on the facing page or signature pages of this Agreement
or elsewhere herein as a “syndication agent” or “documentation agent” shall have
any right, power, obligation, liability, responsibility or duty under this
Agreement other than those applicable to all Lenders as such.

     

    ARTICLE
IX

     

    

     

    Guarantee

     

    In order
to induce the Lenders to extend credit to the other Borrowers hereunder, the
Company hereby irrevocably and unconditionally guarantees, as a primary obligor
and not merely as a surety, the payment when and as due of the Obligations of
such other Borrowers.  The Company further agrees that the due and
punctual payment of such Obligations may be extended or renewed, in whole or in
part, without notice to or further assent from it, and that it will remain bound
upon its guarantee hereunder notwithstanding any such extension or renewal of
any such Obligation.

     

    The
Company waives presentment to, demand of payment from and protest to any
Borrower of any of the Obligations, and also waives notice of acceptance of its
obligations and notice of protest for nonpayment.  The obligations of
the Company hereunder shall not be affected by (a) the failure of the
Administrative Agent or Lender to assert any claim or demand or to enforce any
right or remedy against any Borrower under the provisions of this Agreement, any
other Loan Document or otherwise; (b) any extension or renewal of any of
the Obligations; (c) any rescission, waiver, amendment or modification of,
or release from, any of the terms or provisions of this Agreement, any other
Loan Document or agreement; (d) any default, failure or delay, willful or
otherwise, in the performance of any of the Obligations; or (e) any other
act, omission or delay to do any other act which may or might in any manner or
to any extent vary the risk of the Company or otherwise operate as a discharge
of a guarantor as a matter of law or equity or which would impair or eliminate
any right of the Company to subrogation.

     

    
      
         

      

      
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    The
Company further agrees that its agreement hereunder constitutes a guarantee of
payment when due (whether or not any bankruptcy or similar proceeding shall have
stayed the accrual or collection of any of the Obligations or operated as a
discharge thereof) and not merely of collection, and waives any right to require
that any resort be had by the Administrative Agent or Lender to any balance of
any deposit account or credit on the books of the Administrative Agent or Lender
in favor of any Borrower or any other Person.

     

    The
obligations of the Company hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason, and shall not be subject
to any defense or set-off, counterclaim, recoupment or termination whatsoever,
by reason of the invalidity, illegality or unenforceability of any of the
Obligations, any impossibility in the performance of any of the Obligations or
otherwise.

     

    The
Company further agrees that its obligations hereunder shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any Obligation is rescinded or must otherwise be restored by
the Administrative Agent or Lender upon the bankruptcy or reorganization of any
Borrower or otherwise.

     

    In
furtherance of the foregoing and not in limitation of any other right which the
Administrative Agent or Lender may have at law or in equity against the Company
by virtue hereof, upon the failure of any other Borrower to pay any Obligation
when and as the same shall become due, whether at maturity, by acceleration,
after notice of prepayment or otherwise, the Company hereby promises to and
will, upon receipt of written demand by the Administrative Agent or Lender,
forthwith pay, or cause to be paid, to the Administrative Agent or Lender in
cash an amount equal to the unpaid principal amount of such Obligations
then due, together with accrued and unpaid interest thereon.

     

    Upon
payment by the Company of any sums as provided above, all rights of the Company
against any Borrower arising as a result thereof by way of right of subrogation
or otherwise shall in all respects be subordinated and junior in right of
payment to the prior indefeasible payment in full of all the Obligations owed by
such Borrower to the Administrative Agent and the Lenders.

     

    Nothing
shall discharge or satisfy the liability of the Company hereunder except the
full performance and payment of the Obligations.

     

    ARTICLE
X

     

    

     

    Miscellaneous

     

    SECTION
10.01. Notices.  Except
in the case of notices and other communications expressly permitted to be given
by telephone, all notices and other

     

    
      
         

      

      
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    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:

     

    (a) if to any
Borrower, to Automatic Data Processing, Inc., One ADP Boulevard, MS #420,
Roseland, NJ 07068-1728, Attention of Treasurer (Fax No. 973-974-3320), with a
copy to Automatic Data Processing, Inc., One ADP Boulevard, MS #450, Roseland,
NJ 07068-1728, Attention of General Counsel (Fax No. 973-974-3324);

     

    (b) if to the
Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services
Group, 1111 Fannin, Floor 10, Houston, TX 77002, Attention of Demetra A. Mayon
(Fax No. 713-750-2938), with a copy to JPMorgan Chase Bank, N.A., 383
Madison Avenue, Floor 24, New York, NY, 10179, Attention of Tina Rutyer (Fax No.
212-270-5127); and

     

    (c) if to any
Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire.

     

    Any party
hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto or in the case of
a Lender, to the Administrative Agent and the Borrowers.  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
10.02. Waivers;
Amendments.  (a)  No failure or delay by the
Administrative Agent or any Lender in exercising any right or power hereunder or
under any other Loan Document 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 and under the other Loan Documents are cumulative and are not
exclusive of any rights or remedies that they would otherwise
have.  No waiver of any provision of any Loan Document or consent to
any departure by any 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 other Loan Document nor any provision hereof or thereof
may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Company and the Required Lenders or by the
Company and the Administrative Agent with the consent of the

     

    
      
         

      

      
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    Required
Lenders or, in the case of any other Loan Document, pursuant to an agreement or
agreements in writing entered into by the Administrative Agent and the Borrowers
that are parties thereto, in each case with the consent of the Required Lenders;
provided that
no such agreement shall (i) increase any Commitment of any Lender without the
written consent of such Lender, (ii) reduce the principal amount of any Loan,
reduce the rate of interest thereon, or reduce any fees payable hereunder,
without the written consent of each Lender adversely affected thereby, (iii)
postpone the date of any scheduled 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 2.18(b) or (c) in a manner that would alter the pro
rata sharing of payments required thereby without the written consent of each
Lender (it being understood that the addition of new  tranches of
loans or commitments that may be extended under this Agreement shall not be
deemed to alter such pro rata sharing of payments), (v) change any of the
provisions of this Section or the definition of “Required Lenders” or any other
provision of any Loan Document specifying the number or percentage of Lenders
required to waive, amend or modify any rights thereunder or make any
determination or grant any consent thereunder, without the written consent of
each Lender (except, in each case, to provide for new tranches of loans or
commitments that may be extended under this Agreement) or (vi) release the
Company from, or limit or condition, its obligations under Article IX,
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 or under any other Loan Document without the
prior written consent of the Administrative Agent.  Notwithstanding
anything else in this Section to the contrary, any amendment of the definition
of Applicable Rate pursuant to the penultimate paragraph of that definition in
Section 1.01 of this Agreement shall not require the written consent of each
Lender affected thereby, but shall require the written consent of the Company
and the Required Lenders.

     

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

     

    
      
         

      

      
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    (b) The
Company 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, liabilities, out-of-pocket costs or expenses, including the reasonable
fees, charges and disbursements of any counsel for any Indemnitee, incurred by
or asserted against any Indemnitee (whether by a third party or by any Borrower)
arising out of, in connection with or as a result of (i) any transaction or
proposed transaction (whether or not consummated) in which any proceeds of any
Borrowing hereunder are applied or proposed to be applied, directly or
indirectly, by any of the Borrowers or their Subsidiaries, (ii) any Loan or the
use of the proceeds therefrom or (iii) the execution, delivery or performance by
any of the Borrowers and their Subsidiaries of the Loan Documents, or any
actions or omissions of a Borrower or any of its Subsidiaries in connection
therewith; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, liabilities, costs or expenses shall have resulted from the gross
negligence or willful misconduct of such Indemnitee.

     

    (c) To the
extent that the Company 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 pro rata share
(determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the
unreimbursed loss, liability, cost or expense, as the case may be, was incurred
by or asserted against the Administrative Agent.  For purposes hereof,
a Lender’s “pro rata share” shall be determined based upon its share of the sum
(without duplication) of the total Exposures and unused Commitments at the
time.

     

    (d) To the
extent permitted by applicable law, no Borrower shall assert, and each Borrower
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, the Transactions,
any Loan or the use of the proceeds thereof.

     

    (e) All
amounts due under this Section shall be payable within 15 Business Days after
receipt by the Company of a reasonably detailed invoice therefor.

     

    SECTION
10.04. 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 neither the
Company nor any Borrower may 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 any Borrower without such consent shall be
null and void).  Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby and, to

     

    
      
         

      

      
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    the
extent expressly contemplated hereby, the Related Parties of the Administrative
Agent and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

     

    (b) Any
Lender may assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitments
and the Loans or other amounts at the time owing to it); provided that
(i) the Administrative Agent (except in the case of an assignment to a
Lender) and the Company (except in the case of an assignment to a Lender, an
Affiliate of a Lender or a Related Fund of a Lender or if an Event of Default
has occurred and has been continuing for 30 days) must each give their prior
written consent to such assignment (which consents shall not be unreasonably
withheld or delayed), (ii) except in the case of an assignment to a Lender, an
Affiliate of a Lender or a Related Fund of any Lender or an assignment of the
entire remaining amount of the assigning Lender’s Commitments and outstanding
Loans, the Commitments and outstanding Loans 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 US$10,000,000 unless each of the Company and the Administrative
Agent otherwise consent, (iii) 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 US$3,500 and (iv) the assignee, if it
shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire; provided further that any
consent of the Company otherwise required under this paragraph shall not be
required if an Event of Default referred to in clause (i) of Article VII
has occurred and is continuing.  Subject to acceptance and recording
thereof pursuant to paragraph (d) 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 2.15, 2.16, 2.17 and
10.03).  Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph 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 (e) of
this Section.

     

    (c) The
Administrative Agent, acting for this purpose as an agent of each Borrower,
shall maintain at one of its offices in The City of New York 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 Borrowers, the

     

    
      
         

      

      
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    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 Company and any Lender, at any
reasonable time and from time to time upon reasonable prior notice.

     

    (d) 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 made in
compliance with this Agreement as provided in this paragraph.

     

    (e) Any
Lender may, without the consent of any Borrower or the Administrative Agent,
sell participations to one or more banks or other entities (a “Participant”) 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
(i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrowers, 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 Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver
described in clause (i), (ii), (iii) or (vi) of the first proviso to
Section 10.02(b) that affects such Participant.  Subject to
paragraph (f) of this Section, each Borrower agrees that each Participant
shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to
the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section.

     

    (f) A
Participant shall not be entitled to receive any greater payment under
Section 2.15 or 2.17 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 so provides and is made with the
Company’s prior written consent.  A Participant shall not be entitled
to the benefits of Section 2.17 unless the Company is notified of the
participation sold to such Participant and such Participant agrees, for the
benefit of the Borrowers, to comply with Section 2.17(e) as though it were
a Lender.

     

    
      
         

      

      
        58

        
          

        

      

      
         

      

    

    (g) 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 or, in the case of a Lender that is an investment fund, to the trustee
under the indenture to which such fund is a party, 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
10.05. Survival.  All
covenants, agreements, representations and warranties made by the Borrowers
herein or in any other Loan Document or in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan
Document shall be considered to have been relied upon by the other parties
hereto or thereto and shall survive the execution and delivery of this Agreement
and any other Loan Document 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 or any other Loan Document is outstanding and so
long as the Commitments have not expired or terminated.  The
provisions of Sections 2.15, 2.16, 2.17, 10.03 and 10.12 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 and the Commitments or the termination of this Agreement or any other
Loan Document or any provision hereof or thereof.

     

    SECTION
10.06. 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, the other Loan Documents 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, relating to the subject matter hereof.  Except as
provided in Section 4.01, 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 facsimile or email transmission shall be
effective as delivery of a manually executed counterpart of this
Agreement.

     

    
      
         

      

      
        59

        
          

        

      

      
         

      

    

    SECTION
10.07. 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
10.08. 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 and in whatever currency denominated) 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 any Borrower against any of and all the obligations of such
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
10.09. 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) Each
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 any Loan Document, 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 or any other Loan Document
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 any
Borrower or its properties in the courts of any jurisdiction.

     

    (c) Each
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 or any other Loan Document in any court referred to
in paragraph (b) of this Section.  Each of the parties hereto hereby
irrevocably waives, to the

     

    
      
         

      

      
        60

        
          

        

      

      
         

      

    

    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 10.01.  Nothing in this Agreement
or any other Loan Document will affect the right of any party to this Agreement
to serve process in any other manner permitted by law.

     

    SECTION
10.10. 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, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (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
10.11. 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
10.12. Confidentiality.  (a)  The
Administrative Agent and each Lender agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed
(i) to its and its Affiliates’ directors, officers, employees and agents,
including accountants, legal counsel and other advisors, to Related Funds’
directors and officers and to any direct or indirect contractual counterparty in
swap agreements (it being understood that each Person to whom such disclosure is
made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (ii) to the extent
requested by any regulatory authority, (iii) to the
extent  required by applicable laws or regulations or by any subpoena
or similar legal process, (iv) to any other party to this Agreement, (v) to the
extent required or advisable in the judgment of counsel in connection with any
suit, action or proceeding relating to the enforcement of rights of the
Administrative Agent or the Lenders against the Borrowers under this Agreement
or any other Loan Document, (vi) subject to an agreement containing provisions
substantially the same as those of this Section, to (A) any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement or (B) any actual or
prospective

     

    
      
         

      

      
        61

        
          

        

      

      
         

      

    

    counterparty
(or its advisors) to any swap or derivative transaction or any credit insurance
provider relating to the Borrower and its obligations, (vii) with the consent of
the Company or (viii) to the extent such Information (A) becomes
publicly available other than as a result of a breach of this Section of which
the Administrative Agent or Lender is aware or (B) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source
other than the Company other than as a result of a breach of this Section of
which the Administrative Agent or Lender is aware.  For the purposes
of this Section, “Information” means
all information received from the Company relating to the Company 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 Company other than as a result of a breach of this Section of
which the Administrative Agent or Lender is aware.  Any Person
required to maintain the confidentiality of Information as provided in this
Section shall be considered to 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.

     

    (b) Each
Lender acknowledges that Information furnished to it pursuant to this Agreement
may include material non-public information concerning the Company and its
Related Parties or the Company’s securities, and confirms that it has developed
compliance procedures regarding the use of material non-public information and
that it will handle such material non-public information in accordance with
those procedures and applicable law, including Federal and state securities
laws.

     

    (c) All
information, including requests for waivers and amendments, furnished by the
Company, the Subsidiaries or the Administrative Agent pursuant to, or in the
course of administering, this Agreement will be syndicate-level information,
which may contain material non-public information about the Company, the
Subsidiaries and their Related Parties or the Company’s
securities.  Accordingly, each Lender represents to the Borrower and
the Administrative Agent that it has identified in its Administrative
Questionnaire a credit contact who may receive information that may contain
material non-public information in accordance with its compliance procedures and
applicable law, including Federal and state securities laws.

     

    SECTION
10.13. Conversion of
Currencies.  (a)  If, for the purpose of obtaining
judgment in any court, it is necessary to convert a sum owing hereunder in one
currency into another currency, each party hereto agrees, to the fullest extent
that it may effectively do so, that the rate of exchange used shall be that at
which in accordance with normal banking procedures in the relevant jurisdiction
the first currency could be purchased with such other currency on the Business
Day immediately preceding the day on which final judgment is given.

     

    (b) The
obligations of each Borrower in respect of any sum due to any party hereto or
any holder of the obligations owing hereunder (the “Applicable
Creditor”)

     

    
      
         

      

      
        62

        
          

        

      

      
         

      

    

    shall,
notwithstanding any judgment in a currency (the “Judgment Currency”)
other than the currency in which such sum is stated to be due hereunder (the
“Agreement Currency”), be discharged only to the extent that, on the Business
Day following receipt by the Applicable Creditor of any sum adjudged to be so
due in the Judgment Currency, the Applicable Creditor may, in accordance with
normal banking procedures in the relevant jurisdiction, purchase the Agreement
Currency with the Judgment Currency; if the amount of the Agreement Currency so
purchased is less than the sum originally due to the Applicable Creditor in the
Agreement Currency, such Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Applicable Creditor against
such loss.  The obligations of the Borrowers contained in this
Section 10.13 shall survive the termination of this Agreement and the
payment of all other amounts owing hereunder.

     

    SECTION
10.14. 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 shall be increased (but not above the Maximum Rate therefor) until
such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate, shall have been received by such Lender.

     

    SECTION
10.15. USA Patriot
Act. Each Lender hereby notifies each Borrower that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Patriot Act”), it is
required to obtain, verify and record information that identifies such Borrower,
which information includes the name and address of such Borrower and other
information that will allow such Lender to identify such Borrower in accordance
with the Patriot Act.  Each Borrower agrees to provide the Lenders,
upon request, with all documentation and other information required to be
obtained by the Lenders pursuant to applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot
Act.

     

    SECTION
10.16. No Fiduciary
Relationship.  Each Borrower, on behalf of itself and the
Subsidiaries, agrees that in connection with all aspects of the transactions
contemplated hereby and any communications in connection therewith, each
Borrower, the Subsidiaries and their Affiliates, on the one hand, and the
Administrative Agent, the Lenders and their Affiliates, on the other hand, will
have a business relationship that does not create, by implication or otherwise,
any fiduciary duty on the part of the Administrative Agent, the Lenders or their
Affiliates, and no such duty will be deemed to

     

    
      
         

      

      
        63

        
          

        

      

      
         

      

    

    have
arisen in connection with any such transactions or
communications.  Each Borrower, on behalf of itself, the Subsidiaries
and its and their respective Affiliates, waives and releases, to the fullest
extent permitted by law, any claims that such Borrower, the Subsidiaries or such
Affiliates may have against the Administrative Agent, any Person identified on
the facing page or signature pages of this Agreement or elsewhere herein as a
“syndication agent” or “documentation agent”, any Lender or any Affiliate of any
of the foregoing in respect of any breach or alleged breach of agency or
fiduciary duty.

     

    [Remainder
of page intentionally left blank]

     

     

    
      
         

      

      
        64

        
          

        

      

      
         

        
           

          

          

          

        

      

    

    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. 

       

      
        
          	 	
                  AUTOMATIC
      DATA PROCESSING, INC.

                	 
	 	 	 	 
	
                	
                  By:
      

                	/s/ Michael
      C. Eberhard	 
	 	 	Name:   Michael
      C. Eberhard	 
	 	 	Title:    
      Corporate Vice President and Treasurer	 
	 	 	 	 

        

      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

          
             SIGNATURE
PAGE TO THE

             AUTOMATIC
DATA PROCESSING, INC.

             THREE-YEAR
CREDIT AGREEMENT

            

            

          

        

      

      
        	 	
                JPMORGAN
      CHASE BANK, N.A.

              	 
	 	 	 	 
	
              	
                By:
      

              	/s/ Tina
      Ruyter	 
	 	 	Name:  Tina
      Ruyter	 
	 	 	Title :   
      Executive Director	 
	 	 	 	 

      

       

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        
          	 Name
      of
      Institution:          
      	Bank of America,
      N.A.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ William
      S. Rowe	 
	 	 	Name :  William
      S. Rowe	 
	 	 	Title :    
      Senior Vice President	 
	 	 	 	 

        

        
          	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      *

                	 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 

        

       

      

       

      

        

      

        
        *The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        	Name
      of
      Institution:          
      	BNP Paribas	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Renaud-Franck
      Falce	 
	 	 	Name :  Renaud-Franck
      Falce	 
	 	 	Title :    
      Managing Director	 
	 	 	 	 

        
          	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      *

                	/s/ Scott
      Tricarico	 
	 	 	Name:
      Scott Tricarico	 
	 	 	Title:  
      Vice President	 
	 	 	 

      

       

      

       

      

      

      

        

      

        
        *The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        	Name
      of Institution:          
      	Wells Fargo Bank,
      N.A.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Donald
      Schwartz	 
	 	 	Name :  Donlad
      Schwartz	 
	 	 	Title :    
      Managing Director	 
	 	 	 	 

        
          	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      *

                	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 

      

       

      

       

      

      

      

        

      

        
        * The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        
          	 Name
      of Institution:        	Barclays Bank
    PLC	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Allison
      D'Eugenio	 
	 	 	Name:
      Allison D'Eugenio	 
	 	 	Title:  
      Assistant Vice President	 
	 	 	 	 

        

      
        
          	 	
                	 
	 	 	 	 
	
                   

                	
                  By:
      *

                	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

        

      

      

       

      

        

      

        
        * The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        	 Name
      of Institution:        	CITIBANK, N.A.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Kevin
      A Ege	 
	 	 	Name:
      Kevin A Ege	 
	 	 	Title:  
      Director	 
	 	 	 	 

        
              

        

      

       

      

      

      

        

      

        
        * The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        	 Name
      of Institution:        	
                DEUTSCHE BANK
      AG

                NEW YORK
      BRANCH

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Frederick
      Laird	 
	 	 	Name:
      Frederick Laird	 
	 	 	Title:  
      Managing Director	 
	 	 	 	 

        
          
            	 	
                  	 
	 	 	 	 
	
                     

                  	
                    By:
      *

                  	 /s/
      Heidi Sandquist	 
	 	 	Name:
      Heidi Sandquist	 
	 	 	Title:   
      Director

        

      

       

      

       

      

        

      

        
        * The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR  CREDIT
AGREEMENT

          

        

      

      
        	 Name
      of Institution:        	Intesa Sanpaolo
      S.p.A.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Luca
      Sacchi	 
	 	 	Name:
      Luca Sacchi	 
	 	 	Title:   Vice
      President	 
	 	 	 	 

        
          
            	 	
                  	 
	 	 	 	 
	
                     

                  	
                    By:
      *

                  	 /s/
      Francesco Di Mario	 
	 	 	Name:
      Francesco Di Mario 	 
	 	 	Title:  
      FVP, Credit Manager

        

      

       

      

       

      

        

      

        
        * The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        	 Name
      of Institution:        	Bank of
    Montreal	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Bruce
      Groves	 
	 	 	Name:
      Bruce Groves	 
	 	 	Title:  
      Director	 
	 	 	 	 

        
          
            	 	
                  	 
	 	 	 	 
	
                     

                  	
                    By:
      *

                  	 /s/
      Richard Carey	 
	 	 	Name:
      Richard Carey	 
	 	 	Title:  
      Senior Account Manager

        

      

       

      

       

      

        

      

        
        * The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        	 Name
      of Institution:        	Royal Bank of
      Canada	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Dustin
      Craven	 
	 	 	Name:
      Dustin Craven	 
	 	 	Title:  
      Attorney in Fact	 
	 	 	 	 

        
          
            	 	
                  	 
	 	 	 	 
	
                     

                  	
                    By:
      *

                  	 	 
	 	 	Name: 	 
	 	 	Title: 

        

      

       

      

       

      

        

      

        
        * The
second signature block is for the use of those Lenders that require two
signatures.

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        	 Name
      of Institution:        	Morgan Stanley Bank,
      N.A.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Ryan
      Vetsch	 
	 	 	Name:
      Ryan Vetsch	 
	 	 	Title:  
      Authorized Signatory	 
	 	 	 	 

        
          
 

        

      

       

      

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            SIGNATURE
PAGE TO THE

            AUTOMATIC
DATA PROCESSING, INC.

            THREE-YEAR
CREDIT AGREEMENT

          

        

      

      
        	 Name
      of Institution:        	
                The Bank of
      Tokyo-Mitsubishi

                UFJ,
      Ltd.

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Ravneet
      Mumick	 
	 	 	Name:
      Ravneet Mumick	 
	 	 	Title:  
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signatures.ex10a.htm

 

	Exhibit 10(a)

 

BROWN-FORMAN CORPORATION

 

AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

Preamble

 

WHEREAS, the Brown-Forman Corporation Supplemental Executive Retirement Plan, a nonqualified supplemental defined benefit plan, was adopted by Brown-Forman Corporation and its subsidiaries (“Employer”) December 20, 1984, to ensure that eligible participants in the Brown-Forman Corporation Salaried Employees Retirement Plan (“Retirement Plan”) receive the full benefits contemplated by the Retirement Plan before any limitations are imposed by applicable Retirement Plan provisions and by the Internal Revenue Code; and

 

WHEREAS, effective July 1, 1988, the Employer adopted a revision of the original Plan; and

 

WHEREAS, the Plan provides that it may be amended by the Employer from time to time; and

 

WHEREAS, the Employer has determined to merge the Hartmann Supplemental Executive Retirement Plan into this Plan, effective December 31, 2008; and

 

WHEREAS, the Employer desires to amend and restate the Plan in compliance with Internal Revenue Code Section 409A;

 

IT IS THEREFORE AGREED that the Plan be and hereby is amended and restated in its entirety as follows, effective January 1, 2009, unless otherwise provided herein, said Plan to be known as the Brown-Forman Corporation Amended and Restated Supplemental Executive Retirement Plan (“Plan”).

 

Payments under the Plan will be made directly to Participants from the general fund of the Employer when due in accordance with the terms of this Plan.  The Employer shall not make any contributions in advance of such payments.  No trust fund shall be established for the benefit of Participants in this Plan.

 

This is a supplemental benefit plan designed to provide specific benefits to a select group of management and highly compensated employees who contribute materially to the continued growth, development, and future business success of Brown-Forman Corporation.

 

Unless otherwise indicated in this Plan, the benefits provided are based upon and coordinated with the provisions of the Brown-Forman Corporation Salaried Employees Retirement Plan (“Retirement Plan”) in effect on January 1, 2009, as subsequently amended.  Unless otherwise indicated in this Plan, the provisions of the Retirement Plan and the meaning of the terminology in the Retirement Plan are applicable to this Plan.  The Retirement Plan is incorporated by reference and is a part of this Plan.

 

 

 

  

  

  

 

 

 

ARTICLE I– DEFINITIONS

 

As used in this document, the following words and phrases have the meanings specified below, unless a different meaning is plainly required by the context:

 

1.01 Effective Date. The effective date of this amendment and restatement is January 1, 2009, unless otherwise set forth herein.

 

1.02 Employer. Brown-Forman Corporation, and any of its subsidiaries or affiliated business entities participating in the Retirement Plan.

 

1.03 Maximum Benefit. The monthly equivalent of the maximum benefit permitted by the Internal Revenue Code of 1986, as subsequently amended, to be paid a Participant (or, in the event of the Participant’s death, to be paid to the Participant’s surviving spouse or beneficiary, if applicable) from the Retirement Plan, a defined benefit plan sponsored by the Employer and qualified under Internal Revenue Code Sections 401, 411, 415, and subsequent additions and amendments to the Code which may further limit a Participant’s maximum benefits.

 

1.04 Participant. Any Employee of the Employer who is an executive officer, or other key Employee, who is a participant in the Retirement Plan on or after January 1, 2005, and whose pension benefits determined on the basis of the provisions of such Retirement Plan, without regard to the limitations of the Internal Revenue Code, would exceed the Maximum Benefit limited by the Internal Revenue Code.  Participant shall also include those persons who were participants in the Hartmann Supplemental Executive Retirement Plan (“Hartmann SERP”) at the time of the merger of the Hartmann SERP into this Plan effective December 31, 2008.

 

1.05 Plan. The Brown-Forman Corporation Supplemental Executive Retirement Plan, as subsequently amended or restated, which is an unfunded nonqualified defined benefit plan providing supplemental benefits for selected executives, officers, or key Employees, beyond those benefits provided by the Retirement Plan.

 

1.06 Plan Administrator. The Administrative Committee appointed by the Employer to administer the Plan on behalf of the Employer.  The Employer has appointed the Brown-Forman Corporation Employee Benefits Committee to serve as the Administrative Committee.

 

1.07 Pre-2005 Accrued Benefit. The vested benefit accrued by a Participant prior to January 1, 2005.

 

1.08 Post-2004 Accrued Benefit. The benefit accrued by a Participant after December 31, 2004, or in which the Participant became vested after December 31, 2004.

 

1.09 Retirement Plan. The Brown-Forman Corporation Salaried Employees Retirement Plan, as subsequently amended from time to time.  All terms not otherwise specifically defined in this Plan have the meaning set forth in the Retirement Plan.

 

1.10 Unrestricted Benefit. The maximum monthly Normal, Early, Late, or Deferred Vested Benefit, whichever is applicable, determined without regard to the limitation imposed under Internal Revenue Code Sections 401, 411, 415, and subsequent amendments or additions to the Code which may further limit a Participant’s Maximum Benefit.

 

ARTICLE II– ELIGIBILITY

 

2.01 Eligibility for Benefits. Any executive, officer, or other key Employee of the Employer who is specifically designated by the Employer becomes a Participant of this Plan at any time that the pension benefits otherwise payable under the Retirement Plan to the Employee are reduced by the benefit limitations set forth in the Internal Revenue Code.

 

2.02 Allocation of Authority. Any questions or issues concerning the eligibility of an Employee or an amount of benefits payable by this Plan, if any, are determined by the Plan Administrator in accordance with Article VI.

 

 

 

  

  

  

 

 

ARTICLE III - RETIREMENT BENEFITS

 

3.01 Normal Retirement Benefit. Upon separation from service and eligibility for the normal retirement benefit as provided under Section 4.04 of the Retirement Plan (Section 4.04A of the Addendum for former Hartmann SERP Participants), the Participant is entitled to a Normal Retirement Benefit under this Plan equal to the Participant’s Unrestricted Benefit less the Maximum Benefit.  The Normal Retirement Benefit is payable monthly commencing on the Participant’s Normal Retirement Date under the Retirement Plan and terminates with the last payment made by the Retirement Plan.  The calculation of the vested Accrued Benefit the Participant would have been entitled to receive under the Retirement Plan is in accordance with the terms of the Retirement Plan.

 

3.02 Late Retirement Benefit. Upon separation from service and eligibility for the late retirement benefit as provided under Section 4.05 of the Retirement Plan (or Section 4.05A of the Addendum for former Hartmann SERP Participants), the Participant is entitled to a Late Retirement Benefit under this Plan, equal to the Participant’s Unrestricted Benefit less the Maximum Benefit.  The Late Retirement Benefit is payable commencing on the first day of the month following actual retirement under the Retirement Plan and terminates with the last payment made by the Retirement Plan.  The calculation of the vested Accrued Benefit the Participant would have been entitled to receive under the Retirement Plan is in accordance with the terms of the Retirement Plan.

 

3.03 Early Retirement Benefit. Upon separation from service and eligibility for the Early Retirement benefit as provided under Sections 4.06 or 4.07 of the Retirement Plan (or Sections 4.06A or B of the Addendum for former Hartmann SERP Participants), the Participant is entitled to an Early Retirement Benefit under this Plan, equal to the Participant’s Unrestricted Benefit less the Maximum Benefit.  Subject to Section 3.06 below, the benefit is payable commencing on the date the Early Retirement Benefit is first payable under the Retirement Plan and terminates with the last payment made by the Retirement Plan.  The calculation of the vested Accrued Benefit the Participant would have been entitled to receive under the Retirement Plan is in accordance with the terms of the Retirement Plan.

 

3.04 Deferred Vested Benefit. If a Participant separates from service with the Employer and is entitled to a deferred vested benefit under Section 4.08 of the Retirement Plan, the Participant is entitled to a Deferred Vested Benefit under this Plan, equal to the Participant’s Unrestricted Benefit less the Maximum Benefit.  Subject to Section 3.06 below, the Deferred Vested Benefit is payable commencing on the date after the Participant reaches age fifty-five (55) that the deferred vested benefit is first payable under the Retirement Plan and terminates with the last payment made by the Retirement Plan.  The calculation of the vested Accrued Benefit the Participant would have been entitled to receive under the Retirement Plan is in accordance with the terms of the Retirement Plan.

 

3.05 Alternative Retirement Benefits.

 

(a) Eligibility.  Any officer, director or key Employee of the Employer who is a participant of Bonus Groups II-A, II-B and SR in the Brown-Forman Corporation Management Incentive Compensation Plan, and who at retirement or separation from service is not eligible to receive the benefits under any of Sections 3.01 through 3.04, above, because of failure to meet the vesting requirements of Section 3.02 of the Retirement Plan, that is, completion of five (5) Years of Service, is eligible to receive an Alternative Retirement Benefit.

 

(b) Benefit.  The Alternative Retirement Benefit is paid to a Participant described in (a) above, and is equal to a percentage of the Participant’s Accrued Benefit under the Retirement Plan, based upon the Participant’s completed Years of Service at the date of separation from service, computed as follows:

 

	
Completed Years of Service

	
Percentage of Accrued  Benefit

	
Less than 3 years

	
0%

	
3 years but less than 5

	
50%

 

Subject to Section 3.06 below, the Alternative Retirement Benefit is payable commencing on the date retirement benefits would first have been payable under Section 3.01 through 3.04 above, as applicable, and ends on the date that the last benefits would have been payable under the Retirement Plan, had Section 3.02 of the Retirement Plan not applied to the Participant.

 

 

  

  

  

 

 

3.06 Time and Form of Benefit Payments.

 

(a) Pre-2005 Accrued Benefit.  A benefit payable under Article III of this Plan attributable to Pre-2005 Accrued Benefits is paid in the same form and at the same time as the Retirement Benefit payable under the Retirement Plan.

 

(b) Post-2004 Accrued Benefit.  Effective January 1, 2009, and subject to subparagraph (e) below, a benefit payable under Article III of this Plan attributable to Post-2004 Accrued Benefits is paid in the form of an annuity as provided in the Retirement Plan, said payments to commence on the first day of the month next following the later of:

 

(i) separation from service; or

 

(ii) attaining age 55.

 

(c) Payments During Transition Period.  For those Participants separating from service during the period January 1, 2005 through December 31, 2008, who commenced payment of the Retirement Benefit under the Retirement Plan, a benefit payable under Article III of this Plan attributable to Post-2004 Accrued Benefits was paid in the same form and at the same time, subject to subparagraph (e) below, as the Retirement Benefit payable under the Retirement Plan.

 

(d) Post-2008 Payments to Participants Terminating Prior to 2009.  Those Participants who separated from service prior to January 1, 2009 and who have not commenced payment of benefits under the Retirement Plan and this Plan prior to January 1, 2009, shall be given an election to determine the date Post-2004 Accrued Benefits shall commence, said election to be no earlier than the first day of the month after attaining age 55 and no later than the first day of the month after attaining age 65.  Said election must be made on or before December 31, 2008.  If the said Participant fails to make a timely election, the Participant’s Post-2004 Accrued Benefit shall commence on the later of January 1, 2009, or the first day of the month next following the Participant attaining age 55.  The commencement of benefits under this subparagraph (d) is further subject to subparagraph (e) below.

 

(e) Six-Month Suspension of Payments.  Notwithstanding the provisions for commencement of benefit payments under subparagraphs (b), (c) and (d) above related to any Post-2004 Accrued Benefit, monthly payments shall be suspended and shall not commence earlier than six months following separation from service.  Any suspended monthly payments will be paid to the Participant in a lump sum payment in the seventh month following separation from service.

 

(f) Annuity.  The election of the particular form of annuity (said forms being actuarially equivalent), in which benefits under this Plan will be received shall be made (i) between thirty (30) and ninety (90) days before the starting date of the Retirement Benefit payable under the Retirement Plan for benefits attributable to the Pre-2005 Accrued Benefit unless the Plan Administrator waives the time requirement, and (ii) between thirty (30) and ninety (90) days before the starting date of the Retirement Benefit under Sections 3.06(b) or (d) of this Plan for benefits attributable to the Post-2004 Accrued Benefit.

 

3.07 Spouse’s Pension Benefit. Subject to Section 3.06 above, upon the death of a Participant whose spouse is eligible for a Retirement Benefit or a Death Benefit in accordance with Sections 4.15 and 4.10 or 4.12 of the Retirement Plan, the Participant’s surviving spouse is entitled to a monthly benefit equal to the surviving spouse benefit determined in accordance with the provisions of the Retirement Plan without regard to the limitations under Internal Revenue Code Sections 401, 411, 415, and any subsequent additions or amendments to the Code which may further limit a Participant’s Maximum Benefit, less the Maximum Benefit.

 

3.08 Beneficiary’s Pension Benefit. Subject to Section 3.06 above, upon the death of a Participant who elected Retirement Benefit payments under the Retirement Plan and/or this Plan in the form of a straight life annuity with one hundred twenty (120) months certain, the Participant’s Beneficiary is entitled to a monthly benefit equal to the Beneficiary’s benefit determined and payable in accordance with Section 4.10(c)(2) of the Retirement Plan without regard to limitations under the Internal Revenue Code, less the Maximum Benefit.

 

 

  

  

  

 

 

ARTICLE IV - BENEFIT FORFEITURE

 

4.01 Forfeiture Provisions. Notwithstanding the foregoing, a Participant forfeits all benefits from the Plan if the Plan Administrator determines that the Participant’s employment terminated as a result of fraud, dishonesty, embezzlement, conviction of a crime, or the Participant’s having engaged in any act of competition with the Employer.  Competition includes, but is not limited to, employment with a competitor, or using, divulging, furnishing or otherwise making accessible to any person, firm or corporation, any knowledge or information with respect to:

 

(a) any confidential, proprietary or secret aspect of the business or any program of the Employer; or

 

(b) any customers’ or suppliers’ lists or other information relating to the customers or suppliers of the Employer.

 

ARTICLE V– BENEFICIARY

 

5.01 Distribution of Benefits Upon Death. A Participant shall designate a Beneficiary in accordance with the terms of the Retirement Plan.  If the Plan Administrator has any doubt as to the proper Beneficiary to receive payments under this Plan, the Plan Administrator has the right to withhold such payments until the matter is resolved and to offset any costs and expenses incurred in resolving the matter.  Any payment made by the Plan Administrator, in good faith and in accordance with this Plan, fully discharges the Plan Administrator and the Employer from all further obligations with respect to such payment.

 

ARTICLE VI - PLAN ADMINISTRATION

 

6.01 Source of Benefits. Amounts payable under this Plan are not funded and are paid exclusively from the general assets of the Employer.  No person entitled to payment under this Plan has any claim, right, security interest, or other interest in any fund, trust, account, insurance contract, or asset of the Employer.  The benefits under this Plan constitute liabilities of the Employer, payable when due.

 

6.02 Governing Law. The provisions of this Plan are construed, administered, and enforced in accordance with the laws of the Commonwealth of Kentucky, to the extent such laws are not superseded by Federal law.

 

6.03 Nonguarantee of Employment. The Plan does not in any way obligate the Employer to continue the employment of a Participant, nor does it limit the right of the Employer at any time to terminate the Participant’s employment, with or without cause.  Termination of a Participant’s employment with the Employer, whether by action of the Employer or Participant, immediately terminates participation in the Plan and all further obligations of either party, except as may be provided in this Plan.

 

6.04 Other Benefits and Agreements. The benefits provided for a Participant and, if applicable, Participant’s Beneficiary under the Plan are in addition to any other benefits available under any other plan or program of the Employer for its Employees, and, except as may otherwise be expressly provided for, the Plan supplements and does not supersede, modify or amend any other plan or program of the Employer or a Participant.  Moreover, benefits under the Plan are not considered Compensation for the purpose of computing contributions or benefits under any plan or plans maintained by the Employer, or any of its subsidiaries, which are qualified under Sections 401(a) and 501(a) of the Internal Revenue Code of 1986, as subsequently amended.

 

 

  

  

  

 

 

6.05 Restrictions on Alienation of Benefits. No right or benefit under the Plan is subject to anticipation, alienation, sale, assignment, pledge, encumbrance or transfer, and any attempt to anticipate, alienate, sell, assign, pledge, encumber or transfer Plan benefits is void.  Prior to actual payment, a Participant’s benefit is not subject to the debts, judgments or other obligations of the Participant, and is not subject to attachment, seizure, garnishment or other process applicable to the Participant or Beneficiary.  If any Participant or Beneficiary under the Plan attempts to anticipate, alienate, sell, assign, pledge, encumber or transfer any right to a Plan benefit, then such right or benefit, at the discretion of the Plan Administrator, ceases, and in such event, the Plan Administrator may hold or apply the same or any part thereof for the benefit of such Participant or Beneficiary.

 

Notwithstanding the foregoing, the preceding paragraph shall not apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant pursuant to a divorce or separation instrument described in Section 71(b)(2)(A) of the Internal Revenue Code provided that such divorce or separation instrument meets the same general requirements as a Qualified Domestic Relations Order as provided by the underlying Retirement Plan pursuant to Section 206(d) of the Employee Retirement Income Security Act and Section 414(p) of the Internal Revenue Code.

 

6.06 Administration of the Plan. The general administration of this Plan, as well as construction and interpretation thereof, is vested in the Plan Administrator, which administers this Plan in the same manner and in accordance with the administrative provisions of the Retirement Plan.  The Plan Administrator has the duty, full discretionary authority, and full discretionary control to manage the operation and administration of this Plan.  The Plan may retain agents to assist in the administration of the Plan and may delegate to agents such duties as it sees fit.  The Plan Administrator’s interpretations, determinations, regulations, calculations, and other administrative decisions are final and binding on all persons and parties having an interest in the Plan.  In the event of a dispute over the payment of benefits under this Plan, the Plan Administrator shall withhold such payments pending resolution of the dispute.  The Plan Administrator retains the right to offset any costs and expenses incurred in resolving a dispute over benefits.

 

The Employer will indemnify, defend and hold harmless any Employee designated by the Employer to assist in the administration of the Plan from any and all loss, damage, claims, expense or liability with respect to this Plan (collectively, “claims”) except claims arising from the intentional acts or gross negligence of the Employee.

 

6.07 Fair Construction. The Employer, Participants and Beneficiaries intend that this Plan in form and in operation comply with Code Section 409A, the regulations thereunder, and all other present and future applicable guidance.  The Employer and any other party with authority to interpret or administer the Plan will interpret the Plan terms in a manner which is consistent with applicable law.  However, as required under Treas. Reg. §1.409A-1(c)(1), the “interpretation” of the Plan does not permit the deletion of material terms which are expressly contrary to Code §409A and the regulations thereunder and also does not permit the addition of missing terms necessary to comply therewith.  Such deletions or additions may be accomplished only by means of a Plan amendment.

 

6.08 Termination of the Plan. The Employer reserves the right to amend, modify or terminate this Plan, in whole or in part, at any time.  Action by the Employer under this Plan may be by the Board of Directors of Brown-Forman Corporation, or by the Employee Benefits Committee which has been duly authorized by the Board to take such action.  Upon termination of this Plan, vested benefit amounts accrued to the date of Plan termination are paid as provided herein; provided, however, if the Plan is to be terminated and liquidated, distributions in such liquidation shall be made subject to the applicable provisions of Code Section 409A.

 

 

IN WITNESS WHEREOF, the Employer has caused this amended and restated Plan to be executed by an officer duly authorized this 19 day of December, 2008, effective as set forth herein.

 

	 	BROWN-FORMAN CORPORATION	 
	 	 	 	 
	
December 19, 2008

	
By: 

	/s/Bruce Cote	 
	 	 	Bruce Cote	 
	 	 	Vice President	 
	 	 	 	 

 

  

  

  

 

FIRST AMENDMENT

 

BROWN-FORMAN CORPORATION

 

AMENDED AND RESTATED

 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

The Brown-Forman Corporation Amended and Restated Supplemental Executive Retirement Plan was adopted by Brown-Forman Corporation effective January 1, 2009.

 

The Plan provides in Section 6.08 that the Plan may be amended by the Employer.

 

It is advisable to correctively amend the Plan in certain respects.

 

IT IS THEREFORE AGREED:

Section 3.06(a) is correctively amended by adding the following, consistent with the prior plan document:

 

However, such Pre-2005 Accrued Benefit may be paid, at the sole discretion of the Plan Administrator, in an optional form of payment elected by the Participant, in accordance with Section 4.10 of the Retirement Plan.

In all other respects, the Brown-Forman Corporation Amended and Restated Supplemental Executive Retirement Plan as initially adopted and subsequently amended shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Employer has caused this First Amendment to the Brown-Forman Corporation Amended and Restated Supplemental Executive Retirement Plan to be executed by its duly authorized officer this 29 day of December, 2009, effective for the plan year beginning January 1, 2009.

	 	BROWN-FORMAN CORPORATION	 
	 	 	 	 
	
December 29, 2009

	
By: 

	/s/ Cheryl A. Beckman	 
	 	 	Cheryl A. Beckman	 
	 	 	Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]