Document:

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                                                                    EXHIBIT 10.1

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                                CREDIT AGREEMENT

                                   dated as of

                                 March 31, 2003

                                      Among

                        CHARLES RIVER LABORATORIES, INC.

                 CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

                            The Lenders Party Hereto

                              JPMORGAN CHASE BANK,
                             as Administrative Agent

                              FLEET NATIONAL BANK,
                              as Syndication Agent

                                       and

                         CITIZENS BANK OF MASSACHUSETTS,
                 MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.

                                       and

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                           as Co-Documentation Agents

                                   ----------

                          J.P. MORGAN SECURITIES, INC.,
                      as Lead Arranger and Sole Bookrunner

                              FLEET NATIONAL BANK,
                                   as Arranger

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

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                                TABLE OF CONTENTS

<Table>
<S>                                                                                 <C>
ARTICLE I
     DEFINITIONS ....................................................................1

     SECTION 1.01.    DEFINED TERMS .................................................1
     SECTION 1.02.    CLASSIFICATION OF LOANS AND BORROWINGS .......................19
     SECTION 1.03.    TERMS GENERALLY ..............................................19
     SECTION 1.04.    ACCOUNTING TERMS; GAAP .......................................19

ARTICLE II
     THE CREDITS ...................................................................20

     SECTION 2.01.    COMMITMENTS ..................................................20
     SECTION 2.02.    LOANS AND BORROWINGS .........................................20
     SECTION 2.03.    REQUESTS FOR REVOLVING BORROWINGS ............................20
     SECTION 2.04.    SWINGLINE LOANS ..............................................21
     SECTION 2.05.    LETTERS OF CREDIT ............................................22
     SECTION 2.06.    FUNDING OF BORROWINGS ........................................26
     SECTION 2.07.    INTEREST ELECTIONS ...........................................27
     SECTION 2.08.    TERMINATION AND REDUCTION OF COMMITMENTS .....................28
     SECTION 2.09.    REPAYMENT OF LOANS; EVIDENCE OF DEBT .........................28
     SECTION 2.10.    PREPAYMENT OF LOANS ..........................................29
     SECTION 2.11.    FEES .........................................................30
     SECTION 2.12.    INTEREST .....................................................31
     SECTION 2.13.    ALTERNATE RATE OF INTEREST ...................................31
     SECTION 2.14.    INCREASED COSTS ..............................................32
     SECTION 2.15.    BREAK FUNDING PAYMENTS .......................................33
     SECTION 2.16.    TAXES ........................................................33
     SECTION 2.17.    PAYMENTS GENERALLY; PRO RATA TREATMENT; SHARING OF SET-OFFS...35
     SECTION 2.18.    MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS ...............37
     SECTION 2.19.    ADDITIONAL LENDERS ...........................................38

ARTICLE III
     REPRESENTATIONS AND WARRANTIES ................................................38

     SECTION 3.01.    ORGANIZATION; POWERS .........................................38
     SECTION 3.02.    AUTHORIZATION; ENFORCEABILITY ................................39
     SECTION 3.03.    GOVERNMENTAL APPROVALS; NO CONFLICTS .........................39
     SECTION 3.04.    FINANCIAL CONDITION; NO MATERIAL ADVERSE CHANGE ..............39
     SECTION 3.05.    PROPERTIES ...................................................39
     SECTION 3.06.    LITIGATION AND ENVIRONMENTAL MATTERS .........................40
     SECTION 3.07.    COMPLIANCE WITH LAWS AND AGREEMENTS ..........................40
     SECTION 3.08.    INVESTMENT AND HOLDING COMPANY STATUS ........................40
     SECTION 3.09.    TAXES ........................................................41
     SECTION 3.10.    ERISA ........................................................41
     SECTION 3.11.    DISCLOSURE ...................................................41
</Table>

                                       ii
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<Table>
<S>                                                                                 <C>
     SECTION 3.12.    SECURITY DOCUMENTS ...........................................41
     SECTION 3.13.    FEDERAL RESERVE REGULATIONS ..................................41
     SECTION 3.14.    SOLVENCY .....................................................42

ARTICLE IV
     CONDITIONS ....................................................................42

     SECTION 4.01.    EFFECTIVE DATE ...............................................42
     SECTION 4.02.    EACH CREDIT EVENT ............................................44

ARTICLE V
     AFFIRMATIVE COVENANTS .........................................................44

     SECTION 5.01.    FINANCIAL STATEMENTS AND OTHER INFORMATION ...................45
     SECTION 5.02.    NOTICES OF MATERIAL EVENTS ...................................46
     SECTION 5.03.    EXISTENCE; CONDUCT OF BUSINESS ...............................46
     SECTION 5.04.    PAYMENT OF OBLIGATIONS .......................................47
     SECTION 5.05.    MAINTENANCE OF PROPERTIES; INSURANCE .........................47
     SECTION 5.06.    BOOKS AND RECORDS; INSPECTION RIGHTS .........................47
     SECTION 5.07.    COMPLIANCE WITH LAWS .........................................47
     SECTION 5.08.    USE OF PROCEEDS AND LETTERS OF CREDIT ........................47
     SECTION 5.09.    ADDITIONAL MATERIAL SUBSIDIARIES .............................48
     SECTION 5.10.    CASH MANAGEMENT ..............................................48
     SECTION 5.11.    FURTHER ASSURANCES ...........................................48

ARTICLE VI
     NEGATIVE COVENANTS ............................................................49

     SECTION 6.01.    INDEBTEDNESS .................................................49
     SECTION 6.02.    LIENS ........................................................50
     SECTION 6.03.    FUNDAMENTAL CHANGES ..........................................50
     SECTION 6.04.    INVESTMENTS, LOANS, ADVANCES, GUARANTEES AND ACQUISITIONS ....51
     SECTION 6.05.    HEDGING AGREEMENTS ...........................................53
     SECTION 6.06.    RESTRICTED PAYMENTS; CERTAIN PAYMENTS OF INDEBTEDNESS ........53
     SECTION 6.07.    DISPOSITION OF ASSETS ........................................54
     SECTION 6.08.    TRANSACTIONS WITH AFFILIATES .................................55
     SECTION 6.09.    RESTRICTIVE AGREEMENTS .......................................55
     SECTION 6.10.    ISSUANCES OF CAPITAL STOCK BY SUBSIDIARIES ...................55
     SECTION 6.11.    AMENDMENT OF MATERIAL DOCUMENTS ..............................55
     SECTION 6.12.    CRL TRUST LIMITATIONS ........................................56
     SECTION 6.13.    FIXED CHARGE COVERAGE RATIO ..................................56
     SECTION 6.14.    LEVERAGE RATIO ...............................................56
     SECTION 6.15.    CONSOLIDATED TANGIBLE NET WORTH ..............................56
     SECTION 6.16.    SENIOR LEVERAGE RATIO ........................................56

ARTICLE VII
     EVENTS OF DEFAULT .............................................................56
</Table>

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<Table>
<S>                                                                                 <C>
ARTICLE VIII
     THE ADMINISTRATIVE AGENT ......................................................59

ARTICLE IX
     GUARANTEE OF THE PARENT .......................................................61

ARTICLE X
     MISCELLANEOUS .................................................................64

     SECTION 10.01.   NOTICES ......................................................64
     SECTION 10.02.   WAIVERS; AMENDMENTS ..........................................64
     SECTION 10.03.   EXPENSES; INDEMNITY; DAMAGE WAIVER ...........................66
     SECTION 10.04.   SUCCESSORS AND ASSIGNS .......................................67
     SECTION 10.05.   SURVIVAL .....................................................70
     SECTION 10.06.   COUNTERPARTS; INTEGRATION; EFFECTIVENESS .....................70
     SECTION 10.07.   SEVERABILITY .................................................70
     SECTION 10.08.   RIGHT OF SETOFF ..............................................71
     SECTION 10.09.   GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS ...71
     SECTION 10.10.   WAIVER OF JURY TRIAL .........................................72
     SECTION 10.11.   HEADINGS .....................................................72
     SECTION 10.12.   CONFIDENTIALITY ..............................................72
     SECTION 10.13.   INTEREST RATE LIMITATION .....................................72
     SECTION 10.14.   JOINT CREDITORS ..............................................73
</Table>

SCHEDULES:

Schedule 2.01 -- Commitments
Schedule 3.01 -- Subsidiaries
Schedule 3.06 -- Disclosed Matters
Schedule 6.01 -- Existing Indebtedness
Schedule 6.02 -- Existing Liens
Schedule 6.04 -- Existing Investments
Schedule 6.09 -- Existing Restrictions

EXHIBITS:

Exhibit A -- Form of Assignment and Acceptance
Exhibit B-1 -- Form of Opinion of Special New York counsel for the Consolidated
               Entities
Exhibit B-2 -- Form of Opinion of General Counsel for the Consolidated Entities
Exhibit C -- Form of Guarantee Agreement
Exhibit D -- Form of Pledge Agreement
Exhibit E -- Form of Security Agreement
Exhibit F -- Form of Trust Subordination Agreement

                                       iv
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     CREDIT AGREEMENT, dated as of March 31, 2003, among CHARLES RIVER
LABORATORIES, INC., CHARLES RIVER LABORATORIES INTERNATIONAL, INC., the LENDERS
party hereto and JPMORGAN CHASE BANK, as Administrative Agent.

     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:

          "3.50% CONVERTIBLE NOTE INDENTURE" means the Indenture dated as of
January 24, 2002 from the Parent to State Street Bank & Trust Company, as
Trustee, as in effect on the Effective Date and as amended from time to time in
accordance with Section 6.11, pursuant to which the Parent issued the 3.50%
Convertible Notes.

          "3.50% CONVERTIBLE NOTES" means the $175,000,000 Senior Convertible
Indentures due February 1, 2022, as in effect on the Effective Date and as
amended from time to time in accordance with Section 6.11, issued pursuant to
the terms of the 3.50% Convertible Note Indenture.

          "ABR", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate.

          "ADJUSTED LIBO RATE" means, with respect to any Eurodollar Borrowing
for any Interest Period, an interest rate per annum (rounded upwards, if
necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest
Period multiplied by (b) the Statutory Reserve Rate.

          "ADMINISTRATIVE AGENT" means JPMorgan Chase Bank, in its capacity as
administrative agent for the Lenders hereunder.

          "ADMINISTRATIVE QUESTIONNAIRE" means an Administrative Questionnaire
in a form supplied by the Administrative Agent.

          "AFFILIATE" means, with respect to 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" means this Credit Agreement, dated as of March 31, 2003,
among the Parent, the Borrower, the Lenders and the Administrative Agent, as
amended, supplemented, restated or otherwise modified from time to time.

          "ALTERNATE BASE RATE" means, for any day, a rate per annum equal to
the greatest of (a) the Prime Rate in effect on such day, (b) the Base CD Rate
in effect on such day plus 1%

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and (c) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.
Any change in the Alternate Base Rate due to a change in the Prime Rate, the
Base CD Rate or the Federal Funds Effective Rate shall be effective from and
including the effective date of such change in the Prime Rate, the Base CD Rate
or the Federal Funds Effective Rate, respectively.

          "APPLICABLE PERCENTAGE" means, with respect to any Lender, the
percentage of the total Commitments represented by such Lender's Commitment. If
the Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Commitments most recently in effect, giving effect to
any assignments.

          "APPLICABLE RATE" means, for any day, with respect to any Eurodollar
Loan, or with respect to the commitment fees payable hereunder, as the case may
be, the applicable rate per annum set forth below under the caption "Eurodollar
Spread" or "Commitment Fee Rate", as the case may be, based upon the Leverage
Ratio applicable on such date:

<Table>
<Caption>
                                LEVERAGE                 EURODOLLAR         COMMITMENT
                                 RATIO                    SPREAD(1)          FEE RATE
--------------------------------------------------------------------------------------
     <S>               <C>                                 <C>                <C>
     CATEGORY 1        Greater than or equal to
                              2.500 to 1                   2.250%             .500%

     CATEGORY 2        Greater than or equal to
                       1.875 to 1 but less than
                              2.500 to 1                   2.000%             .500%

     CATEGORY 3        Greater than or equal to
                        1.25 to 1 but less than
                              1.875 to 1                   1.750%             .375%

     CATEGORY 4        Greater than or equal to
                       0.625 to 1 but less than
                               1.25 to 1                   1.500%             .300%

     CATEGORY 5          Less than 0.625 to 1              1.250%             .250%
</Table>

     For purposes of the foregoing, (a) the Leverage Ratio shall be determined
as of the end of each fiscal quarter of the Consolidated Entities based upon the
financial statements delivered pursuant to Section 5.01(a) or (b); and (b) each
change in the Applicable Rate resulting from a change in the Leverage Ratio
shall be effective during the period commencing on and including the date of
delivery to the Administrative Agent of such financial statements indicating
such change and ending on the date immediately preceding the effective date of
the next change in the Applicable Rate; provided that the Leverage Ratio shall
be deemed to be in Category 1 (i) at any time that an Event of Default under
paragraph (a) or (b) of Article VII has occurred and is continuing or (ii) if
the Borrower fails to deliver the financial statements required to be delivered
by it pursuant to Section 5.01(a) or (b), during the period from the expiration
of the time for delivery thereof until such financial statements are delivered.
Assuming no Event of Default

----------
     (1) Each of the Eurodollar Spreads set forth below in this column is to be
increased by 0.250% for any period during which the aggregate Revolving Credit
Exposures exceeds 33% of the aggregate Commitments.

                                        2
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under paragraph (a) or (b) of Article VII has occurred and is continuing, up to
and including September 7, 2003, the Applicable Rate shall be determined by
reference to Category 3.

          "ASSESSMENT RATE" means, for any day, the annual assessment rate in
effect on such day that is payable by a member of the Bank Insurance Fund
classified as "well-capitalized" and within supervisory subgroup "B" (or a
comparable successor risk classification) within the meaning of 12 C.F.R. Part
327 (or any successor provision) to the Federal Deposit Insurance Corporation
for insurance by such Corporation of time deposits made in dollars at the
offices of such member in the United States; PROVIDED that if, as a result of
any change in any law, rule or regulation, it is no longer possible to determine
the Assessment Rate as aforesaid, then the Assessment Rate shall be such annual
rate as shall be determined by the Administrative Agent to be representative of
the cost of such insurance to the Lenders.

          "ASSIGNMENT AND ACCEPTANCE" means an assignment and acceptance 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.

          "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.

          "BASE CD RATE" means the sum of (a) the Three-Month Secondary CD Rate
multiplied by the Statutory Reserve Rate plus (b) the Assessment Rate.

          "BOARD" means the Board of Governors of the Federal Reserve System of
the United States of America.

          "BORROWER" means Charles River Laboratories, Inc., a Delaware
corporation.

          "BORROWING" means (a) Revolving Loans of the same Type, made,
converted or continued on the same date and, in the case of Eurodollar Loans, as
to which a single Interest Period is in effect or (b) a Swingline Loan.

          "BORROWING REQUEST" means a request by the Borrower for a Revolving
Borrowing in accordance with Section 2.03.

          "BUSINESS DAY" means any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City are authorized or required by law
to remain closed; PROVIDED that, when used in connection with a Eurodollar Loan,
the term "BUSINESS DAY" shall also exclude any day on which banks are not open
for dealings in dollar deposits in the London interbank market.

          "CAPITAL LEASE OBLIGATIONS" of any Person means the obligations of
such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right 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.

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

          "CHANGE IN CONTROL" means (a) the acquisition of ownership, directly
or indirectly, beneficially or of record, by any Person or group (within the
meaning of the Securities Exchange Act of 1934 and the rules of the Securities
and Exchange Commission thereunder as in effect on the date hereof) of shares
representing more than 30% of the aggregate ordinary voting power represented by
the issued and outstanding capital stock of the Parent; (b) occupation of a
majority of the seats (other than vacant seats) on the board of directors of the
Parent by Persons who were neither (i) nominated by the board of directors of
the Parent nor (ii) appointed by directors so nominated; (c) the acquisition of
direct or indirect Control of the Parent by any Person or group; (d) the Parent
ceasing to own 100% of the Capital Stock of the Borrower, except pursuant to a
merger between the Parent and the Borrower where either the Parent or the
Borrower is the surviving corporation; or (e) the occurrence of a change of
control (or similar event, howsoever defined) under and as defined in any
indenture or other agreement in respect of any Indebtedness to which any Loan
Party is a party.

          "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 the Issuing
Bank (or, for purposes of Section 2.14(b), by any lending office of such Lender
or by such Lender's or the Issuing Bank's holding company, if any) with any
request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement.

          "CHARLES RIVER CHINA" means SPAFAS Jinan Poultry Company, Ltd., a
Chinese corporation.

          "CHARLES RIVER MEXICO" means Avers Libers de Patogens Especificos,
S.A. de C.V., a Mexican corporation.

          "CHARLES RIVER PROTEOMICS" means Charles River Proteomics Services,
Inc., a Delaware corporation.

          "CLASS", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans
or Swingline Loans.

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

          "COLLATERAL" means all of the right, title and interest of each
Consolidated Entity in and to the property in which such Person has granted a
Lien to the Administrative Agent for its benefit and the ratable benefit of the
Lenders under any Loan Document.

          "COMMITMENT" means, with respect to each Lender, the commitment of
such Lender to make Revolving Loans and to acquire participations in Letters of
Credit and Swingline Loans hereunder, expressed as an amount representing the
maximum aggregate amount of such

                                        4
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Lender's Revolving Credit Exposure hereunder, as such commitment may be (a)
reduced from time to time pursuant to Section 2.08, (b) increased from time to
time pursuant to Section 2.19 and (c) reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 10.04. The
initial amount of each Lender's Commitment is set forth on Schedule 2.01, or in
the Assignment and Acceptance pursuant to which such Lender shall have assumed
its Commitment, as applicable. The initial aggregate amount of the Lenders'
Commitments is $100,000,000, which may be increased pursuant to Section 2.19 to
$125,000,000.

          "CONSOLIDATED CAPITAL EXPENDITURES" means, for any period, the dollar
amount of gross expenditures (including cash payments during such period in
respect to Capital Lease Obligations but excluding Permitted Acquisitions) by
the Consolidated Entities for the acquisition of any fixed assets, real
property, plant and equipment, and all renewals, improvements and replacements
thereto incurred during such period in each case which are required to be
capitalized for financial reporting purposes in accordance with GAAP.

          "CONSOLIDATED EBITDA" means, for any period, Consolidated Net Income
for such period, minus the aggregate noncash amount of extraordinary or
nonrecurring gains of such Person for such period, plus, without duplication and
to the extent deducted from revenues in determining Consolidated Net Income for
such period, the sum of (a) the aggregate amount of Consolidated Interest
Expense for such period, plus (b) the aggregate amount of income tax expense for
such period, plus (c) the aggregate amount of depreciation and amortization for
such period, all as determined on a consolidated basis with respect to the
Consolidated Entities in accordance with GAAP. For the purposes of determining
Consolidated EBITDA during any period, in connection with the acquisition of a
Person (or part thereof) in a Permitted Acquisition occurring after the
Effective Date, there shall be included, without duplication or adjustment, in
Consolidated Net Income net income (or loss) of such Person (or part thereof),
as determined in accordance with GAAP, as if such Person (or part thereof) was
acquired at the beginning of such period; provided that the Borrower shall have
delivered to the Lenders acceptable financial statements of such Person (or part
thereof) as required under Section 5.01(c).

          "CONSOLIDATED ENTITY" means the Parent, the Borrower or any Subsidiary
whose accounts are or are required to be consolidated or included with the
accounts of the Borrower in accordance with GAAP.

          "CONSOLIDATED FIXED CHARGES" means, with respect to any period of four
consecutive fiscal quarters of the Consolidated Entities, the sum of (a) all
principal payments due on, and with respect to, Consolidated Indebtedness during
such period, plus (b) Consolidated Interest Expense for such period, plus (c)
all taxes of the Consolidated Entities due during such period, plus (d) all
Restricted Payments made during such period. For the purposes of determining
Consolidated Fixed Charges during any period of four consecutive fiscal quarters
of the Consolidated Entities, there shall be included in Consolidated Fixed
Charges all principal payments, interest expense, taxes and payments
substantially comparable to Restricted Payments as defined herein of any Person
(or part thereof) acquired during such period in a Permitted Acquisition accrued
from the beginning of such period to the date of closing of such Permitted
Acquisition as if such Permitted Acquisition had occurred and related financings
had occurred at the beginning of such period determined in accordance with GAAP.

                                        5
<Page>

          "CONSOLIDATED INDEBTEDNESS" means, as of any date of determination,
the aggregate principal amount of Indebtedness of the Consolidated Entities
outstanding as of such date, as determined on a consolidated basis in accordance
with GAAP.

          "CONSOLIDATED INTEREST EXPENSE" means, for any period, the interest
expense, both expensed and capitalized (including the interest component in
respect of Capital Lease Obligations), accrued or paid by the Consolidated
Entities during such period, as determined on a consolidated basis in accordance
with GAAP.

          "CONSOLIDATED NET INCOME" means, for any period, net income or loss of
the Consolidated Entities for such period after deducting and eliminating all
items attributable to interests in minority investments, as determined on a
consolidated basis in accordance with GAAP.

          "CONSOLIDATED NET WORTH" means, at any date of determination thereof,
the result of (a) all assets as shown on a consolidated balance sheet of the
Consolidated Entities, minus (b) all liabilities as shown on a consolidated
balance sheet of the Consolidated Entities, as determined on a consolidated
basis in accordance with GAAP.

          "CONSOLIDATED TANGIBLE NET WORTH" means, at any date of determination
thereof, the result of (a) Consolidated Net Worth, minus (b) the net book value
of all assets on such balance sheet that would be treated as intangible under
GAAP (including goodwill, trademarks, trade names, service marks, service names,
copyrights, patents, organizational expenses and the excess of any equity in any
Subsidiary over the cost of the investment in such Subsidiary), all as
determined on a consolidated basis in accordance with GAAP.

          "CONSOLIDATED SENIOR INDEBTEDNESS" means, at any date of determination
thereof, the result of (a) Consolidated Indebtedness as of such date, minus (b)
Consolidated Subordinated Indebtedness as of such date.

          "CONSOLIDATED SUBORDINATED INDEBTEDNESS" means, at any date of
determination thereof, the 3.50% Convertible Notes and any other Indebtedness of
the Parent that is expressly subordinated to the Obligations on terms and
conditions acceptable to the Required Lenders in their sole discretion.

          "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 as a trustee or through the ability to exercise voting power, by
contract or otherwise. "CONTROLLING" and "CONTROLLED" have meanings correlative
thereto.

          "CRL TRUST" means Charles River Laboratories Massachusetts Business
Trust, a Commonwealth of Massachusetts business trust.

          "DEFAULT" means any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

                                        6
<Page>

          "DISCLOSED MATTERS" means the actions, suits and proceedings and the
environmental matters disclosed in Schedule 3.06.

          "DOLLARS" or "$" refers to lawful money of the United States of
America.

          "DOMESTIC 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 the Borrower 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.

          "DOMESTIC SUBSIDIARY" means any Subsidiary that is organized under the
laws of any jurisdiction in the United States.

          "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 the Borrower or any Subsidiary 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, as
amended from time to time.

          "ERISA AFFILIATE" means any trade or business (whether or not
incorporated) that, together with the Borrower, is treated as a single employer
under 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 Domestic
Plan (other than an event for which the 30-day notice period is waived); (b) the
existence with respect to any Domestic Plan of an "accumulated funding
deficiency" (as defined in Section 412 of the Code or Section 302 of ERISA),
whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or
Section 303(d) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Domestic Plan; (d) the incurrence by the Borrower
or any of its ERISA Affiliates of any liability under Title IV of ERISA with
respect to the termination of any

                                        7
<Page>

Domestic Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the
PBGC or any other Governmental Authority or a plan administrator of any notice
relating to an intention to terminate any Domestic Plan or Domestic Plans or to
appoint a trustee to administer any Domestic Plan or Domestic Plans; (f) the
incurrence by the Borrower or any of its ERISA Affiliates of any liability with
respect to the withdrawal or partial withdrawal from any Domestic Plan or
Multiemployer Plan; (g) the receipt by the Borrower or any ERISA Affiliate of
any notice, or the receipt by any Multiemployer Plan from the Borrower 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 (h) any
Foreign Plan Event.

          "EURODOLLAR" means, when used in reference to any Loan or Borrowing, a
Loan, or the Loans comprising such Borrowing, that are bearing interest at a
rate determined by reference to the Adjusted 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, the Issuing Bank or any other recipient of any payment to be made by or
on account of any obligation of the Loan Parties hereunder, (a) income,
franchise or any branch profits taxes, (b) taxes imposed solely by reason of any
present or former connection between the Administrative Agent, any Lender, the
Issuing Bank or any other recipient of any payment to be made on account of any
obligation of the Loan Parties hereunder and the jurisdiction imposing such
taxes, other than as a result of any Loan Document or any transaction
contemplated thereby and (c) in the case of a Foreign Lender (other than an
assignee pursuant to a request by a Loan Party under Section 2.18(b)), any
withholding tax that is imposed on amounts payable to such Foreign Lender at the
time such Foreign Lender becomes a party to this Agreement (or designates a new
lending office), except to the extent that such Foreign Lender (or its assignor,
if any) was entitled, immediately prior to the time of designation of such new
lending office (or assignment), to receive additional amounts from such Loan
Party with respect to such withholding tax pursuant to Section 2.16(a).

          "FEDERAL FUNDS EFFECTIVE RATE" means, for any day, the weighted
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.

          "FINANCIAL OFFICER" means the chief financial officer or, if there is
no chief financial officer, the principal accounting officer (or similarly
designated officer) of the Borrower.

          "FISCAL QUARTER NET WORTH INCREASE AMOUNTS" means, with respect to
each fiscal quarter of the Consolidated Entities, the sum of (a) the greater of
(i) Zero Dollars ($0) and

                                        8
<Page>

(ii) 50% of Consolidated Net Income for such fiscal quarter, plus (b) 75% of the
proceeds (net of underwriting commissions and discounts and reasonable fees and
expenses) from the issuance of Capital Stock of any Consolidated Entity during
such fiscal quarter, plus (c) 75% of the aggregate market value of Capital Stock
of any Consolidated Entity issued in a Permitted Acquisition during such fiscal
quarter.

          "FIXED CHARGE COVERAGE RATIO" means, on any date, the ratio of (a) the
result of (i) Consolidated EBITDA for the period of four consecutive fiscal
quarters of the Consolidated Entities ended on or most recently ended as of such
date, minus (ii) Consolidated Capital Expenditures for the period of four
consecutive fiscal quarters of the Consolidated Entities ended on or most
recently ended as of such date to (b) Consolidated Fixed Charges during the
period of four consecutive fiscal quarters of the Consolidated Entities ended on
or most recently ended as of such date.

          "FOREIGN LENDER" means any Lender that is organized under the laws of,
or, for United States income tax purposes, is treated as a resident of, any
jurisdiction outside the United States of America.

          "FOREIGN PLAN" means any pension plan or other deferred compensation
plan, program or arrangement maintained by any Foreign Subsidiary which is
subject to funding rules comparable to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA.

          "FOREIGN PLAN EVENT" means, with respect to any Foreign Plan, (a) the
existence of unfunded liabilities in excess of the amount permitted under any
applicable law, (b) the failure to make the required contributions or payments,
under any applicable law, on or before the due date for such contributions or
payments, (c) the receipt of a notice by a Governmental Authority relating to
the intention to terminate any such Foreign Plan or to appoint a trustee to
administer any such Foreign Plan, or to the insolvency of any such Foreign Plan,
or (d) the incurrence of any liability of the Consolidated Entities under
applicable law on account of the complete or partial termination of such Foreign
Plan or the complete or partial withdrawal of any participating employer
therein.

          "FOREIGN SUBSIDIARY" means any Subsidiary that is not organized under
the laws of any jurisdiction in the United States of America.

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

          "GOVERNMENTAL AUTHORITY" means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or
local, and any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to
government.

          "GRANTING LENDER" has the meaning assigned to such term in Section
10.04(h).

                                        9
<Page>

          "GUARANTEE" of or by any Person (the "GUARANTOR") means any
obligation, contingent or otherwise, of the guarantor guaranteeing or having the
economic effect of guaranteeing any Indebtedness or other obligation of any
other Person (the "PRIMARY OBLIGOR") in any manner, whether directly or
indirectly, and including any obligation of the guarantor, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the purchase or payment
of) such Indebtedness or other obligation or to purchase (or to advance or
supply funds for the purchase of) any security for the payment thereof, (b) to
purchase or lease property, securities or services for the purpose of assuring
the owner of such Indebtedness or other obligation of the payment thereof, (c)
to maintain working capital, equity capital or any other financial statement
condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party
or applicant 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.

          "GUARANTEE AGREEMENT" means each Guarantee delivered by the applicable
Material Subsidiary to the Administrative Agent whereby such Material Subsidiary
shall guarantee the obligations under the Loan Documents, which Guarantee shall
be substantially in the form of Exhibit C, as amended, supplemented, restated or
otherwise modified from time to time.

          "GUARANTORS" means the Subsidiaries that are or become parties to a
Guarantee Agreement.

          "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.

          "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
under conditional sale or other title retention agreements relating to property
acquired by such Person, (d) all obligations of such Person in respect of the
deferred purchase price of property or services (including installment
obligations but excluding current accounts payable incurred in the ordinary
course of business), (e) all Indebtedness of others secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to
be secured by) any Lien on property owned or acquired by such Person, whether or
not the Indebtedness secured thereby has been assumed, (f) all Guarantees by
such Person of Indebtedness of others, (g) all Capital Lease Obligations of such
Person and all obligations of such Person under Synthetic Leases, (h) all
obligations, contingent or otherwise, of such Person as an account party or
applicant in respect of letters of credit and letters of guaranty, (i) the net

                                       10
<Page>

obligations of such Person in respect of Hedging Agreements, (j) all
obligations, contingent or otherwise, of such Person in respect of bankers'
acceptances and (k) all obligations of such Person arising with respect to
Capital Stock that is redeemable by such Person. 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.

          "INFORMATION MEMORANDUM" means the Confidential Information Memorandum
dated February 2003 relating to the Borrower and the Transactions.

          "INTEREST ELECTION REQUEST" means a request by the Borrower to convert
or continue a Revolving Borrowing in accordance with Section 2.07.

          "INTEREST PAYMENT DATE" means (a) with respect to any ABR Loan (other
than a Swingline Loan), the last day of each calendar month, (b) with respect to
any Eurodollar Loan with an Interest Period of one, two or three months, the
last day of the Interest Period applicable to the Borrowing of which such Loan
is a part and, in the case of a Eurodollar Borrowing with an Interest Period of
six months' duration, that day three months after the first day of such Interest
Period and the last day of such Interest Period and (c) with respect to any
Swingline Loan, the Swingline Loan Maturity Date.

          "INTEREST PERIOD" means, with respect to any Eurodollar Borrowing, the
period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months
thereafter, as the Borrower may elect; PROVIDED, that (a) 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 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 (b) any Interest Period
that commences on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the last calendar month of
such Interest Period) shall end on the last Business Day of the last calendar
month of such Interest Period. For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and, in the case of
a Revolving Borrowing, thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

          "ISSUING BANK" means Fleet National Bank, in its capacity as the
issuer of Letters of Credit hereunder, and its successors in such capacity as
provided in Section 2.05(i). The Issuing Bank may, in its discretion, arrange
for one or more Letters of Credit to be issued by Affiliates of the Issuing
Bank, in which case the term "Issuing Bank" shall include any such Affiliate
with respect to Letters of Credit issued by such Affiliate.

          "LC DISBURSEMENT" means a payment made by the Issuing Bank pursuant to
a Letter of Credit.

                                       11
<Page>

          "LC EXPOSURE" means, at any time, the sum of (a) the aggregate undrawn
amount of all outstanding Letters of Credit at such time plus (b) the aggregate
amount of all LC Disbursements that have not yet been reimbursed by or on behalf
of the Borrower at such time. The LC Exposure of any Lender at any time shall be
its Applicable Percentage of the total LC Exposure at such time.

          "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
Acceptance, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Acceptance. Unless the context otherwise requires, the term
"Lenders" includes the Swingline Lender.

          "LETTER OF CREDIT" means any letter of credit issued pursuant to this
Agreement.

          "LEVERAGE RATIO" means, on any date, the ratio of (a) Consolidated
Indebtedness as of such date to (b) Consolidated EBITDA for the period of four
consecutive fiscal quarters of the Consolidated Entities ended on or most
recently ended as of such date.

          "LIBO RATE" means, with respect to any Eurodollar Borrowing for any
Interest Period, the rate appearing on Page 3750 of the Telerate Service (or on
any successor or substitute page of such Service, or any successor to or
substitute for such Service, providing rate quotations comparable to those
currently provided on such page of such Service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the "LIBO RATE" with respect to such
Eurodollar Borrowing for such Interest Period shall be the rate at which dollar
deposits of $5,000,000 and for a maturity comparable to such Interest Period are
offered by the principal London office of the Administrative Agent in
immediately available funds in the London interbank market at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period.

          "LIEN" means, 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 Security Document, the
Trust Subordination Agreement, each promissory note issued pursuant to Section
2.09(e) and each Hedging Agreement between a Loan Party and a Lender or an
Affiliate of a Lender, as each may be amended or supplemented from time to time.

          "LOAN PARTIES" means the Parent, the Borrower and the Guarantors.

          "LOANS" means the loans made by the Lenders to the Borrower pursuant
to this Agreement.

                                       12
<Page>

          "MATERIAL ADVERSE EFFECT" means a material adverse effect on (a) the
business, assets, operations, prospects or condition, financial or otherwise, of
the Consolidated Entities taken as a whole, (b) the ability of any Loan Party to
perform, or the enforceability against any Loan Party of, any of its obligations
under any Loan Document or (c) the rights of or benefits available to the
Lenders under any Loan Document.

          "MATERIAL INDEBTEDNESS" means Indebtedness (other than the Loans and
Letters of Credit), or obligations in respect of one or more Hedging Agreements,
of any one or more of the Consolidated Entities in an aggregate principal amount
exceeding $5,000,000 in the aggregate. For purposes of determining Material
Indebtedness, the "principal amount" of the obligations of any Consolidated
Entity in respect of any Hedging Agreement at any time shall be the maximum
aggregate amount (giving effect to any netting agreements) that such
Consolidated Entity would be required to pay if such Hedging Agreement were
terminated at such time.

          "MATERIAL SUBSIDIARY" means any Subsidiary, including its
subsidiaries, which meets either of the following conditions: (i) for the period
of four consecutive fiscal quarters of the Consolidated Entities most recently
ended, the gross revenues of such Subsidiary (and its subsidiaries) and all
other Subsidiaries that are not Material Subsidiaries exceed ten percent (10%)
of the gross revenues of the Consolidated Entities, as determined in accordance
with GAAP or (ii) as of the end of the most recently ended fiscal quarter of the
Consolidated Entities, the gross assets of such Subsidiary (and its
subsidiaries) and all other Subsidiaries that are not Material Subsidiaries
exceed seven and one-half percent (7.50%) of the total assets of the
Consolidated Entities, as determined in accordance with GAAP.

          "MATURITY DATE" means March 31, 2006.

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

          "MULTIEMPLOYER PLAN" means a multiemployer plan as defined in Section
4001(a)(3) of ERISA.

          "OBLIGATIONS" means (a) 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, (b) each payment required
to be made in respect of any Letter of Credit, when and as due, including
payments in respect of reimbursement of disbursements, interest thereon
(including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) and obligations to provide cash collateral, (c)
all other monetary obligations, including fees (including fees and disbursements
of counsel), costs, expenses, guaranties 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 each Loan Party to the Administrative Agent or
any Lender under this Agreement and the other Loan Documents and (d) all
monetary obligations of each Loan Party under each Hedging Agreement entered
into with any counterparty that was a Lender (or an Affiliate of a Lender) at
the time such Hedging Agreement was entered into.

                                       13
<Page>

          "OTHER TAXES" means any and all present or future recording, stamp,
documentary excise, transfer, sales, property or similar taxes, charges or
levies imposed by any Governmental Authority arising from any payment made under
any Loan Document or from the execution, delivery or enforcement of, or
otherwise with respect to, any Loan Document.

          "PARENT" means Charles River Laboratories International, Inc., a
Delaware corporation.

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

          "PERMITTED ACQUISITION" means any acquisition, whether by purchase,
merger, consolidation or otherwise, if immediately after giving effect thereto:
(a) such acquisition is of all or substantially all the assets of, or Capital
Stock in, a Person or division or line of business or other business unit of a
Person and relates to the business conducted by the Consolidated Entities as of
the date hereof or in a business reasonably related thereto; (b) no Event of
Default shall have occurred and be continuing or would result therefrom; (c) all
transactions related thereto shall be consummated in accordance with applicable
laws; (d) any acquired or newly formed corporation, partnership or limited
liability company shall be a Subsidiary and all actions required to be taken, if
any, with respect to such acquired or newly formed Subsidiary under Section 5.09
shall have been taken or will be taken within the time periods specified
therein; and (e) the Consolidated Entities shall be in compliance, on a pro
forma basis after giving effect to such acquisition or formation, with the
covenants contained in Sections 6.13, 6.14, 6.15 and 6.16 recomputed as at the
last day of the most recently ended fiscal quarter of the Consolidated Entities
as if, for the purposes of calculating Consolidated Indebtedness, Consolidated
Senior Indebtedness, Consolidated Fixed Charges, Consolidated Net Income,
Consolidated Net Worth and Consolidated EBITDA, such acquisition and related
financings or other transactions had occurred on the first day of the period for
testing such compliance and, if the consideration provided in connection with
such acquisition exceeds $10,000,000, then the Borrower shall have delivered to
the Administrative Agent an officers' certificate to such effect, together with
all financial information as required under Section 5.01(c) for the Person or
assets to be acquired.

          "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 (i) are not overdue by more than 30 days or (ii)
are being contested in compliance with Section 5.04;

          (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;

                                       14
<Page>

          (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 in respect of judgments that do not constitute an
Event of Default under clause (k) of Article VII (and liens securing bonds or
letters of credit posted to bond any such judgment); 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 Consolidated Entity;

provided that the term "Permitted Encumbrances" shall not include any Lien
securing Indebtedness.

          "PERMITTED INVESTMENTS" means:

          (a)  direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by
the full faith and credit of the United States of America), in each case
maturing within one year from the date of acquisition thereof;

          (b)  investments in commercial paper maturing within 270 days from the
date of acquisition thereof and having, at such date of acquisition, the highest
credit rating obtainable from S&P or from Moody's;

          (c)  investments in certificates of deposit, banker's acceptances and
time deposits maturing within 180 days from the date of acquisition thereof
issued or guaranteed by or placed with, and money market deposit accounts issued
or offered by, any domestic office of any commercial bank organized under the
laws of the United States of America or any State thereof which has a combined
capital and surplus and undivided profits of not less than $500,000,000;

          (d)  fully collateralized repurchase agreements with a term of not
more than 30 days for securities described in clause (a) above and entered into
with a financial institution satisfying the criteria described in clause (c)
above; and

          (e)  with respect to a Foreign Subsidiary, securities issued by any
foreign government or any political subdivision of any foreign government or any
public instrumentality thereof in the jurisdiction of domicile of such Foreign
Subsidiary having maturities of not more than six months from the date of
acquisition thereof and, at the time of acquisition, having the highest credit
rating obtainable from S&P or from Moody's.

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

          "PLAN" means a Domestic Plan or a Foreign Plan.

                                       15
<Page>

          "PLEDGE AGREEMENT" means each pledge agreement delivered by the
Parent, the Borrower or any Material Subsidiary to the Administrative Agent,
whereby such Person shall grant to the Administrative Agent a first-priority
Lien on Indebtedness and Capital Stock held by such Person to secure the
Obligations, which, in the case of the Parent, the Borrower and the Material
Subsidiaries that are Domestic Subsidiaries, pledge agreement shall be
substantially in the form of Exhibit D, as amended, supplemented, restated or
otherwise modified from time to time and which, in the case of Material
Subsidiaries that are Foreign Subsidiaries, pledge agreement shall be in form
and substance reasonably satisfactory to the Administrative Agent and its local
counsel.

          "PRIME RATE" means the rate of interest per annum publicly announced
from time to time by JPMorgan Chase Bank as its prime rate in effect at its
principal office in New York City; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as being
effective.

          "REGISTER" has the meaning set forth in Section 10.04(c).

          "REGULATION D" means Regulation D of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof.

          "REGULATION T" means Regulation T of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof.

          "REGULATION U" means Regulation U of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof.

          "REGULATION X" means Regulation X of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof.

          "RELATED PARTIES" means, with respect to any specified Person, such
Person's Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person's Affiliates.

          "REQUIRED LENDERS" means, at any time while any Loan or Letter of
Credit is outstanding, Lenders having Revolving Credit Exposures representing at
least 51% of the total Revolving Credit Exposures at such time and, at any time
while no Loan or Letter of Credit is outstanding, Lenders having at least 51% of
the total Commitments.

          "RESTRICTED PAYMENT" means (a) any dividend or other distribution
(whether in cash, securities or other property), or setting aside of property
for any dividend or other distribution, with respect to any Capital Stock of any
Consolidated Entity or (b) any payment (whether in cash, securities or other
property), or setting aside of property, including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any Capital Stock of any Consolidated Entity.

          "REVOLVING CREDIT EXPOSURE" means, with respect to any Lender at any
time, the sum of the outstanding principal amount of such Lender's Revolving
Loans and its LC Exposure and Swingline Exposure at such time.

                                       16
<Page>

          "REVOLVING LOAN" means a Loan made pursuant to Section 2.03.

          "S&P" means Standard & Poor's.

          "SECURITY AGREEMENT" means each security agreement delivered by the
Parent, the Borrower or any Material Subsidiary, whereby such Person shall grant
to the Administrative Agent a first-priority Lien on its personal property to
secure the Obligations, which security agreement shall be substantially in the
form of Exhibit E, as amended, supplemented, restated or otherwise modified from
time to time.

          "SECURITY DOCUMENTS" means each Guarantee Agreement, each Security
Agreement, each Pledge Agreement and each other security agreement, document and
instrument from time to time executed and delivered to the Administrative Agent,
pursuant to the terms of the Loan Documents.

          "SENIOR LEVERAGE RATIO" means, on any date, the ratio of (a)
Consolidated Senior Indebtedness as of such date to (b) Consolidated EBITDA for
the period of four consecutive fiscal quarters of the Consolidated Entities
ended on or most recently ended as of such date.

          "SPC" has the meaning assigned to such term in Section 10.04(h).

          "STATUTORY RESERVE RATE" means a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by any Governmental Authority with jurisdiction over the
Administrative Agent or any Lender (including any branch, affiliate or other
funding office thereof making or holding a Loan) for any category of liabilities
which includes deposits by reference to which the Base CD Rate or the Adjusted
LIBO Rate in respect of any Borrowing is determined. Such reserve percentages
shall include those imposed pursuant to such Regulation D. Eurodollar Loans
shall be deemed to constitute eurocurrency funding and to be subject to such
reserve requirements without benefit of or credit for proration, exemptions or
offsets that may be available from time to time to any Lender under such
Regulation D or any comparable regulation. The Statutory Reserve Rate shall be
adjusted automatically on and as of the effective date of any change in any
reserve percentage.

          "SUBROGATION RIGHTS" has the meaning assigned to such term in Article
IX.

          "SUBSIDIARY" means, with respect to any Person (the "PARENT") at any
date, any corporation, limited liability company, partnership, trust,
association or other entity the accounts of which would be consolidated with
those of the parent in the parent's consolidated financial statements if such
financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, trust,
association or other entity (a) of which securities or other ownership or
participation interests representing more than 50% of the equity or
participation interests or more than 50% of the ordinary voting power or, in the
case of a partnership, more than 50% of the general partnership interests are,
as of such date, owned, controlled or held, or (b) that is, as of such date,
otherwise Controlled, by the parent or one or more subsidiaries of the parent or
by the parent and one or more subsidiaries of the parent.

                                       17
<Page>

          "SUBSIDIARY" means any subsidiary of the Parent or the Borrower
(including the CRL Trust and Transaction Co.) and any subsidiary of the Parent
or the Borrower created or acquired by the Parent or the Borrower after the date
hereof.

          "SWINGLINE EXPOSURE" means, at any time, the aggregate principal
amount of all Swingline Loans outstanding at such time. The Swingline Exposure
of any Lender at any time shall be its Applicable Percentage of the total
Swingline Exposure at such time.

          "SWINGLINE LENDER" means JPMorgan Chase Bank, in its capacity as
lender of Swingline Loans hereunder.

          "SWINGLINE LOAN" means a Loan made pursuant to Section 2.04.

          "SWINGLINE LOAN MATURITY DATE" means the maturity date requested by
the Borrower in connection with a Swingline Loan (which date shall in no event
be later than the earlier of (a) 30 days after the date of such Borrowing
thereof and (b) the Maturity Date).

          "SYNTHETIC LEASE" means any synthetic lease, tax retention operating
lease, off-balance sheet loan or similar off-balance sheet financing product
where such transaction is considered borrowed money indebtedness for tax
purposes but is classified as an operating lease in accordance with GAAP.

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

          "THREE-MONTH SECONDARY CD RATE" means, for any day, the secondary
market rate for three-month certificates of deposit reported as being in effect
on such day (or, if such day is not a Business Day, the next preceding Business
Day) by the Board through the public information telephone line of the Federal
Reserve Bank of New York (which rate will, under the current practices of the
Board, be published in Federal Reserve Statistical Release H.15(519) during the
week following such day) or, if such rate is not so reported on such day or such
next preceding Business Day, the average of the secondary market quotations for
three-month certificates of deposit of major money center banks in New York City
received at approximately 10:00 a.m., New York City time, on such day (or, if
such day is not a Business Day, on the next preceding Business Day) by the
Administrative Agent from three negotiable certificate of deposit dealers of
recognized standing selected by it.

          "TRANSACTION CO." means CRL Transactions Co., Inc., a Delaware
corporation.

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

          "TRUST SUBORDINATION AGREEMENT" means the Subordination Agreement,
dated as of March 31, 2003, among the Administrative Agent, CRL Trust and the
Loan Parties, which Subordination Agreement shall be substantially in the form
of Exhibit F, as amended, supplemented, restated or otherwise modified from time
to time

                                       18
<Page>

          "TYPE", when used in reference to any Loan or Borrowing, refers to
whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate
Base Rate.

          "UNRESTRICTED LOAN PARTY" means the Borrower and each Wholly-Owned
Subsidiary that is a Domestic Subsidiary and a Loan Party.

          "WHOLLY-OWNED SUBSIDIARY" means a Subsidiary all the Capital Stock of
which (other than directors' qualifying shares) is owned by the Borrower and/or
one or more other Wholly-Owned Subsidiaries.

          "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 "Eurodollar Loan") or by Class and Type
(E.G., a "Eurodollar Revolving Loan"). Borrowings also may be classified and
referred to by Class (E.G., a "Revolving Borrowing") or by Type (E.G., a
"Eurodollar Borrowing") or by Class and Type (E.G., a "Eurodollar Revolving
Borrowing").

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

     SECTION 1.04.   ACCOUNTING TERMS; GAAP. Except as otherwise expressly
provided herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time; PROVIDED
that, if the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the application thereof on
the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof
for such purpose),

                                       19
<Page>

regardless of whether any such notice is given before or after such change in
GAAP or in the application thereof, then such provision shall be interpreted on
the basis of GAAP as in effect and applied immediately before such change shall
have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith.

                                   ARTICLE II

                                   THE CREDITS

     SECTION 2.01.   COMMITMENTS. Subject to the terms and conditions set forth
herein, each Lender agrees to make Revolving Loans to the Borrower from time to
time during the Availability Period in an aggregate principal amount that will
not result in such Lender's Revolving Credit Exposure exceeding such Lender's
Commitment. Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

     SECTION 2.02.   LOANS AND BORROWINGS. (a) Each Revolving Loan shall be made
as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably
in accordance with their respective Commitments. 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.

          (b)  Subject to Section 2.13, each Revolving Borrowing shall be
comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request
in accordance herewith. Each Swingline Loan shall be an ABR Loan. Each Lender at
its option may make any Eurodollar Loan by causing any domestic or foreign
branch or Affiliate of such Lender to make such Loan; PROVIDED that any exercise
of such option shall not affect the obligation of the Borrower to repay such
Loan in accordance with the terms of this Agreement.

          (c)  At the commencement of each Interest Period for any Eurodollar
Borrowing, such Borrowing shall be in an aggregate amount that is not less than
$1,000,000 and an integral multiple of $100,000. At the time that each ABR
Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that
is not less than $500,000; PROVIDED that an ABR Revolving Borrowing may be in an
aggregate amount that is equal to the entire unused balance of the total
Commitments or that is required to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.05(e). Each Swingline Borrowing shall
be in an amount that is not less than $100,000. Borrowings of more than one Type
and Class may be outstanding at the same time; PROVIDED that there shall not at
any time be more than an aggregate total of ten Eurodollar Borrowings and
Swingline Borrowings outstanding.

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

     SECTION 2.03.   REQUESTS FOR REVOLVING BORROWINGS. To request a Revolving
Borrowing, the Borrower shall notify the Administrative Agent of such request by
telephone (a)

                                       20
<Page>

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

               (i)   the aggregate amount of the requested Borrowing;

               (ii)  the date of such Borrowing, which shall be a Business Day;

               (iii) whether such Borrowing is to be an ABR Borrowing or a
     Eurodollar Borrowing;

               (iv)  in the case of a Eurodollar Borrowing, the initial
     Interest Period to be applicable thereto, which shall be a period
     contemplated by the definition of the term "Interest Period"; and

               (v)   the location and number of the Borrower's account to which
     funds are to be disbursed, which shall comply with the requirements of
     Section 2.06.

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

     SECTION 2.04.   SWINGLINE LOANS. (a) Subject to the terms and conditions
set forth herein, the Swingline Lender agrees to make Swingline Loans to the
Borrower from time to time during the Availability Period, in an aggregate
principal amount at any time outstanding that will not result in (i) the
aggregate principal amount of outstanding Swingline Loans exceeding $5,000,000
or (ii) the total Revolving Credit Exposures exceeding the total Commitments;
PROVIDED that no Swingline Loan shall be made or requested to refinance an
outstanding Swingline Loan. Within the foregoing limits and subject to the terms
and conditions set forth herein, the Borrower may borrow, prepay and reborrow
Swingline Loans.

          (b)  To request a Swingline Loan, the Borrower shall notify the
Administrative Agent of such request by telephone (confirmed by telecopy), not
later than 2:00 p.m., New York City time, on the day of a proposed Swingline
Loan. Each such notice shall be irrevocable and shall specify the requested date
(which shall be a Business Day) and amount of the requested Swingline Loan. The
Administrative Agent will promptly advise the Swingline Lender of any such
notice received from the Borrower. The Swingline Lender shall make each
Swingline Loan available to the Borrower by means of a credit to the general
deposit account of the Borrower with the Swingline Lender (or, in the case of a
Swingline Loan made to finance the

                                       21
<Page>

reimbursement of an LC Disbursement as provided in Section 2.05(e), by
remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the
requested date of such Swingline Loan.

          (c)  The Swingline Lender may by written notice given to the
Administrative Agent not later than 10:00 a.m., New York City time, on any
Business Day require the Lenders to acquire participations on such Business Day
in all or a portion of the Swingline Loans outstanding. Such notice shall
specify the aggregate amount of Swingline Loans in which Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will
give notice thereof to each Lender, specifying in such notice such Lender's
Applicable Percentage of such Swingline Loan or Loans. Each Lender hereby
absolutely and unconditionally agrees, upon receipt of notice as provided above,
to pay to the Administrative Agent, for the account of the Swingline Lender,
such Lender's Applicable Percentage of such Swingline Loan or Loans. Each Lender
acknowledges and agrees that its obligation to acquire participations in
Swingline Loans pursuant to this paragraph is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including the occurrence
and continuance of a Default or reduction or termination of the Commitments, and
that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. Each Lender shall comply with its obligation under this
paragraph by wire transfer of immediately available funds, in the same manner as
provided in Section 2.06 with respect to Loans made by such Lender (and Section
2.06 shall apply, MUTATIS MUTANDIS, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the Swingline Lender the
amounts so received by it from the Lenders. The Administrative Agent shall
notify the Borrower of any participations in any Swingline Loan acquired
pursuant to this paragraph, and thereafter payments in respect of such Swingline
Loan shall be made to the Administrative Agent and not to the Swingline Lender.
Any amounts received by the Swingline Lender from the Borrower (or other party
on behalf of the Borrower) in respect of a Swingline Loan after receipt by the
Swingline Lender of the proceeds of a sale of participations therein shall be
promptly remitted to the Administrative Agent; any such amounts received by the
Administrative Agent shall be promptly remitted by the Administrative Agent to
the Lenders that shall have made their payments pursuant to this paragraph and
to the Swingline Lender, as their interests may appear. The purchase of
participations in a Swingline Loan pursuant to this paragraph shall not relieve
the Borrower of any default in the payment thereof.

     SECTION 2.05.   LETTERS OF CREDIT. (a) GENERAL. Subject to the terms and
conditions set forth herein, the Borrower may request the issuance of Letters of
Credit for its own account, in a form reasonably acceptable to the
Administrative Agent and the Issuing Bank, at any time and from time to time
during the Availability Period. In the event of any inconsistency between the
terms and conditions of this Agreement and the terms and conditions of any form
of letter of credit application or other agreement submitted by the Borrower to,
or entered into by the Borrower with, the Issuing Bank relating to any Letter of
Credit, the terms and conditions of this Agreement shall control.

          (b)  NOTICE OF ISSUANCE, AMENDMENT, RENEWAL, EXTENSION; CERTAIN
CONDITIONS. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the Borrower shall
hand deliver or telecopy (or transmit by electronic communication, if
arrangements for doing so have been approved by the Issuing Bank) to the Issuing
Bank and the Administrative Agent (reasonably in advance of the requested

                                       22
<Page>

date of issuance, amendment, renewal or extension) a notice requesting the
issuance of a Letter of Credit, or identifying the Letter of Credit to be
amended, renewed or extended, and specifying the date of issuance, amendment,
renewal or extension (which shall be a Business Day), the date on which such
Letter of Credit is to expire (which shall comply with paragraph (c) of this
Section), the amount of such Letter of Credit, the name and address of the
beneficiary thereof and such other information as shall be necessary to prepare,
amend, renew or extend such Letter of Credit. If requested by the Issuing Bank,
the Borrower also shall submit a letter of credit application on the Issuing
Bank's standard form in connection with any request for a Letter of Credit. A
Letter of Credit shall be issued, amended, renewed or extended only if (and upon
issuance, amendment, renewal or extension of each Letter of Credit the Borrower
shall be deemed to represent and warrant that), after giving effect to such
issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed
$20,000,000 and (ii) the total Revolving Credit Exposures shall not exceed the
total Commitments.

          (c)  EXPIRATION DATE. Each Letter of Credit shall expire at or prior
to the close of business on the earlier of (i) the date not later than one year
after the date of the issuance of such Letter of Credit (or, in the case of any
renewal or extension thereof, one year after such renewal or extension) and (ii)
the date that is five Business Days prior to the Maturity Date.

          (d)  PARTICIPATIONS. By the issuance of a Letter of Credit (or an
amendment to a Letter of Credit increasing the amount thereof) and without any
further action on the part of the Issuing Bank or the Lenders, the Issuing Bank
hereby grants to each Lender, and each Lender hereby acquires from the Issuing
Bank, a participation in such Letter of Credit equal to such Lender's Applicable
Percentage of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each Lender hereby
absolutely and unconditionally agrees to pay to the Administrative Agent, for
the account of the Issuing Bank, such Lender's Applicable Percentage of each LC
Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the
date due as provided in paragraph (e) of this Section, or of any reimbursement
payment required to be refunded to the Borrower for any reason. Each Lender
acknowledges and agrees that its obligation to acquire participations pursuant
to this paragraph in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any
amendment, renewal or extension of any Letter of Credit or the occurrence and
continuance of a Default or reduction or termination of the Commitments, and
that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever.

          (e)  REIMBURSEMENT. If the Issuing Bank shall make any LC Disbursement
in respect of a Letter of Credit, the Borrower shall reimburse such LC
Disbursement by paying to the Administrative Agent an amount equal to such LC
Disbursement not later than 12:00 noon, New York City time, on the date that
such LC Disbursement is made, if the Borrower shall have received notice of such
LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if
such notice has not been received by the Borrower prior to such time on such
date, then not later than 12:00 noon, New York City time, on the Business Day
immediately following the day that the Borrower receives such notice, if such
notice is not received prior to such time on the day of receipt; PROVIDED that
the Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or 2.04 that such payment be financed
with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and,
to the extent so

                                       23
<Page>

financed, the Borrower's obligation to make such payment shall be discharged and
replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the
Borrower fails to make such payment when due, the Administrative Agent shall
notify each Lender of the applicable LC Disbursement, the payment then due from
the Borrower in respect thereof and such Lender's Applicable Percentage thereof.
Promptly following receipt of such notice, each Lender shall pay to the
Administrative Agent its Applicable Percentage of the payment then due from the
Borrower, in the same manner as provided in Section 2.06 with respect to Loans
made by such Lender (and Section 2.06 shall apply, MUTATIS MUTANDIS, to the
payment obligations of the Lenders), and the Administrative Agent shall promptly
pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly
following receipt by the Administrative Agent of any payment from the Borrower
pursuant to this paragraph, the Administrative Agent shall distribute such
payment to the Issuing Bank or, to the extent that Lenders have made payments
pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders
and the Issuing Bank as their interests may appear. Any payment made by a Lender
pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement
(other than the funding of ABR Revolving Loans or a Swingline Loan as
contemplated above) shall not constitute a Loan and shall not relieve the
Borrower of its obligation to reimburse such LC Disbursement.

          (f)  OBLIGATIONS ABSOLUTE. The Borrower's obligation to reimburse LC
Disbursements as provided in paragraph (e) of this Section shall be absolute,
unconditional and irrevocable, and shall be performed strictly in accordance
with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of
Credit or this Agreement, or any term or provision therein, (ii) any draft or
other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of
Credit against presentation of a draft or other document that does not comply
with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for
the provisions of this Section, constitute a legal or equitable discharge of, or
provide a right of setoff against, the Borrower's obligations hereunder. Neither
the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their
Related Parties, shall have any liability or responsibility by reason of or in
connection with the issuance or transfer of any Letter of Credit or any payment
or failure to make any payment thereunder (irrespective of any of the
circumstances referred to in the preceding sentence), or any error, omission,
interruption, loss or delay in transmission or delivery of any draft, notice or
other communication under or relating to any Letter of Credit (including any
document required to make a drawing thereunder), any error in interpretation of
technical terms or any consequence arising from causes beyond the control of the
Issuing Bank; PROVIDED that the foregoing (including the first sentence of this
paragraph (f)) shall not be construed to excuse the Issuing Bank from liability
to the Borrower to the extent of any direct damages (as opposed to consequential
damages, claims in respect of which are hereby waived by the Borrower to the
extent permitted by applicable law) suffered by the Borrower that are caused by
the Issuing Bank's failure to exercise care when determining whether drafts and
other documents presented under a Letter of Credit comply with the terms
thereof. The parties hereto expressly agree that, in the absence of gross
negligence or willful misconduct on the part of the Issuing Bank (as finally
determined by a court of competent jurisdiction), the Issuing Bank shall be
deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that,
with respect to documents

                                       24
<Page>

presented which appear on their face to be in substantial compliance with the
terms of a Letter of Credit, the Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for
further investigation, regardless of any notice or information to the contrary,
or refuse to accept and make payment upon such documents if such documents are
not in strict compliance with the terms of such Letter of Credit.

          (g)  DISBURSEMENT PROCEDURES. The Issuing Bank shall, promptly
following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank shall promptly
notify the Administrative Agent and the Borrower by telephone (confirmed by
telecopy) of such demand for payment and whether the Issuing Bank has made or
will make an LC Disbursement thereunder; PROVIDED that any failure to give or
delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse the Issuing Bank and the Lenders with respect to any such LC
Disbursement.

          (h)  INTERIM INTEREST. If the Issuing Bank shall make any LC
Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in
full on the date repayment of such LC Disbursement is due in accordance with
Section 2.05(e), the unpaid amount thereof shall bear interest, for each day
from and including the date such LC Disbursement is due to but excluding the
date that the Borrower reimburses such LC Disbursement, at the rate per annum
then applicable to ABR Revolving Loans. Interest accrued pursuant to this
paragraph shall be for the account of the Issuing Bank, except that interest
accrued on and after the date of payment by any Lender pursuant to paragraph (e)
of this Section to reimburse the Issuing Bank shall be for the account of such
Lender to the extent of such payment.

          (i)  REPLACEMENT OF THE ISSUING BANK. The Issuing Bank may be replaced
at any time by written agreement among the Borrower, the Administrative Agent,
the replaced Issuing Bank and the successor Issuing Bank. The Administrative
Agent shall notify the Lenders of any such replacement of the Issuing Bank. At
the time any such replacement shall become effective, the Borrower shall pay all
unpaid fees accrued for the account of the replaced Issuing Bank pursuant to
Section 2.11(b). From and after the effective date of any such replacement, (i)
the successor Issuing Bank shall have all the rights and obligations of the
Issuing Bank under this Agreement with respect to Letters of Credit to be issued
thereafter and (ii) references herein to the term "Issuing Bank" shall be deemed
to refer to such successor or to any previous Issuing Bank, or to such successor
and all previous Issuing Banks, as the context shall require. After the
replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain
a party hereto and shall continue to have all the rights and obligations of an
Issuing Bank under this Agreement with respect to Letters of Credit issued by it
prior to such replacement, but shall not be required to issue additional Letters
of Credit.

          (j)  CASH COLLATERALIZATION. If any Event of Default shall occur and
be continuing, on the Business Day that the Borrower receives notice from the
Administrative Agent or the Required Lenders (or, if the maturity of the Loans
has been accelerated, Lenders with LC Exposure representing greater than 50% of
the total LC Exposure) demanding the deposit of cash collateral pursuant to this
paragraph, the Borrower shall deposit in an account with the Administrative
Agent, in the name of the Administrative Agent and for the benefit of the
Lenders, an amount in cash equal to the LC Exposure as of such date plus any
accrued and unpaid interest thereon; PROVIDED that the obligation to deposit
such cash collateral shall become

                                       25
<Page>

effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any
Event of Default with respect to the Borrower described in clause (h) or (i) of
Article VII. Such deposit shall be held by the Administrative Agent as
collateral for the payment and performance of the Obligations with respect to
Letters of Credit under this Agreement. The Administrative Agent shall have
exclusive dominion and control, including the exclusive right of withdrawal,
over such account. Other than any interest earned on the investment of such
deposits, which investments shall be made at the option and sole discretion of
the Administrative Agent and at the Borrower's risk and expense, such deposits
shall not bear interest. Interest or profits, if any, on such investments shall
accumulate in such account. Moneys in such account shall be applied by the
Administrative Agent to reimburse the Issuing Bank for LC Disbursements for
which it has not been reimbursed and, to the extent not so applied, shall be
held for the satisfaction of the reimbursement obligations of the Borrower for
the LC Exposure at such time or, if the maturity of the Loans has been
accelerated (but subject to the consent of Lenders with LC Exposure representing
greater than 50% of the total LC Exposure), be applied to satisfy other
obligations of the Borrower under this Agreement. If the Borrower is required to
provide an amount of cash collateral hereunder as a result of the occurrence of
an Event of Default, such amount (to the extent not applied as aforesaid),
together with any interest amount thereon, shall be returned to the Borrower
within three Business Days after all Events of Default have been cured or
waived.

     SECTION 2.06.   FUNDING OF BORROWINGS. (a) Each Lender shall make each Loan
to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, New York City time, to the account of
the Administrative Agent most recently designated by it for such purpose by
notice to the Lenders; PROVIDED that Swingline Loans shall be made as provided
in Section 2.04. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to an
account of the Borrower maintained with the Administrative Agent in New York
City and designated by the Borrower in the applicable Borrowing Request;
PROVIDED that ABR Revolving Loans made to finance the reimbursement of an LC
Disbursement as provided in Section 2.05(e) shall be remitted by the
Administrative Agent to the Issuing Bank.

          (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 Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Borrowing available to the Administrative Agent, then the
applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for
each day from and including the date such amount is made available to the
Borrower to but excluding the date of payment to the Administrative Agent, at
(i) in the case of such Lender, the lesser of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation or (ii) in the case of the Borrower,
the interest rate applicable to the relevant Borrowing. If any such amount
required to be paid by any Lender is not in fact made available to the
Administrative Agent within three Business Days following the date upon which
such Lender receives notice from the Administrative Agent, the Administrative
Agent

                                       26
<Page>

shall be entitled to recover from such Lender, on demand, such amount with
interest thereon calculated from such due date at the rate set forth in the
preceding sentence plus 3%. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender's Loan
included in such Borrowing.

     SECTION 2.07.   INTEREST ELECTIONS. (a) Each Revolving Borrowing initially
shall be of the Type specified in the applicable Borrowing Request and, in the
case of a Eurodollar Borrowing, shall have an initial Interest Period as
specified in such Borrowing Request. Thereafter, the Borrower may elect to
convert such Borrowing to a different Type or to continue such Borrowing and, in
the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as
provided in this Section. The Borrower may elect different options with respect
to different portions of the affected Borrowing, in which case each such portion
shall be allocated ratably among the Lenders holding the Loans comprising such
Borrowing, and the Loans comprising each such portion shall be considered a
separate Borrowing. This Section shall not apply to Swingline Borrowings, which
may not be converted or continued.

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

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

               (i)   the Borrowing to which such Interest Election Request
     applies and, if different options are being elected with respect to
     different portions thereof, the portions thereof to be allocated to each
     resulting Borrowing (in which case the information to be specified pursuant
     to clauses (iii) and (iv) below shall be specified for each resulting
     Borrowing);

               (ii)  the effective date of the election made pursuant to such
     Interest Election Request, which shall be a Business Day;

               (iii) whether the resulting Borrowing is to be an ABR Borrowing
     or a Eurodollar Borrowing; and

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

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

                                       27
<Page>

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

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

     SECTION 2.08.   TERMINATION AND REDUCTION OF COMMITMENTS. (a) Unless
previously terminated, the Commitments shall terminate on the Maturity Date.

          (b)  The Borrower may at any time terminate, or from time to time
reduce, the Commitments; PROVIDED that (i) each reduction of the Commitments
shall be in an amount that is an integral multiple of $100,000 and not less than
$1,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments
if, after giving effect to any concurrent prepayment of the Loans in accordance
with Section 2.10, the Revolving Credit Exposures would exceed the total
Commitments.

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

     SECTION 2.09.   REPAYMENT OF LOANS; EVIDENCE OF DEBT. (a) The Borrower
hereby unconditionally promises to pay on the Maturity Date to the
Administrative Agent for the account of each Lender the then unpaid principal
amount of each Revolving Loan. The Borrower hereby unconditionally promises to
pay to the Swingline Lender the then unpaid principal amount of each Swingline
Loan on the Swingline Loan Maturity Date; PROVIDED that on each date that a
Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then
outstanding.

          (b)  Each Lender shall maintain in accordance with its usual practice
an account or accounts evidencing the indebtedness of the Borrower to such
Lender resulting from

                                       28
<Page>

each Loan made by such Lender, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder.

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

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

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

     SECTION 2.10.   PREPAYMENT OF LOANS. (a) Subject to Section 2.15, the
Borrower shall have the right at any time and from time to time to prepay any
Borrowing in whole or in part, subject to prior notice in accordance with
paragraph (b) of this Section.

          (b)  The Borrower shall notify the Administrative Agent (and, in the
case of prepayment of a Swingline Loan, the Swingline Lender) by telephone
(confirmed by telecopy) of any prepayment hereunder (i) in the case of
prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City
time, three Business Days before the date of prepayment, (ii) in the case of
prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York
City time, one Business Day before the date of prepayment or (iii) in the case
of prepayment of a Swingline Loan, not later than 12:00 noon, New York City
time, on the date of prepayment. Each such notice shall be irrevocable and shall
specify the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid; PROVIDED that, if a notice of prepayment is given
in connection with a conditional notice of termination of the Commitments as
contemplated by Section 2.08, then such notice of prepayment may be revoked if
such notice of termination is revoked in accordance with Section 2.08. Promptly
following receipt of any such notice relating to a Revolving Borrowing, the
Administrative Agent shall advise the Lenders of the contents thereof. Each
partial prepayment of any Revolving Borrowing shall be in an amount that would
be permitted in the case of an advance of a Revolving Borrowing of the same Type
as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be
applied ratably to the Loans included in the prepaid Borrowing. Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.12.

                                       29
<Page>

     SECTION 2.11.   FEES. (a) The Borrower agrees to pay to the Administrative
Agent for the account of each Lender a commitment fee, which shall accrue at the
Applicable Rate on the average daily unused amount of the Commitment of such
Lender during the period from and including the Effective Date 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 and on the date on which the Commitments terminate, commencing on the
first such date to occur after the date hereof. 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 this Section 2.11(a), the unused amount of the Commitment of any
Lender shall be deemed to be the excess of (i) the aggregate Commitment of such
Lender over (ii) the aggregate Revolving Credit Exposure of such Lender
(exclusive of Swingline Exposure).

          (b)  The Borrower agrees to pay (i) to the Administrative Agent for
the account of each Lender a participation fee with respect to its
participations in Letters of Credit, which shall accrue at the same Applicable
Rate as interest on Eurodollar Loans on the average daily amount of such
Lender's LC Exposure (excluding any portion thereof attributable to unreimbursed
LC Disbursements) during the period from and including the Effective Date to but
excluding the later of the date on which such Lender's Commitment terminates and
the date on which such Lender ceases to have any LC Exposure, and (ii) to the
Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum
separately agreed upon between the Borrower and the Issuing Bank on the average
daily amount of the LC Exposure (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the
Effective Date to but excluding the later of the date of termination of the
Commitments and the date on which there ceases to be any LC Exposure, as well as
the Issuing Bank's standard fees with respect to the issuance, administration,
amendment, payment, negotiation, renewal or extension of any Letter of Credit or
processing of drawings thereunder. Participation fees and fronting fees accrued
through and including the last day of March, June, September and December of
each year shall be payable on the third Business Day following such last day,
commencing on the first such date to occur after the Effective Date; PROVIDED
that all such fees shall be payable on the date on which the Commitments
terminate and any such fees accruing after the date on which the Commitments
terminate shall be payable on demand. Any other fees payable to the Issuing Bank
pursuant to this paragraph shall be payable within 10 days after demand. All
participation fees and fronting fees shall be computed on the basis of a year of
360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day).

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

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

                                       30
<Page>

     SECTION 2.12.   INTEREST. (a) The Loans comprising each ABR Borrowing
(including each Swingline Loan) shall bear interest at the Alternate Base Rate.

          (b)  The Loans comprising each Eurodollar Borrowing shall bear
interest at the Adjusted LIBO Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate.

          (c)  Notwithstanding the foregoing, immediately upon the occurrence of
an Event of Default under Article VII(a), (b), (h) or (i), and in all other
cases at the option of the Required Lenders which may be exercised following the
occurrence of any other Event of Default, the Loans (and, to the extent
permitted by law, overdue interest, fees and other amounts) shall bear interest,
after as well as before judgment, at a rate per annum equal to (i) in the case
of principal of any Loan, 2% plus the rate otherwise applicable to such Loan as
provided in the preceding paragraphs of this Section and (ii) in the case of
overdue interest, fees and other amounts, 2% plus the rate applicable to ABR
Loans as provided in paragraph (a) of this Section.

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

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

     SECTION 2.13.   ALTERNATE RATE OF INTEREST. If prior to the commencement of
any Interest Period for a Eurodollar Borrowing:

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

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

then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent

                                       31
<Page>

notifies the Borrower and the Lenders that the circumstances giving rise to such
notice no longer exist, (i) any Interest Election Request that requests the
conversion of any Revolving Borrowing to, or continuation of any Revolving
Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any
Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made
as an ABR Borrowing.

     SECTION 2.14.   INCREASED COSTS. (a) If any Change in Law shall:

               (i)   impose, modify or deem applicable any reserve, special
     deposit or similar requirement against assets of, deposits with or for the
     account of, or credit extended by, any Lender (except any such reserve
     requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; or

               (ii)  impose on any Lender or the Issuing Bank or the London
     interbank market any other condition affecting this Agreement or Loans made
     by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Loan (or of maintaining its obligation to
make any Loan) or to increase the cost to such Lender or the Issuing Bank of
participating in, issuing or maintaining any Letter of Credit or to reduce the
amount of any sum received or receivable by such Lender or the Issuing Bank
hereunder (whether of principal, interest or otherwise), then the Borrower will
pay to such Lender or the Issuing Bank, as the case may be, such additional
amount or amounts as will compensate such Lender or the Issuing Bank, as the
case may be, for such additional costs incurred or reduction suffered. Nothing
in this Section 2.14(a) shall override the provisions of Section 2.16.

          (b)  If any Lender or the Issuing Bank 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 or the Issuing Bank's capital or on the capital
of such Lender's or the Issuing Bank's holding company, if any, as a consequence
of this Agreement or the Loans made by, or participations in Letters of Credit
held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a
level below that which such Lender or the Issuing Bank or such Lender's or the
Issuing Bank's holding company could have achieved but for such Change in Law
(taking into consideration such Lender's or the Issuing Bank's policies and the
policies of such Lender's or the Issuing Bank's holding company with respect to
capital adequacy), then from time to time the Borrower will pay to such Lender
or the Issuing Bank, as the case may be, such additional amount or amounts as
will compensate such Lender or the Issuing Bank or such Lender's or the Issuing
Bank's holding company for any such reduction suffered.

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

                                       32
<Page>

          (d)  Failure or delay on the part of any Lender or the Issuing Bank to
demand compensation pursuant to this Section shall not constitute a waiver of
such Lender's or the Issuing Bank's right to demand such compensation; PROVIDED
that the Borrower shall not be required to compensate a Lender or the Issuing
Bank pursuant to this Section for any increased costs or reductions incurred
more than 270 days prior to the date that such Lender or the Issuing Bank, as
the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions and of such Lender's or the Issuing Bank's
intention to claim compensation therefor; PROVIDED FURTHER that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then
the 270-day period referred to above shall be extended to include the period of
retroactive effect thereof.

     SECTION 2.15.   BREAK FUNDING PAYMENTS. In the event of (a) the payment of
any principal of any Eurodollar Loan other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), (b)
the conversion of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow any Eurodollar Loan,
continue as a Eurodollar Loan or prepay any Eurodollar Revolving Loan on the
date specified in any notice delivered pursuant hereto (regardless of whether
such notice may be revoked under Section 2.10(b) and is revoked in accordance
therewith) or (d) the assignment of any Eurodollar Loan other than on the last
day of the Interest Period applicable thereto as a result of a request by the
Borrower pursuant to Section 2.18, then, in any such event, the Borrower shall
compensate each Lender for the loss, cost and expense attributable to such
event. Such loss, cost or expense to any Lender shall be deemed to include an
amount determined by such Lender to be the excess, if any, of (i) the amount of
interest which would have accrued on the principal amount of such Loan had such
event not occurred, at the Adjusted LIBO Rate that would have been applicable to
such Loan, for the period from the date of such event to the last day of the
then current Interest Period therefor (or, in the case of a failure to borrow,
convert or continue, for the period that would have been the Interest Period for
such Loan), over (ii) the amount of interest which would accrue on such
principal amount for such period at the interest rate which such Lender would
bid were it to bid, at the commencement of such period, for dollar deposits of a
comparable amount and period from other banks in the Eurodollar market. A
certificate of any Lender setting forth any amount or amounts that such Lender
is entitled to receive pursuant to this Section shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay
such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof.

     SECTION 2.16.   TAXES. (a) Any and all payments by or on account of any
Obligation shall be made free and clear of and without deduction for any
Indemnified Taxes or Other Taxes; PROVIDED that if any Loan Party shall be
required to deduct any Indemnified Taxes or Other Taxes from such payments, then
(i) the sum payable shall be increased as necessary so that after making all
required deductions (including deductions applicable to additional sums payable
under this Section) the Administrative Agent, a Lender or Issuing Bank (as the
case may be) receives an amount equal to the sum it would have received had no
such deductions been made, (ii) such Loan Party shall make such deductions and
(iii) such Loan Party shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

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

                                       33
<Page>

          (c)  Each Loan Party shall indemnify the Administrative Agent, each
Lender and the Issuing Bank, within 30 days after written demand therefor, for
the full amount of any Indemnified Taxes or Other Taxes paid by the
Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or
with respect to any payment by or on account of any Obligation (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section 2.16) 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; PROVIDED, HOWEVER, that such
Loan Party shall not be obligated to make payment to the Administrative Agent,
any Lender or the Issuing Bank pursuant to this Section 2.16 in respect of
penalties, interest or other liabilities attributable to any Indemnified Taxes
or Other Taxes, if (i) written demand for such payment has not been made by the
Administrative Agent, Lender or Issuing Bank within 90 days from the date on
which such party knew of the imposition of Indemnified Taxes or Other Taxes by
the relevant Governmental Authority or (ii) such penalties, interest or other
liabilities are attributable to the gross negligence or willful misconduct of
the Administrative Agent, Lender or Issuing Bank, as the case may be. After the
Administrative Agent, Lender or the Issuing Bank learns of the imposition of
Indemnified Taxes or Other Taxes, such party will act in good faith to promptly
notify the applicable Loan Party of its obligations hereunder. A certificate as
to the amount of such payment or liability delivered to the applicable Loan
Party by a Lender or the Issuing Bank, or by the Administrative Agent on its own
behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent
manifest error.

          (d)  As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by a Loan Party to a Governmental Authority, such Loan Party 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)  If the Administrative Agent, any Lender or the Issuing Bank shall
become aware that it is entitled to receive a refund from a relevant
Governmental Authority in respect of Indemnified Taxes or Other Taxes as to
which it has been indemnified by a Loan Party pursuant to this Section 2.16, it
shall promptly notify such Loan Party of the availability of such refund and
shall, within 90 days after receipt of a request by such Loan Party (whether as
a result of notification that it has made to such Loan Party or otherwise), make
a claim to such Governmental Authority for such refund at such Loan Party's
expense. If the Administrative Agent, any Lender or the Issuing Bank receives a
refund in respect of any Indemnified Taxes or Other Taxes as to which it has
been indemnified by a Loan Party pursuant to this Section 2.16, or with respect
to which a Loan Party has paid additional amounts pursuant to this Section 2.16,
it shall promptly notify such Loan Party of such refund and shall within 90 days
from the date of receipt of such refund pay over the amount of such refund
(including any interest paid or credited by the relevant Governmental Authority
with respect to such refund) to such Loan Party (but only to the extent of
indemnity payments made, or additional amounts paid, by such Loan Party under
this Section 2.16 with respect to the Indemnified Taxes or Other Taxes giving
rise to such refund), net of all out-of-pocket expenses of the Administrative
Agent, Lender or the Issuing Bank; PROVIDED, HOWEVER, that such Loan Party, upon
the request of such party, agrees to repay the amount paid over to such Loan
Party (plus penalties, interest or other charges due to the

                                       34
<Page>

appropriate Governmental Authority in connection therewith) to such party in the
event such party is required to repay such refund to such Governmental
Authority.

          (f)  If any Loan Party determines in good faith that a reasonable
basis exists for contesting the imposition of Taxes with respect to a Lender,
the Administrative Agent or the Issuing Bank, the relevant Lender, the
Administrative Agent or the Issuing Bank, as the case may be, shall cooperate
with such Loan Party in challenging such Taxes at such Loan Party's expense if
requested by such Loan Party.

          (g)  The Administrative Agent, any Lender and the Issuing Bank shall
use reasonable efforts to comply timely with any certification, identification,
information, documentation or other reporting requirements if such compliance is
required by law, regulation, administrative practice or an applicable treaty as
a precondition to exemption from, or reduction in the rate of, deduction or
withholding of any Indemnified Taxes or Other Taxes for which the any Loan Party
is required to pay any additional amounts payable to or for the account of the
Administrative Agent, any Lender and the Issuing Bank pursuant to this Section
2.16; PROVIDED that complying with such requirements would not be materially
more onerous (in form, in procedure or in the substance of information
disclosed) to the Administrative Agent, any Lender and the Issuing Bank than
complying with the comparable information or other reporting requirements
imposed under U.S. tax law, regulations and administrative practice.

          (h)  Each Foreign Lender, before it signs and delivers this Agreement
(in the case of each Foreign Lender listed on the signature pages hereof) or
becomes a Lender (in the case of each other Foreign Lender), and from time to
time thereafter, before the date any such form expires or becomes obsolete or
invalid, shall provide the Borrower and the Administrative Agent with Internal
Revenue Service form W-8BEN or W-8ECI in duplicate, as appropriate, or any
successor form prescribed by the Internal Revenue Service, certifying that such
Lender is entitled to benefits under an income tax treaty to which the United
States is a party that exempts the Lender from United States withholding tax or
reduces the rate of withholding tax on payments of interest for the account of
such Lender or certifying that the income receivable pursuant to this Agreement
is effectively connected with the conduct of such Lender's trade or business in
the United States and exempt from United States withholding tax.

          (i)  For any period with respect to which a Foreign Lender has failed
to provide the Borrower or the Administrative Agent with the appropriate form as
required by Section 2.16(g) (whether or not such Lender is lawfully able to do
so, unless such failure is due to a change in treaty, law or regulation
occurring subsequent to the date on which such form originally was required to
be provided), such Lender shall not be entitled to indemnification under Section
2.16(a) or (b) with respect to Indemnified Taxes; PROVIDED that if a Foreign
Lender, otherwise exempt from or subject to a reduced rate of withholding tax,
becomes subject to United States withholding taxes because of its failure to
deliver a form required hereunder, the applicable Loan Party shall take such
steps as such Lender shall reasonably request to assist such Lender to recover
such taxes at the Lender's expense.

     SECTION 2.17.   PAYMENTS GENERALLY; PRO RATA TREATMENT; SHARING OF
SET-OFFS. (a) Each Loan Party shall make each payment required to be made by it
hereunder or under any other Loan Document (whether of principal, interest, fees
or reimbursement of LC

                                       35
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Disbursements, or of amounts payable under Section 2.14, 2.15 or 2.16, 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 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 at its offices at 270 Park Avenue, New
York, New York, except payments to be made directly to the Issuing Bank or
Swingline Lender as expressly provided herein and except that payments pursuant
to Sections 2.14, 2.15, 2.16 and 10.03 shall be made directly to the Persons
entitled thereto. The Administrative Agent shall distribute any such payments
received by it for the account of any other Person to the appropriate recipient
promptly following receipt thereof. If any payment hereunder shall be due on a
day that is not a Business Day, the date for payment shall be extended to the
next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments
hereunder shall be made in dollars.

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

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

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<Page>

          (d)  Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the Issuing Bank hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that
the Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders or the Issuing Bank,
as the case may be, the amount due. In such event, if the Borrower has not in
fact made such payment, then each of the Lenders or the Issuing Bank, as the
case may be, 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 the
lesser of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank
compensation. If any such amount required to be paid by any Lender or the
Issuing Bank is not in fact made available to the Administrative Agent within
three Business Days following the date upon which such Lender or Issuing Bank
receives notice from the Administrative Agent, the Administrative Agent shall be
entitled to recover from such Lender or Issuing Bank, on demand, such amount
with interest thereon calculated from such due date at the rate set forth in the
preceding sentence plus 3%.

          (e)  If any Lender shall fail to make any payment required to be made
by it pursuant to Section 2.04(c), 2.05(d) or (e), 2.06(b) or 2.17(d), then the
Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender's obligations under
such Sections until all such unsatisfied obligations are fully paid. Any amounts
so applied shall nevertheless discharge the obligations of the Borrower to such
Lender to the extent of such application.

     SECTION 2.18.   MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS. (a) If any
Lender requests compensation under Section 2.14, or if any Loan Party is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.16, then such
Lender shall use reasonable efforts to designate a different lending office for
funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment
of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.14 or 2.16, 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. Each Loan
Party hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with any such designation or assignment; the mere existence
of such costs and expenses shall not be deemed to be disadvantageous to such
Lender.

          (b)  If any Lender requests compensation under Section 2.14, or if any
Loan Party is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.16,
or if any Lender defaults in its obligation to fund Loans hereunder, then the
applicable Loan Party 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 this
Agreement to an assignee that shall assume such

                                       37
<Page>

obligations (which assignee shall be identified to such Lender by the applicable
Loan Party and may be another Lender, if a Lender accepts such assignment);
PROVIDED that (i) such Loan Party shall have received the prior written consent
of the Administrative Agent (and, if a Commitment is being assigned, the Issuing
Bank and the Swingline Lender), (ii) such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans and participations in
LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder, from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or such Loan Party (in
the case of all other amounts) and (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.14 or payments required
to be made pursuant to Section 2.16, such assignment will result in a reduction
in such compensation or payments. A Lender shall not be required to make any
such assignment and delegation if, prior thereto, as a result of a waiver by
such Lender or otherwise, the circumstances entitling such Loan Party to require
such assignment and delegation cease to apply.

     SECTION 2.19.   ADDITIONAL LENDERS. Subject to the consent of the
Administrative Agent, the Issuing Bank and the Swingline Lender, until June 30,
2003, the Borrower may request that the existing Lenders increase their
respective Commitments and/or that additional Lenders be added to this Agreement
until such time as the aggregate Commitments are equal to $125,000,000. Each
existing Lender shall have the right (but not the obligation) to increase its
Commitment based on its Applicable Percentage (with a pro rata right of
overallotment extended to the existing Lenders) on the same terms and conditions
being offered to any additional Lenders. Schedule 2.01 shall be automatically
amended to reflect any existing Lender's increased Commitment. By its signature
of a counterpart hereof (and subsequent to its delivery of a completed
Administrative Questionnaire to the Administrative Agent), each additional
Lender shall be a "Lender" for all purposes hereunder and Schedule 2.01 shall be
automatically amended to reflect such additional Lender's Commitment. Upon
increasing its Commitment or becoming a "Lender" hereunder, each Lender shall
automatically be responsible for its Applicable Percentage of the Revolving
Credit Exposure and shall pay to the Administrative Agent its Applicable
Percentage of the Revolving Loans which shall then be applied to prepay amounts
outstanding to the other Lenders in accordance with Section 2.09 and subject to
compensation of the Lenders pursuant to Section 2.14.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

     Each of the Parent and the Borrower represents and warrants to the Lenders
(as to itself and its subsidiaries) that:

     SECTION 3.01.   ORGANIZATION; POWERS. Each of the Consolidated Entities is
duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, has all requisite power and authority to own
or lease its property and 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 qualified to
do business in, and is in good standing in, every jurisdiction where such
qualification is required. Schedule 3.01 sets forth the correct and complete
list of each Subsidiary, as of the date hereof,

                                       38
<Page>

indicating (a) its jurisdiction of organization, (b) its ownership (by holder
and percentage interest), (c) its business and primary geographic scope of
operation and (d) whether such Subsidiary is a Material Subsidiary.

     SECTION 3.02.   AUTHORIZATION; ENFORCEABILITY. The Transactions to be
entered into by each Loan Party are within such Loan Party's corporate
partnership, limited liability company or trust powers and have been duly
authorized by all necessary corporate and, if required, stockholder, partner,
member or beneficiary action. Each Loan Document to which any Loan Party is a
party has been duly executed and delivered by such Loan Party and constitutes a
legal, valid and binding obligation of such Loan Party, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting creditors'
rights generally, general principles of equity, regardless of whether considered
in a proceeding in equity or at law and an implied covenant of good faith and
fair dealing.

     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 or those which the failure to obtain or
make could not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, (b) will not violate any applicable law or regulation
or the charter, by-laws or other organizational documents of any Consolidated
Entity or any order or decree of any Governmental Authority binding on or
affecting any Consolidated Entity where such violation of such order or decree,
individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect, (c) will not violate or result in a default under any
indenture, agreement or other instrument binding upon any Consolidated Entity or
any of its assets, or give rise to a right thereunder to require any payment to
be made by any Consolidated Entity, where such violation or result, individually
or in the aggregate, could reasonably be expected to have a Material Adverse
Effect, and (d) will not result in the creation or imposition of any Lien on any
asset of any Consolidated Entity, except pursuant to the terms of any Loan
Document.

     SECTION 3.04.   FINANCIAL CONDITION; NO MATERIAL ADVERSE CHANGE. (a) The
Borrower has heretofore furnished to the Lenders the consolidated and
consolidating balance sheets of the Consolidated Entities and the related
statements of income, stockholders equity and cash flows (i) as of and for the
fiscal years ended December 25, 1999, December 30, 2000 and December 29, 2001
reported on by PriceWaterhouseCoopers LLP, independent public accountants, and
(ii) as of and for the fiscal year ended December 28, 2002. Such financial
statements present fairly, in all material respects, the financial condition and
results of operations and cash flows of the Consolidated Entities as of such
dates and for such periods in accordance with GAAP, subject to year-end audit
adjustments and the absence of footnotes in the case of the statements referred
to in clause (ii) above.

          (b)  Since December 29, 2001, there has been no change that could
reasonably be expected to have a Material Adverse Effect.

     SECTION 3.05.   PROPERTIES. (a) Each of the Consolidated Entities has good
title to, or valid leasehold interests in, all its real and personal property
material to its business reflected

                                       39
<Page>

in the financial statements described in Section 3.04, 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 or
to the extent that the failure to do so, individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

          (b)  Each of the Consolidated Entities owns, or is licensed to use,
all trademarks, tradenames, service marks, service names, copyrights, patents,
domain names and other intellectual property material to its business to the
extent that the failure to do so, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect, and, to the knowledge
of the Consolidated Entities, the use thereof by the Consolidated Entities does
not infringe upon the rights of any other Person, and, to the knowledge of
Consolidated Entities, no Person has infringed upon the rights of the
Consolidated Entities thereto where such infringement, individually or in the
aggregate, could reasonably be expected to have 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 any Consolidated Entities,
threatened against or affecting any Consolidated Entities (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 (other than the Disclosed Matters) or (ii)
that involve this Agreement, any other Loan Document or the Transactions.

          (b)  Except for the Disclosed Matters and 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, no Consolidated Entity (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.

          (c)  Since the date of this Agreement, there has been no change in the
status of the Disclosed Matters that, individually or in the aggregate, has
resulted in, or materially increased the likelihood of, a Material Adverse
Effect.

     SECTION 3.07.   COMPLIANCE WITH LAWS AND AGREEMENTS. Each of the
Consolidated Entities 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 do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. No Default has occurred and is
continuing.

     SECTION 3.08.   INVESTMENT AND HOLDING COMPANY STATUS. No Consolidated
Entity is (a) required to register as an "investment company" as such term is
defined in the Investment Company Act of 1940, as amended, or (b) a "holding
company" as defined in, or subject to regulation under, the Public Utility
Holding Company Act of 1935, as amended.

                                       40
<Page>

     SECTION 3.09.   TAXES. Each of the Consolidated Entities has timely filed
or caused to be filed all Tax returns and reports required to have been filed
and has paid or caused to be paid all Taxes required to have been paid by it,
except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which the applicable Consolidated Entity has set aside on
its books adequate reserves in conformity with GAAP or (b) to the extent that
the failure to do so could not reasonably be expected to result in a Material
Adverse Effect.

     SECTION 3.10.   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 $30,000,000 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 $30,000,000 the fair
market value of the assets of all such underfunded Plans.

     SECTION 3.11.   DISCLOSURE. Each of the Parent and the Borrower has
disclosed to the Lenders all agreements, instruments and corporate or other
restrictions to which any Consolidated Entity is subject, and all other matters
known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. Neither the Information
Memorandum nor any of the other reports, financial statements, certificates or
other information furnished by or on behalf of any Consolidated Entity to the
Administrative Agent or any Lender in connection with the negotiation of this
Agreement and the other Loan Documents or delivered hereunder or thereunder (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; PROVIDED that, with respect to projected financial
information, each of the Parent and the Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be
reasonable at the time.

     SECTION 3.12.   SECURITY DOCUMENTS. The Security Documents are effective to
create in favor of the Administrative Agent for its benefit and the ratable
benefit of the Lenders a legal, valid and enforceable perfected first-priority
Lien on the Collateral as security for the Obligations.

     SECTION 3.13.   FEDERAL RESERVE REGULATIONS. (a) No Consolidated Entity is
engaged principally, or as one of its important activities, in the business of
extending credit for the purposes of buying or carrying Margin Stock (as defined
under Regulation U).

          (b)  No part of the proceeds of any Loan, and no Letter of Credit,
will be used, whether directly or indirectly, and whether immediately,
incidentally or ultimately, for any purpose that entails a violation of, or that
is inconsistent with, the provisions of the Regulations of the Board, including
Regulation T, U or X.

                                       41
<Page>

     SECTION 3.14.   SOLVENCY. Immediately after the consummation of the
Transactions (a) the fair value of the assets of each Loan Party at a fair
valuation will exceed its debts and liabilities, subordinated, contingent or
otherwise; (b) the present fair saleable value of the property of each Loan
Party will be greater than the amount that will be required to pay the probable
liability of its debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured,
considering all financing alternatives and potential asset sales reasonably
available to such Loan Party; (c) each Loan Party will be able to pay its debts
and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured, considering all financing alternatives
and potential asset sales reasonably available to such Loan Party; and (d) each
Loan Party will not have unreasonably small capital with which to conduct the
business in which it is engaged as such business is now conducted and is
proposed to be conducted following the Effective Date.

                                   ARTICLE IV

                                   CONDITIONS

     SECTION 4.01.   EFFECTIVE DATE. The obligations of the Lenders to make
Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not
become effective until 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 telecopy transmission of a signed signature page of
this Agreement) that such party has signed a counterpart of this Agreement.

          (b)  The Administrative Agent (or its counsel) shall have received
from each Material Subsidiary other than CRL Trust and Transaction Co. that is a
Domestic Subsidiary either (i) a counterpart of a Guarantee Agreement signed on
behalf of such party or (ii) written evidence reasonably satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed
signature page of the Guarantee Agreement) that such party has signed a
counterpart of a Guarantee Agreement.

          (c)  The Administrative Agent (or its counsel) shall have received
from each of the Parent, the Borrower and each Material Subsidiary other than
CRL Trust that is a Domestic Subsidiary either (i) a counterpart of each
Security Document other than a Guarantee Agreement and a Pledge Agreement signed
on behalf of such party or (ii) written evidence reasonably satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed
signature page of such Security Document) that such party has signed a
counterpart of such Security Document.

          (d)  The Administrative Agent (or its counsel) shall have received
from each Loan Party and each Material Subsidiary other than CRL Trust and
Charles River Laboratories Holding SAS either (i) a counterpart of a Pledge
Agreement signed on behalf of such party or (ii) written evidence reasonably
satisfactory to the Administrative Agent (which may include

                                       42
<Page>

telecopy transmission of a signed signature page of a Pledge Agreement) that
such party has signed a counterpart of a Pledge Agreement.

          (e)  The Administrative Agent shall have received all documents and
instruments, including Uniform Commercial Code financing statements required by
law or reasonably requested by the Administrative Agent to be filed, registered
or recorded so that the Administrative Agent, for its benefit and the ratable
benefit of the Lenders, shall have a legal, valid and enforceable perfected
first-priority Lien on the Collateral. The Administrative Agent shall have
conducted searches of the Uniform Commercial Code (or equivalent) filings made
with respect to the Loan Parties and evidence that all Liens indicated by such
filings not otherwise permitted hereunder shall have terminated pursuant to
appropriate release documentation. The Administrative Agent shall have received
available certificates or other instruments representing all Indebtedness and
Capital Stock constituting Collateral, together with instruments of transfer
with respect thereto endorsed in blank.

          (f)  The Administrative Agent (or its counsel) shall have received
from the CRL Trust and each Unrestricted Loan Party either (i) a counterpart of
the Trust Subordination Agreement signed on behalf of each such party or (ii)
written evidence satisfactory to the Administrative Agent (which may include
telecopy transmission of a signed signature page of this Agreement) that each
such party has signed a counterpart of the Trust Subordination Agreement and all
Indebtedness of each Unrestricted Loan Party to the CRL Trust shall constitute
"Consolidated Subordinated Indebtedness."

          (g)  The Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent and the Lenders and dated the
Effective Date) of Davis Polk & Wardell, special New York counsel for the
Consolidated Entities, and Dennis Shaughnessy, Esq., General Counsel for the
Consolidated Entities, substantially in the form of Exhibit B-1 and Exhibit B-2,
respectively, in each such case covering such matters relating to the Loan
Parties, the Loan Documents or the Transactions as the Required Lenders shall
reasonably request. The Borrower hereby requests such counsel to deliver such
opinion.

          (h)  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 Loan Parties,
the authorization of the Transactions and any other legal matters relating to
the Loan Parties, the Loan Documents or the Transactions, all in form and
substance satisfactory to the Administrative Agent and its counsel.

          (i)  The Lenders shall have been satisfied with the organizational,
capital and legal structure of the Consolidated Entities. The Administrative
Agent shall have received evidence of termination and repayment of all
Indebtedness of the Consolidated Entities in existence on the Effective Date not
permitted under Section 6.01.

          (j)  The Administrative Agent shall have received a certificate, dated
the Effective Date and signed by the President, a Vice President or the
Financial Officer of the Borrower, confirming compliance with the conditions set
forth in paragraphs (a) and (b) of Section 4.02.

                                       43
<Page>

          (k)  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 Borrower hereunder.

          (l)  All consents and approvals necessary to be obtained from any
Governmental Authority or other Person in connection with the financing
contemplated hereby and the continuing operation of the Consolidated Entities
shall have been obtained and be in full force and effect.

The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding
the foregoing, the obligations of the Lenders to make Loans and of the Issuing
Bank to issue Letters of Credit hereunder shall not become effective unless each
of the foregoing conditions is satisfied (or waived pursuant to Section 10.02)
at or prior to 3:00 p.m., New York City time, on March 31, 2003 or at such other
time as mutually extended (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, and of the Issuing Bank to issue, amend,
renew or extend any Letter of Credit, is subject to the satisfaction of the
following conditions:

          (a)  The representations and warranties set forth in this Agreement
and the other Loan Documents shall be true and correct in all material respects
(if not qualified as to materiality or Material Adverse Effect) or in any
respect (if so qualified) on and as of the date of such Borrowing or the date of
issuance, amendment, renewal or extension of such Letter of Credit, as
applicable.

          (b)  At the time of and immediately after giving effect to such
Borrowing or the issuance, amendment, renewal or extension of such Letter of
Credit, as applicable, no Default shall have occurred and be continuing and
there shall be no laws, rules, regulations or orders that would cause the making
or maintaining of such Loan or such Letter of Credit to be unlawful or otherwise
unenforceable.

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of
Credit shall be deemed to constitute a representation and warranty by the
Borrower on the date thereof as to the matters specified in paragraphs (a) and
(b) of this Section.

                                    ARTICLE V

                              AFFIRMATIVE COVENANTS

     Until the Commitments have expired or been terminated and the principal of
and interest on each Loan and all fees payable hereunder shall have been paid in
full and all Letters of Credit shall have expired or terminated (or cash
collateralized to the satisfaction of the Administrative Agent) and all LC
Disbursements shall have been reimbursed, each of the Parent and the Borrower
(as to itself and its subsidiaries) covenants and agrees with the Lenders that:

                                       44
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     SECTION 5.01.   FINANCIAL STATEMENTS AND OTHER INFORMATION. The Parent and
the Borrower will furnish to the Administrative Agent and each Lender:

          (a)  within 90 days after the end of each fiscal year of the
Consolidated Entities, its audited consolidated and unaudited consolidating
balance sheets of the Consolidated Entities 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 as of the end
of and for the previous fiscal year, all such consolidated financial statements
being reported on by PriceWaterhouseCoopers 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 Consolidated Entities on a consolidated basis in accordance
with GAAP consistently applied and certified by its Financial Officer as
presenting fairly in all material respects the financial condition and results
of operations of the Consolidated Entities 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 Consolidated Entities, its consolidated and
consolidating balance sheets of the Consolidated Entities 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 date or period
or periods of (or, in the case of the balance sheet, as of the end of) the
previous fiscal year, all certified by its Financial Officer as presenting
fairly in all material respects the financial condition and results of
operations of the Consolidated Entities in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of
footnotes;

          (c)  prior to the consummation of a Permitted Acquisition (or, if the
aggregate consideration paid for such Permitted Acquisition is less than
$10,000,000, within 30 days thereafter), the audited or, if unavailable, the
unaudited balance sheets of the acquired Person (or part thereof) as of the most
recently ended calendar quarter and related statements of income and cash flows
for the most recently ended four calendar quarters and, if available, for the
calendar months ended in the calendar quarter during which such Permitted
Acquisition occurs;

          (d)  concurrently with any delivery of financial statements under
clause (a) or (b) above, a certificate of its Financial Officer (i) 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, (ii) setting forth reasonably detailed calculations demonstrating
compliance with Sections 6.13, 6.14, 6.15 and 6.16 and (iii) stating whether any
change in GAAP or in the application thereof has occurred since the date of the
audited financial statements referred to in Section 3.04 and, if any such change
has occurred, specifying the effect of such change on the financial statements
accompanying such certificate;

          (e)  concurrently with any delivery of financial statements under
clause (a) above, a certificate of the accounting firm that reported on such
financial statements stating whether they obtained knowledge during the course
of their examination of such financial

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statements of any Default (which certificate may be limited to the extent
required by accounting rules or guidelines);

          (f)  within 90 days after the end of each fiscal year of the
Consolidated Entities, a copy of the management prepared budget (prepared on a
consolidated, consolidating and business segment basis), for the then current
fiscal year, and accompanied by a description of the material assumptions used
in making such budget, in each case, certified by its Financial Officer;

          (g)  promptly after the same become publicly available, copies of all
periodic and other reports, proxy statements, registration statements and other
materials filed by any Consolidated Entity 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 any Consolidated Entity to its shareholders generally, as the
case may be; and

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

     SECTION 5.02.   NOTICES OF MATERIAL EVENTS. The Parent and the Borrower
will furnish to the Administrative Agent and each Lender prompt written notice
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 any
Consolidated Entity or any Affiliate thereof that, if adversely determined,
could reasonably be expected to result in a Material Adverse Effect;

          (c)  the occurrence of any ERISA Event that, alone or together with
any other ERISA Events that have occurred, could reasonably be expected to
result in liability of the Consolidated Entities in an aggregate amount
exceeding $2,500,000; and

          (d)  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
its Financial Officer or other executive officer of the Borrower setting forth
the details of the event or development requiring such notice and any action
taken or proposed to be taken with respect thereto.

     SECTION 5.03.   EXISTENCE; CONDUCT OF BUSINESS. Each Consolidated Entity
will do or cause to be done all things necessary to preserve, renew and keep in
full force and effect (i) its legal existence and (ii) the rights, licenses,
permits, privileges and franchises material to the conduct of its business
(except, in the case of this clause (ii), where failure to do so could not
reasonably be expected to result in a Material Adverse Effect); PROVIDED that
the foregoing shall

                                       46
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not prohibit any merger, consolidation, liquidation, dissolution or closure of a
division permitted under Section 6.03.

     SECTION 5.04.   PAYMENT OF OBLIGATIONS. Each Consolidated Entity will pay
its obligations, including 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) such Consolidated Entity 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; INSURANCE. Each Consolidated
Entity will (a) keep and maintain all property material to the conduct of its
business in good working order and condition, ordinary wear and tear excepted,
and (b) maintain, with financially sound and reputable insurance companies,
insurance in such amounts and against such risks as are customarily maintained
by companies engaged in the same or similar businesses operating in the same or
similar locations.

     SECTION 5.06.   BOOKS AND RECORDS; INSPECTION RIGHTS. Each Consolidated
Entity 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. Each Consolidated Entity will permit any
representatives designated by the Administrative Agent or any Lender, 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 and independent accountants (and by this
provision each Consolidated Entity authorizes such accountants to discuss with
such representatives thereafter, finances and condition of each such
Consolidated Entity, whether or not such Consolidated Entity is present), all at
such reasonable times and as often as reasonably requested and the Borrower
shall reimburse the Administrative Agent and any Lender for the reasonable
expenses incurred in connection with the exercise of such rights (except that
the Borrower shall only be required to reimburse the Administrative Agent or any
Lender for expenses incurred in connection with one such visit or inspection per
fiscal year, unless an Event of Default has occurred and is continuing).

     SECTION 5.07.   COMPLIANCE WITH LAWS. Each Consolidated Entity will comply
with all laws, rules, regulations and orders of any Governmental Authority
applicable to it or its property, 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 AND LETTERS OF CREDIT. The proceeds of the
Loans will be used only for general corporate purposes (including working
capital, capital expenditures and Permitted Acquisitions). No part of the
proceeds of any Loan, and no Letter of Credit, will be used, whether directly or
indirectly, for any purpose that entails a violation of any of the Regulations
of the Board, including Regulations T, U and X. Letters of Credit will be issued
only to support obligations of any Unrestricted Loan Party incurred in the
ordinary course of business or pursuant to a Permitted Acquisition.

                                       47
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     SECTION 5.09.   ADDITIONAL MATERIAL SUBSIDIARIES. (a) Promptly upon any
Domestic Subsidiary becoming a Material Subsidiary after the Effective Date but
excluding, in any event, the CRL Trust, the Parent and the Borrower will (i)
cause such Domestic Subsidiary to guarantee the Obligations, pursuant to a
Guarantee substantially in the form of the Guarantee Agreement or otherwise
reasonably satisfactory to the Administrative Agent, (ii) cause the Obligations
to be secured by a perfected first-priority lien on all of the personal property
of such Domestic Subsidiary, pursuant to a Security Agreement, a Pledge
Agreement and other documents and instruments consistent with those delivered
under Sections 4.01(c), (d) and (e) (and subject to any limitations and
exceptions consistent with those contained in any such documents or
instruments), (iii) cause all outstanding Capital Stock of such Domestic
Subsidiary owned directly or indirectly by any Loan Party to be subject to a
perfected first-priority Lien, pursuant to a Pledge Agreement and (iv) deliver
such proof of corporate, partnership or limited liability company action,
incumbency of officers, opinions of counsel and other documents as is consistent
with those delivered pursuant to Article IV or as the Administrative Agent shall
have reasonably requested.

          (b)  Promptly upon any Foreign Subsidiary becoming a Material
Subsidiary after the Effective Date, the Parent, the Borrower and each other
Material Subsidiary will (i) cause all of the Capital Stock of such Foreign
Subsidiary to be pledged and delivered (or, in the case of adverse tax
consequences for the Consolidated Entities, (x) if such Capital Stock is held
directly by a Domestic Subsidiary, cause 65% of the voting Capital Stock of such
Foreign Subsidiary to be pledged and delivered and (y) if such Capital Stock is
held directly by a Foreign Subsidiary, cause the highest percentage of such
Capital Stock that shall not create adverse tax consequences for the
Consolidated Entities to be pledged and delivered) to the Administrative Agent
for its benefit and the ratable benefit of the Lenders, pursuant to a Pledge
Agreement (or other agreement reasonably satisfactory to the Administrative
Agent) and (ii) deliver such proof of corporate, partnership or limited
liability company action, incumbency of officers, opinions of counsel and other
documents as is consistent with those delivered pursuant to Article IV or as the
Administrative Agent shall have reasonably requested.

     SECTION 5.10.   CASH MANAGEMENT. (a) Each of the Parent and the Borrower
agrees to cause, to the extent necessary to satisfy all of the Obligations, all
Subsidiaries that are not Loan Parties (including, without limitation,
Transaction Co. but not including the CRL Trust) to either distribute assets or
loan funds to the Borrower.

          (b)  Each of the Parent and the Borrower agrees to cause, to the
extent necessary to satisfy all of the Obligations, the liquidation or
dissolution of the CRL Trust into a Loan Party.

     SECTION 5.11.   FURTHER ASSURANCES. Each Loan Party will execute any and
all further documents, financing statements, agreements and instruments, and
take all such further actions (including the filing and recording of financing
statements and other documents), which may be required under any applicable law,
or which the Administrative Agent may reasonably request, to cause the
Administrative Agent, for the benefit of itself and the ratable benefit of the
Lenders, to maintain a legal, valid and enforceable perfected first priority
Lien on the Collateral (subject to the limitations, exceptions and
qualifications set forth in the Loan Documents), all at the expense of the Loan
Parties. Each Loan Party will also provide to the Administrative Agent,

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from time to time upon request, evidence reasonably satisfactory to the
Administrative Agent as to the perfection and priority of the Liens created or
intended to be created by the Security Documents.

                                   ARTICLE VI

                               NEGATIVE COVENANTS

     Until the Commitments have expired or terminated and the principal of and
interest on each Loan and all fees payable hereunder have been paid in full and
all Letters of Credit have expired or terminated (or cash collateralized to the
satisfaction of the Administrative Agent) and all LC Disbursements shall have
been reimbursed, each of the Parent and the Borrower (as to itself and its
subsidiaries) covenants and agrees with the Lenders that:

     SECTION 6.01.   INDEBTEDNESS. No Consolidated Entity will create, incur,
assume or permit to exist any Indebtedness, except:

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

          (b)  Indebtedness existing on the date hereof and set forth in
Schedule 6.01, and any extensions, renewals, refinancings or replacements of any
such Indebtedness so long as (i) the principal or face amount of, or interest
rate or fees or other amounts (exclusive of commissions and other similar
issuance costs) payable in connection with, any such Indebtedness is not
increased, (ii) the dates upon which payments are to be made are not advanced
and (iii) the subordination terms, if any, are not modified, in connection with
any such extension, renewal, refinancing or replacement;

          (c)  Indebtedness of any Consolidated Entity to any other Consolidated
Entity permitted by Section 6.04;

          (d)  (i) Indebtedness of any Consolidated Entity incurred to finance
the acquisition, construction or improvement of any assets, including Capital
Lease Obligations and any Indebtedness assumed in connection with the
acquisition of any such assets (including in a Permitted Acquisition) or secured
by a Lien on any such assets prior to the acquisition thereof, and extensions,
renewals, refinancings and replacements of any such Indebtedness that do not
increase the outstanding principal amount thereof so long as such Indebtedness
is incurred prior to or within 180 days after such acquisition or the completion
of such construction or improvement, (ii) obligations under Hedging Agreements
permitted by Section 6.05 and (iii) Indebtedness of the Foreign Subsidiaries;
PROVIDED that the aggregate principal amount of Indebtedness permitted by this
clause (d) shall not exceed $25,000,000 at any time outstanding;

          (e)  Indebtedness of any Consolidated Entity as an account party in
respect of trade letters of credit; and

          (f)  Consolidated Subordinated Indebtedness of the Parent that, by the
terms of such Indebtedness, is convertible into the Capital Stock of the Parent
in an aggregate principal amount not to exceed $150,000,000 at any time
outstanding (exclusive of the principal amount of

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Indebtedness outstanding under the 3.50% Convertible Notes or any refinancing
thereof incurred in reliance on Section 6.01(b)).

     SECTION 6.02.   LIENS. No Consolidated Entity will 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 of any thereof, except:

          (a)  Liens created under the Security Documents;

          (b)  Permitted Encumbrances;

          (c)  any Lien on any property or asset of any Consolidated Entity
existing on the date hereof and set forth in Schedule 6.02 and extensions and
renewals thereof; PROVIDED that (i) such Lien shall not apply to any other
property or asset of any Consolidated Entity and (ii) such Lien shall secure
only those obligations which it secures on the date hereof (and extensions and
renewals thereof (but not increases thereof);

          (d)  any Lien existing on any property or asset prior to the
acquisition thereof by any Consolidated Entity 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 secures
Indebtedness permitted by clause (d) of Section 6.01, (ii) 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, (iii) such Lien shall not
apply to any other property or assets of any Consolidated Entity and (iv) 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;

          (e)  any Lien on assets acquired, constructed or improved by any
Consolidated Entity; PROVIDED that (i) such Lien secures Indebtedness permitted
by clause (d)(i) of Section 6.01, (ii) such Lien and the Indebtedness secured
thereby are incurred prior to or within 180 days after such acquisition or the
completion of such construction or improvement, (iii) the Indebtedness secured
thereby does not exceed the cost of acquiring, constructing or improving such
assets and (iv) such Lien shall not apply to any other property or assets of any
Consolidated Entity;

          (f)  any Lien securing payment of any obligation under any Hedging
Agreement permitted by Section 6.01(d)(ii); and

          (g)  any Lien on any property or asset of a Foreign Subsidiary that
secures Indebtedness permitted by Section 6.01(d)(iii).

     SECTION 6.03.   FUNDAMENTAL CHANGES. (a) No Consolidated Entity will merge
into or consolidate with any other Person, or permit any other Person to merge
into or consolidate with it, 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 (i) any Subsidiary may merge into the Borrower in a
transaction in which the Borrower is the surviving corporation, (ii) any
Subsidiary may merge into any Wholly-Owned Subsidiary in a transaction in which
the surviving entity is a Wholly-Owned Subsidiary and, if any party to such
merger is a Loan Party,

                                       50
<Page>

is or becomes a Loan Party, (iii) any Subsidiary (other than a Loan Party) may
liquidate or dissolve if the Borrower determines in good faith that such
liquidation or dissolution is in the best interests of the Borrower, is not
materially disadvantageous to the Lenders and could not reasonably be expected
to have a Material Adverse Effect, (iv) any Foreign Subsidiary that is a
Wholly-Owned Subsidiary may merge into any other Foreign Subsidiary that is a
Wholly-Owned Subsidiary in a transaction in which either such Foreign Subsidiary
is the surviving corporation, (v) Charles River China, Charles River Mexico and
Charles River Proteomics may be sold, liquidated or dissolved and may take any
action described in clauses (h) or (i) of Article VII so long as the Borrower
receives its ratable portion of the net proceeds available to the equity holders
in connection with such liquidation or dissolution, (vi) any Wholly-Owned
Subsidiary may merge into any Person in order to consummate a Permitted
Acquisition permitted by Section 6.04(i) so long as after giving effect thereto
the Person surviving such merger is a Subsidiary, (vii) the Parent and the
Borrower may merge into one another in a transaction in which either entity is
the surviving corporation; PROVIDED that any such merger involving a Person that
is not a Wholly-Owned Subsidiary immediately prior to such merger shall not be
permitted unless also permitted by Section 6.04 and (viii) any Consolidated
Entity may effect the closure of a division in such Consolidated Entity.

          (b)  No Consolidated Entity will engage to any material extent in any
business other than businesses of the type conducted by the Consolidated
Entities on the date of execution of this Agreement and businesses reasonably
related thereto.

          (c)  The Parent will not own any assets except (i) the Capital Stock
of the Borrower, (ii) cash in an amount not to exceed $250,000 at any time (in
addition to the cash amount permitted in the succeeding clause (iii)) and (iii)
cash in an amount necessary to satisfy its obligations to make the then next
scheduled payment of interest on the 3.50% Convertible Notes in accordance with
the terms thereof for a period not to exceed 5 Business Days prior to the date
of such scheduled interest payment; provided, however, that the Parent may hold
cash in an amount not to exceed $2,500,000 at any time prior to July 31, 2003.
The Parent shall immediately contribute or loan the cash received upon the
issuance of its Capital Stock to the Borrower.

     SECTION 6.04.   INVESTMENTS, LOANS, ADVANCES, GUARANTEES AND ACQUISITIONS.
No Consolidated Entity will purchase, hold or acquire (including pursuant to any
merger with any Person that was not a Wholly-Owned Subsidiary prior to such
merger) any Capital Stock, evidences of indebtedness or other securities
(including any option, warrant or other right to acquire any of the foregoing)
of, make or permit to exist any loans or advances to, Guarantee any obligations
of, or make or permit to exist any investment or any other interest in, any
other Person, or purchase or otherwise acquire (in one transaction or a series
of transactions) any assets of any other Person constituting a business unit (or
any material portion thereof), except:

          (a)  Permitted Investments;

          (b)  investments by the Consolidated Entities existing on the date
hereof and set forth on Schedule 6.04 and renewals and extensions thereof (but
not to the extent of any increase thereof);

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<Page>

          (c)  investments made by any Unrestricted Loan Party in the Capital
Stock of any other Unrestricted Loan Party, investments by any Loan Party that
is not an Unrestricted Loan Party in the Capital Stock of any other Loan Party
and investments by any Subsidiary that is not a Loan Party in the Capital Stock
of any other Subsidiary that is not a Loan Party;

          (d)  loans or advances made by any Consolidated Entity (other than the
CRL Trust and Transaction Co.) to any other Consolidated Entity (other than the
CRL Trust and Transaction Co.); provided that (i) the amount of such loans and
advances made by Loan Parties to Subsidiaries that are not Loan Parties and at
any time outstanding shall not exceed $10,000,000 during the term of this
Agreement and (ii) all such loans and advances made by a Loan Party shall be
evidenced by a promissory note pledged pursuant to a Pledge Agreement;

          (e)  loans or advances made by the CRL Trust to any Unrestricted Loan
Party; provided that (i) the aggregate amount of such loans and advances does
not exceed $25,000,000 at any time outstanding and (ii) all such loans and
advances constitute "Consolidated Subordinated Indebtedness" pursuant to the
terms of the Trust Subordination Agreement;

          (f)  investments by the Borrower and Transaction Co. of cash in the
CRL Trust not to exceed $30,000,000 during the term of this Agreement;

          (g)  investments received in connection with the bankruptcy or
reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the ordinary course of business;

          (h)  extensions of trade credit in the ordinary course of business;

          (i)  Permitted Acquisitions by any Consolidated Entity so long as (i)
if the consideration for such Permitted Acquisition consists solely of Capital
Stock of the Parent, (A) the aggregate market value of such Capital Stock paid
in respect of such Permitted Acquisition does not exceed 50% of Consolidated Net
Worth determined as of the end of the most recently ended fiscal quarter and (B)
the Leverage Ratio as of the time immediately after giving effect to such
Permitted Acquisition does not exceed 2.00 to 1.00, and (ii) if the
consideration for such Permitted Acquisition consists of consideration, in whole
or in part, other than Capital Stock of the Parent, (A) the aggregate cash and
non-cash consideration (including the concurrent repayment or assumption of any
Indebtedness) paid in respect of any such Permitted Acquisition does not exceed
(1) $50,000,000 if the Consolidated Entity making such Permitted Acquisition is
the Borrower or a Domestic Subsidiary and the business of the Person (or part
thereof) being acquired is organized and located primarily in the United States
and (2) in all other circumstances, $25,000,000 and (B) the Leverage Ratio as of
the time immediately after giving effect to such Permitted Acquisition does not
exceed 2.00 to 1.00;

          (j)  investments consisting of Hedging Agreements permitted by Section
6.05;

          (k)  investments consisting of non-cash consideration received
pursuant to a disposition of assets permitted by Section 6.07; provided that the
sum of the aggregate amount of investments permitted under this Section 6.04(k)
and the aggregate amount of investments permitted under Section 6.04(m) at any
time outstanding shall not exceed $15,000,000;

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<Page>

          (l)  investments by Foreign Subsidiaries in an aggregate amount at any
time outstanding not to exceed $1,000,000; and

          (m)  so long as no Event of Default shall have occurred or would
result therefrom, other investments constituting minority investments in Capital
Stock of Persons engaged in a commercial business activity similar to the
principal business activities of the Borrower on the Effective Date; provided
that the sum of the aggregate amount of investments permitted under this Section
6.04(m) and the aggregate amount of investments permitted under Section 6.04(k)
at any time outstanding shall not exceed $15,000,000.

     SECTION 6.05.   HEDGING AGREEMENTS. No Consolidated Entity will enter into
any Hedging Agreement, other than Hedging Agreements entered into in the
ordinary course of business to hedge or mitigate risks to which such
Consolidated Entity is exposed in the conduct of its business or the management
of its liabilities.

     SECTION 6.06.   RESTRICTED PAYMENTS; CERTAIN PAYMENTS OF INDEBTEDNESS. (a)
No Consolidated Entity will declare or make, or agree to pay or make, directly
or indirectly, any Restricted Payment, except:

               (i)   any subsidiary of the Borrower may declare and pay
     dividends to any Unrestricted Loan Party with respect to its Capital Stock
     (either directly or, through one or more Wholly-Owned Subsidiaries,
     indirectly); and

               (ii)  the Borrower may declare and pay dividends to the Parent to
     (A) pay its overhead expenses in an amount not to exceed $2,000,000 in the
     aggregate in any fiscal year of the Consolidated Entities, (B) so long as
     no Default shall have occurred or would result therefrom, make repurchases
     of the Parent's Capital Stock; provided that the aggregate amount of
     repurchases permitted under this Section 6.06(a)(ii)(B) and under Section
     6.06(b)(iv) shall not exceed $10,000,000 during any fiscal year of the
     Consolidated Entities and (C) so long as no Default shall have occurred or
     would result therefrom, make cash payments of interest on the 3.50%
     Convertible Notes in accordance with the terms thereof.

          (b)  No Consolidated Entity will make or agree to pay or make,
directly or indirectly, any payment or other distribution (whether in cash,
securities or other property) of or in respect of principal of or interest on
any Consolidated Subordinated Indebtedness, or any payment or other distribution
(whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any Consolidated Subordinated
Indebtedness, except

               (i)   so long as no Default shall have occurred or would result
     therefrom, payment of regularly scheduled interest payments as and when due
     in respect of any Consolidated Subordinated Indebtedness (subject to any
     subordination provisions thereof);

               (ii)  so long as no Default shall have occurred or would result
     therefrom, issuance of any Capital Stock of the Parent upon conversion of
     (A) the 3.50% Convertible Notes in accordance with the term set forth in
     the 3.50% Convertible Note

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     Indenture or (B) Consolidated Subordinated Indebtedness incurred in
     reliance upon Section 6.01(f) in accordance with the terms of such
     Consolidated Subordinated Indebtedness;

               (iii) so long as no Default shall have occurred or would result
     therefrom, prepayment, purchase, redemption, retirement or other
     acquisition of Consolidated Subordinated Indebtedness by exchange for, or
     out of proceeds received from, a concurrent issuance of Consolidated
     Subordinated Indebtedness provided that (A) the principal or face amount
     of, or interest rate or fees or other amounts (exclusive of commissions and
     other similar issuance costs) payable in connection with, such Consolidated
     Subordinated Indebtedness is not increased and (B) the dates upon which
     payments are to be made on such Consolidated Subordinated Indebtedness are
     not advanced; and

               (iv)  so long as no Default shall have occurred or would result
     therefrom, make repurchases of the 3.50% Convertible Notes (or any
     refinancing thereof) or any convertible Subordinated Indebtedness incurred
     in reliance on Section 6.01(f); provided that the aggregate amount of
     repurchases permitted under this Section 6.06(b)(iv) and under Section
     6.06(a)(ii)(B) shall not exceed $10,000,000 during any fiscal year of the
     Consolidated Entities.

          (c)  The Parent will not demand or request that the Borrower redeem or
otherwise repurchase any Capital Stock of the Borrower pursuant to the
Borrower's certificate of incorporation or otherwise.

     SECTION 6.07.   DISPOSITION OF ASSETS. No Consolidated Entity will sell,
transfer, lease or otherwise dispose of any asset, including any Capital Stock,
except:

          (a)  sales of inventory and used or surplus equipment in the ordinary
course of business;

          (b)  sales, transfers and dispositions to any other Consolidated
Entity; provided that any such sales, transfers or dispositions involving a
Subsidiary that is not an Unrestricted Loan Party shall be made in compliance
with Section 6.04 and Section 6.08;

          (c)  sales of the assets or Capital Stock of Charles River China,
Charles River Mexico or Charles River Proteomics; and

          (d)  sales, transfers and dispositions of assets (other than Capital
Stock of a Subsidiary) that are not permitted by any other clause of this
Section 6.07; provided that the aggregate fair market value of all assets sold,
transferred or otherwise disposed of during the term of this Agreement in
reliance upon this clause (c) shall not exceed three percent (3.0%) of the total
tangible assets of the Consolidated Entities as of the last day of the most
recently ended fiscal quarter of the Consolidated Entities as determined on a
consolidated basis in accordance with GAAP;

provided that (x) all sales, transfers, leases and other dispositions permitted
by this Section 6.07 shall be made for fair value as agreed to in an arm's
length transaction and (y) all sales, transfers,

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dispositions permitted by clause (c) of this Section 6.07 shall be for at least
50% cash consideration and any non-cash consideration received in connection
with such sale, transfer or disposition shall be permitted under Section
6.04(k).

     SECTION 6.08.   TRANSACTIONS WITH AFFILIATES. No Consolidated Entity will
sell, lease or otherwise transfer any property or assets to, or purchase, lease
or otherwise acquire any property or assets from, or otherwise engage in any
other transactions with, any of its Affiliates, except:

          (a)  transactions in the ordinary course of business at prices and on
terms and conditions not less favorable to such Consolidated Entity than could
be obtained on an arm's-length basis from unrelated third parties;

          (b)  transactions between or among Foreign Subsidiaries and
transactions between or among Unrestricted Loan Parties not involving any other
Affiliate (in each case to the extent not otherwise prohibited by other
provisions of this Agreement); and

          (c)  any Restricted Payment permitted by Section 6.06, any transaction
permitted by Section 6.03 and any investment permitted by Section 6.04.

     SECTION 6.09.   RESTRICTIVE AGREEMENTS. No Consolidated Entity will,
directly or indirectly, enter into, incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any condition upon (a)
the ability of any Consolidated Entity to create, incur or permit to exist any
Lien upon any of its property or assets to secure the Obligations, or (b) the
ability of any Consolidated Entity to pay dividends or other distributions with
respect to any shares of its Capital Stock or to make or repay loans or advances
to any other Consolidated Entity or to Guarantee Indebtedness of any other
Consolidated Entity; PROVIDED that (i) the foregoing shall not apply to
restrictions and conditions imposed by law or by any of the Loan Documents, (ii)
the foregoing shall not apply to restrictions and conditions existing on the
date hereof identified on Schedule 6.09 (but shall apply to any extension or
renewal of, or any amendment or modification expanding the scope of, any such
restriction or condition), (iii) the foregoing shall not apply to customary
restrictions and conditions contained in agreements relating to the sale of a
Subsidiary pending such sale, provided such restrictions and conditions apply
only to the Subsidiary that is to be sold and such sale is permitted hereunder,
(iv) clause (a) of the foregoing shall not apply to restrictions or conditions
imposed by any agreement relating to secured Indebtedness permitted by Section
6.01(d) if such restrictions or conditions apply only to the property or assets
securing such Indebtedness and (v) clause (a) of the foregoing shall not apply
to customary provisions in leases restricting the assignment thereof.

     SECTION 6.10.   ISSUANCES OF CAPITAL STOCK BY SUBSIDIARIES. Neither the
Parent nor the Borrower will permit any Subsidiary to issue any additional
shares of its Capital Stock or other interests other than (a) to an Unrestricted
Loan Party or (b) if such Subsidiary is not an Unrestricted Loan Party, to the
Borrower or a Wholly-Owned Subsidiary.

     SECTION 6.11.   AMENDMENT OF MATERIAL DOCUMENTS. No Consolidated Entity
will amend, modify or waive (whether via merger, consolidation, amendment or
otherwise) (a) any of its rights under its certificate of incorporation,
by-laws, declaration of trust or other

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<Page>

organizational documents if such amendment, modification or waiver could
reasonably be expected to result in a Material Adverse Effect or (b) any of the
terms of any Consolidated Subordinated Indebtedness, in each case in any respect
adverse to the Lenders (for the purposes of this Section 6.11(b) and without
limitation of the scope of the definition of "adverse", any amendment to
increase the principal amount, the interest rate or fees or other amounts
payable, to advance the dates upon which payments are made or to alter any
subordination provision (or any definition related thereto) shall be deemed to
be "adverse").

     SECTION 6.12.   CRL TRUST LIMITATIONS. In addition to the other covenants
and agreements set forth herein and in the other Loan Documents, each of the
Parent and the Borrower agrees not to permit either Transaction Co. or the CRL
Trust to: (a) incur, or permit to exist, any Indebtedness, liabilities or
obligations (other than under the Loan Documents), (b) execute or enter into any
instrument, contract or other agreement, or engage in any business or activity,
other than in connection with the cash and investment management and
intercompany financing activities of the Consolidated Entities or (c) purchase,
hold or acquire any Capital Stock, evidences of indebtedness or other securities
(including any option, warrant or other right to acquire any of the foregoing)
of, or make any investment or any other interest in, any other Person, or
purchase or otherwise acquire (in one transaction or a series of transactions)
any assets except Transaction Co. will own 100% of Capital Stock of the CRL
Trust and except for investments made in connection with the cash and investment
management and intercompany financing activities of the Consolidated Entities.

     SECTION 6.13.   FIXED CHARGE COVERAGE RATIO. The Consolidated Entities will
not permit the Fixed Charge Coverage Ratio as determined as of the end of each
fiscal quarter of the Consolidated Entities to be less than 1.50 to 1.00.

     SECTION 6.14.   LEVERAGE RATIO. The Consolidated Entities will not permit
the Leverage Ratio as determined as of the end of each fiscal quarter of the
Consolidated Entities to be greater than 3.00 to 1.00.

     SECTION 6.15.   CONSOLIDATED TANGIBLE NET WORTH. The Consolidated Entities
will not permit Consolidated Tangible Net Worth at any time to be less than the
sum of (a) $176,640,000 plus (b) the aggregate sum of the Fiscal Quarter Net
Worth Increase Amounts calculated for each fiscal quarter of the Consolidated
Entities.

     SECTION 6.16.   SENIOR LEVERAGE RATIO. The Consolidated Entities will not
permit the Senior Leverage Ratio as determined as of the end of each fiscal
quarter of the Consolidated Entities to be greater than 1.25 to 1.00.

                                   ARTICLE VII

                                EVENTS OF DEFAULT

     If any of the following events ("EVENTS OF DEFAULT") shall occur:

          (a)  the Borrower shall fail to pay any principal of any Loan or any
reimbursement obligation in respect of any LC Disbursement when and as the same
shall become

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<Page>

due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise;

          (b)  the Borrower shall fail to pay any interest on any Loan or any
Loan Party shall fail to pay any fee or any other amount (other than an amount
referred to in clause (a) of this Article) payable under any Loan Document, when
and as the same shall become due and payable and such failure shall continue
unremedied for a period of 3 Business Days;

          (c)  any representation or warranty made or deemed made by or on
behalf of any Consolidated Entity in or in connection with any Loan Document or
any amendment or modification hereof or thereof or waiver hereunder or
thereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with any Loan Document or any amendment
or modification hereof or thereof or waiver hereunder or thereunder, shall prove
to have been incorrect in any material respect (if not qualified as to
materiality or of Material Adverse Effect) and in any respect (if qualified as
to materiality or of Material Adverse Effect) when made or deemed made or
furnished;

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

          (e)  any Loan Party shall fail to observe or perform any covenant,
condition or agreement contained in any Loan Document (other than those
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 to the Borrower (which notice will be given at the request
of any Lender);

          (f)  any Consolidated Entity shall fail to make any payment (whether
of principal or interest and regardless of amount) in respect of any Material
Indebtedness, when and as the same shall become due and payable (subject to any
applicable grace period);

          (g)  any event or condition occurs that results in any Material
Indebtedness becoming due prior to its scheduled maturity or that enables or
permits the holder or holders of any Material Indebtedness or any trustee or
agent on its or their behalf to cause any Material Indebtedness to become due,
or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity; PROVIDED that this clause (g) shall not apply
to secured Indebtedness that becomes due as a result of the voluntary sale or
transfer of the property or assets securing such Indebtedness;

          (h)  an involuntary proceeding shall be commenced or an involuntary
petition shall be filed seeking (i) liquidation, reorganization or other relief
in respect of any Consolidated Entity (other than Subsidiaries that are not
Material Subsidiaries) 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 any
Consolidated Entity (other than Subsidiaries that are not Material Subsidiaries)
or for a substantial part of its assets, and, in any such case,

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<Page>

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;

          (i)  any Consolidated Entity (other than Subsidiaries that are not
Material Subsidiaries) 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
(h) of this Article, (iii) apply for or consent to the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for
any Consolidated Entity (other than Subsidiaries that are not Material
Subsidiaries) 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;

          (j)  any Consolidated Entity shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due;

          (k)  one or more judgments for the payment of money in an aggregate
amount exceeding $10,000,000 in the aggregate (not covered by insurance from a
responsible insurance company that is not denying its liability with respect
thereto) shall be rendered against any Consolidated Entity or any combination
thereof and the same shall remain undischarged for a period of 30 consecutive
days during which execution shall not be effectively stayed, or any action shall
be legally taken by a judgment creditor to attach or levy upon any assets of any
Consolidated Entity to enforce any such judgment;

          (l)  an ERISA Event shall have occurred that, in the opinion of the
Required Lenders, when taken together with all other ERISA Events that have
occurred, could reasonably be expected to result in liability of any
Consolidated Entity in an aggregate amount exceeding $5,000,000;

          (m)  (i) any Security Document shall for any reason cease to create in
favor of the Administrative Agent for its benefit and the ratable benefit of the
Lenders a legal, valid and enforceable perfected first-priority Lien on the
Collateral as security for the Obligations, except to the extent that such
cessation (A) relates, during the term of this Agreement, to an aggregate fair
market value of assets that represent less than $2,000,000, (B) results from the
failure of the Administrative Agent to maintain possession of certificates
representing securities pledged or to file continuation statements under the
Uniform Commercial Code of any applicable jurisdiction or (C) is covered by a
lender's title insurance policy and the subject insurer promptly after the
occurrence of the resulting cessation shall have acknowledged in writing that
the same is covered by such title insurance policy; or (ii) any Loan Document
executed by any Loan Party shall at any time after its execution and delivery
(except in accordance with its terms or pursuant to an agreement of the parties
thereof) and for any reason cease to be in full force and effect or shall be
declared null and void, or the validity or enforceability thereof shall be
contested by any Consolidated Entity or any Consolidated Entity shall deny in
writing it has any further liability or obligation thereunder;

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<Page>

          (n)  the subordination provisions relating to any Consolidated
Subordinated Indebtedness (including, without limitation, the subordination
provisions set forth in the Trust Subordination Agreement) shall fail to be
enforceable by the Administrative Agent or the Lenders in accordance with the
terms thereof or the Obligations shall fail to constitute "senior indebtedness"
(or any other similar term) under any document, instrument or other agreement
evidencing any such Consolidated Subordinated Indebtedness; or

          (o)  a Change in Control shall occur;

then, and in every such event (other than an event with respect to the Borrower
described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent, at the request
of the Required Lenders, shall by notice to the Borrower, take any or all of the
following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, (ii)
declare the Loans then outstanding to be due and payable in whole (or in part,
in which case any principal 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, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower and (iii) enforce its rights under the Guarantee
Agreement and each Security Document on behalf of itself as Administrative
Agent, the Lenders and the Issuing Bank; and in case of any event with respect
to the Borrower described in clause (h) or (i) 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, shall
automatically become due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrower.

                                  ARTICLE VIII

                            THE ADMINISTRATIVE AGENT

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

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

     The Administrative Agent shall not have any duties or obligations except
those expressly set forth 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

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<Page>

discretionary rights and powers expressly contemplated by the Loan Documents,
whether upon, before or after an Event of Default, that the Administrative Agent
is required to exercise 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
shall not be liable for the failure to disclose, any information relating to any
Consolidated Entity that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not be liable for any action taken or not taken by it
with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.02) or in the absence of its own gross negligence or
willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until written notice thereof is given to the
Administrative Agent by a Loan Party or a Lender, and the Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i)
any statement, warranty or representation made in or in connection with 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 in any Loan Document, (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 Consolidated Entity), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or
experts.

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

     Subject to the appointment and acceptance of a successor Administrative
Agent as provided in this paragraph, the Administrative Agent may resign at any
time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such
resignation, the Required Lenders shall have the right, in consultation with the
Borrower, to appoint a successor. If no successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment

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<Page>

within 30 days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may, on behalf of the
Lenders and the Issuing Bank, appoint a successor Administrative Agent which
shall be a bank with an office in New York, New York, or an Affiliate of any
such bank. Upon the acceptance of its appointment as Administrative Agent
hereunder by a successor, such successor shall succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties
and obligations hereunder. The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the
Administrative Agent's resignation hereunder, the provisions of this Article and
Section 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 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.

     Subject to the foregoing provisions of this Article VIII, the
Administrative Agent shall, on behalf of the Lenders, (i) execute each Loan
Document on behalf of the Lenders, (ii) hold and apply the Collateral, and the
proceeds thereof, at any time received by it in accordance with the provisions
of the Loan Documents, (iii) exercise any and all rights, powers and remedies of
the Lenders under the Loan Documents, including the giving of any consent or
waiver or the entering into of any amendment, subject to the provisions of
Section 10.02, (iv) execute, deliver and file financing statements, assignments
and other such agreements, and possess instruments on behalf of the Lenders and
(v) in the event of acceleration of the obligations of the Borrower hereunder,
exercise the rights of the Lenders under the Loan Documents upon and at the
direction of the Required Lenders.

     The Lenders identified in this Agreement as the Documentation Agents shall
not have any right, power, obligation, liability, responsibility or duty under
any of the Loan Documents other than those applicable to all Lenders. Without
limiting the foregoing, the Documentation Agents shall not have or be deemed to
have a fiduciary relationship with any Lender. Each Lender hereby makes the same
acknowledgements with respect to the Documentation Agents as it makes with
respect to the Administrative Agent or any other Lender in this Article VIII.

                                   ARTICLE IX

                             GUARANTEE OF THE PARENT

     In order to induce the Lenders to extend credit hereunder, the Parent
hereby absolutely, irrevocably and unconditionally guarantees, as a primary
obligor and not merely as a surety, the

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payment when due of any and all of the Obligations. The Parent further agrees
that the due and punctual payment of the 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 Obligation.

     To the extent permitted by applicable law, the Parent waives presentment
to, demand of payment from and protest to the 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 Parent hereunder shall not be
affected by (a) the failure of any Lender or the Administrative Agent to assert
any claim or demand or to enforce or exercise any right or remedy against any
Loan Party under the provisions of this Agreement, of any other Loan Document or
otherwise or (b) any rescission, waiver, amendment or modification of any of the
terms or provisions of this Agreement, any other Loan Document or any other
agreement or the release or other impairment of any Collateral or the release of
any Loan Party. The Parent shall be obligated to keep informed of the financial
condition of the Borrower; provided that the failure of the Parent to keep so
informed shall not affect its obligations hereunder.

     The Parent further agrees that its agreement under this Article IX
constitutes a promise 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 any Lender to any
balance of any deposit account or credit on the books of any Lender in favor of
any Loan Party or any other Person or to any other remedy against any Loan Party
or any Collateral.

     The Parent guarantees that the Obligations will be paid strictly in
accordance with the terms of this Agreement, regardless of any law, regulation
or order now or hereafter in effect in any jurisdiction affecting any of such
terms or the rights of the Administrative Agent or any Lender with respect
thereto. This is a present and continuing guaranty of payment and not of
collection, and the liability of the Parent under this Article IX shall be
absolute and unconditional, in accordance with its terms, and shall remain in
full force and effect without regard to, and shall not be released, suspended,
discharged, terminated or otherwise affected by, any circumstance or occurrence
whatsoever, including, without limitation: (a) any lack of validity or
enforceability of this Agreement, any other Loan Document or any other agreement
or instrument relating thereto; (b) any change in the time, place or manner of
payment of, or in any other term of, all or any of the Obligations, or any other
amendment or waiver of or any consent to any departure from this Agreement or
any other Loan Document, including, without limitation, any increase in the
Obligations resulting from the extension of additional credit to the Borrower or
otherwise in accordance with the terms hereof and thereof; (c) any taking,
exchange, release or non-perfection of any collateral, or any taking, release,
or amendment or waiver of, or consent to, or departure from, any other guaranty,
for all or any of the Obligations; (d) any change, restructuring of termination
of the structure or existence of any Consolidated Entity; (e) any bankruptcy,
receivership, insolvency, reorganization, arrangement, readjustment,
composition, liquidation or similar proceedings with respect to any Consolidated
Entity or the properties or creditors of any of them; (f) the occurrence of any
Default or Event of Default under, or any invalidity or any unenforceability of,
or any misrepresentation, irregularity or other defect in, this Agreement or any
other Loan Document; (g) any default, failure or delay, willful or otherwise, on
the part of any Consolidated Entity to perform or comply with, or the

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<Page>

impossibility or illegality of performance by any Consolidated Entity of, any
term of this Agreement or any other Loan Document; (h) any suit or other action
brought by, or any judgment in favor of, any beneficiaries or creditors of, any
Loan Party for any reasons whatsoever, including, without limitation, any suit
or action in any way attacking or involving any issue, matter or thing in
respect of this Agreement or any other Loan Document; (i) any lack or limitation
of status or of power, incapacity or disability of any Loan Party or any
partner, principal, trustee or agent thereof; or (j) any other circumstance
which might otherwise constitute a defense available to, or a discharge of, any
Loan Party or a third party guarantor.

     The obligations of the Parent under this Article IX shall not be subject to
any reduction, limitation, impairment or termination for any reason (other than
the indefeasible payment in full in cash of the Obligations), and shall not be
subject to any defense or setoff, counterclaim, recoupment or termination
whatsoever, by reason of the invalidity, illegality or unenforceability of any
of the Obligations, any impossibility in the performance of the Obligations or
otherwise. Without limiting the generality of the foregoing, the obligations of
the Parent under this Article IX shall not be discharged or impaired or
otherwise affected by the failure of the Administrative Agent or any Lender to
assert any claim or demand or to enforce any remedy under this Agreement or any
other agreement, by any waiver or modification in respect of any thereof, by any
default, failure or delay, willful or otherwise, in the performance of the
Obligations, or by any other act or omission which may or might in any manner or
to any extent vary the risk of the Parent or otherwise operate as a discharge of
the Parent or any other Loan Party as a matter of law or equity.

     The Parent further agrees that its obligations under this Article IX 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 any Lender upon the bankruptcy or
reorganization of any Loan Party or otherwise.

     In furtherance of the foregoing and not in limitation of any other right
which the Administrative Agent or any Lender may have at law or in equity
against the Parent, by virtue of this Article IX, upon the failure of the
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 Parent
hereby promises to and will, upon receipt of written demand by the
Administrative Agent, forthwith pay, or cause to be paid, in cash the amount of
such unpaid Obligations.

     Until all of the Obligations shall have irrevocably been paid in full in
cash and all Commitments shall have been terminated, the Parent hereby
irrevocably agrees to subordinate any and all rights of subrogation,
reimbursement, exoneration, contribution or indemnification or any right to
participate in any claim or remedy of the Administrative Agent or any Lender
(collectively, the "Subrogation Rights"), in any such case, arising in
connection with any payment or payments with respect to the principal of or
premium, if any, or interest on the Obligations, whether or not such claim,
remedy or right arises in equity, or under contract, statute or common law,
including the right to take or receive, directly or indirectly, in cash or other
property or by set-off or in any other manner, payment or security in account of
such claim or other rights. To effectuate such subordination, the Parent hereby
agrees that it shall not be entitled to any payment in respect of any
Subrogation Right until all of the Obligations have been irrevocably paid in
full. If any amount shall be paid to the Parent in violation of the preceding

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sentence and the Obligations shall not have been irrevocably paid in full, such
amount shall be deemed to have been paid to the Parent for the benefit of, and
held in trust for, the benefit of the Lenders.

     The Guarantee of the Parent under this Article IX is a continuing guarantee
and all liabilities to which it applies or may apply under the terms hereof
shall be conclusively presumed to have been created in reliance hereon.

                                    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 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 the Parent or the Borrower, to it at Charles River
Laboratories International, Inc., 251 Ballardvale Street, Wilmington,
Massachusetts 01887, Attention of General Counsel (Telecopy No. (978)988-5665);

          (b)  if to the Administrative Agent, to it at JPMorgan Chase Bank,
Loan and Agency Services Group, 1 Chase Plaza, 8th Floor, New York, New York
10081, Attention of May Fong (Telecopy No. (212)552-5650), with a copy to
JPMorgan Chase Bank, Two Corporate Drive, Shelton, Connecticut 06484, Attention
of John A. Francis (Telecopy No. (203)944-8496);

          (c)  if to the Issuing Bank, to it at Fleet National Bank, FleetBoston
Financial, Global Trade Operations, PA EH 0802SM, 1 Fleet Way, Scranton, PA
18507-1999, Attention of Alfonso Malave (Telecopy No. (570)330-4187);

          (d)  if to the Swingline Lender, to it at JPMorgan Chase Bank, Loan
and Agency Services Group, 1 Chase Plaza, 8th Floor, New York, New York 10081,
Attention of May Fong (Telecopy No. (212)552-5650), with a copy to JPMorgan
Chase Bank, Two Corporate Drive, Shelton, Connecticut 06484, Attention of John
A. Francis (Telecopy No. (203)944-8496); and

          (e)  if to any other 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. 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, the Issuing Bank 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

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<Page>

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, the Issuing Bank 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 Loan Party 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 or issuance of a Letter of Credit shall not
be construed as a waiver of any Default, regardless of whether the
Administrative Agent, any Lender or the Issuing Bank 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 Parent, the
Borrower and the Required Lenders or by the Parent, the Borrower and the
Administrative Agent with the consent of the Required Lenders; PROVIDED that no
such agreement shall (i) increase the Commitment of any Lender without the
written consent of such Lender, (ii) reduce the principal amount of any Loan or
LC Disbursement or reduce the rate of interest thereon, or reduce any fees
payable hereunder, without the written consent of each Lender affected thereby,
(iii) postpone the scheduled date of payment or prepayment of the principal
amount of any Loan or LC Disbursement, 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, or extend the
expiration date of any Letter of Credit to a date which is after the Maturity
Date without the written consent of each Lender affected thereby, (iv) release
the Parent from its Guarantee under Article IX, or limit its liability in
respect of such Guarantee, without the written consent of each Lender; (v)
release any Guarantor from its Guarantee under a Guarantee Agreement or limit
its liability in respect of such Guarantee or such Guarantee Agreement or its
obligation to enter into and provide a Guarantee pursuant to a Guarantee
Agreement, without the written consent of the Lenders having Revolving Credit
Exposures representing at least 66-2/3% of the total Revolving Credit Exposures
at such time and, at any time while no Loan or Letter of Credit is outstanding,
the Lenders having at least 66-2/3% of the total Commitments, (vi) amend, waive
or otherwise modify the terms of Section 6.07 without the written consent of the
Lenders having Revolving Credit Exposures representing at least 66-2/3% of the
total Revolving Credit Exposures at such time and, at any time while no Loan or
Letter of Credit is outstanding, the Lenders having at least 66-2/3% of the
total Commitments, provided that if such proposed amendment, waiver or
modification would result in a release of the Lien of the Administrative Agent
on all or substantially all of the Collateral, such proposed amendment, waiver
or modification shall require the written consent of each Lender, (vii) change
Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of
payments required thereby, without the written consent of each Lender, or (viii)
change any of the provisions of this Section or the definition of "Required
Lenders" or any other provision hereof specifying the number or percentage of
Lenders required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of
each Lender or (ix) consent to the assignment or transfer by any Loan Party of
its rights or obligations hereunder or under the other Loan Documents, 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, the

                                       65
<Page>

Issuing Bank or the Swingline Lender hereunder without the prior written
consent of the Administrative Agent, the Issuing Bank or the Swingline Lender,
as the case may be.

     SECTION 10.03.  EXPENSES; INDEMNITY; DAMAGE WAIVER. (a) Each of the Parent
and the Borrower, jointly and severally, shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates,
including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent, in connection with the syndication of the credit
facilities provided for herein, the preparation and administration of the 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), (ii) all reasonable out-of-pocket expenses incurred by the
Issuing Bank in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all
out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or
any Lender, including the fees, charges and disbursements of any counsel for the
Administrative Agent, the Issuing Bank or any Lender, in connection with the
enforcement or protection of its rights in connection with the Loan Documents,
including its rights under this Section, or in connection with the Loans made or
Letters of Credit issued hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such
Loans or Letters of Credit.

          (b)  Each of the Parent and the Borrower, jointly and severally, shall
indemnify the Administrative Agent, the Issuing Bank and each Lender, and each
Related Party of any of the foregoing Persons (each such Person being called an
"INDEMNITEE") against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses, including the fees,
charges and disbursements of any counsel for any Indemnitee, incurred by or
asserted against any Indemnitee arising out of, in connection with, or as a
result of (i) the execution or delivery of the Loan Documents or any agreement
or instrument contemplated hereby or thereby, the performance by the parties to
the Loan Documents of their respective obligations hereunder or thereunder or
the consummation of the Transactions or any other transactions contemplated
hereby or thereby, (ii) any Loan or Letter of Credit or the use of the proceeds
therefrom (including any refusal by the Issuing Bank to honor a demand for
payment under a Letter of Credit if the documents presented in connection with
such demand do not strictly comply with the terms of such Letter of Credit),
(iii) any actual or alleged presence or release of Hazardous Materials on or
from any property owned or operated by any Consolidated Entity, or any
Environmental Liability related in any way to any Consolidated Entity, or (iv)
any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other
theory and regardless of whether any Indemnitee is a party thereto; PROVIDED
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are
determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee.

          (c)  To the extent that the Parent or the Borrower fails to pay any
amount required to be paid by it to the Administrative Agent, the Issuing Bank
or the Swingline Lender under paragraph (a) or (b) of this Section, each Lender
severally agrees to pay to the Administrative Agent, the Issuing Bank or the
Swingline Lender, as the case may be, such Lender's Applicable Percentage
(determined as of the time that the applicable unreimbursed

                                       66
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expense or indemnity payment is sought) of such unpaid amount; PROVIDED that the
unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against the
Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity
as such.

          (d)  To the extent permitted by applicable law, neither the Parent nor
the Borrower shall assert, and each 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 other Loan Document or
any agreement or instrument contemplated hereby or thereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof.

          (e)  All amounts due under this Section 10.03 shall be payable
promptly after written demand 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 (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), except that
neither the Parent nor the Borrower may assign or otherwise transfer any of its
rights or obligations hereunder or under any other Loan Document without the
prior written consent of each Lender (and any attempted assignment or transfer
by the Parent or the 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 (including any Affiliate of the Issuing Bank that
issues any Letter of Credit) and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent, the Issuing Bank 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 Commitment and the Loans at the time owing to it); PROVIDED that (i)
except in the case of an assignment to a Lender or an Affiliate of a Lender
having at least $1,000,000,000 in combined capital and surplus and undivided
profits, each of the Borrower and the Administrative Agent (and, in the case of
an assignment of all or a portion of a Commitment or any Lender's obligations in
respect of its LC Exposure or Swingline Exposure, the Issuing Bank and the
Swingline Lender) must give their prior written consent to such assignment
(which consent shall not be unreasonably withheld, it being understood that, in
the case of any assignment involving a new Lender, the assignee may be required
to demonstrate to the reasonable satisfaction of the Borrower and the
Administrative Agent its legal and financial ability to timely perform its
obligations in respect of its unused Commitment), (ii) except in the case of an
assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire remaining amount of the assigning Lender's Commitment, the amount of the
Commitment of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $5,000,000 unless
each of the Borrower and the Administrative Agent otherwise consent, (iii) each
partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender's rights and obligations under this Agreement, (iv) the
parties to each assignment shall execute and deliver to the

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Administrative Agent an Assignment and Acceptance, together with a processing
and recordation fee of $2,500 to be paid by the assignor, and (v) the assignee,
if it shall not be a Lender prior to the date of such assignment, shall deliver
to the Administrative Agent an Administrative Questionnaire; and PROVIDED
FURTHER that any consent of the Borrower otherwise required under this paragraph
shall not be required if an Event of Default has occurred and is continuing and
any consent requested by a Lender of the Borrower and the Administrative Agent
under this Section 10.4(b) shall be deemed granted by the Borrower or the
Administrative Agent, as the case may be, if it does not respond to such request
within 20 days after the written request is delivered to the Borrower and the
Administrative Agent in accordance with this Agreement. Subject to acceptance
and recording thereof pursuant to paragraph (d) of this Section, from and after
the effective date specified in each Assignment and Acceptance the assignee
thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Acceptance, 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 Acceptance, be released from its
obligations under this Agreement (and, in the case of an Assignment and
Acceptance 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 2.14, 2.15, 2.16 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
the Borrower, shall maintain at one of its offices in The City of New York a
copy of each Assignment and Acceptance 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 and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the "REGISTER"). The entries in
the Register shall be conclusive, and the Borrower, the Administrative Agent,
the Issuing Bank and the Lenders may treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower, the Issuing Bank 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 Acceptance
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 10.04 and any written consent to such assignment required by
paragraph (b) of this Section 10.04, the Administrative Agent shall accept such
Assignment and Acceptance and record the information contained therein in the
Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph.

          (e)  Any Lender may, without the consent of the Borrower, the
Administrative Agent, the Issuing Bank or the Swingline Lender, 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);

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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 Borrower, the
Administrative Agent, the Issuing Bank 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 the first proviso to Section 10.02(b) that affects such
Participant. Subject to paragraph (f) of this Section, each Loan Party agrees
that each Participant shall be entitled to the benefits of Sections 2.14, 2.15
and 2.16 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to paragraph (b) of this Section 10.04. To the extent
permitted by law, each Participant also shall be entitled to the benefits of
Section 10.08 as though it were a Lender, provided such Participant agrees to be
subject to Section 2.16(c) as though it were a Lender.

          (f)  A Participant shall not be entitled to receive any greater
payment under Section 2.14, 2.15 or 2.16 than the applicable Lender would have
been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made
with the Borrower's prior written consent. A Participant that would be a Foreign
Lender if it were a Lender shall not be entitled to the benefits of Section 2.16
unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the applicable Loan Party, to
comply with Section 2.16(e) as though it were a Lender.

          (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, and this Section 10.04 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.

          (h)  Notwithstanding anything to the contrary contained herein, any
Lender (a "GRANTING LENDER") may grant to a special purpose funding vehicle (an
"SPC") of such Granting Lender, identified as such in writing from time to time
by such Granting Lender to the Administrative Agent and the Borrower, the option
to provide to the Borrower all or any part of any Loan that such Granting Lender
would otherwise be obligated to make to the Borrower pursuant to Section 2.01,
provided that (i) nothing herein shall constitute a commitment to make any Loan
by any SPC, (ii) if an SPC elects not to exercise such option or otherwise fails
to provide all or any part of such Loan, such Granting Lender shall be obligated
to make such Loan pursuant to the terms hereof and (iii) all credit decisions
(including without limitation any decisions with respect to amendments and
waivers) will continue to be made by such Granting Lender. The making of a Loan
by an SPC hereunder shall utilize the Commitment of the applicable Granting
Lender to the same extent, and as if, such Loan were made by such Granting
Lender. Each party hereto hereby agrees that no SPC shall be liable for any
payment under this Agreement for which a Lender would otherwise be liable, for
so long as, and to the extent, the

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related Granting Lender makes such payment. In furtherance of the foregoing,
each party hereto hereby agrees that, prior to the date that is one year and one
day after the payment in full of all outstanding senior indebtedness of any SPC,
it will not institute against, or join any other person in instituting against,
such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or similar proceedings under the laws of the United States or any
State thereof. In addition, notwithstanding anything to the contrary contained
in this Section, any SPC may (i) with notice to, but without the prior written
consent of, the Borrower or the Administrative Agent and without paying any
processing fee therefor, assign all or a portion of its interests in any Loans
to its Granting Lender in connection with liquidity and/or credit facilities to
or for the account of such SPC to fund such Loans and (ii) subject to the
provisions of Section 10.12, disclose on a confidential basis any non-public
information relating to its Loans to any rating agency, commercial paper dealer
or provider of a surety, guarantee or credit or liquidity enhancement to such
SPC.

     SECTION 10.05.  SURVIVAL. All covenants, agreements, representations and
warranties made by the Loan Parties in the Loan Documents and 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 and shall survive the execution and
delivery of the Loan Documents and the making of any Loans and issuance of any
Letters of Credit, regardless of any investigation made by any such other party
or on its behalf and notwithstanding that the Administrative Agent, the Issuing
Bank or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any
accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid or any Letter of Credit is outstanding and
so long as the Commitments have not expired or terminated. The provisions of
Sections 2.14, 2.15, 2.16 and 10.03 and Article VIII shall survive and remain in
full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, the expiration or termination
of the Letters of Credit and the Commitments or the termination of this
Agreement or any provision hereof.

     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. The Loan Documents and the
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 thereof 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 telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement.

     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

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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) at any time held and other obligations at any time owing
by such Lender or Affiliate to or for the credit or the account of the Parent or
the Borrower against any of and all the obligations of the Parent or the
Borrower now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this
Agreement and although such obligations may be unmatured. The rights of each
Lender under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have.

     SECTION 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 of the Parent and the Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New
York, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement or any other 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, the Issuing Bank
or any Lender may otherwise have to bring any action or proceeding relating to
this Agreement or any other Loan Document against the Parent, the Borrower or
any of their respective properties in the courts of any jurisdiction.

          (c)  Each of the Parent and the Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement in
any court referred to in paragraph (b) of this Section 10.09. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by
law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court.

          (d)  Each party to this Agreement irrevocably consents to service of
process in the manner provided for notices in Section 10.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law.

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<Page>

     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 OR 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. Each of the Administrative Agent, the
Issuing Bank and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to
its and its Affiliates' directors, officers, employees and agents, including
accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority, (c) to
the extent required by applicable laws or regulations or by any subpoena or
similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies under any Loan Document or any
suit, action or proceeding relating to this Agreement or any Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to any
assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights or obligations under this Agreement, (g) with the consent of
the Borrower or (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes
available to the Administrative Agent, the Issuing Bank or any Lender on a
nonconfidential basis from a source other than a Consolidated Entity. For the
purposes of this Section, "INFORMATION" means all information received from any
Consolidated Entity relating to any Consolidated Entity or its business, other
than any such information that is available to the Administrative Agent, the
Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by any
Consolidated Entity; PROVIDED that, in the case of information received from any
Consolidated Entity after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section 10.12
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.

     SECTION 10.13.  INTEREST RATE LIMITATION. Notwithstanding anything herein
to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges

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and other amounts which are treated as interest on such Loan under applicable
law (collectively the "CHARGES"), shall exceed the maximum lawful rate (the
"MAXIMUM RATE") which may be contracted for, charged, taken, received or
reserved by the Lender holding such Loan in accordance with applicable law, the
rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to
the extent lawful, the interest and Charges that would have been payable in
respect of such Loan but were not payable as a result of the operation of this
Section shall be cumulated and the interest and Charges payable to such Lender
in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest
thereon to the date of repayment, shall have been received by such Lender.

     SECTION 10.14.  JOINT CREDITORS. Each of the Loan Parties, each of the
Lenders and the Administrative Agent agrees that the Administrative Agent shall
be a joint creditor (together with the relevant Lender) of each and every
obligation of the Loan Parties towards each of the Lenders under or in
connection with the Loan Documents and that, accordingly, the Administrative
Agent will have its own independent right to demand performance by the Loan
Parties of those obligations. However, any discharge of any such obligation to
the Administrative Agent or the relevant Lender shall, to the same extent,
discharge the corresponding obligation owing to the other.

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     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.

                                   CHARLES RIVER LABORATORIES, INC.

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

                                   CHARLES RIVER LABORATORIES
                                   INTERNATIONAL, INC.

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

                                   JPMORGAN CHASE BANK,
                                   individually and as Administrative Agent

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

                                   CITIZENS BANK OF MASSACHUSETTS

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

                                   FLEET NATIONAL BANK

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

                      [SIGNATURE PAGE TO CREDIT AGREEMENT]

<Page>

                                   MERRILL LYNCH BUSINESS FINANCIAL
                                   SERVICES INC.

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

                                   WACHOVIA BANK, NATIONAL
                                   ASSOCIATION

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

                                   CREDIT SUISSE FIRST BOSTON

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

                      [SIGNATURE PAGE TO CREDIT AGREEMENT]<Page>

                                                                 EXHIBIT 4(e)(1)

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

                        OVERSEAS SHIPHOLDING GROUP, INC.

                                       and

                            WILMINGTON TRUST COMPANY,
                                   as Trustee

                                   ----------

                                    INDENTURE

                            Dated as of March 7, 2003

                                   ----------

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

<Page>

                        OVERSEAS SHIPHOLDING GROUP, INC.
                       Certain Sections of this Indenture
                      relating to Sections 310 through 318,
                 inclusive, of the Trust Indenture Act of 1939:

<Table>
<Caption>
Trust Indenture
  Act Section                                                Indenture Section
<S>                                                          <C>
Section 310(a)(1)     .....................................  609
           (a)(2)     .....................................  609
           (a)(3)     .....................................  Not Applicable
           (a)(4)     .....................................  Not Applicable
           (b)        .....................................  608
                                                             610
Section 311(a)        .....................................  613
           (b)        .....................................  613
Section 312(a)        .....................................  701
                                                             702
           (b)        .....................................  702
           (c)        .....................................  702
Section 313(a)        .....................................  703
           (b)        .....................................  703
           (c)        .....................................  703
           (d)        .....................................  703
Section 314(a)        .....................................  704
           (a)(4)     .....................................  101
                                                             1004
           (b)        .....................................  Not Applicable
           (c)(1)     .....................................  102
           (c)(2)     .....................................  102
           (c)(3)     .....................................  Not Applicable
           (d)        .....................................  Not Applicable
           (e)        .....................................  102
Section 315(a)        .....................................  601
           (b)        .....................................  602
           (c)        .....................................  601
           (d)        .....................................  601
           (e)        .....................................  514
Section 316(a)        .....................................  101
           (a)(1) (A) .....................................  502
                                                             512
           (a)(1) (B) .....................................  513
           (a)(2)     .....................................  Not Applicable
           (b)        .....................................  508
           (c)        .....................................  104
Section 317(a)(1)     .....................................  503
           (a)(2)     .....................................  504
           (b)        .....................................  1003
Section 318(a)        .....................................  107

----------
NOTE: THIS RECONCILIATION AND TIE SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE A
PART OF THE INDENTURE.
</Table>

                                      - 2 -
<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                     PAGE
                                                                                                     ----
<S>                                                                                                      <C>
PARTIES ..............................................................................................   1
RECITALS OF THE COMPANY ..............................................................................   1

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101.   Definitions:...........................................................................   1
               Act....................................................................................   2
               Affiliate; control.....................................................................   2
               Attributable Debt......................................................................   2
               Authenticating Agent...................................................................   2
               Board of Directors.....................................................................   2
               Board Resolution.......................................................................   2
               Business Day...........................................................................   2
               Capital Stock..........................................................................   3
               Capitalized Lease......................................................................   3
               Capitalized Rentals....................................................................   3
               Change of Control......................................................................   3
               Commission.............................................................................   4
               Common Stock...........................................................................   4
               Company................................................................................   4
               Company Request; Company Order.........................................................   4
               Consolidated Net Tangible Assets.......................................................   4
               Consolidated Net Tangible Assets of the
               Company and its Restricted Subsidiaries................................................   4
               Corporate Trust Office.................................................................   5
               corporation............................................................................   5
               Covenant Defeasance....................................................................   5
               Credit Facilities......................................................................   5
               Debt...................................................................................   5
               Defaulted Interest.....................................................................   5
               Defeasance.............................................................................   5
               Depositary.............................................................................   5
               Event of Default.......................................................................   5
               Exchange Act...........................................................................   5
               Expiration Date........................................................................   5
               Funded Debt............................................................................   5
               Global Security........................................................................   6
               Guaranties.............................................................................   6
               Holder.................................................................................   6
               Incur..................................................................................   6
               Indenture..............................................................................   6
               interest...............................................................................   7
               Interest Payment Date..................................................................   7
               Investment Company Act.................................................................   7
               Maturity...............................................................................   7
               Mortgage...............................................................................   7
               Notice of Default......................................................................   7
               Officers' Certificate..................................................................   7
               Opinion of Counsel.....................................................................   7
               Original Issue Discount Security.......................................................   7
</Table>

                                      - i -
<Page>

<Table>
<S>                                                                                                     <C>
               Outstanding............................................................................   7
               Paying Agent...........................................................................   9
               Person.................................................................................   9
               Place of Payment.......................................................................   9
               Predecessor Security...................................................................   9
               Preferred Stock........................................................................   9
               Redemption Date........................................................................   9
               Redemption Price.......................................................................   9
               Regular Record Date....................................................................   9
               Rentals................................................................................   9
               Responsible Officer....................................................................  10
               Restricted Subsidiary..................................................................  10
               Securities.............................................................................  10
               Securities Act.........................................................................  10
               Security Register; Security Registrar..................................................  10
               Special Record Date....................................................................  10
               Stated Maturity........................................................................  10
               Subsidiary.............................................................................  10
               Trust Indenture Act....................................................................  10
               Trustee................................................................................  11
               Unrestricted Subsidiary................................................................  11
               U.S. Government Obligation.............................................................  11
               Vice President.........................................................................  11
               Voting Stock...........................................................................  11

SECTION 102.   Compliance Certificates and Opinions...................................................  11
SECTION 103.   Form of Documents Delivered to Trustee.................................................  12
SECTION 104.   Acts of Holders; Record Dates..........................................................  12
SECTION 105.   Notices, Etc., to Trustee and Company..................................................  15
SECTION 106.   Notice to Holders; Waiver..............................................................  15
SECTION 107.   Conflict with Trust Indenture Act......................................................  16
SECTION 108.   Effect of Headings and Table of Contents...............................................  16
SECTION 109.   Successors and Assigns.................................................................  16
SECTION 110.   Separability Clause....................................................................  16
SECTION 111.   Benefits of Indenture..................................................................  16
SECTION 112.   Governing Law..........................................................................  16
SECTION 113.   Legal Holidays.........................................................................  17
SECTION 114.   No Recourse............................................................................  17

                                   ARTICLE TWO

                                 SECURITY FORMS

SECTION 201.   Forms Generally........................................................................  17
SECTION 202.   Form of Face of Security...............................................................  17
SECTION 203.   Form of Reverse of Security............................................................  20
SECTION 204.   Form of Legend for Global Securities...................................................  24
SECTION 205.   Form of Trustee's Certificate of Authentication........................................  24

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 301.   Amount Unlimited; Issuable in Series...................................................  25
SECTION 302.   Denominations..........................................................................  27
</Table>

                                     - ii -
<Page>

<Table>
<S>                                                                                                     <C>
SECTION 303.   Execution, Authentication, Delivery and Dating.........................................  28
SECTION 304.   Temporary Securities...................................................................  29
SECTION 305.   Registration, Registration of Transfer
                  and Exchange........................................................................  30
SECTION 306.   Mutilated, Destroyed, Lost and Stolen Securities.......................................  32
SECTION 307.   Payment of Interest; Interest Rights Preserved.........................................  33
SECTION 308.   Persons Deemed Owners..................................................................  35
SECTION 309.   Cancellation...........................................................................  35
SECTION 310.   Computation of Interest................................................................  35

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

SECTION 401.   Satisfaction and Discharge of Indenture................................................  35
SECTION 402.   Application of Trust Money.............................................................  37

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501.   Events of Default......................................................................  37
SECTION 502.   Acceleration of Maturity; Rescission and
                  Annulment...........................................................................  39
SECTION 503.   Collection of Indebtedness and Suits for
                  Enforcement by Trustee..............................................................  40
SECTION 504.   Trustee May File Proofs of Claim.......................................................  41
SECTION 505.   Trustee May Enforce Claims Without
                  Possession of Securities............................................................  42
SECTION 506.   Application of Money Collected.........................................................  42
SECTION 507.   Limitation on Suits....................................................................  42
SECTION 508.   Unconditional Right of Holders to Receive
                  Principal, Premium and Interest.....................................................  43
SECTION 509.   Restoration of Rights and Remedies.....................................................  43
SECTION 510.   Rights and Remedies Cumulative.........................................................  44
SECTION 511.   Delay or Omission Not Waiver...........................................................  44
SECTION 512.   Control by Holders.....................................................................  44
SECTION 513.   Waiver of Past Defaults................................................................  44
SECTION 514.   Undertaking for Costs..................................................................  45
SECTION 515.   Waiver of Usury, Stay or Extension Laws................................................  45

                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 601.   Certain Duties and Responsibilities....................................................  45
SECTION 602.   Notice of Defaults.....................................................................  46
SECTION 603.   Certain Rights of Trustee..............................................................  46
SECTION 604.   Not Responsible for Recitals or Issuance
                  of Securities.......................................................................  47
SECTION 605.   May Hold Securities....................................................................  47
SECTION 606.   Money Held in Trust....................................................................  47
SECTION 607.   Compensation and Reimbursement.........................................................  48
SECTION 608.   Conflicting Interests..................................................................  49
</Table>

                                     - iii -
<Page>

<Table>
<S>                                                                                                     <C>
SECTION 609.   Corporate Trustee Required; Eligibility................................................  49
SECTION 610.   Resignation and Removal; Appointment of
                  Successor...........................................................................  49
SECTION 611.   Acceptance of Appointment by Successor.................................................  51
SECTION 612.   Merger, Conversion, Consolidation or
                  Succession to Business..............................................................  52
SECTION 613.   Preferential Collection of Claims Against
                  Company.............................................................................  53
SECTION 614.   Appointment of Authenticating Agent....................................................  53

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701.   Company to Furnish Trustee Names and
                  Addresses of Holders................................................................  55
SECTION 702.   Preservation of Information; Communications
                  to Holders..........................................................................  55
SECTION 703.   Reports by Trustee.....................................................................  56
SECTION 704.   Reports by Company.....................................................................  56

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801.   Company May Consolidate, Etc., Only
                  on Certain Terms....................................................................  56
SECTION 802.   Successor Substituted..................................................................  59

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 901.   Supplemental Indentures Without Consent
                  of Holders..........................................................................  59
SECTION 902.   Supplemental Indentures With Consent of Holders........................................  61
SECTION 903.   Execution of Supplemental Indentures...................................................  62
SECTION 904.   Effect of Supplemental Indentures......................................................  62
SECTION 905.   Conformity with Trust Indenture Act....................................................  62
SECTION 906.   Reference in Securities to Supplemental
                  Indentures..........................................................................  62

                                   ARTICLE TEN

                                    COVENANTS

SECTION 1001.  Payment of Principal, Premium and Interest.............................................  63
SECTION 1002.  Maintenance of Office or Agency........................................................  63
SECTION 1003.  Money for Securities Payments to Be Held
                  in Trust............................................................................  63
SECTION 1004.  Statement by Officers as to Default....................................................  64
SECTION 1005.  Existence .............................................................................  65
SECTION 1006.  Maintenance of Properties..............................................................  65
</Table>

                                     - iv -
<Page>

<Table>
<S>                                                                                                     <C>
SECTION 1007.  Insurance .............................................................................  65
SECTION 1008.  Payment of Taxes and Other Claims......................................................  65
SECTION 1009.  Limitation on Liens....................................................................  66
SECTION 1010.  Limitation on Sales and Leasebacks.....................................................  67
SECTION 1011.  Limitation on Incurrence of Indebtedness
                  by Restricted Subsidiaries..........................................................  68
SECTION 1012.  Restricted Subsidiaries................................................................  69
SECTION 1013.  Offer to Repurchase Upon a Change of Control...........................................  70
SECTION 1014.  Waiver of Certain Covenants............................................................  72

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

SECTION 1101.  Applicability of Article...............................................................  72
SECTION 1102.  Election to Redeem; Notice to Trustee..................................................  73
SECTION 1103.  Selection by Trustee of Securities to
                  Be Redeemed.........................................................................  73
SECTION 1104.  Notice of Redemption...................................................................  74
SECTION 1105.  Deposit of Redemption Price............................................................  74
SECTION 1106.  Securities Payable on Redemption Date..................................................  75
SECTION 1107.  Securities Redeemed in Part............................................................  75

                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 1201.  Applicability of Article...............................................................  75
SECTION 1202.  Satisfaction of Sinking Fund Payments
                  with Securities.....................................................................  76
SECTION 1203.  Redemption of Securities for Sinking Fund..............................................  76

                                ARTICLE THIRTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1301.  Company's Option to Effect Defeasance or
                  Covenant Defeasance.................................................................  77
SECTION 1302.  Defeasance and Discharge...............................................................  77
SECTION 1303.  Covenant Defeasance....................................................................  77
SECTION 1304.  Conditions to Defeasance or Covenant Defeasance........................................  78
SECTION 1305.  Deposited Money and U.S. Government Obligations
                  to Be Held in Trust; Miscellaneous Provisions.......................................  80
SECTION 1306.  Reinstatement..........................................................................  81

Testimonium ..........................................................................................  81
Signatures and Seals .................................................................................  81
Acknowledgements .....................................................................................  82
</Table>

Exhibit A -- Form of IAI Certificate
Exhibit B - Form of Regulation S Certificate

NOTE: THIS TABLE OF CONTENTS SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE A PART
OF THE INDENTURE.

                                      - v -
<Page>

        INDENTURE, dated as of March 7, 2003, between Overseas Shipholding
Group, Inc., a corporation duly organized and existing under the laws of the
State of Delaware (herein called the "Company"), having its principal office at
511 Fifth Avenue, New York, New York 10017, and Wilmington Trust Company, a
Delaware banking corporation, as Trustee (herein called the "Trustee").

                             RECITALS OF THE COMPANY

        The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness (herein called the
"Securities"), to be issued in one or more series as in this Indenture provided.

        All things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done.

        NOW, THEREFOR, THIS INDENTURE WITNESSETH:

        For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series thereof, as
follows:

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101.  DEFINITIONS.

        For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

        (1)  the terms defined in this Article have the meanings assigned to
   them in this Article and include the plural as well as the singular;

        (2)  all other terms used herein which are defined in the Trust
   Indenture Act, either directly or by reference therein, have the meanings
   assigned to them therein;

        (3)  all accounting terms not otherwise defined herein have the meanings
   assigned to them in accordance with generally accepted accounting principles,
   and, except as otherwise herein expressly provided, the term "generally
   accepted accounting principles" with respect to any computation required or
   permitted hereunder shall mean such accounting principles as are generally
   accepted at the date of such computation;

<Page>

        (4)  unless the context otherwise requires, any reference to an
   "Article" or a "Section" refers to an Article or a Section, as the case may
   be, of this Indenture; and

        (5)  the words "herein", "hereof" and "hereunder" and other words of
   similar import refer to this Indenture as a whole and not to any particular
   Article, Section or other subdivision.

        "Act", when used with respect to any Holder, has the meaning specified
in Section 104.

        "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

        "Attributable Debt" of a Person means, as to any sale and leaseback
transaction relating to any property or assets under which any Person is at the
time liable and which is not permitted under Section 1010(2), at any date as of
which the amount thereof is to be determined, the lesser of (i) the fair market
value of the assets subject to such transaction as determined by any two of the
Chairman of the Board of the Company, its President, any Executive or Senior
Vice President of the Company, its Chief Financial Officer, its Treasurer and
its Controller or (ii) the total net amount of Rentals required to be paid by
such Person under such lease during the remaining term thereof, discounted from
the respective due dates thereof to such date at a rate per annum equal to the
discount rate which would be applicable to a capital lease obligation with like
term in accordance with generally accepted accounting principles.

        "Authenticating Agent" means any Person authorized by the Trustee
pursuant to Section 614 to act on behalf of the Trustee to authenticate
Securities of one or more series.

        "Board of Directors" means either the board of directors of the Company
or any duly authorized committee of that board.

        "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

        "Business Day", when used with respect to any Place of Payment
(including the Corporate Trust Office), means each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in that
Place of Payment are authorized or obligated by law or executive order to close.

                                      - 2 -
<Page>

        "Capital Stock" of any Person means any and all shares, interests,
rights to purchase, warrants, options, participation or other equivalents of or
interests in (however designated) equity of such Person, including any Preferred
Stock, but excluding any debt securities convertible into such equity.

        "Capitalized Lease" means any lease the obligation for Rentals with
respect to which is required to be capitalized on a balance sheet of the lessee
in accordance with generally accepted accounting principles.

        "Capitalized Rentals" of any Person means as of the date of any
determination thereof the amount at which the aggregate Rentals due and to
become due under all Capitalized Leases under which such Person is a lessee
would be reflected as a liability on a balance sheet of such Person in
accordance with generally accepted accounting principles.

        "Change of Control" means the occurrence of any of the following events:

        (1)  any "person" (as such term is used in Sections 13(d) and 14(d) of
             the Exchange Act) is or becomes the "beneficial owner" (as defined
             in Rules 13d-3 and 13d-5 under the Exchange Act, except that for
             purposes of this clause (1) such person shall be deemed to have
             "beneficial ownership" of all shares that any such person has the
             right to acquire, whether such right is exercisable immediately or
             only after the passage of time), directly or indirectly, of more
             than 50% of the total voting power of the Voting Stock of the
             Company;

        (2)  individuals who on the date of original issuance of the Securities
             constituted the Board of Directors (together with any new directors
             whose election by such Board of Directors or whose nomination for
             election by the stockholders of the Company was approved by a vote
             of a majority of the directors of the Company then still in office
             who were either directors on the date of original issuance or whose
             election or nomination for election was previously so approved)
             cease for any reason to constitute a majority of the Board of
             Directors then in office;

        (3)  the adoption of a plan relating to the liquidation or dissolution
             of the Company; or

        (4)  the merger or consolidation of the Company with or into another
             Person or the merger of another Person with or into the Company, or
             the sale of all or substantially all the assets of the Company
             (determined on a consolidated basis) to another Person other than a
             transaction following which (A) in the case of a merger or
             consolidation transaction, holders of securities that represented
             100% of the Voting Stock of the Company immediately prior to such

                                      - 3 -
<Page>

             transaction (or other securities into which such securities are
             converted as part of such merger or consolidation transaction) own
             directly or indirectly at least a majority of the voting power of
             the Voting Stock of the surviving Person in such merger or
             consolidation transaction immediately after such transaction and
             (B) in the case of a sale of assets transaction, each transferee
             becomes an obligor in respect of the Securities and a Subsidiary of
             the transferor of such assets.

        "Commission" means the Securities and Exchange Commission, from time to
time constituted, created under the Exchange Act, or, if at any time after the
execution of this instrument such Commission is not existing and performing the
duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.

        "Common Stock" means with respect to any Person, any and all shares,
interests or other participations in, and other equivalents (however designated
and whether voting or non-voting) of such Person's common stock, whether or not
outstanding on the date of original issuance of the Securities, and includes,
without limitation, all series and classes of such common stock.

        "Company" means the Person named as the "Company" in the first paragraph
of this instrument until a successor Person shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Company" shall mean
such successor Person.

        "Company Request" or "Company Order" means a written request or order
signed in the name of the Company by its Chairman of the Board, its Vice
Chairman of the Board, its President or a Vice President, and by its Controller,
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and
delivered to the Trustee.

        "Consolidated Net Tangible Assets of the Company and its Restricted
Subsidiaries" means the aggregate amount of assets (less applicable reserves and
other properly deductible items) after deducting therefrom (a) all current
liabilities (excluding any thereof constituting Funded Debt) and (b) all
goodwill, trade names, trademarks, patents, copyrights, franchises, experimental
expense, organization expense, unamortized debt discount and expenses, deferred
charges (other than unamortized deferred dry dock costs, unterminated voyage
expenses, prepaid insurance, prepaid taxes, prepaid charter hire and other
prepaid items properly excludable from intangibles under generally accepted
accounting principles) and other like intangibles, all as set forth on or
included in the most recent consolidated balance sheet of the Company and its
Restricted Subsidiaries, such balance sheet to be prepared (except for the
exclusion of Subsidiaries which are not Restricted Subsidiaries) in accordance
with generally accepted accounting principles.

                                      - 4 -
<Page>

        "Corporate Trust Office" means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered,
which at the date hereof is Wilmington Trust Company, 1100 North Market Street,
Wilmington, Delaware 19890.

        "corporation" means a corporation, association, company, joint-stock
company or business trust.

        "Covenant Defeasance" has the meaning specified in Section 1303.

        "Credit Facilities" means (a) the Credit Agreement dated as of April 18,
2000, among the Company, certain of its Subsidiaries, Den Norske Bank, as
facility agent and arranger, and the other banks party thereto, (b) the Credit
Agreement dated as of December 12, 2001, among the Company, certain of its
Subsidiaries, JPMorgan Chase Bank, as administrative agent and lender, and the
other banks party thereto, and (c) the Credit Agreement dated as of February 28,
2002, among the Company, certain of its Subsidiaries and The Bank of Nova
Scotia, in each case as may be amended from time to time.

        "Debt" of a Person means, without duplication, (i) any indebtedness for
money borrowed, whether or not evidenced by notes, bonds, debentures or other
similar evidences of indebtedness for money borrowed, (ii) all Capitalized
Rentals of such Person (other than Rentals owing from the Company or any
Restricted Subsidiary to the Company or another Restricted Subsidiary), and
(iii) all Guaranties by such Person of any obligation described in clause (i) or
(ii) of any other Person (other than any such obligation of the Company or any
Subsidiary).

        "Defaulted Interest" has the meaning specified in Section 307.

        "Defeasance" has the meaning specified in Section 1302.

        "Depositary" means, with respect to Securities of any series issuable in
whole or in part in the form of one or more Global Securities, a clearing agency
registered under the Exchange Act that is designated to act as Depositary for
such Securities as contemplated by Section 301.

        "Event of Default" has the meaning specified in Section 501.

        "Exchange Act" means the Securities Exchange Act of 1934 and any statute
successor thereto, in each case as amended from time to time.

        "Expiration Date" has the meaning specified in Section 104.

        "Funded Debt" means all Debt having (a) a maturity of more than 12
months from the date as of which the amount thereof is to be determined or (b) a
maturity of less than 12 months and that

                                      - 5 -
<Page>

is (i) by its terms renewable or extendable beyond 12 months from such date at
the option of the borrower or (ii) included in long-term Debt on the
consolidated balance sheet of the Company in accordance with generally accepted
accounting principles.

        "Global Security" means a Security that evidences all or part of the
Securities of any series and bears the legend set forth in Section 204 (or such
legend as may be specified as contemplated by Section 301 for such Securities).

        "Guaranties" by any Person shall mean all obligations (other than
endorsements in the ordinary course of business of negotiable instruments for
deposit or collection) of such Person guaranteeing, or in effect guaranteeing,
any indebtedness, dividend or other obligation of any other Person (the "primary
obligor") in any manner, whether directly or indirectly, including, without
limitation, all obligations incurred through an agreement, contingent or
otherwise, by such Person: (i) to purchase such indebtedness or obligation or
any property or assets constituting security therefor, (ii) to advance or supply
funds (x) for the purchase or payment of such indebtedness or obligation, (y) to
maintain working capital or other balance sheet condition or otherwise to
advance or make available funds for the purchase or payment of such indebtedness
or obligation, (iii) to lease property or to purchase securities or other
property or services primarily for the purpose of assuring the owner of such
indebtedness or obligation of the ability of the primary obligor to make payment
of the indebtedness or obligation, or (iv) otherwise to assure the owner of the
indebtedness or obligation of the primary obligor against loss in respect
thereof. For the purposes of all computations made under this Indenture, a
Guaranty in respect of any indebtedness for borrowed money shall be deemed to be
indebtedness equal to the principal amount of such indebtedness for borrowed
money which has been guaranteed, and a Guaranty in respect of any other
obligation or liability or any dividend shall be deemed to be indebtedness equal
to the maximum aggregate amount of such obligation, liability or dividend.

        "Holder" means a Person in whose name a Security is registered in the
Security Register.

        "Incur", with respect to any Debt, means to incur, create, issue,
assume, guarantee or otherwise become liable for any such Debt (and
"Incurrence", "Incurred", "Incurrable" and "Incurring" shall have meanings
correlative to the foregoing).

        "Indenture" means this instrument as originally executed and as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument and any such supplemental indenture,
respectively. The term "Indenture" shall also include the terms

                                      - 6 -
<Page>

of particular series of Securities established as contemplated by Section 301.

        "interest", when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.

        "Interest Payment Date", when used with respect to any Security, means
the Stated Maturity of an installment of interest on such Security.

        "Investment Company Act" means the Investment Company Act of 1940 and
any statute successor thereto, in each case as amended from time to time.

        "Maturity", when used with respect to any Security, means the date on
which the principal of such Security or an installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, call for redemption or otherwise.

        "Mortgage" means any pledge of, conditional sale or other title
retention of, or mortgage or other lien or security interest or encumbrance of
any kind on, any property or assets owned or leased by the Company or any
Subsidiary, or any shares of stock or Debt of any Subsidiary.

        "Notice of Default" means a written notice of the kind specified in
Section 501(4) or 501(5).

        "Officers' Certificate" means a certificate signed by the Chairman of
the Board, a Vice Chairman of the Board, the President or a Vice President, and
by the Controller, the Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary, of the Company, and delivered to the Trustee. One of the
officers signing an Officers' Certificate given pursuant to Section 1004 shall
be the principal executive, financial or accounting officer of the Company.

        "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company (whether inside counsel or outside counsel).

        "Original Issue Discount Security" means any Security which provides for
an amount less than the principal amount thereof to be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502.

        "Outstanding", when used with respect to Securities, means, as of the
date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:

        (1)  Securities theretofore cancelled by the Trustee or delivered to the
   Trustee for cancellation;

                                      - 7 -
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        (2)  Securities for whose payment or redemption money in the necessary
   amount has been theretofore deposited with the Trustee or any Paying Agent
   (other than the Company) in trust or set aside and segregated in trust by the
   Company (if the Company shall act as its own Paying Agent) for the Holders of
   such Securities; provided that, if such Securities are to be redeemed, notice
   of such redemption has been duly given pursuant to this Indenture or
   provision therefor satisfactory to the Trustee has been made;

        (3)  Securities as to which Defeasance has been effected pursuant to
   Section 1302; and

        (4)  Securities which have been paid pursuant to Section 306 or in
   exchange for or in lieu of which other Securities have been authenticated and
   delivered pursuant to this Indenture, other than any such Securities in
   respect of which there shall have been presented to the Trustee proof
   satisfactory to it that such Securities are held by a bona fide purchaser in
   whose hands such Securities are valid obligations of the Company; provided,
   however, that in determining whether the Holders of the requisite principal
   amount of the Outstanding Securities have given, made or taken any request,
   demand, authorization, direction, notice, consent, waiver or other action
   hereunder as of any date, (A) the principal amount of an Original Issue
   Discount Security which shall be deemed to be Outstanding shall be the amount
   of the principal thereof which would be due and payable as of such date upon
   acceleration of the Maturity thereof to such date pursuant to Section 502,
   (B) if, as of such date, the principal amount payable at the Stated Maturity
   of a Security is not determinable, the principal amount of such Security
   which shall be deemed to be Outstanding shall be the amount as specified or
   determined as contemplated by Section 301, (C) the principal amount of a
   Security denominated in one or more foreign currencies or currency units
   which shall be deemed to be Outstanding shall be the U.S. dollar equivalent,
   determined as of such date in the manner provided as contemplated by Section
   301, of the principal amount of such Security (or, in the case of a Security
   described in Clause (A) or (B) above, of the amount determined as provided in
   such Clause), and (D) Securities owned by the Company or any other obligor
   upon the Securities or any Affiliate of the Company or of such other obligor
   shall be disregarded and deemed not to be Outstanding, except that, in
   determining whether the Trustee shall be protected in relying upon any such
   request, demand, authorization, direction, notice, consent, waiver or other
   action, only Securities which the Trustee knows to be so owned shall be so
   disregarded. Securities so owned which have been pledged in good faith may be
   regarded as Outstanding if the pledgee establishes to the satisfaction of the
   Trustee the pledgee's right so to act with respect to such Securities and
   that the pledgee is not the Company or any other obligor upon the Securities
   or any Affiliate of the Company or of such other obligor.

                                      - 8 -
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        "Paying Agent" means any Person authorized by the Company to pay the
principal of or any premium or interest on any Securities on behalf of the
Company.

        "Person" means any individual, corporation, partnership, joint venture,
trust, unincorporated organization or government or any agency or political
subdivision thereof.

        "Place of Payment", when used with respect to the Securities of any
series, means the place or places where the principal of and any premium and
interest on the Securities of that series are payable as specified as
contemplated by Section 301.

        "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 306 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

        "Preferred Stock" means, as applied to the Capital Stock of any Person,
the Capital Stock of such Person (other than the Common Stock of such Person) of
any class or classes (however designated) that ranks prior, as to the payment of
dividends or as to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding-up of such Person, to shares of Capital
Stock of any other class of such Person.

        "Redemption Date", when used with respect to any Security to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture.

        "Redemption Price", when used with respect to any Security to be
redeemed, means the price at which it is to be redeemed pursuant to this
Indenture.

        "Regular Record Date" for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 301.

        "Rentals" means, as of the date of any determination thereof, all rent
payable by the lessee under a lease of any property or assets, after excluding
amounts required to be paid on account of maintenance and repairs, insurance,
taxes, assessments, water rates and similar charges. Rents under any "percentage
leases" shall be computed solely on the basis of minimum rents, if any, required
to be paid by the lessee regardless of sales volume or gross revenues. In the
case of any lease which is terminable by the lessee upon the payment of a
penalty, such net amount shall also include the amount of such 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.

                                      - 9 -
<Page>

        "Responsible Officer", when used with respect to the Trustee, means the
chairman or any vice-chairman of the board of directors, the chairman or any
vice-chairman of the executive committee of the board of directors, the chairman
of the trust committee, the president, any vice president, the secretary, any
assistant secretary, the treasurer, any assistant treasurer, the cashier, any
assistant cashier, any trust officer or assistant trust officer, the controller
or any assistant controller or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject.

        "Restricted Subsidiary" means any Subsidiary existing on the date hereof
and any Subsidiary existing, created or acquired subsequent to the date hereof
unless designated by the Board of Directors as an Unrestricted Subsidiary in
accordance with Section 1012.

        "Securities" has the meaning stated in the first recital of this
Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

        "Securities Act" means the Securities Act of 1933 and any statute
successor thereto, in each case as amended from time to time.

        "Security Register" and "Security Registrar" have the respective
meanings specified in Section 305.

        "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 307.

        "Stated Maturity", when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified
in such Security as the fixed date on which the principal of such Security or
such installment of principal or interest is due and payable.

        "Subsidiary" means a corporation more than 50% of the outstanding voting
stock of which is owned, directly or indirectly, by the Company or by one or
more other Subsidiaries, or by the Company and one or more other Subsidiaries.
For the purposes of this definition, "voting stock" means stock which ordinarily
has voting power for the election of directors, whether at all times or only so
long as no senior class of stock has such voting power by reason of any
contingency.

        "Trust Indenture Act" means the Trust Indenture Act of 1939 as in force
at the date as of which this instrument was executed; provided, however, that in
the event the Trust Indenture Act of 1939 is amended after such date, "Trust
Indenture Act" means, to

                                     - 10 -
<Page>

the extent required by any such amendment, the Trust Indenture Act of 1939 as so
amended.

        "Trustee" means the Person named as the "Trustee" in the first paragraph
of this instrument until a successor Trustee shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Trustee" shall mean
or include each Person who is then a Trustee hereunder, and if at any time there
is more than one such Person, "Trustee" as used with respect to the Securities
of any series shall mean the Trustee with respect to Securities of that series.

        "Unrestricted Subsidiary" means any Subsidiary that is not a Restricted
Subsidiary.

        "U.S. Government Obligation" has the meaning specified in Section 1304.

        "Vice President", when used with respect to the Company or the Trustee,
means any vice president, whether or not designated by a number or a word or
words added before or after the title "vice president".

        "Voting Stock" means, with respect to any Person, securities of any
class or classes of Capital Stock in such Person entitling the holders thereof
(whether at all times or only so long as no senior class of stock has voting
power by reason of any contingency) to vote in the election of members of the
Board of Directors or other governing body of such Person.

SECTION 102.  COMPLIANCE CERTIFICATES AND OPINIONS.

        Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee such certificates and opinions as may be required under the Trust
Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers' Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

        Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (except for certificates provided for
in Section 1004) shall include,

        (1)  a statement that each individual signing such certificate or
   opinion has read such covenant or condition and the definitions herein
   relating thereto;

        (2)  a brief statement as to the nature and scope of the examination or
   investigation upon which the statements or opinions contained in such
   certificate or opinion are based;

                                     - 11 -
<Page>

        (3)  a statement that, in the opinion of each such individual, he has
   made such examination or investigation as is necessary to enable him to
   express an informed opinion as to whether or not such covenant or condition
   has been complied with; and

        (4)  a statement as to whether, in the opinion of each such individual,
   such condition or covenant has been complied with.

SECTION 103.  FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

        In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

        Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such
matters are erroneous.

        Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

SECTION 104.  ACTS OF HOLDERS; RECORD DATES.

        Any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Indenture to be given, made or
taken by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the

                                     - 12 -
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Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 601) conclusive in favor of
the Trustee and the Company, if made in the manner provided in this Section.

        The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Where such execution is by
a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any
other manner which the Trustee deems sufficient.

        The ownership of Securities shall be proved by the Security Register.

        Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Security shall bind every future Holder of the
same Security and the Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.

        The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to
give, make or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders of Securities of such series, provided that the
Company may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders,
shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date
by Holders of the requisite principal amount of Outstanding Securities of such
series on such record date. Nothing in this paragraph shall be construed to
prevent the Company from setting a new record date for any action for which a
record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person
be cancelled and of no effect), and nothing in this paragraph shall be construed
to render ineffective any action taken by Holders of the requisite principal
amount of Outstanding Securities of the

                                     - 13 -
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relevant series on the date such action is taken. Promptly after any record date
is set pursuant to this paragraph, the Company, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106.

        The Trustee may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to join
in the giving or making of (i) any Notice of Default, (ii) any declaration of
acceleration referred to in Section 502, (iii) any request to institute
proceedings referred to in Section 507(2) or (iv) any direction referred to in
Section 512, in each case with respect to Securities of such series. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be
entitled to join in such notice, declaration, request or direction, whether or
not such Holders remain Holders after such record date; provided that no such
action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with
no action by any Person be cancelled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company's expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106.

        With respect to any record date set pursuant to this Section, the party
hereto which sets such record dates may designate any day as the "Expiration
Date" and from time to time may change the Expiration Date to any earlier or
later day; provided that no such change shall be effective unless notice of the
proposed new Expiration Date is given to the other party hereto in writing, and
to each Holder of Securities of the relevant series in the manner set forth in
Section 106, on or prior to the existing Expiration Date. If an Expiration Date
is not designated with respect to any record date set pursuant to this Section,
the party hereto which set such record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be
later than the 180th day after the applicable record date.

                                     - 14 -
<Page>

        Without limiting the foregoing, a Holder entitled hereunder to take any
action hereunder with regard to any particular Security may do so with regard to
all or any part of the principal amount of such Security or by one or more duly
appointed agents each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount.

SECTION 105.  NOTICES, ETC., TO TRUSTEE AND COMPANY.

        Any request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with,

        (1)  the Trustee by any Holder or by the Company shall be sufficient for
   every purpose hereunder if made, given, furnished or filed in writing to or
   with the Trustee at its Corporate Trust Office, Attention: Corporate Trust
   Administration, or

        (2)  the Company by the Trustee or by any Holder shall be sufficient for
   every purpose hereunder (unless otherwise herein expressly provided) if in
   writing and mailed, first-class postage prepaid, to the Company addressed to
   it to the attention of its Secretary at the address of its principal office
   specified in the first paragraph of this instrument or at any other address
   previously furnished in writing to the Trustee by the Company.

SECTION 106.  NOTICE TO HOLDERS; WAIVER.

        Where this Indenture provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each Holder affected
by such event, at his address as it appears in the Security Register, not later
than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

        In case by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give

                                     - 15 -
<Page>

such notice by mail, then such notification as shall be made with the approval
of the Trustee shall constitute a sufficient notification for every purpose
hereunder.

SECTION 107.  CONFLICT WITH TRUST INDENTURE ACT.

        If any provision hereof limits, qualifies or conflicts with a provision
of the Trust Indenture Act which is required under such Act to be a part of and
govern this Indenture, the latter provision shall control. If any provision of
this Indenture modifies or excludes any provision of the Trust Indenture Act
which may be so modified or excluded, the latter provision shall be deemed to
apply to this Indenture as so modified or to be excluded, as the case may be.

SECTION 108.  EFFECT OF HEADINGS AND TABLE OF CONTENTS.

        The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

SECTION 109.  SUCCESSORS AND ASSIGNS.

        All covenants and agreements in this Indenture by the Company shall bind
its successors and assigns, whether so expressed or not.

SECTION 110.  SEPARABILITY CLAUSE.

        In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 111.  BENEFITS OF INDENTURE.

        Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder and the Holders, any benefit or any legal or equitable right, remedy
or claim under this Indenture.

SECTION 112.  GOVERNING LAW.

        This Indenture and the Securities shall be governed by and construed in
accordance with the law of the State of New York.

                                     - 16 -
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SECTION 113.  LEGAL HOLIDAYS.

        In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of any Security which specifically states that such
provision shall apply in lieu of this Section)) payment of interest or principal
(and premium, if any) need not be made at such Place of Payment on such date,
but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or
Redemption Date, or at the Stated Maturity.

SECTION 114.  NO RECOURSE.

        A director, officer, employee, stockholder or Affiliate, as such, of the
Company shall not have any liability for any obligations of the Company under
the Securities or this Indenture. Each Holder by accepting a Security waives and
releases all such liability; provided, however, that nothing in this Section
shall be deemed to relieve any Person referred to herein for any liability
imposed by the Securities Act or the Trust Indenture Act.

                                   ARTICLE TWO

                                 SECURITY FORMS

SECTION 201.  FORMS GENERALLY.

        The Securities of each series shall be in substantially the form set
forth in this Article, or in such other form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or Depositary therefor or as may, consistently herewith, be
determined by the officers executing such Securities, as evidenced by their
execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 303 for the authentication and delivery of such
Securities.

        The definitive Securities shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any

                                     - 17 -
<Page>

other manner, all as determined by the officers executing such Securities, as
evidenced by their execution of such Securities.

SECTION 202.  FORM OF FACE OF SECURITY.

        [Insert any legend required by the Internal Revenue Code and the
regulations thereunder.]

                        OVERSEAS SHIPHOLDING GROUP, INC.

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

No. ___________                                                    $ __________

        Overseas Shipholding Group, Inc., a corporation duly organized and
existing under the laws of Delaware (herein called the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to ____________________________________,
or registered assigns, the principal sum of
___________________________________________ Dollars on
______________________________________________ [if the Security is to bear
interest prior to Maturity, insert --, and to pay interest thereon from
______________ or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semi-annually on _____________ and
____________ in each year, commencing _________, at the rate of ____% per annum,
until the principal hereof is paid or made available for payment [if applicable,
insert --, provided that any principal and premium, and any such installment of
interest, which is overdue shall bear interest at the rate of ___% per annum (to
the extent that the payment of such interest shall be legally enforceable), from
the dates such amounts are due until they are paid or made available for
payment, and such interest shall be payable on demand]. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the ________ or
________ (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed,
and upon such

                                     - 18 -
<Page>

notice as may be required by such exchange, all as more fully provided in said
Indenture].

[If the Security is not to bear interest prior to Maturity, insert -- The
principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of _____% per annum (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment. Interest on any overdue
principal or premium shall be payable on demand. [Any such interest on overdue
principal or premium which is not paid on demand shall bear interest at the rate
of _____% per annum (to the extent that the payment of such interest on interest
shall be legally enforceable), from the date of such demand until the amount so
demanded is paid or made available for payment. Interest on any overdue interest
shall be payable on demand.]]

        Payment of the principal of (and premium, if any) and [if applicable,
insert -- any such] interest on this Security will be made at the office or
agency of the Company maintained for that purpose in The City of New York, in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts [if applicable, insert
--; provided, however, that at the option of the Company payment of interest may
be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register].

        Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

        In Witness Whereof, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:

                                                Overseas Shipholding Group, Inc.

                                                --------------------------------
Attest:

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

                                     - 19 -
<Page>

SECTION 203.  FORM OF REVERSE OF SECURITY.

        This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of ______ ___, 200_ (herein called the
"Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and _______________, as Trustee (herein called
the "Trustee", which term includes any successor trustee under the Indenture),
and reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof [if applicable, insert -- , limited
in aggregate principal amount to $____________].

        [If applicable, insert -- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, [if applicable, insert --
(1) on ___________ in any year commencing with the year _______ and ending with
the year _________ through operation of the sinking fund for this series at a
Redemption Price equal to 100% of the principal amount, and (2)] at any time [if
applicable, insert -- on or after ___________, 20__], as a whole or in part, at
the election of the Company, at the following Redemption Prices (expressed as
percentages of the principal amount): If redeemed [if applicable, insert -- on
or before ________________, ____%, and if redeemed] during the 12-month period
beginning _____________ of the years indicated,

<Table>
<Caption>
                Redemption                         Redemption
    Year          Price               Year           Price
    ----        ----------            ----         ----------
    <S>         <C>                   <C>          <C>
</Table>

and thereafter at a Redemption Price equal to _____% of the principal amount,
together in the case of any such redemption [if applicable, insert -- (whether
through operation of the sinking fund or otherwise)] with accrued interest to
the Redemption Date, but interest instalments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.]

        [If applicable, insert -- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, (1) on _______________ in
any year commencing with the year ____ and

                                     - 20 -
<Page>

ending with the year _____ through operation of the sinking fund for this series
at the Redemption Prices for redemption through operation of the sinking fund
(expressed as percentages of the principal amount) set forth in the table below,
and (2) at any time [if applicable, insert -- on or after ______________], as a
whole or in part, at the election of the Company, at the Redemption Prices for
redemption otherwise than through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below: If redeemed
during the 12-month period beginning _____________ of the years indicated,

<Table>
<Caption>
                     Redemption Price
                      For Redemption               Redemption Price For
                     Through Operation             Redemption Otherwise
                          of the                  Than Through Operation
        Year           Sinking Fund                of the Sinking Fund
        ----         -----------------            ----------------------
        <S>          <C>                          <C>
</Table>

and thereafter at a Redemption Price equal to _____% of the principal amount,
together in the case of any such redemption (whether through operation of the
sinking fund or otherwise) with accrued interest to the Redemption Date, but
interest instalments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.]

        [If applicable, insert -- Notwithstanding the foregoing, the Company may
not, prior to ______________, redeem any Securities of this series as
contemplated by [if applicable, insert -- Clause (2) of] the preceding paragraph
as a part of, or in anticipation of, any refunding operation by the application,
directly or indirectly, of moneys borrowed having an interest cost to the
Company (calculated in accordance with generally accepted financial practice) of
less than ______% per annum.]

        [If applicable, insert -- The sinking fund for this series provides for
the redemption on _______________ in each year beginning with the year
__________ and ending with the year _____ of [if applicable, insert -- not less
than $___________ ("mandatory sinking fund") and not more than] $___________
aggregate principal amount of Securities of this series. Securities of this
series acquired or redeemed by the Company otherwise than through [if
applicable, insert -- mandatory] sinking fund payments may be credited against
subsequent [if applicable, insert -- mandatory] sinking fund payments otherwise
required to be made [if applicable, insert -- , in the inverse order in which
they become due].]

                                     - 21 -
<Page>

        [If the Security is subject to redemption of any kind, insert -- In the
event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.]

        [If applicable, insert paragraph regarding subordination of the
Security.]

        [If applicable, insert -- The Indenture contains provisions for
defeasance at any time of [the entire indebtedness of this Security] [or]
[certain restrictive covenants and Events of Default with respect to this
Security] [, in each case] upon compliance with certain conditions set forth in
the Indenture.]

        [If the Security is not an Original Issue Discount Security, insert --
If an Event of Default with respect to Securities of this series shall occur and
be continuing, the principal of the Securities of this series may be declared
due and payable in the manner and with the effect provided in the Indenture.]

        [If the Security is an Original Issue Discount Security, insert -- If an
Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to -- insert formula for determining the
amount. Upon payment (i) of the amount of principal so declared due and payable
and (ii) of interest on any overdue principal, premium and interest (in each
case to the extent that the payment of such interest shall be legally
enforceable), all of the Company's obligations in respect of the payment of the
principal of and premium and interest, if any, on the Securities of this series
shall terminate.]

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 66 2/3% in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

                                     - 22 -
<Page>

        As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof or any premium or interest hereon
on or after the respective due dates expressed herein.

        No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and
interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed.

        As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

        The Securities of this series are issuable only in registered form
without coupons in denominations of $_______ and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

        No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

                                     - 23 -
<Page>

        Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

        All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

SECTION 204.  FORM OF LEGEND FOR GLOBAL SECURITIES.

          Unless otherwise specified as contemplated by Section 301 for the
Securities evidenced thereby, every Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

SECTION 205.  FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.

        The Trustee's certificates of authentication shall be in substantially
the following form:

        This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

                                                 Wilmington Trust Company,

                                                                      As Trustee

                                                 By
                                                      --------------------------
                                                          Authorized Officer

                                     - 24 -
<Page>

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 301.  AMOUNT UNLIMITED; ISSUABLE IN SERIES.

        The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited.

        The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 303,
set forth, or determined in the manner provided, in an Officers' Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series,

        (1)  the title of the Securities of the series (which shall distinguish
   the Securities of the series from Securities of any other series);

        (2)  any limit upon the aggregate principal amount of the Securities of
   the series which may be authenticated and delivered under this Indenture
   (except for Securities authenticated and delivered upon registration of
   transfer of, or in exchange for, or in lieu of, other Securities of the
   series pursuant to Section 304, 305, 306, 906 or 1107 and except for any
   Securities which, pursuant to Section 303, are deemed never to have been
   authenticated and delivered hereunder);

        (3)  the Person to whom any interest on a Security of the series shall
   be payable, if other than the Person in whose name that Security (or one or
   more Predecessor Securities) is registered at the close of business on the
   Regular Record Date for such interest;

        (4)  the date or dates on which the principal of any Securities of the
   series is payable;

        (5)  the rate or rates at which any Securities of the series shall bear
   interest, if any, the date or dates from which any such interest shall
   accrue, the Interest Payment Dates on which any such interest shall be
   payable and the Regular Record Date for any such interest payable on any
   Interest Payment Date;

        (6)  the place or places where the principal of and any premium and
   interest on any Securities of the series shall be payable;

        (7)  the period or periods within which, the price or prices at which
   and the terms and conditions upon which any Securities of the series may be
   redeemed, in whole or in part, at the option of the Company and, if other
   than by a Board Resolution, the manner in which any election by the Company
   to redeem the Securities shall be evidenced;

                                     - 25 -
<Page>

        (8)  the obligation, if any, of the Company to redeem or purchase any
   Securities of the series pursuant to any sinking fund or analogous provisions
   or at the option of the Holder thereof and the period or periods within
   which, the price or prices at which and the terms and conditions upon which
   any Securities of the series shall be redeemed or purchased, in whole or in
   part, pursuant to such obligation;

        (9)  if other than denominations of $1,000 and any integral multiple
   thereof, the denominations in which any Securities of the series shall be
   issuable;

        (10) if the amount of principal of or any premium or interest on any
   Securities of the series may be determined with reference to an index or
   pursuant to a formula, the manner in which such amounts shall be determined;

        (11) if other than the currency of the United States of America, the
   currency, currencies or currency units in which the principal of or any
   premium or interest on any Securities of the series shall be payable and the
   manner of determining the equivalent thereof in the currency of the United
   States of America for any purpose, including for purposes of the definition
   of "Outstanding" in Section 101;

        (12) if the principal of or any premium or interest on any Securities of
   the series is to be payable, at the election of the Company or the Holder
   thereof, in one or more currencies or currency units other than that or those
   in which such Securities are stated to be payable, the currency, currencies
   or currency units in which the principal of or any premium or interest on
   such Securities as to which such election is made shall be payable, the
   periods within which and the terms and conditions upon which such election is
   to be made and the amount so payable (or the manner in which such amount
   shall be determined);

        (13) if other than the entire principal amount thereof, the portion of
   the principal amount of any Securities of the series which shall be payable
   upon declaration of acceleration of the Maturity thereof pursuant to Section
   502;

        (14) if the principal amount payable at the Stated Maturity of any
   Securities of the series will not be determinable as of any one or more dates
   prior to the Stated Maturity, the amount which shall be deemed to be the
   principal amount of such Securities as of any such date for any purpose
   thereunder or hereunder, including the principal amount thereof which shall
   be due and payable upon any Maturity other than the Stated Maturity or which
   shall be deemed to be Outstanding as of any date prior to the Stated Maturity
   (or, in any such case, the manner in which such amount deemed to be the
   principal amount shall be determined);

                                     - 26 -
<Page>

        (15) if applicable, that the Securities of the series, in whole or any
   specified part, shall be defeasible pursuant to Section 1302 or Section 1303
   or both such Sections and, if other than by a Board Resolution, the manner in
   which any election by the Company to defease such Securities shall be
   evidenced;

        (16) if applicable, that any Securities of the series shall be issuable
   in whole or in part in the form of one or more Global Securities and, in such
   case, the respective Depositaries for such Global Securities, the form of any
   legend or legends which shall be borne by any such Global Security in
   addition to or in lieu of that set forth in Section 204 and any circumstances
   in addition to or in lieu of those set forth in Clause (2) of the last
   paragraph of Section 305 in which any such Global Security may be exchanged
   in whole or in part for Securities registered, and any transfer of such
   Global Security in whole or in part may be registered, in the name or names
   of Persons other than the Depositary for such Global Security or a nominee
   thereof;

        (17) any addition to or change in the Events of Default which applies to
   any Securities of the series and any change in the right of the Trustee or
   the requisite Holders of such Securities to declare the principal amount
   thereof due and payable pursuant to Section 502;

        (18) any addition to or change in the covenants set forth in Article Ten
   which applies to Securities of the series; and

        (19) any other terms of the series (which terms shall not be
   inconsistent with the provisions of this Indenture, except as permitted by
   Section 901(5)).

        All Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to the
Board Resolution referred to above and (subject to Section 303) set forth, or
determined in the manner provided, in the Officers' Certificate referred to
above or in any such indenture supplemental hereto.

        If any of the terms of the series are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Officers'
Certificate setting forth the terms of the series.

SECTION 302.  DENOMINATIONS.

        The Securities of each series shall be issuable only in registered form
without coupons and only in such denominations as shall be specified as
contemplated by Section 301. In the absence of any such specified denomination
with respect to the Securities

                                     - 27 -
<Page>

of any series, the Securities of such series shall be issuable in denominations
of $1,000 and any integral multiple thereof.

SECTION 303.  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

        The Securities shall be executed on behalf of the Company by its
Chairman of the Board, its Vice Chairman of the Board, its President or one of
its Vice Presidents, under its corporate seal reproduced thereon attested by its
Secretary or one of its Assistant Secretaries. The signature of any of these
officers on the Securities may be manual or facsimile.

        Securities bearing the manual or facsimile signatures of individuals who
were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of such Securities.

        At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections 201 and 301,
in authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 601) shall be fully protected in
relying upon, an Opinion of Counsel stating,

        (1)  if the form of such Securities has been established by or pursuant
   to Board Resolution as permitted by Section 201, that such form has been
   established in conformity with the provisions of this Indenture;

        (2)  if the terms of such Securities have been established by or
   pursuant to Board Resolution as permitted by Section 301, that such terms
   have been established in conformity with the provisions of this Indenture;
   and

        (3)  that such Securities, when authenticated and delivered by the
   Trustee and issued by the Company in the manner and subject to any conditions
   specified in such Opinion of Counsel, will constitute valid and legally
   binding obligations of the Company enforceable in accordance with their
   terms, subject to bankruptcy, insolvency, fraudulent transfer,
   reorganization, moratorium and similar laws of general applicability relating
   to or affecting creditors' rights and to general equity principles.

                                     - 28 -
<Page>

If such form or terms have been so established, the Trustee shall not be
required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee's own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

        Notwithstanding the provisions of Section 301 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers' Certificate otherwise
required pursuant to Section 301 or the Company Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered
at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

        Each Security shall be dated the date of its authentication.

        No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

SECTION 304.  TEMPORARY SECURITIES.

        Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities.

        If temporary Securities of any series are issued, the Company will cause
definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series at the
office or agency of the Company in a Place of

                                     - 29 -
<Page>

Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series, the Company
shall execute and the Trustee shall authenticate and deliver in exchange
therefor one or more definitive Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount. Until so
exchanged, the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of
such series and tenor.

SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

        The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register (the register maintained in such office and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the "Security Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers of Securities. The Trustee is hereby
appointed "Security Registrar" for the purpose of registering Securities and
transfers of Securities as herein provided.

        Upon surrender for registration of transfer of any Security of a series
at the office or agency of the Company in a Place of Payment for that series,
the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of like tenor and
aggregate principal amount.

        At the option of the Holder, Securities of any series may be exchanged
for other Securities of the same series, of any authorized denominations and of
like tenor and aggregate principal amount, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive.

        All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.

        Every Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Company or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed, by the
Holder thereof or his attorney duly authorized in writing.

                                     - 30 -
<Page>

        No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 304, 906 or 1107 not involving any transfer.

        If the Securities of any series (or of any series and specified tenor)
are to be redeemed in part, the Company shall not be required (A) to issue,
register the transfer of or exchange any Securities of that series (or of that
series and specified tenor, as the case may be) during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section 1103 and
ending at the close of business on the day of such mailing, or (B) to register
the transfer of or exchange any Security so selected for redemption in whole or
in part, except the unredeemed portion of any Security being redeemed in part.

        The provisions of Clauses (1), (2), (3) and (4) below shall apply only
to Global Securities:

        (1)  Each Global Security authenticated under this Indenture shall be
   registered in the name of the Depositary designated for such Global Security
   or a nominee thereof and delivered to such Depositary or a nominee thereof or
   custodian therefor, and each such Global Security shall constitute a single
   Security for all purposes of this Indenture.

        (2)  Notwithstanding any other provision in this Indenture, no Global
   Security may be exchanged in whole or in part for Securities registered, and
   no transfer of a Global Security in whole or in part may be registered, in
   the name of any Person other than the Depositary for such Global Security or
   a nominee thereof unless (A) such Depositary (i) has notified the Company
   that it is unwilling or unable to continue as Depositary for such Global
   Security or (ii) has ceased to be a clearing agency registered under the
   Exchange Act, (B) there shall have occurred and be continuing an Event of
   Default with respect to such Global Security or (C) there shall exist such
   circumstances, if any, in addition to or in lieu of the foregoing as have
   been specified for this purpose as contemplated by Section 301.

        (3)  Subject to Clause (2) above, any exchange of a Global Security for
   other Securities may be made in whole or in part, and all Securities issued
   in exchange for a Global Security or any portion thereof shall be registered
   in such names as the Depositary for such Global Security shall direct.

        (4)  Every Security authenticated and delivered upon registration of
   transfer of, or in exchange for or in lieu of, a Global Security or any
   portion thereof, whether pursuant to this Section, Section 304, 306, 906 or
   1107 or otherwise, shall

                                     - 31 -
<Page>

   be authenticated and delivered in the form of, and shall be, a Global
   Security, unless such Security is registered in the name of a Person other
   than the Depositary for such Global Security or a nominee thereof.

        The following provisions shall apply with respect to any proposed
transfer of a Security (other than a Security the resale of which has been
registered or which has been exchanged for a Security pursuant to an exchange
offer registration statement) or a beneficial interest therein prior to the date
which is two years after the later of the date of its original issue and the
last date on which the Company or any affiliate of the Company was the owner of
such Security (or any predecessor thereto) (the "Resale Restriction Termination
Date"):

        (1)  a transfer of a Security or a beneficial interest therein to a
   "qualified institutional buyer", as defined in Rule 144A under the Securities
   Act ("Rule 144A"), shall be made upon the representation of the transferee in
   the form as set forth on the reverse of the Security that it is purchasing
   for its own account or an account with respect to which it exercises sole
   investment discretion and that it and any such account is a "qualified
   institutional buyer" within the meaning of Rule 144A and is aware that the
   sale to it is being made in reliance on Rule 144A and acknowledges that it
   has received such information regarding the Company as the undersigned has
   requested pursuant to Rule 144A or has determined not to request such
   information and that it is aware that the transferor is relying upon its
   foregoing representations in order to claim the exemption from registration
   provided by Rule 144A;

        (2)  a transfer of a Security or a beneficial interest therein to an
   institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3)
   or (7) under the Securities Act) shall be made upon receipt by the Trustee or
   its agent of a certificate substantially in the form set forth in Exhibit A
   hereto from the proposed transferee and, if requested by the Company, the
   delivery of an opinion of counsel, certification and/or other information
   satisfactory to it; and

        (3)  a transfer of a Security or a beneficial interest therein to a
   person who is not a U.S. person, as defined in Regulation S under the
   Securities Act ("Registration S"), in reliance upon Regulation S shall be
   made upon receipt by the Trustee or its agent of a certificate substantially
   in the form set forth in Exhibit B hereto from the proposed transferee and,
   if requested by the Company, the delivery of an opinion of counsel,
   certification and/or other information satisfactory to it.

SECTION 306.  MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

        If any mutilated Security is surrendered to the Trustee, the Company
shall execute and the Trustee shall authenticate and

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deliver in exchange therefor a new Security of the same series and of like tenor
and principal amount and bearing a number not contemporaneously outstanding.

        If there shall be delivered to the Company and the Trustee (i) evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

        In case any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security.

        Upon the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

        Every new Security of any series issued pursuant to this Section in lieu
of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder.

        The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

SECTION 307.  PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

        Except as otherwise provided as contemplated by Section 301 with respect
to any series of Securities, interest on any Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest.

        Any interest on any Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein
called "Defaulted Interest") shall forthwith cease to be payable to the Holder
on the relevant Regular Record

                                     - 33 -
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Date by virtue of having been such Holder, and such Defaulted Interest may be
paid by the Company, at its election in each case, as provided in Clause (1) or
(2) below:

        (1)  The Company may elect to make payment of any Defaulted Interest to
   the Persons in whose names the Securities of such series (or their respective
   Predecessor Securities) are registered at the close of business on a Special
   Record Date for the payment of such Defaulted Interest, which shall be fixed
   in the following manner. The Company shall notify the Trustee in writing of
   the amount of Defaulted Interest proposed to be paid on each Security of such
   series and the date of the proposed payment, and at the same time the Company
   shall deposit with the Trustee an amount of money equal to the aggregate
   amount proposed to be paid in respect of such Defaulted Interest or shall
   make arrangements satisfactory to the Trustee for such deposit prior to the
   date of the proposed payment, such money when deposited to be held in trust
   for the benefit of the Persons entitled to such Defaulted Interest as in this
   Clause provided. Thereupon the Trustee shall fix a Special Record Date for
   the payment of such Defaulted Interest which shall be not more than 15 days
   and not less than 10 days prior to the date of the proposed payment and not
   less than 10 days after the receipt by the Trustee of the notice of the
   proposed payment. The Trustee shall promptly notify the Company of such
   Special Record Date and, in the name and at the expense of the Company, shall
   cause notice of the proposed payment of such Defaulted Interest and the
   Special Record Date therefor to be given to each Holder of Securities of such
   series in the manner set forth in Section 106, not less than 10 days prior to
   such Special Record Date. Notice of the proposed payment of such Defaulted
   Interest and the Special Record Date therefor having been so mailed, such
   Defaulted Interest shall be paid to the Persons in whose names the Securities
   of such series (or their respective Predecessor Securities) are registered at
   the close of business on such Special Record Date and shall no longer be
   payable pursuant to the following Clause (2).

        (2)  The Company may make payment of any Defaulted Interest on the
   Securities of any series in any other lawful manner not inconsistent with the
   requirements of any securities exchange on which such Securities may be
   listed, and upon such notice as may be required by such exchange, if, after
   notice given by the Company to the Trustee of the proposed payment pursuant
   to this Clause, such manner of payment shall be deemed practicable by the
   Trustee.

        Subject to the foregoing provisions of this Section, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Security.

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SECTION 308.  PERSONS DEEMED OWNERS.

        Prior to due presentment of a Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security
for the purpose of receiving payment of principal of and any premium and
(subject to Section 307) any interest on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

SECTION 309.  CANCELLATION.

        All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled
Securities held by the Trustee shall be disposed of as directed by a Company
Order.

SECTION 310.  COMPUTATION OF INTEREST.

        Except as otherwise specified as contemplated by Section 301 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months.

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

SECTION 401.  SATISFACTION AND DISCHARGE OF INDENTURE.

        This Indenture shall upon Company Request cease to be of further effect
(except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for), and the Trustee, at the expense of
the Company, shall

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execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

        (1)  either

             (A)  all Securities theretofore authenticated and delivered (other
     than (i) Securities which have been destroyed, lost or stolen and which
     have been replaced or paid as provided in Section 306 and (ii) Securities
     for whose payment money has theretofore been deposited in trust or
     segregated and held in trust by the Company and thereafter repaid to the
     Company or discharged from such trust, as provided in Section 1003) have
     been delivered to the Trustee for cancellation; or

             (B)  all such Securities not theretofore delivered to the Trustee
     for cancellation

                  (i)   have become due and payable, or

                  (ii)  will become due and payable at their Stated Maturity
        within one year, or

                  (iii) are to be called for redemption within one year under
        arrangements satisfactory to the Trustee for the giving of notice of
        redemption by the Trustee in the name, and at the expense, of the
        Company,

     and the Company, in the case of (i), (ii) or (iii) above, has deposited or
     caused to be deposited with the Trustee as trust funds in trust for the
     purpose money in an amount sufficient to pay and discharge the entire
     indebtedness on such Securities not theretofore delivered to the Trustee
     for cancellation, for principal and any premium and interest to the date of
     such deposit (in the case of Securities which have become due and payable)
     or to the Stated Maturity or Redemption Date, as the case may be;

        (2)  the Company has paid or caused to be paid all other sums payable
   hereunder by the Company; and

        (3)  the Company has delivered to the Trustee an Officers' Certificate
   and an Opinion of Counsel, each stating that all conditions precedent herein
   provided for relating to the satisfaction and discharge of this Indenture
   have been complied with.

        Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 607, the obligations of
the Trustee to any Authenticating Agent under Section 614 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive.

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SECTION 402.  APPLICATION OF TRUST MONEY.

        Subject to the provisions of the last paragraph of Section 1003, all
money deposited with the Trustee pursuant to Section 401 shall be held in trust
and applied by it, in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal and any premium and
interest for whose payment such money has been deposited with the Trustee.

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501.  EVENTS OF DEFAULT.

        "Event of Default", wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

        (1)  default in the payment of any interest upon any Security of that
   series when it becomes due and payable, and continuance of such default for a
   period of 30 days; or

        (2)  default in the payment of the principal of or any premium on any
   Security of that series at its Maturity; or

        (3)  default in the deposit of any sinking fund payment, when and as due
   by the terms of a Security of that series; or

        (4)  default in the payment of the principal of (or any premium on) and
   any interest upon any Security required to be purchased upon the occurrence
   of a Change of Control, when and as due by the terms of a Security of that
   series; or

        (5)  default in the performance, or breach, of any covenant or warranty
   of the Company in this Indenture (other than a covenant or warranty a default
   in whose performance or whose breach is elsewhere in this Section
   specifically dealt with or which has expressly been included in this
   Indenture solely for the benefit of series of Securities other than that
   series), and continuance of such default or breach for a period of 30 days
   after there has been given, by registered or certified mail, to the Company
   by the Trustee or to the Company and the Trustee by the Holders of at least
   25% in principal amount of the Outstanding Securities of that series a
   written notice specifying such default or breach and requiring it to be

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   remedied and stating that such notice is a "Notice of Default" hereunder; or

        (6)  a default under any bond, debenture, note or other evidence of
   indebtedness for money borrowed by the Company or any Restricted Subsidiary
   (including a default with respect to Securities of any series other than that
   series) having an aggregate principal amount outstanding of at least
   $10,000,000, or under any Mortgage, indenture or instrument (including this
   Indenture) under which there may be issued or by which there may be secured
   or evidenced any indebtedness for money borrowed by the Company or any
   Restricted Subsidiary having an aggregate principal amount outstanding of at
   least $10,000,000, whether such indebtedness now exists or shall hereafter be
   created, which default shall have resulted in such indebtedness becoming or
   being declared due and payable prior to the date on which it would otherwise
   have become due and payable, without such indebtedness having been
   discharged, or such acceleration having been rescinded or annulled, within a
   period of 10 days after there shall have been given, by registered or
   certified mail, to the Company by the Trustee or to the Company and the
   Trustee by the Holders of at least 25% in principal amount of the Outstanding
   Securities of that series a written notice specifying such default and
   requiring the Company to cause such indebtedness to be discharged or cause
   such acceleration to be rescinded or annulled, as the case may be, and
   stating that such notice is a "Notice of Default" hereunder; provided,
   however, that, subject to the provisions of Sections 601 and 602, the Trustee
   shall not be deemed to have knowledge of such default unless either (A) a
   Responsible Officer of the Trustee shall have actual knowledge of such
   default or (B) the Trustee shall have received written notice thereof from
   the Company, from any Holder, from the holder of any such indebtedness or
   from the trustee under any such mortgage, indenture or other instrument; or

        (7)  any final judgment or order (not covered by insurance) for the
   payment of money in excess of $10,000,000 individually or $20,000,000 in the
   aggregate for all such final judgments or orders against all such Persons
   (treating any deductibles, self-insurance or retention as not so covered)
   shall be rendered against the Company or any Subsidiary and shall not be paid
   or discharged, and there shall be any period of 60 consecutive days following
   entry of the final judgment or order in excess of $10,000,000 individually or
   that causes the aggregate amount for all such final judgments or orders
   outstanding and not paid or discharged against all such Persons to exceed
   $20,000,000 during which a stay of enforcement of such final judgment or
   order, by reason of a pending appeal or otherwise, shall not be in effect; or

        (8)  the entry by a court having jurisdiction in the premises of (A) a
   decree or order for relief in respect of the Company in an involuntary case
   or proceeding under any applicable Federal or State bankruptcy, insolvency,
   reorganization or other similar law or (B) a decree or order

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   adjudging the Company a bankrupt or insolvent, or approving as properly filed
   a petition seeking reorganization, arrangement, adjustment or composition of
   or in respect of the Company under any applicable Federal or State law, or
   appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
   or other similar official of the Company or of any substantial part of its
   property, or ordering the winding up or liquidation of its affairs, and the
   continuance of any such decree or order for relief or any such other decree
   or order unstayed and in effect for a period of 60 consecutive days; or

        (9)  the commencement by the Company of a voluntary case or proceeding
   under any applicable Federal or State bankruptcy, insolvency, reorganization
   or other similar law or of any other case or proceeding to be adjudicated a
   bankrupt or insolvent, or the consent by it to the entry of a decree or order
   for relief in respect of the Company in an involuntary case or proceeding
   under any applicable Federal or State bankruptcy, insolvency, reorganization
   or other similar law or to the commencement of any bankruptcy or insolvency
   case or proceeding against it, or the filing by it of a petition or answer or
   consent seeking reorganization or relief under any applicable Federal or
   State law, or the consent by it to the filing of such petition or to the
   appointment of or taking possession by a custodian, receiver, liquidator,
   assignee, trustee, sequestrator or other similar official of the Company or
   of any substantial part of its property, or the making by it of an assignment
   for the benefit of creditors, or the admission by it in writing of its
   inability to pay its debts generally as they become due, or the taking of
   corporate action by the Company in furtherance of any such action; or

        (10) any other Event of Default provided with respect to Securities of
   that series.

SECTION 502.  ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

        If an Event of Default (other than an Event of Default specified in
Section 501(8) or 501(9)) with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities
of that series may declare the principal amount of all the Securities of that
series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be
specified by the terms thereof) to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by Holders), and upon any
such declaration such principal amount (or specified amount) shall become
immediately due and payable. If an Event of Default specified in Section 501(8)
or 501(9) with respect to Securities of any series at the time Outstanding
occurs, the principal amount of all the Securities of that series (or, if any
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount of such Securities as may be

                                     - 39 -
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specified by the terms thereof) shall automatically, and without any declaration
or other action on the part of the Trustee or any Holder, become immediately due
and payable.

        At any time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holders of a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if

        (1)  the Company has paid or deposited with the Trustee a sum sufficient
   to pay

             (A)  all overdue interest on all Securities of that series,

             (B)  the principal of (and premium, if any, on) any Securities of
     that series which have become due otherwise than by such declaration of
     acceleration and any interest thereon at the rate or rates prescribed
     therefor in such Securities,

             (C)  to the extent that payment of such interest is lawful,
      interest upon overdue interest at the rate or rates prescribed therefor in
      such Securities, and

             (D)  all sums paid or advanced by the Trustee hereunder and the
     reasonable compensation, expenses, disbursements and advances of the
     Trustee, its agents and counsel; and

        (2)  all Events of Default with respect to Securities of that series,
   other than the non-payment of the principal of Securities of that series
   which have become due solely by such declaration of acceleration, have been
   cured or waived as provided in Section 513.

No such rescission shall affect any subsequent default or impair any right
consequent thereon.

SECTION 503.   COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

        The Company covenants that if

        (1)  default is made in the payment of any interest on any Security when
   such interest becomes due and payable and such default continues for a period
   of 30 days, or

        (2)  default is made in the payment of the principal of (or premium, if
   any, on) any Security at the Maturity thereof,

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the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that
payment of such interest shall be legally enforceable, interest on any overdue
principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

        If an Event of Default with respect to Securities of any series occurs
and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such series by
such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.

SECTION 504.  TRUSTEE MAY FILE PROOFS OF CLAIM.

        In case of any judicial proceeding relative to the Company (or any other
obligor upon the Securities), its property or its creditors, the Trustee shall
be entitled and empowered, by intervention in such proceeding or otherwise, to
take any and all actions authorized under the Trust Indenture Act in order to
have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 607.

        No provision of this Indenture shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election
of a trustee in bankruptcy or similar official and be a member of a creditors'
or other similar committee.

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SECTION 505.  TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES.

        All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.

SECTION 506.  APPLICATION OF MONEY COLLECTED.

        Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal or any premium
or interest, upon presentation of the Securities and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully paid:

        First:  To the payment of all amounts due the Trustee under Section 607;
   and

        Second:  To the payment of the amounts then due and unpaid for principal
   of and any premium and interest on the Securities in respect of which or for
   the benefit of which such money has been collected, ratably, without
   preference or priority of any kind, according to the amounts due and payable
   on such Securities for principal and any premium and interest, respectively.

SECTION 507.  LIMITATION ON SUITS.

        No Holder of any Security of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless

        (1)  such Holder has previously given written notice to the Trustee of a
   continuing Event of Default with respect to the Securities of that series;

        (2)  the Holders of not less than 25% in principal amount of the
   Outstanding Securities of that series shall have made written request to the
   Trustee to institute proceedings in respect of such Event of Default in its
   own name as Trustee hereunder;

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        (3)  such Holder or Holders have offered to the Trustee reasonable
   indemnity against the costs, expenses and liabilities to be incurred in
   compliance with such request;

        (4)  the Trustee for 60 days after its receipt of such notice, request
   and offer of indemnity has failed to institute any such proceeding; and

        (5)  no direction inconsistent with such written request has been given
   to the Trustee during such 60-day period by the Holders of a majority in
   principal amount of the Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all of such
Holders.

SECTION 508.  UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND
              INTEREST.

        Notwithstanding any other provision in this Indenture, the Holder of any
Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and any premium and (subject to Section 307)
interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

SECTION 509.  RESTORATION OF RIGHTS AND REMEDIES.

        If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders shall
be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.

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SECTION 510.  RIGHTS AND REMEDIES CUMULATIVE.

        Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 306, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

SECTION 511.  DELAY OR OMISSION NOT WAIVER.

        No delay or omission of the Trustee or of any Holder of any Securities
to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article or by law
to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case
may be.

SECTION 512.  CONTROL BY HOLDERS.

        The Holders of a majority in principal amount of the Outstanding
Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, with respect to the
Securities of such series, provided that

        (1)  such direction shall not be in conflict with any rule of law or
   with this Indenture, and

        (2)  the Trustee may take any other action deemed proper by the Trustee
   which is not inconsistent with such direction.

SECTION 513.  WAIVER OF PAST DEFAULTS.

        The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series waive any past default hereunder with respect to such
series and its consequences, except a default

        (1)  in the payment of the principal of or any premium or interest on
   any Security of such series, or

        (2)  in respect of a covenant or provision hereof which under Article
   Nine cannot be modified or amended without the

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   consent of the Holder of each Outstanding Security of such series affected.

        Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

SECTION 514.  UNDERTAKING FOR COSTS.

        In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, a court may require any party litigant in such suit to
file an undertaking to pay the costs of such suit, and may assess costs against
any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided that neither this Section nor the Trust Indenture Act
shall be deemed to authorize any court to require such an undertaking or to make
such an assessment in any suit instituted by the Company.

SECTION 515.  WAIVER OF USURY, STAY OR EXTENSION LAWS.

        The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 601.  CERTAIN DUTIES AND RESPONSIBILITIES.

        The duties and responsibilities of the Trustee shall be as provided by
the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. Whether or not therein
expressly

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so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

SECTION 602.  NOTICE OF DEFAULTS.

        If a default occurs hereunder with respect to Securities of any series,
the Trustee shall give the Holders of Securities of such series notice of such
default as and to the extent provided by the Trust Indenture Act; provided,
however, that in the case of any default of the character specified in Section
501(4) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof. For the
purpose of this Section, the term "default" means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect
to Securities of such series.

SECTION 603.  CERTAIN RIGHTS OF TRUSTEE.

        Subject to the provisions of Section 601:

        (1)  the Trustee may rely and shall be protected in acting or refraining
   from acting upon any resolution, certificate, statement, instrument, opinion,
   report, notice, request, direction, consent, order, bond, debenture, note,
   other evidence of indebtedness or other paper or document believed by it to
   be genuine and to have been signed or presented by the proper party or
   parties;

        (2)  any request or direction of the Company mentioned herein shall be
   sufficiently evidenced by a Company Request or Company Order, and any
   resolution of the Board of Directors shall be sufficiently evidenced by a
   Board Resolution;

        (3)  whenever in the administration of this Indenture the Trustee shall
   deem it desirable that a matter be proved or established prior to taking,
   suffering or omitting any action hereunder, the Trustee (unless other
   evidence be herein specifically prescribed) may, in the absence of bad faith
   on its part, rely upon an Officers' Certificate;

        (4)  the Trustee may consult with counsel and the written advice of such
   counsel or any Opinion of Counsel shall be full and complete authorization
   and protection in respect of any action taken, suffered or omitted by it
   hereunder in good faith and in reliance thereon;

        (5)  the Trustee shall be under no obligation to exercise any of the
   rights or powers vested in it by this Indenture at the request or direction
   of any of the Holders pursuant to this Indenture, unless such Holders shall
   have offered to the Trustee reasonable security or indemnity against the
   costs, expenses and liabilities which might be incurred by it in compliance
   with such request or direction;

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        (6)  the Trustee shall not be bound to make any investigation into the
   facts or matters stated in any resolution, certificate, statement,
   instrument, opinion, report, notice, request, direction, consent, order,
   bond, debenture, note, other evidence of indebtedness or other paper or
   document, but the Trustee, in its discretion, may make such further inquiry
   or investigation into such facts or matters as it may see fit, and, if the
   Trustee shall determine to make such further inquiry or investigation, it
   shall be entitled to examine the books, records and premises of the Company,
   personally or by agent or attorney; and

        (7)  the Trustee may execute any of the trusts or powers hereunder or
   perform any duties hereunder either directly or by or through agents or
   attorneys and the Trustee shall not be responsible for any misconduct or
   negligence on the part of any agent or attorney appointed with due care by it
   hereunder.

SECTION 604.  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

        The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Securities. Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof.

SECTION 605.  MAY HOLD SECURITIES.

        The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections
608 and 613, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.

SECTION 606.  MONEY HELD IN TRUST.

        Money held by the Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise
agreed with the Company.

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SECTION 607.  COMPENSATION AND REIMBURSEMENT.

        The Company agrees

        (1)  to pay to the Trustee from time to time such reasonable
   compensation for all services rendered by it hereunder as shall be agreed
   upon in writing (which compensation shall not be limited by any provision of
   law in regard to the compensation of a trustee of an express trust);

        (2)  except as otherwise expressly provided herein, to reimburse the
   Trustee upon its request for all reasonable expenses, disbursements and
   advances incurred or made by the Trustee in accordance with any provision of
   this Indenture (including the reasonable compensation and the expenses and
   disbursements of its agents and counsel), except any such expense,
   disbursement or advance as may be attributable to its negligence or bad
   faith; and

        (3)  to indemnify the Trustee (which, for purposes of this Section 607,
   shall include its officers, directors, employees and agents) for, and to hold
   it harmless against, any loss, liability or expense incurred without
   negligence or bad faith on its part, arising out of or in connection with the
   acceptance or administration of the trust or trusts hereunder, including the
   costs and expenses of defending itself against any claim or liability in
   connection with the exercise or performance of any of its powers or duties
   hereunder.

        To secure the Company's payment obligations in this Section 607, the
Trustee shall have a lien prior to the Securities on all money or property held
or collected by the Trustee, except that held in trust to pay principal and
interest on particular Securities.

        When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 501(6) or 501(7), such expenses
(including the reasonable charges and expenses of its counsel) and the
compensation for such services are intended to constitute expenses of
administration under any bankruptcy law.

        In no event shall the Trustee be liable for any indirect, special,
punitive or consequential loss or damage of any kind whatsoever, including, but
not limited to, lost profits, even if the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action.

        In no event shall the Trustee be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond its
control, including, but not limited to, acts of God, flood, war (whether
declared or undeclared), terrorism, fire, riot, embargo, government action,
including any laws, ordinances, regulations, governmental action or the like

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which delay, restrict or prohibit the providing of the services contemplated by
this Indenture.

        The provisions of this Section 607 shall survive the resignation or
removal of the Trustee or the termination of this Indenture.

SECTION 608.  CONFLICTING INTERESTS.

        If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture. To the extent
permitted by such Act, the Trustee shall not be deemed to have a conflicting
interest by virtue of being a trustee under this Indenture with respect to
Securities of more than one series.

SECTION 609.  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

        There shall at all times be one (and only one) Trustee hereunder with
respect to the Securities of each series, which may be Trustee hereunder for
Securities of one or more other series. Each Trustee shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such, has a combined
capital and surplus of at least $50,000,000. If any such Person publishes
reports of condition at least annually, pursuant to law or to the requirements
of its supervising or examining authority, then for the purposes of this Section
and to the extent permitted by the Trust Indenture Act, the combined capital and
surplus of such Person shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time
the Trustee with respect to the Securities of any series shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

SECTION 610.  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

        No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 611.

        The Trustee may resign at any time with respect to the Securities of one
or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 611 shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of

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competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.

        The Trustee may be removed at any time with respect to the Securities of
any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee and to the
Company.

        If at any time:

        (1)  the Trustee shall fail to comply with Section 608 after written
   request therefor by the Company or by any Holder who has been a bona fide
   Holder of a Security for at least six months, or

        (2)  the Trustee shall cease to be eligible under Section 609 and shall
   fail to resign after written request therefor by the Company or by any such
   Holder, or

        (3)  the Trustee shall become incapable of acting or shall be adjudged a
   bankrupt or insolvent or a receiver of the Trustee or of its property shall
   be appointed or any public officer shall take charge or control of the
   Trustee or of its property or affairs for the purpose of rehabilitation,
   conservation or liquidation,

then, in any such case, (A) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (B) subject to Section 514, any
Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

        If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Securities of one or more series, the Company, by a Board Resolution,
shall promptly appoint a successor Trustee or Trustees with respect to the
Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to
the Securities of any particular series) and shall comply with the applicable
requirements of Section 611. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series shall be appointed by Act of the Holders
of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 611, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no

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successor Trustee with respect to the Securities of any series shall have been
so appointed by the Company or the Holders and accepted appointment in the
manner required by Section 611, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.

        The Company shall give notice of each resignation and each removal of
the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee with respect to the Securities of any series to all Holders
of Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.

SECTION 611.  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

        In case of the appointment hereunder of a successor Trustee with respect
to all Securities, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee; but, on the request of the
Company or the successor Trustee, such retiring Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder.

        In case of the appointment hereunder of a successor Trustee with respect
to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (1) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for

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or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that
each such Trustee shall be trustee of a trust or trusts hereunder separate and
apart from any trust or trusts hereunder administered by any other such Trustee;
and upon the execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become effective to the
extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on
request of the Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.

        Upon request of any such successor Trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the
first or second preceding paragraph, as the case may be.

        No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor Trustee shall be qualified and eligible under
this Article.

SECTION 612.  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

        Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities.

SECTION 613.  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

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        If and when the Trustee shall be or become a creditor of the Company (or
any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor).

SECTION 614.  APPOINTMENT OF AUTHENTICATING AGENT.

        The Company may appoint an Authenticating Agent or Agents with respect
to one or more series of Securities which shall be authorized to act on behalf
of the Trustee to authenticate Securities of such series issued upon original
issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 306, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Trustee and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State thereof
or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

        Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

        An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Company may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating

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Agent and to the Trustee. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time such Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section, the Company
may appoint a successor Authenticating Agent which shall be acceptable to the
Trustee and shall give notice of such appointment in the manner provided in
Section 106 to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section.

        The Company agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section.

        If an appointment with respect to one or more series is made pursuant to
this Section, the Securities of such series may have endorsed thereon, in
addition to the Trustee's certificate of authentication, an alternative
certificate of authentication in the following form:

        This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

                                        Wilmington Trust Company

                                        ------------------------------
                                                            As Trustee

                                        By
                                          ----------------------------
                                             As Authenticating Agent

                                        By
                                          ----------------------------
                                             Authorized Officer

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701.  COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

        The Company will furnish or cause to be furnished to the Trustee

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        (1)  semi-annually, not later than 15 days after the Regular Record Date
   for each series of Securities, a list, in such form as the Trustee may
   reasonably require, of the names and addresses of the Holders of Securities
   of each series as of such Regular Record Day, and

        (2)  at such other times as the Trustee may request in writing, within
   30 days after the receipt by the Company of any such request, a list of
   similar form and content as of a date not more than 15 days prior to the time
   such list is furnished;

excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar.

SECTION 702.  PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

        The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished.

        The rights of Holders to communicate with other Holders with respect to
their rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided by the Trust
Indenture Act.

        Every Holder of Securities, by receiving and holding the same, agrees
with the Company and the Trustee that neither the Company nor the Trustee nor
any agent of either of them shall be held accountable by reason of any
disclosure of information as to names and addresses of Holders made pursuant to
the Trust Indenture Act.

SECTION 703.  REPORTS BY TRUSTEE.

        The Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto.

        A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange upon which any
Securities are listed, with the Commission and with the Company. The Company
will notify the Trustee when any Securities are listed on any stock exchange.

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SECTION 704.  REPORTS BY COMPANY.

        The Company shall file with the Trustee and the Commission, and transmit
to Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and
in the manner provided pursuant to such Act; provided that any such information,
documents or reports required to be filed with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within
15 days after the same is so required to be filed with the Commission.

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801.  COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

        The Company shall not consolidate with or merge into any other Person or
convey, transfer or lease its properties and assets substantially as an entirety
to any Person, and the Company shall not permit any Person to consolidate with
or merge into the Company or convey, transfer or lease its properties and assets
substantially as an entirety to the Company, unless:

        (1)  in case the Company shall consolidate with or merge into another
   Person or convey, transfer or lease its properties and assets substantially
   as an entirety to any Person, the Person formed by such consolidation or into
   which the Company is merged or the Person which acquires by conveyance or
   transfer, or which leases, the properties and assets of the Company
   substantially as an entirety shall expressly assume, by an indenture
   supplemental hereto, executed and delivered to the Trustee, in form
   satisfactory to the Trustee, the due and punctual payment of the principal of
   and any premium and interest on all the Securities (and any Successor
   Additional Amounts in respect thereof) and the performance or observance of
   every covenant of this Indenture on the part of the Company to be performed
   or observed;

        (2)  immediately after giving effect to such transaction and treating
   any Debt which becomes an obligation of the Company or any Restricted
   Subsidiary as a result of such transaction as having been Incurred by the
   Company or such Restricted Subsidiary at the time of such transaction, no
   Event of Default, and no event which, after notice or lapse of time or both,
   would become an Event of Default, shall have happened and be continuing;

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        (3)  if, as a result of any such consolidation or merger or such
   conveyance, transfer or lease, properties or assets of the Company would
   become subject to a Mortgage which would not be permitted by this Indenture,
   the Company or such successor Person, as the case may be, shall take such
   steps as shall be necessary effectively to secure the Securities equally and
   ratably with (or prior to) all Debt secured thereby; and

        (4)  any Person formed by the consolidation with the Company or into
   which the Company is merged or which acquires by conveyance or transfer, or
   which leases, the properties and assets substantially as an entirety of the
   Company and which is not organized and validly existing under the laws of the
   United States, any State thereof or the District of Columbia, shall expressly
   agree, by an indenture supplemental hereto, executed and delivered to the
   Trustee, in form satisfactory to the Trustee, (A) to indemnify the Holder of
   each Security against (i) any tax, assessment or governmental charge imposed
   on such Holder or required to be withheld or deducted from any payment to
   such Holder as a consequence of such consolidation, merger, conveyance,
   transfer or lease, to the extent that, in the aggregate, such tax, assessment
   or governmental charge imposed upon such Holder (net of deductions or
   credits) exceeds the aggregate amount of such tax, assessment or governmental
   charge which would have been imposed on such Holder if the successor Person
   had been organized and validly existing under the laws of the United States,
   any State thereof or the District of Columbia; provided, however, that such
   successor Person will not be required to agree to indemnify, pursuant to this
   clause (A), against any tax, assessment or governmental charge of the type
   described in clause (a) or (d) below that is imposed by the jurisdiction of
   organization of such Person or any of its territories or political
   subdivisions, and (ii) any costs or expenses of the act of such
   consolidation, merger, conveyance, transfer or lease, and (B) that all
   payments pursuant to the Securities in respect of the principal of and any
   premium and interest on the Securities shall be made without withholding or
   deduction for, or on account of, any present or future taxes, duties,
   assessments or governmental charges of whatever nature imposed or levied by
   or on behalf of the jurisdiction of organization of such Person or any
   political subdivision or taxing authority thereof or therein, unless such
   taxes, duties, assessments or governmental charges are required by such
   jurisdiction or any such subdivision or authority to be withheld or deducted,
   in which case such Person will pay such additional amounts of, or in respect
   of, principal and any premium and interest ("Successor Additional Amounts")
   as will result (after deduction of such taxes, duties, assessments or
   governmental charges and any additional taxes, duties, assessments or
   governmental charges payable in respect of such) in the payment to each
   Holder of a Security of the amounts which would have been payable pursuant to
   the Securities had no such withholding or deduction been required, except
   that no Successor Additional Amounts shall be so payable for or on account
   of:

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        (a)  any tax, duty, assessment or other governmental charge which would
   not have been imposed but for the fact that such Holder: (i) was a resident,
   domiciliary or national of, or engaged in business or maintained a permanent
   establishment or was physically present in, the jurisdiction of organization
   of such Person or any of its territories or any political subdivision thereof
   or otherwise had some connection with such jurisdiction other than the mere
   ownership of, or receipt of payment under, such Security; (ii) presented such
   Security for payment in such jurisdiction or any of its territories or any
   political subdivision thereof, unless such Security could not have been
   presented for payment elsewhere; or (iii) presented such Security more than
   thirty (30) days after the date on which the payment in respect of such
   Security first became due and payable or provided for, whichever is later,
   except to the extent that the Holder would have been entitled to such
   Successor Additional Amounts if it had presented such Security for payment on
   any day within such period of thirty (30) days;

        (b)  any estate, inheritance, gift, sale, transfer, personal property or
   similar tax, assessment or other governmental charge;

        (c)  any tax, assessment or other governmental charge which is payable
   otherwise than by withholding or deduction from payments of (or in respect
   of) principal of or any premium or interest on, the Securities;

        (d)  any tax, assessment or other governmental charge that is imposed or
   withheld by reason of the failure to comply by the Holder or the beneficial
   owner of a Security with a request of the Company addressed to the Holder (i)
   to provide information concerning the nationality, residence or identity of
   the Holder or such beneficial owner or (ii) to make any declaration or other
   similar claim or satisfy any information or reporting requirement, which, in
   the case of (i) or (ii), is required or imposed by statute, treaty,
   regulation or administrative practice of the taxing jurisdiction as a
   precondition to exemption from all or part of such tax, assessment or other
   governmental charge; or

        (e)  any combination of items (a), (b), (c) and (d);

nor shall Successor Additional Amounts be paid with respect to any payment of
the principal of or any premium or interest on any such Security to any Holder
who is a fiduciary or partnership or other than the sole beneficial owner of
such Security to the extent such payment would be required by the laws of the
jurisdiction of organization of such Person (or any political subdivision or
taxing authority thereof or therein) to be included in the income for tax
purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to
such Successor Additional Amounts of interest had it been the Holder of the
Security; and

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        (5)  the Company has delivered to the Trustee an Officers' Certificate
   and an Opinion of Counsel, each stating that such consolidation, merger,
   conveyance, transfer or lease and, if a supplemental indenture is required in
   connection with such transaction, such supplemental indenture comply with
   this Article and that all conditions precedent herein provided for relating
   to such transaction have been complied with.

SECTION 802.  SUCCESSOR SUBSTITUTED.

        Upon any consolidation of the Company with, or merger of the Company
into, any other Person or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with
Section 801, the successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein, and thereafter, except in the case
of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 901.  SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

        Without the consent of any Holders, the Company, when authorized by a
Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes:

        (1)  to evidence the succession of another Person to the Company and the
   assumption by any such successor of the covenants of the Company herein and
   in the Securities; or

        (2)  to add to the covenants of the Company for the benefit of the
   Holders of all or any series of Securities (and if such covenants are to be
   for the benefit of less than all series of Securities, stating that such
   covenants are expressly being included solely for the benefit of such series)
   or to surrender any right or power herein conferred upon the Company; or

        (3)  to add any additional Events of Default for the benefit of the
   Holders of all or any series of Securities (and if such additional Events of
   Default are to be for the benefit of less than all series of Securities,
   stating that such additional

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   Events of Default are expressly being included solely for the benefit of such
   series); or

        (4)  to add to or change any of the provisions of this Indenture to such
   extent as shall be necessary to permit or facilitate the issuance of
   Securities in bearer form, registrable or not registrable as to principal,
   and with or without interest coupons, or to permit or facilitate the issuance
   of Securities in uncertificated form; or

        (5)  to add to, change or eliminate any of the provisions of this
   Indenture in respect of one or more series of Securities, provided that any
   such addition, change or elimination (A) shall neither (i) apply to any
   Security of any series created prior to the execution of such supplemental
   indenture and entitled to the benefit of such provision nor (ii) modify the
   rights of the Holder of any such Security with respect to such provision or
   (B) shall become effective only when there is no such Security Outstanding;
   or

        (6)  to secure the Securities pursuant to the requirements of Section
   1009 or otherwise; or

        (7)  to establish the form or terms of Securities of any series as
   permitted by Sections 201 and 301; or

        (8)  to evidence and provide for the acceptance of appointment hereunder
   by a successor Trustee with respect to the Securities of one or more series
   and to add to or change any of the provisions of this Indenture as shall be
   necessary to provide for or facilitate the administration of the trusts
   hereunder by more than one Trustee, pursuant to the requirements of Section
   611; or

        (9)  to cure any ambiguity, to correct or supplement any provision
   herein which may be defective or inconsistent with any other provision
   herein, or to make any other provisions with respect to matters or questions
   arising under this Indenture, provided that such action pursuant to this
   Clause (9) shall not adversely affect the interests of the Holders of
   Securities of any series in any material respect.

SECTION 902.  SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

        With the consent of the Holders of not less than 66_% in principal
amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

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        (1)  change the Stated Maturity of the principal of, or any installment
   of principal of or interest on, any Security, or reduce the principal amount
   thereof or the rate of interest thereon or any premium payable upon the
   redemption thereof, or reduce the amount of the principal of an Original
   Issue Discount Security or any other Security which would be due and payable
   upon a declaration of acceleration of the Maturity thereof pursuant to
   Section 502, or change the coin or currency in which, any Security or any
   premium or interest thereon is payable, or impair the right to institute suit
   for the enforcement of any such payment on or after the Stated Maturity
   thereof (or, in the case of redemption, on or after the Redemption Date), or

        (2)  reduce the percentage in principal amount of the Outstanding
   Securities of any series, the consent of whose Holders is required for any
   such supplemental indenture, or the consent of whose Holders is required for
   any waiver (of compliance with certain provisions of this Indenture or
   certain defaults hereunder and their consequences) provided for in this
   Indenture, or

        (3)  modify any of the provisions of this Section, Section 513 or
   Section 1013, except to increase any such percentage or to provide that
   certain other provisions of this Indenture cannot be modified or waived
   without the consent of the Holder of each Outstanding Security affected
   thereby; provided, however, that this clause shall not be deemed to require
   the consent of any Holder with respect to changes in the references to "the
   Trustee" and concomitant changes in this Section and Section 1013, or the
   deletion of this proviso, in accordance with the requirements of Sections 611
   and 901(8).

A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the
rights of the Holders of Securities of such series with respect to such covenant
or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

        It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

SECTION 903.  EXECUTION OF SUPPLEMENTAL INDENTURES.

        In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 601) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The

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Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

SECTION 904.  EFFECT OF SUPPLEMENTAL INDENTURES.

        Upon the execution of any supplemental indenture under this Article,
this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.

SECTION 905.  CONFORMITY WITH TRUST INDENTURE ACT.

        Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act.

SECTION 906.  REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

        Securities of any series authenticated and delivered after the execution
of any supplemental indenture pursuant to this Article may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to
any matter provided for in such supplemental indenture. If the Company shall so
determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series.

                                   ARTICLE TEN

                                    COVENANTS

SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

        The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of and any premium
and interest on the Securities of that series in accordance with the terms of
the Securities and this Indenture.

SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY.

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        The Company will maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture
may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

        The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in each Place of Payment for Securities of any series for such
purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency.

SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

        If the Company shall at any time act as its own Paying Agent with
respect to any series of Securities, it will, on or before each due date of the
principal of or any premium or interest on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to
act.

        Whenever the Company shall have one or more Paying Agents for any series
of Securities, it will, prior to each due date of the principal of or any
premium or interest on any Securities of that series, deposit with a Paying
Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.

        The Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section, that such Paying Agent will (1) comply with the provisions of
the Trust Indenture Act applicable to it as a Paying Agent and (2) during

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the continuance of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the
Securities of that series, upon the written request of the Trustee, forthwith
pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

        The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such money.

        Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of or any premium or
interest on any Security of any series and remaining unclaimed for two years
after such principal, premium or interest has become due and payable shall be
paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in the Borough of
Manhattan, The City of New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

SECTION 1004. STATEMENT BY OFFICERS AS TO DEFAULT.

        The Company will deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company ending after the date hereof, an Officers'
Certificate, stating whether or not to the best knowledge of the signers thereof
the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be
in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge.

SECTION 1005. EXISTENCE.

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        Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its existence,
rights (charter and statutory) and franchises; provided, however, that the
Company shall not be required to preserve any such right or franchise if the
Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and that the loss
thereof is not disadvantageous in any material respect to the Holders.

SECTION 1006. MAINTENANCE OF PROPERTIES.

        The Company will cause all properties used or useful in the conduct of
its business or the business of any Subsidiary to be maintained and kept in good
condition, repair and working order, ordinary wear and tear excepted, and
supplied with all necessary equipment and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as in
the judgment of the Company may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all times;
provided, however, that nothing in this Section shall prevent the Company from
discontinuing the operation or maintenance of any of such properties if such
discontinuance is, in the judgment of the Company, desirable in the conduct of
its business or the business of any Subsidiary and not disadvantageous in any
material respect to the Holders.

SECTION 1007. INSURANCE.

        The Company will maintain, and cause its Subsidiaries to maintain,
insurance coverage by financially sound and reputable insurers in such forms and
amounts and against such risks as are at that time customary for corporations of
established reputation engaged in the same or a similar business and owning and
operating similar properties including general liability insurance and (but
without duplication) protection and indemnity insurance, hull and machinery
insurance, oil pollution insurance and, if available at commercially reasonable
rates, loss of hire insurance.

SECTION 1008. PAYMENT OF TAXES AND OTHER CLAIMS.

        The Company will pay or discharge or cause to be paid or discharged, (1)
before the same shall become delinquent, all material taxes, assessments and
governmental charges levied or imposed upon the Company or any Subsidiary or
upon the income, profits or property of the Company or any Subsidiary, and (2)
all material lawful claims for labor, materials and supplies which give rise to
a lien or which, if unpaid, might by law become a lien upon the property of the
Company or any Subsidiary, prior to the time the holder of such lien evidences
its intention to

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realize upon its lien; provided, however, that the Company shall not be required
to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is being contested in
good faith by appropriate proceedings.

SECTION 1009. LIMITATION ON LIENS.

        The Company will not itself, and will not permit any Restricted
Subsidiary to, Incur any Debt, nor shall any existing Debt of the Company or any
Restricted Subsidiary become, secured by a Mortgage on any property or assets
owned or leased by the Company or any Restricted Subsidiary, or any shares of
stock or Debt of any Subsidiary, without effectively providing that the
Securities (together with, if the Company shall so determine, any other Debt of
the Company or such Restricted Subsidiary then existing or thereafter created
which is not subordinate to the Securities) shall be secured equally and ratably
with (or prior to) such secured Debt, so long as such secured Debt shall be so
secured, unless, after giving effect thereto, the aggregate amount of all such
secured Debt Incurred after the date hereof and then outstanding (including Debt
existing as of the date of this Indenture that thereafter becomes secured) plus
all Attributable Debt Incurred after the date hereof and then outstanding of the
Company and its Restricted Subsidiaries in respect to sale and leaseback
transactions (as defined in Section 1010) would not exceed 15% of Consolidated
Net Tangible Assets of the Company and its Restricted Subsidiaries; provided,
however, that this Section shall not apply to, and there shall be excluded from
secured Debt in any computation under this Section, Debt secured by:

              (1)  Mortgages on property of, or on any shares of stock or Debt
        of, any corporation existing at the time such corporation becomes a
        Subsidiary;

              (2)  Mortgages in favor of the Company or any Restricted
        Subsidiary;

              (3)  Mortgages in favor of the United States of America, or any
        agency, department or other instrumentality thereof, to secure progress,
        advance or other payments pursuant to any contract or provision of any
        statute;

              (4)  Mortgages on property, shares of stock or Debt existing at
        the time of acquisition thereof (including acquisition through merger or
        consolidation) or to secure the payment of all or any part of the
        purchase price or construction cost thereof or to secure any Debt
        Incurred or committed to under a binding agreement prior to, at the time
        of, or within 120 days after, the acquisition of such property or shares
        or Debt or the completion of any such construction for the purpose of
        financing all or any part of the purchase price or construction cost
        thereof, provided that such Mortgages shall be limited to all or part of
        such property or stock; and

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              (5)  any extension, renewal or replacement (or successive
        extensions, renewals or replacements), as a whole or in part, of any
        Mortgage referred to in the foregoing clauses (1) to (4), inclusive
        whether existing now or hereafter or of any Mortgage existing on the
        date hereof; provided, that (i) such extension, renewal or replacement
        Mortgage shall be limited to all or a part of the same property, shares
        of stock or Debt that secured the Mortgage extended, renewed or replaced
        (plus improvements on such property) and (ii) the Debt secured by such
        Mortgage at such time is not increased.

        Notwithstanding anything to the contrary above, if any existing or
future Debt under any of the Credit Facilities shall become secured by a
Mortgage on any property or assets owned or leased by the Company or any
Restricted Subsidiary as a result of the Company's senior unsecured debt being
downgraded to or below the levels specified in the Credit Facilities, the
covenant described in the foregoing paragraph shall be deemed to be satisfied if
the Company secures, or causes such Restricted Subsidiary to secure, the
Securities equally and comparably with such secured Debt. For purposes of
determining whether the collateral securing the Securities as provided for in
the preceding sentence is "comparable" to that securing the Debt under the
Credit Facilities, the same types of collateral shall be permitted hereunder as
under the Credit Facilities, all non-cash collateral will be valued on the same
basis that non-cash collateral is valued under the Credit Facilities and the
required collateral margin shall be the same hereunder as under the Credit
Facilities (including similar release provisions).

SECTION 1010. LIMITATION ON SALES AND LEASEBACKS.

        The Company will not itself, and it will not permit any Restricted
Subsidiary to, enter into any arrangement with any bank, insurance company or
other lender or investor (not including the Company or any Restricted
Subsidiary) or to which any such lender or investor is a party, providing for
the leasing by the Company or any such Restricted Subsidiary for a period,
including renewals, in excess of three years of any property or assets owned or
leased by the Company or such Restricted Subsidiary which has been or is to be
sold or transferred, more than 120 days after the acquisition thereof or after
the completion of construction and commencement of full operation thereof, by
the Company or any such Restricted Subsidiary to such lender or investor or to
any person to whom funds have been or are to be advanced by such lender or
investor on the security of such property or assets (herein referred to as a
"sale and leaseback transaction") unless either:

              (1)  the Company or such Restricted Subsidiary could create Debt
        secured by a Mortgage pursuant to Section 1009 on the property or assets
        to be leased back in an amount equal to the Attributable Debt with
        respect to such sale and

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        leaseback transaction without equally and ratably securing the
        Securities, or

              (2)  the Company or such Restricted Subsidiary within 120 days
        after the sale or transfer shall have been made by the Company or by any
        such Restricted Subsidiary, applies an amount not less than the greater
        of (i) the net proceeds of the sale of the property or assets sold and
        leased back pursuant to such arrangement or (ii) the fair market value
        of the property or assets so sold and leased back at the time of
        entering into such arrangement (as determined by any two of the
        following: the Chairman of the Board of the Company, its President, any
        Executive or Senior Vice President of the Company, its Chief Financial
        Officer, its Treasurer and its Controller) to (a) the purchase,
        acquisition or construction of property or assets to be used in the
        business of the Company and its Restricted Subsidiaries (which shall
        include the entering into, within such 120 day period, of an agreement
        for such purchase, acquisition or construction of property or assets) or
        (b) to the retirement of Funded Debt of the Company or any Restricted
        Subsidiary; provided, that (x) the amount to be applied to the
        retirement of Funded Debt of the Company shall be reduced by the
        principal amount of any Securities delivered within 120 days after such
        sale to the Trustee for retirement and cancellation and (y) the amount
        to be applied to the retirement of Funded Debt of the Company or any
        Restricted Subsidiary shall be reduced by the principal amount of Funded
        Debt of the Company, other than Securities, or the principal amount of
        Funded Debt of any Restricted Subsidiary, as the case may be,
        voluntarily retired by the Company or any Restricted Subsidiary within
        120 days after such sale. Notwithstanding the foregoing, no retirement
        referred to in this clause (2) may be effected by payment at maturity or
        pursuant to any mandatory prepayment provision.

SECTION 1011. LIMITATION ON INCURRENCE OF INDEBTEDNESS BY RESTRICTED
              SUBSIDIARIES.

        The Company will not permit any of its Restricted Subsidiaries to Incur
any Funded Debt unless after giving effect to the Incurrence of such Funded Debt
by such Restricted Subsidiary and the receipt and application of the proceeds
thereof, the aggregate outstanding amount of Funded Debt of all Restricted
Subsidiaries of the Company shall not exceed 10% of Consolidated Net Tangible
Assets of the Company and its Restricted Subsidiaries; provided, however, that
this sentence shall not apply to, and there shall be excluded from Funded Debt
at the time of any computation under this sentence, (a) any Funded Debt owed to
the Company or to any other Restricted Subsidiary, (b) any Funded Debt of a
Restricted Subsidiary outstanding on the date hereof, (c) any Funded Debt that
(i) is supported in full by a direct-pay or standby letter of credit or letter
of guarantee on which the Company (but not any of its Restricted Subsidiaries)
is the account party and as to which the

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terms of the related reimbursement agreement shall not permit the issuing bank
any recourse against any Restricted Subsidiary of the Company and (ii) is not
supported by any other letter of credit, letter of guarantee or similar
instrument in respect of which any Restricted Subsidiary of the Company has any
obligation, (d) any Funded Debt of a Restricted Subsidiary Incurred pursuant to
a United States Government sponsored vessel financing program, including Title
XI or a successor or similar program and (e) any Funded Debt secured by a
Mortgage permitted pursuant to paragraph (1) or (4) of Section 1009.

SECTION 1012. RESTRICTED SUBSIDIARIES.

        Each Subsidiary of the Company shall be a Restricted Subsidiary unless
such Subsidiary has been designated as an Unrestricted Subsidiary in accordance
with the provisions set forth herein.

        The Board of Directors may designate any Person as an Unrestricted
Subsidiary if and only if (A) the Company has delivered to the Trustee an
Officer's Certificate within 60 days after such Person became a Subsidiary (the
"Notice Period") designating such Person as an Unrestricted Subsidiary and (B)
(i) such Person is not a Subsidiary on the date hereof, (ii) such Person was not
a Restricted Subsidiary prior to the commencement of the Notice Period, (iii) an
Officers' Certificate is delivered to the Trustee stating that the Board of
Directors has determined that at the time of such Person's acquisition or
formation it was not contemplated that such Person would own, acquire or lease
under a lease which would be considered a Capitalized Lease any ocean going
vessel designed to carry cargo in bulk which vessel was originally contracted
for by the Company or one of its Subsidiaries, (iv) neither the Company nor any
Restricted Subsidiary has guaranteed or in any other manner become liable for or
otherwise created a Mortgage on its property as security for any Funded Debt of
such Person, and (v) such Person does not own or hold, directly or indirectly,
any Funded Debt or equity securities of any Restricted Subsidiary or own, lease
or operate any assets or properties (other than cash, cash equivalents or
marketable securities) transferred to it by the Company or any Restricted
Subsidiary.

        The Company may change the designation of any Subsidiary from
Unrestricted Subsidiary to Restricted Subsidiary by giving written notice to the
Trustee that the Board of Directors has made such change, provided that no such
change shall be effective if after giving effect to such change the aggregate
amount of Funded Debt of all Restricted Subsidiaries of the Company then
outstanding (after giving effect to the exclusions provided for in Section 1011
hereof) would exceed 10% of the Consolidated Net Tangible Assets of the Company
and its Restricted Subsidiaries. If at any time (i) the Company or a Restricted
Subsidiary guarantees or in any other manner becomes liable for or otherwise
creates a Mortgage on its property as security for any Funded Debt of an
Unrestricted Subsidiary, (ii) an Unrestricted Subsidiary owns or holds, directly
or indirectly, any Funded Debt

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or equity securities of any Restricted Subsidiary or (iii) an Unrestricted
Subsidiary owns, leases or operates any assets or properties (other than cash,
cash equivalents and marketable securities) transferred to it by the Company or
any Restricted Subsidiary, the designation of such Unrestricted Subsidiary shall
thereupon, without further action, but subject to the condition set forth in the
proviso to the first sentence of this paragraph, be deemed to have been changed
to a Restricted Subsidiary. The Company will not itself, and it will not permit
any Subsidiary to, take any of the actions referred to in clauses (i), (ii) or
(iii) of the preceding sentence unless the Unrestricted Subsidiary referred to
in such sentence can be designated a Restricted Subsidiary in conformity with
the provisions of this Section.

        The acquisition of a Restricted Subsidiary or the change of designation
of an Unrestricted Subsidiary to a Restricted Subsidiary shall, as of the date
of such acquisition or change, constitute an Incurrence by Restricted
Subsidiaries of the Company of Funded Debt in the amount of the Funded Debt of
such Restricted Subsidiary as of such date, and, for purposes of determining
Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries
as of such date, pro forma effect shall be given to such acquisition or change.

SECTION 1013. OFFER TO REPURCHASE UPON A CHANGE OF CONTROL.

        Upon the occurrence of a Change of Control, each Holder shall have the
right to require the Company to repurchase all or any part (equal to $1,000 or
an integral multiple thereof) of that Holder's Securities pursuant to the Change
of Control offer on the terms set forth in this Indenture (a "Change of Control
Offer") at an offer price in cash equal to 101% of the aggregate principal
amount of Securities repurchased plus accrued and unpaid interest, if any, on
the Securities repurchased to the date of purchase (the "Change of Control
Payment"). Within 30 days following any Change of Control, the Company shall
mail a notice to each Holder stating:

              (1)  the transaction or transactions that constitute the Change of
        Control;

              (2)  that the Change of Control Offer is being made pursuant to
        this Section 1013 and that all Securities tendered shall be accepted for
        payment;

              (3)  the purchase price and the purchase date, which date shall be
        no earlier than 30 days and no later than 60 days from the date the
        notice is mailed (the "Change of Control Payment Date");

              (4)  that any Security not tendered or properly withdrawn shall
        continue to accrue interest;

              (5)  that, unless the Company defaults in the payment of the
        Change of Control Payment, all Securities accepted

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        for payment pursuant to the Change of Control Offer shall cease to
        accrue interest after the Change of Control Payment Date;

              (6)  that Holders electing to have any Securities purchased
        pursuant to a Change of Control Offer shall be required to surrender the
        Securities, together with such form or forms as may be specified, to a
        Paying Agent at the address specified in the notice prior to the close
        of business on the third Business Day preceding the Change of Control
        Payment Date;

              (7)  that Holders shall be entitled to withdraw their election if
        the Paying Agent receives, not later than the close of business on the
        second Business Day preceding the Change of Control Payment Date, a
        telegram, telex, facsimile transmission or letter setting forth the name
        of the Holder, the principal amount of Securities delivered for
        purchase, and a statement that such Holder is withdrawing its election
        to have the Securities purchased; and

              (8)  that Holders whose Securities are being purchased only in
        part shall be issued new Securities equal in principal amount to the
        unpurchased portion of the Securities surrendered, which unpurchased
        portion must be equal to $1,000 in principal amount or an integral
        multiple thereof.

        On the Change of Control Payment Date, the Company shall, to the extent
lawful:

              (1)  accept for payment all Securities or portions of Securities
        validly tendered and not properly withdrawn pursuant to the Change of
        Control Offer;

              (2)  deposit with the Paying Agent an amount equal to the Change
        of Control Payment in respect of all Securities or portions of
        Securities properly tendered and not properly withdrawn pursuant to the
        Change of Control Offer; and

              (3)  deliver or cause to be delivered to the Trustee the
        Securities so accepted together with an Officers' Certificate stating
        the aggregate principal amount of Securities or portions of Securities
        being purchased by the Company.

        The Paying Agent shall promptly mail to each Holder of Securities
validly tendered and not properly withdrawn the Change of Control Payment for
such Securities, and the Trustee shall promptly authenticate and mail (or cause
to be transferred by book entry) to each Holder a new Security equal in
principal amount to any unpurchased portion of the Securities surrendered, if
any; provided that each new Security will be in a principal amount of $1,000 or
an integral multiple thereof.

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        The Company shall publicly announce the results of the Change of Control
Offer on or as soon as practicable after the Change of Control Payment Date.

        The Company shall not be required to make a Change of Control Offer upon
a Change of Control if a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set forth
in this Indenture applicable to a Change of Control Offer made by the Company
and purchases all Securities validly tendered and not properly withdrawn under
such Change of Control Offer.

        The Company shall comply with the Requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the
repurchase of the Securities as a result of a Change of Control. To the extent
that the provisions of any securities laws or regulations conflict with the
Change of Control provisions of this Indenture, the Company shall comply with
the applicable securities laws and regulations and will not be deemed to have
breached its obligations under this Section 1013 by virtue of such conflict.

SECTION 1014. WAIVER OF CERTAIN COVENANTS.

        Except as otherwise specified as contemplated by Section 301 for
Securities of such series, the Company may, with respect to the Securities of
any series, omit in any particular instance to comply with any term, provision
or condition set forth in any covenant provided pursuant to Section 301(18),
901(2) or 901(7) for the benefit of the Holders of such series or in any of
Sections 1006 to 1013, inclusive, if before the time for such compliance the
Holders of at least 66 2/3% in principal amount of the Outstanding Securities of
such series shall, by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

SECTION 1101. APPLICABILITY OF ARTICLE.

        Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their

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terms and (except as otherwise specified as contemplated by Section 301 for such
Securities) in accordance with this Article.

SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE.

        The election of the Company to redeem any Securities shall be evidenced
by a Board Resolution or in another manner specified as contemplated by Section
301 for such Securities. In case of any redemption at the election of the
Company of less than all the Securities of any series (including any such
redemption affecting only a single Security), the Company shall, at least 60
days prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption
Date, of the Redemption Price, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed. In the case of any redemption of Securities prior to the expiration of
any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restriction.

SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

        If less than all the Securities of any series are to be redeemed (unless
all the Securities of such series and of a specified tenor are to be redeemed or
unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for redemption of a
portion of the principal amount of any Security of such series, provided that
the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security. If less than all the Securities of such series
and of a specified tenor are to be redeemed (unless such redemption affects only
a single Security), the particular Securities to be redeemed shall be selected
not more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series and specified tenor not previously called
for redemption in accordance with the preceding sentence.

        The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption as aforesaid and, in case of any Securities
selected for partial redemption as aforesaid, the principal amount thereof to be
redeemed.

        The provisions of the two preceding paragraphs shall not apply with
respect to any redemption affecting only a single Security, whether such
Security is to be redeemed in whole or in part. In the case of any such
redemption in part, the unredeemed

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portion of the principal amount of the Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination)
for such Security.

        For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Securities redeemed or to be redeemed only in part, to the
portion of the principal amount of such Securities which has been or is to be
redeemed.

SECTION 1104. NOTICE OF REDEMPTION.

        Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at his address appearing in
the Security Register.

        All notices of redemption shall state:

        (1)  the Redemption Date,

        (2)  the Redemption Price,

        (3)  if less than all the Outstanding Securities of any series
   consisting of more than a single Security are to be redeemed, the
   identification (and, in the case of partial redemption of any such
   Securities, the principal amounts) of the particular Securities to be
   redeemed and, if less than all the Outstanding Securities of any series
   consisting of a single Security are to be redeemed, the principal amount of
   the particular Security to be redeemed,

        (4)  that on the Redemption Date the Redemption Price will become due
   and payable upon each such Security to be redeemed and, if applicable, that
   interest thereon will cease to accrue on and after said date,

        (5)  the place or places where each such Security is to be surrendered
   for payment of the Redemption Price, and

        (6)  that the redemption is for a sinking fund, if such is the case.

        Notice of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company and shall be irrevocable.

SECTION 1105. DEPOSIT OF REDEMPTION PRICE.

        Prior to any Redemption Date, the Company shall deposit with the Trustee
or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided

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in Section 1003) an amount of money sufficient to pay the Redemption Price of,
and (except if the Redemption Date shall be an Interest Payment Date) accrued
interest on, all the Securities which are to be redeemed on that date.

SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE.

        Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 301, installments of interest whose Stated Maturity is
on or prior to the Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.

        If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal and any premium shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in
the Security.

SECTION 1107. SECURITIES REDEEMED IN PART.

        Any Security which is to be redeemed only in part shall be surrendered
at a Place of Payment therefor (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to
the Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service
charge, a new Security or Securities of the same series and of like tenor, of
any authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.

                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 1201. APPLICABILITY OF ARTICLE.

        The provisions of this Article shall be applicable to any sinking fund
for the retirement of Securities of any series

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except as otherwise specified as contemplated by Section 301 for such
Securities.

        The minimum amount of any sinking fund payment provided for by the terms
of any Securities is herein referred to as a "mandatory sinking fund payment",
and any payment in excess of such minimum amount provided for by the terms of
such Securities is herein referred to as an "optional sinking fund payment". If
provided for by the terms of any Securities, the cash amount of any sinking fund
payment may be subject to reduction as provided in Section 1202. Each sinking
fund payment shall be applied to the redemption of Securities as provided for by
the terms of such Securities.

SECTION 1202. SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

        The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit
Securities of a series which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to any Securities of such series required to be made
pursuant to the terms of such Securities as and to the extent provided for by
the terms of such Securities; provided that the Securities to be so credited
have not been previously so credited. The Securities to be so credited shall be
received and credited for such purpose by the Trustee at the Redemption Price,
as specified in the Securities so to be redeemed, for redemption through
operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly.

SECTION 1203. REDEMPTION OF SECURITIES FOR SINKING FUND.

        Not less than 45 days prior to each sinking fund payment date for any
Securities, the Company will deliver to the Trustee an Officers' Certificate
specifying the amount of the next ensuing sinking fund payment for such
Securities pursuant to the terms of such Securities, the portion thereof, if
any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting Securities pursuant to
Section 1202 and will also deliver to the Trustee any Securities to be so
delivered. Not less than 30 days prior to each such sinking fund payment date,
the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 1103 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in Section 1104. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 1106 and 1107.

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                                ARTICLE THIRTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1301. COMPANY'S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE.

        The Company may elect, at its option at any time, to have Section 1302
or Section 1303 applied to any Securities or any series of Securities, as the
case may be, designated pursuant to Section 301 as being defeasible pursuant to
such Section 1302 or 1303, in accordance with any applicable requirements
provided pursuant to Section 301 and upon compliance with the conditions set
forth below in this Article. Any such election shall be evidenced by a Board
Resolution or in another manner specified as contemplated by Section 301 for
such Securities.

SECTION 1302. DEFEASANCE AND DISCHARGE.

        Upon the Company's exercise of its option (if any) to have this Section
applied to any Securities or any series of Securities, as the case may be, the
Company shall be deemed to have been discharged from its obligations with
respect to such Securities as provided in this Section on and after the date the
conditions set forth in Section 1304 are satisfied (hereinafter called
"Defeasance"). For this purpose, such Defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such Securities
and this Indenture insofar as such Securities are concerned (and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging the
same), subject to the following which shall survive until otherwise terminated
or discharged hereunder: (1) the rights of Holders of such Securities to
receive, solely from the trust fund described in Section 1304 and as more fully
set forth in such Section, payments in respect of the principal of and any
premium and interest on such Securities when payments are due, (2) the Company's
obligations with respect to such Securities under Sections 304, 305, 306, 1002
and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (4) this Article. Subject to compliance with this Article, the
Company may exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have
Section 1303 applied to such Securities.

SECTION 1303. COVENANT DEFEASANCE.

        Upon the Company's exercise of its option (if any) to have this Section
applied to any Securities or any series of Securities, as the case may be, (1)
the Company shall be released from its obligations under Section 801(3),
Sections 1006 through 1013, inclusive, and any covenants provided pursuant to
Section 301(18), 901(2) or 901(7) for the benefit of the Holders

                                     - 77 -
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of such Securities and (2) the occurrence of any event specified in Sections
501(4), 501(5) (with respect to any of Section 801(3), Sections 1006 through
1013, inclusive, and any such covenants provided pursuant to Section 301(18),
901(2) or 901(7)), 501(6), 501(7) and 501(10) shall be deemed not to be or
result in an Event of Default in each case with respect to such Securities as
provided in this Section on and after the date the conditions set forth in
Section 1304 are satisfied (hereinafter called "Covenant Defeasance"). For this
purpose, such Covenant Defeasance means that, with respect to such Securities,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such specified Section (to
the extent so specified in the case of Section 501(5)), whether directly or
indirectly by reason of any reference elsewhere herein to any such Section or by
reason of any reference in any such Section to any other provision herein or in
any other document, but the remainder of this Indenture and such Securities
shall be unaffected thereby.

SECTION 1304. CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.

        The following shall be the conditions to the application of Section 1302
or Section 1303 to any Securities or any series of Securities, as the case may
be:

        (1)  The Company shall irrevocably have deposited or caused to be
   deposited with the Trustee (or another trustee which satisfies the
   requirements contemplated by Section 609 and agrees to comply with the
   provisions of this Article applicable to it) as trust funds in trust for the
   purpose of making the following payments, specifically pledged as security
   for, and dedicated solely to, the benefits of the Holders of such Securities,
   (A) money in an amount, or (B) U.S. Government Obligations which through the
   scheduled payment of principal and interest in respect thereof in accordance
   with their terms will provide, not later than one day before the due date of
   any payment, money in an amount, or (C) a combination thereof, in each case
   sufficient, in the opinion of a nationally recognized firm of independent
   public accountants expressed in a written certification thereof delivered to
   the Trustee, to pay and discharge, and which shall be applied by the Trustee
   (or any such other qualifying trustee) to pay and discharge, the principal of
   and any premium and interest on such Securities on the respective Stated
   Maturities, in accordance with the terms of this Indenture and such
   Securities. As used herein, "U.S. Government Obligation" means (x) any
   security which is (i) a direct obligation of the United States of America for
   the payment of which the full faith and credit of the United States of
   America is pledged or (ii) an obligation of a Person controlled or supervised
   by and acting as an agency or instrumentality of the United States of America
   the payment of which is unconditionally guaranteed as a full faith and credit
   obligation by the United States of America, which, in either case (i) or
   (ii), is not callable or redeemable at the option of the issuer thereof, and
   (y) any depositary receipt issued by

                                     - 78 -
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   a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian
   with respect to any U.S. Government Obligation which is specified in Clause
   (x) above and held by such bank for the account of the holder of such
   depositary receipt, or with respect to any specific payment of principal of
   or interest on any U.S. Government Obligation which is so specified and held,
   provided that (except as required by law) such custodian is not authorized to
   make any deduction from the amount payable to the holder of such depositary
   receipt from any amount received by the custodian in respect of the U.S.
   Government Obligation or the specific payment of principal or interest
   evidenced by such depositary receipt.

        (2)  In the event of an election to have Section 1302 apply to any
   Securities or any series of Securities, as the case may be, the Company shall
   have delivered to the Trustee an Opinion of Counsel stating that (A) the
   Company has received from, or there has been published by, the Internal
   Revenue Service a ruling or (B) since the date of this instrument, there has
   been a change in the applicable Federal income tax law, in either case (A) or
   (B) to the effect that, and based thereon such opinion shall confirm that,
   the Holders of such Securities will not recognize gain or loss for Federal
   income tax purposes as a result of the deposit, Defeasance and discharge to
   be effected with respect to such Securities and will be subject to Federal
   income tax on the same amount, in the same manner and at the same times as
   would be the case if such deposit, Defeasance and discharge were not to
   occur.

        (3)  In the event of an election to have Section 1303 apply to any
   Securities or any series of Securities, as the case may be, the Company shall
   have delivered to the Trustee an Opinion of Counsel to the effect that the
   Holders of such Securities will not recognize gain or loss for Federal income
   tax purposes as a result of the deposit and Covenant Defeasance to be
   effected with respect to such Securities and will be subject to Federal
   income tax on the same amount, in the same manner and at the same times as
   would be the case if such deposit and Covenant Defeasance were not to occur.

        (4)  The Company shall have delivered to the Trustee an Officer's
   Certificate to the effect that neither such Securities nor any other
   Securities of the same series, if then listed on any securities exchange,
   will be delisted as a result of such deposit.

        (5)  No event which is, or after notice or lapse of time or both would
   become, an Event of Default with respect to such Securities or any other
   Securities shall have occurred and be continuing at the time of such deposit
   or, with regard to any such event specified in Sections 501(6) and (7), at
   any time on or prior to the 90th day after the date of such deposit (it being
   understood that this condition shall not be deemed satisfied until after such
   90th day).

                                     - 79 -
<Page>

        (6)  Such Defeasance or Covenant Defeasance shall not cause the Trustee
   to have a conflicting interest within the meaning of the Trust Indenture Act
   (assuming all Securities are in default within the meaning of such Act).

        (7)  Such Defeasance or Covenant Defeasance shall not result in a breach
   or violation of, or constitute a default under, any other agreement or
   instrument to which the Company is a party or by which it is bound.

        (8)  Such Defeasance or Covenant Defeasance shall not result in the
   trust arising from such deposit constituting an investment company within the
   meaning of the Investment Company Act unless such trust shall be registered
   under such Act or exempt from registration thereunder.

        (9)  The Company shall have delivered to the Trustee an Officer's
   Certificate and an Opinion of Counsel, each stating that all conditions
   precedent with respect to such Defeasance or Covenant Defeasance have been
   complied with.

SECTION 1305. DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN
              TRUST; MISCELLANEOUS PROVISIONS.

        Subject to the provisions of the last paragraph of Section 1003, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee or other qualifying trustee (solely for purposes of this
Section and Section 1306, the Trustee and any such other trustee are referred to
collectively as the "Trustee") pursuant to Section 1304 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and this Indenture, to the payment, either
directly or through any such Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Holders of such
Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated
from other funds except to the extent required by law.

        The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1304 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of Outstanding Securities.

        Anything in this Article to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon Company Request any
money or U.S. Government Obligations held by it as provided in Section 1304 with
respect to any Securities which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then
be required to be deposited

                                     - 80 -
<Page>

to effect the Defeasance or Covenant Defeasance, as the case may be, with
respect to such Securities.

SECTION 1306.  REINSTATEMENT.

        If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of any
order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the obligations under this
Indenture and such Securities from which the Company has been discharged or
released pursuant to Section 1302 or 1303 shall be revived and reinstated as
though no deposit had occurred pursuant to this Article with respect to such
Securities, until such time as the Trustee or Paying Agent is permitted to apply
all money held in trust pursuant to Section 1305 with respect to such Securities
in accordance with this Article; provided, however, that if the Company makes
any payment of principal of or any premium or interest on any such Security
following such reinstatement of its obligations, the Company shall be subrogated
to the rights (if any) of the Holders of such Securities to receive such payment
from the money so held in trust.

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

        This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

        IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

                                          OVERSEAS SHIPHOLDING GROUP, INC.

                                               By     /s/Myles R. Itkin
                                                    ----------------------
                                                    Myles R. Itkin, Senior
                                                    Vice President, Chief
                                                    Financial Officer and
                                                    Treasurer

                                          WILMINGTON TRUST COMPANY,
                                                         as Trustee

                                               By      /s/James D. Nesci
                                                    ----------------------
                                                    James D. Nesci
                                                    Authorized Signer

                                     - 81 -
<Page>

State of New York   )
                    )  ss.:
County of New York  )

        On the 7th day of March, 2003, before me personally came
_______________, to me known, who, being by me duly sworn, did depose and say
that he is___________________of Overseas Shipholding Group, Inc., one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation; and that he signed his name thereto by like
authority.

                                     --------------------------------
                                     Notary Public, State of New York

State of New York   )
                    )  ss.:
County of Kings     )

        On the 7th day of March, 2003, before me personally came _____________,
to me known, who, being by me duly sworn, did depose and say that [he] [she] is
__________________________of Wilmington Trust Company, one of the corporations
described in and which executed the foregoing instrument; that [he] [she] knows
the seal of said corporation; that the seal affixed to said instrument is such
corporate seal; that it was so affixed by authority of the Board of Directors of
said corporation; and that [he] [she] signed [his] [her] name thereto by like
authority.

                                     --------------------------------
                                     Notary Public, State of New York

                                     - 82 -
<Page>

                                                                       Exhibit A

                                 IAI CERTIFICATE

                                                                    CUSIP_______
                                                                     ISIN_______

   Overseas Shipholding Group, Inc
   c/o Wilmington Trust Company, as Trustee
   Rodney Square North
   1100 North Market Street
   Wilmington, DE 19890

   Attention: Corporate Trust Administration

         Re: Overseas Shipholding Group, Inc.
             [DESCRIBE SECURITY]

   Dear Sirs:

        This certificate is delivered to request a transfer of $_______
   principal amount of the [DESCRIBE SECURITY] (the "Securities") of Overseas
   Shipholding Group, Inc. (the "Company").

        Upon transfer, the Securities would be registered in the name of the new
   beneficial owner as follows:

   Name:

   Address:

   Taxpayer ID Number:

        The Undersigned Transferee represents and warrants to you that:

        1.   We are an institutional "accredited investor" (as defined in Rule
   501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the
   "Securities Act")), purchasing for our own account or for the account of such
   an institutional "accredited investor" in each case in a minimum principal
   amount of Securities of $250,000 and we are acquiring the Securities for
   investment purposes and not with a view to, or for offer or sale in
   connection with, any distribution in violation of the Securities Act. We have
   such knowledge and experience in financial and business matters as to be
   capable of evaluating the merits and risk of our investment in the Securities
   and we invest in or purchase securities similar to the Securities in the
   normal course of our business. We and any accounts for which we

                                     - 83 -
<Page>

   are acting are each able to bear the economic risk of our or their
   investment.

        2.   We understand that the Securities have not been registered under
   the Securities Act and, unless so registered, may not be offered, sold or
   otherwise transferred except as permitted in the following sentence. We agree
   on our own behalf and on behalf of any investor account for which we are
   purchasing Securities to offer, sell or otherwise transfer such Securities
   prior to the date which is two years after the later of the date of original
   issue and the last date on which the Company or any affiliate of the Company
   was the owner of such Securities (or any predecessor thereto) (the "Resale
   Restriction Termination Date") only (a) to the Company, (b) pursuant to a
   registration statement which has been declared effective under the Securities
   Act, (c) in a transaction complying with the requirements of Rule 144A under
   the Securities Act ("Rule 144A"), to a person we reasonably believe is a
   "qualified institutional buyer" under Rule 144A ("QIB") that purchases for
   its own account or for the account of a QIB and to whom notice is given that
   the transfer is being made in reliance on Rule 144A, (d) pursuant to offers
   and sales that occur outside the United States in accordance with Regulation
   S under the Securities Act, (e) to an institutional "accredited investor"
   (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
   Act) that is purchasing for its own account or for the account of such
   institutional "accredited investor," in each case in a minimum principal
   amount of Securities of $250,000, for investment purposes and not with a view
   to, or for offer or sale in connection with, any distribution in violation of
   the Securities Act, or (f) pursuant to any other available exemption from the
   registration requirements of the Securities Act, subject in each of the
   foregoing cases to any requirement of law that the disposition of our
   property or the property of such investor account or accounts be at all times
   within our or their control and in compliance with any applicable state
   securities laws. The foregoing restriction on resale will not apply
   subsequent to the Resale Restriction Termination Date. If any resale or other
   transfer of the Securities is proposed to be made pursuant to clause (e)
   above prior to the Resale Restriction Termination Date, the transferor shall
   deliver a letter from the transferee substantially in the form of this letter
   to the Company and the Trustee, which shall provide, among other things, that
   the transferee is an institutional "accredited investor" (within the meaning
   of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that is
   acquiring such Securities for investment purposes and not for distribution in
   violation of the Securities Act. Each purchaser acknowledges that the Company
   and the Trustee

                                     - 84 -
<Page>

   reserve the right prior to any offer, sale or other transfer of the
   Securities prior to the Resale Restriction Termination Date pursuant to
   clauses (d), (e) and (f) above to require the delivery of an opinion of
   counsel, certifications and/or other information satisfactory to the Company
   and the Trustee.

        3.   You are entitled to rely upon this letter, and you are irrevocably
   authorized to produce this letter or a copy hereof to any interested party in
   any administrative or legal proceeding or official inquiry with respect to
   the matters covered hereby.

   Transferee:                              Transferor:

   By:                                      By:
      -------------------------                -------------------------

   Date:                                    Date:

                                     - 85 -
<Page>

                                                                       Exhibit B

                            REGULATION S CERTIFICATE

                                                                    CUSIP_______
                                                                     ISIN_______

   Overseas Shipholding Group, Inc
   c/o Wilmington Trust Company, as Trustee
   Rodney Square North
   1100 North Market Street
   Wilmington, DE 19890

   Attention: Corporate Trust Administration

         Re: Overseas Shipholding Group, Inc.
             [DESCRIBE SECURITY]

   Ladies and Gentlemen:

        This certificate is delivered to request a transfer of $________
   principal amount of the [DESCRIBE SECURITY] (the "Securities") of Overseas
   Shipholding Group, Inc. (the "Company").

        Upon transfer, the Securities would be registered in the name of the new
   beneficial owner as follows:

   Name:

   Address:

   Taxpayer ID Number:

        In connection with our proposed sale of $_______ aggregate principal
   amount of the Securities, we confirm that such sale has been effected
   pursuant to and in accordance with Regulation S under the Securities Act of
   1933, as amended (the "Securities Act"), and, accordingly, we represent that:

        (a)  the offer of the Securities was not made to a person in the United
   States;

        (b)  either (i) at the time the buy order was originated, the transferee
   was outside the United States or we and any person acting on our behalf
   reasonably believed that the transferee was outside the United States or (ii)
   the transaction was executed in, on or through the facilities of a designated
   offshore securities market and neither we nor any person acting on our behalf
   knows that the transaction has been pre-arranged with a buyer in the United
   States;

<Page>

        (c)  neither we, any of our affiliates, nor any person acting on our or
   their behalf has made any directed selling efforts in the United States in
   contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation
   S, as applicable; and

        (d)  the transaction is not part of a plan or scheme to evade the
   registration requirements of the Securities Act.

        In addition, if the sale is made during a restricted period and the
   provisions of Rule 903(c)(3) or Rule 904(c)(1) of Regulation S are applicable
   thereto, we confirm that such sale has been made in accordance with the
   applicable provisions of Rule 903(c)(3) or Rule 904(c)(1), as the case may
   be.

        You and the Company are entitled to rely upon this letter and are
   irrevocably authorized to produce this letter or a copy hereof to any
   interested party in any administrative or legal proceedings or official
   inquiry with respect to the matters covered hereby. Terms used in this
   certificate have the meanings set forth in Regulation S.

                                     Transferor:

                                     By
                                        -------------------------

                                     Date:

                                      - 2 -

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