Document:

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                                                                     Exhibit 4.1

                            364-DAY CREDIT AGREEMENT

                           Dated as of March 12, 2004

            YORK INTERNATIONAL CORPORATION, a Delaware corporation (the
"Borrower"), the banks, financial institutions and other institutional lenders
(the "Initial Lenders") listed on the signature pages hereof, CITIBANK, N.A.
("Citibank"), as the administrative agent (the "Agent") for the Lenders (as
hereinafter defined), JPMORGAN CHASE BANK, as syndication agent, BANK OF
TOKYO-MITSUBISHI TRUST COMPANY, FLEET NATIONAL BANK, NORDEA BANK FINLAND PLC and
BNP PARIBAS, as documentation agents, and CITIGROUP GLOBAL MARKETS INC. and J.P.
MORGAN SECURITIES INC., as joint lead arrangers and joint book managers, agree
as follows:

                                    ARTICLE I

                        DEFINITIONS AND ACCOUNTING TERMS

            SECTION 1.01. Certain Defined Terms. As used in this Agreement, the
following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

            "Advance" means a Revolving Credit Advance or a Competitive Bid
      Advance.

            "Affiliate" means, as to any Person, any other Person that, directly
      or indirectly, controls, is controlled by or is under common control with
      such Person or is a director or officer of such Person. For purposes of
      this definition, the term "control" (including the terms "controlling",
      "controlled by" and "under common control with") of a Person means the
      possession, direct or indirect, of the power to vote 20% or more of the
      Voting Stock of such Person or to direct or cause the direction of the
      management and policies of such Person, whether through the ownership of
      Voting Stock, by contract or otherwise.

            "Agent's Account" means the account of the Agent maintained by the
      Agent at Citibank at its office at 399 Park Avenue, New York, New York
      10043, Account No. 36852248, Attention: Bank Loan Syndications.

            "Applicable Lending Office" means, with respect to each Lender, such
      Lender's Domestic Lending Office in the case of a Base Rate Advance and
      such Lender's Eurodollar Lending Office in the case of a Eurodollar Rate
      Advance and, in the case of a Competitive Bid Advance, the office of such
      Lender notified by such Lender to the Agent as its Applicable Lending
      Office with respect to such Competitive Bid Advance.

            "Applicable Margin" means, as of any date (a) for Base Rate Advances
      prior to the Term Loan Conversion Date, 0.00% per annum and (b) for (i)
      Base Rate Advances on and after the Term Loan Conversion Date and (ii)
      Eurodollar Rate Advances, a percentage per annum determined by reference
      to the Public Debt Rating in effect on such date as set forth below:

<TABLE>
<CAPTION>
                                                  Applicable Margin for     Applicable Margin for
                         Applicable Margin for       Eurodollar Rate           Eurodollar Rate
                         Base Rate Advance On     Advances Prior to the     Advances On and After
Public Debt Rating        and After the Term       Term Loan Conversion         the Term Loan
   S&P/Moody's           Loan Conversion Date              Date                Conversion Date
------------------       --------------------     ---------------------     ---------------------
<S>                      <C>                      <C>                       <C>
Level 1

A- or A3 or above               0.000%                    0.420%                   0.850%
</TABLE>

<PAGE>

<TABLE>
<S>                             <C>                       <C>                      <C>
Level 2
BBB+ and Baa1                   0.000%                    0.535%                   1.000%

Level 3
BBB+ or Baa1                    0.000%                    0.650%                   1.375%

Level 4
BBB or Baa2                     0.125%                    0.850%                   1.625%

Level 5
BBB- and Baa3                   0.250%                    0.925%                   1.750%

Level 6
Lower than Level 5              1.500%                    1.450%                   3.000%
</TABLE>

            "Applicable Percentage" means, as of any date, a percentage per
      annum determined by reference to the Public Debt Rating in effect on such
      date as set forth below:

<TABLE>
<CAPTION>
Public Debt Rating                        Applicable
   S&P/Moody's                            Percentage
------------------                        ----------
<S>                                       <C>
Level 1
A- or A3 or above                           0.080%

Level 2
BBB+ and Baa1                               0.090%

Level 3
BBB+ or Baa1                                0.100%

Level 4
BBB or Baa2                                 0.150%

Level 5
BBB- and Baa3                               0.200%

Level 6
Lower than Level 5                          0.300%
</TABLE>

            "Applicable Utilization Fee" means, as of any date prior to the Term
      Loan Conversion Date that Usage exceeds 25% of the aggregate Revolving
      Credit Commitments, a percentage per annum determined by reference to the
      Public Debt Rating in effect on such date as set forth below:

<TABLE>
<CAPTION>
Public Debt Rating                        Applicable
    S&P/Moody's                         Utilization Fee
------------------                      ---------------
<S>                                     <C>
Level 1
A- or A3 or above                           0.100%

Level 2
BBB+ and Baa1                               0.125%

Level 3
BBB+ or Baa1                                0.125%

Level 4
BBB or Baa2                                 0.125%

Level 5
BBB- and Baa3                               0.125%

Level 6
Lower than Level 5                          0.250%
</TABLE>

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            "Assignment and Acceptance" means an assignment and acceptance
      entered into by a Lender and an Eligible Assignee, and accepted by the
      Agent, in substantially the form of Exhibit C hereto.

            "Base Rate" means a fluctuating interest rate per annum in effect
      from time to time, which rate per annum shall at all times be equal to the
      highest of:

                  (a)   the rate of interest announced publicly by Citibank in
            New York, New York, from time to time, as Citibank's base rate;

                  (b)   the sum (adjusted to the nearest 1/4 of 1% or, if there
            is no nearest 1/4 of 1%, to the next higher 1/4 of 1%) of (i) -1/2
            of 1% per annum, plus (ii) the rate obtained by dividing (A) the
            latest three-week moving average of secondary market morning
            offering rates in the United States for three-month certificates of
            deposit of major United States money market banks, such three-week
            moving average (adjusted to the basis of a year of 360 days) being
            determined weekly on each Monday (or, if such day is not a Business
            Day, on the next succeeding Business Day) for the three-week period
            ending on the previous Friday by Citibank on the basis of such rates
            reported by certificate of deposit dealers to and published by the
            Federal Reserve Bank of New York or, if such publication shall be
            suspended or terminated, on the basis of quotations for such rates
            received by Citibank from three New York certificate of deposit
            dealers of recognized standing selected by Citibank, by (B) a
            percentage equal to 100% minus the average of the daily percentages
            specified during such three-week period by the Board of Governors of
            the Federal Reserve System (or any successor) for determining the
            maximum reserve requirement (including, but not limited to, any
            emergency, supplemental or other marginal reserve requirement) for
            Citibank with respect to liabilities consisting of or including
            (among other liabilities) three-month U.S. dollar non-personal time
            deposits in the United States, plus (iii) the average during such
            three-week period of the annual assessment rates estimated by
            Citibank for determining the then current annual assessment payable
            by Citibank to the Federal Deposit Insurance Corporation (or any
            successor) for insuring U.S. dollar deposits of Citibank in the
            United States; and

                  (c)   -1/2 of one percent per annum above the Federal Funds
            Rate.

            "Base Rate Advance" means a Revolving Credit Advance that bears
      interest as provided in Section 2.07(a)(i).

            "Borrower Information" has the meaning specified in Section 8.08.

            "Borrowing" means a Revolving Credit Borrowing or a Competitive Bid
      Borrowing.

            "Business Day" means a day of the year on which banks are not
      required or authorized by law to close in New York City and, if the
      applicable Business Day relates to any Eurodollar Rate Advances or LIBO
      Rate Advances, on which dealings are carried on in the London interbank
      market.

            "Competitive Bid Advance" means an advance by a Lender to the
      Borrower as part of a Competitive Bid Borrowing resulting from the
      competitive bidding procedure described in Section 2.03 and refers to a
      Fixed Rate Advance or a LIBO Rate Advance.

            "Competitive Bid Borrowing" means a borrowing consisting of
      simultaneous Competitive Bid Advances from each of the Lenders whose offer
      to make one or more Competitive Bid Advances as part of such borrowing has
      been accepted under the competitive bidding procedure described in Section
      2.03.

            "Competitive Bid Note" means a promissory note of the Borrower
      payable to the order of any Lender, in substantially the form of Exhibit
      A-2 hereto, evidencing the indebtedness of the Borrower to such Lender
      resulting from a Competitive Bid Advance made by such Lender.

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            "Consolidated" refers to the consolidation of accounts in accordance
      with GAAP.

            "Convert", "Conversion" and "Converted" each refers to a conversion
      of Revolving Credit Advances of one Type into Revolving Credit Advances of
      the other Type pursuant to Section 2.08 or 2.09.

            "Covenant Debt" means the sum of, without duplication, (a) all items
      that, in accordance with GAAP, would be classified as indebtedness on a
      Consolidated balance sheet of the Borrower and its Subsidiaries, plus (b)
      Debt of the Borrower and its Subsidiaries of the type described in clause
      (f) of the definition of "Debt" and (c) the portion of any item that, in
      accordance with GAAP, would be classified as indebtedness on a
      Consolidated balance sheet of any Person that is guaranteed by the
      Borrower and its Subsidiaries.

            "Debt" of any Person means, without duplication, (a) all
      indebtedness of such Person for borrowed money, (b) all obligations of
      such Person for the deferred purchase price of property or services (other
      than trade payables incurred in the ordinary course of such Person's
      business), (c) all obligations of such Person evidenced by notes, bonds,
      debentures or other similar instruments, (d) all obligations of such
      Person created or arising under any conditional sale or other title
      retention agreement with respect to property acquired by such Person (even
      though the rights and remedies of the seller or lender under such
      agreement in the event of default are limited to repossession or sale of
      such property), (e) all obligations of such Person as lessee under leases
      that have been or should be, in accordance with GAAP, recorded as capital
      leases, (f) the portion of the cash purchase price related to the purchase
      of accounts receivable from such Person (including without limitation, in
      the case of the Borrower, the cash proceeds received from time to time
      from the sale of the Borrower's accounts receivable) that shall not have
      been recovered by the purchaser thereof (excluding up to $75,000,000 of
      receivables owing by foreign obligors that are sold by the Borrower and
      its Subsidiaries), (g) all obligations, contingent or otherwise, of such
      Person in respect of acceptances, letters of credit or similar extensions
      of credit, (h) all obligations of such Person in respect of Hedge
      Agreements, (i) all Debt of others referred to in clauses (a) through (h)
      above or clause (j) below and other payment obligations guaranteed
      directly or indirectly in any manner by such Person, or in effect
      guaranteed directly or indirectly by such Person through an agreement (1)
      to pay or purchase such Debt or to advance or supply funds for the payment
      or purchase of such Debt, (2) to purchase, sell or lease (as lessee or
      lessor) property, or to purchase or sell services, primarily for the
      purpose of enabling the debtor to make payment of such Debt or to assure
      the holder of such Debt against loss, (3) to supply funds to or in any
      other manner invest in the debtor (including any agreement to pay for
      property or services irrespective of whether such property is received or
      such services are rendered) or (4) otherwise to assure a creditor against
      loss, and (j) all Debt referred to in clauses (a) through (i) above
      secured by (or for which the holder of such Debt has an existing right,
      contingent or otherwise, to be secured by) any Lien on property
      (including, without limitation, accounts and contract rights) owned by
      such Person, even though such Person has not assumed or become liable for
      the payment of such Debt, the amount of such Debt being the lesser of the
      amount of the obligations secured by such Lien and the fair market value
      of the assets subject to such Lien.

            "Default" means any Event of Default or any event that would
      constitute an Event of Default but for the requirement that notice be
      given or time elapse or both.

            "Domestic Lending Office" means, with respect to any Lender, the
      office of such Lender specified as its "Domestic Lending Office" opposite
      its name on Schedule I hereto or in the Assignment and Acceptance pursuant
      to which it became a Lender, or such other office of such Lender as such
      Lender may from time to time specify to the Borrower and the Agent.

            "EBITDA" means, for any Person for any period, net income (or net
      loss) plus the sum of (a) interest expense, (b) income tax expense, (c)
      depreciation expense, (d) amortization expense, and (e) any extraordinary
      or non-recurring losses (in the case of the Borrower and its Subsidiaries,
      inclusive of losses related to restructuring charges and operating
      expenses related to restructuring actions in an amount not to exceed
      $103,000,000 taken not later than December 31, 2003, of which not more
      than $50,000,000

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      shall be cash charges or expenses, and losses related to Statement of
      Financial Accounting Standards No. 142 and No. 144 in an aggregate amount
      not to exceed $350,000,000) minus any extraordinary or non-recurring
      gains, for such period in each case determined for such Person in
      accordance with GAAP.

            "Effective Date" has the meaning specified in Section 3.01.

            "Eligible Assignee" means (i) a Lender; (ii) an Affiliate of a
      Lender; or (iii) any other Person approved by the Agent and, unless an
      Event of Default has occurred and is continuing at the time any assignment
      is effected in accordance with Section 8.07, the Borrower, such approval
      not to be unreasonably withheld or delayed; provided, however, that
      neither the Borrower nor an Affiliate of the Borrower shall qualify as an
      Eligible Assignee.

            "Environmental Action" means any action, suit, demand, demand
      letter, claim, notice of non-compliance or violation, notice of liability
      or potential liability, investigation, proceeding, consent order or
      consent agreement relating in any way to any Environmental Law,
      Environmental Permit or Hazardous Materials or arising from alleged injury
      or threat of injury to health, safety or the environment, including,
      without limitation, (a) by any governmental or regulatory authority for
      enforcement, cleanup, removal, response, remedial or other actions or
      damages and (b) by any governmental or regulatory authority or any third
      party for damages, contribution, indemnification, cost recovery,
      compensation or injunctive relief.

            "Environmental Law" means any federal, state, local or foreign
      statute, law, ordinance, rule, regulation, code, order, judgment, decree
      or judicial or agency interpretation, policy or guidance relating to
      pollution or protection of the environment, natural resources or, to the
      extent related to exposure to Hazardous Materials, health or safety,
      including, without limitation, those relating to the use, handling,
      transportation, treatment, storage, disposal, release or discharge of
      Hazardous Materials.

            "Environmental Permit" means any permit, approval, identification
      number, license or other authorization required under any Environmental
      Law.

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

            "ERISA Affiliate" means any Person that for purposes of Title IV of
      ERISA is a member of the Borrower's controlled group, or under common
      control with the Borrower, within the meaning of Section 414 of the
      Internal Revenue Code.

            "ERISA Event" means (a) (i) the occurrence of a reportable event,
      within the meaning of Section 4043 of ERISA, with respect to any Plan
      unless the 30-day notice requirement with respect to such event has been
      waived by the PBGC, or (ii) the requirements of subsection (1) of Section
      4043(b) of ERISA (without regard to subsection (2) of such Section) are
      met with respect to a contributing sponsor, as defined in Section
      4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9),
      (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably
      expected to occur with respect to such Plan within the following 30 days;
      (b) the application for a minimum funding waiver with respect to a Plan;
      (c) the provision by the administrator of any Plan of a notice of intent
      to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including
      any such notice with respect to a plan amendment referred to in Section
      4041(e) of ERISA); (d) the cessation of operations at a facility of the
      Borrower or any ERISA Affiliate in the circumstances described in Section
      4062(e) of ERISA; (e) the withdrawal by the Borrower or any ERISA
      Affiliate from a Multiple Employer Plan during a plan year for which it
      was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f)
      the conditions for the imposition of a lien under Section 302(f) of ERISA
      shall have been met with respect to any Plan; (g) the adoption of an
      amendment to a Plan requiring the provision of security to such Plan
      pursuant to Section 307 of ERISA; or (h) the institution by the PBGC of
      proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the

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<PAGE>

      occurrence of any event or condition described in Section 4042 of ERISA
      that constitutes grounds for the termination of, or the appointment of a
      trustee to administer, a Plan.

            "Eurocurrency Liabilities" has the meaning assigned to that term in
      Regulation D of the Board of Governors of the Federal Reserve System, as
      in effect from time to time.

            "Eurodollar Lending Office" means, with respect to any Lender, the
      office of such Lender specified as its "Eurodollar Lending Office"
      opposite its name on Schedule I hereto or in the Assignment and Acceptance
      pursuant to which it became a Lender (or, if no such office is specified,
      its Domestic Lending Office), or such other office of such Lender as such
      Lender may from time to time specify to the Borrower and the Agent.

            "Eurodollar Rate" means, for any Interest Period for each Eurodollar
      Rate Advance comprising part of the same Revolving Credit Borrowing, an
      interest rate per annum equal to the rate per annum obtained by dividing
      (a) the rate per annum (rounded upward to the nearest whole multiple of
      1/16 of 1% per annum) appearing on Telerate Markets Page 3750 (or any
      successor page) as the London interbank offered rate for deposits in U.S.
      dollars at approximately 11:00 A.M. (London time) two Business Days prior
      to the first day of such Interest Period for a term comparable to such
      Interest Period or, if for any reason such rate is not available, the
      average (rounded upward to the nearest whole multiple of 1/16 of 1% per
      annum, if such average is not such a multiple) of the rate per annum at
      which deposits in U.S. dollars are offered by the principal office of each
      of the Reference Banks in London, England to prime banks in the London
      interbank market at 11:00 A.M. (London time) two Business Days before the
      first day of such Interest Period in an amount substantially equal to such
      Reference Bank's Eurodollar Rate Advance comprising part of such Revolving
      Credit Borrowing to be outstanding during such Interest Period and for a
      period equal to such Interest Period by (b) a percentage equal to 100%
      minus the Eurodollar Rate Reserve Percentage for such Interest Period. If
      the Telerate Markets Page 3750 (or any successor page) is unavailable, the
      Eurodollar Rate for any Interest Period for each Eurodollar Rate Advance
      comprising part of the same Revolving Credit Borrowing shall be determined
      by the Agent on the basis of applicable rates furnished to and received by
      the Agent from the Reference Banks two Business Days before the first day
      of such Interest Period, subject, however, to the provisions of Section
      2.08.

            "Eurodollar Rate Advance" means a Revolving Credit Advance that
      bears interest as provided in Section 2.07(a)(ii).

            "Eurodollar Rate Reserve Percentage" for any Interest Period for all
      Eurodollar Rate Advances or LIBO Rate Advances comprising part of the same
      Borrowing means the reserve percentage, if any, applicable two Business
      Days before the first day of such Interest Period under regulations issued
      from time to time by the Board of Governors of the Federal Reserve System
      (or any successor) for determining the maximum reserve requirement
      (including, without limitation, any emergency, supplemental or other
      marginal reserve requirement) for a member bank of the Federal Reserve
      System in New York City with respect to liabilities or assets consisting
      of or including Eurocurrency Liabilities (or with respect to any other
      category of liabilities that includes deposits by reference to which the
      interest rate on Eurodollar Rate Advances or LIBO Rate Advances is
      determined) having a term equal to such Interest Period.

            "Events of Default" has the meaning specified in Section 6.01.

            "Federal Funds Rate" means, for any period, a fluctuating interest
      rate per annum equal for each day during such period to the weighted
      average of the rates on overnight Federal funds transactions with members
      of the Federal Reserve System arranged by Federal funds brokers, as
      published for such day (or, if such day is not a Business Day, for the
      next preceding 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 of the quotations for such day on such transactions received by
      the Agent from three Federal funds brokers of recognized standing selected
      by it.

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            "Fixed Rate Advances" has the meaning specified in Section
      2.03(a)(i).

            "Foreign Subsidiary" means any Subsidiary organized under the laws
      of a jurisdiction other than the United States of America or any political
      subdivision thereof.

            "GAAP" has the meaning specified in Section 1.03.

            "Hazardous Materials" means (a) petroleum and petroleum products,
      byproducts or breakdown products, radioactive materials,
      asbestos-containing materials and polychlorinated biphenyls and (b) any
      other chemicals, materials or substances designated, classified or
      regulated as hazardous or toxic or as a pollutant or contaminant under any
      Environmental Law.

            "Hedge Agreements" means interest rate swap, cap or collar
      agreements, interest rate future or option contracts, currency swap
      agreements, currency future or option contracts and other similar
      agreements.

            "Information Memorandum" means the information memorandum dated
      February 2004 used by the Agent in connection with the syndication of the
      Revolving Credit Commitments, as supplemented by reports of the Borrower
      filed with the Securities and Exchange Commission referenced in the
      information memorandum, by reports filed by the Borrower with the
      Securities and Exchange Commission subsequent to the date of the
      information memorandum but prior to March 1, 2004 and by the Borrower's
      2003 fourth quarter and full year results announced on February 19, 2004.

            "Interest Period" means, for each Eurodollar Rate Advance comprising
      part of the same Revolving Credit Borrowing and each LIBO Rate Advance
      comprising part of the same Competitive Bid Borrowing, the period
      commencing on the date of such Eurodollar Rate Advance or LIBO Rate
      Advance or the date of the Conversion of any Base Rate Advance into such
      Eurodollar Rate Advance and ending on the last day of the period selected
      by the Borrower pursuant to the provisions below and, thereafter, with
      respect to Eurodollar Rate Advances, each subsequent period commencing on
      the last day of the immediately preceding Interest Period and ending on
      the last day of the period selected by the Borrower pursuant to the
      provisions below. The duration of each such Interest Period shall be one,
      two, three or six months, and subject to clause (iii) of this definition,
      nine or twelve months, as the Borrower may, upon notice received by the
      Agent not later than 11:00 A.M. (New York City time) on the third Business
      Day prior to the first day of such Interest Period, select; provided,
      however, that:

                  (i)   the Borrower may not select any Interest Period that
            ends after the Termination Date except that, if the Revolving Credit
            Advances have been converted to term loans pursuant to Section 2.06
            prior to such selection, such Borrower may not select any Interest
            Period that ends after the Term Loan Maturity Date;

                  (ii)  Interest Periods commencing on the same date for
            Eurodollar Rate Advances comprising part of the same Revolving
            Credit Borrowing or for LIBO Rate Advances comprising part of the
            same Competitive Bid Borrowing shall be of the same duration;

                  (iii) in the case of any such Revolving Credit Borrowing, the
            Borrower shall not be entitled to select an Interest Period having
            duration of nine or twelve months unless, by 2:00 P.M. (New York
            City time) on the third Business Day prior to the first day of such
            Interest Period, each Lender notifies the Administrative Agent that
            such Lender will be providing funding for such Revolving Credit
            Borrowing with such Interest Period (the failure of any Lender to so
            respond by such time being deemed for all purposes of this Agreement
            as an objection by such Lender to the requested duration of such
            Interest Period); provided that, if any or all of the Lenders object
            to the requested duration of such Interest Period, the duration of
            the Interest Period for such Revolving Credit Borrowing shall be
            one, two, three or six months, as specified by the Borrower
            requesting

                                       7
<PAGE>

            such Revolving Credit Borrowing in the applicable Notice of
            Revolving Credit Borrowing as the desired alternative to an Interest
            Period of nine or twelve months;

                  (iv)  whenever the last day of any Interest Period would
            otherwise occur on a day other than a Business Day, the last day of
            such Interest Period shall be extended to occur on the next
            succeeding Business Day, provided, however, that, if such extension
            would cause the last day of such Interest Period to occur in the
            next following calendar month, the last day of such Interest Period
            shall occur on the next preceding Business Day; and

                  (v)   whenever the first day of any Interest Period occurs on
            a day of an initial calendar month for which there is no numerically
            corresponding day in the calendar month that succeeds such initial
            calendar month by the number of months equal to the number of months
            in such Interest Period, such Interest Period shall end on the last
            Business Day of such succeeding calendar month.

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

            "Interim Financial Statements" has the meaning specified in Section
      4.01(e).

            "Lenders" means the Initial Lenders and each Person that shall
      become a party hereto pursuant to Section 8.07.

            "LIBO Rate" means, for any Interest Period for all LIBO Rate
      Advances comprising part of the same Competitive Bid Borrowing, an
      interest rate per annum equal to the rate per annum obtained by dividing
      (a) the rate per annum (rounded upward to the nearest whole multiple of
      1/16 of 1% per annum) appearing on Dow Jones Markets Telerate Page 3750
      (or any successor page) as the London interbank offered rate for deposits
      in U.S. dollars at approximately 11:00 A.M. (London time) two Business
      Days prior to the first day of such Interest Period for a term comparable
      to such Interest Period or, if for any reason such rate is not available,
      the average (rounded upward to the nearest whole multiple of 1/16 of 1%
      per annum, if such average is not such a multiple) of the rate per annum
      at which deposits in U.S. dollars offered by the principal office of each
      of the Reference Banks in London, England to prime banks in the London
      interbank market at 11:00 A.M. (London time) two Business Days before the
      first day of such Interest Period in an amount substantially equal to the
      amount that would be the Reference Banks' respective ratable shares of
      such Borrowing if such Borrowing were to be a Revolving Credit Borrowing
      to be outstanding during such Interest Period and for a period equal to
      such Interest Period by (b) a percentage equal to 100% minus the
      Eurodollar Rate Reserve Percentage for such Interest Period. If the Dow
      Jones Markets Telerate Page 3750 (or any successor page) is unavailable,
      the LIBO Rate for any Interest Period for each LIBO Rate Advance
      comprising part of the same Competitive Bid Borrowing shall be determined
      by the Agent on the basis of applicable rates furnished to and received by
      the Agent from the Reference Banks two Business Days before the first day
      of such Interest Period, subject, however, to the provisions of Section
      2.08.

            "LIBO Rate Advances" means a Competitive Bid Advance bearing
      interest based on the LIBO Rate.

            "Lien" means any lien, security interest or other charge or
      encumbrance of any kind, including, without limitation, the lien or
      retained security title of a conditional vendor and any easement, right of
      way or other encumbrance on title to real property; provided, however,
      that no transfer of assets that is treated as a sale in accordance with
      GAAP shall be deemed to constitute a Lien for purposes of this Agreement.

            "Loan Document" means this Agreement and the Notes (if any).

                                       8
<PAGE>

            "Material Adverse Change" means any material adverse change in the
      business, condition (financial or otherwise), operations, performance or
      properties of the Borrower or the Borrower and its Subsidiaries taken as a
      whole.

            "Material Adverse Effect" means a material adverse effect on (a) the
      business, condition (financial or otherwise), operations, performance or
      properties of the Borrower or the Borrower and its Subsidiaries taken as a
      whole, (b) the rights and remedies of the Agent or any Lender under this
      Agreement or any Note or (c) the ability of the Borrower to perform its
      obligations under this Agreement or any Note.

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

            "Multiemployer Plan" means a multiemployer plan, as defined in
      Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate
      is making or accruing an obligation to make contributions, or has within
      any of the preceding five plan years made or accrued an obligation to make
      contributions.

            "Multiple Employer Plan" means a single employer plan, as defined in
      Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the
      Borrower or any ERISA Affiliate and at least one Person other than the
      Borrower and the ERISA Affiliates or (b) was so maintained and in respect
      of which the Borrower or any ERISA Affiliate could have liability under
      Section 4064 or 4069 of ERISA in the event such plan has been or were to
      be terminated.

            "Net Worth" means, on any date, all amounts which, in accordance
      with GAAP, would be included under stockholders' equity on a Consolidated
      balance sheet of the Borrower and its Subsidiaries at such date, adjusted
      to exclude (x) accumulated foreign currency translation adjustments, (y)
      accumulated losses related to Statement of Financial Accounting Standards
      No. 142 and No. 144 in an aggregate amount not to exceed $350,000,000 and
      (z) accumulated losses related to restructuring charges and operating
      expenses related to restructuring actions in an amount not to exceed
      $103,000,000 taken not later than December 31, 2003, of which not more
      than $50,000,000 shall be cash charges and expenses.

            "Note" means a Revolving Credit Note or a Competitive Bid Note.

            "Notice of Competitive Bid Borrowing" has the meaning specified in
      Section 2.03(a).

            "Notice of Revolving Credit Borrowing" has the meaning specified in
      Section 2.02(a).

            "PBGC" means the Pension Benefit Guaranty Corporation (or any
      successor).

            "Permitted Liens" means such of the following as to which no
      enforcement, collection, execution, levy or foreclosure proceeding shall
      have been commenced: (a) Liens for taxes, assessments and governmental
      charges or levies to the extent not required to be paid under Section
      5.01(b) hereof; (b) Liens imposed by law, such as materialmen's,
      mechanics', carriers', workmen's and repairmen's Liens and other similar
      Liens arising in the ordinary course of business securing obligations that
      are not overdue for a period of more than 60 days; (c) pledges or deposits
      to secure obligations under workers' compensation laws or similar
      legislation or to secure public or statutory obligations; (d) easements,
      rights of way and other encumbrances on title to real property that do not
      render title to the property encumbered thereby unmarketable or materially
      adversely affect the use of such property for its present purposes and (e)
      Liens securing performance of bids, trade contracts (other than for
      borrowed money), leases, surety and appeal bonds, performance bonds and
      similar obligations incurred in the ordinary course of business.

            "Person" means an individual, partnership, corporation (including a
      business trust), joint stock company, trust, unincorporated association,
      joint venture, limited liability company or other entity, or a government
      or any political subdivision or agency thereof.

            "Plan" means a Single Employer Plan or a Multiple Employer Plan.

                                       9
<PAGE>

            "Public Debt Rating" means, as of any date, the rating that has been
      most recently announced by either S&P or Moody's, as the case may be, for
      any class of non-credit enhanced long-term senior unsecured debt issued by
      the Borrower (and if either such rating agency has issued more than one
      such rating, the lowest thereof). For purposes of the foregoing, (a) if
      only one of S&P and Moody's shall have in effect a Public Debt Rating, the
      Applicable Margin, the Applicable Percentage and the Applicable
      Utilization Fee shall be determined by reference to the available rating;
      (b) if neither S&P nor Moody's shall have in effect a Public Debt Rating,
      the Applicable Margin, the Applicable Percentage and the Applicable
      Utilization Fee will be set in accordance with Level 6 under the
      definition of "Applicable Margin", "Applicable Percentage" or "Applicable
      Utilization Fee", as the case may be; (c) if the ratings established by
      S&P and Moody's shall fall within different levels, the Applicable Margin,
      the Applicable Percentage and the Applicable Utilization Fee shall be
      based upon the higher rating unless such ratings differ by two or more
      levels, in which case the applicable level will be deemed to be one level
      above the lower of such levels; (d) if any rating established by S&P or
      Moody's shall be changed, such change shall be effective as of the date on
      which such change is first announced publicly by the rating agency making
      such change; and (e) if S&P or Moody's shall change the basis on which
      ratings are established, each reference to the Public Debt Rating
      announced by S&P or Moody's, as the case may be, shall refer to the then
      equivalent rating by S&P or Moody's, as the case may be.

            "Ratable Share" means, with respect to any Lender at any time, a
      fraction the numerator of which is such Lender's Revolving Credit
      Commitment at such time and the denominator of which is the Revolving
      Credit Facility at such time.

            "Reference Banks" means Citibank, JPMorgan Chase Bank and Fleet
      National Bank.

            "Register" has the meaning specified in Section 8.07(d).

            "Required Lenders" means at any time Lenders owed at least a
      majority in interest of the then aggregate unpaid principal amount of the
      Revolving Credit Advances owing to Lenders, or, if no such principal
      amount is then outstanding, Lenders having at least a majority in interest
      of the Revolving Credit Commitments.

            "Revolving Credit Advance" means an advance by a Lender to the
      Borrower as part of a Revolving Credit Borrowing and refers to a Base Rate
      Advance or a Eurodollar Rate Advance (each of which shall be a "Type" of
      Revolving Credit Advance).

            "Revolving Credit Borrowing" means a borrowing consisting of
      simultaneous Revolving Credit Advances of the same Type made by each of
      the Lenders pursuant to Section 2.01.

            "Revolving Credit Commitment" means as to any Lender (a) the amount
      set forth opposite such Lender's name on the signature pages hereof under
      the caption "Revolving Credit Commitment", or (b) if such Lender has
      entered into any Assignment and Acceptance, the amount set forth for such
      Lender in the Register maintained by the Agent pursuant to Section 8.07(d)
      as such Lender's "Revolving Credit Commitment", as such amount may be
      reduced pursuant to Section 2.05.

            "Revolving Credit Facility" means the aggregate of the Revolving
      Credit Commitments.

            "Revolving Credit Note" means a promissory note of the Borrower
      payable to the order of any Lender, delivered pursuant to a request made
      under Section 2.16 in substantially the form of Exhibit A-1 hereto,
      evidencing the aggregate indebtedness of the Borrower to such Lender
      resulting from the Revolving Credit Advances made by such Lender.

            "S&P" means Standard & Poor's, a division of The McGraw-Hill
      Companies, Inc.

                                       10
<PAGE>

            "Single Employer Plan" means a single employer plan, as defined in
      Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the
      Borrower or any ERISA Affiliate and no Person other than the Borrower and
      the ERISA Affiliates or (b) was so maintained and in respect of which the
      Borrower or any ERISA Affiliate could have liability under Section 4069 of
      ERISA in the event such plan has been or were to be terminated.

            "Subsidiary" of any Person means any corporation, partnership, joint
      venture, limited liability company, trust or estate of which (or in which)
      more than 50% of (a) the issued and outstanding capital stock having
      ordinary voting power to elect a majority of the Board of Directors of
      such corporation (irrespective of whether at the time capital stock of any
      other class or classes of such corporation shall or might have voting
      power upon the occurrence of any contingency), (b) the interest in the
      capital or profits of such limited liability company, partnership or joint
      venture or (c) the beneficial interest in such trust or estate is at the
      time directly or indirectly owned or controlled by such Person, by such
      Person and one or more of its other Subsidiaries or by one or more of such
      Person's other Subsidiaries.

            "Term Loan Conversion Date" means the Termination Date on which all
      Revolving Credit Advances outstanding on such date are converted into term
      loans pursuant to Section 2.06.

            "Term Loan Election" has the meaning specified in Section 2.06.

            "Term Loan Maturity Date" means the earlier of (a) the first
      anniversary of the Termination Date and (b) the date of termination in
      whole of the aggregate Commitments pursuant to Section 2.05 or 6.01.

            "Termination Date" means the earlier of March 11, 2005 and the date
      of termination in whole of the Revolving Credit Commitments pursuant to
      Section 2.05(a) or 6.01.

            "Unused Revolving Credit Commitment" means, with respect to any
      Lender at any time, (a) such Lender's Revolving Credit Commitment at such
      time minus (b) the sum of (i) the aggregate principal amount of all
      Revolving Credit Advances made by such Lender and outstanding at such time
      plus (ii) such Lender's Ratable Share of the aggregate principal amount of
      all Competitive Bid Advances outstanding at such time.

            "Usage" means, at any time the sum of the aggregate principal amount
      of the Advances then outstanding.

            "Voting Stock" means capital stock issued by a corporation, or
      equivalent interests in any other Person, the holders of which are
      ordinarily, in the absence of contingencies, entitled to vote for the
      election of directors (or persons performing similar functions) of such
      Person, even if the right so to vote has been suspended by the happening
      of such a contingency.

            SECTION 1.02. Computation of Time Periods. In this Agreement in the
computation of periods of time from a specified date to a later specified date,
the word "from" means "from and including" and the words "to" and "until" each
mean "to but excluding".

            SECTION 1.03. Accounting Terms. All accounting terms not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles consistent with those applied in the preparation
of the financial statements of the Borrower as of December 31, 2001, as modified
by the Borrower's adoption of Statement of Financial Accounting Standards No.
142 and No. 144 ("GAAP").

                                   ARTICLE II

                        AMOUNTS AND TERMS OF THE ADVANCES

                                       11
<PAGE>

            SECTION 2.01. The Revolving Credit Advances. Each Lender severally
agrees, on the terms and conditions hereinafter set forth, to make Revolving
Credit Advances to the Borrower from time to time on any Business Day during the
period from the Effective Date until the Termination Date in an amount for each
Revolving Credit Advance not to exceed such Lender's Unused Revolving Credit
Commitment. Each Revolving Credit Borrowing shall be in an aggregate amount of
$10,000,000 or an integral multiple of $1,000,000 in excess thereof and shall
consist of Revolving Credit Advances of the same Type made on the same day by
the Lenders ratably according to their respective Revolving Credit Commitments.
Within the limits of each Lender's Unused Revolving Credit Commitment, the
Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.10
and reborrow under this Section 2.01(a).

            SECTION 2.02. Making the Revolving Credit Advances. (a) Each
Revolving Credit Borrowing shall be made on notice, given not later than (x)
11:00 A.M. (New York City time) on the third Business Day prior to the date of
the proposed Revolving Credit Borrowing in the case of a Revolving Credit
Borrowing consisting of Eurodollar Rate Advances or (y) 11:00 A.M. (New York
City time) on the date of the proposed Revolving Credit Borrowing in the case of
a Revolving Credit Borrowing consisting of Base Rate Advances, by the Borrower
to the Agent, which shall give to each Lender prompt notice thereof by
telecopier. Each such notice of a Revolving Credit Borrowing (a "Notice of
Revolving Credit Borrowing") shall be by telephone, confirmed immediately in
writing, or telecopier in substantially the form of Exhibit B-1 hereto,
specifying therein the requested (i) date of such Revolving Credit Borrowing,
(ii) Type of Advances comprising such Revolving Credit Borrowing, (iii)
aggregate amount of such Revolving Credit Borrowing, and (iv) in the case of a
Revolving Credit Borrowing consisting of Eurodollar Rate Advances, initial
Interest Period for each such Revolving Credit Advance. Each Lender shall,
before 12:00 noon (New York City time) on the date of such Revolving Credit
Borrowing make available for the account of its Applicable Lending Office to the
Agent at the Agent's Account, in same day funds, such Lender's ratable portion
of such Revolving Credit Borrowing. After the Agent's receipt of such funds and
upon fulfillment of the applicable conditions set forth in Article III, the
Agent will make such funds available to the Borrower at the Agent's address
referred to in Section 8.02.

            (b)   Anything in subsection (a) above to the contrary
notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for
any Revolving Credit Borrowing if the aggregate amount of such Revolving Credit
Borrowing is less than $10,000,000 or if the obligation of the Lenders to make
Eurodollar Rate Advances shall then be suspended pursuant to Section 2.08 or
2.12 and (ii) the Eurodollar Rate Advances may not be outstanding as part of
more than ten separate Revolving Credit Borrowings.

            (c)   Each Notice of Revolving Credit Borrowing shall be irrevocable
and binding on the Borrower. In the case of any Revolving Credit Borrowing that
the related Notice of Revolving Credit Borrowing specifies is to be comprised of
Eurodollar Rate Advances, the Borrower shall indemnify each Lender against any
loss, cost or expense incurred by such Lender as a result of any failure to
fulfill on or before the date specified in such Notice of Revolving Credit
Borrowing for such Revolving Credit Borrowing the applicable conditions set
forth in Article III, including, without limitation, any loss (excluding loss of
anticipated profits), cost or expense incurred by reason of the liquidation or
reemployment of deposits or other funds acquired by such Lender to fund the
Revolving Credit Advance to be made by such Lender as part of such Revolving
Credit Borrowing when such Revolving Credit Advance, as a result of such
failure, is not made on such date.

            (d)   Unless the Agent shall have received notice from a Lender
prior to the date of any Revolving Credit Borrowing that such Lender will not
make available to the Agent such Lender's ratable portion of such Revolving
Credit Borrowing, the Agent may assume that such Lender has made such portion
available to the Agent on the date of such Revolving Credit Borrowing in
accordance with subsection (a) of this Section 2.02 and the Agent may, in
reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If and to the extent that such Lender shall not have so
made such ratable portion available to the Agent, such Lender and the Borrower
severally agree to repay to the Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date such amount is
made available to the Borrower until the date such amount is repaid to the
Agent, at (i) in the case of the Borrower, the interest rate applicable at the
time to Revolving Credit Advances comprising such Revolving Credit Borrowing and
(ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall
repay to the Agent such corresponding amount, such amount so repaid shall
constitute such Lender's Revolving Credit Advance as part of such Revolving
Credit Borrowing for purposes of this Agreement.

                                       12
<PAGE>

            (e)   The failure of any Lender to make the Revolving Credit Advance
to be made by it as part of any Revolving Credit Borrowing shall not relieve any
other Lender of its obligation, if any, hereunder to make its Revolving Credit
Advance on the date of such Revolving Credit Borrowing, but no Lender shall be
responsible for the failure of any other Lender to make the Revolving Credit
Advance to be made by such other Lender on the date of any Revolving Credit
Borrowing.

            SECTION 2.03. The Competitive Bid Advances. (a) Each Lender
severally agrees that the Borrower may make Competitive Bid Borrowings under
this Section 2.03 from time to time on any Business Day during the period from
the date hereof until the date occurring 30 days prior to the Termination Date
in the manner set forth below; provided that, following the making of each
Competitive Bid Borrowing, the aggregate Usage shall not exceed the Revolving
Credit Facility.

            (i)   The Borrower may request a Competitive Bid Borrowing under
      this Section 2.03 by delivering to the Agent, by telecopier, a notice of a
      Competitive Bid Borrowing (a "Notice of Competitive Bid Borrowing"), in
      substantially the form of Exhibit B-2 hereto, specifying therein the
      requested (v) date of such proposed Competitive Bid Borrowing, (w)
      aggregate amount of such proposed Competitive Bid Borrowing, (x) in the
      case of a Competitive Bid Borrowing consisting of LIBO Rate Advances,
      Interest Period, or in the case of a Competitive Bid Borrowing consisting
      of Fixed Rate Advances, maturity date for repayment of each Fixed Rate
      Advance to be made as part of such Competitive Bid Borrowing (which
      maturity date may not be earlier than the date occurring 7 days after the
      date of such Competitive Bid Borrowing or later than the earlier of (I)
      180 days after the date of such Competitive Bid Borrowing and (II) the
      Termination Date), (y) interest payment date or dates relating thereto,
      and (z) other terms (if any) to be applicable to such Competitive Bid
      Borrowing, not later than 10:00 A.M. (New York City time) (A) at least one
      Business Day prior to the date of the proposed Competitive Bid Borrowing,
      if the Borrower shall specify in the Notice of Competitive Bid Borrowing
      that the rates of interest to be offered by the Lenders shall be fixed
      rates per annum (the Advances comprising any such Competitive Bid
      Borrowing being referred to herein as "Fixed Rate Advances") and (B) at
      least four Business Days prior to the date of the proposed Competitive Bid
      Borrowing, if the Borrower shall instead specify in the Notice of
      Competitive Bid Borrowing that the Advances comprising such Competitive
      Bid Borrowing shall be LIBO Rate Advances. Each Notice of Competitive Bid
      Borrowing shall be irrevocable and binding on the Borrower. The Agent
      shall in turn promptly notify each Lender of each request for a
      Competitive Bid Borrowing received by it from the Borrower by sending such
      Lender a copy of the related Notice of Competitive Bid Borrowing.

            (ii)  Each Lender may, if, in its sole discretion, it elects to do
      so, irrevocably offer to make one or more Competitive Bid Advances to the
      Borrower as part of such proposed Competitive Bid Borrowing at a rate or
      rates of interest specified by such Lender in its sole discretion, by
      notifying the Agent (which shall give prompt notice thereof to the
      Borrower), (A) before 9:30 A.M. (New York City time) on the date of such
      proposed Competitive Bid Borrowing, in the case of a Competitive Bid
      Borrowing consisting of Fixed Rate Advances and (B) before 10:00 A.M. (New
      York City time) three Business Days before the date of such proposed
      Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing
      consisting of LIBO Rate Advances of the minimum amount and maximum amount
      of each Competitive Bid Advance which such Lender would be willing to make
      as part of such proposed Competitive Bid Borrowing (which amounts may,
      subject to the proviso to the first sentence of this Section 2.03(a),
      exceed such Lender's Revolving Credit Commitment, if any), the rate or
      rates of interest therefor and such Lender's Applicable Lending Office
      with respect to such Competitive Bid Advance; provided that if the Agent
      in its capacity as a Lender shall, in its sole discretion, elect to make
      any such offer, it shall notify the Borrower of such offer at least 30
      minutes before the time and on the date on which notice of such election
      is to be given to the Agent, by the other Lenders. If any Lender shall
      elect not to make such an offer, such Lender shall so notify the Agent
      before 10:00 A.M. (New York City time) on the date on which notice of such
      election is to be given to the Agent by the other Lenders, and such Lender
      shall not be obligated to, and shall not, make any Competitive Bid Advance
      as part of such Competitive Bid Borrowing; provided that the failure by
      any Lender to give such notice shall not cause such Lender to be obligated
      to make any Competitive Bid Advance as part of such proposed Competitive
      Bid Borrowing.

                                       13
<PAGE>

            (iii) The Borrower shall, in turn, (A) before 10:30 A.M. (New York
      City time) on the date of such proposed Competitive Bid Borrowing, in the
      case of a Competitive Bid Borrowing consisting of Fixed Rate Advances and
      (B) before 11:00 A.M. (New York City time) three Business Days before the
      date of such proposed Competitive Bid Borrowing, in the case of a
      Competitive Bid Borrowing consisting of LIBO Rate Advances, either:

                  (x)   cancel such Competitive Bid Borrowing by giving the
            Agent notice to that effect, or

                  (y)   accept one or more of the offers made by any Lender or
            Lenders pursuant to paragraph (ii) above, in its sole discretion, by
            giving notice to the Agent of the amount of each Competitive Bid
            Advance (which amount shall be equal to or greater than the minimum
            amount, and equal to or less than the maximum amount, notified to
            the Borrower by the Agent on behalf of such Lender for such
            Competitive Bid Advance pursuant to paragraph (ii) above) to be made
            by each Lender as part of such Competitive Bid Borrowing, and reject
            any remaining offers made by Lenders pursuant to paragraph (ii)
            above by giving the Agent notice to that effect. The Borrower shall
            accept the offers made by any Lender or Lenders to make Competitive
            Bid Advances in order of the lowest to the highest rates of interest
            offered by such Lenders. If two or more Lenders have offered the
            same interest rate, the amount to be borrowed at such interest rate
            will be allocated among such Lenders in proportion to the amount
            that each such Lender offered at such interest rate.

            (iv)  If the Borrower notifies the Agent that such Competitive Bid
      Borrowing is cancelled pursuant to paragraph (iii)(x) above, the Agent
      shall give prompt notice thereof to the Lenders and such Competitive Bid
      Borrowing shall not be made.

            (v)   If the Borrower accepts one or more of the offers made by any
      Lender or Lenders pursuant to paragraph (iii)(y) above, the Agent shall in
      turn promptly notify (A) each Lender that has made an offer as described
      in paragraph (ii) above, of the date and aggregate amount of such
      Competitive Bid Borrowing and whether or not any offer or offers made by
      such Lender pursuant to paragraph (ii) above have been accepted by the
      Borrower, (B) each Lender that is to make a Competitive Bid Advance as
      part of such Competitive Bid Borrowing, of the amount of each Competitive
      Bid Advance to be made by such Lender as part of such Competitive Bid
      Borrowing, and (C) each Lender that is to make a Competitive Bid Advance
      as part of such Competitive Bid Borrowing, upon receipt, that the Agent
      has received forms of documents appearing to fulfill the applicable
      conditions set forth in Article III. Each Lender that is to make a
      Competitive Bid Advance as part of such Competitive Bid Borrowing shall,
      before 12:00 noon (New York City time) on the date of such Competitive Bid
      Borrowing specified in the notice received from the Agent pursuant to
      clause (A) of the preceding sentence or any later time when such Lender
      shall have received notice from the Agent pursuant to clause (C) of the
      preceding sentence, make available for the account of its Applicable
      Lending Office to the Agent at the Agent's Account, in same day funds,
      such Lender's portion of such Competitive Bid Borrowing. Upon fulfillment
      of the applicable conditions set forth in Article III and after receipt by
      the Agent of such funds, the Agent will make such funds available to the
      Borrower at the Agent's address referred to in Section 8.02. Promptly
      after each Competitive Bid Borrowing the Agent will notify each Lender of
      the amount of the Competitive Bid Borrowing and the dates upon which such
      Competitive Bid Borrowing commenced and will terminate.

            (vi)  If the Borrower notifies the Agent that it accepts one or more
      of the offers made by any Lender or Lenders pursuant to paragraph (iii)(y)
      above, such notice of acceptance shall be irrevocable and binding on the
      Borrower. The Borrower shall indemnify each Lender against any loss, cost
      or expense incurred by such Lender as a result of any failure to fulfill
      on or before the date specified in the related Notice of Competitive Bid
      Borrowing for such Competitive Bid Borrowing the applicable conditions set
      forth in Article III, including, without limitation, any loss (excluding
      loss of anticipated profits), cost or expense incurred by reason of the
      liquidation or reemployment of deposits or other funds acquired by such

                                       14
<PAGE>

      Lender to fund the Competitive Bid Advance to be made by such Lender as
      part of such Competitive Bid Borrowing when such Competitive Bid Advance,
      as a result of such failure, is not made on such date.

            (b)   Each Competitive Bid Borrowing shall be in an aggregate amount
of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and,
following the making of each Competitive Bid Borrowing, the Borrower shall be in
compliance with the limitation set forth in the proviso to the first sentence of
subsection (a) above.

            (c)   Within the limits and on the conditions set forth in this
Section 2.03, the Borrower may from time to time borrow under this Section 2.03,
repay or prepay pursuant to subsection (d) below, and reborrow under this
Section 2.03, provided that a Competitive Bid Borrowing shall not be made within
three Business Days of the date of any other Competitive Bid Borrowing.

            (d)   The Borrower shall repay to the Agent for the account of each
Lender that has made a Competitive Bid Advance, on the maturity date of each
Competitive Bid Advance (such maturity date being that specified by the Borrower
for repayment of such Competitive Bid Advance in the related Notice of
Competitive Bid Borrowing delivered pursuant to subsection (a)(i) above and
provided in the Competitive Bid Note evidencing such Competitive Bid Advance),
the then unpaid principal amount of such Competitive Bid Advance. The Borrower
shall have no right to prepay any principal amount of any Competitive Bid
Advance unless, and then only on the terms, specified by the Borrower for such
Competitive Bid Advance in the related Notice of Competitive Bid Borrowing
delivered pursuant to subsection (a)(i) above and set forth in the Competitive
Bid Note evidencing such Competitive Bid Advance.

            (e)   The Borrower shall pay interest on the unpaid principal amount
of each Competitive Bid Advance from the date of such Competitive Bid Advance to
the date the principal amount of such Competitive Bid Advance is repaid in full,
at the rate of interest for such Competitive Bid Advance specified by the Lender
making such Competitive Bid Advance in its notice with respect thereto delivered
pursuant to subsection (a)(ii) above, payable on the interest payment date or
dates specified by the Borrower for such Competitive Bid Advance in the related
Notice of Competitive Bid Borrowing delivered pursuant to subsection (a)(i)
above, as provided in the Competitive Bid Note evidencing such Competitive Bid
Advance. Upon the occurrence and during the continuance of an Event of Default
under Section 6.01(a), the Borrower shall pay interest on the amount of unpaid
principal of and interest on each Competitive Bid Advance owing to a Lender,
payable in arrears on the date or dates interest is payable thereon, at a rate
per annum equal at all times to 2% per annum above the rate per annum required
to be paid on such Competitive Bid Advance under the terms of the Competitive
Bid Note evidencing such Competitive Bid Advance unless otherwise agreed in such
Competitive Bid Note.

            (f)   The indebtedness of the Borrower resulting from each
Competitive Bid Advance made to the Borrower as part of a Competitive Bid
Borrowing shall be evidenced by a separate Competitive Bid Note of the Borrower
payable to the order of the Lender making such Competitive Bid Advance.

            SECTION 2.04. Fees. (a) Facility Fee. The Borrower agrees to pay to
the Agent for the account of each Lender a facility fee on the aggregate amount
of such Lender's Revolving Credit Commitment from the Effective Date in the case
of each Initial Lender and from the effective date specified in the Assignment
and Acceptance pursuant to which it became a Lender in the case of each other
Lender until the Termination Date at a rate per annum equal to the Applicable
Percentage in effect from time to time, payable in arrears quarterly on the last
day of each March, June, September and December, commencing March 31, 2004, and
on the Termination Date.

            (b)   Agent's Fees. The Borrower shall pay to the Agent for its own
account such fees as may from time to time be agreed between the Borrower and
the Agent.

            SECTION 2.05. Termination or Reduction of the Commitments. (a)
Optional. The Borrower shall have the right, upon at least three Business Days'
notice to the Agent, to terminate in whole or permanently reduce ratably in part
the unused portions of the respective Unused Revolving Credit Commitments of the
Lenders, provided that each partial reduction shall be in the aggregate amount
of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

                                       15
<PAGE>

            (b)   Mandatory. On the Termination Date and, if the Borrower has
made the Term Loan Election in accordance with Section 2.06 prior to such date,
from time to time thereafter upon each prepayment of the Revolving Credit
Advances pursuant to Section 2.10, the Commitments of the Lenders shall be
automatically and permanently reduced on a pro rata basis by an amount equal to
the amount by which (i) the aggregate Commitments immediately prior to such
reduction exceeds (ii) the aggregate unpaid principal amount of all Revolving
Credit Advances outstanding at such time.

            SECTION 2.06. Repayment of Revolving Credit Advances. The Borrower
shall, subject to the next succeeding sentence, repay to the Agent for the
ratable account of the Lenders on the Termination Date the aggregate principal
amount of the Revolving Credit Advances then outstanding. The Borrower may, upon
not less than 15 days' notice to the Agent, elect (the "Term Loan Election") to
convert all of the Revolving Credit Advances outstanding on the Termination Date
in effect at such time into term loans which the Borrower shall repay in full
ratably to the Lenders on the Term Loan Maturity Date; provided that the
conditions set forth in Section 3.02 have been satisfied. All Revolving Credit
Advances converted into term loans pursuant to this Section 2.06 shall continue
to constitute Revolving Credit Advances except that the Borrower may not
reborrow pursuant to Section 2.01 after all or any portion of such Revolving
Credit Advances have been prepaid pursuant to Section 2.10.

            SECTION 2.07. Interest on Revolving Credit Advances. (a) Scheduled
Interest. The Borrower shall pay interest on the unpaid principal amount of each
Revolving Credit Advance owing to each Lender from the date of such Revolving
Credit Advance until such principal amount shall be paid in full, at the
following rates per annum:

            (i)   Base Rate Advances. During such periods as such Advance is a
      Base Rate Advance, a rate per annum equal at all times to the sum of (x)
      the Base Rate in effect from time to time plus (y) the Applicable Margin
      in effect from time to time plus (z) the Applicable Utilization Fee in
      effect from time to time, payable in arrears quarterly on the last day of
      each March, June, September and December during such periods and on the
      date such Base Rate Advance shall be Converted or paid in full.

            (ii)  Eurodollar Rate Advances. During such periods as such Advance
      is a Eurodollar Rate Advance, a rate per annum equal at all times during
      each Interest Period for such Revolving Credit Advance to the sum of (x)
      the Eurodollar Rate for such Interest Period for such Revolving Credit
      Advance plus (y) the Applicable Margin in effect from time to time plus
      (z) the Applicable Utilization Fee in effect from time to time, payable in
      arrears on the last day of such Interest Period and, if such Interest
      Period has a duration of more than three months, on each day that occurs
      during such Interest Period every three months from the first day of such
      Interest Period and on the date such Eurodollar Rate Advance shall be
      Converted or paid in full.

            (b)   Default Interest. Upon the occurrence and during the
continuance of an Event of Default under Section 6.01(a), the Agent may, and
upon the request of the Required Lenders shall, require the Borrower to pay
interest ("Default Interest") on (i) the unpaid principal amount of each
Revolving Credit Advance owing to each Lender, payable in arrears on the dates
referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all
times to 2% per annum above the rate per annum required to be paid on such
Revolving Credit Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to
the fullest extent permitted by law, the amount of any interest, fee or other
amount payable hereunder that is not paid when due, from the date such amount
shall be due until such amount shall be paid in full, payable in arrears on the
date such amount shall be paid in full and on demand, at a rate per annum equal
at all times to 2% per annum above the rate per annum required to be paid on
Base Rate Advances pursuant to clause (a)(i) above, provided, however, that
following acceleration of the Advances pursuant to Section 6.01, Default
Interest shall accrue and be payable hereunder whether or not previously
required by the Agent.

            SECTION 2.08. Interest Rate Determination. (a) Each Reference Bank
agrees to furnish to the Agent timely information for the purpose of determining
each Eurodollar Rate and each LIBO Rate. If any one or more of the Reference
Banks shall not furnish such timely information to the Agent for the purpose of
determining any such interest rate, the Agent shall determine such interest rate
on the basis of timely information furnished by the remaining Reference Banks.
The Agent shall give prompt notice to the Borrower and the Lenders of the

                                       16
<PAGE>

applicable interest rate determined by the Agent for purposes of Section
2.07(a)(i) or (ii), and the rate, if any, furnished by each Reference Bank for
the purpose of determining the interest rate under Section 2.07(a)(ii).

            (b)   If, with respect to any Eurodollar Rate Advances, the Required
Lenders notify the Agent that the Eurodollar Rate for any Interest Period for
such Advances will not adequately reflect the cost to such Required Lenders of
making, funding or maintaining their respective Eurodollar Rate Advances for
such Interest Period, the Agent shall forthwith so notify the Borrower and the
Lenders, whereupon (i) each Eurodollar Rate Advance will automatically, on the
last day of the then existing Interest Period therefor, Convert into a Base Rate
Advance, and (ii) the obligation of the Lenders to make, or to Convert Revolving
Credit Advances into, Eurodollar Rate Advances shall be suspended until the
Agent shall notify the Borrower and the Lenders that the circumstances causing
such suspension no longer exist.

            (c)   If the Borrower shall fail to select the duration of any
Interest Period for any Eurodollar Rate Advances in accordance with the
provisions contained in the definition of "Interest Period" in Section 1.01, the
Agent will forthwith so notify the Borrower and the Lenders and such Advances
will automatically, on the last day of the then existing Interest Period
therefor, Convert into Base Rate Advances.

            (d)   On the date on which the aggregate unpaid principal amount of
Eurodollar Rate Advances comprising any Borrowing shall be reduced, by payment
or prepayment or otherwise, to less than $10,000,000, such Advances shall
automatically Convert into Base Rate Advances.

            (e)   Upon the occurrence and during the continuance of any Event of
Default under Section 6.01(a), (i) each Eurodollar Rate Advance will
automatically, on the last day of the then existing Interest Period therefor,
Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make,
or to Convert Advances into, Eurodollar Rate Advances shall be suspended.

            (f)   If Telerate Markets Page 3750 is unavailable and fewer than
two Reference Banks furnish timely information to the Agent for determining the
Eurodollar Rate or LIBO Rate for any Eurodollar Rate Advances or LIBO Rate
Advances, as the case may be,

            (i)   the Agent shall forthwith notify the Borrower and the Lenders
      that the interest rate cannot be determined for such Eurodollar Rate
      Advances or LIBO Rate Advances, as the case may be,

            (ii)  with respect to Eurodollar Rate Advances, each such Advance
      will automatically, on the last day of the then existing Interest Period
      therefor, Convert into a Base Rate Advance (or if such Advance is then a
      Base Rate Advance, will continue as a Base Rate Advance), and

            (iii) the obligation of the Lenders to make Eurodollar Rate Advances
      or LIBO Rate Advances or to Convert Revolving Credit Advances into
      Eurodollar Rate Advances shall be suspended until the Agent shall notify
      the Borrower and the Lenders that the circumstances causing such
      suspension no longer exist.

            SECTION 2.09. Optional Conversion of Revolving Credit Advances. The
Borrower may on any Business Day, upon notice given to the Agent not later than
11:00 A.M. (New York City time) on the third Business Day prior to the date of
the proposed Conversion and subject to the provisions of Sections 2.08 and 2.12,
Convert all Revolving Credit Advances of one Type comprising the same Borrowing
into Revolving Credit Advances of the other Type; provided, however, that any
Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made
only on the last day of an Interest Period for such Eurodollar Rate Advances,
any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in
an amount not less than the minimum amount specified in Section 2.02(b) and no
Conversion of any Revolving Credit Advances shall result in more separate
Revolving Credit Borrowings than permitted under Section 2.02(b). Each such
notice of a Conversion shall, within the restrictions specified above, specify
(i) the date of such Conversion, (ii) the Revolving Credit Advances to be
Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the
duration of the initial Interest Period for each such Advance. Each notice of
Conversion shall be irrevocable and binding on the Borrower.

                                       17
<PAGE>

            SECTION 2.10. Prepayments of Revolving Credit Advances. (a)
Optional. The Borrower may, upon notice at least three Business Days' prior to
the date of such prepayment, in the case of Eurodollar Rate Advances, and not
later than 11:00 A.M. (New York City time) on the date of such prepayment, in
the case of Base Rate Advances, to the Agent stating the proposed date and
aggregate principal amount of the prepayment, and if such notice is given, the
Borrower shall prepay the outstanding principal amount of the Revolving Credit
Advances comprising part of the same Revolving Credit Borrowing in whole or
ratably in part, together with accrued interest to the date of such prepayment
on the principal amount prepaid; provided, however, that (x) each partial
prepayment shall be in an aggregate principal amount of $10,000,000 or an
integral multiple of $1,000,000 in excess thereof and (y) in the event of any
such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to
reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

            (b)   Mandatory. The Borrower shall, on each Business Day, prepay an
aggregate principal amount of the Revolving Credit Advances comprising part of
the same Revolving Credit Borrowing equal to the amount by which the aggregate
principal amount of the Advances then outstanding exceeds the Revolving Credit
Facility on such Business Day.

            SECTION 2.11. Increased Costs. (a) If, due to either (i) the
introduction of or any change in or in the interpretation of any law or
regulation or (ii) the compliance with any guideline or request from any central
bank or other governmental authority (whether or not having the force of law),
there shall be any increase in the cost to any Lender of agreeing to make or
making, funding or maintaining Eurodollar Rate Advances or LIBO Rate Advances
(excluding for purposes of this Section 2.11 any such increased costs resulting
from (i) Taxes or Other Taxes (as to which Section 2.14 shall govern) and (ii)
changes in the basis of taxation of overall net income or overall gross income
by the United States or by the foreign jurisdiction or state under the laws of
which such Lender is organized or has its Applicable Lending Office or any
political subdivision thereof), then the Borrower shall from time to time, upon
demand by such Lender (with a copy of such demand to the Agent), pay to the
Agent for the account of such Lender additional amounts sufficient to compensate
such Lender for such increased cost; provided, however, that before making any
such demand, each Lender agrees to use reasonable efforts (consistent with its
internal policy and legal and regulatory restrictions) to designate a different
Applicable Lending Office if the making of such a designation would avoid the
need for, or reduce the amount of, such increased cost and would not, in the
reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
A certificate as to the amount of such increased cost, submitted to the Borrower
and the Agent by such Lender, shall be conclusive and binding for all purposes,
absent manifest error.

            (b)   If any Lender determines that compliance with any law or
regulation or any guideline or request from any central bank or other
governmental authority (whether or not having the force of law) affects or would
affect the amount of capital required or expected to be maintained by such
Lender or any corporation controlling such Lender and that the amount of such
capital is increased by or based upon the existence of such Lender's commitment
to lend hereunder and other commitments of such type, then, upon demand by such
Lender (with a copy of such demand to the Agent), the Borrower shall pay to the
Agent for the account of such Lender, from time to time as specified by such
Lender, additional amounts sufficient to compensate such Lender or such
corporation in the light of such circumstances, to the extent that such Lender
reasonably determines such increase in capital to be allocable to the existence
of such Lender's commitment to lend hereunder. A certificate as to such amounts
submitted to the Borrower and the Agent by such Lender shall be conclusive and
binding for all purposes, absent manifest error.

            (c)   Failure or delay on the part of any Lender to demand
compensation pursuant to this Section 2.11 shall not constitute a waiver of such
Lender's right to demand such compensation; provided that the Borrower shall not
be required to compensate such Lender pursuant to this Section for any increased
costs or reductions incurred more than 180 days prior to the date that such
Lender notifies the Borrower of the event giving rise to such increased costs or
reductions and of such Lender's intention to claim compensation therefor;
provided, further that, if the event giving rise to such increased costs or
reductions is retroactive, then the 180 day period referred to above shall be
extended to include the period of retroactive effect thereof.

            SECTION 2.12. Illegality. Notwithstanding any other provision of
this Agreement, if any Lender shall notify the Agent that the introduction of or
any change in or in the interpretation of any law or regulation makes it
unlawful, or any central bank or other governmental authority asserts that it is
unlawful, for any Lender or

                                       18
<PAGE>

its Eurodollar Lending Office to perform its obligations hereunder to make
Eurodollar Rate Advances or LIBO Rate Advances or to fund or maintain Eurodollar
Rate Advances or LIBO Rate Advances hereunder, (a) each Eurodollar Rate Advance
or LIBO Rate Advance, as the case may be, will automatically, at the end of the
applicable Interest Period then in effect if permitted and otherwise upon such
demand, Convert into a Base Rate Advance or an Advance that bears interest at
the rate set forth in Section 2.07(a)(i), as the case may be, and (b) the
obligation of the Lenders to make Eurodollar Rate Advances or LIBO Rate Advances
or to Convert Revolving Credit Advances into Eurodollar Rate Advances shall be
suspended until the Agent shall notify the Borrower and the Lenders that the
circumstances causing such suspension no longer exist; provided, however, that
before making any such demand, each Lender agrees to use reasonable efforts
(consistent with its internal policy and legal and regulatory restrictions) to
designate a different Eurocurrency Lending Office if the making of such a
designation would allow such Lender or its Eurocurrency Lending Office to
continue to perform its obligations to make Eurocurrency Rate Advances or to
continue to fund or maintain Eurocurrency Rate Advances and would not, in the
judgment of such Lender, be otherwise disadvantageous to such Lender.

            SECTION 2.13. Payments and Computations. (a) The Borrower shall make
each payment hereunder, irrespective of any right of counterclaim or set-off,
not later than 11:00 A.M. (New York City time) on the day when due in U.S.
dollars to the Agent at the Agent's Account in same day funds. The Agent will
promptly thereafter cause to be distributed like funds relating to the payment
of principal or interest or facility fees ratably (other than amounts payable
pursuant to Section 2.03, 2.11, 2.14 or 8.04(c)) to the Lenders for the account
of their respective Applicable Lending Offices, and like funds relating to the
payment of any other amount payable to any Lender to such Lender for the account
of its Applicable Lending Office, in each case to be applied in accordance with
the terms of this Agreement. Upon its acceptance of an Assignment and Acceptance
and recording of the information contained therein in the Register pursuant to
Section 8.07(c), from and after the effective date specified in such Assignment
and Acceptance, the Agent shall make all payments hereunder and under the Notes
in respect of the interest assigned thereby to the Lender assignee thereunder,
and the parties to such Assignment and Acceptance shall make all appropriate
adjustments in such payments for periods prior to such effective date directly
between themselves.

            (b)   All computations of interest based on the Base Rate shall be
made by the Agent on the basis of a year of 365 or 366 days, as the case may be,
and all computations of interest based on the Eurodollar Rate, the LIBO Rate or
the Federal Funds Rate or in respect of Fixed Rate Advances and of facility fees
shall be made by the Agent on the basis of a year of 360 days, in each case for
the actual number of days (including the first day but excluding the last day)
occurring in the period for which such interest or facility fees are payable.
Each determination by the Agent of an interest rate hereunder shall be
conclusive and binding for all purposes, absent manifest error.

            (c)   Whenever any payment hereunder or under the Notes shall be
stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of payment of interest or facility fee, as
the case may be; provided, however, that, if such extension would cause payment
of interest on or principal of Eurodollar Rate Advances or LIBO Rate Advances to
be made in the next following calendar month, such payment shall be made on the
next preceding Business Day.

            (d)   Unless the Agent shall have received notice from the Borrower
prior to the date on which any payment is due to the Lenders hereunder that the
Borrower will not make such payment in full, the Agent may assume that the
Borrower has made such payment in full to the Agent on such date and the Agent
may, in reliance upon such assumption, cause to be distributed to each Lender on
such due date an amount equal to the amount then due such Lender. If and to the
extent the Borrower shall not have so made such payment in full to the Agent,
each Lender shall repay to the Agent forthwith on demand such amount distributed
to such Lender together with interest thereon, for each day from the date such
amount is distributed to such Lender until the date such Lender repays such
amount to the Agent, at the Federal Funds Rate.

            SECTION 2.14. Taxes. (a) Any and all payments by the Borrower to or
for the account of any Lender or the Agent hereunder or under the Notes or any
other documents to be delivered hereunder shall be made, in accordance with
Section 2.13 or the applicable provisions of such other documents, free and
clear of and without deduction for any and all present or future withholding
taxes, including levies, imposts, deductions, charges or

                                       19
<PAGE>

withholdings, and all liabilities with respect thereto, excluding, in the case
of each Lender and the Agent, taxes imposed on its overall net income, and
franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction
under the laws of which such Lender or the Agent (as the case may be) is
organized or any political subdivision thereof and, in the case of each Lender,
taxes imposed on its overall net income, and franchise taxes imposed on it in
lieu of net income taxes, by the jurisdiction of such Lender's Applicable
Lending Office or any political subdivision thereof (all such non-excluded
taxes, levies, imposts, deductions, charges, withholdings and liabilities in
respect of payments hereunder or under the Notes being hereinafter referred to
as "Taxes"). If the Borrower shall be required by law to deduct any Taxes from
or in respect of any sum payable hereunder or under any Note or any other
documents to be delivered hereunder to any Lender or the Agent, (i) the sum
payable shall be increased as may be necessary so that after making all required
deductions (including deductions applicable to additional sums payable under
this Section 2.14) such Lender or the Agent (as the case may be) receives an
amount equal to the sum it would have received had no such deductions been made,
(ii) the Borrower shall make such deductions and (iii) the Borrower shall pay
the full amount deducted to the relevant taxation authority or other authority
in accordance with applicable law.

            (b)   In addition, the Borrower shall pay any present or future
stamp or documentary taxes or any other excise or property taxes, charges or
similar levies that arise from any payment made hereunder or under the Notes or
any other documents to be delivered hereunder or from the execution, delivery or
registration of, performing under, or otherwise with respect to, this Agreement
or the Notes or any other documents to be delivered hereunder, but excluding all
other United States federal taxes other than withholding taxes (hereinafter
referred to as "Other Taxes").

            (c)   The Borrower shall indemnify each Lender and the Agent for and
hold it harmless against the full amount of Taxes or Other Taxes (including,
without limitation, taxes of any kind imposed or asserted by any jurisdiction on
amounts payable under this Section 2.14) imposed on or paid by such Lender or
the Agent (as the case may be) and any liability (including penalties, interest
and expenses) arising therefrom or with respect thereto. This indemnification
shall be made within 30 days from the date such Lender or the Agent (as the case
may be) makes written demand therefor.

            (d)   Within 30 days after the date of any payment of Taxes, the
Borrower shall furnish to the Agent, at its address referred to in Section 8.02,
the original or a certified copy of a receipt evidencing such payment to the
extent such a receipt is issued therefor, or other written proof of payment
thereof that is reasonably satisfactory to the Agent. In the case of any payment
hereunder or under the Notes or any other documents to be delivered hereunder by
or on behalf of the Borrower through an account or branch outside the United
States or by or on behalf of the Borrower by a payor that is not a United States
person, if the Borrower determines that no Taxes are payable in respect thereof,
the Borrower shall furnish, or shall cause such payor to furnish, to the Agent,
at such address, an opinion of counsel acceptable to the Agent stating that such
payment is exempt from Taxes. For purposes of this subsection (d) and subsection
(e), the terms "United States" and "United States person" shall have the
meanings specified in Section 7701 of the Internal Revenue Code.

            (e)   Each Lender organized under the laws of a jurisdiction outside
the United States, on or prior to the date of its execution and delivery of this
Agreement in the case of each Initial Lender and on the date of the Assumption
Agreement or the Assignment and Acceptance pursuant to which it becomes a Lender
in the case of each other Lender, and from time to time thereafter as reasonably
requested in writing by the Borrower (but only so long as such Lender remains
lawfully able to do so), shall provide each of the Agent and the Borrower with
two original Internal Revenue Service forms W-8BEN or W-8ECI, as appropriate, or
any successor or other form prescribed by the Internal Revenue Service,
certifying that such Lender is exempt from or entitled to a reduced rate of
United States withholding tax on payments pursuant to this Agreement or the
Notes. If the form provided by a Lender at the time such Lender first becomes a
party to this Agreement indicates a United States interest withholding tax rate
in excess of zero, withholding tax at such rate shall be considered excluded
from Taxes unless and until such Lender provides the appropriate forms
certifying that a lesser rate applies, whereupon withholding tax at such lesser
rate only shall be considered excluded from Taxes for periods governed by such
form; provided, however, that, if at the date of the Assignment and Acceptance
pursuant to which a Lender assignee becomes a party to this Agreement, the
Lender assignor was entitled to payments under subsection (a) in respect of
United States withholding tax with respect to interest paid at such date, then,
to such extent, the term Taxes shall include (in addition to withholding taxes
that may be imposed in the future or other amounts otherwise includable in
Taxes)

                                       20
<PAGE>

United States withholding tax, if any, applicable with respect to the Lender
assignee on such date. If any form or document referred to in this subsection
(e) requires the disclosure of information, other than information necessary to
compute the tax payable and information required on the date hereof by Internal
Revenue Service form W-8BEN or W-8ECI, that the Lender reasonably considers to
be confidential, the Lender shall give notice thereof to the Borrower and shall
not be obligated to include in such form or document such confidential
information.

            (f)   For any period with respect to which a Lender has failed to
provide the Borrower with the appropriate form, certificate or other document
described in Section 2.14(e) (other than if such failure is due to a change in
law, or in the interpretation or application thereof, occurring subsequent to
the date on which a form, certificate or other document originally was required
to be provided, or if such form, certificate or other document otherwise is not
required under subsection (e) above), such Lender shall not be entitled to
indemnification under Section 2.14(a) or (c) with respect to Taxes imposed by
the United States by reason of such failure; provided, however, that should a
Lender become subject to Taxes because of its failure to deliver a form,
certificate or other document required hereunder, the Borrower shall take such
steps as the Lender shall reasonably request to assist the Lender to recover
such Taxes.

            SECTION 2.15. Sharing of Payments, Etc. If any Lender shall obtain
any payment (whether voluntary, involuntary, through the exercise of any right
of set-off, or otherwise) on account of the Revolving Credit Advances owing to
it (other than pursuant to Section 2.11, 2.14 or 8.04(c)) in excess of its
ratable share of payments on account of the Revolving Credit Advances obtained
by all the Lenders, such Lender shall forthwith purchase from the other Lenders
such participations in the Revolving Credit Advances owing to them as shall be
necessary to cause such purchasing Lender to share the excess payment ratably
with each of them; provided, however, that if all or any portion of such excess
payment is thereafter recovered from such purchasing Lender, such purchase from
each Lender shall be rescinded and such Lender shall repay to the purchasing
Lender the purchase price to the extent of such recovery together with an amount
equal to such Lender's ratable share (according to the proportion of (i) the
amount of such Lender's required repayment to (ii) the total amount so recovered
from the purchasing Lender) of any interest or other amount paid or payable by
the purchasing Lender in respect of the total amount so recovered. The Borrower
agrees that any Lender so purchasing a participation from another Lender
pursuant to this Section 2.15 may, to the fullest extent permitted by law,
exercise all its rights of payment (including the right of set-off) with respect
to such participation as fully as if such Lender were the direct creditor of the
Borrower in the amount of such participation.

            SECTION 2.16. Evidence of Debt. (a) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower to such Lender resulting from each Revolving Credit
Advance owing to such Lender from time to time, including the amounts of
principal and interest payable and paid to such Lender from time to time
hereunder in respect of Revolving Credit Advances. The Borrower agrees that upon
notice by any Lender to the Borrower (with a copy of such notice to the Agent)
to the effect that a Revolving Credit Note is required or appropriate in order
for such Lender to evidence (whether for purposes of pledge, enforcement or
otherwise) the Revolving Credit Advances owing to, or to be made by, such
Lender, the Borrower shall promptly execute and deliver to such Lender a
Revolving Credit Note payable to the order of such Lender in a principal amount
up to the Revolving Credit Commitment of such Lender.

            (b)   The Register maintained by the Agent pursuant to Section
8.07(d) shall include a control account, and a subsidiary account for each
Lender, in which accounts (taken together) shall be recorded (i) the date and
amount of each Borrowing made hereunder, the Type of Advances comprising such
Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the
terms of each Assignment and Acceptance delivered to and accepted by it, (iii)
the amount of any principal or interest due and payable or to become due and
payable from the Borrower to each Lender hereunder and (iv) the amount of any
sum received by the Agent from the Borrower hereunder and each Lender's share
thereof.

            (c)   Entries made in good faith by the Agent in the Register
pursuant to subsection (b) above, and by each Lender in its account or accounts
pursuant to subsection (a) above, shall be prima facie evidence of the amount of
principal and interest due and payable or to become due and payable from the
Borrower to, in the case of the Register, each Lender and, in the case of such
account or accounts, such Lender, under this Agreement, absent manifest error;
provided, however, that the failure of the Agent or such Lender to make an
entry, or any finding that

                                       21
<PAGE>

an entry is incorrect, in the Register or such account or accounts shall not
limit or otherwise affect the obligations of the Borrower under this Agreement.

            SECTION 2.17. Use of Proceeds. The proceeds of the Advances shall be
available (and the Borrower agrees that it shall use such proceeds) solely for
general corporate purposes of the Borrower and its Subsidiaries.

                                   ARTICLE III

                     CONDITIONS TO EFFECTIVENESS AND LENDING

            SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01
and 2.03. Sections 2.01 and 2.03 of this Agreement shall become effective on and
as of the first date (the "Effective Date") on which the following conditions
precedent have been satisfied:

            (a)   There shall have occurred no Material Adverse Change since
      December 31, 2002, except as disclosed in the Interim Financial
      Statements.

            (b)   There shall exist no action, suit, investigation, litigation
      or proceeding affecting the Borrower or any of its Subsidiaries pending or
      threatened before any court, governmental agency or arbitrator that (i)
      could be reasonably expected to have a Material Adverse Effect or (ii)
      purports to affect the legality, validity or enforceability of this
      Agreement or any Note or the consummation of the transactions contemplated
      hereby.

            (c)   Nothing shall have come to the attention of the Lenders during
      the course of their due diligence investigation to lead them to believe
      that the Information Memorandum was or has become misleading, incorrect or
      incomplete in any material respect; without limiting the generality of the
      foregoing, the Lenders shall have been given such access to the
      management, records, books of account, contracts and properties of the
      Borrower and its Subsidiaries as they shall have requested.

            (d)   All governmental and third party consents and approvals
      necessary in connection with the transactions contemplated hereby shall
      have been obtained (without the imposition of any conditions that are not
      acceptable to the Lenders) and shall remain in effect, and no law or
      regulation shall be applicable in the reasonable judgment of the Lenders
      that restrains, prevents or imposes materially adverse conditions upon the
      transactions contemplated hereby.

            (e)   The Borrower shall have notified the Agent, who will promptly
      notify each Lender, in writing as to the proposed Effective Date.

            (f)   The Borrower shall have paid all accrued fees and expenses of
      the Agent and the Lenders (including the accrued fees and expenses of
      counsel to the Agent).

            (g)   On the Effective Date, the following statements shall be true
      and the Agent shall have received for the account of each Lender a
      certificate signed by a duly authorized officer of the Borrower, dated the
      Effective Date, stating that:

                  (i)   The representations and warranties contained in Section
            4.01 are correct on and as of the Effective Date,

                  (ii)  No event has occurred and is continuing that constitutes
            a Default, and

                  (iii) The Borrower has terminated the commitments of the
            lenders and repaid or prepaid in full all amounts outstanding under
            the 364-Day Revolving Credit Agreement dated as of March 14, 2003
            among the Borrower, the lenders parties thereto and Citibank, N.A.,
            as agent.

                                       22
<PAGE>

            By execution of this Agreement, each of the Lenders that is a lender
      under the credit agreement referred to in clause (iii) above hereby waives
      the requirement set forth in Section 2.05 of such credit agreement of
      three business days' prior notice to the termination of their commitments
      thereunder.

      (h)   The Agent shall have received on or before the Effective Date the
following, each dated such day, in form and substance satisfactory to the Agent
and (except for the Revolving Credit Notes) in sufficient copies for each
Lender:

            (i)   The Revolving Credit Notes to the order of the Lenders to the
      extent requested by any Lender pursuant to Section 2.16.

            (ii)  Certified copies of the resolutions of the Board of Directors
      of the Borrower approving the Loan Documents, and of all documents
      evidencing other necessary corporate action and governmental approvals, if
      any, with respect to the Loan Documents.

            (iii) A certificate of the Secretary or an Assistant Secretary of
      the Borrower certifying the names and true signatures of the officers of
      the Borrower authorized to sign the Loan Documents and the other documents
      to be delivered hereunder.

            (iv)  A favorable opinion of each of Jane G. Davis, Vice President,
      Secretary and General Counsel of the Borrower, and Miles & Stockbridge
      P.C., counsel for the Borrower, substantially in the form of Exhibit D-1
      and Exhibit D-2 hereto, respectively, and as to such other matters as any
      Lender through the Agent may reasonably request.

            (v)   A favorable opinion of Shearman & Sterling LLP, counsel for
      the Agent, in form and substance satisfactory to the Agent.

            SECTION 3.02. Conditions Precedent to Each Revolving Credit
Borrowing and the Term Loan Conversion Date. The obligation of each Lender to
make a Revolving Credit Advance on the occasion of each Revolving Credit
Borrowing and the effectiveness of the Term Loan Election pursuant to Section
2.06 shall be subject to the conditions precedent that the Effective Date shall
have occurred and on the date of such Revolving Credit Borrowing or on the Term
Loan Conversion Date, as the case may be, (a) the following statements shall be
true (and each of the giving of the applicable Notice of Revolving Credit
Borrowing, notice of Term Loan Election and the acceptance by the Borrower of
the proceeds of such Revolving Credit Borrowing shall constitute a
representation and warranty by the Borrower that on the date of such Borrowing
or the Term Loan Conversion Date such statements are true):

            (i)   the representations and warranties contained in Section 4.01
      (except, in the case of Revolving Credit Borrowings, the representations
      set forth in the last sentence of subsection (e) thereof and in subsection
      (f)(i) thereof) are correct on and as of such date, before and after
      giving effect to such Revolving Credit Borrowing and to the application of
      the proceeds therefrom or to the Term Loan Election, as the case may be,
      as though made on and as of such date, and

            (ii)  no event has occurred and is continuing, or would result from
      such Revolving Credit Borrowing or from the application of the proceeds
      therefrom or from the effectiveness of the Term Loan Election, that
      constitutes a Default;

and (b) the Agent shall have received such other approvals, opinions or
documents as any Lender through the Agent may reasonably request.

            SECTION 3.03. Conditions Precedent to Each Competitive Bid
Borrowing. The obligation of each Lender that is to make a Competitive Bid
Advance on the occasion of a Competitive Bid Borrowing to make such Competitive
Bid Advance as part of such Competitive Bid Borrowing is subject to the
conditions precedent

                                       23
<PAGE>

that (i) the Agent shall have received the written confirmatory Notice of
Competitive Bid Borrowing with respect thereto, (ii) on or before the date of
such Competitive Bid Borrowing, but prior to such Competitive Bid Borrowing, the
Agent shall have received a Competitive Bid Note payable to the order of such
Lender for each of the one or more Competitive Bid Advances to be made by such
Lender as part of such Competitive Bid Borrowing, in a principal amount equal to
the principal amount of the Competitive Bid Advance to be evidenced thereby and
otherwise on such terms as were agreed to for such Competitive Bid Advance in
accordance with Section 2.03, and (iii) on the date of such Competitive Bid
Borrowing the following statements shall be true (and each of the giving of the
applicable Notice of Competitive Bid Borrowing and the acceptance by the
Borrower of the proceeds of such Competitive Bid Borrowing shall constitute a
representation and warranty by the Borrower that on the date of such Competitive
Bid Borrowing such statements are true):

            (a)   the representations and warranties contained in Section 4.01
      (except the representations set forth in the last sentence of subsection
      (e) thereof and in subsection (f)(i) thereof) are correct on and as of the
      date of such Competitive Bid Borrowing, before and after giving effect to
      such Competitive Bid Borrowing and to the application of the proceeds
      therefrom, as though made on and as of such date,

            (b)   no event has occurred and is continuing, or would result from
      such Competitive Bid Borrowing or from the application of the proceeds
      therefrom, that constitutes a Default, and

            (c)   no event has occurred and no circumstance exists as a result
      of which the information concerning the Borrower that has been provided to
      the Agent and each Lender by the Borrower in connection herewith would
      include an untrue statement of a material fact or omit to state any
      material fact or any fact necessary to make the statements contained
      therein, in the light of the circumstances under which they were made, not
      misleading.

            SECTION 3.04. Determinations Under Section 3.01. For purposes of
determining compliance with the conditions specified in Section 3.01, each
Lender shall be deemed to have consented to, approved or accepted or to be
satisfied with each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to the Lenders unless an officer
of the Agent responsible for the transactions contemplated by this Agreement
shall have received notice from such Lender prior to the date that the Borrower,
by notice to the Lenders, designates as the proposed Effective Date, specifying
its objection thereto. The Agent shall promptly notify the Lenders of the
occurrence of the Effective Date.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

            SECTION 4.01. Representations and Warranties of the Borrower. The
Borrower represents and warrants as follows:

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

            (b)   The execution, delivery and performance by the Borrower of the
      Loan Documents and the consummation of the transactions contemplated
      hereby, are within the Borrower's corporate powers, have been duly
      authorized by all necessary corporate action, and do not contravene (i)
      the Borrower's charter or by-laws or (ii) law or any contractual
      restriction binding on or affecting the Borrower.

            (c)   No authorization or approval or other action by, and no notice
      to or filing with, any governmental authority or regulatory body or any
      other third party is required for the due execution, delivery and
      performance by the Borrower of the Loan Documents.

            (d)   This Agreement has been, and each of the other Loan Documents
      when delivered hereunder will have been, duly executed and delivered by
      the Borrower. This Agreement is, and each of

                                       24
<PAGE>

      the other Loan Documents when delivered hereunder will be, the legal,
      valid and binding obligation of the Borrower enforceable against the
      Borrower in accordance with their respective terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or similar laws affecting the enforcement of
      creditors' rights generally and by general equitable principles (whether
      enforcement is sought by proceedings in equity or at law).

            (e)   The Consolidated balance sheet of the Borrower and its
      Subsidiaries as at December 31, 2002, and the related Consolidated
      statements of income and cash flows of the Borrower and its Subsidiaries
      for the fiscal year then ended, accompanied by an opinion of KPMG LLP,
      independent public accountants, and the Consolidated balance sheet of the
      Borrower and its Subsidiaries as at September 30, 2003, and the related
      Consolidated statements of income and cash flows (together with said
      balance sheet, the "Interim Financial Statements") of the Borrower and its
      Subsidiaries for the nine months then ended, duly certified by the chief
      financial officer of the Borrower, copies of which have been furnished to
      each Lender, fairly present, subject, in the case of said balance sheet as
      at September 30, 2003, and said statements of income and cash flows for
      the nine months then ended, to year-end audit adjustments, the
      Consolidated financial condition of the Borrower and its Subsidiaries as
      at such dates and the Consolidated results of the operations of the
      Borrower and its Subsidiaries for the periods ended on such dates, all in
      accordance with generally accepted accounting principles consistently
      applied. Since December 31, 2002, there has been no Material Adverse
      Change, except as disclosed in the Interim Financial Statements.

            (f)   There is no pending or, to the knowledge of the Borrower,
      threatened action, suit, investigation, litigation or proceeding,
      including, without limitation, any Environmental Action, affecting the
      Borrower or any of its Subsidiaries before any court, governmental agency
      or arbitrator that (i) could be reasonably expected to have a Material
      Adverse Effect or (ii) purports to affect the legality, validity or
      enforceability of this Agreement or any Note or the consummation of the
      transactions contemplated hereby.

            (g)   The Borrower is not engaged in the business of extending
      credit for the purpose of purchasing or carrying margin stock (within the
      meaning of Regulation U issued by the Board of Governors of the Federal
      Reserve System), and no proceeds of any Advance will be used to purchase
      or carry any margin stock or to extend credit to others for the purpose of
      purchasing or carrying any margin stock.

            (h)   The Borrower is not an "investment company", or a company
      "controlled" by an "investment company", within the meaning of the
      Investment Company Act of 1940, as amended.

                                    ARTICLE V
                            COVENANTS OF THE BORROWER

            SECTION 5.01. Affirmative Covenants. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower
will:

            (a)   Compliance with Laws, Etc. Comply, and cause each of its
      Subsidiaries to comply, in all material respects, with all applicable
      laws, rules, regulations and orders, such compliance to include, without
      limitation, compliance with ERISA and Environmental Laws.

            (b)   Payment of Taxes, Etc. Pay and discharge, and cause each of
      its Subsidiaries to pay and discharge, before the same shall become
      delinquent, (i) all taxes, assessments and governmental charges or levies
      imposed upon it or upon its property and (ii) all lawful claims that, if
      unpaid, might by law become a Lien upon its property; provided, however,
      that neither the Borrower nor any of its Subsidiaries shall be required to
      pay or discharge any such tax, assessment, charge or claim that (i) does
      not singly or in the aggregate exceed $25,000,000 or (ii) is being
      contested in good faith and by proper proceedings and as to which
      appropriate reserves are being maintained, unless and until any Lien
      resulting therefrom attaches to its property and becomes enforceable
      against its other creditors.

                                       25
<PAGE>

            (c)   Maintenance of Insurance. Maintain, and cause each of its
      Subsidiaries to maintain, insurance with responsible and reputable
      insurance companies or associations in such amounts and covering such
      risks as is usually carried by companies engaged in similar businesses and
      owning similar properties in the same general areas in which the Borrower
      or such Subsidiary operates.

            (d)   Preservation of Corporate Existence, Etc. Preserve and
      maintain, and cause each of its Subsidiaries to preserve and maintain, its
      corporate existence, rights (charter and statutory) and franchises;
      provided, however, that (i) the Borrower and its Subsidiaries may
      consummate any transaction permitted under Section 5.02(b), (ii) any
      Subsidiary the aggregate book value of the assets of which is less than
      $65,000,000 will not be subject to this Section 5.01(d) and (iii) neither
      the Borrower nor any of its Subsidiaries shall be required to preserve any
      right or franchise or, in the case of any immaterial Subsidiary, its
      existence, if the Borrower or such Subsidiary shall determine that the
      preservation thereof is no longer desirable in the conduct of the business
      of the Borrower or such Subsidiary, as the case may be, and that the loss
      thereof is not disadvantageous in any material respect to the Borrower,
      such Subsidiary or the Lenders.

            (e)   Visitation Rights. At any reasonable time and from time to
      time upon reasonable notice, permit the Agent or any of the Lenders or any
      agents or representatives thereof, to examine and make copies of and
      abstracts from the records and books of account of, and visit the
      properties of, the Borrower and any of its Subsidiaries, and to discuss
      the affairs, finances and accounts of the Borrower and any of its
      Subsidiaries with any of their officers or directors and with their
      independent certified public accountants.

            (f)   Keeping of Books. Keep, and cause each of its Subsidiaries to
      keep, proper books of record and account, in which full and correct
      entries shall be made of all financial transactions and the assets and
      business of the Borrower and each such Subsidiary in accordance with
      generally accepted accounting principles in effect from time to time.

            (g)   Maintenance of Properties, Etc. Maintain and preserve, and
      cause each of its Subsidiaries to maintain and preserve, all of its
      material properties that are used or useful in the conduct of its business
      in good working order and condition, ordinary wear and tear excepted.

            (h)   Transactions with Affiliates. Conduct, and cause each of its
      Subsidiaries to conduct, all transactions otherwise permitted under this
      Agreement with any of their Affiliates (other than the Borrower and its
      Subsidiaries) on terms that are fair and reasonable and no less favorable
      to the Borrower or such Subsidiary than it would obtain in a comparable
      arm's-length transaction with a Person not an Affiliate, except for
      transactions with joint ventures in which the Borrower owns, directly or
      indirectly, an interest of at least 20%, which could not, singly or in the
      aggregate, reasonably be expected to have a Material Adverse Effect.

            (i)   Reporting Requirements. Furnish to the Lenders:

                  (i)   as soon as available and in any event within 45 days
            after the end of each of the first three quarters of each fiscal
            year of the Borrower, the Consolidated balance sheet of the Borrower
            and its Subsidiaries as of the end of such quarter and Consolidated
            statements of income and cash flows of the Borrower and its
            Subsidiaries for the period commencing at the end of the previous
            fiscal year and ending with the end of such quarter, duly certified
            (subject to year-end audit adjustments) by the chief financial
            officer or treasurer of the Borrower as having been prepared in
            accordance with generally accepted accounting principles and
            certificates of the chief financial officer or treasurer of the
            Borrower as to compliance with the terms of this Agreement and
            setting forth in reasonable detail the calculations necessary to
            demonstrate compliance with Section 5.03, provided that in the event
            of any change in generally accepted accounting principles used in
            the preparation of such financial statements, the Borrower shall
            also provide, if necessary for the determination of compliance with
            Section 5.03, a statement of reconciliation conforming such
            financial statements to GAAP;

                                       26
<PAGE>

                  (ii)  as soon as available and in any event within 90 days
            after the end of each fiscal year of the Borrower, a copy of the
            annual audit report for such year for the Borrower and its
            Subsidiaries, containing the Consolidated balance sheet of the
            Borrower and its Subsidiaries as of the end of such fiscal year and
            Consolidated statements of income and cash flows of the Borrower and
            its Subsidiaries for such fiscal year, in each case accompanied by
            an opinion without a "going concern" or like qualification or
            exception, or qualification arising out of the scope of the audit,
            acceptable to the Required Lenders by KPMG LLP or other independent
            public accountants of nationally recognized standing and
            certificates of the chief financial officer or treasurer of the
            Borrower as to compliance with the terms of this Agreement and
            setting forth in reasonable detail the calculations necessary to
            demonstrate compliance with Section 5.03, provided that in the event
            of any change in generally accepted accounting principles used in
            the preparation of such financial statements, the Borrower shall
            also provide, if necessary for the determination of compliance with
            Section 5.03, a statement of reconciliation conforming such
            financial statements to GAAP;

                  (iii) as soon as possible and in any event within five days
            after the occurrence of each Default continuing on the date of such
            statement, a statement of the chief financial officer or treasurer
            of the Borrower setting forth details of such Default and the action
            that the Borrower has taken and proposes to take with respect
            thereto;

                  (iv)  promptly after the sending or filing thereof, copies of
            all reports that the Borrower sends to any of its securityholders,
            and copies of all reports and registration statements that the
            Borrower or any Subsidiary files with the Securities and Exchange
            Commission;

                  (v)   promptly after the commencement (or, if later, promptly
            after the Borrower becomes aware) thereof, notice of all actions and
            proceedings before any court, governmental agency or arbitrator
            affecting the Borrower or any of its Subsidiaries of the type
            described in Section 4.01(f);

                  (vi)  promptly after the Borrower becomes aware thereof,
            notice of a development or event which could reasonably be expected
            to have a Material Adverse Effect; and

                  (vii) such other information respecting the Borrower or any of
            its Subsidiaries as any Lender through the Agent may from time to
            time reasonably request.

            (j)   Change in Nature of Business. Continue, and cause its
      Subsidiaries to continue, to engage in business of the same general type
      as conducted by it and its Subsidiaries, taken as a whole, on the date
      hereof.

            SECTION 5.02. Negative Covenants. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower
will not:

            (a)   Liens, Etc. Create or suffer to exist, or permit any of its
      Subsidiaries to create or suffer to exist, any Lien on or with respect to
      any of its properties, whether now owned or hereafter acquired, or assign,
      or permit any of its Subsidiaries to assign, any right to receive income,
      other than:

                  (i)   Permitted Liens and Liens on assets of Subsidiaries of
            the Borrower for the benefit of other Subsidiaries of the Borrower
            or for the benefit of the Borrower,

                  (ii)  purchase money Liens upon or in any assets acquired or
            held by the Borrower or any Subsidiary in the ordinary course of
            business to secure the purchase price of such assets or to secure
            Debt incurred solely for the purpose of financing the acquisition of
            such assets, or Liens existing on such assets at the time of or
            substantially contemporaneously with its acquisition (other than any
            such Liens created in contemplation of such acquisition that were
            not incurred to finance the acquisition of such assets) or
            extensions, renewals or replacements of any of the

                                       27
<PAGE>

            foregoing for the same or a lesser amount, provided, however, that
            no such Lien shall extend to or cover any properties of any
            character other than the assets being acquired, and no such
            extension, renewal or replacement shall extend to or cover any
            properties not theretofore subject to the Lien being extended,
            renewed or replaced.

                  (iii) the Liens existing on the Effective Date and described
            on Schedule 5.02(a) hereto,

                  (iv)  Liens on property of a Person existing at the time such
            Person is merged into or consolidated with the Borrower or any
            Subsidiary of the Borrower or becomes a Subsidiary of the Borrower;
            provided that such Liens were not created in contemplation of such
            merger, consolidation or acquisition and do not extend to any assets
            other than those of the Person so merged into or consolidated with
            the Borrower or such Subsidiary or acquired by the Borrower or such
            Subsidiary,

                  (v)   the replacement, extension or renewal of any Lien
            permitted by clause (iii) or (iv) above upon or in the same property
            theretofore subject thereto or the replacement, extension or renewal
            (without increase in the amount or change in any direct or
            contingent obligor) of the Debt secured thereby,

                  (vi)  Liens on any capital stock which is not Voting Stock,
            and on not more than 20% of the Voting Stock, of any Foreign
            Subsidiary securing Debt of the Borrower or any Foreign Subsidiary
            in an aggregate amount at any time outstanding for the Borrower and
            all Foreign Subsidiaries not to exceed 25% of Net Worth; and

                  (vii) Liens not otherwise permitted by this Section 5.02(a)
            securing obligations in an aggregate amount not to exceed 10% of Net
            Worth.

            (b)   Mergers, Etc. Merge or consolidate with or into, or convey,
      transfer, lease or otherwise dispose of (whether in one transaction or in
      a series of transactions) all or substantially all of its assets (whether
      now owned or hereafter acquired) to, any Person, or permit any of its
      Subsidiaries to do so, except that (i) any Subsidiary of the Borrower may
      merge or consolidate with or into, or dispose of assets to, any other
      Subsidiary of the Borrower, (ii) any Subsidiary of the Borrower may merge
      into or dispose of assets to the Borrower and (iii) any Subsidiary of the
      Borrower may sell, lease, transfer or otherwise dispose of any or all of
      its assets in connection with an investment in a joint venture engaged in
      a business of the same general type as that engaged in by the Borrower and
      its Subsidiaries, provided, in each case, that no Default shall have
      occurred and be continuing at the time of such proposed transaction or
      would result therefrom and provided, further, that any Subsidiary of the
      Borrower the then aggregate book value of the assets of which is less than
      $65,000,000 shall not be subject to this Section 5.02(b).

            (c)   Accounting Changes. Make or permit, or permit any of its
      Subsidiaries to make or permit, any change in accounting policies or
      reporting practices, except as required or permitted by generally accepted
      accounting principles.

            SECTION 5.03. Financial Covenants. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower
will:

            (a)   Interest Coverage Ratio. Maintain a ratio of Consolidated
      EBITDA of the Borrower and its Subsidiaries for the period of four fiscal
      quarters most recently ended to Consolidated interest expense of the
      Borrower and its Subsidiaries for that period as reported on the
      Consolidated statements of income (or comparable statement) of not less
      than 3.50 : 1.00

                                       28
<PAGE>

            (b)   Covenant Debt to Capital. Maintain a ratio of Consolidated
      Covenant Debt to the sum of Consolidated Covenant Debt plus Net Worth of
      not greater than 0.50 : 1.00, measured as of the end of each fiscal
      quarter.

                                   ARTICLE VI

                                EVENTS OF DEFAULT

            SECTION 6.01. Events of Default. If any of the following events
("Events of Default") shall occur and be continuing:

            (a)   The Borrower shall fail to pay any principal of any Advance
      when the same becomes due and payable; or the Borrower shall fail to pay
      any interest on any Advance or make any other payment of fees or other
      amounts payable under this Agreement or any Note within five Business Days
      after the same becomes due and payable; or

            (b)   Any representation or warranty made by the Borrower herein or
      by the Borrower (or any of its officers) in connection with this Agreement
      shall prove to have been incorrect in any material respect when made; or

            (c)   (i) The Borrower shall fail to perform or observe any term,
      covenant or agreement contained in Section 5.01(d), (e), (h) or (i), 5.02
      or 5.03, or (ii) the Borrower shall fail to perform or observe any other
      term, covenant or agreement contained in this Agreement on its part to be
      performed or observed if such failure shall remain unremedied for 30 days
      after written notice thereof shall have been given to the Borrower by the
      Agent or any Lender; or

            (d)   The Borrower or any of its Subsidiaries shall fail to pay any
      principal of or premium or interest on any Debt that is outstanding in a
      principal or notional amount of at least $25,000,000 in the aggregate (but
      excluding Debt outstanding hereunder) of the Borrower or such Subsidiary
      (as the case may be), when the same becomes due and payable (whether by
      scheduled maturity, required prepayment, acceleration, demand or
      otherwise), and such failure shall continue after the applicable grace
      period, if any, specified in the agreement or instrument relating to such
      Debt; or any other event shall occur or condition shall exist under any
      agreement or instrument relating to any such Debt and shall continue after
      the applicable grace period, if any, specified in such agreement or
      instrument, if the effect of such event or condition is to accelerate, or
      to permit the acceleration of, the maturity of such Debt; or any such Debt
      shall be declared to be due and payable, or required to be prepaid or
      redeemed (other than by a regularly scheduled required prepayment or
      redemption), purchased or defeased, or an offer to prepay, redeem,
      purchase or defease such Debt shall be required to be made, in each case
      prior to the stated maturity thereof; or

            (e)   The Borrower or any of its Subsidiaries shall generally not
      pay its debts as such debts become due, or shall admit in writing its
      inability to pay its debts generally, or shall make a general assignment
      for the benefit of creditors; or any proceeding shall be instituted by or
      against the Borrower or any of its Subsidiaries seeking to adjudicate it a
      bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
      arrangement, adjustment, protection, relief, or composition of it or its
      debts under any law relating to bankruptcy, insolvency or reorganization
      or relief of debtors, or seeking the entry of an order for relief or the
      appointment of a receiver, trustee, custodian or other similar official
      for it or for any substantial part of its property and, in the case of any
      such proceeding instituted against it (but not instituted by it), either
      such proceeding shall remain undismissed or unstayed for a period of 30
      days, or any of the actions sought in such proceeding (including, without
      limitation, the entry of an order for relief against, or the appointment
      of a receiver, trustee, custodian or other similar official for, it or for
      any substantial part of its property) shall occur; or the Borrower or any
      of its Subsidiaries shall take any corporate action to authorize any of
      the actions set forth above in this subsection (e); or

                                       29
<PAGE>

            (f)   Judgments or orders for the payment of money in excess of
      $25,000,000 in the aggregate shall be rendered against the Borrower or any
      of its Subsidiaries and either (i) enforcement proceedings shall have been
      commenced by any creditor upon such judgment or order or (ii) there shall
      be any period of 10 consecutive days during which a stay of enforcement of
      such judgment or order, by reason of a pending appeal or otherwise, shall
      not be in effect; or

            (g)   (i) Any Person or two or more Persons acting in concert shall
      have acquired beneficial ownership (within the meaning of Rule 13d-3 of
      the Securities and Exchange Commission under the Securities Exchange Act
      of 1934), directly or indirectly, of Voting Stock of the Borrower (or
      other securities convertible into such Voting Stock) representing 30% or
      more of the combined voting power of all Voting Stock of the Borrower; or
      (ii) during any period of up to 24 consecutive months, commencing before
      or after the date of this Agreement, individuals who at the beginning of
      such 24-month period were directors of the Borrower shall cease for any
      reason to constitute a majority of the board of directors of the Borrower
      (except to the extent that individuals who at the beginning of such
      24-month period were replaced by individuals (x) elected by a majority of
      the remaining members of the board of directors of the Borrower or (y)
      nominated for election by a majority of the remaining members of the board
      of directors of the Borrower and thereafter elected as directors by the
      shareholders of the Borrower) or

            (i)   The Borrower or any of its ERISA Affiliates shall incur, or,
      in the reasonable opinion of the Required Lenders, shall be reasonably
      likely to incur liability in excess of $25,000,000 in the aggregate as a
      result of one or more of the following: (i) the occurrence of any ERISA
      Event; (ii) the partial or complete withdrawal of the Borrower or any of
      its ERISA Affiliates from a Multiemployer Plan; or (iii) the
      reorganization or termination of a Multiemployer Plan;

then, and in any such event, the Agent (i) shall at the request, or may with the
consent, of the Required Lenders, by notice to the Borrower, declare the
obligation of each Lender to make Advances to be terminated, whereupon the same
shall forthwith terminate, and (ii) shall at the request, or may with the
consent, of the Required Lenders, by notice to the Borrower, declare the
Advances, all interest thereon and all other amounts payable under this
Agreement to be forthwith due and payable, whereupon the Advances, all such
interest and all such amounts shall become and be forthwith due and payable,
without presentment, demand, protest or further notice of any kind, all of which
are hereby expressly waived by the Borrower; provided, however, that in the
event of an actual or deemed entry of an order for relief with respect to the
Borrower under the Federal Bankruptcy Code, (A) the obligation of each Lender to
make Advances shall automatically be terminated and (B) the Advances, all such
interest and all such amounts shall automatically become and be due and payable,
without presentment, demand, protest or any notice of any kind, all of which are
hereby expressly waived by the Borrower.

                                   ARTICLE VII

                                    THE AGENT

            SECTION 7.01. Authorization and Action. Each Lender hereby appoints
and authorizes the Agent to take such action as agent on its behalf and to
exercise such powers and discretion under this Agreement as are delegated to the
Agent by the terms hereof, together with such powers and discretion as are
reasonably incidental thereto. As to any matters not expressly provided for by
this Agreement (including, without limitation, enforcement or collection of the
Notes), the Agent shall not be required to exercise any discretion or take any
action, but shall be required to act or to refrain from acting (and shall be
fully protected in so acting or refraining from acting) upon the instructions of
the Required Lenders, and such instructions shall be binding upon all Lenders
and all holders of Notes; provided, however, that the Agent shall not be
required to take any action that exposes the Agent to personal liability or that
is contrary to this Agreement or applicable law. The Agent agrees to give to
each Lender prompt notice of each notice given to it by the Borrower pursuant to
the terms of this Agreement.

            SECTION 7.02. Agent's Reliance, Etc. Neither the Agent nor any of
its directors, officers, agents or employees shall be liable for any action
taken or omitted to be taken by it or them under or in connection with this
Agreement, except for its or their own gross negligence or willful misconduct.
Without limitation of the generality of the foregoing, the Agent: (i) may treat
the Lender that made any Advance as the holder of the Debt resulting

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<PAGE>

therefrom until the Agent receives and accepts an Assignment and Acceptance
entered into by such Lender, as assignor, and an Eligible Assignee, as assignee,
as provided in Section 8.07; (ii) may consult with legal counsel (including
counsel for the Borrower), independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be
taken in good faith by it in accordance with the advice of such counsel,
accountants or experts; (iii) makes no warranty or representation to any Lender
and shall not be responsible to any Lender for any statements, warranties or
representations (whether written or oral) made in or in connection with this
Agreement; (iv) shall not have any duty to ascertain or to inquire as to the
performance, observance or satisfaction of any of the terms, covenants or
conditions of this Agreement on the part of the Borrower or the existence at any
time of any Default or to inspect the property (including the books and records)
of the Borrower; (v) shall not be responsible to any Lender for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement or any other instrument or document furnished pursuant hereto;
and (vi) shall incur no liability under or in respect of this Agreement by
acting upon any notice, consent, certificate or other instrument or writing
(which may be by telecopier or telegram) believed by it to be genuine and signed
or sent by the proper party or parties.

            SECTION 7.03. Citibank and Affiliates. With respect to its
Commitment, the Advances made by it and the Note issued to it, Citibank shall
have the same rights and powers under this Agreement as any other Lender and may
exercise the same as though it were not the Agent; and the term "Lender" or
"Lenders" shall, unless otherwise expressly indicated, include Citibank in its
individual capacity. Citibank and its Affiliates may accept deposits from, lend
money to, act as trustee under indentures of, accept investment banking
engagements from and generally engage in any kind of business with, the
Borrower, any of its Subsidiaries and any Person who may do business with or own
securities of the Borrower or any such Subsidiary, all as if Citibank were not
the Agent and without any duty to account therefor to the Lenders. The Agent
shall have no duty to disclose information obtained or received by it or any of
its Affiliates relating to the Borrower or its Subsidiaries to the extent such
information was obtained or received in any capacity other than as Agent.

            SECTION 7.04. Lender Credit Decision. Each Lender acknowledges that
it has, independently and without reliance upon the Agent or any other Lender
and based on the financial statements referred to in Section 4.01 and such other
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 Agent or
any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement.

            SECTION 7.05. Indemnification. Each Lender agrees to indemnify the
Agent (to the extent not reimbursed by the Borrower) from and against such
Lender's Ratable Share of any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever that may be imposed on, incurred by, or asserted
against the Agent in any way relating to or arising out of this Agreement or any
action taken or omitted by the Agent under this Agreement (collectively, the
"Indemnified Costs"), provided that no Lender shall be liable for any portion of
the Indemnified Costs resulting from the Agent's gross negligence or willful
misconduct. Without limitation of the foregoing, each Lender agrees to reimburse
the Agent promptly upon demand for such Lender's Ratable Share of any
out-of-pocket expenses (including reasonable counsel fees) incurred by the Agent
in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement, to the extent that the Agent is not
reimbursed for such expenses by the Borrower. In the case of any investigation,
litigation or proceeding giving rise to any Indemnified Costs, this Section 7.05
applies whether any such investigation, litigation or proceeding is brought by
the Agent, any Lender or a third party.

            SECTION 7.06. Successor Agent. The Agent may resign at any time by
giving written notice thereof to the Lenders and the Borrower and may be removed
at any time with or without cause by the Required Lenders. Upon any such
resignation or removal, the Required Lenders shall have the right to appoint a
successor Agent. If no successor Agent shall have been so appointed by the
Required Lenders, and shall have accepted such appointment, within 30 days after
the retiring Agent's giving of notice of resignation or the Required Lenders'
removal of the retiring Agent, then the retiring Agent may, on behalf of the
Lenders, appoint a successor Agent, which shall be a commercial bank organized
under the laws of the United States of America or of any State thereof

                                       31
<PAGE>

and having a combined capital and surplus of at least $500,000,000. Upon the
acceptance of any appointment as Agent hereunder by a successor Agent, such
successor Agent shall thereupon succeed to and become vested with all the
rights, powers, discretion, privileges and duties of the retiring Agent, and the
retiring Agent shall be discharged from its duties and obligations under this
Agreement. After any retiring Agent's resignation or removal hereunder as Agent,
the provisions of this Article VII shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Agent under this Agreement.

            SECTION 7.07. Other Agents. Each Lender hereby acknowledges that
neither the syndication agent, any documentation agent nor any other Lender
designated as any "Agent" on the signature pages hereof (other than the Agent)
has any liability hereunder other than in its capacity as a Lender.

                                  ARTICLE VIII

                                  MISCELLANEOUS

            SECTION 8.01. Amendments, Etc. No amendment or waiver of any
provision of this Agreement or the Revolving Credit Notes, nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless the
same shall be in writing and signed by the Required Lenders, and then such
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided, however, that no amendment, waiver
or consent shall, unless in writing and signed by all the Lenders, do any of the
following: (a) waive any of the conditions specified in Section 3.01, (b)
increase the aggregate Revolving Credit Commitments of the Lenders, (c) reduce
the principal of, or interest on, the Revolving Credit Advances or any fees or
other amounts payable hereunder, (d) postpone any date fixed for any payment of
principal of, or interest on, the Revolving Credit Advances or any fees or other
amounts payable hereunder, (e) change the percentage of the Revolving Credit
Commitments or of the aggregate unpaid principal amount of the Revolving Credit
Advances, or the number of Lenders, that shall be required for the Lenders or
any of them to take any action hereunder or (f) amend this Section 8.01; and
provided further that no amendment, waiver or consent shall, unless in writing
and signed by the Agent in addition to the Lenders required above to take such
action, affect the rights or duties of the Agent under this Agreement or any
Note.

            SECTION 8.02. Notices, Etc. All notices and other communications
provided for hereunder shall be in writing (including telecopier or telegraphic
communication) and mailed, telecopied, telegraphed or delivered, if to the
Borrower, at its address at 631 South Richland Avenue, York, Pennsylvania 17403,
Attention: Treasurer, Telephone: (717) 771-7438, Fax: (717) 771-6843; if to any
Initial Lender, at its Domestic Lending Office specified opposite its name on
Schedule I hereto; if to any other Lender, at its Domestic Lending Office
specified in the Assignment and Acceptance pursuant to which it became a Lender;
and if to the Agent, at its address at Two Penns Way, New Castle, Delaware
19720, Attention: Bank Loan Syndications Department; or, as to the Borrower or
the Agent, at such other address as shall be designated by such party in a
written notice to the other parties and, as to each other party, at such other
address as shall be designated by such party in a written notice to the Borrower
and the Agent. All such notices and communications shall, when mailed,
telecopied or telegraphed, be effective when deposited in the mails, telecopied
or delivered to the telegraph company, respectively, except that notices and
communications to the Agent pursuant to Article II, III or VII shall not be
effective until received by the Agent. Delivery by telecopier of an executed
counterpart of any amendment or waiver of any provision of this Agreement or the
Notes or of any Exhibit hereto to be executed and delivered hereunder shall be
effective as delivery of a manually executed counterpart thereof.

            SECTION 8.03. No Waiver; Remedies. No failure on the part of any
Lender or the Agent to exercise, and no delay in exercising, any right hereunder
or under any Note shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

            SECTION 8.04. Costs and Expenses. (a) The Borrower agrees to pay on
demand all costs and expenses of the Agent in connection with the preparation,
execution, delivery, administration, modification and amendment of this
Agreement, the Notes and the other documents to be delivered hereunder,
including, without limitation, (A) all due diligence, syndication (including
printing, distribution and bank meetings), transportation,

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<PAGE>

computer, duplication, appraisal, consultant, and audit expenses and (B) the
reasonable fees and expenses of counsel for the Agent with respect thereto and
with respect to advising the Agent as to its rights and responsibilities under
this Agreement. The Borrower further agrees to pay on demand all costs and
expenses of the Agent and the Lenders, if any (including, without limitation,
reasonable counsel fees and expenses), in connection with the enforcement
(whether through negotiations, legal proceedings or otherwise) of this
Agreement, the Notes and the other documents to be delivered hereunder,
including, without limitation, reasonable fees and expenses of counsel for the
Agent and each Lender in connection with the enforcement of rights under this
Section 8.04(a).

            (b)   The Borrower agrees to indemnify and hold harmless the Agent
and each Lender and each of their Affiliates and their officers, directors,
employees, agents and advisors (each, an "Indemnified Party") from and against
any and all claims, damages, losses, liabilities and expenses (including,
without limitation, reasonable fees and expenses of counsel) incurred by or
asserted or awarded against any Indemnified Party, in each case arising out of
or in connection with or by reason of (including, without limitation, in
connection with any investigation, litigation or proceeding or preparation of a
defense in connection therewith) (i) the Notes, this Agreement, any of the
transactions contemplated herein or the actual or proposed use of the proceeds
of the Advances or (ii) the actual or alleged presence of Hazardous Materials on
any property of the Borrower or any of its Subsidiaries or any Environmental
Action relating in any way to the Borrower or any of its Subsidiaries, except to
the extent such claim, damage, loss, liability or expense is found by a court of
competent jurisdiction to have resulted from such Indemnified Party's gross
negligence or willful misconduct. In the case of an investigation, litigation or
other proceeding to which the indemnity in this Section 8.04(b) applies, such
indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by the Borrower, its directors, equityholders or creditors
or an Indemnified Party or any other Person, whether or not any Indemnified
Party is otherwise a party thereto and whether or not the transactions
contemplated hereby are consummated. The Borrower also agrees not to assert any
claim for special, indirect, consequential or punitive damages against the
Agent, any Lender, any of their Affiliates, or any of their respective
directors, officers, employees, attorneys and agents, on any theory of
liability, arising out of or otherwise relating to the Notes, this Agreement,
any of the transactions contemplated herein or the actual or proposed use of the
proceeds of the Advances.

            (c)   If any payment of principal of, or Conversion of, any
Eurodollar Rate Advance or LIBO Rate Advance is made by the Borrower to or for
the account of a Lender other than on the last day of the Interest Period for
such Advance, as a result of a payment or Conversion pursuant to Section 2.08(d)
or (e), 2.10 or 2.12, acceleration of the maturity of the Notes pursuant to
Section 6.01 or for any other reason, or by an Eligible Assignee to a Lender
other than on the last day of the Interest Period for such Advance upon an
assignment of rights and obligations under this Agreement pursuant to Section
8.07 as a result of a demand by the Borrower pursuant to Section 8.07(a), the
Borrower shall, upon demand by such Lender (with a copy of such demand to the
Agent), pay to the Agent for the account of such Lender any amounts required to
compensate such Lender for any additional losses, costs or expenses that it may
reasonably incur as a result of such payment or Conversion, including, without
limitation, any loss (excluding loss of anticipated profits), cost or expense
incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by any Lender to fund or maintain such Advance.

            (d)   Without prejudice to the survival of any other agreement of
the Borrower hereunder, the agreements and obligations of the Borrower contained
in Sections 2.11, 2.14 and 8.04 shall survive the payment in full of principal,
interest and all other amounts payable hereunder and under the Notes.

            SECTION 8.05. Right of Set-off. Upon (i) the occurrence and during
the continuance of any Event of Default and (ii) the making of the request or
the granting of the consent specified by Section 6.01 to authorize the Agent to
declare the Notes due and payable pursuant to the provisions of Section 6.01,
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 indebtedness at any time owing by such Lender or such
Affiliate to or for the credit or the account of the Borrower against any and
all of the obligations of the Borrower now or hereafter existing under this
Agreement and the Note held by such Lender, whether or not such Lender shall
have made any demand under this Agreement or such Note and although such
obligations may be unmatured. Each Lender agrees promptly to notify the Borrower
after any such set-off and application, provided that the failure to give such
notice shall not affect the validity of such set-off and application. The rights
of each Lender and its Affiliates under this Section are in addition to other

                                       33
<PAGE>

rights and remedies (including, without limitation, other rights of set-off)
that such Lender and its Affiliates may have.

            SECTION 8.06. Binding Effect. This Agreement shall become effective
(other than Sections 2.01 and 2.03, which shall only become effective upon
satisfaction of the conditions precedent set forth in Section 3.01) when it
shall have been executed by the Borrower and the Agent and when the Agent shall
have been notified by each Initial Lender that such Initial Lender has executed
it and thereafter shall be binding upon and inure to the benefit of the
Borrower, the Agent and each Lender and their respective successors and assigns,
except that the Borrower shall not have the right to assign its rights hereunder
or any interest herein without the prior written consent of the Lenders.

            SECTION 8.07. Assignments and Participations. (a) Each Lender may
and, if demanded by the Borrower (following a demand by such Lender pursuant to
Section 2.11 or 2.14) upon at least five Business Days' notice to such Lender
and the Agent, will assign to one or more Persons all or a portion of its rights
and obligations under this Agreement (including, without limitation, all or a
portion of its Commitment, the Revolving Credit Advances owing to it and the
Revolving Credit Note or Notes held by it); provided, however, that (i) each
such assignment shall be of a constant, and not a varying, percentage of all
rights and obligations under this Agreement (other than any right to make
Competitive Bid Advances, Competitive Bid Advances owing to it and Competitive
Bid Notes), (ii) except in the case of an assignment to a Person that,
immediately prior to such assignment, was a Lender or an assignment of all of a
Lender's rights and obligations under this Agreement, the amount of the
Commitment of the assigning Lender being assigned pursuant to each such
assignment (determined as of the date of the Assignment and Acceptance with
respect to such assignment) shall in no event be less than $10,000,000 or an
integral multiple of $1,000,000 in excess thereof, (iii) each such assignment
shall be to an Eligible Assignee, (iv) each such assignment made as a result of
a demand by the Borrower pursuant to this Section 8.07(a) shall be arranged by
the Borrower after consultation with the Agent and shall be either an assignment
of all of the rights and obligations of the assigning Lender under this
Agreement or an assignment of a portion of such rights and obligations made
concurrently with another such assignment or other such assignments that
together cover all of the rights and obligations of the assigning Lender under
this Agreement, (v) no Lender shall be obligated to make any such assignment as
a result of a demand by the Borrower pursuant to this Section 8.07(a) unless and
until such Lender shall have received one or more payments from either the
Borrower or one or more Eligible Assignees in an aggregate amount at least equal
to the aggregate outstanding principal amount of the Advances owing to such
Lender, together with accrued interest thereon to the date of payment of such
principal amount and all other amounts payable to such Lender under this
Agreement, and (vi) the parties to each such assignment shall execute and
deliver to the Agent, for its acceptance and recording in the Register, an
Assignment and Acceptance, together with any Revolving Credit Note subject to
such assignment and a processing and recordation fee of $3,500 payable by the
parties to each such assignment, provided, however, that in the case of each
assignment made as a result of a demand by the Borrower, such recordation fee
shall be payable by the Borrower except that no such recordation fee shall be
payable in the case of an assignment made at the request of the Borrower to an
Eligible Assignee that is an existing Lender, and (vii) any Lender may, without
the approval of the Borrower and the Agent, assign all or a portion of its
rights to any of its Affiliates. Upon such execution, delivery, acceptance and
recording, from and after the effective date specified in each Assignment and
Acceptance, (x) the assignee thereunder shall be a party hereto and, to the
extent that rights and obligations hereunder have been assigned to it pursuant
to such Assignment and Acceptance, have the rights and obligations of a Lender
hereunder and (y) the Lender assignor thereunder shall, to the extent that
rights and obligations hereunder have been assigned by it pursuant to such
Assignment and Acceptance, relinquish its rights (other than its rights under
Section 2.11, 2.14 and 8.04 to the extent any claim thereunder relates to an
event arising prior to such assignment) and be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering
all or the remaining portion of an assigning Lender's rights and obligations
under this Agreement, such Lender shall cease to be a party hereto).

            (b) By executing and delivering an Assignment and Acceptance, the
Lender assignor thereunder and the assignee thereunder confirm to and agree with
each other and the other parties hereto as follows: (i) other than as provided
in such Assignment and Acceptance, such assigning Lender makes no representation
or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement or
the execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement or any other instrument or document furnished pursuant
hereto; (ii) such assigning Lender makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the
Borrower

                                       34
<PAGE>

or the performance or observance by the Borrower of any of its obligations under
this Agreement or any other instrument or document furnished pursuant hereto;
(iii) such assignee confirms that it has received a copy of this Agreement,
together with copies of the financial statements referred to in Section 4.01 and
such other documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into such Assignment and Acceptance;
(iv) such assignee will, independently and without reliance upon the Agent, such
assigning Lender or any other Lender and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under this Agreement; (v) such assignee
confirms that it is an Eligible Assignee; (vi) such assignee appoints and
authorizes the Agent to take such action as agent on its behalf and to exercise
such powers and discretion under this Agreement as are delegated to the Agent by
the terms hereof, together with such powers and discretion as are reasonably
incidental thereto; and (vii) such assignee agrees that it will perform in
accordance with their terms all of the obligations that by the terms of this
Agreement are required to be performed by it as a Lender.

            (c)   Upon its receipt of an Assignment and Acceptance executed by
an assigning Lender and an assignee representing that it is an Eligible
Assignee, together with any Revolving Credit Note or Notes subject to such
assignment, the Agent shall, if such Assignment and Acceptance has been
completed and is in substantially the form of Exhibit C hereto, (i) accept such
Assignment and Acceptance, (ii) record the information contained therein in the
Register and (iii) give prompt notice thereof to the Borrower.

            (d)   The Agent shall maintain at its address referred to in Section
8.02 a copy of each Assignment and Acceptance delivered to and accepted by it
and a register for the recordation of the names and addresses of the Lenders and
the Revolving Credit Commitment of, and principal amount of the Advances owing
to, each Lender from time to time (the "Register"). The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the
Borrower, the Agent and the Lenders may treat each Person whose name is recorded
in the Register as a Lender hereunder for all purposes of this Agreement. The
Register shall be available for inspection by the Borrower or any Lender at any
reasonable time and from time to time upon reasonable prior notice.

            (e)   Each Lender may sell participations to one or more banks or
other entities (other than the Borrower or any of its Affiliates) in or to all
or a portion of its rights and obligations under this Agreement (including,
without limitation, all or a portion of its Revolving Credit Commitment, the
Advances owing to it and any Note or Notes held by it); provided, however, that
(i) such Lender's obligations under this Agreement (including, without
limitation, its Revolving Credit Commitment to the Borrower hereunder) shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations, (iii) such Lender shall
remain the holder of any such Note for all purposes of this Agreement, (iv) the
Borrower, the Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and
obligations under this Agreement and (v) no participant under any such
participation shall have any right to approve any amendment or waiver of any
provision of this Agreement or any Note, or any consent to any departure by the
Borrower therefrom, except to the extent that such amendment, waiver or consent
would reduce the principal of, or interest on, the Notes or any fees or other
amounts payable hereunder, in each case to the extent subject to such
participation, or postpone any date fixed for any payment of principal of, or
interest on, the Notes or any fees or other amounts payable hereunder, in each
case to the extent subject to such participation.

            (f)   Any Lender may, in connection with any assignment or
participation or proposed assignment or participation pursuant to this Section
8.07, disclose to the assignee or participant or proposed assignee or
participant, any information relating to the Borrower furnished to such Lender
by or on behalf of the Borrower; provided that, prior to any such disclosure,
the assignee or participant or proposed assignee or participant shall agree to
preserve the confidentiality of any Borrower Information relating to the
Borrower received by it from such Lender.

            (g)   Notwithstanding any other provision set forth in this
Agreement, any Lender may at any time create a security interest in all or any
portion of its rights under this Agreement (including, without limitation, the
Advances owing to it and any Note or Notes held by it) in favor of any Federal
Reserve Bank in accordance with Regulation A of the Board of Governors of the
Federal Reserve System.

                                       35
<PAGE>

         SECTION 8.08. Confidentiality. Neither the Agent nor any Lender may
disclose to any Person any information that the Borrower furnishes to the Agent
or any Lender in a writing designated as confidential or that is otherwise
specifically identified as being confidential (such information being referred
to collectively herein as the "Borrower Information"), except that each of the
Agent and each of the Lenders may disclose Borrower Information (i) to its and
its affiliates' employees, officers, directors, agents and advisors (it being
understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Borrower Information and will expressly agree to
keep such Borrower Information confidential on substantially the same terms as
provided herein), (ii) to the extent requested by any regulatory authority,
(iii) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, (iv) to any other party to this Agreement,
(v) in connection with the exercise of any remedies hereunder or any suit,
action or proceeding relating to this Agreement or the enforcement of rights
hereunder, (vi) subject to an agreement containing provisions substantially the
same as those of this Section 8.08, to any assignee of or participant in, or any
prospective assignee of or participant in, any of its rights or obligations
under this Agreement, (vii) to the extent such Borrower Information (A) is or
becomes generally available to the public on a non-confidential basis other than
as a result of a breach of this Section 8.08 by the Agent or such Lender, or (B)
is or becomes available to the Agent or such Lender on a nonconfidential basis
from a source other than the Borrower and (viii) with the written consent of the
Borrower.

            SECTION 8.09. Governing Law. This Agreement and the Notes shall be
governed by, and construed in accordance with, the laws of the State of New
York.

            SECTION 8.10. Execution in Counterparts. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier shall be effective as delivery of a manually executed
counterpart of this Agreement.

            SECTION 8.11. Jurisdiction, Etc. (a) Each of the parties hereto
hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any New York State court or federal court of
the United States of America sitting in New York City, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this
Agreement or the Notes, 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 any such New York State court or, to the extent permitted by law,
in such federal court. The Borrower hereby agrees that service of process in any
such action or proceeding brought in the any such New York State court or in
such federal court may be made by the mailing thereof by any parties hereto by
registered or certified mail, postage prepaid, to the Borrower at its address
specified pursuant to Section 8.02. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement shall affect any right that any party
may otherwise have to bring any action or proceeding relating to this Agreement
or the Notes in the courts of any jurisdiction.

            (b)   Each of the parties hereto irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit,
action or proceeding arising out of or relating to this Agreement or the Notes
in any New York State or federal court. 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.

                                       36
<PAGE>

            SECTION 8.12. Waiver of Jury Trial. Each of the Borrower, the Agent
and the Lenders hereby irrevocably waives all right to trial by jury in any
action, proceeding or counterclaim (whether based on contract, tort or
otherwise) arising out of or relating to this Agreement or the Notes or the
actions of the Agent or any Lender in the negotiation, administration,
performance or enforcement thereof.

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

                                             YORK INTERNATIONAL CORPORATION

                                             By __________________________
                                                Title:

                                             CITIBANK, N.A.,
                                                as Administrative Agent

                                             By __________________________
                                                Title:

                              Administrative Agent

$20,000,000                                  CITIBANK, N.A.

                                             By _______________________
                                                Name:
                                                Title:

                                Syndication Agent

$20,000,000                                  JPMORGAN CHASE BANK

                                             By _______________________
                                                Name:
                                                Title:

                             Co-Documentation Agents

$17,000,000                                  BANK OF TOKYO-MITSUBISHI TRUST
                                             COMPANY

                                             By _______________________
                                                Name:
                                                Title:

$17,000,000                                  FLEET NATIONAL BANK

                                             By _______________________
                                                Name:
                                                Title:

                                       37
<PAGE>

$17,000,000                                  NORDEA BANK FINLAND PLC

                                             By _______________________
                                                Name:
                                                Title:

                                             By _______________________
                                                Name:
                                                Title:

$17,000,000                                  BNP PARIBAS

                                             By _______________________
                                                Name:
                                                Title:

                                             By _______________________
                                                Name:
                                                Title:

                                     Lenders

$12,000,000                                  BANK AUSTRIA CREDITANSTALT AG

                                             By _______________________
                                                Name:
                                                Title:

$12,000,000                                  THE BANK OF NOVA SCOTIA

                                             By _______________________
                                                Name:
                                                Title:

$12,000,000                                  DANSKE BANK A/S CAYMAN ISLANDS
                                             BRANCH

                                             By _______________________
                                                Name:
                                                Title:

                                             By _______________________
                                                Name:
                                                Title:

$12,000,000                                  ING BANK N.V.

                                             By _______________________
                                                Name:
                                                Title:

$12,000,000                                  THE ROYAL BANK OF SCOTLAND PLC

                                             By _______________________
                                                Name:
                                                Title:

                                       38
<PAGE>

$12,000,000                                  WACHOVIA BANK, NATIONAL ASSOCIATION

                                             By _______________________
                                                Name:
                                                Title:

$10,000,000                                  THE BANK OF NEW YORK

                                             By _______________________
                                                Name:
                                                Title:

$10,000,000                                  NATIONAL CITY BANK

                                             By _______________________
                                                Name:
                                                Title:

$200,000,000.00   Total of the Revolving Credit Commitments

                                       39
<PAGE>

                                                                      SCHEDULE I
                                                  YORK INTERNATIONAL CORPORATION
                                                        364-DAY CREDIT AGREEMENT
                                                      APPLICABLE LENDING OFFICES

<TABLE>
<CAPTION>
    Name of Initial Lender                   Domestic Lending Office               Eurodollar Lending Office
    ----------------------                   -----------------------               -------------------------
<S>                                      <C>                                    <C>
Bank Austria Creditanstalt AG            A-1030 Vienna                          A-1030 Vienna
                                         Vordere Zollamtsstrasse 13             Vordere Zollamtsstrasse 13
                                         Austria                                Austria
                                         Attn: Inge Grienauer                   Attn: Inge Grienauer
                                         T: 43 (0) 50505-44222                  T: 43 (0) 50505-44222
                                         F: 43 (0) 50505-4934                   F: 43 (0) 50505-4934

The Bank of New York                     1 Wall Street                          1 Wall Street
                                         New York, NY  10286                    New York, NY  10286
                                         Attn:  Walter Parelli                  Attn:  Walter Parelli
                                         T: 212 635-6820                        T: 212 635-6820
                                         F: 212 635-7978                        F: 212 635-7978

The Bank of Nova Scotia                  One Liberty Plaza                      One Liberty Plaza
                                         New York, NY  10006                    New York, NY  10006
                                         Attn:  Meredith Wedeking               Attn:  Meredith Wedeking
                                         T:212 225-5017                         T: 212 225-5017
                                         F:212 225-5090                         F: 212 225-5090

Bank of Tokyo-Mitsubishi Trust           BTM Information Services, Inc.         BTM Information Services, Inc.
Company                                  c/o Bank of Tokyo-Mitsubishi Trust     c/o Bank of Tokyo-Mitsubishi Trust
                                         Company                                Company
                                         1251 Avenue of the Americas            1251 Avenue of the Americas
                                         12th Floor                             12th Floor
                                         New York, NY  10020                    New York, NY  10020
                                         Attn: Rolando Uy                       Attn:  Rolando Uy
                                         T: 201 413-8570                        T: 201 413-8570
                                         F: 201 5213-2304                       F: 201 5213-2304

BNP Paribas                              787 Seventh Avenue                     787 Seventh Avenue
                                         New York, NY  10019                    New York, NY  10019
                                         Attn:  Richard Pace                    Attn:  Richard Pace
                                         T: 212 841-3266                        T: 212 841-3266
                                         F: 212 841-2745                        F: 212 841-2745

Citibank, N.A.                           Two Penns Way, Suite 200               Two Penns Way, Suite 200
                                         New Castle, DE  19720                  New Castle, DE  19720
                                         Attn:  Bilal Aman                      Attn:  Bilal Aman
                                         T: 302 894-6013                        T: 302 894-6013
                                         F: 212 994-0961                        F: 212 994-0961

Danske Bank A/S                          299 Park Avenue, 14th Floor            299 Park Avenue, 14th Floor
Cayman Islands Branch                    New York, NY  10171                    New York, NY  10171
                                         Attn: Maria Merante                    Attn: Maria Merante
                                         T: 212 984-8462                        T: 212 984-8462
                                         F: 212 984-9570                        F: 212 984-9570

Fleet National Bank                      100 Federal Street                     100 Federal Street
                                         Mail Stop:  MA-DE 10010A               Mail Stop:  MA-DE 10010A
                                         Boston, MA  02110                      Boston, MA  02110
                                         Attn: Christopher J. Wickles           Attn: Christopher J. Wickles
                                         T: 617 434-8144                        T: 617 434-8144
                                         F: 617 434-0601                        F: 617 434-0601
</TABLE>

<PAGE>

<TABLE>
<S>                                      <C>                                    <C>
ING Bank N.V.                            Weena 505                              Weena 505
                                         3013 AL  Rotterdam                     3013 AL  Rotterdam
                                         The Netherlands                        The Netherlands
                                         Attn. J. de Vos                        Attn. J. de Vos
                                         T: 31 10 4446854                       T: 31 10 4446854
                                         F: 31 10 4446783                       F: 31 10 4446783

JPMorgan Chase Bank                      270 Park Avenue, 47th Floor            270 Park Avenue, 47th Floor
                                         New York, NY  10017                    New York, NY  10017
                                         Attn:  Randolph Cates                  Attn:  Randolph Cates
                                         T: 212 270-8997                        T: 212 270-8997
                                         F: 212 270-6041                        F: 212 270-6041

National City Bank                       One South Broad Street                 One South Broad Street
                                         13th Floor, Locator 01-5997            13th Floor, Locator 01-5997
                                         Philadelphia, PA  19107                Philadelphia, PA  19107
                                         Attn:  Heather McIntyre                Attn: Heather McIntyre

Nordea Bank Finland plc                  437 Madison Avenue                     437 Madison Avenue
                                         New York, NY  10022                    New York, NY  10022
                                         Attn:  Thomas Hickey                   Attn:  Thomas Hickey
                                         T:  212 318-9306                       T: 212 318-9306
                                         F:  212 318-9318                       F: 212 318-9318

The Royal Bank of Scotland plc           65 East 55th Street, Floor 21          65 East 55th Street, Floor 21
                                         New York, NY  10022                    New York, NY  10022
                                         Attn: Sheila Shaw                      Attn: Sheila Shaw
                                         T: 212 401-1406                        T: 212 401-1406
                                         F: 212 401-1336                        F: 212 401-1336

Wachovia Bank, National Association      201 S. College Street                  201 S. College Street
                                         Charlotte, NC  28288                   Charlotte, NC  28288
                                         Attn: Sherry Richards                  Attn: Sherry Richards
                                         T: 704 715-1459                        T: 704 715-1459
                                         F: 704 374-2802                        F: 704 374-2802
</TABLE>

                                       2
<PAGE>

                                Schedule 5.02(a)

                                      Liens

            (i)   The interest of lessors under various capital leases of
      computer and other office equipment and other miscellaneous property and
      equipment with an aggregate value of less than $15,000,000.

<PAGE>

                                                           EXHIBIT A-1 - FORM OF
                                                                REVOLVING CREDIT
                                                                 PROMISSORY NOTE

U.S.$__________                                          Dated: __________, 200_

            FOR VALUE RECEIVED, the undersigned, YORK INTERNATIONAL CORPORATION,
a Delaware corporation (the "Borrower"), HEREBY PROMISES TO PAY to the order of
_______________ (the "Lender") for the account of its Applicable Lending Office
on the later of the Termination Date and the date designated pursuant to Section
2.06 of the Credit Agreement (each as defined in the Credit Agreement referred
to below) the principal sum of U.S.$[amount of the Lender's Commitment in
figures] or, if less, the aggregate principal amount of the Revolving Credit
Advances made by the Lender to the Borrower pursuant to the 364-Day Credit
Agreement dated as of March 12, 2004 among the Borrower, the Lender and certain
other lenders parties thereto, and Citibank, N.A. as Agent for the Lender and
such other lenders (as amended or modified from time to time, the "Credit
Agreement"; the terms defined therein being used herein as therein defined)
outstanding on such date.

            The Borrower promises to pay interest on the unpaid principal amount
of each Revolving Credit Advance from the date of such Revolving Credit Advance
until such principal amount is paid in full, at such interest rates, and payable
at such times, as are specified in the Credit Agreement.

            Both principal and interest are payable in lawful money of the
United States of America to Citibank, as Agent, at 399 Park Avenue, New York,
New York 10043, in same day funds. Each Revolving Credit Advance owing to the
Lender by the Borrower pursuant to the Credit Agreement, and all payments made
on account of principal thereof, shall be recorded by the Lender and, prior to
any transfer hereof, endorsed on the grid attached hereto which is part of this
Promissory Note.

            This Promissory Note is one of the Revolving Credit Notes referred
to in, and is entitled to the benefits of, the Credit Agreement. The Credit
Agreement, among other things, (i) provides for the making of Revolving Credit
Advances by the Lender to the Borrower from time to time in an aggregate amount
not to exceed at any time outstanding the U.S. dollar amount first above
mentioned, the indebtedness of the Borrower resulting from each such Revolving
Credit Advance being evidenced by this Promissory Note and (ii) contains
provisions for acceleration of the maturity hereof upon the happening of certain
stated events and also for prepayments on account of principal hereof prior to
the maturity hereof upon the terms and conditions therein specified.

                                             YORK INTERNATIONAL CORPORATION

                                             By __________________________
                                                Title:

<PAGE>

                       ADVANCES AND PAYMENTS OF PRINCIPAL

<TABLE>
<CAPTION>
                                  AMOUNT OF
                 AMOUNT OF      PRINCIPAL PAID     UNPAID PRINCIPAL     NOTATION
   DATE           ADVANCE         OR PREPAID           BALANCE           MADE BY
   ----           -------         ----------           -------           -------
<S>             <C>             <C>                <C>                  <C>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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</TABLE>

                                       2
<PAGE>

                                                           EXHIBIT A-2 - FORM OF
                                                                 COMPETITIVE BID
                                                                 PROMISSORY NOTE

U.S.$_______________                               Dated: ________________, 200_

            FOR VALUE RECEIVED, the undersigned, YORK INTERNATIONAL CORPORATION,
a Delaware corporation (the "Borrower"), HEREBY PROMISES TO PAY to the order of
_________________________ (the "Lender") for the account of its Applicable
Lending Office (as defined in the 364-Day Credit Agreement dated as of March 12,
2004 among the Borrower, the Lender and certain other lenders parties thereto,
and Citibank, N.A., as Agent for the Lender and such other lenders (as amended
or modified from time to time, the "Credit Agreement"; the terms defined therein
being used herein as therein defined)), on _______________, 200_, the principal
amount of U.S.$_______________].

            The Borrower promises to pay interest on the unpaid principal amount
hereof from the date hereof until such principal amount is paid in full, at the
interest rate and payable on the interest payment date or dates provided below:

      Interest Rate: _____% per annum (calculated on the basis of a year of
      _____ days for the actual number of days elapsed).

            Both principal and interest are payable in lawful money of the
United States of America to Citibank, as agent, for the account of the Lender at
the office of Citibank, at _________________________ in same day funds.

            This Promissory Note is one of the Competitive Bid Notes referred to
in, and is entitled to the benefits of, the Credit Agreement. The Credit
Agreement, among other things, contains provisions for acceleration of the
maturity hereof upon the happening of certain stated events.

            The Borrower hereby waives presentment, demand, protest and notice
of any kind. No failure to exercise, and no delay in exercising, any rights
hereunder on the part of the holder hereof shall operate as a waiver of such
rights.

            This Promissory Note shall be governed by, and construed in
accordance with, the laws of the State of New York.

                                             YORK INTERNATIONAL CORPORATION

                                             By __________________________
                                                Title:

<PAGE>

                                                 EXHIBIT B-1 - FORM OF NOTICE OF
                                                      REVOLVING CREDIT BORROWING
Citibank, N.A., as Agent
  for the Lenders parties
  to the Credit Agreement
  referred to below
  Two Penns Way
  New Castle, Delaware 19720
                                                              [Date]

            Attention: Bank Loan Syndications Department

Ladies and Gentlemen:

            The undersigned, York International Corporation, refers to the
364-Day Credit Agreement, dated as of March 12, 2004 (as amended or modified
from time to time, the "Credit Agreement", the terms defined therein being used
herein as therein defined), among the undersigned, certain Lenders parties
thereto and Citibank, N.A., as Agent for said Lenders, and hereby gives you
notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the
undersigned hereby requests a Revolving Credit Borrowing under the Credit
Agreement, and in that connection sets forth below the information relating to
such Revolving Credit Borrowing (the "Proposed Revolving Credit Borrowing") as
required by Section 2.02(a) of the Credit Agreement:

            (i)   The Business Day of the Proposed Revolving Credit Borrowing is
      _______________, 200_.

            (ii)  The Type of Advances comprising the Proposed Revolving Credit
      Borrowing is [Base Rate Advances] [Eurodollar Rate Advances].

            (iii) The aggregate amount of the Proposed Revolving Credit
      Borrowing is $_______________.

            [(iv) The initial Interest Period for each Eurodollar Rate Advance
      made as part of the Proposed Revolving Credit Borrowing is _____
      month[s].]

            The undersigned hereby certifies that the following statements are
true on the date hereof, and will be true on the date of the Proposed Revolving
Credit Borrowing:

            (A)   the representations and warranties contained in Section 4.01
      of the Credit Agreement (except the representations set forth in the last
      sentence of subsection (e) thereof and in subsection (f) thereof (other
      than clause (ii) thereof)) are correct, before and after giving effect to
      the Proposed Revolving Credit Borrowing and to the application of the
      proceeds therefrom, as though made on and as of such date; and

            (B)   no event has occurred and is continuing, or would result from
      such Proposed Revolving Credit Borrowing or from the application of the
      proceeds therefrom, that constitutes a Default.

                                             Very truly yours,

                                             YORK INTERNATIONAL CORPORATION

                                             By __________________________
                                                Title:.

<PAGE>

                                                 EXHIBIT B-2 - FORM OF NOTICE OF
                                                       COMPETITIVE BID BORROWING

Citibank, N.A., as Agent
  for the Lenders parties
  to the Credit Agreement
  referred to below
  Two Penns Way
  New Castle, Delaware 19720

                                     [Date]

            Attention: Bank Loan Syndications Department

Ladies and Gentlemen:

                  The undersigned, York International Corporation, refers to the
      364-Day Credit Agreement, dated as of March 12, 2004 (as amended or
      modified from time to time, the "Credit Agreement", the terms defined
      therein being used herein as therein defined), among the undersigned,
      certain Lenders parties thereto and Citibank, N.A., as Agent for said
      Lenders, and hereby gives you notice, irrevocably, pursuant to Section
      2.03 of the Credit Agreement that the undersigned hereby requests a
      Competitive Bid Borrowing under the Credit Agreement, and in that
      connection sets forth the terms on which such Competitive Bid Borrowing
      (the "Proposed Competitive Bid Borrowing") is requested to be made:

      (A)   Date of Competitive Bid Borrowing      ________________________

      (B)   Amount of Competitive Bid Borrowing    ________________________

      (C)   [Maturity Date] [Interest Period]      ________________________

      (D)   Interest Rate Basis                    ________________________

      (E)   Interest Payment Date(s)               ________________________

      (F)   ___________________                    ________________________

            The undersigned hereby certifies that the following statements are
true on the date hereof, and will be true on the date of the Proposed
Competitive Bid Borrowing:

            (a)   the representations and warranties contained in Section 4.01
      of the Credit Agreement (except the representations set forth in the last
      sentence of subsection (e) thereof and in subsection (f) thereof (other
      than clause (ii) thereof)) are correct, before and after giving effect to
      the Proposed Competitive Bid Borrowing and to the application of the
      proceeds therefrom, as though made on and as of such date;

            (b)   no event has occurred and is continuing, or would result from
      the Proposed Competitive Bid Borrowing or from the application of the
      proceeds therefrom, that constitutes a Default;

            (c)   no event has occurred and no circumstance exists as a result
      of which the information concerning the undersigned that has been provided
      to the Agent and each Lender by the undersigned in connection with the
      Credit Agreement would include an untrue statement of a material fact or
      omit to state any material fact or any fact necessary to make the
      statements contained therein, in the light of the circumstances under
      which they were made, not misleading; and

            (d)   the aggregate amount of the Proposed Competitive Bid Borrowing
      and all other Borrowings to be made on the same day under the Credit
      Agreement is within the aggregate amount of the unused Revolving Credit
      Commitments of the Lenders.

<PAGE>

            The undersigned hereby confirms that the Proposed Competitive Bid
Borrowing is to be made available to it in accordance with Section 2.03(a)(v) of
the Credit Agreement.

                                             Very truly yours,

                                             YORK INTERNATIONAL CORPORATION

                                             By __________________________
                                                Title:

                                       2
<PAGE>

                                                             EXHIBIT C - FORM OF
                                                       ASSIGNMENT AND ACCEPTANCE

            Reference is made to the 364-Day Credit Agreement dated as of March
12, 2004 (as amended or modified from time to time, the "Credit Agreement")
among York International Corporation, a Delaware corporation (the "Borrower"),
the Lenders (as defined in the Credit Agreement) and Citibank, N.A., as agent
for the Lenders (the "Agent"). Terms defined in the Credit Agreement are used
herein with the same meaning.

            The "Assignor" and the "Assignee" referred to on Schedule I hereto
agree as follows:

            1.    The Assignor hereby sells and assigns to the Assignee, and the
Assignee hereby purchases and assumes from the Assignor, an interest in and to
the Assignor's rights and obligations under the Credit Agreement as of the date
hereof (other than in respect of Competitive Bid Advances and Competitive Bid
Notes) equal to the percentage interest specified on Schedule 1 hereto of all
outstanding rights and obligations under the Credit Agreement (other than in
respect of Competitive Bid Advances and Competitive Bid Notes). After giving
effect to such sale and assignment, the Assignee's Revolving Credit Commitment
and the amount of the Revolving Credit Advances owing to the Assignee will be as
set forth on Schedule 1 hereto.

            2.    The Assignor (i) represents and warrants that it is the legal
and beneficial owner of the interest being assigned by it hereunder and that
such interest is free and clear of any adverse claim; (ii) makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the
Credit Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Credit Agreement or any other
instrument or document furnished pursuant thereto; (iii) makes no representation
or warranty and assumes no responsibility with respect to the financial
condition of the Borrower or the performance or observance by the Borrower of
any of its obligations under the Credit Agreement or any other instrument or
document furnished pursuant thereto; and (iv) attaches the Revolving Credit
Note, if any, held by the Assignor [and requests that the Agent exchange such
Revolving Credit Note for a new Revolving Credit Note payable to the order of
[the Assignee in an amount equal to the Revolving Credit Commitment assumed by
the Assignee pursuant hereto or new Revolving Credit Notes payable to the order
of the Assignee in an amount equal to the Revolving Credit Commitment assumed by
the Assignee pursuant hereto and] the Assignor in an amount equal to the
Revolving Credit Commitment retained by the Assignor under the Credit Agreement,
[respectively,] as specified on Schedule 1 hereto.

            3.    The Assignee (i) confirms that it has received a copy of the
Credit Agreement, together with copies of the financial statements referred to
in Section 4.01 thereof and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Acceptance; (ii) agrees that it will, independently and
without reliance upon the Agent, the Assignor or any other Lender and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under
the Credit Agreement; (iii) confirms that it is an Eligible Assignee; (iv)
appoints and authorizes the Agent to take such action as agent on its behalf and
to exercise such powers and discretion under the Credit Agreement as are
delegated to the Agent by the terms thereof, together with such powers and
discretion as are reasonably incidental thereto; (v) agrees that it will perform
in accordance with their terms all of the obligations that by the terms of the
Credit Agreement are required to be performed by it as a Lender; and (vi)
attaches any U.S. Internal Revenue Service forms required under Section 2.14 of
the Credit Agreement.

            4.    Following the execution of this Assignment and Acceptance, it
will be delivered to the Agent for acceptance and recording by the Agent. The
effective date for this Assignment and Acceptance (the "Effective Date") shall
be the date of acceptance hereof by the Agent, unless otherwise specified on
Schedule 1 hereto.

            5.    Upon such acceptance and recording by the Agent, as of the
Effective Date, (i) the Assignee shall be a party to the Credit Agreement and,
to the extent provided in this Assignment and Acceptance,

                                       42
<PAGE>

have the rights and obligations of a Lender thereunder and (ii) the Assignor
shall, to the extent provided in this Assignment and Acceptance, relinquish its
rights and be released from its obligations under the Credit Agreement.

            6.    Upon such acceptance and recording by the Agent, from and
after the Effective Date, the Agent shall make all payments under the Credit
Agreement and the Revolving Credit Notes in respect of the interest assigned
hereby (including, without limitation, all payments of principal, interest and
facility fees with respect thereto) to the Assignee. The Assignor and Assignee
shall make all appropriate adjustments in payments under the Credit Agreement
and the Revolving Credit Notes for periods prior to the Effective Date directly
between themselves.

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

            8.    This Assignment and Acceptance may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of Schedule 1 to this Assignment and Acceptance by
telecopier shall be effective as delivery of a manually executed counterpart of
this Assignment and Acceptance.

            IN WITNESS WHEREOF, the Assignor and the Assignee have caused
Schedule 1 to this Assignment and Acceptance to be executed by their officers
thereunto duly authorized as of the date specified thereon.

                                       2
<PAGE>

                                   Schedule 1
                                       to
                            Assignment and Acceptance

Percentage interest assigned:                                             _____%

Assignee's Revolving Credit Commitment:                                 $______

Aggregate outstanding principal amount of Revolving Credit
Advances assigned:                                                      $______

Principal amount of Revolving Credit Note payable to Assignee:          $______

Principal amount of Revolving Credit Note payable to Assignor:          $______

Effective Date*:  _______________, 200_

                                          [NAME OF ASSIGNOR], as Assignor

                                          By __________________________
                                          Title:

                                          Dated: _______________, 200_

                                          [NAME OF ASSIGNEE], as Assignee

                                          By __________________________
                                          Title:

                                          Dated: _______________, 200_

                                          Domestic Lending Office:
                                                 [Address]

                                          Eurodollar Lending Office:
                                                 [Address]

--------
*     This date should be no earlier than five Business Days after the delivery
      of this Assignment and Acceptance to the Agent.

                                       3
<PAGE>

Accepted [and Approved]** this
________ day of _____________, 200_

CITIBANK, N.A., as Agent

By _________________________________
   Title:

[Approved this __________ day
of _______________, 200_

YORK INTERNATIONAL CORPORATION

By ________________________________________ ]*
   Title:

------------
**    Required if the Assignee is an Eligible Assignee solely by reason of
      clause (iii) of the definition of "Eligible Assignee".

*     Required if the Assignee is an Eligible Assignee solely by reason of
      clause (iii) of the definition of "Eligible Assignee".

                                       4
<PAGE>
                                                             EXHIBIT D - FORM OF
                                                              OPINION OF COUNSEL
                                                                FOR THE BORROWER

<PAGE>

                                                                  EXECUTION COPY

                                U.S. $200,000,000

                            364-DAY CREDIT AGREEMENT

                           Dated as of March 12, 2004

                                      Among

                         YORK INTERNATIONAL CORPORATION
                                   as Borrower

                                       and

                        THE INITIAL LENDERS NAMED HEREIN
                               as Initial Lenders

                                       and

                                 CITIBANK, N.A.
                             as Administrative Agent

                                       and

                               JPMORGAN CHASE BANK
                              as Syndication Agent

                                       and

                     BANK OF TOKYO-MITSUBISHI TRUST COMPANY
                               FLEET NATIONAL BANK
                             NORDEA BANK FINLAND PLC
                                       and
                                   BNP PARIBAS
                             as Documentation Agents

                                       and

                          CITIGROUP GLOBAL MARKETS INC.
                                       and
                           J.P. MORGAN SECURITIES INC.
                  as Joint Lead Arrangers and Joint Bookrunners

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
ARTICLE I
<S>                                                                                              <C>
         SECTION 1.01.  Certain Defined Terms                                                       1

         SECTION 1.02.  Computation of Time Periods                                                11

         SECTION 1.03.  Accounting Terms                                                           11

ARTICLE II

         SECTION 2.01.  (a)  The Revolving Credit Advances.  The Revolving Credit Advances         12

         SECTION 2.02.  Making the Revolving Credit Advances                                       12

         SECTION 2.03.  The Competitive Bid Advances                                               13

         SECTION 2.04.  Fees                                                                       15

         SECTION 2.05.  Termination or Reduction of the Revolving Credit Commitments               15

         SECTION 2.06.  Repayment of Advances                                                      16

         SECTION 2.07.  Interest on Revolving Credit Advances                                      16

         SECTION 2.08.  Interest Rate Determination                                                16

         SECTION 2.09.  Optional Conversion of Revolving Credit Advances                           17

         SECTION 2.10.  Prepayments of Revolving Credit Advances                                   18

         SECTION 2.11.  Increased Costs                                                            18

         SECTION 2.12.  Illegality                                                                 18

         SECTION 2.13.  Payments and Computations                                                  19

         SECTION 2.14.  Taxes                                                                      19

         SECTION 2.15.  Sharing of Payments, Etc.                                                  21

         SECTION 2.16.  Evidence of Debt                                                           21

         SECTION 2.17.  Use of Proceeds                                                            22

ARTICLE III
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                               <C>
         SECTION 3.01.  Conditions Precedent to Effectiveness of Sections 2.01 and 2.03            22

         SECTION 3.02.  Conditions Precedent to Each Revolving Credit Borrowing.                   23

         SECTION 3.03.  Conditions Precedent to Each Competitive Bid Borrowing                     24

         SECTION 3.04.  Determinations Under Section 3.01                                          24

ARTICLE IV

         SECTION 4.01.  Representations and Warranties of the Borrower                             24

ARTICLE V

         SECTION 5.01.  Affirmative Covenants                                                      25

         SECTION 5.02.  Negative Covenants                                                         27

         SECTION 5.03.  Financial Covenants                                                        28

ARTICLE VI

         SECTION 6.01.  Events of Default                                                          29

ARTICLE VII

         SECTION 7.01.  Authorization and Action                                                   30

         SECTION 7.02.  Agent's Reliance, Etc.                                                     30

         SECTION 7.03.  Citibank and Affiliates                                                    31

         SECTION 7.04.  Lender Credit Decision                                                     31

         SECTION 7.05.  Indemnification                                                            31

         SECTION 7.06.  Successor Agent                                                            31

         SECTION 7.07.  Other Agents.                                                              32

ARTICLE VIII

         SECTION 8.01.  Amendments, Etc.                                                           32

         SECTION 8.02.  Notices, Etc.                                                              32

         SECTION 8.03.  No Waiver; Remedies                                                        32

         SECTION 8.04.  Costs and Expenses                                                         32
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                               <C>
         SECTION 8.05.  Right of Set-off                                                           33

         SECTION 8.06.  Binding Effect                                                             34

         SECTION 8.07.  Assignments and Participations                                             34

         SECTION 8.08.  Confidentiality                                                            36

         SECTION 8.09.  Governing Law                                                              36

         SECTION 8.10.  Execution in Counterparts                                                  36

         SECTION 8.12.  Jurisdiction, Etc.                                                         36

         SECTION 8.13.  Waiver of Jury Trial                                                       37
</TABLE>

                                      iii
<PAGE>

Schedules

Schedule I - List of Applicable Lending Offices

Schedule 5.02(a) - Existing Liens

Exhibits

Exhibit A-1   -   Form of Revolving Credit Note

Exhibit A-2   -   Form of Competitive Bid Note

Exhibit B-1   -   Form of Notice of Revolving Credit Borrowing

Exhibit B-2   -   Form of Notice of Competitive Bid Borrowing

Exhibit C     -   Form of Assignment and Acceptance

Exhibit D     -   Form of Opinion of Counsel for the Borrower

                                       iv<PAGE>

                                                                    Exhibit 10.1

                              EMPLOYMENT AGREEMENT

            AGREEMENT by and between York International Corporation, a Delaware
corporation (the "Company") and David Kornblatt (the "Executive") dated as of
the 24th day of March, 2004.

            The Board of Directors of the Company (the "Board") has determined
that it is in the Company's best interests and that of its shareholders to
employ the Executive in the capacity described below and the Executive wishes to
serve in such capacity.

            NOW, THEREFORE, INTENDING TO BE LEGALLY BOUND, IT IS HEREBY AGREED
AS FOLLOWS:

            1.    Effective Date. The "Effective Date" shall mean March 24,
2004.

            2.    Employment Period. The Company hereby agrees to continue to
employ the Executive, and the Executive hereby agrees to continue in the
employment of the Company subject to the terms and conditions of this Agreement,
for the period commencing on the Effective Date and ending on the first
anniversary thereof (the "Initial Period"). Notwithstanding the foregoing,
Executive's employment hereunder shall be deemed to be automatically extended,
upon the same terms and conditions, for an additional period of one year (each,
an "Additional Period"), in each such case commencing upon the expiration of the
Initial Period or the then current Additional Period, as the case may be,
unless, at least 30 days prior to the expiration of the Initial Period or such
Additional Period, either party shall give written notice to the other (a
"Non-Extension Notice") of its intention not to extend the term hereof. A
Non-Extension Notice by the Company shall constitute a Notice of Termination (as
defined in Section 4(e)) by the Company of the Executive's employment without
"Cause" (as defined in Section 4(b)). A Non-Extension Notice by the Executive
shall constitute a Notice of Termination by the Executive of the Executive's
employment without "Good Reason" (as defined in Section 4(c)). The entire period
during which the Executive is employed pursuant to this Agreement shall be
referred to as the "Employment Period."

            3.    Terms of Employment.

                  (a)   Position and Duties. (i) During the Employment Period,
the Executive shall serve as Vice President and Chief Financial Officer or in
such other position as the Company and Executive shall agree with authority and
responsibilities for the Company's financial matters; (ii) Executive shall
report to the President, York International and/or such other officers as the
Board may designate from time to time; and (iii) the Executive's services shall
be performed in York, Pennsylvania or such other location as the Company and
Executive shall agree, except for occasional travel which may be required for
the Executive to perform his duties under this Agreement. During the Employment
Period, the Executive shall devote all of his business time, attention and
energies to the performance of his duties under this Agreement and shall not,
without the prior written consent of the Board, be engaged in any other business
activity whether or not such activity is pursued for gain, profit or other
pecuniary advantage; provided, however, that the Executive shall be allowed, to
the extent such activities do not substantially interfere with the performance
by the Executive of his duties and responsibilities

<PAGE>

hereunder, (a) to manage the Executive's personal, financial and legal affairs,
and (b) serve on civic or charitable boards or committees.

                  (b)   Compensation.

                        (i)   Base Salary. During the Employment Period, the
Executive shall receive an annual base salary of $356,400 ("Annual Base
Salary"), which shall be paid in accordance with the Company's normal payroll
practices. During the Employment Period, the Annual Base Salary shall be
reviewed at least annually. Any increase in Annual Base Salary shall not serve
to limit or reduce any other obligation to the Executive under this Agreement.
Annual Base Salary shall not be reduced after any such increase and the term
Annual Base Salary as utilized in this Agreement shall refer to Annual Base
Salary as so increased.

                        (ii)  Incentive Compensation. During the Employment
Period, the Executive shall be eligible (1) for annual performance bonuses (the
"Annual Bonus") and for mid-term performance bonuses in accordance with the
provisions of the Company's 2002 Incentive Compensation Plan or its successor
(the "Incentive Plan"), as the Incentive Plan may be in effect from time to
time, (2) for awards under the Company's 2002 Amended and Restated Omnibus Stock
Plan or its successor (the "Stock Plan"), as the Stock Plan may be in effect
from time to time, and (3) to participate in the Company's Management Stock
Purchase Plan or its successor (the "Purchase Plan") as the Purchase Plan may be
in effect from time to time.

                        (iii) Employee Benefit Plans. During the Employment
Period, the Executive shall be entitled to participate in the retirement,
health, welfare and miscellaneous executive benefit plans and programs set forth
on Schedule A, as such plans and programs may be in effect from time to time.

                        (iv)  Expenses. During the Employment Period, the
Executive shall be entitled to receive prompt reimbursement for all reasonable
business expenses incurred by the Executive in accordance with the Company's
policies, as such policies may be in effect from time to time.

            4.    Termination of Employment.

                  (a)   Death or Disability. The Executive's employment shall
terminate automatically upon the Executive's death during the Employment Period.
If the Board determines in good faith that the "Disability" of the Executive has
occurred during the Employment Period (pursuant to the definition of Disability
set forth below), it may give to the Executive written notice in accordance with
Section 10(b) of this Agreement of its intention to terminate the Executive's
employment. In such event, the Executive's employment with the Company shall
terminate effective on the 30th day after receipt of such notice by the
Executive (the "Disability Effective Date"), provided that, within the 30 days
after such receipt, the Executive shall not have returned to full-time
performance of the Executive's duties. For purposes of this Agreement,
"Disability" shall mean the Executive's inability to perform his full duties
with the Company for 180 calendar days in any twelve month period as a result of
incapacity due to mental or physical illness. In the event of a dispute under
this Section 4(a), the

                                       -2-
<PAGE>

Executive shall submit to an examination by a physician selected by the Company
or its insurers and reasonably acceptable to the Executive or the Executive's
legal representative, and the determination of such physician shall be
determinative.

                  (b)   Cause. The Company may terminate the Executive's
employment at any time during the Employment Period for "Cause." For purposes of
this Agreement, "Cause" shall mean:

                        (i)   knowingly providing the Company or its affiliates
with materially false representations relied upon by the Company or its
affiliates including, but not limited to furnishing information to stockholders,
a stock exchange or the Securities and Exchange Commission, or

                        (ii)  maintaining an undisclosed, unauthorized and
material conflict of interest in the discharge of duties owed to the Company or
its affiliates, or

                        (iii) willful misconduct or gross negligence which is or
may be demonstrably and materially injurious to the Company or its affiliates,
or

                        (iv)  theft or misappropriation of the funds or assets
of the Company or its affiliates, or

                        (v)   conviction of or pleading nolo contendere to a
crime involving moral turpitude or any felony, or

                        (vi)  a willful and material breach by the Executive of
this Agreement.

            For purposes of this provision, no act or failure to act, on the
part of the Executive, shall be considered "willful" unless it is done, or
omitted to be done, by the Executive in bad faith or without reasonable belief
that the Executive's action or omission was in the best interests of the
Company. Any act, or failure to act, based upon authority given pursuant to a
resolution duly adopted by the Board or based upon advice of counsel for the
Company shall be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interest of the Company. As used in this
Agreement, the term "affiliates" shall mean any company controlled by,
controlling or under common control with the Company.

                  (c)   Good Reason. The Executive may terminate his employment
with the Company at any time during the Employment Period for "Good Reason." For
purposes of this Agreement, "Good Reason" shall mean, in the absence of a
written consent of the Executive, any of the following which occurs before the
expiration of the Employment Period:

                        (i)   a substantial and adverse change in the
Executive's authority or responsibilities as specified in Section 3(a) of this
Agreement, excluding for this purpose an isolated, insubstantial or inadvertent
action not taken in bad faith, and which is remedied by the Company promptly
after receipt of written notice thereof given by the Executive;

                                       -3-
<PAGE>

                        (ii)  any material failure by the Company to comply with
any of the provisions of Section 3(b) of this Agreement, unless initiated by the
Executive, other than a failure not occurring in bad faith and which is remedied
by the Company promptly after receipt of written notice thereof given by the
Executive;

                        (iii) the requiring that the Executive travel on the
Company's business to an extent materially greater than the Executive's normal
business travel, or the Company requiring the Executive to be based at any
office or location more than 35 miles from that provided in Section 3(a)(iii)
hereof, unless these requirements are remedied by the Company promptly after
receipt of written notice thereof given by the Executive;

                        (iv)  a material breach by the Company of this
Agreement; or

                        (v)   any failure by the Company to obtain the
assumption of this Agreement by any successor or assign of the Company.

                  For purposes of this Agreement, any action or inaction shall
constitute Good Reason only for the 90 day period from the date on which such
action or inaction first occurs.

                  (d)   Termination Without Cause or Good Reason. The Company
may terminate the Executive's employment without Cause, and the Executive may
terminate his employment without Good Reason, at any time during the Employment
Period.

                  (e)   Notice of Termination. Any termination of the
Executive's employment during the Employment Period by the Company or by the
Executive, shall be communicated by "Notice of Termination" to the other party
hereto given in accordance with Section 10(b) of this Agreement. For purposes of
this Agreement, a "Notice of Termination" means a written notice which (i)
indicates the specific termination provision in this Agreement relied upon, (ii)
to the extent applicable, sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated and (iii) if the Date of Termination
(as defined below) is other than the date of receipt of such notice, specifies
the termination date, which date shall, (A) in all cases other than a voluntary
termination by the Executive for other than Good Reason, be not more than thirty
days after the giving of such notice, and (B) in the case of a voluntary
termination by the Executive for other than Good Reason, thirty days after the
Company receives such notice; provided that in a termination described in either
(A) or (B), during the notice period, the Board, in its absolute discretion, may
relieve the Executive of all his duties, responsibilities and authority with
respect to the Company and restrict the Executive's access to Company property.
The failure by the Executive or the Company to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good
Reason or Cause shall not waive any right of the Executive or the Company,
respectively, hereunder or preclude the Executive or the Company, respectively,
from asserting such fact or circumstance in enforcing the Executive's or the
Company's rights hereunder.

                  (f)   Date of Termination. "Date of Termination" means (i) if
the Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified therein within

                                      -4-
<PAGE>

30 days of such notice, as the case may be, (ii) if the Executive's employment
is terminated by the Company other than for Cause or Disability, the Date of
Termination shall be the date on which the Company notifies the Executive of
such termination, or any later date specified therein within 30 days of such
notice, as the case may be, (iii) if the Executive's employment is terminated by
reason of death or Disability, the Date of Termination shall be the date of
death of the Executive or the Disability Effective Date, as the case may be, and
(iv) if the Executive's employment is voluntarily terminated by the Executive
for other than Good Reason, 30 days following the date of receipt of the Notice
of Termination.

            5.    Obligations of the Company upon Termination.

                  (a)   Good Reason or Other Than for Cause, Death or
Disability. If, during the Employment Period, the Company shall terminate the
Executive's employment other than for Cause, Death or Disability or the
Executive shall terminate employment for Good Reason, then

                        (i)   the Company shall pay to the Executive, the
Executive's Annual Base Salary through the Date of Termination to the extent not
theretofore paid, and any accrued but unused vacation pay (this amount shall be
hereinafter referred to as the "Accrued Obligations"), in accordance with the
Company's normal payroll practices, and

                        (ii)  to the extent not already paid or provided, the
Company shall pay or provide to the Executive (in accordance with the terms of
the applicable plan or program) any other amounts or benefits previously earned
and vested or which the Executive is eligible to receive for his service prior
to the Date of Termination under any retirement, incentive, health, welfare or
miscellaneous executive benefit plan or program specified on Schedule A (such
other amounts and benefits shall be hereinafter referred to as the "Other
Benefits"), and

                        (iii) subject to Section 5(e), the Company shall pay to
the Executive in a cash lump sum within 30 days after the Date of Termination
the aggregate of the following amounts:

                              A.    an amount equal to one times the sum of (i)
            Executive's Annual Base Salary plus (ii) the Executive's target
            Annual Bonus for the year in which the Date of Termination occurs
            (the "Bonus Amount"); and

                              B.    an amount equal to the Company contribution
            (other than matching contributions) that would be made under any
            Company tax-qualified defined contribution retirement plan (the "DC
            Plan") with respect to the Executive if the Executive's employment
            continued for a period of 36 months from the Date of Termination
            assuming for this purpose that the Executive's Annual Base Salary
            continues for such period at the same level as it existed on the
            Date of Termination and that the Executive receives a bonus for each
            12 month period in such period (and an appropriately adjusted bonus
            for any period of less than 12 months) equal to the Bonus Amount;
            and

                                      -5-
<PAGE>

                              C.    an amount equal to the excess of (a) the sum
            of the actuarial equivalent of the benefit under any Company
            tax-qualified defined benefit retirement plan (the "DB Plan") and
            any Company non-qualified retirement plan (the "Non-Qualified Plan")
            (utilizing the actuarial assumptions as in effect under the DB Plan
            at the time such payment is made) which the Executive would receive
            if the Executive's employment continued for a period of 36 months
            from the Date of Termination assuming solely for purposes of this
            calculation that all accrued benefits are fully vested, and,
            assuming that the Executive's Annual Base Salary continues for such
            period at the same level as it existed on the Date of Termination
            and that the Executive receives a bonus for each 12 month period in
            such period (and an appropriately adjusted bonus for any period of
            less than 12 months) equal to the Bonus Amount, over (b) the
            actuarial equivalent of the Executive's actual benefits, if any,
            which have been paid or that would be payable under the DB Plan and
            Non-Qualified Plan as of the Date of Termination, assuming solely
            for purposes of this calculation that the Executive is vested in his
            benefits under the DB Plan and the Non-Qualified Plan; provided,
            however, that nothing in this Agreement shall cause the Executive to
            become vested in any benefits under the DB Plan or Non-Qualified
            Plan; and

                        (iv)  subject to Section 5(e), the Company shall
continue to provide health benefits (as specified on Schedule A) to the
Executive and his eligible dependants for a period of 36 months from the Date of
Termination on the same basis that such benefits were provided to him
immediately prior to the Date of Termination; provided, however, that if the
Company modifies, reduces or eliminates a health benefit or changes the employee
contribution for similarly situated executives who remain employed by the
Company then the Company may apply such change to the Executive; and

                        (v)   subject to Section 5(e), if the Executive would
have become entitled to benefits under the Company's post-retirement health care
or life insurance plans, as in effect immediately prior to the Date of
Termination or, if more favorable to the Executive, as in effect immediately
prior to the first occurrence of an event or circumstance constituting Good
Reason, had the Executive's continued employment during the period of 36 months
after the Date of Termination, the Company shall provide such post-retirement
health care or life insurance benefits to the Executive and the Executive's
eligible dependents on the same terms applicable to such coverage for
similarly-situated retirees of the Company commencing on the date on which
benefits described in Section 5(a)(iv) terminate, if the Executive elects such
coverage;

                        (vi)  all other benefits (not described in paragraphs
(i) through (v) of this Section) shall cease as of the Date of Termination.

                  (b)   Death. If the Executive's employment is terminated by
reason of the Executive's death during the Employment Period, this Agreement
shall terminate without further obligations to the Executive's legal
representatives under this Agreement, other than for payment of Accrued
Obligations and the timely payment or provision of Other Benefits. Accrued
Obligations shall be paid to the Executive's estate or beneficiary, as
applicable, in a cash lump sum within 30 days of the Date of Termination. With
respect to the provision of

                                      -6-
<PAGE>

Other Benefits, the term Other Benefits as utilized in this Section 5(b) shall
include life insurance benefits as in effect with respect to the Executive on
the date of the Executive's death.

                  (c)   Disability. If the Executive's employment is terminated
by reason of the Executive's Disability during the Employment Period, this
Agreement shall terminate without further obligations to the Executive under
this Agreement, other than for payment of Accrued Obligations and the timely
payment or provision of Other Benefits. Accrued Obligations shall be paid to the
Executive in a cash lump sum within 30 days of the Date of Termination. With
respect to the provision of Other Benefits, the term Other Benefits as utilized
in this Section 5(c) shall include disability benefits as in effect with respect
to the Executive on the Executive's Disability Effective Date.

                  (d)   Cause; Other than for Good Reason. If the Executive's
employment shall be terminated for Cause or the Executive terminates his
employment without Good Reason during the Employment Period, this Agreement
shall terminate without further obligations to the Executive under this
Agreement, other than for payment of Accrued Obligations and the timely payment
or provision of Other Benefits.

                  (e)   General Release. Notwithstanding anything in this
Section 5 to the contrary, no payments shall be made or benefits provided by the
Company under Sections 5(a)(iii), 5(a)(iv) or 5(a)(v) prior to the execution by
the Executive at the time of termination of a general release in favor of the
Company and its affiliates, and their officers, employees, and directors,
substantially in the form attached hereto as Exhibit I.

            6.    Full Settlement. The Company's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be reduced by any set-off, counterclaim, recoupment, defense
or other claim, right or action which the Company may have against the Executive
or others. In no event shall the Executive be obligated to seek other employment
or take any other action by way of mitigation of the amounts payable to the
Executive under any of the provisions of this Agreement and, such amounts shall
not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay, to the full extent permitted by law, all legal fees and
expenses which the Executive may reasonably incur as a result of any contest by
the Company, the Executive or others, regarding the validity or enforceability
of, or liability under, any provision of this Agreement (including any contest
by the Executive about the amount of any payment pursuant to this Agreement),
provided that the Executive substantially prevails in such contest by reason of
litigation, arbitration or settlement.

            7.    Confidential Information. The Executive shall hold in a
fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or any of its affiliates,
and their respective businesses, which shall have been obtained by the Executive
during the Executive's employment by the Company or any of its affiliates and
which shall not be or become public knowledge (other than by acts by the
Executive or representatives of the Executive in violation of this Agreement).
After termination of the Executive's employment with the Company, the Executive
shall not, without the prior written consent of the Company or as may otherwise
be required by law or legal process, communicate or divulge any such
information, knowledge or data to anyone other than the

                                      -7-
<PAGE>

Company and those designated by it. Upon termination of the Executive's
employment, the Executive shall immediately return to the Company all
confidential information in his possession as well as any other documents or
property of the Company. Any termination of the Executive's employment or of
this Agreement shall have no effect on the continuing operation of this Section
7.

            8.    Noncompetition/Nonsolicitation.

                  (a)   For two years after the Date of Termination, Executive
will not directly or indirectly, own, manage, operate, control or participate in
the ownership, management, operation or control of or be connected as an
officer, employee, partner, director, consultant or otherwise with, or have any
financial interest in, any business which is in competition with the business
conducted by the Company or its affiliates anywhere in the world where the
Company or its affiliates does business. Ownership for personal investment
purposes only of less than 2% of the voting stock of any publicly held
corporation shall not constitute a violation hereof.

                  (b)   For two years after the Date of Termination, the
Executive will not, directly or indirectly, on behalf of the Executive or any
other person or entity, solicit for employment or other commercial engagement
any person employed by the Company or its affiliates as of the date of the
solicitation or for the preceding six months.

                  (c)   During the Employment Period and at any time thereafter,
Executive shall not, directly or indirectly, engage in any conduct or make any
statement, whether in commercial or noncommercial speech, disparaging or
criticizing in any way the Company or its affiliates, or any products or
services offered by any of these, nor shall he engage in any other conduct or
make any other statement that could be reasonably expected to impair the
goodwill of any of them.

                  (d)   (i) Executive acknowledges and agrees that the
restrictions contained in this Section 8 and in Section 7 above are reasonable
and necessary to protect and preserve the legitimate interests, properties,
goodwill and business of the Company, and that irreparable injury will be
suffered by the Company should Executive breach any of the provisions of this
Section 8 or Section 7 above. Executive represents and acknowledges that (1)
Executive has been advised by the Company to consult Executive's own legal
counsel in respect of this Agreement, (2) Executive has had full opportunity,
prior to execution of this Agreement, to review thoroughly this Agreement with
Executive's counsel, and (3) the provisions of this Section 8 and Section 7
above are reasonable and these restrictions do not prevent Executive from
earning a reasonable livelihood.

                        (ii)  Executive further acknowledges and agrees that a
breach of any of the restrictions in this Section 8 or Section 7 above cannot be
adequately compensated by monetary damages. Executive agrees that the Company
shall be entitled to preliminary and permanent injunctive relief, without the
necessity of proving actual damages, as well as provable damages and an
equitable accounting of all earnings, profits and other benefits arising from
any violation of this Section 8, or Section 7 above which rights shall be
cumulative and in addition to any other rights or remedies to which the Company
may be entitled. In the event that any of the

                                      -8-
<PAGE>

provisions of this Section 8 should ever be adjudicated to exceed the time,
geographic, service, or other limitations permitted by applicable law in any
jurisdiction, it is the intention of the parties that the provision shall be
amended to the extent of the maximum time, geographic, service, or other
limitations permitted by applicable law, that such amendment shall apply only
within the jurisdiction of the court that made such adjudication and that the
provision otherwise be enforced to the maximum extent permitted by law. The time
periods set forth above shall be tolled during any period of violation by the
Executive.

                        (iii) Executive irrevocably and unconditionally (1)
agrees that any suit, action or other legal proceeding arising out of this
Section 8 or Section 7 above, including without limitation, any action commenced
by the Company for preliminary and permanent injunctive relief and other
equitable relief, may be brought in the Court of Common Pleas of York County,
Pennsylvania or if such court does not have jurisdiction or will not accept
jurisdiction, in any court of general jurisdiction in Pennsylvania, (2) consents
to the non-exclusive jurisdiction of any such court in any such suit, action or
proceeding, and (3) waives any objection which Executive may have to the laying
of venue of any such suit, action or proceeding in any process, pleadings,
notices or other papers in a manner permitted by the notice provisions of this
Section 8.

                  (e)   In exchange for the covenants set forth in this Section
8, and provided the Executive is not terminated for Cause and does not leave
other than for Good Reason, the Company agrees to pay to the Executive a lump
sum amount equal to two times the Executive's Annual Base Salary plus the Bonus
Amount, within 30 days after the Date of Termination.

                  (f)   Any termination of the Executive's employment or of this
Agreement shall have no effect on the continuing operation of this Section 8,
and the Company shall be permitted to assign its rights under this Section

            9.    Successors.

                  (a)   This Agreement is personal to the Executive and without
the prior written consent of the Company shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive' s
legal representatives.

                  (b)   This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

                  (c)   The Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. As used in this Agreement, "Company" shall mean York
International Corporation and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

                                      -9-
<PAGE>

            10.   Miscellaneous.

                  (a)   This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without reference
to principles of conflict of laws. The captions of this Agreement are not part
of the provisions hereof and shall have no force or effect. This Agreement may
not be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

                  (b)   All notices and other communications hereunder shall be
in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

            If to the Executive:

                 Mr. David Kornblatt
                 4117 Copperfield Drive
                 Harrisburg, PA  17112

            If to the Company:

                 York International Corporation
                 631 S. Richland Avenue
                 York, PA 17403
                 Attention: General Counsel

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

                  (c)   The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

                  (d)   The Company may withhold from any amounts payable under
this Agreement such Federal, state, local or foreign taxes as shall be required
to be withheld pursuant to any applicable law or regulation.

                  (e)   The Executive's or the Company's failure to insist upon
strict compliance with any provision of this Agreement or the failure to assert
any right the Executive or the Company may have hereunder, shall not be deemed
to be a waiver of any other provision or right under this Agreement.

                  (f)   This Agreement supersedes and terminates the prior
Severance Agreement dated July 25, 2002 between the Company and the Executive.

                  (g)   This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same instrument.

                                      -10-
<PAGE>

                  (h)   Except for claims arising under Sections 7 or 8 , any
controversy or claim arising out of or relating to this Agreement or the breach
thereof, and any other disputes arising between the Executive and the Company or
its affiliates including without limitation claims arising under any employment
discrimination laws, shall be settled exclusively through binding arbitration in
accordance with the then applicable rules of the American Arbitration
Association, and judgment upon any award so rendered may be entered in any court
having jurisdiction thereof. Any arbitration shall be conducted in York,
Pennsylvania or such other location as mutually agreed by the parties. The
arbitration provisions of this section shall be interpreted according to, and
governed by, the Federal Arbitration Act, 9 U.S.C. Section 1 et seq. The costs
of the arbitration shall be borne by the Company. The Executive shall be
entitled to recover his legal fees and expenses in accordance with the
provisions of Section 6 of this Agreement, or applicable law to the extent it
provides for a greater recovery.

                  (i)   In the event that any language, section, clause, phrase
or word used in this Agreement is determined to be ambiguous, no presumption
shall arise against or in favor of either party and that no rule of strict
construction shall be applied against either party with respect to such
ambiguity.

            IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to the authorization from its Boards of Directors, the
Company has caused these presents to be executed in its name on its behalf, all
as of the day and year first above written.

                                             ___________________________________
                                             David Kornblatt

                                             YORK INTERNATIONAL CORPORATION

                                             By:________________________________

                                      -11-
<PAGE>

                                   SCHEDULE A

-     RETIREMENT BENEFITS

      -     Pension Plan Number One

      -     Investment Plan

      -     Supplemental Executive Retirement Plan

      -     Executive Deferred Compensation Plan

-     INCENTIVE COMPENSATION

      -     2002 Incentive Compensation Plan

      -     2002 Amended and Restated Omnibus Stock Plan

      -     Management Stock Purchase Plan

-     HEALTH BENEFITS

      -     Medical

      -     Dental

      -     Vision

      -     Prescription Drug

-     WELFARE BENEFITS

      -     Short-Term Disability

      -     Long-Term Disability

      -     Life

      -     Vacation

-     MISCELLANEOUS EXECUTIVE BENEFITS

      -     Financial Planning

      -     Executive Physical

<PAGE>

                                    EXHIBIT I

                                 GENERAL RELEASE

            IN CONSIDERATION OF the terms and conditions contained in the
Executive Employment Agreement, dated as of the 24th day of March, 2004, (the
"Employment Agreement") by and between David Kornblatt (the "Executive") and
York International Corporation (the "Company"), and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Executive on
behalf of himself and his heirs, executors, administrators, and assigns,
releases and discharges the Company and its subsidiaries, divisions, affiliates
and parents, and their respective past, current and future officers, directors,
employees, agents, and/or owners, and their respective successors, and assigns
and any other person or entity claimed to be jointly or severally liable with
the Company or any of the aforementioned persons or entities (collectively the
"Released Parties") from any and all manner of actions and causes of action,
suits, debts, dues, accounts, bonds, covenants, contracts, agreements,
judgments, charges, claims, and demands whatsoever ("Claims ") which the
Executive and his heirs, executors, administrators, and assigns have, had, or
may hereafter have, against the Released Parties or any of them arising out of
or by reason of any cause, matter, or thing whatsoever from the beginning of the
world to the date hereof. This General Release of Claims, includes without
limitation, any and all matters relating to the Executive's employment by the
Company and the cessation thereof, and any and all matters arising under any
federal, state, or local statute, rule, or regulation, or principle of contract
law or common law, including but not limited to, the Family and Medical Leave
Act of 1993, as amended, 29 U.S.C. Sections 2601 et seq., Title VII of the Civil
Rights Act of 1964, as amended, 42 U.S.C. Sections 2000 et seq., the Age
Discrimination in Employment Act of 1967, as amended, 29 U.S.C. Sections 621 et
seq. (the "ADEA"), the Americans with Disabilities Act of 1990, as amended, 42
U.S.C. Sections 12101 et seq., the Worker Adjustment and Retraining Notification
Act of 1988, as amended, 29 U.S.C. Sections 2101 et seq., the Employee
Retirement Income Security Act of 1974, as amended, 29 U.S.C. Sections 1001 et
seq. ("ERISA"), the Pennsylvania Human Relations Act, as amended, 43 P.S.
Sections 955 et. seq., and any other equivalent or similar federal, state, or
local statute; provided, however, that the Executive does not release or
discharge the Released Parties from (i) any of the Company's obligations to him
under the Employment Agreement, and (ii) any vested benefits to which he may be
entitled under any employee benefit plan or program subject to ERISA. It is
understood that nothing in this General Release is to be construed as an
admission on behalf of the Released Parties of any wrongdoing with respect to
the Executive, any such wrongdoing being expressly denied.

            The Executive represents and warrants that he fully understands the
terms of this General Release, that he is hereby advised to consult with legal
counsel before signing, and that he knowingly and voluntarily, of his own free
will, without any duress, being fully informed, and after due deliberation,
accepts its terms and signs below as his own free act. Except as otherwise
provided herein, the Executive understands that as a result of executing this
General Release, he will not have the right to assert that the Company or any
other of the Released Parties unlawfully terminated his employment or violated
any of his rights in connection with his employment or otherwise.

<PAGE>

            The Executive further represents and warrants that he has not filed,
and will not initiate, or cause to be initiated on his behalf any complaint,
charge, claim, or proceeding against any of the Released Parties before any
federal, state, or local agency, court, or other body relating to any claims
barred or released in this General Release thereof, and will not voluntarily
participate in such a proceeding. However, nothing in this general release shall
preclude or prevent the Executive from filing a claim, which challenges the
validity of this general release solely with respect to the Executive's waiver
of any Losses arising under the ADEA. The Executive shall not accept any relief
obtained on his behalf by any government agency, private party, class, or
otherwise with respect to any claims covered by this General Release.

            The Executive may take twenty-one (21) days to consider whether to
execute this General Release. Upon the Executive's execution of this General
Release, the Executive will have seven (7) days after such execution in which he
may revoke such execution. In the event of revocation, the Executive must
present written notice of such revocation to the Company's Chief Executive
Officer. If seven (7) days pass without receipt of such notice of revocation,
this General Release shall become binding and effective on the eighth (8th) day
after the execution hereof (the "Effective Date").

INTENDING TO BE LEGALLY BOUND, I hereby set my hand below:
                                                 ______________________________
                                                 David Kornblatt

                                                 Dated:________________________

                                  NOTARIZATION

State of ______________________      )

County of _____________________      )  ss.

            On this ______ day of ______________ in the year 2004 before me, the
undersigned, personally appeared __________________________________; personally
known to me or proved to me on the basis of satisfactory evidence to be the
individual whose name is subscribed to the within instrument, and acknowledged
to me that he executed the same in his capacity as an individual, and that by
his signature on the instrument he executed such instrument, and that such
individual made such appearance before the undersigned.

                                                 _______________________________
                                                 Notary Public

                                       -2-

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